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Consolidated Statement of Earnings - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues:      
Property and casualty insurance net earned premiums $ 4,865 $ 4,579 $ 4,328
Life, accident and health net earned premiums 24 22 24
Net investment income 2,094 1,831 1,696
Realized gains (losses) on:      
Securities (266) 5 19
Subsidiaries 0 0 2
Income (loss) of managed investment entities:      
Investment income 255 210 190
Gain (loss) on change in fair value of assets/liabilities (21) 12 15
Other income 199 206 224
Total revenues 7,150 6,865 6,498
Costs and Expenses:      
Property and casualty insurance: Losses and loss adjustment expenses 3,003 2,955 2,762
Property and casualty insurance: Commissions and other underwriting expenses 1,583 1,407 1,349
Annuity benefits 998 892 800
Life, accident and health benefits 40 26 33
Annuity and supplemental insurance acquisition expenses 261 173 186
Interest charges on borrowed money 62 85 77
Expenses of managed investment entities 211 181 151
Other expenses 353 422 353
Total costs and expenses 6,511 6,141 5,711
Earnings before income taxes 639 724 787
Provision for income taxes 122 247 119
Net earnings, including noncontrolling interests 517 477 668
Less: Net earnings (losses) attributable to noncontrolling interests (13) 2 19
Net Earnings Attributable to Shareholders $ 530 $ 475 $ 649
Earnings Attributable to Shareholders per Common Share:      
Basic (USD per share) $ 5.95 $ 5.40 $ 7.47
Diluted (USD per share) $ 5.85 $ 5.28 $ 7.33
Average number of Common Shares:      
Basic (shares) 89.0 87.8 86.9
Diluted (shares) 90.6 89.8 88.5
Supplemental disclosure of Realized gains (losses) on securities:      
Realized gains (losses) before impairments $ (247) $ 78 $ 135
Losses on securities with impairment (19) (74) (115)
Non-credit portion recognized in other comprehensive income (loss) 0 1 (1)
Impairment charges recognized in earnings (19) (73) (116)
Total realized gains (losses) on securities $ (266) $ 5 $ 19