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Consolidated Statement of Earnings (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Property and casualty insurance net earned premiums $ 1,184 $ 1,200 $ 2,393 $ 2,373
Net investment income 468 [1] 580 1,012 [1] 1,122
Realized gains (losses) on securities 204 56 (347) 240
Income (loss) of managed investment entities:        
Investment income 49 70 108 139
Loss on change in fair value of assets/liabilities (5) (2) (48) (2)
Other income 51 56 108 112
Total revenues 1,951 1,960 3,226 3,984
Costs and Expenses:        
Losses and loss adjustment expenses 771 723 1,478 1,415
Commissions and other underwriting expenses 409 426 829 825
Annuity benefits 426 339 702 650
Annuity and supplemental insurance acquisition expenses (35) 33 78 61
Interest charges on borrowed money 23 17 40 33
Expenses of managed investment entities 38 59 86 114
Other expenses 101 104 183 214
Total costs and expenses 1,733 1,701 3,396 3,312
Earnings (loss) before income taxes 218 259 (170) 672
Provision (credit) for income taxes 51 50 (33) 137
Net earnings (loss), including noncontrolling interests 167 209 (137) 535
Less: Net earnings (loss) attributable to noncontrolling interests (10) (1) (13) (4)
Net Earnings (Loss) Attributable to Shareholders $ 177 $ 210 $ (124) $ 539
Earnings (Loss) Attributable to Shareholders per Common Share:        
Basic (USD per share) $ 1.98 $ 2.34 $ (1.38) $ 6.02
Diluted (USD per share) $ 1.97 $ 2.31 $ (1.38) $ 5.94
Average number of Common Shares:        
Basic (shares) 89.7 89.7 90.0 89.6
Diluted (shares) 90.0 91.0 90.0 90.8
[1] Net investment income in the second quarter and first six months of 2020 includes income of less than $1 million and losses of $6 million, respectively, on investments held by the companies that comprise the Neon exited lines due primarily to the $7 million loss in first quarter of 2020 recorded on equity securities that are carried at fair value through net investment income.