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Condensed Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Earned premiums $ 2,033 $ 1,884 $ 5,894 $ 5,350
Investment income, net of expenses 225 193 655 573
Investment gains and losses, net (456) (674) 84 (2,494)
Fee revenues 6 5 16 12
Other revenues 3 2 8 7
Total revenues 1,811 1,410 6,657 3,448
Benefits and Expenses        
Insurance losses and contract holders' benefits 1,332 1,418 4,070 3,772
Underwriting, acquisition and insurance expenses 609 551 1,744 1,604
Interest expense 13 14 40 40
Other operating expenses 5 4 17 13
Total benefits and expenses 1,959 1,987 5,871 5,429
Income (Loss) Before Income Taxes (148) (577) 786 (1,981)
Provision (Benefit) for Income Taxes        
Current 57 19 124 90
Deferred (106) (180) 2 (571)
Total provision (benefit) for income taxes (49) (161) 126 (481)
Net Income (Loss) $ (99) $ (416) $ 660 $ (1,500)
Per Common Share        
Net income (loss)—basic $ (0.63) $ (2.63) $ 4.20 $ (9.42)
Net income (loss)—diluted $ (0.63) $ (2.63) $ 4.17 $ (9.42)