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Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Data [Abstract]  
Schedule of quarterly financial information
The following tables present unaudited quarterly financial data.
2019
 
 
 
 
 
 
 
 
 
(In millions, except per share data)
First
 
Second
 
Third
 
Fourth
 
Full Year
Revenues
$
2,695

 
$
2,610

 
$
2,685

 
$
2,777

 
$
10,767

Net income (loss) (1)
342

 
278

 
107

 
273

 
1,000

Basic earnings (loss) per share (3)
1.26

 
1.03

 
0.39

 
1.00

 
3.68

Diluted earnings (loss) per share (3)
$
1.25

 
$
1.02

 
$
0.39

 
$
1.00

 
$
3.67

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) (2)
291

 
270

 
336

 
(84
)
 
813

Basic earnings (loss) per share (3)
1.07

 
0.99

 
1.24

 
(0.31
)
 
2.99

Diluted earnings (loss) per share (3)
$
1.07

 
$
0.99

 
$
1.23

 
$
(0.31
)
 
$
2.98


(1)
Net income (loss) in the third quarter of 2019 included a $170 million charge related to recognition of an active life reserve premium deficiency as a result of the third quarter 2019 GPV.
(2)
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.
(3)
Earnings (loss) per share (EPS) in each quarter is computed using the weighted average number of shares outstanding during that quarter, while EPS for the full year is computed using the weighted average number of shares outstanding during the year. Thus, the sum of the four quarters EPS may not equal the full year EPS.