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Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
[1]
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Net earned premiums $ 2,347 $ 2,155 $ 4,595 $ 4,214 [1]
Net investment income 575 432 1,100 880 [1]
Net investment losses (32) (59) (67) (70) [1]
Non-insurance warranty revenue 407 392 814 774 [1]
Other revenues 7 6 14 13 [1]
Total revenues 3,304 2,926 6,456 5,811
Claims, Benefits and Expenses        
Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $(33), $1, $(34), and $6) 1,779 1,601 3,432 3,079 [1]
Amortization of deferred acquisition costs 403 374 782 718 [1]
Non-insurance warranty expense 384 367 768 721 [1]
Other operating expenses 346 329 683 655 [1]
Interest 31 28 59 56 [1]
Total claims, benefits and expenses 2,943 2,699 5,724 5,229
Income before income tax 361 227 732 582 [1]
Income tax expense (78) (37) (152) (97) [1]
Net income $ 283 $ 190 [2] $ 580 $ 485 [3]
Basic earnings per share        
Basic earnings per share (in usd per share) $ 1.04 $ 0.70 $ 2.14 $ 1.79
Diluted earnings per share        
Diluted earnings per share (in usd per share) $ 1.04 $ 0.69 $ 2.13 $ 1.78
Weighted Average Outstanding Common Stock and Common Stock Equivalents        
Weighted average shares outstanding (in shares) 271.2 271.7 271.2 271.8
Diluted (in shares) 272.0 272.6 272.1 272.7
[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.
[3] 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.