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Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
[1]
Dec. 31, 2021
[1]
Revenues      
Net earned premiums $ 9,480 $ 8,667 $ 8,175
Net investment income 2,264 1,805 2,159
Net investment (losses) gains (99) (199) 120
Non-insurance warranty revenue 1,624 1,574 1,430
Other revenues 30 32 24
Total revenues 13,299 11,879 11,908
Claims, Benefits and Expenses      
Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $(88), $(214), and $(8)) 7,068 6,653 6,371
Amortization of deferred acquisition costs 1,644 1,490 1,443
Non-insurance warranty expense 1,544 1,471 1,328
Other operating expenses 1,398 1,339 1,191
Interest 127 112 113
Total claims, benefits and expenses 11,781 11,065 10,446
Income before income tax 1,518 814 1,462
Income tax expense (313) (132) (278)
Net income $ 1,205 $ 682 $ 1,184
Basic earnings per share      
Basic earnings per share (in usd per share) $ 4.44 $ 2.51 $ 4.36
Diluted earnings per share      
Diluted earnings per share (in usd per share) $ 4.43 $ 2.51 $ 4.34
Weighted Average Outstanding Common Stock and Common Stock Equivalents      
Basic (in shares) 271.3 271.6 271.8
Diluted (in shares) 272.2 272.5 272.8
[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 Consolidated Financial Statements for additional information.