The following selected consolidated GAAP financial data of the Company as of and for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, were derived from the audited consolidated financial statements of the Company. The following financial data should be read in conjunction with the Consolidated Financial Statements and accompanying notes.
Years Ended December 31,
(Dollars in millions, except per share amounts)
2016
2015
2014
2013
2012
Operating data:
Gross written premiums
$
6,033.9
$
5,891.7
$
5,762.9
$
5,220.4
$
4,310.5
Net written premiums
5,270.9
5,182.3
5,132.4
4,986.4
4,081.1
Premiums earned
5,320.5
5,292.8
5,043.7
4,736.3
4,164.6
Net investment income
473.1
473.5
530.5
548.5
600.2
Net realized capital gains (losses)
(7.2
)
(184.1
)
84.0
300.2
164.4
Incurred losses and loss adjustment
expenses (including catastrophes)
3,139.6
3,064.7
2,875.9
2,795.9
2,745.3
Net catastrophe losses (1)
286.0
50.7
50.1
176.6
361.1
Commission, brokerage, taxes and fees
1,188.7
1,183.6
1,121.1
975.6
952.7
Other underwriting expenses
302.7
257.1
233.1
234.1
207.7
Corporate expenses
27.2
23.3
23.4
25.8
24.0
Interest, fees and bond issue cost
amortization expense
36.2
36.2
38.5
46.1
53.7
Income (loss) before taxes
1,099.8
1,111.9
1,386.8
1,549.1
939.5
Income tax expense (benefit)
103.5
134.0
187.7
289.7
110.6
Net income (loss) (2)
996.3
977.9
1,199.2
1,259.4
829.0
EARNINGS PER COMMON SHARE:
Basic (3)
$
23.85
$
22.29
$
26.16
$
25.67
$
15.85
Diluted (4)
$
23.68
$
22.10
$
25.91
$
25.44
$
15.79
Dividends declared
$
4.70
$
4.00
$
3.20
$
2.19
$
1.92
Certain GAAP financial ratios: (5)
Loss ratio
59.0
%
57.9
%
57.0
%
59.0
%
65.9
%
Other underwriting expense ratio
28.0
%
27.2
%
26.8
%
25.6
%
27.9
%
Combined ratio (2)
87.0
%
85.1
%
83.8
%
84.6
%
93.8
%
Balance sheet data (at end of period):
Total investments and cash
$
17,483.1
$
16,676.4
$
16,880.8
$
16,462.8
$
16,576.2
Total assets
21,321.5
20,545.4
20,339.9
19,712.3
19,767.9
Loss and LAE reserves
10,312.3
9,951.8
9,720.8
9,673.2
10,069.1
Total debt
633.2
633.0
632.7
486.0
808.2
Total liabilities
13,246.1
12,936.8
12,888.8
12,744.1
13,034.4
Shareholders' equity
8,075.4
7,608.6
7,451.1
6,968.3
6,733.5
Book value per share (6)
197.45
178.21
166.75
146.57
130.96
_____________________________
(1)
Catastrophe losses are presented net of reinsurance and reinstatement premiums. Catastrophe insurance provides coverage for one event. When limits are exhausted, some contractual arrangements provide for the availability of additional coverage upon the payment of additional premium. This additional premium is referred to as reinstatement premium.
(2)
Some amounts may not reconcile due to rounding.
(3)
Based on weighted average basic common shares outstanding of 41.3 million, 43.4 million, 45.4 million, 48.6 million, and 51.9 million for 2016, 2015, 2014, 2013, and 2012, respectively.
(4)
Based on weighted average diluted common shares outstanding of 41.8 million, 43.8 million, 45.8 million, 49.1 million and 52.1 million for 2016, 2015, 2014, 2013 and 2012, respectively.
(5)
Loss ratio is the GAAP losses and LAE incurred as a percentage of GAAP net premiums earned. Underwriting expense ratio is the GAAP commissions, brokerage, taxes, fees and other underwriting expenses as a percentage of GAAP net premiums earned. Combined ratio is the sum of the loss ratio and underwriting expense ratio.
(6)
Based on 40.9 million, 42.7 million, 44.7 million, 47.5 million, and 51.4 million common shares outstanding for December 31, 2016, 2015, 2014, 2013, and 2012, respectively.
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