While we believe the estimates and assumptions used in determining the fair value of our operating units were reasonable, actual results could vary materially. If our actual results are not consistent with our estimates and assumptions used to calculate fair value, we may be required to perform the second step of impairment testing prescribed by ASC 350 in future periods and impairment of goodwill could result. We cannot predict future events that might impact the fair value of our operating units and goodwill impairment. Such events include, but are not limited to, increased competition in insurance markets and global economic changes.
We reported a net loss of $11.6 million for the year ended December 31, 2017, as compared to net income of $6.5 million for the year ended December 31, 2016. On a diluted per share basis, net loss was $0.63 per share for fiscal 2017 as compared to net income of $0.34 per share for fiscal 2016. Net loss for the year ended December 31, 2017 included a charge of $1.3 million from the revaluation of deferred tax balances from a 35% statutory tax rate to the new 21% statutory tax rate under the Tax Cuts and Jobs Act of 2017.
Our Standard Commercial Segment reported pre-tax income of $2.4 million for the year ended December 31, 2017 was $6.5 million lower than the $8.9 million reported for the same period of 2016. Higher loss and LAE of $4.1 million was the primary driver for the lower pre-tax income, as well as higher operating expenses of $0.7 million and the decreased revenue discussed above.
Our Personal Segment reported a pre-tax loss of $3.1 million for the year ended December 31, 2017 as compared to pre-tax loss of $6.8 million for the same period of 2016. The lower pre-tax loss was the result of decreased losses and LAE of $13.3 million, partially offset by higher operating expenses of $0.2 million and the decreased revenue discussed above.
Corporate pre-tax loss of $18.0 million for the year ended December 31, 2017 was unchanged from the same period of 2016. The pre-tax loss was primarily due to the decreased revenue discussed above, partially offset by lower operating expenses of $1.5 million. The lower operating expenses of $1.5 million were primarily a result of an additional $1.8 million earn-out payment in 2016 related to the previous acquisition of TBIC and lower salary and related expenses of $0.2 million for the year ended December 31, 2017 as compared to the same period during 2016, partially offset by higher professional service fees of $0.2 million and other operating expenses of $0.3 million.
Comparison of Years ended December 31, 2016 and December 31, 2015
This increase in revenue was primarily attributable to higher net premiums earned, higher net investment income and higher commission and fee revenue, and lower other-than-temporary impairments on our investment portfolio, partially offset by lower realized gains recognized on our investment portfolio during fiscal 2016 as compared to fiscal 2015 and lower finance charges.
Cash used in investing activities during the year ended December 31, 2017 was $16.8 million as compared to $58.2 million for the prior year. The decrease in cash used by investing activities during the year ended December 31, 2017 was comprised of an increase of $100.9 million in maturities, sales and redemptions of investment securities, a decrease in purchases of property and equipment of $1.6 million and an increase in transfers from restricted cash of $3.5 million, partially offset by an increase in purchases of debt and equity securities of $64.6 million.
Based on 2018 budgeted and year-to-date cash flow information, we believe that we have sufficient liquidity to meet our projected insurance obligations, operational expenses and capital expenditure requirements for the next 12 months.