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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues:        
Net premiums earned $ 604,836 $ 568,030 $ 1,196,664 $ 1,128,884
Net investment income earned 45,553 41,430 88,784 78,849
Net realized and unrealized (losses) gains:        
Net realized investment gains on disposals 54 2,951 4,785 5,381
Other-than-temporary impairments (2,821) (1,211) (4,033) (4,686)
Other-than-temporary impairments on fixed income securities recognized in other comprehensive income 0 (6) 0 (6)
Unrealized gains (losses) on equity securities [1] 1,115 0 (12,953) 0
Total net realized and unrealized (losses) gains (1,652) 1,734 (12,201) 689
Other income 3,179 3,291 5,358 6,532
Total revenues 651,916 614,485 1,278,605 1,214,954
Expenses:        
Loss and loss expense incurred 366,328 341,559 751,269 659,031
Amortization of deferred policy acquisition costs 122,661 116,578 243,754 231,928
Other insurance expenses 80,994 82,874 164,234 164,925
Interest expense 6,125 6,081 12,277 12,187
Corporate expenses 3,283 8,464 14,615 20,380
Total expenses 579,391 555,556 1,186,149 1,088,451
Income before federal income tax 72,525 58,929 92,456 126,503
Federal income tax expense:        
Current 12,782 17,785 13,215 32,058
Deferred 924 (282) 1,497 2,579
Total federal income tax expense 13,706 17,503 14,712 34,637
Net income $ 58,819 $ 41,426 $ 77,744 $ 91,866
Earnings per share:        
Basic net income $ 1.00 $ 0.71 $ 1.32 $ 1.57
Diluted net income 0.99 0.70 1.30 1.55
Dividends to stockholders $ 0.18 $ 0.16 $ 0.36 $ 0.32
[1] Includes unrealized holding gains (losses) of: (i) $2.3 million in Second Quarter 2018 and $(2.7) million in Six Months 2018 on equity securities remaining in our portfolio as of June 30, 2018; and (ii) $(1.2) million in Second Quarter 2018 and $(10.3) million in Six Months 2018 on equity securities sold during the period.