Profit and Loss Account
Consolidated Statements of Operations as at 31 December 2006 and 2005(US dollars in thousands, except share amounts)
| 2007 | 2006 | |
|---|---|---|
| Revenues | ||
| Gross premiums written | $3,360626 | $1,605,019 |
| Reinsurance premiums ceded | (787,108) | (194,896) |
| Net premiums written | 2,573,518 | 1,410,123 |
| Change in net unearned premiums | (83,984) | (84,262) |
| Net premiums earned | 2,489,534 | 1,325,861 |
| Net investment income | 290,113 | 105,287 |
| Net realised losses on investments | (78,970) | (17,041) |
| Net realised losses on derivatives | (30,088) | (619) |
| Net realised (losses)/gains on foreign currency exchange | (4,035) | 38,746 |
| Other income | 23,254 | 3,528 |
| Total revenues | 2,689,908 | 1,455,762 |
| Expenses | ||
| Losses and loss expenses | 1,154,670 | 681,549 |
| Policy acquisition costs | 624,195 | 341,531 |
| Administrative expenses | 291,694 | 130,703 |
| Other expenses | 75,981 | 26,562 |
| Total expenses | 2,146,540 | 1,180,345 |
| Income before minority interest and income tax expense | 543,368 | 275,417 |
| Minority interest | 8 | (22) |
| Income tax expense | (59,790) | (16,606) |
| Net income | 483,586 | 258,789 |
| Preferred share dividend | (21,868) | - |
| Net income available to common stockholders | $461,718 | $258,789 |
| Earnings per common share | ||
| Basic | $1.84 | $1.59 |
| Diluted | $1.74 | $1.47 |
Profit and loss account includes Catlin operations only for
2006.