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CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Insurance premiums $ 2,347 $ 2,155 $ 4,595 $ 4,214
Net investment income 592 366 1,161 798
Investment gains (losses) 14 (59) (21) (70)
Non-insurance warranty revenue 407 392 814 774
Operating revenues and other 574 534 1,168 1,074
Total 3,934 3,388 7,717 6,790
Expenses:        
Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $(33), $1, $(34), and $6) 1,779 1,601 3,432 3,079
Amortization of deferred acquisition costs 403 374 782 718
Non-insurance warranty expense 384 367 768 721
Operating expenses and other 808 766 1,589 1,482
Equity method income (39) (51) (67) (76)
Interest 91 96 186 192
Total 3,426 3,153 6,690 6,116
Income before income tax 508 235 1,027 674
Income tax expense (120) (48) (235) (135)
Net income 388 187 792 539
Amounts attributable to noncontrolling interests (28) (20) (57) (50)
Net income attributable to Loews Corporation $ 360 $ 167 $ 735 $ 489
Basic net income per share (in dollars per share) $ 1.58 $ 0.68 $ 3.19 $ 1.98
Diluted net income per share (in dollars per share) $ 1.58 $ 0.68 $ 3.19 $ 1.98
Weighted average shares outstanding:        
Shares of common stock (in shares) 227,690 245,450 230,480 246,700
Dilutive potential shares of common stock (in shares) 280 490 300 500
Total weighted average shares outstanding assuming dilution (in shares) 227,970 245,940 230,780 247,200