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Consolidated Statement of Comprehensive Income
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.
2016 Q2 Consolidated Financial Results
< Consolidated Balance Sheet
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