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Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues      
Net premiums written $ 32,275 $ 30,579 $ 29,244
Increase in unearned premiums (985) (515) (210)
Net premiums earned 31,290 30,064 29,034
Net investment income 3,426 3,305 3,125
Net realized gains (losses):      
Other-than-temporary impairment (OTTI) losses gross (90) (52) (46)
Portion of OTTI losses recognized in other comprehensive income (OCI) 32 3 1
Net OTTI losses recognized in income (58) (49) (45)
Net realized, Gain (Loss), Excluding Other-than-temporary Impairment Loss (472) (603) 129
Total net realized gains (losses) (includes $(31), $(302), and $(15) reclassified from AOCI) (530) (652) 84
Total revenues 34,186 32,717 32,243
Expenses      
Losses and loss expenses 18,730 18,067 18,454
Policy benefits 740 590 676
Policy Acquisition Costs 6,153 5,912 5,781
Administrative expenses 3,030 2,886 2,833
Interest expense 552 641 607
Other (income) expense (596) (434) (400)
Amortization of Purchased Intangibles 305 339 260
Chubb integration expenses 23 59 310
Total expenses 28,937 28,060 28,521
Income before income tax 5,249 4,657 3,722
Income tax expense (benefit) (includes nil, $(41), and $(13) on reclassified unrealized gains and losses) 795 695 (139)
Net income 4,454 3,962 3,861
Other comprehensive income (loss)      
Unrealized appreciation (depreciation) 3,704 (2,298) 618
Reclassification adjustment for net realized (gains) losses included in net income 31 302 15
Other comprehensive income (loss) after reclassification for net realized gains included in net income 3,735 (1,996) 633
Change in:      
Cumulative foreign currency translation adjustment 13 (802) 471
Postretirement benefit liability adjustment (76) (321) (16)
Other comprehensive income (loss), before income tax 3,672 (3,119) 1,088
Income tax (expense) benefit related to OCI items (605) 399 (231)
Other comprehensive income (loss) 3,067 (2,720) 857
Comprehensive income $ 7,521 $ 1,242 $ 4,718
Earnings per share      
Basic earnings per share $ 9.77 $ 8.55 $ 8.26
Diluted earnings per share $ 9.71 $ 8.49 $ 8.19