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Consolidated Statement of Earnings (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Property and casualty insurance net earned premiums $ 1,442 $ 1,327 $ 3,815 $ 3,595
Life, accident and health net earned premiums 6 6 17 18
Net investment income 588 527 1,710 1,552
Realized gains (losses) on securities (18) 34 222 (28)
Income (loss) of managed investment entities:        
Investment income 67 65 206 187
Gain (loss) on change in fair value of assets/liabilities (14) (5) (16) (10)
Other income 52 54 153 146
Total revenues 2,123 2,008 6,107 5,460
Costs and Expenses:        
Property and casualty insurance: Losses and loss adjustment expenses 944 872 2,359 2,206
Property and casualty insurance: Commissions and other underwriting expenses 450 424 1,275 1,205
Annuity benefits 250 222 900 664
Life, accident and health benefits 9 10 26 32
Annuity and supplemental insurance acquisition expenses 120 71 181 203
Interest charges on borrowed money 17 15 50 46
Expenses of managed investment entities 54 52 168 154
Other expenses 102 98 299 272
Total costs and expenses 1,946 1,764 5,258 4,782
Earnings before income taxes 177 244 849 678
Provision for income taxes 34 41 171 126
Net earnings, including noncontrolling interests 143 203 678 552
Less: Net earnings (losses) attributable to noncontrolling interests (4) (1) (8) (7)
Net Earnings Attributable to Shareholders $ 147 $ 204 $ 686 $ 559
Earnings Attributable to Shareholders per Common Share:        
Basic (USD per share) $ 1.64 $ 2.30 $ 7.65 $ 6.29
Diluted (USD per share) $ 1.62 $ 2.26 $ 7.55 $ 6.17
Average number of Common Shares:        
Basic (shares) 90.0 89.1 89.7 88.9
Diluted (shares) 91.1 90.7 90.9 90.6
Supplemental disclosure of Realized gains on securities:        
Realized gains (losses) before impairments $ (9) $ 36 $ 235 $ (25)
Losses on securities with impairment (9) (2) (13) (3)
Non-credit portion recognized in other comprehensive income (loss) 0 0 0 0
Impairment charges recognized in earnings (9) (2) (13) (3)
Total realized gains (losses) on securities $ (18) $ 34 $ 222 $ (28)