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Consolidated Statements of Comprehensive Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Net premiums earned $ 12,147.9 $ 10,982.3 $ 23,950.8 $ 21,402.5
Investment income 292.4 210.7 534.6 430.9
Net realized gains (losses) on securities:        
Net realized gains (losses) on security sales 546.6 410.1 492.1 553.9
Net holding period gains (losses) on securities (1,722.2) 54.2 (2,110.8) 495.7
Net impairment losses recognized in earnings (2.1) (2.5) (4.3) (2.5)
Total net realized gains (losses) on securities (1,177.7) 461.8 (1,623.0) 1,047.1
Fees and other revenues 176.5 176.2 350.5 341.9
Service revenues 80.1 74.5 147.8 128.3
Total revenues 11,519.2 11,905.5 23,360.7 23,350.7
Expenses        
Losses and loss adjustment expenses 9,421.1 8,406.4 18,279.5 15,516.9
Policy acquisition costs 933.6 928.8 1,897.0 1,803.2
Other underwriting expenses 1,431.2 1,440.5 2,937.5 2,921.6
Investment expenses 5.9 6.3 11.6 11.9
Service expenses 75.5 67.9 138.7 117.2
Interest expense 63.0 56.4 117.3 112.8
Goodwill impairment [1] 224.8 0.0 224.8 0.0
Total expenses 12,155.1 10,906.3 23,606.4 20,483.6
Net Income (Loss)        
Income (loss) before income taxes (635.9) 999.2 (245.7) 2,867.1
Provision (benefit) for income taxes (93.0) 209.1 (16.7) 597.0
Net income (loss) (542.9) 790.1 (229.0) 2,270.1
Other Comprehensive Income (Loss)        
Total net unrealized gains (losses) on fixed-maturity securities (822.8) 91.1 (2,249.7) (448.5)
Net unrealized losses on forecasted transactions 0.0 0.3 0.2 0.5
Foreign currency translation adjustment (0.4) (0.5) (0.2) (0.5)
Other comprehensive income (loss) (823.2) 90.9 (2,249.7) (448.5)
Comprehensive income (loss) (1,366.1) 881.0 (2,478.7) 1,821.6
Computation of Earnings Per Common Share        
Net income (loss) (542.9) 790.1 (229.0) 2,270.1
Less: Preferred share dividends 6.7 6.7 13.4 13.4
Net income (loss) available to common shareholders $ (549.6) $ 783.4 $ (242.4) $ 2,256.7
Average common shares outstanding - Basic 584.3 584.6 584.3 584.7
Net effect of dilutive stock-based compensation 2.2 2.2 2.1 2.1
Total average equivalent common shares - Diluted 586.5 586.8 586.4 586.8
Basic: Earnings per common share $ (0.94) $ 1.34 $ (0.41) $ 3.86
Diluted: Earnings per common share $ (0.94) $ 1.34 $ (0.41) $ 3.85
[1] See Note 12 – Goodwill and Intangible Assets for further discussion.