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Unaudited Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Net premiums earned $ 2,965 $ 2,326 $ 5,848 $ 4,447
Net investment income 242 106 441 186
Net realized gains (losses) (123) (267) (106) (559)
Other underwriting income 6 3 16 9
Equity in net income (loss) of investment funds accounted for using the equity method 69 58 117 94
Other income (loss) 3 (12) 14 (21)
Total revenues 3,162 2,214 6,330 4,156
Expenses        
Losses and loss adjustment expenses 1,491 1,103 2,962 2,104
Acquisition expenses 561 413 1,094 791
Other operating expenses 313 277 632 567
Corporate expenses 21 28 51 60
Amortization of intangible assets 24 27 47 54
Interest expense 33 33 65 66
Net foreign exchange (gains) losses 5 (88) 23 (92)
Total expenses 2,448 1,793 4,874 3,550
Income (loss) before income taxes and income (loss) from operating affiliates 714 421 1,456 606
Income tax (expense) benefit (67) (22) (131) (34)
Income (loss) from operating affiliates 22 5 61 30
Net income (loss) 669 404 1,386 602
Net (income) loss attributable to noncontrolling interests 2 0 0 (2)
Net income (loss) available to Arch 671 404 1,386 600
Preferred dividends (10) (10) (20) (20)
Net income (loss) available to Arch common shareholders $ 661 $ 394 $ 1,366 $ 580
Net income per common share and common share equivalent        
Basic (per share) $ 1.79 $ 1.07 $ 3.71 $ 1.56
Diluted (per share) $ 1.75 $ 1.04 $ 3.62 $ 1.52
Weighted average common shares and common share equivalents outstanding        
Basic (shares) 368.7 369.2 368.0 371.7
Diluted (shares) 378.4 377.9 377.8 380.8