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,
2015
2014
2013
2012
2011
Statement of Income Data:
Net premiums written
$
3,817,531
$
3,891,938
$
3,351,367
$
3,052,235
$
2,673,326
Net premiums earned
3,733,905
3,593,748
3,145,952
2,935,140
2,631,815
Net investment income
348,090
302,585
267,219
294,895
338,198
Equity in net income (loss) of investment funds accounted for using the equity method
25,455
19,883
35,701
73,510
(9,605
)
Net realized gains
(185,842
)
102,917
74,018
194,228
110,646
Total revenues
3,936,590
3,988,873
3,526,157
3,482,381
3,063,307
Income before income taxes
567,194
844,247
742,505
589,387
426,370
Net income
$
526,582
$
821,260
$
709,731
$
593,397
$
436,163
Net (income) loss attributable to noncontrolling interests
11,156
13,095
—
—
—
Net income available to Arch
537,738
834,355
709,731
593,397
436,163
Preferred dividends
(21,938
)
(21,938
)
(21,938
)
(25,079
)
(25,844
)
Loss on repurchase of preferred shares
—
—
—
(10,612
)
—
Net income available to Arch common shareholders
$
515,800
$
812,417
$
687,793
$
557,706
$
410,319
Diluted net income per share
$
4.09
$
6.02
$
5.07
$
4.03
$
2.97
Cash dividends per share
—
—
—
—
—
After-tax operating income available to Arch common shareholders (1)
$
565,199
$
617,312
$
595,715
$
350,640
$
303,382
After-tax operating income available to Arch common shareholders per share — diluted (1)
$
4.48
$
4.58
$
4.39
$
2.54
$
2.19
After-tax operating return on average common equity (2)
9.7
%
11.1
%
11.7
%
7.7
%
7.2
%
Weighted average common shares and common share equivalents outstanding — diluted
126,038,743
134,922,322
135,777,183
138,258,847
138,289,702
(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,
2015
2014
2013
2012
2011
Balance Sheet Data:
Total investable assets (1)
$
16,340,938
$
15,762,730
$
14,049,525
$
13,045,134
$
12,316,205
Premiums receivable
983,443
948,695
753,924
688,873
501,563
Reinsurance recoverables on unpaid and paid losses and loss adjustment expenses
1,867,373
1,812,845
1,804,330
1,870,037
1,851,584
Total assets
23,177,270
22,006,081
19,557,054
17,813,419
17,101,951
Reserves for losses and loss adjustment expenses:
Before unpaid losses and loss adjustment expenses recoverable
9,125,250
9,036,448
8,824,696
8,933,292
8,456,210
Net of unpaid losses and loss adjustment expenses recoverable
7,296,413
7,258,145
7,076,446
7,104,222
6,638,163
Unearned premiums:
Before prepaid reinsurance premiums
2,333,932
2,231,578
1,896,365
1,647,978
1,411,872
Net of prepaid reinsurance premiums
1,906,323
1,854,500
1,568,022
1,349,494
1,146,176
Senior notes
791,306
791,141
790,960
296,657
296,594
Revolving credit agreement borrowings
530,434
100,000
100,000
100,000
100,000
Total liabilities
16,028,376
14,887,435
13,909,558
12,644,541
12,509,877
Total shareholders’ equity
6,943,712
6,899,134
5,647,496
5,168,878
4,592,074
Total shareholders' equity available to Arch
6,204,881
6,130,053
5,647,496
5,168,878
4,592,074
Preferred shareholders' equity
325,000
325,000
325,000
325,000
325,000
Common shareholders' equity available to Arch
$
5,879,881
$
5,805,053
$
5,322,496
$
4,843,878
$
4,267,074
Common shares outstanding, net of treasury shares (2)
122,627,783
127,367,934
133,674,884
133,842,613
134,358,345
Book value per common share (3)
$
47.95
$
45.58
$
39.82
$
36.19
$
31.76
(1)
This table excludes the collateral received and reinvested and includes the securities pledged under securities lending agreements, at fair value.
(2)
Reflects the impact of our share repurchase program.
(3)
Excludes the effects of stock options and restricted stock units.
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