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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues        
Net investment income $ 844 $ 843 $ 2,454 $ 2,488
Realized capital gains and losses:        
Total other-than-temporary impairment (“OTTI”) losses (4) (26) (8) (135)
OTTI losses reclassified (from) to other comprehensive income (“OCI”) (1) (2) (2) (2)
Net OTTI losses recognized in earnings (5) (28) (10) (137)
Sales and valuation changes on equity investments and derivatives 181 131 27 455
Total realized capital gains and losses 176 103 17 318
Total revenues 10,465 9,888 30,334 29,345
Costs and expenses        
Property and casualty insurance claims and claims expense 5,817 5,545 16,758 16,650
Life contract benefits 498 456 1,485 1,416
Interest credited to contractholder funds 163 174 489 522
Amortization of deferred policy acquisition costs 1,317 1,200 3,886 3,545
Operating costs and expenses 1,534 1,446 4,296 4,065
Restructuring and related charges 16 14 65 77
Interest expense 82 83 251 251
Total costs and expenses 9,427 8,918 27,230 26,526
Gain on disposition of operations 1 1 4 15
Income from operations before income tax expense 1,039 971 3,108 2,834
Income tax expense 169 305 587 894
Net income 870 666 2,521 1,940
Preferred stock dividends 37 29 105 87
Net income applicable to common shareholders $ 833 $ 637 $ 2,416 $ 1,853
Earnings per common share:        
Net income available to common shareholders per common share - Basic (in dollars per share) $ 2.41 $ 1.76 $ 6.91 $ 5.10
Weighted average common shares - Basic (in shares) 346.0 361.3 349.7 363.5
Net income available to common shareholders per common share - Diluted (in dollars per share) $ 2.37 $ 1.74 $ 6.80 $ 5.02
Weighted average common shares - Diluted (in shares) 351.7 367.1 355.4 369.1
Cash dividends declared per common share (in dollars per share) $ 0.46 $ 0.37 $ 1.38 $ 1.11
Property and casualty insurance premiums        
Revenues        
Other revenue $ 8,595 $ 8,121 $ 25,341 $ 24,098
Life premiums and contract charges        
Revenues        
Other revenue 612 593 1,840 1,777
Other revenue        
Revenues        
Other revenue $ 238 $ 228 $ 682 $ 664