%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.05 663.33 Td (For) Tj ET Q q 0 0 0 rg BT 443.42 663.33 Td ( mor) Tj ET Q q 0 0 0 rg BT 463.50 663.33 Td (e information contact:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.45 643.17 Td (Bruce Kay) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.75 633.17 Td (Markel Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.80 623.17 Td (804-747-0136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.60 613.17 Td (bkay@markelcorp.com) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 585.00 Td (FOR ) Tj ET Q q 0 0 0 rg BT 73.61 585.00 Td (IMMEDIA) Tj ET Q q 0 0 0 rg BT 120.64 585.00 Td (TE ) Tj ET Q q 0 0 0 rg BT 136.48 585.00 Td (RELEASE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.90 561.00 Td (MARKEL) Tj ET Q q 0 0 0 rg BT 239.35 561.00 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 276.50 561.00 Td (TS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.23 561.00 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.23 561.00 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 369.85 561.00 Td ( RESUL) Tj ET Q q 0 0 0 rg BT 404.77 561.00 Td (TS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 537.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 537.00 Td (Richmond, ) Tj ET Q q 0 0 0 rg BT 132.48 537.00 Td (V) Tj ET Q q 0 0 0 rg BT 138.42 537.00 Td (A, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.64 537.00 Td (February6, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.24 537.00 Td ( --- Markel Corporation \(NYSE: MKL\) reported book value per common share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.00 Td (outstanding of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.00 525.00 Td ($683.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.50 525.00 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.71 525.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.30 525.00 Td (, up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.80 525.00 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.13 525.00 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.56 525.00 Td ($606.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.06 525.00 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.28 525.00 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.87 525.00 Td (. Over the five-year period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 513.00 Td (, the compound annual growth in book value per common share outstanding was 1) Tj ET Q q 0 0 0 rg BT 458.14 513.00 Td (1%. Comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.00 Td (income to shareholders was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.30 501.00 Td ($1.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.41 501.00 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.88 501.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.46 501.00 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.16 501.00 Td ($667.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.05 501.00 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.83 501.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.83 501.00 Td (. ) Tj ET Q q 0 0 0 rg BT 516.65 501.00 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.00 Td (combined ratio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.81 489.00 Td (105%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.14 489.00 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.92 489.00 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.92 489.00 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.62 489.00 Td (92%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.95 489.00 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.73 489.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.73 489.00 Td (. Diluted net income per share was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.79 489.00 Td ($25.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.29 489.00 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 477.00 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.29 477.00 Td ($31.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.79 477.00 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.56 477.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.56 477.00 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 453.00 Td (Alan I. Kirshner) Tj ET Q q 0 0 0 rg BT 150.86 453.00 Td (, Executive Chairman, commented, W) Tj ET Q q 0 0 0 rg BT 307.50 453.00 Td (e finished 2017 with record comprehensive income of more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.00 Td (than $1 billion which drove double-digit growth in book value over the past one-year and five-year periods. ) Tj ET Q q 0 0 0 rg BT 483.03 441.00 Td (This was lar) Tj ET Q q 0 0 0 rg BT 531.73 441.00 Td (gely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.00 Td (due to outstanding performance in our equity portfolio and reflects the benefit of our diversified operations. Our revenues also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.00 Td (set a record, exceeding $6 billion, and reflect both or) Tj ET Q q 0 0 0 rg BT 261.13 417.00 Td (ganic growth and contributions from recent acquisitions. In the fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.00 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.92 405.00 Td (, we completed the acquisition of State National, which adds a premier fronting platform and collateral protection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.00 Td (coverages to our insurance operations. Earlier this year we added Costa Farms to our portfolio of Markel ) Tj ET Q q 0 0 0 rg BT 471.36 393.00 Td (V) Tj ET Q q 0 0 0 rg BT 477.47 393.00 Td (entures companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.00 Td (and we also completed the acquisition of SureT) Tj ET Q q 0 0 0 rg BT 239.53 381.00 Td (ec in our insurance operations. ) Tj ET Q q 0 0 0 rg BT 364.30 381.00 Td (W) Tj ET Q q 0 0 0 rg BT 372.94 381.00 Td (e are excited about the opportunities each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.00 Td (these acquisitions brings to Markel as we continue to focus on building long-term value for our shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.00 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 345.00 Td (The following tables present selected financial data from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.91 345.00 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.91 345.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.35 345.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.35 345.00 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 304.50 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 304.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 304.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 304.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 274.50 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 274.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 274.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 274.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 244.50 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 244.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 244.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 244.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 214.50 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 214.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 214.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 214.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 184.50 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 184.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 184.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 184.50 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 319.5 m 458.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 319.5 m 462.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 319.5 m 562.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 319.5 m 458.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 304.5 m 458.5 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 319.5 m 562.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 304.5 m 562.5 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 304.5 m 458.5 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 289.5 m 458.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 304.5 m 562.5 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 289.5 m 562.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 289.5 m 458.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 275.5 m 458.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 273.5 m 458.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 289.5 m 562.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 275.5 m 562.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 273.5 m 562.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 273.5 m 458.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 275.5 m 458.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 260.5 m 458.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 258.5 m 458.5 258.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 273.5 m 562.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 275.5 m 562.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 260.5 m 562.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 258.5 m 562.5 258.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 258.5 m 458.5 258.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 260.5 m 458.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 245.5 m 458.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 243.5 m 458.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 258.5 m 562.5 258.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 260.5 m 562.5 260.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 245.5 m 562.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 243.5 m 562.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 243.5 m 458.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 245.5 m 458.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 230.5 m 458.5 230.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 228.5 m 458.5 228.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 243.5 m 562.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 245.5 m 562.5 245.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 230.5 m 562.5 230.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 228.5 m 562.5 228.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 184.5 m 458.5 184.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 184.5 m 562.5 184.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 184.5 m 458.5 184.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 170.5 m 458.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 168.5 m 458.5 168.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 184.5 m 562.5 184.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 170.5 m 562.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 168.5 m 562.5 168.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 168.5 m 458.5 168.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 170.5 m 458.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 155.5 m 458.5 155.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 153.5 m 458.5 153.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 168.5 m 562.5 168.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 170.5 m 562.5 170.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 155.5 m 562.5 155.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 153.5 m 562.5 153.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.40 323.75 Td (Y) Tj ET Q q 0 0 0 rg BT 421.78 323.75 Td (ears Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 53 307.67890625 m 184.68359375 307.67890625 l s q 0 0 0 rg BT 53.00 308.75 Td (\(in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 149.50 308.75 Td (e amounts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.00 308.73 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.00 308.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 294.17 Td (Income before income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 294.18 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 294.18 Td (87,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 294.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 294.17 Td (629,920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 279.17 Td (Net income to shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 279.18 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.15 279.18 Td (395,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 279.17 Td (455,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 264.17 Td (Comprehensive income to shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 264.18 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 264.18 Td (1,174,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 264.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 264.17 Td (667,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 249.17 Td (W) Tj ET Q q 0 0 0 rg BT 62.04 249.17 Td (eighted average diluted shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 249.18 Td (14,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 249.17 Td (14,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 234.17 Td (Diluted net income per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 234.18 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.15 234.18 Td (25.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 234.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 234.17 Td (31.27) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 53 187.67890624999995 m 184.68359375 187.67890624999995 l s q 0 0 0 rg BT 53.00 188.75 Td (\(in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 149.36 188.75 Td (e amounts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.75 188.73 Td (December) Tj ET Q q 0 0 0 rg BT 410.25 188.73 Td ( 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.55 188.75 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 174.17 Td (Book value per common share outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 174.18 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 174.18 Td (683.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 174.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 174.17 Td (606.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 159.17 Td (Common shares outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 159.18 Td (13,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 159.17 Td (13,955) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.00 Td ( ) Tj ET Q /GS0 gs q 98.00 0 0 116.00 51.50 613.17 cm /I1 Do Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (Comprehensive income to shareholders for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.67 742.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.67 742.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.22 742.10 Td ($1.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.34 742.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.04 742.10 Td ($667.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.93 742.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.71 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.71 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 498.53 742.10 Td (The increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (was due to an increase in net unrealized gains on investments, net of taxes, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.40 730.10 Td ($763.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.29 730.10 Td ( in 2017 compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.77 730.10 Td ($242.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 718.10 Td ( in 2016, partially of) Tj ET Q q 0 0 0 rg BT 160.64 718.10 Td (fset by lower net income to shareholders in 2017 compared to 2016. ) Tj ET Q q 0 0 0 rg BT 435.11 718.10 Td (The increase in net unrealized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (gains on investments, net of taxes, in 2017 was attributable to an increase in the fair value of our equity portfolio as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (December 31, 2017 compared to December 31, 2016. Net income to shareholders was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.11 694.10 Td ($395.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 694.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.78 694.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.78 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.22 694.10 Td ($455.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 682.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.67 682.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.67 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 116.49 682.10 Td (The decrease in net income to shareholders and diluted net income per share during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.03 682.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.03 682.10 Td ( was driven by an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (underwriting loss and net realized investment losses in 2017 compared to an underwriting profit and net realized investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (gains in 2016. ) Tj ET Q q 0 0 0 rg BT 108.71 658.10 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 241.79 658.10 Td (fset by an income tax benefit in 2017 resulting from the enactment of the ) Tj ET Q q 0 0 0 rg BT 535.96 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 541.37 658.10 Td (ax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 107.51 646.10 Td (Act \(TCJA\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 622.10 Td (On December 22, 2017, the United States enacted the ) Tj ET Q q 0 0 0 rg BT 302.69 622.10 Td (TCJA, which made significant modifications to U.S. federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (income tax law) Tj ET Q q 0 0 0 rg BT 110.44 610.10 Td (, most of which are ef) Tj ET Q q 0 0 0 rg BT 197.45 610.10 Td (fective January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 295.57 610.10 Td (The ) Tj ET Q q 0 0 0 rg BT 313.44 610.10 Td (TCJA, among other changes, \(1\) reduces the U.S. corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (tax rate from 35% to 21%, \(2\) imposes a one-time deemed repatriation tax on unremitted foreign earnings which were not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (previously subject to U.S. income tax, \(3\) moves the U.S. from a worldwide tax system towards a territorial tax system and \(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (modifies the manner in which property and casualty insurance loss reserves are computed for federal income tax purposes. U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.86 562.10 Td ( requires companies to recognize the ef) Tj ET Q q 0 0 0 rg BT 233.27 562.10 Td (fect of tax law changes in the period of enactment. ) Tj ET Q q 0 0 0 rg BT 437.36 562.10 Td (As a result, we recorded a one-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (time tax benefit of $339.9 million in the fourth quarter of 2017, a portion of which is considered provisional.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 526.10 Td (In November 2017, we completed the acquisition of State National Companies, Inc., \(State National\), a ) Tj ET Q q 0 0 0 rg BT 501.82 526.10 Td (T) Tj ET Q q 0 0 0 rg BT 507.23 526.10 Td (exas-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (leading specialty provider of property and casualty insurance that includes both fronting services and collateral protection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (insurance. Results attributable to the collateral protection insurance business are included in the U.S. Insurance segment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Results attributable to the fee-based fronting business \(program services\) are reported separate from our underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (operations and are not included in a reportable segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 454.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.28 454.10 Td (August 2017, we acquired 81% of Costa Farms, a Florida-based privately held grower of house and garden plants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Results attributable to this acquisition are included with our Markel ) Tj ET Q q 0 0 0 rg BT 322.54 442.10 Td (V) Tj ET Q q 0 0 0 rg BT 328.65 442.10 Td (entures operations, which are not included in a reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (segment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 406.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.28 406.10 Td (April 2017, the Company completed the acquisition of SureT) Tj ET Q q 0 0 0 rg BT 340.81 406.10 Td (ec Financial Corp. \(SureT) Tj ET Q q 0 0 0 rg BT 443.97 406.10 Td (ec\), a ) Tj ET Q q 0 0 0 rg BT 467.93 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 473.34 406.10 Td (exas-based privately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (held surety company primarily of) Tj ET Q q 0 0 0 rg BT 183.67 394.10 Td (fering contract, commercial and court bonds. Results attributable to this acquisition are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (included in the U.S. Insurance segment. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 356.7669921875 m 135.8251953125 356.7669921875 l s q 0 0 0 rg BT 50.00 358.10 Td (Underwriting Results) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Consolidated) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 278.60 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 278.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 278.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 278.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 248.60 308.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 248.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 248.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 248.60 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 308.6 m 458.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 308.6 m 462.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 308.6 m 562.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 293.6 m 458.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 293.6 m 462.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 293.6 m 562.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 293.6 m 458.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 278.6 m 458.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 293.6 m 562.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 278.6 m 562.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 278.6 m 458.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 278.6 m 562.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 233.60000000000002 m 458.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 219.60000000000002 m 458.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 217.60000000000002 m 458.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 233.60000000000002 m 562.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 219.60000000000002 m 562.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 217.60000000000002 m 562.5 217.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.85 312.85 Td (Combined Ratio ) Tj ET Q q 0 0 0 rg BT 473.29 312.85 Td (Analysis) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.40 297.85 Td (Y) Tj ET Q q 0 0 0 rg BT 421.78 297.85 Td (ears Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.00 282.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.00 282.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 268.27 Td (U.S. Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 268.28 Td (95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.80 268.27 Td (93%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 253.27 Td (International Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.50 253.28 Td (104%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.80 253.27 Td (94%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 238.27 Td (Reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.50 238.28 Td (132%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.80 238.27 Td (87%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 223.27 Td (Consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.50 223.28 Td (105%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.80 223.27 Td (92%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 195.10 Td (Underwriting results in 2017 included $565.3 million, or 13 points, of underwriting loss from Hurricanes Harvey) Tj ET Q q 0 0 0 rg BT 537.50 195.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (Irma, Maria and Nate as well as the earthquakes in Mexico and wildfires in California \(2017 Catastrophes\). ) Tj ET Q q 0 0 0 rg BT 482.18 183.10 Td (The underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (loss on the 2017 Catastrophes was comprised of $585.4 million of estimated net losses and $20.1 million of net assumed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (reinstatement premiums. ) Tj ET Q q 0 0 0 rg BT 151.18 159.10 Td (The 2016 consolidated combined ratio included $68.7 million of underwriting loss, or two points on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (the consolidated combined ratio, related to Hurricane Matthew and the Canadian wildfires \(2016 Catastrophes\). ) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (The following table summarizes, by segment, the components of the underwriting losses related to the 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Catastrophes.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 678.60 248.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 678.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 678.