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Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues      
Property and casualty insurance premiums (net of reinsurance ceded and indemnification programs of $1,141, $1,122 and $1,016) $ 39,517 $ 38,577 $ 36,513
Net investment income 2,853 3,159 3,240
Realized capital gains (losses) 1,356 1,885 (877)
Total revenues 44,791 44,675 39,815
Costs and expenses      
Property and casualty insurance claims and claims expense (net of reinsurance ceded and indemnification programs of $530, $524 and $1,378) 22,001 23,976 22,778
Shelter-in-Place Payback expense 948 0 0
Life contract benefits (net of reinsurance ceded of $155, $165 and $240) 2,243 2,039 1,973
Interest credited to contractholder funds (net of reinsurance ceded of $27, $20 and $24) 638 640 654
Amortization of deferred policy acquisition costs 5,630 5,533 5,222
Operating costs and expenses 5,732 5,690 5,594
Pension and other postretirement remeasurement (gains) losses (51) 114 468
Restructuring and related charges 259 41 67
Amortization of purchased intangibles 118 126 105
Impairment of purchased intangibles 0 106 0
Interest expense 318 327 332
Total costs and expenses 37,836 38,592 37,193
Gain on disposition of operations 4 6 6
Income from operations before income tax expense 6,959 6,089 2,628
Income tax expense 1,383 1,242 468
Net income 5,576 4,847 2,160
Preferred stock dividends 115 169 148
Net income applicable to common shareholders $ 5,461 $ 4,678 $ 2,012
Earnings per common share:      
Net income applicable to common shareholders earnings per common share - Basic (in dollars per share) $ 17.53 $ 14.25 $ 5.78
Weighted average common shares - Basic (in shares) 311.6 328.2 347.8
Net income applicable to common shareholders earnings per common share - Diluted (in dollars per share) $ 17.31 $ 14.03 $ 5.70
Weighted average common shares - Diluted (in shares) 315.5 333.5 353.2
Property and casualty insurance premiums      
Revenues      
Property and casualty insurance premiums (net of reinsurance ceded and indemnification programs of $1,141, $1,122 and $1,016) $ 37,073 $ 36,076 $ 34,048
Life insurance      
Revenues      
Property and casualty insurance premiums (net of reinsurance ceded and indemnification programs of $1,141, $1,122 and $1,016) 1,516 1,512 1,482
Insurance premiums, commissions and fees 2,444 2,501 2,465
Other revenue      
Revenues      
Insurance premiums, commissions and fees $ 1,065 $ 1,054 $ 939