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Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Net premiums written $ 7,581 $ 7,639 $ 14,291 $ 13,634
Decrease (increase) in unearned premiums (344) (234) (282) 368
Net premiums earned 7,237 7,405 14,009 14,002
Net investment income 770 708 1,515 1,382
Net Realized Gains Losses [Abstract]        
Other-than-temporary impairment (OTTI) losses gross (9) (16) (28) (87)
Portion of OTTI losses recognized in other comprehensive income (OCI) 1 0 1 8
Net OTTI losses recognized in income (8) (16) (27) (79)
Net realized gains (losses) excluding OTTI losses 109 (200) 121 (531)
Total net realized gains (losses) (includes $25, $2, $17, and $(150) reclassified from AOCI) 101 (216) 94 (610)
Total revenues 8,108 7,897 15,618 14,774
Expenses        
Losses and loss expenses 4,146 4,254 7,935 7,928
Policy benefits 163 146 331 272
Policy acquisition costs 1,449 1,560 2,846 2,973
Administrative expenses 706 829 1,382 1,601
Interest expense 147 153 301 299
Other (income) expense (145) (29) (215) (1)
Amortization of purchased intangibles 65 5 129 12
Chubb integration expenses 72 98 183 246
Total expenses 6,603 7,016 12,892 13,330
Income before income tax 1,505 881 2,726 1,444
Income tax expense (includes $9, $6, $3 and $5 on reclassified unrealized gains and losses) 200 155 328 279
Net income 1,305 726 2,398 1,165
Other comprehensive income        
Unrealized appreciation 459 947 766 1,852
Reclassification adjustment for net realized (gains) losses included in net income (25) (2) (17) 150
Unrealized appreciation (Depreciation) after reclassification adjustment 434 945 749 2,002
Change in:        
Cumulative foreign currency translation adjustment 102 81 236 393
Postretirement benefit liability adjustment (35) 1 (55) 3
Other comprehensive income, before income tax 501 1,027 930 2,398
Income tax expense related to OCI items (131) (213) (246) (482)
Other comprehensive income 370 814 684 1,916
Comprehensive income $ 1,675 $ 1,540 $ 3,082 $ 3,081
Earnings per share        
Basic earnings per share $ 2.79 $ 1.55 $ 5.12 $ 2.55
Diluted earnings per share $ 2.77 $ 1.54 $ 5.08 $ 2.53