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Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Net premiums written $ 8,343 $ 8,015 $ 15,656 $ 15,119
Increase in unearned premiums (452) (351) (628) (428)
Net premiums earned 7,891 7,664 15,028 14,691
Net investment income 859 828 1,695 1,634
Net realized gains (losses):        
Other-than-temporary impairment (OTTI) losses gross (14) (4) (27) (5)
Portion of OTTI losses recognized in other comprehensive income (OCI) 1 0 1 0
Net OTTI losses recognized in income (13) (4) (26) (5)
Net realized gains (losses) excluding OTTI losses (210) 22 (294) 21
Net Realized Gains Losses (223) 18 (320) 16
Total revenues 8,527 8,510 16,403 16,341
Expenses        
Losses and loss expenses 4,715 4,487 8,813 8,589
Policy benefits 161 150 357 301
Policy acquisition costs 1,544 1,464 3,008 2,928
Administrative expenses 758 747 1,468 1,439
Interest expense 140 167 280 324
Other (income) expense (230) (115) (269) (162)
Amortization of purchased intangibles 77 85 153 170
Chubb integration expenses 4 13 7 23
Total expenses 7,169 6,998 13,817 13,612
Income before income tax 1,358 1,512 2,586 2,729
Income tax expense (benefit) (includes $4, $(12), $(2) and $(15) on reclassified unrealized gains and losses) 208 218 396 353
Net income 1,150 1,294 2,190 2,376
Other comprehensive income (loss)        
Unrealized appreciation (depreciation) 1,252 (578) 3,097 (1,812)
Reclassification adjustment for net realized (gains) losses included in net income (12) 81 32 104
Unrealized appreciation (Depreciation) after reclassification adjustment 1,240 (497) 3,129 (1,708)
Change in:        
Cumulative foreign currency translation adjustment (97) (574) 50 (177)
Postretirement benefit liability adjustment (18) (17) (45) (40)
Other comprehensive income (loss), before income tax 1,125 (1,088) 3,134 (1,925)
Income tax (expense) benefit related to OCI items (216) 71 (547) 279
Other comprehensive income (loss) 909 (1,017) 2,587 (1,646)
Comprehensive income $ 2,059 $ 277 $ 4,777 $ 730
Earnings per share        
Basic earnings per share $ 2.52 $ 2.78 $ 4.78 $ 5.10
Diluted earnings per share $ 2.50 $ 2.76 $ 4.75 $ 5.07