The following is a summary of the quarterly financial data for the twelve months ended December 31, 2017, 2016 and 2015.



	2017
	Quarter Ended March 31			Quarter Ended June 30			Quarter Ended September 30			Quarter Ended December 31			Year Ended December 31
Revenues	($ in millions)
Net earned premium	$	581.1		$	562.0		$	652.5		$	511.0		$	2,306.6
Net investment income	47.7			47.4			46.4			47.5			189.0
Realized and unrealized investment gains	51.2			49.0			29.9			18.8			148.9
Other income	3.6			3.6			(2.2		)	3.9			8.9
Total revenues	683.6			662.0			726.6			581.2			2,653.4
Expenses
Losses and loss adjustment expenses	328.2			346.1			776.2			544.2			1,994.7
Amortization of deferred policy acquisition costs	113.7			96.3			105.4			85.1			400.5
General, administrative and corporate expenses	121.3			119.9			110.9			150.1			502.2
Interest on long-term debt	7.4			7.4			7.4			7.3			29.5
Change in fair value of derivatives	(3.1		)	(17.6		)	(4.5		)	(2.5		)	(27.7		)
Change in fair value of loan notes issued by variable interest entities	2.9			3.3			(9.8		)	(17.6		)	(21.2		)
Realized and unrealized investment losses/(gains)	5.0			7.0			12.4			4.0			28.4
Net realized and unrealized foreign exchange losses/(gains)	8.9			20.6			(8.4		)	2.8			23.9
Other expenses	—			2.0			—			2.9			4.9
Total expenses	584.3			585.0			989.6			776.3			2,935.2
Income from operations before income tax	99.3			77.0			(263.0		)	(195.1		)	(281.8		)
Income tax (expense)	(2.8		)	(1.2		)	9.2			10.2			15.4
Net income	$	96.5		$	75.8		$	(253.8	)	$	(184.9	)	$	(266.4	)

Per Share Data
Weighted average number of ordinary share and share equivalents⁽¹⁾
Basic	59,862,662			59,966,358			59,759,730			59,431,469			59,753,886
Diluted	61,196,772			61,022,981			59,795,730			59,431,469			59,753,886

Basic earnings per ordinary share adjusted for preference share dividends	$	1.39		$	1.09		$	(4.48	)	$	(3.25	)	$	(5.22	)
Diluted earnings per ordinary share adjusted for preference share dividends	$	1.36		$	1.07		$	(4.48	)	$	(3.25	)	$	(5.22	)

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⁽¹⁾	The basic and diluted number of ordinary shares for the three months ended September 30, 2017 and the three and twelve months ended December 31, 2017 is the same, as the inclusion of dilutive securities in a loss-making period would be anti-dilutive.



	2016
	Quarter Ended March 31			Quarter Ended June 30			Quarter Ended September 30			Quarter Ended December 31			Year Ended December 31
Revenues	($ in millions)
Net earned premium	$	663.1		$	680.8		$	681.0		$	612.4		$	2,637.3
Net investment income	49.5			48.0			46.4			43.2			187.1
Realized and unrealized investment gains	65.6			45.1			26.7			(29.0		)	108.4
Other income	1.4			(0.5		)	1.5			3.3			5.7
Total revenues	779.6			773.4			755.6			629.9			2,938.5
Expenses
Losses and loss adjustment expenses	357.4			442.2			389.2			387.3			1,576.1
Amortization of deferred policy acquisition costs	130.2			126.7			130.9			141.1			528.9
General, administrative and corporate expenses	119.8			116.4			125.0			128.9			490.1
Interest on long-term debt	7.4			7.4			7.3			7.4			29.5
Change in fair value of derivatives	7.2			0.4			(0.6		)	17.6			24.6
Change in fair value of loan notes issued by variable interest entities	4.4			(0.5		)	9.8			3.4			17.1
Realized and unrealized investment losses/(gains)	20.6			8.3			5.2			29.1			63.2
Net realized and unrealized foreign exchange losses/(gains)	15.7			5.3			(10.8		)	(12.0		)	(1.8		)
Other expenses	—			1.0			(0.9		)	1.2			1.3
Total expenses	662.7			707.2			655.1			704.0			2,729.0
Income from operations before income tax	116.9			66.2			100.5			(74.1		)	209.5
Income tax (expense)	(2.5		)	(1.3		)	(4.9		)	2.6			(6.1		)
Net income	$	114.4		$	64.9		$	95.6		$	(71.5	)	$	203.4

Per Share Data
Weighted average number of ordinary share and share equivalents
Basic	60,867,815			60,705,028			60,225,705			60,152,420			60,478,740
Diluted	62,483,938			62,192,142			61,577,018			61,198,041			61,860,689

Basic earnings per ordinary share adjusted for preference share dividends	$	1.73		$	0.91		$	1.43		$	(1.41	)	$	2.67
Diluted earnings per ordinary share adjusted for preference share dividends	$	1.68		$	0.89		$	1.40		$	(1.41	)	$	2.61



	2015
	Quarter Ended March 31			Quarter Ended June 30			Quarter Ended September 30			Quarter Ended December 31			Year Ended December 31
Revenues	($ in millions)
Net earned premium	$	593.6		$	609.4		$	640.6		$	629.7		$	2,473.3
Net investment income	47.4			46.7			45.0			46.4			185.5
Realized and unrealized investment gains/(losses) ⁽¹⁾	57.4			13.5			10.7			12.9			94.5
Other income	3.9			(1.2		)	(2.3		)	(0.3		)	0.1
Total revenues	702.3			668.4			694.0			688.7			2,753.4
Expenses
Losses and loss adjustment expenses	306.1			360.5			365.6			334.0			1,366.2
Amortization of deferred policy acquisition costs	119.3			114.1			132.0			118.2			483.6
General, administrative and corporate expenses	102.2			95.4			100.5			125.9			424.0
Interest on long-term debt	7.4			7.3			7.4			7.4			29.5
Change in fair value of derivatives	7.8			(2.0		)	(10.1		)	(2.5		)	(6.8		)
Change in fair value of loan notes issued by variable interest entities	2.9			3.3			8.3			5.3			19.8
Realized and unrealized investment losses/(gains)⁽¹⁾	14.5			28.8			51.9			(17.7		)	77.5
Net realized and unrealized foreign exchange (gains)/losses⁽¹⁾	6.4			11.6			8.4			(5.0		)	21.4
Other expenses	2.6			(1.8		)	—			(0.1		)	0.7
Total expenses	569.2			617.2			664.0			565.5			2,415.9
Income from operations before income tax	133.1			51.2			30.0			123.2			337.5
Income tax (expense)	(5.1		)	(2.2		)	(1.8		)	(5.3		)	(14.4		)
Net income	$	128.0		$	49.0		$	28.2		$	117.9		$	323.1

Per Share Data
Weighted average number of ordinary share and share equivalents
Basic	62,159,303			61,408,633			60,779,295			60,784,832			61,287,884
Diluted	63,532,662			62,896,907			62,155,125			62,176,505			62,687,503

Basic earnings per ordinary share adjusted for preference share dividends	$	1.91		$	0.64		$	0.30		$	1.78		$	4.64
Diluted earnings per ordinary share adjusted for preference share dividends	$	1.87		$	0.62		$	0.30		$	1.75		$	4.54

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⁽¹⁾	Adjusted for a representation of foreign exchange in relation to investment securities from realized and unrealized exchange gains/(losses) to realized and unrealized investment gains/(losses).