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Consolidated Statements Of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Net premiums written $ 11,951 $ 10,293 $ 22,661 $ 19,482
Increase in unearned premiums (952) (744) (1,520) (1,196)
Net premiums earned 10,999 9,549 21,141 18,286
Net investment income 1,145 888 2,252 1,710
Net realized gains (losses) (304) (503) (381) (480)
Market risk benefits gains (losses) (7) (33) (122) 16
Total revenues 11,833 9,901 22,890 19,532
Expenses        
Losses and loss expenses 5,683 5,206 10,831 9,770
Policy benefits (includes remeasurement losses of $5, nil, $4, and $6) 830 361 1,627 734
Policy acquisition costs 2,016 1,726 3,964 3,445
Administrative expenses 969 818 1,899 1,596
Interest expense 165 134 325 266
Other (income) expense (100) 101 (396) (211)
Amortization of purchased intangibles 70 71 142 142
Cigna integration expenses 15 3 37 3
Total expenses 9,648 8,420 18,429 15,745
Income before income tax 2,185 1,481 4,461 3,787
Income tax expense 392 291 776 644
Net income 1,793 1,190 3,685 3,143
Other comprehensive income (loss):        
Change in unrealized depreciation (1,194) (4,344) 592 (8,996)
Current discount rate on future policy benefits (35) 632 (186) 1,067
Instrument-specific credit risk on market risk benefits 11 17 8 40
Cumulative foreign currency translation adjustment 215 (756) 38 (689)
Other, including postretirement benefit liability adjustment 48 5 15 24
Other comprehensive income (loss), before income tax (955) (4,446) 467 (8,554)
Income tax (expense) benefit related to OCI items 28 183 (104) 962
Other comprehensive income (loss) (927) (4,263) 363 (7,592)
Comprehensive income (loss) $ 866 $ (3,073) $ 4,048 $ (4,449)
Earnings per share        
Basic earnings per share $ 4.35 $ 2.82 $ 8.92 $ 7.42
Diluted earnings per share $ 4.32 $ 2.80 $ 8.84 $ 7.35