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Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues        
Net premiums written $ 8,110 $ 7,902 $ 23,229 $ 22,193
Increase in unearned premiums (202) (95) (630) (377)
Net premiums earned 7,908 7,807 22,599 21,816
Net investment income 823 813 2,457 2,328
Net realized gains (losses):        
Other-than-temporary impairment (OTTI) losses gross (14) (8) (19) (36)
OTTI on fixed maturities recognized in OCI (pre-tax) 3 0 3 1
Net OTTI losses recognized in income (11) (8) (16) (35)
Net realized gains (losses) excluding OTTI losses 30 (2) 51 119
Total net realized gains (losses) (includes $(38), $10, $(142) and $27 reclassified from AOCI) 19 (10) 35 84
Total revenues 8,750 8,610 25,091 24,228
Expenses        
Losses and loss expenses 4,868 6,247 13,457 14,182
Policy benefits 127 169 428 500
Policy acquisition costs 1,504 1,488 4,432 4,334
Administrative expenses 719 714 2,158 2,096
Interest expense 164 150 488 451
Other (income) expense (145) (118) (307) (333)
Amortization of purchased intangibles 83 65 253 194
Chubb integration expenses 16 50 39 233
Total expenses 7,336 8,765 20,948 21,657
Income (loss) before income tax 1,414 (155) 4,143 2,571
Income tax expense (benefit) (includes $(4), nil, $(19) and $3 on reclassified unrealized gains and losses) 183 (85) 536 243
Net income (loss) 1,231 (70) 3,607 2,328
Other comprehensive income (loss)        
Unrealized appreciation (depreciation) (251) 153 (2,063) 919
Reclassification adjustment for net realized (gains) losses included in net income 38 (10) 142 (27)
Unrealized appreciation (Depreciation) after reclassification adjustment (213) 143 (1,921) 892
Change in:        
Cumulative foreign currency translation adjustment (482) 665 (659) 901
Postretirement benefit liability adjustment (21) (63) (61) (118)
Other comprehensive income (loss), before income tax (716) 745 (2,641) 1,675
Income tax (expense) benefit related to OCI items 77 (46) 356 (292)
Other comprehensive income (loss) (639) 699 (2,285) 1,383
Comprehensive income $ 592 $ 629 $ 1,322 $ 3,711
Earnings (loss) per share        
Basic earnings (loss) per share $ 2.66 $ (0.15) $ 7.76 $ 4.98
Diluted earnings (loss) per share $ 2.64 $ (0.15) $ 7.71 $ 4.94