Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA



	As of and for the Year Ended December 31,
(In thousands, except per share data)	2019			2018			2017			2016			2015
Net premiums written	$	6,863,499		$	6,433,227		$	6,260,508		$	6,423,913		$	6,189,515
Net premiums earned	6,633,288			6,371,505			6,311,419			6,293,348			6,040,609
Net investment income	645,614			674,235			575,788			564,163			512,645
Net realized and unrealized gains on investments	120,703			154,488			335,858			267,005			92,324
Revenues from non-insurance businesses	406,541			372,985			326,165			390,348			421,102
Insurance service fees	92,680			117,757			134,729			138,944			139,440
Total revenues	7,902,196			7,691,651			7,684,764			7,654,184			7,206,457
Interest expense	153,409			157,185			147,297			140,896			130,946
Income before income taxes	852,920			812,094			772,770			896,438			732,030
Income tax expense	(168,935		)	(163,028		)	(219,433		)	(292,953		)	(227,923		)
Noncontrolling interests	(2,041		)	(8,317		)	(4,243		)	(1,569		)	(413		)
Net income to common stockholders	681,944			640,749			549,094			601,916			503,694
Data per common share:
Net income per basic share	3.58			3.37			2.93			3.27			2.71
Net income per diluted share	3.52			3.33			2.84			3.12			2.58
Common stockholders’ equity	33.12			29.72			29.69			27.76			24.87
Cash dividends declared	1.73			1.39			1.03			1.01			0.31
Weighted average shares outstanding:
Basic	190,722			190,048			187,265			183,977			186,060
Diluted	193,521			192,395			193,527			192,830			195,284
Investments	$	18,473,674		$	17,723,089		$	17,450,508		$	16,649,792		$	15,351,467
Total assets	26,643,428			24,895,977			24,299,917			23,364,844			21,730,967
Reserves for losses and loss expenses	12,583,249			11,966,448			11,670,408			11,197,195			10,669,150
Senior notes and other debt	1,427,575			1,882,028			1,769,052			1,760,595			1,844,621
Subordinated debentures	1,198,704			907,491			728,218			727,630			340,320
Common stockholders’ equity	6,074,939			5,437,851			5,411,344			5,047,208			4,600,246

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