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 678.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 678.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 678.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 678.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 678.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 648.60 248.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 648.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 648.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 648.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 648.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 648.60 63.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 704.6 m 360.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 704.6 m 364.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 704.6 m 427.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 704.6 m 431.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 704.6 m 494.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 704.6 m 498.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 704.6 m 561.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 704.6 m 360.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 678.6 m 360.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 704.6 m 364.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 704.6 m 427.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 678.6 m 427.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 704.6 m 431.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 704.6 m 494.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 678.6 m 494.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 704.6 m 498.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 704.6 m 561.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 678.6 m 561.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 648.6 m 360.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 634.6 m 360.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 632.6 m 360.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 648.6 m 427.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 634.6 m 427.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 632.6 m 427.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 648.6 m 494.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 634.6 m 494.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 632.6 m 494.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 648.6 m 561.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 634.6 m 561.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 632.6 m 561.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 619.6 m 360.5 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 617.6 m 360.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 619.6 m 427.5 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 617.6 m 427.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 619.6 m 494.5 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 617.6 m 494.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 619.6 m 561.5 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 617.6 m 561.5 617.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.95 708.85 Td (Y) Tj ET Q q 0 0 0 rg BT 383.33 708.85 Td (ear Ended December 31, 2017) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 52 681.77890625 m 122.671875 681.77890625 l s q 0 0 0 rg BT 52.00 682.85 Td (\(dollars in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.35 690.85 Td (U.S.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.95 682.85 Td (Insurance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.05 690.85 Td (International) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.95 682.85 Td (Insurance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.70 682.85 Td (Reinsurance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.35 682.85 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 668.27 Td (Losses and loss adjustment expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 668.27 Td (132,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 668.27 Td (122,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 668.27 Td (330,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 668.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.15 668.27 Td (585,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 653.27 Td (Ceded \(assumed\) reinstatement premiums) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 653.27 Td (9,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 653.27 Td (3,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 653.32 Td (\(32,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 653.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 653.32 Td (\(20,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 653.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 638.27 Td (Underwriting loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 638.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 638.27 Td (141,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 638.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 638.27 Td (126,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 638.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 638.27 Td (297,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 638.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.15 638.27 Td (565,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 623.27 Td (Impact on combined ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 623.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 623.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 623.27 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 623.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 623.27 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 623.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 623.27 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 623.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 595.10 Td (The estimated net losses and loss adjustment expenses on the 2017 Catastrophes are net of estimated reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (recoveries of $490.3 million. Both the gross and net loss estimates on the 2017 Catastrophes represent our best estimate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (losses based upon information currently available. Our estimate for these losses is based on claims received to date and detailed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (policy level reviews, industry loss estimates, output from both industry and proprietary models as well as a review of in-force ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 90.91 547.10 Td (The estimate is dependent on broad assumptions about coverage, liability and reinsurance. Due to these factors, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (believe our gross and net loss estimates on the 2017 Catastrophes have a high degree of volatility) Tj ET Q q 0 0 0 rg BT 438.14 535.10 Td (. ) Tj ET Q q 0 0 0 rg BT 442.96 535.10 Td (While we believe our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (reserves for the 2017 Catastrophes as of December 31, 2017 are adequate, we continue to closely monitor reported claims and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (will adjust our estimates of gross and net losses as new information becomes available. ) Tj ET Q q 0 0 0 rg BT 400.57 511.10 Td (The net losses for the 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (Catastrophes were within our risk tolerance for events of this magnitude.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 475.10 Td (The consolidated combined ratio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.90 475.10 Td (105%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.23 475.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.01 475.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.01 475.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.71 475.10 Td (92%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.04 475.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.82 475.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.82 475.10 Td (. ) Tj ET Q q 0 0 0 rg BT 404.64 475.10 Td (The increase in the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (combined ratio was driven by the impact of the 2017 Catastrophes. Excluding the impact of underwriting losses related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (2016 Catastrophes and 2017 Catastrophes described above, the combined ratio increased due to a higher current accident year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (loss ratio and less favorable prior accident year loss ratio, partially of) Tj ET Q q 0 0 0 rg BT 326.39 439.10 Td (fset by a lower expense ratio. ) Tj ET Q q 0 0 0 rg BT 445.89 439.10 Td (The increase in the current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (accident year loss ratio is primarily due to higher current accident year loss ratios in our International Insurance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (Reinsurance segments in 2017 compared to 2016. ) Tj ET Q q 0 0 0 rg BT 251.44 415.10 Td (The decrease in the expense ratio in 2017 compared to 2016 is primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (driven by a favorable impact from higher earned premium volume and a decrease in profit sharing expenses in 2017 compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (to 2016. ) Tj ET Q q 0 0 0 rg BT 85.10 391.10 Td (These decreases in the expense ratio were partially of) Tj ET Q q 0 0 0 rg BT 298.71 391.10 Td (fset by an unfavorable impact from changes in the mix of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (business in our International Insurance and Reinsurance segments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 355.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.05 355.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.05 355.10 Td ( combined ratio included $501.5 million of favorable development on prior years' loss reserves compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td ($505.2 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.67 343.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.67 343.10 Td (. ) Tj ET Q q 0 0 0 rg BT 146.12 343.10 Td (Although favorable development on prior years' loss reserves remained consistent in 2017 compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (2016, development on prior years' loss reserves had a less favorable impact on the combined ratio in 2017 due to higher earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (premium volume in 2017 compared to 2016. In 2017, prior years' loss reserves in our Reinsurance segment included $85.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (million, or two points, of adverse development on prior years' loss reserves resulting from a decrease in the discount rate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (known as the Ogden Rate, required in the calculation of lump sum awards in United Kingdom bodily injury cases. In 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (favorable development on prior years' loss reserves in our U.S. Insurance segment was net of $71.2 million, or two points on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (the consolidated combined ratio, of adverse development on our medical malpractice and specified medical product lines. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (There was no significant development on these lines in 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td ( ) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (U.S. Insurance Segment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 718.10 Td (The combined ratio for the U.S. Insurance segment for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.32 718.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.32 718.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.87 718.10 Td (95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.20 718.10 Td ( \(including six points for the underwriting loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (on the 2017 Catastrophes\) compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.40 706.10 Td (93%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.73 706.10 Td ( \(including one point for the underwriting loss on the 2016 Catastrophes\) in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.41 706.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.41 706.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (The increase in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.30 694.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.30 694.10 Td ( combined ratio was due to the impact of the 2017 Catastrophes, partially of) Tj ET Q q 0 0 0 rg BT 451.92 694.10 Td (fset by more favorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (development of prior years' loss reserves. ) Tj ET Q q 0 0 0 rg BT 217.96 682.10 Td (The U.S. Insurance segment's 2017 combined ratio included $301.9 million of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (favorable development on prior years' loss reserves compared to $204.9 million in 2016. ) Tj ET Q q 0 0 0 rg BT 406.25 670.10 Td (The increase in favorable development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (was primarily due to adverse development on our medical malpractice and specified medical product lines in 2016, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (totaled $71.2 million or three points on the segment combined ratio. ) Tj ET Q q 0 0 0 rg BT 324.49 646.10 Td (There was no significant development on these product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (lines in 2017. ) Tj ET Q q 0 0 0 rg BT 106.11 634.10 Td (Also contributing to the increase in favorable development on prior years' loss reserves was favorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (development on our specialty programs business in 2017 compared to slightly adverse development on this business in 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (and more favorable development on our workers' compensation product line in 2017 compared to 2016. ) Tj ET Q q 0 0 0 rg BT 467.62 610.10 Td (These increases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (favorable development were partially of) Tj ET Q q 0 0 0 rg BT 210.30 598.10 Td (fset by less favorable development on our property product lines in 2017 compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 74.82 586.10 Td (The favorable development on prior years' loss reserves in 2017 was most significant on our general liability) Tj ET Q q 0 0 0 rg BT 508.63 586.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (professional liability and workers' compensation product lines as well as our personal lines business. In 2016, favorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (development on prior years' loss reserves was most significant on our general liability) Tj ET Q q 0 0 0 rg BT 392.73 562.10 Td (, workers' compensation, property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (non-medical professional liability product lines. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (International Insurance Segment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 502.10 Td (The combined ratio for the International Insurance segment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.52 502.10 Td (104%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.85 502.10 Td ( \(including 13 points for the underwriting loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (on the 2017 Catastrophes\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.36 490.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.36 490.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.06 490.10 Td (94%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.39 490.10 Td ( \(including one point for the underwriting loss on the 2016 Catastrophes\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.16 478.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.16 478.10 Td (. ) Tj ET Q q 0 0 0 rg BT 88.98 478.10 Td (The increase in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.28 478.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.28 478.10 Td ( combined ratio was driven by the impact of the 2017 Catastrophes, partially of) Tj ET Q q 0 0 0 rg BT 504.23 478.10 Td (fset by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (lower expense ratio and more favorable development of prior years' loss reserves. Excluding the impact of underwriting losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (related to the 2016 Catastrophes and 2017 Catastrophes described above, the current accident year loss ratio increased, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (primarily due to higher attritional losses on our property product lines in 2017 compared to 2016. ) Tj ET Q q 0 0 0 rg BT 441.68 442.10 Td (The International Insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (segment's 2017 combined ratio included $198.7 million of favorable development on prior years' loss reserves compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td ($164.7 million of favorable development in 2016. ) Tj ET Q q 0 0 0 rg BT 251.72 418.10 Td (The increase in favorable development in 2017 compared to 2016 was driven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (by more favorable development on our general liability product lines in 2017. In both 2017 and 2016, favorable development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (on prior years' loss reserves occurred across several product lines, but was most significant on our professional liability) Tj ET Q q 0 0 0 rg BT 526.03 394.10 Td (, general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (liability and marine and ener) Tj ET Q q 0 0 0 rg BT 164.78 382.10 Td (gy product lines. ) Tj ET Q q 0 0 0 rg BT 234.03 382.10 Td (The decrease in the expense ratio was attributable to the write of) Tj ET Q q 0 0 0 rg BT 491.80 382.10 Td (f of previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (capitalized software development costs in 2016 and lower profit sharing in 2017 compared to 2016. ) Tj ET Q q 0 0 0 rg BT 450.83 370.10 Td (These decreases were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.97 358.10 Td (fset by an unfavorable impact from changes in the mix of business in this segment, most notably as the result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (higher retentions on products with higher net commission rates in 2017 compared to 2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Reinsurance Segment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 298.10 Td (The combined ratio for the Reinsurance segment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.48 298.10 Td (132%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.81 298.10 Td ( \(including 32 points for the underwriting loss on the 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Catastrophes\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.65 286.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.65 286.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.35 286.10 Td (87%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.68 286.10 Td ( \(including four points for the underwriting loss on the 2016 Catastrophes\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.35 286.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.35 286.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (The increase in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.30 274.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.30 274.10 Td ( combined ratio was driven by the impact of the 2017 Catastrophes and adverse development on prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (years' loss reserves attributable to the decrease in the Ogden rate in 2017. ) Tj ET Q q 0 0 0 rg BT 345.41 262.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 476.83 262.10 Td (fset by a lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (expense ratio in 2017 compared to 2016. Excluding the impact of underwriting losses related to the 2016 Catastrophes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (2017 Catastrophes described above, the current accident year loss ratio increased, primarily due to more unfavorable premium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (adjustments in 2017 compared to 2016. ) Tj ET Q q 0 0 0 rg BT 210.07 226.10 Td (The Reinsurance segment's 2017 combined ratio included $7.8 million of adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (development on prior years' loss reserves compared to $125.5 million of favorable development in 2016. ) Tj ET Q q 0 0 0 rg BT 471.24 214.10 Td (The adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (development in 2017 is primarily due to the decrease in the Ogden Rate, as previously discussed, which resulted in $85.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (million of adverse development, or nine points on the Reinsurance segment's combined ratio. ) Tj ET Q q 0 0 0 rg BT 427.64 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 436.28 190.10 Td (e also experienced adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (development in 2017 on our professional liability product line. Lar) Tj ET Q q 0 0 0 rg BT 316.98 178.10 Td (gely of) Tj ET Q q 0 0 0 rg BT 344.85 178.10 Td (fsetting this adverse development in 2017 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (favorable development on our property product lines. In 2016, favorable development on prior years' loss reserves was most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (significant on our property product lines. ) Tj ET Q q 0 0 0 rg BT 216.17 154.10 Td (The decrease in the expense ratio in 2017 compared to 2016 was primarily due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (lower profit sharing expenses and a favorable impact from higher earned premium, including reinstatement premiums related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (the 2017 Catastrophes. ) Tj ET Q q 0 0 0 rg BT 143.69 130.10 Td (These decreases in the expense ratio were partially of) Tj ET Q q 0 0 0 rg BT 357.30 130.10 Td (fset by the impact of higher earned premium on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (our quota share business in 2017 compared to 2016, which carries a higher commission rate than other business in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Reinsurance segment.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 740.7669921875 m 169.70703125 740.7669921875 l s q 0 0 0 rg BT 50.00 742.10 Td (Premiums and Net Retentions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 659.60 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 659.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 659.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 659.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 659.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 629.60 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 629.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 629.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 629.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 629.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.60 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 599.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 599.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 599.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 599.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 569.60 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 569.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 569.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 569.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 569.60 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 704.6 m 358.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 704.6 m 362.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 704.6 m 426.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 704.6 m 430.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 704.6 m 494.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 704.6 m 498.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 704.6 m 562.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 689.6 m 358.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 689.6 m 362.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 689.6 m 426.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 689.6 m 430.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 689.6 m 494.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 689.6 m 498.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 689.6 m 562.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 674.6 m 358.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 674.6 m 362.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 674.6 m 426.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 674.6 m 494.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 674.6 m 498.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 674.6 m 562.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 674.6 m 358.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 659.6 m 358.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 674.6 m 426.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 659.6 m 426.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 674.6 m 494.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 659.6 m 494.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 674.6 m 562.5 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 659.6 m 562.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 659.6 m 358.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 659.6 m 426.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 659.6 m 494.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 659.6 m 562.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 599.6 m 358.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 599.6 m 426.