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Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues        
Net premiums written $ 7,639 $ 4,784 $ 13,634 $ 8,860
Decrease (increase) in unearned premiums (234) (424) 368 (573)
Net premiums earned 7,405 4,360 14,002 8,287
Net investment income 708 562 1,382 1,113
Net realized gains (losses):        
Other-than-temporary impairment (OTTI) losses gross (16) (14) (87) (27)
Portion of OTTI losses recognized in other comprehensive income (OCI) 0 6 8 6
Net OTTI losses recognized in income (16) (8) (79) (21)
Net realized gains (losses) excluding OTTI losses (200) 134 (531) 58
Total net realized gains (losses) (includes $2, $34, $(150), and $31 reclassified from AOCI) (216) 126 (610) 37
Total revenues 7,897 5,048 14,774 9,437
Expenses        
Losses and loss expenses 4,254 2,417 7,928 4,539
Policy benefits 146 153 272 295
Policy acquisition costs 1,560 727 2,973 1,434
Administrative expenses 829 578 1,601 1,132
Interest expense 153 71 299 139
Other (income) expense (29) (38) (1) (73)
Amortization of purchased intangibles 5 55 12 85
Chubb integration expenses 98 0 246 0
Total expenses 7,016 3,963 13,330 7,551
Income before income tax 881 1,085 1,444 1,886
Income tax expense (includes $6, $10, $5 and $14 on reclassified unrealized gains and losses) 155 143 279 263
Net income 726 942 1,165 1,623
Other comprehensive income (loss)        
Unrealized appreciation (depreciation) 947 (816) 1,852 (375)
Reclassification adjustment for net realized (gains) losses included in net income (2) (34) 150 (31)
Unrealized appreciation (Depreciation) after reclassification adjustment 945 (850) 2,002 (406)
Change in:        
Cumulative translation adjustment 81 136 393 (285)
Pension liability 1 (6) 3 7
Other comprehensive income (loss), before income tax 1,027 (720) 2,398 (684)
Income tax (expense) benefit related to OCI items (213) 175 (482) 100
Other comprehensive income (loss) 814 (545) 1,916 (584)
Comprehensive income $ 1,540 $ 397 $ 3,081 $ 1,039
Earnings per share        
Basic earnings per share $ 1.55 $ 2.89 $ 2.55 $ 4.97
Diluted earnings per share $ 1.54 $ 2.86 $ 2.53 $ 4.91