Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements [Abstract]

Quarterly Results of Operations (Unaudited)

24. Quarterly Results of Operations (Unaudited)

We have restated our financial statements for all four quarters of 2011 and the first three quarters of 2012 to correct for tax errors as discussed in “Basis of Presentation” in Note 1.

The effect of the restatement for all four quarters of 2011 and the first two quarters of 2012 increased federal income tax expense (benefit) and decreased income (loss) from continuing operations and net income (loss) by $3 million and lowered our basic and diluted EPS by $0.01 for each of these periods on our previously reported consolidated financial statements. In addition, the effect of the restatement increased other liabilities and total liabilities and decreased retained earnings and total stockholders' equity as of March 31, 2011, June 30, 2011, September 30, 2011, December 31, 2011, March 31, 2012, and June 30, 2012, by $130 million, $133 million, $136 million, $138 million, $141 million and $144 million, respectively.

The effect of the restatement for the third quarter of 2012 decreased federal income tax expense (benefit) and increased income (loss) from continuing operations and net income (loss) by $27 million and increased our basic and diluted EPS by $0.10 on our previously reported consolidated financial statements. In addition, the effect of the restatement increased other liabilities and total liabilities and decreased retained earnings and total stockholders' equity as of September 30, 2012, by $117 million.

The net income (loss) and change in federal income tax accruals line items within net cash provided by (used in) operating activities on our previously reported Consolidated Statements of Cash Flows have been restated by offsetting adjustments related to the tax restatement. The restatement had no effect on total cash flows from operating, investing or financing activities in any quarterly period.

The unaudited quarterly results of operations (in millions, except per share data) were as follows:

		For the Three Months Ended
		March 31,		June 30,		September 30,		December 31,
2012
Total revenues		$	2,715	$	2,899	$	2,954	$	2,964
Total expenses			2,407		2,457		2,536		2,564
Income (loss) from continuing operations			244		322		400		320
Income (loss) from discontinued operations,
	net of federal income taxes		(1)		-		28		-
Net income (loss)			243		322		428		320
Earnings (loss) per common share - basic:
	Income (loss) from continuing operations		0.84		1.14		1.44		1.17
	Income (loss) from discontinued operations		-		-		0.10		-
	Net income (loss)		0.84		1.14		1.54		1.17
Earnings (loss) per common share - diluted:
	Income (loss) from continuing operations		0.82		1.09		1.41		1.14
	Income (loss) from discontinued operations		-		-		0.10		-
	Net income (loss)		0.82		1.09		1.51		1.14
2011
Total revenues		$	2,718	$	2,807	$	2,547	$	2,569
Total expenses			2,288		2,399		2,393		3,058
Income (loss) from continuing operations			311		301		158		(541)
Income (loss) from discontinued operations,
	net of federal income taxes		-		-		(8)		-
Net income (loss)			311		301		150		(541)
Earnings (loss) per common share - basic:
	Income (loss) from continuing operations		0.99		0.97		0.52		(1.82)
	Income (loss) from discontinued operations		-		-		(0.03)		-
	Net income (loss)		0.99		0.97		0.49		(1.82)
Earnings (loss) per common share - diluted:
	Income (loss) from continuing operations		0.96		0.94		0.49		(1.82)
	Income (loss) from discontinued operations		-		-		(0.03)		-
	Net income (loss)		0.96		0.94		0.46		(1.82)