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 599.6 m 494.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 599.6 m 562.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 584.6 m 358.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 584.6 m 426.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 584.6 m 494.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 584.6 m 562.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 569.6 m 358.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 569.6 m 426.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 569.6 m 494.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 569.6 m 562.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 569.6 m 358.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 555.6 m 358.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 553.6 m 358.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 569.6 m 426.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 555.6 m 426.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 553.6 m 426.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 569.6 m 494.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 555.6 m 494.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 553.6 m 494.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 569.6 m 562.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 555.6 m 562.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 553.6 m 562.5 553.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.55 708.85 Td (Premium ) Tj ET Q q 0 0 0 rg BT 429.66 708.85 Td (Analysis) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.40 693.85 Td (Y) Tj ET Q q 0 0 0 rg BT 389.78 693.85 Td (ears Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.45 678.85 Td (Gross ) Tj ET Q q 0 0 0 rg BT 341.05 678.85 Td (W) Tj ET Q q 0 0 0 rg BT 348.36 678.85 Td (ritten Premiums) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.45 678.85 Td (Earned Premiums) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 53 662.77890625 m 123.671875 662.77890625 l s q 0 0 0 rg BT 53.00 663.85 Td (\(dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.00 663.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.00 663.85 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.00 663.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.00 663.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.27 Td (U.S. Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.00 649.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.65 649.28 Td (2,885,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 649.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 649.27 Td (2,635,266) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 649.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 649.28 Td (2,364,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 649.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 649.27 Td (2,175,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.27 Td (International Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.65 634.28 Td (1,255,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 634.27 Td (1,1) Tj ET Q q 0 0 0 rg BT 395.15 634.27 Td (19,815) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 634.28 Td (949,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 634.27 Td (853,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.27 Td (Reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.65 619.28 Td (1,1) Tj ET Q q 0 0 0 rg BT 327.15 619.28 Td (12,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 619.27 Td (1,041,055) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 619.28 Td (934,1) Tj ET Q q 0 0 0 rg BT 480.65 619.28 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 619.27 Td (836,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.27 Td (Other Insurance \(Discontinued Lines\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.30 604.33 Td (\(195) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 604.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 604.27 Td (509) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.30 604.33 Td (\(169) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 604.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 604.27 Td (762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 589.27 Td (T) Tj ET Q q 0 0 0 rg BT 70.76 589.27 Td (otal Underwriting) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.65 589.28 Td (5,253,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 589.27 Td (4,796,645) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 589.28 Td (4,247,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 589.27 Td (3,865,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.27 Td (Program Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 574.28 Td (253,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 574.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 574.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 574.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 559.27 Td (T) Tj ET Q q 0 0 0 rg BT 70.41 559.27 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.00 559.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.65 559.28 Td (5,506,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 559.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 559.27 Td (4,796,645) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 559.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 559.28 Td (4,247,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 559.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 559.27 Td (3,865,870) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 531.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 60.74 531.10 Td (oss Pr) Tj ET Q q 0 0 0 rg BT 85.65 531.10 Td (emium V) Tj ET Q q 0 0 0 rg BT 119.81 531.10 Td (olume) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 507.10 Td (Gross premium volume in our underwriting segments increased 10% in 2017 compared to 2016. ) Tj ET Q q 0 0 0 rg BT 476.30 507.10 Td (The increase in gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.10 Td (premium volume was attributable to an increase in gross premium volume across all three of our ongoing underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.10 Td (segments. ) Tj ET Q q 0 0 0 rg BT 91.67 483.10 Td (Also impacting consolidated gross premium volume was $253.9 million of gross premium written through our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.10 Td (program services business acquired as part of the State National transaction. ) Tj ET Q q 0 0 0 rg BT 356.57 471.10 Td (All gross premium written in our program services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.10 Td (business was ceded to third parties in 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 435.10 Td (Gross premium volume in our U.S. Insurance segment increased 9% in 2017 compared to 2016. ) Tj ET Q q 0 0 0 rg BT 472.40 435.10 Td (The increase in gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.10 Td (premium volume was driven by growth within our general liability product lines, personal lines and specialty programs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (business as well as the contribution of premiums from our new surety and collateral protection product lines which were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (acquired in 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 375.10 Td (Gross premium volume in our International Insurance segment increased 12% in 2017 compared to 2016. ) Tj ET Q q 0 0 0 rg BT 510.71 375.10 Td (The increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.10 Td (in gross premium volume was primarily due to higher premium volume within our marine and ener) Tj ET Q q 0 0 0 rg BT 447.23 363.10 Td (gy and general liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (product ) Tj ET Q q 0 0 0 rg BT 83.05 351.10 Td (lines.) Tj ET Q /GS0 gs q 2.50 0 0 10.09 104.43 348.94 cm /I2 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 327.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 327.10 Td (Gross premium volume in our Reinsurance segment increased 7% in 2017 compared to 2016. ) Tj ET Q q 0 0 0 rg BT 462.67 327.10 Td (The increase in gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 315.10 Td (premium volume was driven by $136.5 million of premium related to two lar) Tj ET Q q 0 0 0 rg BT 358.37 315.10 Td (ge specialty quota share treaties entered into in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.10 Td (first quarter of 2017, as well as a favorable impact from assumed reinstatement premiums in our property product lines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.10 Td (resulting from the 2017 Catastrophes. ) Tj ET Q q 0 0 0 rg BT 203.13 291.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 334.55 291.10 Td (fset by lower gross premium volume in our auto and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 279.10 Td (general liability product lines. Significant variability in gross premium volume can be expected in our Reinsurance segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.10 Td (due to individually significant deals and multi-year contracts.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 243.10 Td (Net Retention) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 219.10 Td (Net retention of gross premium volume in our underwriting segments was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.55 219.10 Td (84%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.88 219.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.66 219.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.66 219.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 219.10 Td (83%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.43 219.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.21 219.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.21 219.10 Td (. Higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.10 Td (retention in our International Insurance and Reinsurance segments was partially of) Tj ET Q q 0 0 0 rg BT 379.71 207.10 Td (fset by lower retention in our U.S. Insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (segment. ) Tj ET Q q 0 0 0 rg BT 88.14 195.10 Td (The increase in net retention within the International Insurance segment in 2017 was lar) Tj ET Q q 0 0 0 rg BT 439.23 195.10 Td (gely due to higher retention ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (on our professional liability product lines. ) Tj ET Q q 0 0 0 rg BT 220.07 183.10 Td (The increase in net retention within the Reinsurance segment for 2017 was primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (due to changes in the mix of business. Net retention in the U.S. Insurance segment decreased in 2017 compared to 2016 due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (lower retention on our specialty programs and personal lines business, partially of) Tj ET Q q 0 0 0 rg BT 377.51 159.10 Td (fset by higher retention on our casualty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (product lines. ) Tj ET Q q 0 0 0 rg BT 106.75 147.10 Td (W) Tj ET Q q 0 0 0 rg BT 115.79 147.10 Td (ithin our underwriting operations, we purchase reinsurance and retrocessional reinsurance in order to manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.10 Td (our net retention on individual risks and enable us to write policies with suf) Tj ET Q q 0 0 0 rg BT 351.70 135.10 Td (ficient limits to meet policyholder needs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 111.10 Td (Earned Pr) Tj ET Q q 0 0 0 rg BT 91.57 111.10 Td (emiums) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 87.10 Td (Earned premiums increased 10% in 2017 compared to 2016. ) Tj ET Q q 0 0 0 rg BT 330.19 87.10 Td (The increase in earned premiums was attributable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.10 Td (higher earned premiums across all three of our ongoing underwriting segments and the favorable impact of net assumed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.10 Td (reinstatement premiums. ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (The increase in earned premiums in our U.S. Insurance segment was primarily due to an increase in gross premium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (volume and higher retention in our general liability product lines. ) Tj ET Q q 0 0 0 rg BT 313.92 730.10 Td (The increase was also attributable to earned premiums within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (our new surety and collateral protection product lines, as described above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 694.10 Td (The increase in earned premiums in our International Insurance segment was attributable to an increase in gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (premium volume in our marine and ener) Tj ET Q q 0 0 0 rg BT 211.44 682.10 Td (gy product line and an increase in gross premium volume and higher retention in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (professional liability product lines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 646.10 Td (The increase in earned premiums in our Reinsurance segment was primarily due to higher earned premiums in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (property product lines due to the favorable impact of reinstatement premiums related to the 2017 Catastrophes, higher earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (premium from the two lar) Tj ET Q q 0 0 0 rg BT 153.13 622.10 Td (ge specialty quota share treaties entered into in the first quarter of 2017, as described above, as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (as higher earned premiums in our professional liability and general liability product lines. ) Tj ET Q q 0 0 0 rg BT 410.83 610.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 542.26 610.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (by lower earned premiums in our auto product line. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 572.7669921875 m 119.1650390625 572.7669921875 l s q 0 0 0 rg BT 50.00 574.10 Td (Investing Results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 550.10 Td (Net investment income for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.41 550.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.41 550.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.97 550.10 Td ($405.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.86 550.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.56 550.10 Td ($373.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.45 550.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.23 550.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.23 550.10 Td (. ) Tj ET Q q 0 0 0 rg BT 446.05 550.10 Td (The increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.63 550.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.63 550.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (driven by an increase in short-term investment income, primarily due to higher short-term interest rates, and higher dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (income due to increased equity holdings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 502.10 Td (Net realized investment losses for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.01 502.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.01 502.10 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.44 502.10 Td ($5.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.33 502.10 Td ( compared to net realized investment gains of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.71 502.10 Td ($65.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.60 502.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.28 490.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.28 490.10 Td (. Net realized investment losses for 2017 included losses of $52.0 million on our investment in certain insurance-linked ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (securities funds \(ILS Funds\) as a result of a decrease in the net asset value of the ILS Funds, which was driven by the impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (losses from Hurricanes Harvey) Tj ET Q q 0 0 0 rg BT 173.48 466.10 Td (, Irma and Maria and the wildfires in California on the underlying reinsurance contracts in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (the ILS Funds are invested. Net realized investment losses for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.21 454.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.21 454.10 Td ( included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 454.10 Td ($7.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.54 454.10 Td ( of write downs for other) Tj ET Q q 0 0 0 rg BT 508.04 454.10 Td (-than-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (temporary declines in the estimated fair value of investments compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.51 442.10 Td ($18.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.40 442.10 Td ( of write downs in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.67 442.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.67 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 502.49 442.10 Td (The 2017 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (2016 write downs were all attributable to equity securities. Net realized gains from the sale of equity securities in 2017 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td ($38.3 million compared to $63.2 million in 2016. ) Tj ET Q q 0 0 0 rg BT 250.08 418.10 Td (V) Tj ET Q q 0 0 0 rg BT 256.20 418.10 Td (ariability in the timing of realized and unrealized investment gains and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (losses is to be expected.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 380.7669921875 m 162.5634765625 380.7669921875 l s q 0 0 0 rg BT 50.00 382.10 Td (Markel ) Tj ET Q q 0 0 0 rg BT 81.20 382.10 Td (V) Tj ET Q q 0 0 0 rg BT 87.31 382.10 Td (entures Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 358.10 Td (The results of Markel ) Tj ET Q q 0 0 0 rg BT 174.68 358.10 Td (V) Tj ET Q q 0 0 0 rg BT 180.79 358.10 Td (entures, a diverse portfolio of companies in which we have a controlling interest, are included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (in other revenues and other expenses. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.28 346.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.28 346.10 Td (, other revenues from our Markel ) Tj ET Q q 0 0 0 rg BT 368.33 346.10 Td (V) Tj ET Q q 0 0 0 rg BT 374.44 346.10 Td (entures operations were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.90 346.10 Td ($1.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.01 346.10 Td ( compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.28 334.10 Td ($1.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.39 334.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.17 334.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.17 334.10 Td (. Other expenses from our Markel ) Tj ET Q q 0 0 0 rg BT 277.00 334.10 Td (V) Tj ET Q q 0 0 0 rg BT 283.12 334.10 Td (entures operations were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.58 334.10 Td ($1.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.69 334.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.47 334.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.47 334.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.17 334.10 Td ($1.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.28 334.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.28 322.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.28 322.10 Td (. Net income to shareholders from our Markel ) Tj ET Q q 0 0 0 rg BT 266.43 322.10 Td (V) Tj ET Q q 0 0 0 rg BT 272.54 322.10 Td (entures operations was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.13 322.10 Td ($103.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.02 322.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 322.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 322.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.50 322.10 Td ($56.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 310.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.67 310.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.67 310.10 Td ( and earnings before interest, income taxes, depreciation and amortization \(EBITDA\) was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.20 310.10 Td ($177.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.09 310.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 298.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.70 298.10 Td ($165.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.59 298.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.37 298.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.37 298.10 Td (. See below for a reconciliation of net income to shareholders to Markel ) Tj ET Q q 0 0 0 rg BT 506.09 298.10 Td (V) Tj ET Q q 0 0 0 rg BT 512.21 298.10 Td (entures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (EBITDA.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 262.10 Td (The increase in revenues from our Markel ) Tj ET Q q 0 0 0 rg BT 256.58 262.10 Td (V) Tj ET Q q 0 0 0 rg BT 262.69 262.10 Td (entures operations in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 262.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.50 262.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.21 262.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.21 262.10 Td ( was primarily due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (acquisition of Costa Farms and higher sales volumes in our non-manufacturing operations, partially of) Tj ET Q q 0 0 0 rg BT 459.17 250.10 Td (fset by lower revenues in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (our manufacturing operations, primarily driven by lower sales volumes at one of our transportation related businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 214.10 Td (Net income to shareholders and EBITDA) Tj ET Q q 0 0 0 rg BT 251.23 214.10 Td ( from our Markel ) Tj ET Q q 0 0 0 rg BT 322.70 214.10 Td (V) Tj ET Q q 0 0 0 rg BT 328.81 214.10 Td (entures operations increased in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.88 214.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.88 214.10 Td ( compared to 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (due in part to insurance recoveries in excess of 2017 storm losses totaling $44.4 million related to Hurricane Irma. Insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (recoveries include payments for the replacement cost of damaged structures and expected profits from damaged inventory that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (would have otherwise been sold in 2017 and 2018. ) Tj ET Q q 0 0 0 rg BT 254.97 178.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 304.87 178.10 Td (, 2016 included an $18.7 million goodwill impairment char) Tj ET Q q 0 0 0 rg BT 541.31 178.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (related to one of our manufacturing reporting units. ) Tj ET Q q 0 0 0 rg BT 257.81 166.10 Td (There was no similar char) Tj ET Q q 0 0 0 rg BT 361.48 166.10 Td (ge in 2017. ) Tj ET Q q 0 0 0 rg BT 408.52 166.10 Td (These favorable changes were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.97 154.10 Td (fset by a lar) Tj ET Q q 0 0 0 rg BT 140.71 154.10 Td (ger increase in our estimate of contingent consideration payments in 2017 compared to 2016. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (2017, operating expenses for our non-manufacturing operations included $19.0 million of expense as a result of an increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (our estimate of the contingent consideration obligation related to the acquisition of Costa Farms. During 2016, operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (expenses for our non-manufacturing operations included $10.3 million of expense as a result of an increase in our estimate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (the contingent consideration obligation related to the 2015 acquisition of CapT) Tj ET Q q 0 0 0 rg BT 364.78 106.10 Td (ech.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (Net income to shareholders from Markel ) Tj ET Q q 0 0 0 rg BT 251.32 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 257.44 742.10 Td (entures also increased in 2017 compared to 2016 as a result of recording a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (provisional one-time tax benefit of $37.1 million in the fourth quarter of 2017 following the enactment of the ) Tj ET Q q 0 0 0 rg BT 488.88 730.10 Td (TCJA, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (previously discussed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 694.10 Td (Excluding the impact of insurance recoveries, goodwill impairment char) Tj ET Q q 0 0 0 rg BT 375.44 694.10 Td (ges, contingent consideration adjustments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 682.10 Td (TCJA) Tj ET Q q 0 0 0 rg BT 87.88 682.10 Td ( on 2016 and 2017, net income to shareholders and EBITDA) Tj ET Q q 0 0 0 rg BT 330.33 682.10 Td ( decreased as a result of higher materials costs and lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (sales volumes in certain of our manufacturing operations, partially of) Tj ET Q q 0 0 0 rg BT 326.40 670.10 Td (fset by higher sales volumes in certain of our non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (manufacturing operations.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 632.7669921875 m 350.4296875 632.7669921875 l s q 0 0 0 rg BT 50.00 634.10 Td (Interest Expense, Loss on Early Extinguishment of Debt and Income ) Tj ET Q q 0 0 0 rg BT 327.25 634.10 Td (T) Tj ET Q q 0 0 0 rg BT 332.66 634.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.43 634.