COMPREHENSIVE NET INCOME (LOSS), NET INCOME (LOSS)
AND OPERATING INCOME NGM

(in millions, except per share amounts)
(unaudited)
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Year Ended December 31,

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2009
      
2008
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Comprehensive net income (loss) attributable
to OneBeacon’s shareholders
Adjusting items (1)
Adjusted comprehensive net income (loss) NGM

$

$
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360.8
-
$360.8
  

$

$
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(408.2)
29.4
(378.8)
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Net income (loss) attributable to OneBeacon’s shareholders
Adjusting items (1)
Adjusted net income NGM
$

$
  
342.0
-
342.0
  
$

$
 
(382.7)
29.4
(353.3)
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Net income (loss) attributable to OneBeacon’s shareholders
Less:
Net realized and unrealized investment gains and losses
Tax effect on net realized and unrealized investment gains and losses
Operating income NGM
Adjusting items (1)
Adjusted operating income NGM
$
  

342.0

(248.6)
87.0
180.4
-
180.4

 

$



$

$

 
(382.7)

763.6
(267.2)
113.7
29.4
143.1
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(1) Adjusted to exclude the impact of economically defeasing the company’s mandatorily redeemable preferred stock, which was redeemed in May 2008, as illustrated below.
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Adjusting items:
Dividends on preferred stock
Accretion on preferred stock
Earnings on defeasance, net of tax
Total adjusting items
$


$
  
-
-
-
-
  
$


$
  
11.8
21.6
(4.0)
29.4