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Consolidated Statement of Earnings - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues:      
Property and casualty insurance net earned premiums $ 5,185 $ 4,865 $ 4,579
Life, accident and health net earned premiums 22 24 22
Net investment income 2,303 2,094 1,831
Realized gains (losses) on:      
Securities 287 (266) 5
Income (loss) of managed investment entities:      
Investment income 269 255 210
Gain (loss) on change in fair value of assets/liabilities (30) (21) 12
Other income 201 199 206
Total revenues 8,237 7,150 6,865
Costs and Expenses:      
Property and casualty insurance: Losses and loss adjustment expenses 3,271 3,003 2,955
Property and casualty insurance: Commissions and other underwriting expenses 1,725 1,583 1,407
Annuity benefits 1,151 998 892
Life, accident and health benefits 36 40 26
Annuity and supplemental insurance acquisition expenses 253 261 173
Interest charges on borrowed money 68 62 85
Expenses of managed investment entities 220 211 181
Other expenses 405 353 422
Total costs and expenses 7,129 6,511 6,141
Earnings before income taxes 1,108 639 724
Provision for income taxes 239 122 247
Net earnings, including noncontrolling interests 869 517 477
Less: Net earnings (losses) attributable to noncontrolling interests (28) (13) 2
Net Earnings Attributable to Shareholders $ 897 $ 530 $ 475
Earnings Attributable to Shareholders per Common Share:      
Basic (USD per share) $ 9.98 $ 5.95 $ 5.40
Diluted (USD per share) $ 9.85 $ 5.85 $ 5.28
Average number of Common Shares:      
Basic (shares) 89.9 89.0 87.8
Diluted (shares) 91.0 90.6 89.8
Supplemental disclosure of Realized gains (losses) on securities:      
Realized gains (losses) before impairments $ 306 $ (247) $ 78
Losses on securities with impairment (19) (19) (74)
Non-credit portion recognized in other comprehensive income (loss) 0 0 1
Impairment charges recognized in earnings (19) (19) (73)
Total realized gains (losses) on securities $ 287 $ (266) $ 5