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Unaudited Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues        
Net premiums earned $ 2,470,750 $ 1,929,337 $ 6,917,158 $ 5,998,668
Net investment income 128,640 88,195 315,468 298,664
Net realized gains (losses) (183,673) (25,040) (742,666) 320,328
Other underwriting income 3,077 7,274 11,944 18,913
Equity in net income (loss) of investment funds accounted for using the equity method (18,861) 105,398 75,505 299,270
Other income (loss) (13,684) (3,960) (34,486) 1,151
Total revenues 2,386,249 2,101,204 6,542,923 6,936,994
Expenses        
Losses and loss adjustment expenses 1,682,696 1,226,019 3,786,187 3,588,950
Acquisition expenses 447,587 306,015 1,239,065 945,639
Other operating expenses 274,747 230,832 842,082 736,808
Corporate expenses 17,710 19,672 77,662 61,007
Amortization of intangible assets 26,104 20,135 80,478 49,823
Interest expense 33,063 33,176 98,566 107,222
Net foreign exchange (gains) losses (90,509) (36,078) (182,129) (38,366)
Total expenses 2,391,398 1,799,771 5,941,911 5,451,083
Income (loss) before income taxes and income (loss) from operating affiliates (5,149) 301,433 601,012 1,485,911
Income tax expense 14,900 (4,137) (19,042) (94,176)
Income (loss) from operating affiliates 8,507 124,119 37,665 224,052
Net income (loss) 18,258 421,415 619,635 1,615,787
Net (income) loss attributable to noncontrolling interests (1,157) (1,473) (2,390) (82,203)
Net income (loss) available to Arch 17,101 419,942 617,245 1,533,584
Preferred dividends (10,184) (16,090) (30,552) (38,159)
Loss on redemption of preferred shares 0 (15,101) 0 (15,101)
Net income (loss) available to Arch common shareholders $ 6,917 $ 388,751 $ 586,693 $ 1,480,324
Net income per common share and common share equivalent        
Basic (per share) $ 0.02 $ 1.00 $ 1.59 $ 3.74
Diluted (per share) $ 0.02 $ 0.98 $ 1.55 $ 3.66
Weighted average common shares and common share equivalents outstanding        
Basic (shares) 365,190,527 389,274,220 369,525,348 395,899,591
Diluted (shares) 373,727,277 397,903,347 378,373,180 404,260,485