The following tables set forth summary historical consolidated financial and operating data (including the results of the ‘other’ segment) and should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements and the related notes.
(U.S. dollars in thousands except share data)
Year Ended December 31,
2014
2013
2012
2011
2010
Statement of Income Data:
Revenues:
Net premiums written
$
3,891,938
$
3,351,367
$
3,052,235
$
2,673,326
$
2,511,040
Net premiums earned
3,593,748
3,145,952
2,935,140
2,631,815
2,552,483
Net investment income
302,585
267,219
294,895
338,198
364,878
Equity in net income (loss) of investment funds accounted for using the equity method
19,883
35,701
73,510
(9,605
)
61,400
Net realized gains
102,917
74,018
194,228
110,646
252,751
Total revenues
3,988,873
3,526,157
3,482,381
3,063,307
3,244,067
Income before income taxes
844,247
742,505
589,387
426,370
850,401
Net income
$
821,260
$
709,731
$
593,397
$
436,163
$
842,672
Net income attributable to Arch
834,355
709,731
593,397
436,163
842,672
Preferred dividends
(21,938
)
(21,938
)
(25,079
)
(25,844
)
(25,844
)
Loss on repurchase of preferred shares
—
—
(10,612
)
—
—
Net income available to Arch common shareholders
$
812,417
$
687,793
$
557,706
$
410,319
$
816,828
Diluted net income per share
$
6.02
$
5.07
$
4.03
$
2.97
$
5.18
Cash dividends per share
—
—
—
—
—
After-tax operating income available to Arch common shareholders (1)
$
617,312
$
595,715
$
350,640
$
303,382
$
491,158
After-tax operating income available to Arch common shareholders per share — diluted (1)
$
4.58
$
4.39
$
2.54
$
2.19
$
3.12
After-tax operating return on average common equity (2)
11.1
%
11.7
%
7.7
%
7.2
%
12.1
%
Weighted average common shares and common share equivalents outstanding — diluted
134,922,322
135,777,183
138,258,847
138,289,702
157,565,157
(1)
After-tax operating income available to Arch common shareholders is defined as net income available to Arch common shareholders, excluding net realized gains or losses, net impairment losses included in earnings, equity in net income or loss of investment funds accounted for using the equity method, net foreign exchange gains or losses and loss on repurchase of preferred shares, net of income taxes. The presentation of after-tax operating income available to Arch common shareholders is a “non-GAAP financial measure” as defined in Regulation G. See “Management’s Discussion and Analysis—General—Comment on Non-GAAP Financial Measures” for further details.
(2)
Equals after-tax operating income available to Arch common shareholders divided by the average of beginning and ending common shareholders’ equity for each period presented.
(U.S. dollars in thousands except share data)
December 31,
2014
2013
2012
2011
2010
Balance Sheet Data:
Total investable assets (1)
$
15,773,209
$
14,049,525
$
13,045,134
$
12,316,205
$
11,842,513
Premiums receivable
948,695
753,924
688,873
501,563
503,434
Reinsurance recoverables on unpaid and paid losses and loss adjustment expenses
1,812,845
1,804,330
1,870,037
1,851,584
1,763,985
Total assets
22,009,543
19,566,094
17,816,762
17,105,357
16,243,011
Reserves for losses and loss adjustment expenses:
Before unpaid losses and loss adjustment expenses recoverable
9,036,448
8,824,696
8,933,292
8,456,210
8,098,454
Net of unpaid losses and loss adjustment expenses recoverable
7,258,145
7,076,446
7,104,222
6,638,163
6,395,253
Unearned premiums:
Before prepaid reinsurance premiums
2,231,578
1,896,365
1,647,978
1,411,872
1,370,075
Net of prepaid reinsurance premiums
1,854,500
1,568,022
1,349,494
1,146,176
1,106,627
Senior notes
800,000
800,000
300,000
300,000
300,000
Revolving credit agreement borrowings
100,000
100,000
100,000
100,000
100,000
Total liabilities
14,890,897
13,918,598
12,647,884
12,513,283
11,766,225
Common shareholders' equity
6,574,134
5,322,496
4,843,878
4,267,074
4,151,786
Preferred shareholders' equity
325,000
325,000
325,000
325,000
325,000
Total shareholders' equity
$
6,899,134
$
5,647,496
$
5,168,878
$
4,592,074
$
4,476,786
Book value per common share (2)
$
45.58
$
39.82
$
36.19
$
31.76
$
29.73
Common shares outstanding, net of treasury shares (3)
127,367,934
133,674,884
133,842,613
134,358,345
139,632,225
(1)
In our securities lending transactions, we receive collateral in excess of the fair value of the fixed maturities and short-term investments pledged under securities lending agreements. For purposes of this table, we have excluded collateral received and reinvested and included “fixed maturities and short-term investments pledged under securities lending agreements, at fair value.”
(2)
Excludes the effects of stock options and restricted stock units.
(3)
Reflects the impact of our share repurchase program.
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