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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Data [Abstract]  
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)
The following tables present unaudited quarterly financial data.
2018
 
 
 
 
 
 
 
 
 
(In millions, except per share data)
First
 
Second
 
Third
 
Fourth
 
Full Year
Revenues
$
2,535

 
$
2,574

 
$
2,622

 
$
2,403

 
$
10,134

Net income (loss) (1)
$
291

 
$
270

 
$
336

 
$
(84
)
 
$
813

Basic earnings (loss) per share
$
1.07

 
$
0.99

 
$
1.24

 
$
(0.31
)
 
$
2.99

Diluted earnings (loss) per share
$
1.07

 
$
0.99

 
$
1.23

 
$
(0.31
)
 
$
2.98

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) (2)(3)
$
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


(1)
Net income (loss) in the fourth quarter of 2018 included a loss on limited partnership and common stock investments of $109 million and catastrophe losses, net of reinsurance, of $107 million related to Hurricane Michael and the California wildfires.
(2)
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.
(3)
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.