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FOR THE YEAR ENDED DECEMBER 31

2016 Q2 Consolidated Financial Results
(in thousands of dollars) Notes 2016 2015
Gross written premiums 16 $ 2,084,120 $ 2,008,387
Net written premiums 16 $ 2,010,952 $ 1,935,352
Net earned premiums 16 $ 1,955,603 $ 1,905,655
Other underwriting revenues     25,070   26,659
Total underwriting revenues     1,980,673   1,932,314
Underwriting expenses:
Net claims and adjustment expenses, undiscounted 7,9   1,406,293   1,221,450
Net commissions 9   371,390   363,688
Operating expenses     312,070   231,638
Premium taxes     69,346   66,715
      2,159,099   1,883,491
Underwriting (loss) income before the impact of discounting     Loss: (178,426)   48,823
Impact of discounting 7   13,616   (1,488)
Underwriting (loss) income     Loss: (164,810)   47,335
Investment income:
Interest 5   61,143   67,644
Dividends 5   39,177   37,926
Recognized gains on investments 5   35,073   73,881
      135,393   179,451
Other expense (income) 17,21   10,569   Loss: (2,928)
(Loss) income before income taxes     Loss: (39,986)   229,714
Income tax (recovery) expense 11   Loss: (19,712)   53,760
Net (loss) income   $ Loss: (20,274) $ 175,954
Items that may be reclassified subsequently to net (loss) income:
Net unrealized gains (losses) on AFS investments     105,577   Loss: (72,053)
Reclassification to net (loss) income of net recognized gains on AFS investments 5   Loss: (47,730)   Loss: (46,142)
Foreign exchange (loss) gain on investments in associates     Loss: (800)   3,890
Income tax expense (recovery) 11   15,284   Loss: (31,765)
      41,763   Loss: (82,540)
Items that will not be reclassified subsequently to net (loss) income:
Post-employment benefit obligation gain 17   2,725   6,055
Income tax expense 11   117   1,618
      2,608   4,437
Other comprehensive income (loss)     44,371   Loss: (78,103)
Comprehensive income   $ 24,097 $ 97,851

See accompanying notes.