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 610.10 Td (est Expense and Loss on Early Extinguishment of Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 586.10 Td (Interest expense for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.35 586.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.35 586.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.90 586.10 Td ($132.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.80 586.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.50 586.10 Td ($129.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.39 586.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.17 586.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.17 586.10 Td (. ) Tj ET Q q 0 0 0 rg BT 417.99 586.10 Td (The increase in interest expense in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (2017 compared to 2016 was due to interest expense associated with our 5.0% unsecured senior notes which were issued in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (second quarter of 2016 and our 3.50% and 4.30% unsecured senior notes issued during the fourth quarter of 2017, partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 550.10 Td (fset by the partial purchase of our 7.125% unsecured senior notes and our 7.35% unsecured senior notes in the second quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (of 2016 and the repayment of our 7.20% unsecured senior notes in the second quarter of 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 514.10 Td (In connection with the partial purchase of our 7.125% unsecured senior notes and our 7.35% unsecured senior notes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (the second quarter of 2016, we recognized a loss on early extinguishment of debt of $44.1 million during 2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 86.57 478.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 454.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 111.63 454.10 Td (fective tax rate for the year ended December 31, 2017 is not meaningful as a result of the significant tax benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (resulting from enactment of the ) Tj ET Q q 0 0 0 rg BT 178.39 442.10 Td (TCJA. ) Tj ET Q q 0 0 0 rg BT 207.10 442.10 Td (Therefore, we also analyzed our adjusted ef) Tj ET Q q 0 0 0 rg BT 381.56 442.10 Td (fective tax rate, which excludes the impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (of the ) Tj ET Q q 0 0 0 rg BT 75.37 430.10 Td (TCJA) Tj ET Q q 0 0 0 rg BT 98.71 430.10 Td ( and is a non-GAAP) Tj ET Q q 0 0 0 rg BT 179.44 430.10 Td ( measure. ) Tj ET Q q 0 0 0 rg BT 220.07 430.10 Td (The following table summarizes our ef) Tj ET Q q 0 0 0 rg BT 375.12 430.10 Td (fective tax rate and adjusted ef) Tj ET Q q 0 0 0 rg BT 497.38 430.10 Td (fective tax rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (for the years ended December 31, 2017 and 2016.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 85.00 381.60 307.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 381.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 381.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 381.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 85.00 351.60 307.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 351.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 351.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 394.6 m 457 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 394.6 m 461 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 394.6 m 526 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 394.6 m 457 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 381.6 m 457 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 394.6 m 526 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 381.6 m 526 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 381.6 m 457 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 381.6 m 526 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 351.6 m 457 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 351.6 m 526 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 351.6 m 457 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 337.6 m 457 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 335.6 m 457 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 337.6 m 526 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 335.6 m 526 335.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.90 398.85 Td (Y) Tj ET Q q 0 0 0 rg BT 420.28 398.85 Td (earsEndedDecember31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.00 385.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.00 385.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 371.27 Td (Ef) Tj ET Q q 0 0 0 rg BT 96.85 371.27 Td (fective tax rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.80 371.33 Td (\(359) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 371.28 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.15 371.27 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 371.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 356.27 Td (Impact of ) Tj ET Q q 0 0 0 rg BT 128.50 356.27 Td (TCJA) Tj ET Q q 0 0 0 rg BT 152.03 356.27 Td ( on ef) Tj ET Q q 0 0 0 rg BT 174.43 356.27 Td (fective tax rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.80 356.33 Td (\(389) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 356.28 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.15 356.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 341.27 Td (Adjusted ef) Tj ET Q q 0 0 0 rg BT 133.70 341.27 Td (fective tax rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 341.28 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.50 341.28 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.15 341.27 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 341.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 313.10 Td (Our adjusted ef) Tj ET Q q 0 0 0 rg BT 147.46 313.10 Td (fective tax rate in 2017 dif) Tj ET Q q 0 0 0 rg BT 253.08 313.10 Td (fers from the statutory rate of 35% primarily as a result of tax-exempt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (investment income partially of) Tj ET Q q 0 0 0 rg BT 172.29 301.10 Td (fset by the impact of a lower tax benefit from losses attributable to our foreign operations, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (are taxed at a lower rate. ) Tj ET Q q 0 0 0 rg BT 150.59 289.10 Td (The increase in the adjusted ef) Tj ET Q q 0 0 0 rg BT 272.30 289.10 Td (fective tax rate in 2017 compared to the ef) Tj ET Q q 0 0 0 rg BT 441.49 289.10 Td (fective tax rate in 2016 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (primarily due to an increase in the proportion of U.S. earnings taxed at 35% in 2017 compared to 2016 and the impact of losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (from our foreign operations on our 2017 ef) Tj ET Q q 0 0 0 rg BT 221.72 265.10 Td (fective tax rate. ) Tj ET Q q 0 0 0 rg BT 285.94 265.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 417.36 265.10 Td (fset by the impact of tax-exempt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (investment income, which, relative to lower income before income taxes in 2017 compared to 2016, produced a lar) Tj ET Q q 0 0 0 rg BT 510.22 253.10 Td (ger benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (on our ef) Tj ET Q q 0 0 0 rg BT 85.92 241.10 Td (fective tax rate in 2017.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 215.76699218750002 m 129.716796875 215.76699218750002 l s q 0 0 0 rg BT 50.00 217.10 Td (Financial Condition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.72 217.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 193.10 Td (Invested assets were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.14 193.10 Td ($20.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.25 193.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.47 193.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.05 193.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.75 193.10 Td ($19.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.87 193.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.08 193.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.67 193.10 Td (. Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (securities were $6.0 billion, or 29% of invested assets, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.67 181.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.25 181.10 Td ( compared to $4.7 billion, or 25% of invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (assets, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.05 169.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.63 169.10 Td (. During 2017, we increased our holdings of equity securities, cash and cash equivalents and fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (maturities and reduced our holdings of short-term investments. ) Tj ET Q q 0 0 0 rg BT 303.56 157.10 Td (At both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.34 157.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.92 157.10 Td ( and 2016, short-term investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (cash and cash equivalents and restricted cash represented 23% of our invested assets. Fixed maturities represented 48% of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (invested assets at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.37 133.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.96 133.10 Td ( compared to 52% at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.21 133.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.79 133.10 Td (. Net unrealized gains on investments, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (taxes, were $2.5 billion at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.81 121.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.39 121.10 Td ( compared to $1.7 billion at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.42 121.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.01 121.10 Td (. ) Tj ET Q q 0 0 0 rg BT 430.45 121.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.95 121.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.54 121.10 Td (, we held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (securities with gross unrealized losses of $57.3 million, or less than 1% of invested assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 85.10 Td (In November 2017, we issued $300 million of 3.50% unsecured senior notes due November 1, 2027 and $300 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (of 4.30% unsecured senior notes due November 1, 2047. Net proceeds were $297.4 million and $295.5 million, respectively) Tj ET Q q 0 0 0 rg BT 546.18 73.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (be used for general corporate purposes. ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 742.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.08 742.10 Td (, our holding company held $2.7 billion of invested assets compared to $2.5 billion of invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (assets at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.55 730.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.13 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 168.95 730.10 Td (The increase in holding company invested assets is primarily due to dividends received from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (subsidiaries and net proceeds from our fourth quarter issuance of unsecured senior notes, partially of) Tj ET Q q 0 0 0 rg BT 452.19 718.10 Td (fset by cash paid for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (acquisitions and capital contributions to our subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 682.10 Td (Net cash provided by operating activities was $858.5 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.34 682.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.34 682.10 Td ( compared to $534.6 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.71 682.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.71 682.10 Td (. Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (flows from operating activities for the year ended December 31, 2017 reflected higher premium collections, primarily in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (U.S. Insurance and Reinsurance segments, and lower payments for income taxes and employee profit sharing compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (same period of 2016. ) Tj ET Q q 0 0 0 rg BT 138.87 646.10 Td (Also reflected in net cash flows from operating activities for 2017 was higher claims settlement activity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (across all of our underwriting segments compared to 2016, primarily as a result of the 2017 Catastrophes that occurred in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (second half of 2017. ) Tj ET Q q 0 0 0 rg BT 133.59 622.10 Td (As of December 31, 2017, we had paid 27% of our total estimated net losses on the 2017 Catastrophes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Net cash provided by operating activities for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.47 610.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.05 610.10 Td ( and December 31, 2016 was net of cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (payments of $45.8 million and $51.9 million, respectively) Tj ET Q q 0 0 0 rg BT 281.54 598.10 Td (, made in connection with commutations that were completed during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (the respective periods. Cash flows in 2016 included payments totaling $47.0 million to settle contingent purchase obligations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (of which $32.9 million was included in operating activities.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Safe Harbor) Tj ET Q q 0 0 0 rg BT 102.87 742.25 Td ( and Cautionary Statement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.70 742.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 718.25 Td (This release contains statements concerning or incorporating our expectations, assumptions, plans, objectives, future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (financial or operating performance and other statements that are not historical facts. ) Tj ET Q q 0 0 0 rg BT 387.18 706.25 Td (These statements are "forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (statements" within the meaning of the Private Securities Litigation Reform ) Tj ET Q q 0 0 0 rg BT 351.24 694.25 Td (Act of 1995. Such statements may use words such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (as "anticipate," "believe," "estimate," "expect," "intend," "predict," "project" and similar expressions as they relate to us or our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 646.25 Td (There are risks and uncertainties that may cause actual results to dif) Tj ET Q q 0 0 0 rg BT 356.55 646.25 Td (fer materially from predicted results in forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (looking statements. Factors that may cause actual results to dif) Tj ET Q q 0 0 0 rg BT 300.31 634.25 Td (fer are often presented with the forward-looking statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (themselves. ) Tj ET Q q 0 0 0 rg BT 98.88 622.25 Td (Additional factors that could cause actual results to dif) Tj ET Q q 0 0 0 rg BT 316.97 622.25 Td (fer from those predicted are set forth under "Risk Factors" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (and "Safe Harbor and Cautionary Statement" in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.66 610.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.66 610.25 Td ( ) Tj ET Q q 0 0 0 rg BT 280.61 610.25 Td (Annual Report on Form 10-K and most recent Quarterly Report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Form 10-Q or are included in the items listed below:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (our expectations about future results of our underwriting, investing and other operations are based on current knowledge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (and assume no significant man-made or natural catastrophes, no significant changes in products or personnel and no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.25 Td (adverse changes in market conditions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 532.25 Td (the ef) Tj ET Q q 0 0 0 rg BT 90.30 532.25 Td (fect of cyclical trends on our underwriting, investing and other operations, including demand and pricing in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 520.25 Td (insurance, reinsurance and other markets in which we operate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.25 Td (actions by competitors, including the application of new or "disruptive" technologies or 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364.25 Td (process can adversely impact the adequacy of our loss reserves and our allowance for reinsurance recoverables;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.25 Td (reinsurance reserves are subject to greater uncertainty than insurance reserves, primarily because of reliance upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.25 Td (original underwriting decisions made by ceding companies and the longer lapse of time from the occurrence of loss events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.25 Td (to their reporting to the reinsurer for ultimate resolution;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 304.25 Td (changes in the assumptions and estimates used in establishing reserves for our life and annuity reinsurance book \(which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 292.25 Td (in runof) Tj ET Q q 0 0 0 rg BT 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0 0 0 rg BT 68.00 616.10 Td (businesses, industries or investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (the impacts that health epidemics and pandemics may have on our business operations and claims activity;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 580.10 Td (the impact on our businesses of the repeal, in part or in whole, or modification of U.S. health care reform legislation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 568.10 Td (regulations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (changes in U.S. tax laws or in the tax laws of other jurisdictions in which we operate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 532.10 Td (we are dependent upon operational ef) Tj ET Q q 0 0 0 rg BT 218.03 532.10 Td (fectiveness and security of our enterprise information technology systems and those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 520.10 Td (maintained by third parties; if one or more of those systems fail or suf) Tj ET Q q 0 0 0 rg BT 347.48 520.10 Td (fer a security breach, our businesses or reputation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 508.10 Td (could be adversely impacted;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (our acquisitions may increase our operational and control risks for a period of time;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 472.10 Td (we may not realize the contemplated benefits, including cost savings and syner) Tj ET Q q 0 0 0 rg BT 383.83 472.10 Td (gies, of our acquisitions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (any determination requiring the write-of) Tj ET Q q 0 0 0 rg BT 228.87 454.10 Td (f of a significant portion of our goodwill and intangible assets;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 436.10 Td (the loss of services of any executive of) Tj ET Q q 0 0 0 rg BT 223.04 436.10 Td (ficer or other key personnel could adversely impact one or more of our operations; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (our substantial international operations and investments expose us to increased political, operational and economic risks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (including foreign currency exchange rate and credit risk; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 388.10 Td (the vote by the United Kingdom to leave the European Union, which could 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298.10 Td (the impact of economic and trade sanctions and embar) Tj ET Q q 0 0 0 rg BT 285.51 298.10 Td (go programs on our businesses, including instances in which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (requirements and limitations applicable to the global operations of U.S. companies and their af) Tj ET Q q 0 0 0 rg BT 446.88 286.10 Td (filiates are more restrictive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (than those applicable to non-U.S. companies and their af) Tj ET Q q 0 0 0 rg BT 294.42 274.10 Td (filiates; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 256.10 Td (regulatory changes, or challenges by regulators, regarding the use of certain issuing carrier or fronting arrangements;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (our dependence on a limited number of distribution partners and capacity providers for a lar) Tj ET Q q 0 0 0 rg BT 435.47 238.10 Td (ge portion of our revenues and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (third-party capital;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 208.10 Td (adverse changes in our assigned financial strength or debt ratings could adversely impact us, including our ability to attract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 196.10 Td (and retain business and the availability and cost of capital; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td (a number of additional factors may adversely af) Tj ET Q q 0 0 0 rg BT 259.13 178.10 Td (fect our Markel ) Tj ET Q q 0 0 0 rg BT 323.64 178.10 Td (V) Tj ET Q q 0 0 0 rg BT 329.76 178.10 Td (entures operations, and the markets they serve, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (negatively impact their revenues and profitability) Tj ET Q q 0 0 0 rg BT 264.78 166.10 Td (, including, among others: adverse weather conditions, plant disease and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (other contaminants; changes in government support for education, healthcare and infrastructure projects; changes in capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (spending levels; changes in the housing market; liability for environmental matters; volatility in the market prices for their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (products; and volatility in commodity prices and interest and foreign currency exchange rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Our premium volume, underwriting and investment results and results from our other operations have been and will continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (be potentially materially af) Tj ET Q q 0 0 0 rg BT 157.83 94.10 Td (fected by these factors. By making forward-looking statements, we do not intend to become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (obligated to publicly update or revise any such statements whether as a result of new information, future events or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (changes. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as at their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (dates.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 742.10 Td (Our previously announced conference call, which will involve discussion of our financial results and business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (developments and may include forward-looking information, will be held ) Tj ET Q q 0 0 0 rg BT 346.41 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 355.05 730.10 Td (ednesday) Tj ET Q q 0 0 0 rg BT 391.61 730.10 Td (, February 7, 2018, beginning at 9:30 a.m. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (\(Eastern ) Tj ET Q q 0 0 0 rg BT 85.63 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.39 718.10 Td (ime\). ) Tj ET Q q 0 0 0 rg BT 114.17 718.10 Td (Any person interested in listening to the call should contact Markel's Investor Relations Department at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (804-747-0136. Investors, analysts and the general public also may listen to the call free over the Internet through Markel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Corporation's web site, ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 144.5654296875 692.7669921875 m 233.330078125 692.7669921875 l s q 0 0 1 rg BT 144.57 694.10 Td (www) Tj ET Q q 0 0 1 rg BT 165.58 694.10 Td (.markelcorp.com) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 233.33 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 237.78 694.10 Td (A) Tj ET Q q 0 0 0 rg BT 244.45 694.10 Td ( replay of the call will also be available on this web site from approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (two hours after the conclusion of the call until Monday) Tj ET Q q 0 0 0 rg BT 269.58 682.10 Td (, February 19, 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.25 648.10 Td (* * * * * * * *) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 624.10 Td (Markel Corporation is a diverse financial holding company serving a variety of niche markets. ) Tj ET Q q 0 0 0 rg BT 465.98 624.10 Td (The Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (provide quality products and excellent customer service so that it can be a market leader) Tj ET Q q 0 0 0 rg BT 402.09 600.10 Td (. ) Tj ET Q q 0 0 0 rg BT 406.91 600.10 Td (The financial goals of the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. ) Tj ET Q q 0 0 0 rg BT 514.97 588.10 Td (V) Tj ET Q q 0 0 0 rg BT 521.59 588.10 Td (isit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (Markel Corporation on the web at ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 188.2958984375 574.7669921875 m 277.060546875 574.7669921875 l s q 0 0 1 rg BT 188.30 576.10 Td (www) Tj ET Q q 0 0 1 rg BT 209.31 576.10 Td (.markelcorp.com) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 277.06 576.10 Td (.) 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0.9333333333333333 1 rg /GS0 gs 35.50 70.75 288.