XML 60 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Net premiums written $ 8,622 $ 8,110 $ 24,278 $ 23,229
Increase in unearned premiums (295) (202) (923) (630)
Net premiums earned 8,327 7,908 23,355 22,599
Net investment income 873 823 2,568 2,457
Net realized gains (losses):        
Other-than-temporary impairment (OTTI) losses gross (54) (14) (81) (19)
Portion of OTTI losses recognized in other comprehensive income (OCI) 30 3 31 3
Net OTTI losses recognized in income (24) (11) (50) (16)
Net realized gains (losses) excluding OTTI losses (131) 30 (425) 51
Net Realized Gains Losses (155) 19 (475) 35
Total revenues 9,045 8,750 25,448 25,091
Expenses        
Losses and loss expenses 5,052 4,868 13,865 13,457
Policy benefits 158 127 515 428
Policy acquisition costs 1,603 1,504 4,611 4,432
Administrative expenses 752 719 2,220 2,158
Interest expense 138 164 418 488
Other (income) expense (57) (145) (326) (307)
Amortization of purchased intangibles 76 83 229 253
Chubb integration expenses 2 16 9 39
Total expenses 7,724 7,336 21,541 20,948
Income before income tax 1,321 1,414 3,907 4,143
Income tax expense (benefit) (includes nil, $(4), $(2) and $(19) on reclassified unrealized gains and losses) 230 183 626 536
Net income 1,091 1,231 3,281 3,607
Other comprehensive income (loss)        
Unrealized appreciation (depreciation) 694 (251) 3,791 (2,063)
Reclassification adjustment for net realized (gains) losses included in net income 11 38 43 142
Unrealized appreciation (Depreciation) after reclassification adjustment 705 (213) 3,834 (1,921)
Change in:        
Cumulative foreign currency translation adjustment (193) (482) (143) (659)
Postretirement benefit liability adjustment (17) (21) (62) (61)
Other comprehensive income (loss), before income tax 495 (716) 3,629 (2,641)
Income tax (expense) benefit related to OCI items (113) 77 (660) 356
Other comprehensive income (loss) 382 (639) 2,969 (2,285)
Comprehensive income $ 1,473 $ 592 $ 6,250 $ 1,322
Earnings per share        
Basic earnings per share $ 2.40 $ 2.66 $ 7.18 $ 7.76
Diluted earnings per share $ 2.38 $ 2.64 $ 7.13 $ 7.71