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Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Data [Abstract]  
Schedule of quarterly financial information
The following tables present unaudited quarterly financial data.
2017
 
 
 
 
 
 
 
 
 
(In millions, except per share data)
First
 
Second
 
Third
 
Fourth
 
Full Year
Revenues
$
2,330

 
$
2,366

 
$
2,398

 
$
2,448

 
$
9,542

Net income (loss) (1)(2)
$
260

 
$
272

 
$
144

 
$
223

 
$
899

Basic earnings (loss) per share
$
0.96

 
$
1.01

 
$
0.53

 
$
0.82

 
$
3.32

Diluted earnings (loss) per share
$
0.96

 
$
1.00

 
$
0.53

 
$
0.82

 
$
3.30

2016
 
 
 
 
 
 
 
 
 
(In millions, except per share data)
First
 
Second
 
Third
 
Fourth
 
Full Year
Revenues
$
2,195

 
$
2,348

 
$
2,433

 
$
2,390

 
$
9,366

Net income (loss) (3)
$
66

 
$
209

 
$
343

 
$
241

 
$
859

Basic earnings (loss) per share
$
0.25

 
$
0.77

 
$
1.27

 
$
0.89

 
$
3.18

Diluted earnings (loss) per share
$
0.24

 
$
0.77

 
$
1.26

 
$
0.89

 
$
3.17


(1)
Net income (loss) in the third quarter of 2017 included catastrophe losses, net of reinsurance and including reinstatement premiums, of $188 million related to Hurricanes Harvey, Irma and Maria.
(2) Net income (loss) in the fourth quarter of 2017 included a one-time non-cash increase to Income tax expense of $83 million as a result of Tax Reform Legislation.
(3)
Net income (loss) in the first quarter of 2016 included a charge related to the application of retroactive reinsurance accounting to adverse reserve development ceded under the 2010 A&EP Loss Portfolio Transfer in our Corporate & Other segment.