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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
[1]
Sep. 30, 2023
Sep. 30, 2022
[1]
Revenues        
Net earned premiums $ 2,406 $ 2,221 $ 7,001 $ 6,435
Net investment income 553 422 1,653 1,302
Net investment losses (38) (96) (105) (166)
Non-insurance warranty revenue 407 399 1,221 1,173
Other revenues 8 11 22 24
Total revenues 3,336 2,957 9,792 8,768
Claims, Benefits and Expenses        
Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $(41), $(211), $(75), and $(205)) 1,826 1,880 5,258 4,959
Amortization of deferred acquisition costs 426 383 1,208 1,101
Non-insurance warranty expense 386 371 1,154 1,092
Other operating expenses 338 346 1,021 1,001
Interest 34 28 93 84
Total claims, benefits and expenses 3,010 3,008 8,734 8,237
Income (loss) before income tax 326 (51) 1,058 531
Income tax (expense) benefit (68) 9 (220) (88)
Net income (loss) $ 258 $ (42) [2] $ 838 $ 443 [3]
Basic earnings (loss) per share        
Basic earnings (loss) per share (in usd per share) $ 0.95 $ (0.15) $ 3.09 $ 1.63
Diluted earnings (loss) per share        
Diluted earnings (loss) per share (in usd per share) $ 0.95 $ (0.15) $ 3.08 $ 1.63
Weighted Average Outstanding Common Stock and Common Stock Equivalents        
Weighted average shares outstanding (in shares) 271.2 271.4 271.2 271.7
Diluted (in shares) 272.3 272.3 272.2 272.6
[1] As of January 1, 2023, the Company adopted ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.
[3] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Condensed Consolidated Financial Statements for additional information.