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Financial Highlights

(excluding MYA, in millions of Canadian dollars, except as noted)
Consolidated Performance 2016 2015 2014 2013 2012
Written insured risks (thousands) 7,697 7,419 7,062 7,115 6,729
Direct premiums written 8,293 7,922 7,461 7,345 6,854
Net premiums earned 7,946 7,535 7,207 7,014 6,571
Combined ratio 95.3% 91.7% 92.8% 98.0% 93.1%
Underwriting income 375 628 519 142 451
Net investment income 414 424 427 406 389
Net distribution income 111 104 75 75 83
Net operating income 660 860 767 500 675
Net investment gains (losses) (72) (64) 174 (83) 37
Net income 541 706 782 431 571
Net operating income per share ($) 4.88 6.38 5.67 3.62 5.00
Earnings per share ($) 3.97 5.20 5.79 3.10 4.20
Book value per share ($) 42.72 39.83 37.75 33.94 33.03
Operating return on equity 12.0% 16.6% 16.3% 11.2% 16.8%
Adjusted return on equity 11.0% 14.3% 16.8% 10.3% 16.1%