The following selected consolidated GAAP financial data of the Company as of and for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, 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)
2017
2016
2015
2014
2013
Operating data:
Gross written premiums
$
7,173.9
$
6,033.9
$
5,891.7
$
5,762.9
$
5,220.4
Net written premiums
6,244.7
5,270.9
5,182.3
5,132.4
4,986.4
Premiums earned
5,937.8
5,320.5
5,292.8
5,043.7
4,736.3
Net investment income
542.9
473.1
473.5
530.5
548.5
Net realized capital gains (losses)
153.2
(7.2
)
(184.1
)
84.0
300.2
Incurred losses and loss adjustment
expenses (including catastrophes)
4,522.6
3,139.6
3,064.7
2,875.9
2,795.9
Net catastrophe losses (1)
1,339.1
286.0
50.7
50.1
176.6
Commission, brokerage, taxes and fees
1,304.0
1,188.7
1,183.6
1,121.1
975.6
Other underwriting expenses
318.8
302.7
257.1
233.1
234.1
Corporate expenses
25.9
27.2
23.3
23.4
25.8
Interest, fees and bond issue cost
amortization expense
31.6
36.2
36.2
38.5
46.1
Income (loss) before taxes
405.2
1,099.8
1,111.9
1,386.8
1,549.1
Income tax expense (benefit)
(63.8
)
103.5
134.0
187.7
289.7
Net income (loss) (2)
469.0
996.3
977.9
1,199.2
1,259.4
EARNINGS PER COMMON SHARE:
Basic (3)
$
11.43
$
23.85
$
22.29
$
26.16
$
25.67
Diluted (4)
$
11.36
$
23.68
$
22.10
$
25.91
$
25.44
Dividends declared
$
5.05
$
4.70
$
4.00
$
3.20
$
2.19
Certain GAAP financial ratios: (5)
Loss ratio
76.2
%
59.0
%
57.9
%
57.0
%
59.0
%
Other underwriting expense ratio
27.3
%
28.0
%
27.2
%
26.8
%
25.6
%
Combined ratio (2)
103.5
%
87.0
%
85.1
%
83.8
%
84.6
%
Balance sheet data (at end of period):
Total investments and cash
$
18,626.5
$
17,483.1
$
16,676.4
$
16,880.8
$
16,462.8
Total assets
23,591.8
21,321.5
20,545.4
20,339.9
19,712.3
Loss and LAE reserves
11,884.3
10,312.3
9,951.8
9,720.8
9,673.2
Total debt
633.4
633.2
633.0
632.7
486.0
Total liabilities
15,222.6
13,246.1
12,936.8
12,888.8
12,744.1
Shareholders' equity
8,369.2
8,075.4
7,608.6
7,451.1
6,968.3
Book value per share (6)
204.95
197.45
178.21
166.75
146.57
_____________________________
(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 40.6 million, 41.3 million, 43.4 million, 45.4 million and 48.6 million for 2017, 2016, 2015, 2014 and 2013, respectively.
(4)
Based on weighted average diluted common shares outstanding of 40.8 million, 41.6 million, 43.8 million, 45.8 million and 49.1 million for 2017, 2016, 2015, 2014 and 2013, 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 40.8 million, 40.9 million, 42.7 million, 44.7 million and 47.5 million common shares outstanding for December 31, 2017, 2016, 2015, 2014 and 2013, respectively.
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