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VALIDUS HOLDINGS LTD (VR)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-17 | Dec-31-16 | Dec-31-15 | Dec-31-14 | Dec-31-13 | Dec-31-12 | Dec-31-11 | Dec-31-10 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K/A |
| Revenues | 2,797.5 | 2,443.2 | 2,345.3 | 2,102.7 | 2,143.8 | 2,060.9 | 1,906.6 | 1,980.2 |
| Revenue growth | 14.5% | 4.2% | 11.5% | -1.9% | 4.0% | 8.1% | -3.7% | 2.2% |
| Loss and loss adjustment expenses | 2,300.2 | 1,065.1 | 977.8 | 765.0 | 776.8 | 999.4 | 1,244.4 | 987.6 |
| Policy acquisition costs | 471.6 | 449.5 | 410.1 | 339.5 | 360.4 | 334.7 | 314.2 | 292.9 |
| Investment expenses | | | | | | 8.1 | 7.0 | 6.9 |
| Other operating expenses | 396.7 | 379.2 | 402.1 | 370.5 | 343.6 | 282.3 | 242.2 | 231.3 |
| General and administrative | 352.1 | 336.3 | 363.7 | 329.4 | 316.0 | 263.7 | 197.5 | 209.3 |
| Equity in earnings | | 0.0 | -3.9 | 4.3 | -0.5 | -12.6 | | |
| EBITA | -543.9 | 415.5 | 424.4 | 359.6 | 410.9 | 181.6 | -181.2 | 143.0 |
| EBITA margin | -19.4% | 17.0% | 18.1% | 17.1% | 19.2% | 8.8% | -9.5% | 7.2% |
| Amortization of intangibles | 8.3 | 5.7 | 5.7 | 4.5 | 4.2 | 10.2 | 4.2 | 4.2 |
| EBIT | -552.2 | 409.9 | 418.8 | 355.1 | 406.8 | 171.5 | -185.3 | 138.8 |
| EBIT margin | -19.7% | 16.8% | 17.9% | 16.9% | 19.0% | 8.3% | -9.7% | 7.0% |
| Interest income, net [+] | 119.3 | 91.9 | 53.1 | 31.8 | 28.1 | 54.1 | 57.5 | 78.2 |
| Interest expense | 58.5 | 58.5 | 74.7 | 68.3 | 68.0 | 53.9 | 54.8 | 55.9 |
| Interest income | 177.9 | 150.4 | 127.8 | 100.1 | 96.1 | 107.9 | 112.3 | 134.1 |
| Other income (expense), net | | | | 35.0 | 95.0 | | | |
| Pre-tax income | -429.4 | 490.9 | 480.6 | 559.3 | 595.0 | 382.5 | 43.9 | 405.7 |
| Income taxes | 7.6 | 19.7 | -6.4 | -0.2 | -0.4 | -2.5 | 0.8 | 3.1 |
| Tax rate | | 4.0% | | | | | 1.9% | 0.8% |
| Minority interest | -357.3 | 123.4 | 93.0 | 74.9 | 62.5 | -15.8 | 21.8 | |
| Net income | -63.5 | 359.4 | 374.9 | 480.0 | 532.7 | 408.4 | 21.3 | 402.6 |
| Net margin | -2.3% | 14.7% | 16.0% | 22.8% | 24.8% | 19.8% | 1.1% | 20.3% |
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| Basic EPS | ($0.80) | $4.43 | $4.51 | $5.31 | $5.21 | $4.20 | $0.22 | $3.47 |
| Diluted EPS | ($0.80) | $4.36 | $4.34 | $5.07 | $5.12 | $3.99 | $0.21 | $3.34 |
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| Shares outstanding (basic) | 79.1 | 81.0 | 83.1 | 90.4 | 102.2 | 97.2 | 98.6 | 116.0 |
| Shares outstanding (diluted) | 79.1 | 82.4 | 86.4 | 94.7 | 104.0 | 102.4 | 100.9 | 120.6 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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