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Consolidated Statement of Earnings (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues:    
Property and casualty insurance net earned premiums $ 1,209 $ 1,173
Net investment income 544 [1] 542
Realized gains (losses) on securities (551) 184
Income (loss) of managed investment entities:    
Investment income 59 69
Gain (loss) on change in fair value of assets/liabilities (43) 0
Other income 57 56
Total revenues 1,275 2,024
Costs and Expenses:    
Losses and loss adjustment expenses 707 692
Commissions and other underwriting expenses 420 399
Annuity benefits 276 311
Annuity and supplemental insurance acquisition expenses 113 28
Interest charges on borrowed money 17 16
Expenses of managed investment entities 48 55
Other expenses 82 110
Total costs and expenses 1,663 1,611
Earnings (loss) before income taxes (388) 413
Provision (credit) for income taxes (84) 87
Net earnings (loss), including noncontrolling interests (304) 326
Less: Net earnings (loss) attributable to noncontrolling interests (3) (3)
Net Earnings (Loss) Attributable to Shareholders $ (301) $ 329
Earnings (Loss) Attributable to Shareholders per Common Share:    
Basic (USD per share) $ (3.34) $ 3.68
Diluted (USD per share) $ (3.34) $ 3.63
Average number of Common Shares:    
Basic (shares) 90.3 89.4
Diluted (shares) 90.3 90.7
Supplemental disclosure of Realized gains on securities:    
Realized gains (losses) before impairments $ (505) $ 186
Losses on securities with impairment (69) (2)
Non-credit portion recognized in other comprehensive income (loss) 23 0
Impairment charges recognized in earnings (46) (2)
Total realized gains (losses) on securities $ (551) $ 184
[1]
Net investment income in the first three months of 2020 includes a loss of $6 million on investments held by the companies that comprise the Neon exited lines due primarily to the $7 million loss recorded on equity securities that are carried at fair value through net investment income.