A summary of selected quarterly information follows:



2017	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
	(dollars in millions, except per share data)
Revenues
Net earned premiums	$	164		$	162		$	186		$	178		$	690
Net investment income	122			101			99			96			418
Net realized investment gains (losses)	32			15			7			(14		)	40
Net change in fair value of credit derivatives	54			(6		)	58			5			111
Fair value gains (losses) on CCS	(2		)	2			(4		)	2			(2		)
Fair value gains (losses) on FG VIEs	10			12			3			5			30
Bargain purchase gain and settlement of pre-existing relationships	58			—			—			—			58
Other income (loss)	89			22			274			9			394
Expenses
Loss and LAE	59			72			223			34			388
Amortization of DAC	4			4			5			6			19
Interest expense	24			25			24			24			97
Other operating expenses	68			57			58			61			244
Income (loss) before provision for income taxes	372			150			313			156			991
Provision (benefit) for income taxes	55			(3		)	105			104			261
Net income (loss)	317			153			208			52			730
Earnings (loss) per share(1):
Basic	$	2.53		$	1.26		$	1.75		$	0.44		$	6.05
Diluted	$	2.49		$	1.24		$	1.72		$	0.44		$	5.96
Dividends per share	$	0.1425		$	0.1425		$	0.1425		$	0.1425		$	0.57



2016	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
	(dollars in millions, except per share data)
Revenues
Net earned premiums	$	183		$	214		$	231		$	236		$	864
Net investment income	99			98			94			117			408
Net realized investment gains (losses)	(13		)	10			(2		)	(24		)	(29		)
Net change in fair value of credit derivatives	(60		)	63			21			74			98
Fair value gains (losses) on CCS	(16		)	(11		)	(23		)	50			0
Fair value gains (losses) on FG VIEs	18			4			(11		)	27			38
Bargain purchase gain and settlement of pre-existing relationships	—			—			259			—			259
Other income (loss)	34			18			(3		)	(10		)	39
Expenses
Loss and LAE	90			102			(9		)	112			295
Amortization of DAC	4			5			4			5			18
Interest expense	26			25			26			25			102
Other operating expenses	60			63			65			57			245
Income (loss) before provision for income taxes	65			201			480			271			1,017
Provision (benefit) for income taxes	6			55			1			74			136
Net income (loss)	59			146			479			197			881
Earnings (loss) per share(1):
Basic	$	0.43		$	1.09		$	3.63		$	1.51		$	6.61
Diluted	$	0.43		$	1.09		$	3.60		$	1.49		$	6.56
Dividends per share	$	0.13		$	0.13		$	0.13		$	0.13		$	0.52

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(1)

Per share amounts for the quarters and the full years have each been calculated separately. Accordingly, quarterly amounts may not sum up to the annual amounts because of differences in the average common shares outstanding during each period and, with regard to diluted per share amounts only, because of the inclusion of the effect of potentially dilutive securities only in the periods in which such effect would have been dilutive.