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CONSOLIDATED STATEMENTS OF OPERATIONS
$ in Millions
 12 Months Ended
Dec. 31, 2018
CAD ($)
$ / $
$ / shares
Dec. 31, 2017
CAD ($)
$ / $
$ / shares
Premiums    
Gross $ 20,981 $ 19,838
Less: Ceded 2,339 4,557
Net premiums 18,642 15,281
Net investment income (loss):    
Interest and other investment income (Note 5) 5,641 5,413
Fair value and foreign currency changes on assets and liabilities (Note 5) (3,373) 2,603
Net gains (losses) on available-for-sale assets 121 195
Net investment income (loss) 2,389 8,211
Fee income (Note 17) 5,966 5,842
Total revenue 26,997 29,334
Benefits and expenses    
Gross claims and benefits paid (Note 10) 15,986 15,353
Increase (decrease) in insurance contract liabilities (Note 10) 312 5,327
Decrease (increase) in reinsurance assets (Note 10) 97 821
Increase (decrease) in investment contract liabilities (Note 10) (31) 41
Reinsurance expenses (recoveries) (Note 11) (2,021) (4,373)
Commissions 2,339 2,403
Net transfer to (from) segregated funds (Note 22) (308) (119)
Operating expenses (Note 18) 6,432 6,410
Premium taxes 375 379
Interest expense 305 303
Total benefits and expenses 23,486 26,545
Income (loss) before income taxes 3,511 2,789
Less: Income tax expense (benefit) (Note 20) 597 302
Total net income (loss) 2,914 2,487
Less: Net income (loss) attributable to participating policyholders (Note 21) 298 245
Shareholders' net income (loss) 2,616 2,242
Less: Preferred shareholders' dividends 94 93
Common shareholders' net income (loss) $ 2,522 $ 2,149
Average exchange rates during the reporting periods (in USD per share) | $ / $ 1.30 1.30
Earnings (loss) per share    
Basic earnings (loss) per share (in CAD per share) | $ / shares $ 4.16 $ 3.51
Diluted earnings (loss) per share (in CAD per share) | $ / shares 4.14 3.49
Dividends per common share (in CAD per share) | $ / shares $ 1.905 $ 1.745