Quarterly Results (unaudited)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results (unaudited)

Note 22 Quarterly Results (unaudited)

	First Quarter				Second Quarter				Third Quarter				Fourth Quarter
($ in millions, except per share data)	2023		2022		2023		2022		2023		2022		2023		2022
Revenues	$	13,786	$	12,336	$	13,979	$	12,219	$	14,497	$	13,208	$	14,832	$	13,648
Net income (loss) applicable to common shareholders	(346)		634		(1,389)		(1,040)		(41)		(685)		1,460		(303)
Earnings per common share applicable to common shareholders - Basic	(1.31)		2.28		(5.29)		(3.80)		(0.16)		(2.55)		5.57		(1.15)
Earnings per common share applicable to common shareholders - Diluted (1)	(1.31)		2.25		(5.29)		(3.80)		(0.16)		(2.55)		5.52		(1.15)

(1)For periods presented with a net loss from continuing operations applicable to common shareholders, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because all dilutive potential common shares are anti-dilutive and are therefore excluded from the calculation.

Consolidated net income applicable to common shareholders was $1.46 billion in the fourth quarter of 2023 compared to net loss of $303 million in the fourth quarter of 2022, primarily due to improved underwriting results.

Effective January 1, 2023, the Company adopted the FASB guidance revising the accounting for certain long-duration insurance contracts using the modified retrospective approach to the transition date of January 1, 2021. See Note 2 for discussion of the guidance and further information regarding the impact of the adoption on the consolidated financial statements.

Impact of adoption for reserve for future policy benefits
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
($ in millions, except per share data)	2022		2022		2022		2022
Revenues	$	(1)	$	(1)	$	—	$	1
Net income (loss) applicable to common shareholders	4		2		9		7
Earnings per common share applicable to common shareholders - Basic	0.01		0.01		0.03		0.02
Earnings per common share applicable to common shareholders - Diluted	0.01		0.01		0.03		0.02