filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
The following selected consolidated GAAP financial data of the Company as of and for the years ended December 31, 2021, 2020, 2019, 2018 and 2017, 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) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||
| Operating data: | ||||||||||||||
| Gross written premiums | $ | 13,049.8 | $ | 10,482.4 | $ | 9,133.4 | $ | 8,475.2 | $ | 7,173.9 | ||||
| Net written premiums | 11,445.5 | 9,117.0 | 7,824.4 | 7,414.4 | 6,244.7 | |||||||||
| Premiums earned | 10,406.4 | 8,681.5 | 7,403.7 | 6,931.7 | 5,937.8 | |||||||||
| Net investment income | 1,164.9 | 642.5 | 647.1 | 581.2 | 542.9 | |||||||||
| Net realized capital gains (losses) | 257.9 | 267.6 | 185.0 | (127.1) | 153.2 | |||||||||
| Incurred losses and loss adjustment | ||||||||||||||
| expenses (including catastrophes) | 7,391.3 | 6,550.8 | 4,922.9 | 5,651.4 | 4,522.6 | |||||||||
| Net catastrophe losses (1) | 1,065.0 | 415.0 | 550.0 | 1,669.8 | 1,339.1 | |||||||||
| Commission, brokerage, taxes and fees | 2,208.8 | 1,873.3 | 1,703.7 | 1,519.0 | 1,304.0 | |||||||||
| Other underwriting expenses | 582.6 | 511.2 | 440.9 | 371.5 | 318.8 | |||||||||
| Corporate expenses | 67.8 | 41.1 | 33.0 | 30.7 | 25.9 | |||||||||
| Interest, fees and bond issue cost | ||||||||||||||
| amortization expense | 70.1 | 36.3 | 31.7 | 31.0 | 31.6 | |||||||||
| Income (loss) before taxes | 1,545.6 | 585.3 | 1,099.0 | (242.2) | 419.4 | |||||||||
| Income tax expense (benefit) | 166.5 | 71.2 | 89.5 | (331.2) | (63.4) | |||||||||
| Net income (loss) (2) | 1,379.1 | 514.2 | 1,009.5 | 89.0 | 482.8 | |||||||||
| EARNINGS PER COMMON SHARE: | ||||||||||||||
| Basic (3) | $ | 34.66 | $ | 12.81 | $ | 24.77 | $ | 2.18 | $ | 11.77 | ||||
| Diluted (4) | $ | 34.62 | $ | 12.78 | $ | 24.70 | $ | 2.17 | $ | 11.70 | ||||
| Dividends declared | $ | 6.20 | $ | 6.20 | $ | 5.75 | $ | 5.30 | $ | 5.05 | ||||
| Certain GAAP financial ratios: (5) | ||||||||||||||
| Loss ratio | 71.0% | 75.5% | 66.5% | 81.5% | 76.2% | |||||||||
| Other underwriting expense ratio | 26.8% | 27.4% | 29.0% | 27.3% | 27.3% | |||||||||
| Combined ratio (2) | 97.8% | 102.9% | 95.5% | 108.8% | 103.5% | |||||||||
| Balance sheet data (at end of period): | ||||||||||||||
| Total investments and cash | $ | 29,673.3 | $ | 25,461.6 | $ | 20,748.5 | $ | 18,433.1 | $ | 18,626.5 | ||||
| Total assets | 38,185.3 | 32,711.5 | 27,244.0 | 24,773.1 | 23,577.6 | |||||||||
| Loss and LAE reserves | 19,009.5 | 16,322.1 | 13,531.3 | 13,098.2 | 11,870.1 | |||||||||
| Total debt | 3,088.6 | 1,910.4 | 633.8 | 633.6 | 633.4 | |||||||||
| Total liabilities | 28,046.1 | 22,985.3 | 18,111.1 | 16,869.3 | 15,208.4 | |||||||||
| Shareholders' equity | 10,139.2 | 9,726.2 | 9,132.9 | 7,860.8 | 8,340.7 | |||||||||
| Book value per share (6) | 258.21 | 243.25 | 223.85 | 193.37 | 204.25 |
(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 39.3 million, 39.7 million, 40.3 million, 40.4 million and 40.6 million for 2021, 2020, 2019, 2018 and 2017, respectively.
(4) Based on weighted average diluted common shares outstanding of 39.3 million, 39.7 million, 40.4 million, 40.6 million and 40.8 million for 2021, 2020, 2019, 2018 and 2017, 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 39.3 million, 40.0 million, 40.8 million, 40.7 million and 40.8 million common shares outstanding for December 31, 2021, 2020, 2019, 2018 and 2017, respectively.
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