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,
2016
2015
2014
2013
2012
Statement of Income Data: (1)
Net premiums written
$
4,031,391
$
3,817,531
$
3,891,938
$
3,351,367
$
3,052,235
Net premiums earned
3,884,822
3,733,905
3,593,748
3,145,952
2,935,140
Net investment income
366,742
348,090
302,585
267,219
294,895
Equity in net income (loss) of investment funds accounted for using the equity method
48,475
25,455
19,883
35,701
73,510
Net realized gains (losses)
137,586
(185,842
)
102,917
74,018
194,228
Total revenues
4,463,556
3,936,590
3,988,873
3,526,157
3,482,381
Income before income taxes
855,552
567,194
844,247
734,770
586,368
Net income
$
824,178
$
526,582
$
821,260
$
703,119
$
590,815
Net (income) loss attributable to noncontrolling interests
(131,440
)
11,156
13,095
—
—
Net income available to Arch
692,738
537,738
834,355
703,119
590,815
Preferred dividends
(28,070
)
(21,938
)
(21,938
)
(21,938
)
(25,079
)
Loss on repurchase of preferred shares
—
—
—
—
(10,612
)
Net income available to Arch common shareholders
$
664,668
$
515,800
$
812,417
$
681,181
$
555,124
Diluted net income per share
$
5.33
$
4.09
$
6.02
$
5.02
$
4.02
Cash dividends per share
—
—
—
—
—
After-tax operating income available to Arch common shareholders (2)
$
577,444
$
565,199
$
617,312
$
589,103
$
348,058
After-tax operating income available to Arch common shareholders per share — diluted (2)
$
4.63
$
4.48
$
4.58
$
4.34
$
2.52
After-tax return on average common equity (3)
10.9
%
8.9
%
14.7
%
13.5
%
12.3
%
After-tax operating return on average common equity (3)
9.4
%
9.7
%
11.2
%
11.7
%
7.7
%
Weighted average common shares and common share equivalents outstanding — diluted (3)
124,717,493
126,038,743
134,922,322
135,777,183
138,258,847
(1)
Amounts reflect a cumulative effect of an accounting change. See note 1, “General,” of the notes accompanying our consolidated financial statements for additional information.
(2)
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, UGC transaction costs and other 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 of Financial Condition and Results of Operations—General—Comment on Non-GAAP Financial Measures” for further details.
(3)
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. For the 2016 period, the return on average common shareholders’ equity reflects the weighted impact of the $1.10 billion of convertible non-voting common equivalent preferred shares, which were issued on December 31, 2016 as part of the UGC acquisition. For the 2015 and prior periods, the average common shareholders’ equity balances in each period reflect a cumulative effect of an accounting change. See note 1, “General,” of the notes accompanying our consolidated financial statements for additional information.
ACGL 2016 FORM 10-K
72
(U.S. dollars in thousands except share data)
December 31,
2016
2015
2014
2013
2012
Balance Sheet Data:
Total investable assets (1)
$
20,493,952
$
16,340,938
$
15,762,730
$
14,049,525
$
13,045,134
Premiums receivable
1,072,435
983,443
948,695
753,924
688,873
Reinsurance recoverables on unpaid and paid losses and loss adjustment expenses
2,114,138
1,867,373
1,812,845
1,804,330
1,870,037
Total assets (2)
29,372,109
23,138,931
21,967,742
19,518,715
17,778,189
Reserves for losses and loss adjustment expenses:
Before unpaid losses and loss adjustment expenses recoverable
10,200,960
9,125,250
9,036,448
8,824,696
8,933,292
Net of unpaid losses and loss adjustment expenses recoverable
8,117,385
7,296,413
7,258,145
7,076,446
7,104,222
Unearned premiums:
Before ceded unearned premiums
3,406,870
2,333,932
2,231,578
1,896,365
1,647,978
Net of ceded unearned premiums
2,547,303
1,906,323
1,854,500
1,568,022
1,349,494
Senior notes
1,732,258
791,306
791,141
790,960
296,657
Revolving credit agreement borrowings
756,650
530,434
100,000
100,000
100,000
Total liabilities
20,060,984
16,028,376
14,887,435
13,909,558
12,644,541
Total shareholders’ equity (2)
9,105,572
6,905,373
6,860,795
5,609,157
5,133,648
Total shareholders' equity available to Arch (2)
8,253,718
6,166,542
6,091,714
5,609,157
5,133,648
Preferred shareholders' equity
772,555
325,000
325,000
325,000
325,000
Common shareholders' equity available to Arch (2)
$
7,481,163
$
5,841,542
$
5,766,714
$
5,284,157
$
4,808,648
Common shares and common share equivalents outstanding, net of treasury shares (3)
135,550,337
122,627,783
127,367,934
133,674,884
133,842,613
Book value per share (2) (4)
$
55.19
$
47.64
$
45.28
$
39.53
$
35.93
(1)
This table excludes the collateral received and reinvested and includes the securities pledged under securities lending agreements, at fair value.
(2)
Balances for December 31, 2015 and prior periods reflect a cumulative effect of an accounting change. See note 1, “General,” of the notes accompanying our consolidated financial statements for additional information.
(3)
Reflects the impact of the $1.10 billion of convertible non-voting common equivalent preferred shares, which were issued on December 31, 2016 as part of the UGC acquisition.
(4)
Excludes the effects of stock options and restricted stock units.
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