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Tower Group International, Ltd. (TWGP)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-13 | Dec-31-12 | Dec-31-11 | Dec-31-10 | Dec-31-09 | Dec-31-08 | Dec-31-07 | Dec-31-06 |
| | 10-K | 10-K | 10-K | 10-K/A | 10-K/A | 10-K | 10-K | 10-K |
| Revenues: |
| Commercial Insurance | 967.4 | 1,117.7 | 1,071.2 | 977.0 | | | | |
| Personal Insurance | 522.7 | 529.1 | 531.3 | 361.2 | | | | |
| Reciprocal Exchanges | 190.2 | 204.7 | | | | | | |
| Assumed Reinsurance Segment | 116.4 | 120.0 | 35.9 | | | | | |
| Other | | | 137.4 | 124.1 | | | | |
| Total revenues | 1,742.0 | 1,922.9 | 1,775.8 | 1,462.3 | 980.7 | 484.4 | 411.6 | 299.3 |
| Revenue growth | -9.4% | 8.3% | 21.4% | 49.1% | 102.4% | 17.7% | 37.6% | 36.2% |
| Loss and loss adjustment expenses | 1,519.8 | 1,263.8 | 1,077.0 | 789.7 | 475.5 | 162.7 | 157.9 | 135.1 |
| Policy acquisition costs | | | | | 263.1 | | | |
| Investment expenses | 6.6 | 6.1 | 5.2 | 5.2 | 3.0 | | | |
| Other operating expenses | 1,134.9 | 681.4 | 589.8 | 494.9 | 83.1 | 223.7 | 182.5 | 107.7 |
| Equity in earnings | 7.0 | -1.5 | | | -0.8 | 0.3 | 2.4 | 0.9 |
| EBITDA | -1,491.9 | -219.1 | -77.9 | 18.0 | 51.3 | 109.7 | 77.3 | 49.2 |
| EBITDA margin | -85.6% | -11.4% | -4.4% | 1.2% | 5.2% | 22.7% | 18.8% | 16.4% |
| Depreciation | 29.7 | 33.6 | 30.9 | 21.6 | 19.3 | 11.7 | 8.7 | 5.2 |
| EBIT | -1,521.6 | -252.8 | -108.8 | -3.6 | 31.9 | 98.0 | 68.5 | 43.9 |
| EBIT margin | -87.3% | -13.1% | -6.1% | -0.2% | 3.3% | 20.2% | 16.6% | 14.7% |
| Interest income, net [+] | 82.2 | 100.6 | 97.4 | 88.2 | 60.3 | -8.4 | 0.0 | 0.0 |
| Interest expense | 33.6 | 32.6 | 34.3 | 24.2 | 17.6 | 8.4 | | |
| Interest income | 115.8 | 133.2 | 131.7 | 112.4 | 77.9 | | | |
| Other income (expense), net | 43.5 | 35.1 | 12.6 | 17.7 | 25.0 | | | |
| Pre-tax income | -952.9 | -61.0 | 69.5 | 148.3 | 138.4 | 89.6 | 71.2 | 56.4 |
| Income taxes | 8.4 | -29.1 | 14.1 | 49.6 | 43.7 | 32.1 | 26.2 | 19.7 |
| Tax rate | | 47.7% | 20.2% | 33.4% | 31.5% | 35.8% | 36.7% | 34.9% |
| Minority interest | -18.7 | 2.3 | 11.0 | -6.1 | | | | |
| Net income | -942.9 | -34.9 | 43.4 | 103.4 | 94.7 | 57.5 | 45.1 | 36.8 |
| Net margin | -54.1% | -1.8% | 2.4% | 7.1% | 9.7% | 11.9% | 11.0% | 12.3% |
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| Basic EPS | ($17.37) | ($0.81) | $0.96 | $2.13 | $2.41 | $2.47 | $1.97 | $1.86 |
| Diluted EPS | ($17.37) | ($0.81) | $0.96 | $2.12 | $2.39 | $2.45 | $1.95 | $1.82 |
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| Shares outstanding (basic) | 54.3 | 42.9 | 45.2 | 48.6 | 39.4 | 23.3 | 22.9 | 19.8 |
| Shares outstanding (diluted) | 54.3 | 42.9 | 45.3 | 48.8 | 39.6 | 23.5 | 23.1 | 20.1 |
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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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