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 70.75 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 70.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 70.75 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 70.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 70.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 70.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 70.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 46.75 288.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 46.75 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 46.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 46.75 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 46.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 46.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 46.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 46.75 58.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 718.75 m 385.5 718.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 718.75 m 389.5 718.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 718.75 m 451.5 718.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 718.75 m 513.5 718.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 718.75 m 517.5 718.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 718.75 m 575.5 718.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 718.75 m 385.5 718.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 705.75 m 385.5 705.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 718.75 m 451.5 718.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 705.75 m 451.5 705.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 718.75 m 513.5 718.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 705.75 m 513.5 705.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 718.75 m 575.5 718.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 705.75 m 575.5 705.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 623.75 m 385.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 623.75 m 451.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 623.75 m 513.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 623.75 m 575.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 599.75 m 385.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 599.75 m 451.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 599.75 m 513.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 599.75 m 575.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 599.75 m 385.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 586.75 m 385.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 599.75 m 451.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 586.75 m 451.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 599.75 m 513.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 586.75 m 513.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 599.75 m 575.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 586.75 m 575.5 586.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 526.75 m 385.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 526.75 m 451.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 526.75 m 513.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 526.75 m 575.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 526.75 m 385.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 526.75 m 451.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 526.75 m 513.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 526.75 m 575.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 513.75 m 385.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 501.75 m 385.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 513.75 m 451.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 501.75 m 451.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 513.75 m 513.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 501.75 m 513.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 513.75 m 575.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 501.75 m 575.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 501.75 m 385.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 501.75 m 451.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 501.75 m 513.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 501.75 m 575.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 477.75 m 385.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 477.75 m 451.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 477.75 m 513.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 477.75 m 575.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 477.75 m 385.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 477.75 m 451.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 477.75 m 513.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 477.75 m 575.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 453.75 m 385.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 453.75 m 451.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 453.75 m 513.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 453.75 m 575.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 429.75 m 385.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 429.75 m 451.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 429.75 m 513.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 429.75 m 575.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 429.75 m 385.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 417.75 m 385.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 415.75 m 385.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 429.75 m 451.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 417.75 m 451.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 415.75 m 451.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 429.75 m 513.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 417.75 m 513.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 415.75 m 513.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 429.75 m 575.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 417.75 m 575.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 415.75 m 575.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 339.75 m 385.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 339.75 m 451.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 339.75 m 513.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 339.75 m 575.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 303.75 m 385.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 303.75 m 451.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 303.75 m 513.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 303.75 m 575.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 303.75 m 385.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 291.75 m 385.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 303.75 m 451.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 291.75 m 451.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 303.75 m 513.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 291.75 m 513.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 303.75 m 575.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 291.75 m 575.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 267.75 m 385.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 267.75 m 451.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 267.75 m 513.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 267.75 m 575.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 267.75 m 385.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 255.75 m 385.5 255.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 253.75 m 385.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 267.75 m 451.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 255.75 m 451.5 255.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 253.75 m 451.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 267.75 m 513.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 255.75 m 513.5 255.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 253.75 m 513.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 267.75 m 575.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 255.75 m 575.5 255.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 253.75 m 575.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 223.75 m 385.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 221.75 m 385.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 223.75 m 451.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 221.75 m 451.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 223.75 m 513.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 221.75 m 513.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 223.75 m 575.5 223.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 221.75 m 575.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 210.75 m 385.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 208.75 m 385.5 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 210.75 m 451.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 208.75 m 451.5 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 210.75 m 513.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 208.75 m 513.5 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 210.75 m 575.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 208.75 m 575.5 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 190.75 m 513.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 190.75 m 517.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 190.75 m 575.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 177.75 m 323.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 177.75 m 385.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 177.75 m 389.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 177.75 m 451.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 177.75 m 455.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 190.75 m 513.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 177.75 m 513.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 190.75 m 575.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 177.75 m 575.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 177.75 m 513.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 177.75 m 575.5 177.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.55 722.70 Td (Quarters Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.40 722.70 Td (Y) Tj ET Q q 0 0 0 rg BT 476.78 722.70 Td (ears Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 38 708.92890625 m 181.46484375 708.92890625 l s q 0 0 0 rg BT 38.00 710.00 Td (\(dollars in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 159.03 710.00 Td (e data\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 709.98 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.00 710.00 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.00 709.98 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.00 710.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 696.37 Td (OPERA) Tj ET Q q 0 0 0 rg BT 70.23 696.37 Td (TING REVENUES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 684.37 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 684.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 684.48 Td (1,131,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 684.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 684.37 Td (983,081) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.00 684.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.60 684.48 Td (4,247,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 684.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 684.37 Td (3,865,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 672.37 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 672.48 Td (101,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 672.37 Td (93,793) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 672.48 Td (405,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 672.37 Td (373,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 660.37 Td (Net realized investment gains \(losses\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.37 Td (Other) Tj ET Q q 0 0 0 rg BT 72.67 648.37 Td (-than-temporary impairment losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.30 648.53 Td (\(328) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.65 648.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.80 648.37 Td (\(6,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 648.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.80 648.53 Td (\(7,589) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.65 648.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 648.37 Td (\(18,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 648.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.32 Td (Net realized investment gains \(losses\), excluding other) Tj ET Q q 0 0 0 rg BT 269.00 636.32 Td (-than-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.37 Td (temporary impairment losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.80 628.48 Td (\(3,460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.65 628.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.15 628.42 Td (5,586) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 628.43 Td (2,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 628.42 Td (83,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 614.37 Td (Net realized investment gains \(losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.80 614.53 Td (\(3,788) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.65 614.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.30 614.37 Td (\(689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 614.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.80 614.53 Td (\(5,303) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.65 614.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 614.37 Td (65,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 602.37 Td (Other revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 602.48 Td (432,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 602.37 Td (352,440) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.60 602.48 Td (1,413,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 602.37 Td (1,307,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.32 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 590.32 Td (otal Operating Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 590.48 Td (1,662,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 590.32 Td (1,428,625) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.60 590.48 Td (6,061,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 590.32 Td (5,612,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 577.37 Td (OPERA) Tj ET Q q 0 0 0 rg BT 70.23 577.37 Td (TING EXPENSES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 565.37 Td (Losses and loss adjustment expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 565.48 Td (655,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 565.37 Td (485,819) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.60 565.48 Td (2,865,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 565.37 Td (2,050,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 553.37 Td (Underwriting, acquisition and insurance expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 553.48 Td (418,239) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 553.37 Td (385,801) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.60 553.48 Td (1,587,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 553.37 Td (1,498,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 541.37 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 541.48 Td (27,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 541.37 Td (17,059) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 541.48 Td (80,758) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 541.37 Td (68,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 529.37 Td (Other expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 529.48 Td (381,996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 529.37 Td (327,528) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.60 529.48 Td (1,307,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 529.37 Td (1,190,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.32 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 517.32 Td (otal Operating Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 517.48 Td (1,483,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 517.32 Td (1,216,207) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.60 517.48 Td (5,841,913) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 517.32 Td (4,808,1) Tj ET Q q 0 0 0 rg BT 561.60 517.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.37 Td (Operating Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 504.48 Td (179,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 504.37 Td (212,418) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 504.48 Td (219,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 504.37 Td (803,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 492.37 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 492.48 Td (35,438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 492.37 Td (32,206) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 492.48 Td (132,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 492.37 Td (129,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 480.37 Td (Loss on early extinguishment of debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 480.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 480.37 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.65 480.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 480.37 Td (44,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.37 Td (Income Before Income ) Tj ET Q q 0 0 0 rg BT 144.59 468.37 Td (T) Tj ET Q q 0 0 0 rg BT 150.26 468.37 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 468.48 Td (143,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 468.37 Td (180,212) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 468.48 Td (87,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 468.37 Td (629,920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 456.37 Td (Income tax expense \(benefit\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.80 456.53 Td (\(295,672) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.65 456.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 456.37 Td (47,509) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.80 456.53 Td (\(313,463) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.65 456.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 456.37 Td (169,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.37 Td (Net Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 444.48 Td (439,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 444.37 Td (132,703) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 444.48 Td (400,758) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 444.37 Td (460,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 432.37 Td (Net income \(loss\) attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 432.48 Td (4,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.30 432.37 Td (\(23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 432.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 432.48 Td (5,489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 432.37 Td (4,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.32 Td (Net Income to Shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 420.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 420.48 Td (434,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 420.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 420.32 Td (132,726) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.00 420.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 420.48 Td (395,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 420.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 420.32 Td (455,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 400.37 Td (OTHER COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 388.37 Td (Change in net unrealized gains on investments, net of taxes:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.37 Td (Net holding gains \(losses\) arising during the period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 376.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 376.48 Td (209,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 376.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.80 376.37 Td (\(135,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 376.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.00 376.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 376.48 Td (787,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 376.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 376.37 Td (275,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.32 Td (Change in unrealized other) Tj ET Q q 0 0 0 rg BT 157.91 364.32 Td (-than-temporary impairment losses on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.37 Td (fixed maturities arising during the period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 356.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 356.42 Td (75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.65 356.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 356.42 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.37 Td (Reclassification adjustments for net gains included in net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.80 342.53 Td (\(9,698) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.65 342.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.30 342.37 Td (\(220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 342.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.80 342.53 Td (\(24,296) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.65 342.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 342.37 Td (\(33,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 342.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.37 Td (Change in net unrealized gains on investments, net of taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 330.48 Td (199,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.80 330.37 Td (\(135,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 330.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 330.48 Td (763,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 330.37 Td (242,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 318.37 Td (Change in foreign currency translation adjustments, net of taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.80 318.53 Td (\(9,321) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.65 318.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.80 318.37 Td (\(5,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 318.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 318.48 Td (10,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 318.37 Td (\(1) Tj ET Q q 0 0 0 rg BT 549.13 318.37 Td (1,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 318.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 306.37 Td (Change in net actuarial pension loss, net of taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 306.48 Td (3,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.80 306.37 Td (\(20,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 306.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 306.48 Td (6,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 306.37 Td (\(19,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 306.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.37 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 294.37 Td (otal Other Comprehensive Income \(Loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 294.48 Td (194,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.80 294.37 Td (\(161,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 294.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 294.48 Td (779,751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 294.37 Td (21) Tj ET Q q 0 0 0 rg BT 549.15 294.37 Td (1,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.37 Td (Comprehensive Income \(Loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 282.48 Td (633,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.80 282.37 Td (\(29,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 282.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.60 282.48 Td (1,180,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 282.37 Td (671,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 270.37 Td (Comprehensive income \(loss\) attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 270.48 Td (4,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.30 270.37 Td (\(35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 270.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 270.48 Td (5,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 270.37 Td (4,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.32 Td (Comprehensive Income \(Loss\) to Shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 258.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 258.48 Td (629,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 258.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.80 258.37 Td (\(29,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 258.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.00 258.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.60 258.48 Td (1,174,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 258.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 258.32 Td (667,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 238.37 Td (NET) Tj ET Q q 0 0 0 rg BT 57.35 238.37 Td ( INCOME PER SHARE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.32 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 226.