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Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
[1]
Revenues    
Net earned premiums $ 2,248 $ 2,059
Net investment income 525 448
Net investment losses (35) (11)
Non-insurance warranty revenue 407 382
Other revenues 7 7
Total revenues 3,152 2,885
Claims, Benefits and Expenses    
Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $1 and $5) 1,653 1,478
Amortization of deferred acquisition costs 379 344
Non-insurance warranty expense 384 354
Other operating expenses 337 326
Interest 28 28
Total claims, benefits and expenses 2,781 2,530
Income before income tax 371 355
Income tax expense (74) (60)
Net income $ 297 $ 295 [2]
Basic earnings per share    
Basic earnings per share (in usd per share) $ 1.10 $ 1.08
Diluted earnings per share    
Diluted earnings per share (in usd per share) $ 1.09 $ 1.08
Weighted Average Outstanding Common Stock and Common Stock Equivalents    
Weighted average shares outstanding (in shares) 271.3 271.8
Diluted (in shares) 272.3 272.9
[1] As of January 1, 2023, the Company adopted ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.