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
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