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CONSOLIDATED STATEMENTS OF OPERATIONS
$ in Millions
 12 Months Ended
Dec. 31, 2020
CAD ($)
$ / shares
Dec. 31, 2019
CAD ($)
$ / shares
Premiums    
Gross $ 26,190 $ 22,680
Less: Ceded 2,452 2,392
Net premiums 23,738 20,288
Net investment income (loss):    
Interest and other investment income 5,407 5,855
Fair value and foreign currency changes on assets and liabilities 6,860 7,118
Net gains (losses) on available-for-sale assets 451 167
Net investment income (loss) 12,718 13,140
Fee income 6,881 6,251
Total revenue 43,337 39,679
Benefits and expenses    
Gross claims and benefits paid 18,307 17,421
Increase (decrease) in insurance contract liabilities 14,860 11,367
Decrease (increase) in reinsurance assets 204 (28)
Increase (decrease) in investment contract liabilities 61 65
Reinsurance expenses (recoveries) (2,353) (2,131)
Commissions 2,612 2,417
Net transfer to (from) segregated funds (1,825) (437)
Operating expenses 7,401 7,033
Premium taxes 428 406
Interest expense 355 333
Total benefits and expenses 40,050 36,446
Income (loss) before income taxes 3,287 3,233
Less: Income tax expense (benefit) 495 286
Total net income (loss) 2,792 2,947
Less: Net income (loss) attributable to participating policyholders 283 230
Net income (loss) attributable to non-controlling interests 11 4
Shareholders’ net income (loss) 2,498 2,713
Less: Preferred shareholders’ dividends 94 95
Common shareholders’ net income (loss) $ 2,404 $ 2,618
Average exchange rates during the reporting periods (in USD per share) 1.34 1.33
Earnings (loss) per share    
Basic earnings (loss) per share (in CAD per share) | $ / shares $ 4.11 $ 4.42
Diluted earnings (loss) per share (in CAD per share) | $ / shares 4.10 4.40
Dividends per common share (in CAD per share) | $ / shares $ 2.200 $ 2.100