The variance is explained by a primarily non cash income tax expense of $ 8.1 million in the current period compared to an income tax recovery of $ 6.5 million last year. (goodereader.com)
Adjusted income tax expense includes the tax impact of the non-GAAP adjustments and is calculated using our statutory tax rate in the jurisdiction in which the costs were incurred. (cnbc.com)
However, income tax expenses at the firm fell 21.3 percent, primarily driven by lower U.S. corporate income tax rate, while underwriting gains rose 22.3 percent to $ 258 million. (cnbc.com)