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CONSOLIDATED STATEMENTS OF OPERATIONS
$ in Millions
 12 Months Ended
Dec. 31, 2019
CAD ($)
$ / $
$ / shares
Dec. 31, 2018
CAD ($)
$ / $
$ / shares
Premiums    
Gross $ 22,680 $ 20,981
Less: Ceded 2,392 2,339
Net premiums 20,288 18,642
Net investment income (loss):    
Interest and other investment income (Note 5) 5,855 5,641
Fair value and foreign currency changes on assets and liabilities (Note 5) 7,118 (3,373)
Net gains (losses) on available-for-sale assets 167 121
Net investment income (loss) 13,140 2,389
Fee income (Note 17) 6,251 5,966
Total revenue 39,679 26,997
Benefits and expenses    
Gross claims and benefits paid (Note 10) 17,421 15,986
Increase (decrease) in insurance contract liabilities (Note 10) 11,367 312
Decrease (increase) in reinsurance assets (Note 10) (28) 97
Increase (decrease) in investment contract liabilities (Note 10) 65 (31)
Reinsurance expenses (recoveries) (Note 11) (2,131) (2,021)
Commissions 2,417 2,339
Net transfer to (from) segregated funds (Note 22) (437) (308)
Operating expenses (Note 18) 7,033 6,432
Premium taxes 406 375
Interest expense 333 305
Total benefits and expenses 36,446 23,486
Income (loss) before income taxes 3,233 3,511
Less: Income tax expense (benefit) (Note 20) 286 597
Total net income (loss) 2,947 2,914
Less: Net income (loss) attributable to participating policyholders (Note 21) 230 298
Less: Net income (loss) attributable to non-controlling interests 4 0
Shareholders’ net income (loss) 2,713 2,616
Less: Preferred shareholders’ dividends 95 94
Common shareholders’ net income (loss) $ 2,618 $ 2,522
Average exchange rates during the reporting periods (in USD per share) | $ / $ 1.33 1.30
Earnings (loss) per share    
Basic earnings (loss) per share (in CAD per share) | $ / shares $ 4.42 $ 4.16
Diluted earnings (loss) per share (in CAD per share) | $ / shares 4.40 4.14
Dividends per common share (in CAD per share) | $ / shares $ 2.100 $ 1.905