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Unaudited Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenues    
Net premiums earned $ 2,883 $ 2,121
Net investment income 199 80
Net realized gains (losses) 17 (292)
Other underwriting income 10 6
Equity in net income (loss) of investment funds accounted for using the equity method 48 36
Other income (loss) 11 (9)
Total revenues 3,168 1,942
Expenses    
Losses and loss adjustment expenses 1,471 1,001
Acquisition expenses 533 378
Other operating expenses 319 290
Corporate expenses 30 32
Amortization of intangible assets 23 27
Interest expense 32 33
Net foreign exchange (gains) losses 18 (4)
Total expenses 2,426 1,757
Income (loss) before income taxes and income (loss) from operating affiliates 742 185
Income tax (expense) benefit (64) (12)
Income (loss) from operating affiliates 39 25
Net income (loss) 717 198
Net (income) loss attributable to noncontrolling interests (2) (2)
Net income (loss) available to Arch 715 196
Preferred dividends (10) (10)
Net income (loss) available to Arch common shareholders $ 705 $ 186
Net income per common share and common share equivalent    
Basic (per share) $ 1.92 $ 0.50
Diluted (per share) $ 1.87 $ 0.48
Weighted average common shares and common share equivalents outstanding    
Basic (shares) 367.3 374.2
Diluted (shares) 377.6 384.2