QUARTERLY FINANCIAL INFORMATION (Unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL INFORMATION (Unaudited)

QUARTERLY FINANCIAL INFORMATION

(Unaudited)

A summary of our quarterly unaudited results of operations for the years ended December 31, 2015 and 2014 follows:

	2015
	First		Second		Third		Fourth (2)
	(in millions, except per share results)
Total revenues	$	13,833	$	13,732	$	13,363	$	13,361
Income before income taxes	744		793		648		246
Net income	430		431		314		101
Basic earnings per common share	$	2.86	$	2.88	$	2.11	$	0.68
Diluted earnings per common share (1)	$	2.82	$	2.85	$	2.09	$	0.67
	2014
	First		Second		Third		Fourth
	(in millions, except per share results)
Total revenues	$	11,712	$	12,222	$	12,238	$	12,328
Income before income taxes	686		646		551		287
Net income	368		344		290		145
Basic earnings per common share	$	2.37	$	2.22	$	1.87	$	0.96
Diluted earnings per common share (1)	$	2.35	$	2.19	$	1.85	$	0.94

(1) The calculation of diluted earnings per common share is based on the weighted average shares outstanding during each quarter and, accordingly, the sum may not equal the total for the year.

(2) The fourth quarter of 2015 includes an expense of $176 million ($112 million after tax, or $0.74 per diluted common share) for a premium deficiency reserve associated with our individual commercial medical policies compliant with the Health Care Reform Law associated with the 2016 coverage year.