On January 14, 2016, we completed the acquisition of the Chubb Corporation (Chubb Corp). The results of operations of Chubb Corp are included in our results from the acquisition date forward (i.e., after January 14, 2016 and only in the 2016, 2017, and 2018 columns) within the table below.
(in millions, except per share data and ratios)
2018
2017
2016
2015
2014
Operations data:
Net premiums earned – excluding Life Insurance segment
$
27,846
$
26,933
$
26,694
$
15,266
$
15,464
Net premiums earned – Life Insurance segment
2,218
2,101
2,055
1,947
1,962
Total net premiums earned
30,064
29,034
28,749
17,213
17,426
Net investment income
3,305
3,125
2,865
2,194
2,252
Losses and loss expenses
18,067
18,454
16,052
9,484
9,649
Policy benefits
590
676
588
543
517
Policy acquisition costs and administrative expenses
8,798
8,614
8,985
5,211
5,320
Net income
3,962
3,861
4,135
2,834
2,853
Weighted-average shares outstanding – diluted
467
471
466
329
339
Diluted earnings per share
$
8.49
$
8.19
$
8.87
$
8.62
$
8.42
Balance sheet data (at end of period):
Total investments
$
100,968
$
102,444
$
99,094
$
66,251
$
62,904
Total assets
167,771
167,022
159,786
102,306
98,223
Net unpaid losses and loss expenses
48,271
49,165
47,832
26,562
27,008
Net future policy benefits
5,304
5,137
4,854
4,620
4,537
Long-term debt
12,087
11,556
12,610
9,389
3,334
Trust preferred securities
308
308
308
307
307
Total liabilities
117,459
115,850
111,511
73,171
68,636
Shareholders' equity
50,312
51,172
48,275
29,135
29,587
Book value per share
$
109.56
$
110.32
$
103.60
$
89.77
$
90.02
Selected data:
Loss and loss expense ratio (1)
62.1
%
65.8
%
57.7
%
58.1
%
58.7
%
Underwriting and administrative expense ratio (2)
28.5
%
28.9
%
30.6
%
29.2
%
29.4
%
Combined ratio (3)
90.6
%
94.7
%
88.3
%
87.3
%
88.1
%
Cash dividends per share (4)
$
2.90
$
2.82
$
2.74
$
2.66
$
2.70
(1)
The Loss and loss expense ratio is calculated by dividing losses and loss expenses, excluding the Life Insurance segment, by Net premiums earned – excluding Life Insurance segment. Losses and loss expenses for the Life Insurance segment were $766 million, $739 million, $663 million, $601 million, and $589 million for the years ended December 31, 2018, 2017, 2016, 2015, and 2014, respectively.
(2)
The Underwriting and administrative expense ratio is calculated by dividing the policy acquisition costs and administrative expenses, excluding the Life Insurance segment, by Net premiums earned – excluding Life Insurance segment. Policy acquisition costs and administrative expenses for the Life Insurance segment were $867 million, $833 million, $816 million, $767 million, and $763 million for the years ended December 31, 2018, 2017, 2016, 2015, and 2014, respectively.
(3)
The combined ratio is the sum of Loss and loss expense ratio and the Underwriting and administrative expense ratio.
(4)
Cash dividends per share in 2014 include a $0.12 per share increase related to the fourth quarter 2013, approved by our shareholders on January 10, 2014.
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