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 226.48 Td (30.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 226.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 226.32 Td (9.14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.00 226.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 226.48 Td (25.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 226.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 226.32 Td (31.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.32 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 213.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 213.48 Td (30.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 213.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 213.32 Td (9.1) Tj ET Q q 0 0 0 rg BT 442.65 213.32 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.00 213.48 Td ($) Tj ET Q BT 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0.9333333333333333 1 rg /GS0 gs 355.00 169.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 169.60 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 169.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 169.60 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 169.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 169.60 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 143.60 241.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 143.60 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 143.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 143.60 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 143.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 143.60 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 143.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 143.60 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 117.60 241.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 117.60 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 117.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 117.60 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 117.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 117.60 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 117.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 117.60 65.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 672.6 m 355 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 672.6 m 359 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 672.6 m 424 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 672.6 m 493 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 672.6 m 497 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 672.6 m 562 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 672.6 m 355 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 660.6 m 355 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 672.6 m 424 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 660.6 m 424 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 660.6 m 493 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 672.6 m 562 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 660.6 m 562 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 660.6 m 355 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 660.6 m 424 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 660.6 m 493 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 660.6 m 562 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 612.6 m 355 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 612.6 m 424 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 612.6 m 493 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 612.6 m 562 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 588.6 m 355 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 588.6 m 424 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 588.6 m 493 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 588.6 m 562 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 588.6 m 355 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 577.6 m 355 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 575.6 m 355 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 588.6 m 424 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 577.6 m 424 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 575.6 m 424 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 588.6 m 493 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 577.6 m 493 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 575.6 m 493 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 588.6 m 562 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 577.6 m 562 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 575.6 m 562 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 538.6 m 355 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 538.6 m 359 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 538.6 m 424 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 538.6 m 493 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 538.6 m 497 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 538.6 m 562 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 526.6 m 355 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 538.6 m 424 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 526.6 m 424 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 526.6 m 493 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 526.6 m 562 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 526.6 m 355 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 526.6 m 424 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 526.6 m 493 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 526.6 m 562 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 478.6 m 355 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 478.6 m 424 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 478.6 m 493 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 478.6 m 562 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 467.6 m 355 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 465.6 m 355 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 467.6 m 424 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 465.6 m 424 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 467.6 m 493 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 465.6 m 493 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 467.6 m 562 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 465.6 m 562 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 428.6 m 355 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 428.6 m 359 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 428.6 m 424 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 428.6 m 493 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 428.6 m 497 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 428.6 m 562 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 416.6 m 355 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 428.6 m 424 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 416.6 m 424 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 416.6 m 493 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 416.6 m 562 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 416.6 m 355 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 416.6 m 424 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 416.6 m 493 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 416.6 m 562 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 368.6 m 562 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 368.6 m 355 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 357.6 m 355 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 355.6 m 355 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 368.6 m 424 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 357.6 m 424 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 355.6 m 424 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 368.6 m 493 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 357.6 m 493 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 355.6 m 493 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 368.6 m 562 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 357.6 m 562 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 355.6 m 562 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 318.6 m 355 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 318.6 m 359 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 318.6 m 424 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 318.6 m 493 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 318.6 m 497 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 318.6 m 562 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 306.6 m 355 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 318.6 m 424 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 306.6 m 424 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 306.6 m 493 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 318.6 m 562 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 306.6 m 562 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 306.6 m 355 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 306.6 m 424 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 306.6 m 493 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 306.6 m 562 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 270.6 m 355 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 259.6 m 355 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 257.6 m 355 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 270.6 m 424 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 259.6 m 424 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 257.6 m 424 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 270.6 m 493 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 259.6 m 493 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 257.6 m 493 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 270.6 m 562 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 259.6 m 562 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 257.6 m 562 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 220.60000000000002 m 355 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 220.60000000000002 m 359 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 220.60000000000002 m 424 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 220.60000000000002 m 493 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 220.60000000000002 m 497 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 220.60000000000002 m 562 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 208.60000000000002 m 355 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 220.60000000000002 m 424 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 208.60000000000002 m 424 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 208.60000000000002 m 493 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 220.60000000000002 m 562 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 208.60000000000002 m 562 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 208.60000000000002 m 355 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 208.60000000000002 m 424 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 208.60000000000002 m 493 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 208.60000000000002 m 562 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 104.60000000000002 m 355 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 104.60000000000002 m 424 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 104.60000000000002 m 493 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 104.60000000000002 m 562 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 104.60000000000002 m 355 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 92.60000000000002 m 355 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 90.60000000000002 m 355 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 104.60000000000002 m 424 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 92.60000000000002 m 424 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 90.60000000000002 m 424 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 104.60000000000002 m 493 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 92.60000000000002 m 493 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 90.60000000000002 m 493 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 104.60000000000002 m 562 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 92.60000000000002 m 562 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 90.60000000000002 m 562 90.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.45 689.28 Td (Gr) Tj ET Q q 0 0 0 rg BT 263.58 689.28 Td (oss ) Tj ET Q q 0 0 0 rg BT 278.68 689.28 Td (W) Tj ET Q q 0 0 0 rg BT 288.50 689.28 Td (ritten Pr) Tj ET Q q 0 0 0 rg BT 325.24 689.28 Td (emiums) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.05 676.55 Td (Quarters Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.90 676.55 Td (Y) Tj ET Q q 0 0 0 rg BT 456.28 676.55 Td (ears Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 51.5 663.47890625 m 122.171875 663.47890625 l s q 0 0 0 rg BT 51.50 664.55 Td (\(dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.00 664.68 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.00 664.55 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.00 664.68 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.00 664.55 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 651.22 Td (U.S. Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.50 651.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 651.33 Td (713,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 651.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 651.22 Td (634,812) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 651.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 651.33 Td (2,885,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 651.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 651.22 Td (2,635,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 639.22 Td (International Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 639.33 Td (306,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 639.22 Td (240,737) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 639.33 Td (1,255,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 639.22 Td (1,1) Tj ET Q q 0 0 0 rg BT 525.60 639.22 Td (19,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 627.22 Td (Reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.00 627.33 Td (86,385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 627.22 Td (121,017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 627.33 Td (1,1) Tj ET Q q 0 0 0 rg BT 455.00 627.33 Td (12,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 627.22 Td (1,041,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 615.22 Td (Other Insurance \(Discontinued Lines\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.15 615.33 Td (\(10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 615.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.80 615.22 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 615.22 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.15 615.33 Td (\(195) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.50 615.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.15 615.22 Td (509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 603.22 Td (Underwriting total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.50 603.33 Td (1,107,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 603.22 Td (996,560) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 603.33 Td (5,253,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 603.22 Td (4,796,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 591.22 Td (Program Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 591.33 Td (253,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 591.22 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 591.33 Td (253,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 591.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 579.22 Td (Consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.50 579.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.50 579.33 Td (1,360,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 579.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 579.22 Td (996,560) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 579.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 579.33 Td (5,506,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 579.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 579.22 Td (4,796,645) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.35 555.28 Td (Net ) Tj ET Q q 0 0 0 rg BT 273.75 555.28 Td (W) Tj ET Q q 0 0 0 rg BT 283.57 555.28 Td (ritten Pr) Tj ET Q q 0 0 0 rg BT 320.31 555.28 Td (emiums) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.05 542.55 Td (Quarters Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.90 542.55 Td (Y) Tj ET Q q 0 0 0 rg BT 456.28 542.55 Td (ears Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 51.5 529.47890625 m 122.171875 529.47890625 l s q 0 0 0 rg BT 51.50 530.55 Td (\(dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.00 530.68 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.00 530.55 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.00 530.68 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.00 530.55 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 517.22 Td (U.S. Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.50 517.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 517.33 Td (602,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 517.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 517.22 Td (542,970) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 517.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 517.33 Td (2,432,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 517.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 517.22 Td (2,237,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 505.22 Td (International Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 505.33 Td (240,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 505.22 Td (183,803) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 505.33 Td (1,007,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 505.22 Td (864,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 493.22 Td (Reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.00 493.33 Td (78,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 493.22 Td (1) Tj ET Q q 0 0 0 rg BT 387.65 493.22 Td (12,278) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 493.33 Td (978,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 493.22 Td (898,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 481.22 Td (Other Insurance \(Discontinued Lines\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.15 481.33 Td (\(12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 481.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 481.22 Td (80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.15 481.33 Td (\(169) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.50 481.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.15 481.22 Td (635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 469.22 Td (Consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.50 469.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 469.33 Td (922,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 469.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 469.22 Td (839,131) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 469.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 469.33 Td (4,417,787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 469.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 469.22 Td (4,001,020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.30 445.28 Td (Net Earned Pr) Tj ET Q q 0 0 0 rg BT 319.42 445.28 Td (emiums) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.05 432.55 Td (Quarters Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.90 432.55 Td (Y) Tj ET Q q 0 0 0 rg BT 456.28 432.55 Td (ears Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 51.5 419.47890625 m 122.171875 419.47890625 l s q 0 0 0 rg BT 51.50 420.55 Td (\(dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.00 420.68 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.00 420.55 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.00 420.68 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.00 420.55 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 407.22 Td (U.S. Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.50 407.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 407.33 Td (636,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 407.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 407.22 Td (560,744) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 407.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 407.33 Td (2,364,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 407.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 407.22 Td (2,175,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 395.22 Td (International Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 395.33 Td (276,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 395.22 Td (216,147) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 395.33 Td (949,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 395.22 Td (853,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 383.22 Td (Reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 383.33 Td (219,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 383.22 Td (206,1) Tj ET Q q 0 0 0 rg BT 405.15 383.22 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 383.33 Td (934,1) Tj ET Q q 0 0 0 rg BT 472.50 383.33 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 383.22 Td (836,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 371.22 Td (Other Insurance \(Discontinued Lines\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.15 371.33 Td (\(12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 371.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 371.22 Td (77) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.15 371.33 Td (\(169) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.50 371.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.15 371.22 Td (762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 359.22 Td (Consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.50 359.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.50 359.33 Td (1,131,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 359.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 359.22 Td (983,081) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 359.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 359.33 Td (4,247,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 359.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 359.22 Td (3,865,870) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.90 335.28 Td (Combined Ratios) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.05 322.55 Td (Quarters Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.90 322.55 Td (Y) Tj ET Q q 0 0 0 rg BT 456.28 322.55 Td (ears Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.00 310.68 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.00 310.55 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.00 310.68 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.00 310.55 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 297.22 Td (U.S. Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 297.33 Td (83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 297.33 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 297.22 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 297.22 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 297.33 Td (95) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.50 297.33 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 297.22 Td (93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 297.22 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 285.22 Td (International Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.50 285.33 Td (101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 285.33 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 285.22 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 285.22 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.50 285.33 Td (104) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.50 285.33 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 285.22 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 285.22 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 273.22 Td (Reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.50 273.33 Td (122) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 273.33 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 273.22 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 273.22 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.50 273.33 Td (132) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.50 273.33 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 273.22 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 273.22 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 261.22 Td (Consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 261.33 Td (95) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 261.33 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 261.22 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 261.22 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.50 261.33 Td (105) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.50 261.33 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 261.22 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 261.22 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.05 237.28 Td (Components of Consolidated Operating Income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.05 224.55 Td (Quarters Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.90 224.55 Td (Y) Tj ET Q q 0 0 0 rg BT 456.28 224.55 Td (ears Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 51.5 211.47890625000002 m 122.171875 211.47890625000002 l s q 0 0 0 rg BT 51.50 212.55 Td (\(dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.00 212.68 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.00 212.55 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.00 212.68 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.00 212.55 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 199.17 Td (U.S. Insurance Segment Profit ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 175.92 203.