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Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Net premiums written $ 9,078 $ 8,622 $ 25,410 $ 24,278
Increase in unearned premiums (313) (295) (723) (923)
Net premiums earned 8,765 8,327 24,687 23,355
Net investment income 840 873 2,528 2,568
Net realized gains (losses):        
Other-than-temporary impairment (OTTI) losses gross 0 (54) 0 (81)
Portion of OTTI losses recognized in other comprehensive income (OCI) 0 30 0 31
Net OTTI losses recognized in income 0 (24) 0 (50)
Net realized gains (losses) excluding OTTI losses (141) (131) (1,069) (425)
Net gains (losses) recognized during the period (141) (155) (1,069) (475)
Total revenues 9,464 9,045 26,146 25,448
Expenses        
Losses and loss expenses 5,835 5,052 16,897 13,865
Policy benefits 198 158 550 515
Policy acquisition costs 1,645 1,603 4,853 4,611
Administrative expenses 733 752 2,201 2,220
Interest expense 130 138 390 418
Other (income) expense (485) (57) (372) (326)
Amortization of purchased intangibles 72 76 217 229
Chubb integration expenses 0 2 0 9
Total expenses 8,128 7,724 24,736 21,541
Income before income tax 1,336 1,321 1,410 3,907
Income tax expense (includes $7, nil, $(35), and $(2) on reclassified unrealized gains and losses) 142 230 295 626
Net income 1,194 1,091 1,115 3,281
Other comprehensive income        
Unrealized appreciation 687 694 1,456 3,791
Reclassification adjustment for net realized (gains) losses included in net income (49) 11 303 43
Unrealized appreciation (Depreciation) after reclassification adjustment 638 705 1,759 3,834
Change in:        
Cumulative foreign currency translation adjustment 246 (193) (168) (143)
Postretirement benefit liability adjustment (23) (17) (59) (62)
Other comprehensive income, before income tax 861 495 1,532 3,629
Income tax expense related to OCI items (103) (113) (295) (660)
Other comprehensive income 758 382 1,237 2,969
Comprehensive income $ 1,952 $ 1,473 $ 2,352 $ 6,250
Earnings per share        
Basic earnings per share $ 2.64 $ 2.40 $ 2.47 $ 7.18
Diluted earnings per share $ 2.63 $ 2.38 $ 2.46 $ 7.13
Total net realized gains (losses) reclassified from AOCI $ 49 $ (11) $ (303) $ (43)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax 7 0 (35) (2)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]        
Earnings per share        
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax $ 7 $ 0 $ (35) $ (2)