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.50 199.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 199.33 Td (108,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 199.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 199.17 Td (57,718) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 199.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 199.33 Td (122,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 199.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 199.17 Td (144,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 186.17 Td (International Insurance Segment Profit \(Loss\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 237.28 190.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 186.33 Td (\(3,023) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 186.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 186.17 Td (17,248) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.65 186.33 Td (\(35,100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.50 186.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 186.17 Td (47,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 173.17 Td (Reinsurance Segment Profit \(Loss\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 194.25 177.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 173.33 Td (\(47,916) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 173.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 173.17 Td (26,726) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.65 173.33 Td (\(298,800) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.50 173.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 173.17 Td (106,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 160.17 Td (Other Insurance \(Discontinued Lines\) Segment Loss ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 264.22 164.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.65 160.33 Td (\(6,613) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 160.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.30 160.22 Td (\(7,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 160.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.65 160.33 Td (\(18,701) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.50 160.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 160.22 Td (\(14,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 160.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 147.17 Td (Investing Segment Profit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.00 147.33 Td (97,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 147.17 Td (93,104) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 147.33 Td (400,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 147.17 Td (438,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 134.17 Td (Other Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 134.33 Td (430,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 134.17 Td (348,064) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 134.33 Td (1,401,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 134.17 Td (1,293,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 121.17 Td (Other Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 121.33 Td (\(373,241) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 121.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.30 121.22 Td (\(305,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 121.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 121.33 Td (\(1,271,102) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.50 121.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.80 121.22 Td (\(1,142,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 121.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 108.17 Td (Amortization of Intangible ) Tj ET Q q 0 0 0 rg BT 160.64 108.17 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 108.33 Td (\(27,308) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 108.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.30 108.22 Td (\(17,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 108.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.65 108.33 Td (\(80,758) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.50 108.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 108.22 Td (\(68,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 108.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 95.17 Td (Consolidated Operating Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.50 95.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 95.33 Td (179,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 95.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 95.17 Td (212,418) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 95.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 95.33 Td (219,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 95.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 95.17 Td (803,916) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 81.63 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.08 77.10 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 77.10 Td (Segment profit \(loss\) for our underwriting segments includes underwriting profit \(loss\) as well as other revenues and other expenses from our insurance ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 67.50 Td (operations.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 15.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.55 758.25 Td (Markel Corporation and Subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.20 746.25 Td (Supplemental Financial Information \(continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.10 734.25 Td (For) Tj ET Q q 0 0 0 rg BT 185.47 734.25 Td ( the Quarters and ) Tj ET Q q 0 0 0 rg BT 263.43 734.25 Td (Y) Tj ET Q q 0 0 0 rg BT 269.54 734.25 Td (ears Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.10 734.25 Td (December) Tj ET Q q 0 0 0 rg BT 363.23 734.25 Td (31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.73 734.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.85 734.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.85 734.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 674.75 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 674.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 674.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 674.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 674.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 674.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 674.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 674.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 645.75 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 645.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 645.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 645.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 645.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 645.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 645.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 645.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 615.75 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 615.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 615.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 615.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 615.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 615.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 615.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 615.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 585.75 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 585.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 585.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 585.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 585.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 585.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 585.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 585.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 686.75 m 354.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 686.75 m 358.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 686.75 m 423.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 686.75 m 492.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 686.75 m 496.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 686.75 m 561.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 674.75 m 354.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 686.75 m 423.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 674.75 m 423.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 674.75 m 492.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 674.75 m 561.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 570.75 m 354.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 556.75 m 354.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 554.75 m 354.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 570.75 m 423.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 556.75 m 423.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 554.75 m 423.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 570.75 m 492.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 556.75 m 492.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 554.75 m 492.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 570.75 m 561.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 556.75 m 561.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 554.75 m 561.5 554.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.75 702.48 Td (Other) Tj ET Q q 0 0 0 rg BT 296.12 702.48 Td ( Revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.55 690.70 Td (Quarters Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.40 690.70 Td (Y) Tj ET Q q 0 0 0 rg BT 455.78 690.70 Td (ears Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 52 677.62890625 m 122.671875 677.62890625 l s q 0 0 0 rg BT 52.00 678.70 Td (\(dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.50 678.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.50 678.70 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 678.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.50 678.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 665.32 Td (Markel ) Tj ET Q q 0 0 0 rg BT 83.29 665.32 Td (V) Tj ET Q q 0 0 0 rg BT 89.86 665.32 Td (entures: Manufacturing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 665.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 665.43 Td (185,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 665.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 665.32 Td (194,993) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 665.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.15 665.43 Td (742,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 665.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 665.32 Td (784,745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 650.42 Td (Markel ) Tj ET Q q 0 0 0 rg BT 83.29 650.42 Td (V) Tj ET Q q 0 0 0 rg BT 89.86 650.42 Td (entures: Non-Manufacturing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 650.43 Td (214,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 650.42 Td (1) Tj ET Q q 0 0 0 rg BT 392.15 650.42 Td (13,841) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.15 650.43 Td (590,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 650.42 Td (429,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 635.42 Td (Investment management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 635.43 Td (8,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 635.42 Td (33,635) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 635.43 Td (28,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 635.42 Td (56,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 620.42 Td (Program services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.15 620.43 Td (15,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 620.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 620.43 Td (15,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 620.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 605.42 Td (Managing general agent operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.65 605.43 Td (909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 605.42 Td (3,892) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 605.43 Td (8,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 605.42 Td (12,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 590.42 Td (Life and annuity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.65 590.43 Td (388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 590.42 Td (484) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 590.43 Td (2,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 590.42 Td (1,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 575.42 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 575.43 Td (7,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 575.42 Td (5,595) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 575.43 Td (25,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 575.42 Td (22,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 560.42 Td (T) Tj ET Q q 0 0 0 rg BT 75.41 560.42 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 560.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 560.43 Td (432,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 560.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 560.42 Td (352,440) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 560.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 560.43 Td (1,413,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 560.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 560.42 Td (1,307,779) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 496.75 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 496.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 496.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 496.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 496.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 496.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 496.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 496.75 65.00 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 436.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 436.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 436.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 406.75 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 406.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 406.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 406.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 406.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 406.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 406.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 406.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 508.75 m 354.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 508.75 m 358.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 508.75 m 423.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 508.75 m 492.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 508.75 m 496.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 508.75 m 561.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 508.75 m 423.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 508.75 m 561.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 496.75 m 354.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 496.75 m 423.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 496.75 m 492.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 496.75 m 561.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 391.75 m 354.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 377.75 m 354.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 375.75 m 354.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 391.75 m 423.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 377.75 m 423.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 375.75 m 423.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 391.75 m 492.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 377.75 m 492.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 375.75 m 492.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 391.75 m 561.5 391.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 377.75 m 561.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 375.75 m 561.5 375.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.30 524.48 Td (Other) Tj ET Q q 0 0 0 rg BT 296.67 524.48 Td ( Expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.55 512.70 Td (Quarters Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.40 512.70 Td (Y) Tj ET Q q 0 0 0 rg BT 455.78 512.70 Td (ears Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 52 499.62890625 m 122.671875 499.62890625 l s q 0 0 0 rg BT 52.00 500.70 Td (\(dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.50 500.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.50 500.70 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 500.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.50 500.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 486.42 Td (Markel ) Tj ET Q q 0 0 0 rg BT 83.29 486.42 Td (V) Tj ET Q q 0 0 0 rg BT 89.86 486.42 Td (entures: Manufacturing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 486.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 486.43 Td (166,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 486.42 Td (184,432) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 486.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.15 486.43 Td (650,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 486.42 Td (675,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 471.42 Td (Markel ) Tj ET Q q 0 0 0 rg BT 83.29 471.42 Td (V) Tj ET Q q 0 0 0 rg BT 89.86 471.42 Td (entures: Non-Manufacturing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 471.43 Td (177,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 471.42 Td (100,676) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.15 471.43 Td (535,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 471.42 Td (396,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 456.42 Td (Investment management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.15 456.43 Td (14,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 456.42 Td (15,039) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 456.43 Td (52,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 456.42 Td (46,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 441.42 Td (Program services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 441.43 Td (6,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 441.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 441.43 Td (6,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 441.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 426.42 Td (Managing general agent operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 426.43 Td (1,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 426.42 Td (14,673) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 426.43 Td (5,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 426.42 Td (21,1) Tj ET Q q 0 0 0 rg BT 547.65 426.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 411.42 Td (Life and annuity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 411.43 Td (7,209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 411.42 Td (7,072) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 411.43 Td (28,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 411.42 Td (26,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 396.42 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 396.43 Td (7,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 396.42 Td (5,636) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 396.43 Td (28,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 396.42 Td (24,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 381.42 Td (T) Tj ET Q q 0 0 0 rg BT 75.41 381.42 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.00 381.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 381.43 Td (381,996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 381.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 381.42 Td (327,528) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 381.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 381.43 Td (1,307,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 381.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 381.42 Td (1,190,243) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 15.60 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.55 758.25 Td (Markel Corporation and Subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.20 746.25 Td (Supplemental Financial Information \(continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.10 734.25 Td (For) Tj ET Q q 0 0 0 rg BT 185.47 734.25 Td ( the Quarters and ) Tj ET Q q 0 0 0 rg BT 263.43 734.25 Td (Y) Tj ET Q q 0 0 0 rg BT 269.54 734.25 Td (ears Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.10 734.25 Td (December) Tj ET Q q 0 0 0 rg BT 363.23 734.25 Td (31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.73 734.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.85 734.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.85 734.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.30 710.25 Td (Reconciliation of Non-GAAP) Tj ET Q q 0 0 0 rg BT 326.63 710.25 Td ( Financial Measur) Tj ET Q q 0 0 0 rg BT 404.22 710.25 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.25 Td (The following table reconciles consolidated net income to shareholders, to earnings before interest, income taxes, depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.25 Td (and amortization \(EBITDA\) of Markel ) Tj ET Q q 0 0 0 rg BT 207.32 683.25 Td (V) Tj ET Q q 0 0 0 rg BT 213.44 683.25 Td (entures, net of noncontrolling interests.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 648.75 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 648.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 648.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 648.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 648.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 604.75 241.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 604.75 65.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 604.75 4.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 604.75 65.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 604.75 4.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 604.75 65.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 604.75 4.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 604.75 65.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 559.75 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 559.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 559.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 559.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 559.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 559.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 559.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 559.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 529.75 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 529.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 529.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 529.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 529.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 529.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 529.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 529.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 499.75 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 499.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 499.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 499.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 499.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 472.75 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 472.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 472.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 472.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 472.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 472.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 472.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 472.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 442.75 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 442.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 442.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 442.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 442.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 442.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 442.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 442.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 660.75 m 356 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 648.75 m 356 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 660.75 m 360 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 660.75 m 425 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 648.75 m 425 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 660.75 m 494 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 648.75 m 494 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 660.75 m 498 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 660.75 m 563 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 648.75 m 563 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 648.75 m 356 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 648.75 m 425 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 648.75 m 494 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 648.75 m 563 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 574.75 m 356 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 574.75 m 425 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 574.75 m 494 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 574.75 m 563 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 499.75 m 356 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 485.75 m 356 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 483.75 m 356 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 499.75 m 425 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 485.75 m 425 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 483.75 m 425 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 499.75 m 494 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 485.75 m 494 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 483.75 m 494 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 499.75 m 563 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 485.75 m 563 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 483.75 m 563 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 442.75 m 356 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 428.75 m 356 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 426.75 m 356 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 442.75 m 425 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 428.75 m 425 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 426.75 m 425 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 442.75 m 494 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 428.75 m 494 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 426.75 m 494 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 442.75 m 563 442.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 428.75 m 563 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 426.75 m 563 426.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.05 664.70 Td (Quarters Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.90 664.70 Td (Y) Tj ET Q q 0 0 0 rg BT 457.28 664.70 Td (ears Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 52.5 651.62890625 m 123.171875 651.62890625 l s q 0 0 0 rg BT 52.50 652.70 Td (\(dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.00 652.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.00 652.70 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.00 652.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.00 652.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 638.42 Td (Net income to shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.50 638.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.65 638.43 Td (434,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.50 638.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 638.42 Td (132,726) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 638.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 638.43 Td (395,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 638.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 638.42 Td (455,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 619.42 Td (\(Income\) loss before income taxes from other Markel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 609.42 Td (operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.30 609.48 Td (\(105,008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 609.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 609.47 Td (\(167,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 609.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 609.43 Td (12,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 609.47 Td (\(532,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 609.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 589.42 Td (Income tax expense \(benefit\) from other Markel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 579.42 Td (operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.30 579.48 Td (\(264,683) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 579.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 579.42 Td (41,109) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.30 579.48 Td (\(304,160) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.15 579.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 579.42 Td (133,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 564.42 Td (Markel ) Tj ET Q q 0 0 0 rg BT 83.79 564.42 Td (V) Tj ET Q q 0 0 0 rg BT 90.36 564.42 Td (entures net income to shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.65 564.43 Td (65,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 564.42 Td (6,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 564.43 Td (103,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 564.42 Td (56,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 549.42 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 549.43 Td (6,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 549.42 Td (3,290) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 549.43 Td (18,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 549.42 Td (14,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 534.42 Td (Income tax expense \(benefit\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.30 534.48 Td (\(31,182) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 534.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 534.42 Td (6,071) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.30 534.48 Td (\(1) Tj ET Q q 0 0 0 rg BT 467.63 534.48 Td (1,494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.15 534.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 534.42 Td (34,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 519.42 Td (Depreciation expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.65 519.43 Td (1) Tj ET Q q 0 0 0 rg BT 329.65 519.43 Td (1,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 519.42 Td (8,684) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 519.43 Td (38,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 519.42 Td (32,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 504.42 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 504.43 Td (9,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 504.42 Td (6,590) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 504.43 Td (28,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 504.42 Td (26,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 489.42 Td (Markel ) Tj ET Q q 0 0 0 rg BT 83.79 489.42 Td (V) Tj ET Q q 0 0 0 rg BT 90.36 489.42 Td (entures EBITDA) Tj ET Q q 0 0 0 rg BT 157.57 489.42 Td ( - ) Tj ET Q q 0 0 0 rg BT 165.53 489.42 Td (T) Tj ET Q q 0 0 0 rg BT 171.20 489.42 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.50 489.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.65 489.43 Td (61,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.50 489.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 489.42 Td (31,287) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 489.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 489.43 Td (177,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 489.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 489.42 Td (165,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 462.42 Td (Markel ) Tj ET Q q 0 0 0 rg BT 83.79 462.42 Td (V) Tj ET Q q 0 0 0 rg BT 90.36 462.42 Td (entures EBITDA) Tj ET Q q 0 0 0 rg BT 157.57 462.42 Td ( - Manufacturing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.50 462.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.65 462.43 Td (22,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.50 462.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 462.42 Td (15,393) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 462.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 462.43 Td (104,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 462.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 462.42 Td (120,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 447.42 Td (Markel ) Tj ET Q q 0 0 0 rg BT 83.79 447.42 Td (V) Tj ET Q q 0 0 0 rg BT 90.36 447.42 Td (entures EBITDA) Tj ET Q q 0 0 0 rg BT 157.57 447.42 Td ( - Non-Manufacturing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.65 447.43 Td (38,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 447.42 Td (15,894) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 447.43 Td (72,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 447.42 Td (44,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 432.42 Td (Markel ) Tj ET Q q 0 0 0 rg BT 83.70 432.42 Td (V) Tj ET Q q 0 0 0 rg BT 89.81 432.42 Td (entures EBITDA) Tj ET Q q 0 0 0 rg BT 157.29 432.42 Td ( - ) Tj ET Q q 0 0 0 rg BT 165.44 432.42 Td (T) Tj ET Q q 0 0 0 rg BT 170.85 432.42 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.50 432.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.65 432.43 Td (61,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.50 432.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 432.42 Td (31,287) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 432.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 432.43 Td (177,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 432.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 432.42 Td (165,129) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (Interest expense for the quarters ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.65 404.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.24 404.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.68 404.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.68 404.25 Td ( includes intercompany interest expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.95 404.25 Td ($4.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.84 404.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 392.25 Td ($2.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.33 392.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 167.99 392.25 Td (. Interest expense for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.04 392.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.62 392.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.06 392.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.06 392.25 Td ( includes intercompany interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.04 380.25 Td ($12.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.93 380.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.37 380.25 Td ($9.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.26 380.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 269.92 380.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (Markel ) Tj ET Q q 0 0 0 rg BT 80.70 356.25 Td (V) Tj ET Q q 0 0 0 rg BT 86.81 356.25 Td (entures EBITDA) Tj ET Q q 0 0 0 rg BT 154.29 356.25 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 218.09 356.25 Td ( financial measure. Markel ) Tj ET Q q 0 0 0 rg BT 327.58 356.25 Td (V) Tj ET Q q 0 0 0 rg BT 333.69 356.25 Td (entures EBITDA) Tj ET Q q 0 0 0 rg BT 401.18 356.25 Td ( reflects income attributable to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (ownership interest in Markel ) Tj ET Q q 0 0 0 rg BT 167.07 344.25 Td (V) Tj ET Q q 0 0 0 rg BT 173.18 344.25 Td (entures before interest, income taxes, depreciation and amortization. ) Tj ET Q q 0 0 0 rg BT 448.72 344.25 Td (W) Tj ET Q q 0 0 0 rg BT 457.36 344.25 Td (e use Markel ) Tj ET Q q 0 0 0 rg BT 511.33 344.25 Td (V) Tj ET Q q 0 0 0 rg BT 517.44 344.25 Td (entures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 85.61 332.25 Td ( as an operating performance measure in conjunction with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 367.39 332.25 Td ( measures, including revenues and net income, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (to monitor and evaluate the performance of our Markel ) Tj ET Q q 0 0 0 rg BT 272.29 320.25 Td (V) Tj ET Q q 0 0 0 rg BT 278.40 320.25 Td (entures operations. Because EBITDA) Tj ET Q q 0 0 0 rg BT 428.36 320.25 Td ( excludes interest, income taxes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (depreciation and amortization, it provides an indicator of economic performance that is useful to both management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (investors in evaluating our Markel ) Tj ET Q q 0 0 0 rg BT 189.56 296.25 Td (V) Tj ET Q q 0 0 0 rg BT 195.68 296.25 Td (entures businesses as it is not af) Tj ET Q q 0 0 0 rg BT 322.70 296.25 Td (fected by levels of debt, interest rates, ef) Tj ET Q q 0 0 0 rg BT 484.39 296.25 Td (fective tax rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (levels of depreciation and amortization resulting from purchase accounting. ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.35 742.25 Td (Net Income per) Tj ET Q q 0 0 0 rg BT 325.26 742.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 348.14 742.25 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (Net income per share was determined by dividing adjusted net income to shareholders by the applicable weighted average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 712.25 Td (shares outstanding. Diluted net income per share is computed by dividing adjusted net income to shareholders by the weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (average number of common shares and dilutive potential common shares outstanding during the year) Tj ET Q q 0 0 0 rg BT 454.06 700.25 Td (. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 665.75 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 665.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 665.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 665.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 665.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 637.75 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 637.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 637.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 637.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 637.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.75 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 611.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 611.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 611.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 611.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.75 240.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 572.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 572.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 572.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 572.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 572.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 572.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 572.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.75 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 533.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 533.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 533.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 533.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 533.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 533.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 533.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 677.75 m 355.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 677.75 m 359.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 677.75 m 424.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 677.75 m 493.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 677.75 m 497.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 677.75 m 562.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 665.75 m 355.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 677.75 m 424.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 665.75 m 424.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 665.75 m 493.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 677.75 m 562.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 665.75 m 562.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 665.75 m 355.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 665.75 m 424.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 665.75 m 493.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 665.75 m 562.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 637.75 m 355.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 637.75 m 424.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 637.75 m 493.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 637.75 m 562.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 637.75 m 355.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 624.75 m 355.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 622.75 m 355.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 637.75 m 424.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 624.75 m 424.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 622.75 m 424.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 637.75 m 493.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 624.75 m 493.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 622.75 m 493.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 637.75 m 562.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 624.75 m 562.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 622.75 m 562.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 547.75 m 355.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 547.75 m 424.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 547.75 m 493.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 547.75 m 562.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 534.75 m 355.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 532.75 m 355.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 534.75 m 424.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 532.75 m 424.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 534.75 m 493.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 532.75 m 493.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 534.75 m 562.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 532.75 m 562.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 532.75 m 355.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 534.75 m 355.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 520.75 m 355.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 518.75 m 355.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 532.75 m 424.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 534.75 m 424.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 520.75 m 424.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 518.75 m 424.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 532.75 m 493.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 534.75 m 493.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 520.75 m 493.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 518.75 m 493.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 532.75 m 562.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 534.75 m 562.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 520.75 m 562.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 518.75 m 562.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 518.75 m 355.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 520.75 m 355.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 506.75 m 355.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 504.75 m 355.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 518.75 m 424.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 520.75 m 424.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 506.75 m 424.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 504.75 m 424.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 518.75 m 493.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 520.75 m 493.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 506.75 m 493.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 504.75 m 493.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 518.75 m 562.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 520.75 m 562.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 506.75 m 562.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 504.75 m 562.5 504.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.55 681.70 Td (Quarters Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.40 681.70 Td (Y) Tj ET Q q 0 0 0 rg BT 456.78 681.70 Td (ears Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 53 668.62890625 m 184.68359375 668.62890625 l s q 0 0 0 rg BT 53.00 669.70 Td (\(in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 149.36 669.70 Td (e amounts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 669.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 669.70 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 669.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 669.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 656.32 Td (Net income to shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 656.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 656.43 Td (434,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 656.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 656.32 Td (132,726) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 656.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 656.43 Td (395,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 656.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 656.32 Td (455,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 642.32 Td (Adjustment of redeemable noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.80 642.48 Td (\(10,156) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 642.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 642.37 Td (\(4,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 642.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 642.48 Td (\(33,738) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 642.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 642.37 Td (\(15,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 642.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.32 Td (Adjusted net income to shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 628.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 628.43 Td (424,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 628.32 Td (128,163) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 628.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 628.43 Td (361,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 628.32 Td (440,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.32 Td (Basic common shares outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 602.43 Td (13,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 602.32 Td (14,015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 602.43 Td (13,964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 602.32 Td (14,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 587.42 Td (Dilutive potential common shares from conversion of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.42 Td (options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.65 577.43 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 577.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 577.43 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 577.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.42 Td (Dilutive potential common shares from conversion of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 552.42 Td (restricted stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 552.43 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 552.42 Td (55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 552.43 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 552.42 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.32 Td (Diluted shares outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 538.43 Td (13,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 538.32 Td (14,072) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 538.43 Td (14,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 538.32 Td (14,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 524.32 Td (Basic net income per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 524.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.15 524.43 Td (30.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 524.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 524.32 Td (9.14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 524.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 524.43 Td (25.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 524.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 524.32 Td (31.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 510.32 Td (Diluted net income per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 510.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.15 510.43 Td (30.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 510.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 510.32 Td (9.1) Tj ET Q q 0 0 0 rg BT 415.65 510.32 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 510.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 510.43 Td (25.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 510.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 510.32 Td (31.27) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 35 0 obj <> /View <>>>>> endobj 36 0 obj <> /View <>>>>> endobj 37 0 obj <> endobj 38 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ 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