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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues        
Property-liability insurance premiums $ 7,549 $ 7,204 $ 14,975 $ 14,268
Life and annuity premiums and contract charges 536 518 1,073 1,125
Net investment income 789 898 1,639 1,857
Realized capital gains and losses:        
Total other-than-temporary impairment (“OTTI”) losses (47) (44) (100) (124)
OTTI losses reclassified to (from) other comprehensive income 4 (1) 8 (2)
Net OTTI losses recognized in earnings (43) (45) (92) (126)
Sales and other realized capital gains and losses 151 285 339 420
Total realized capital gains and losses 108 240 247 294
Total revenues 8,982 8,860 17,934 17,544
Costs and expenses        
Property-liability insurance claims and claims expense 5,587 5,142 10,580 9,901
Life and annuity contract benefits 446 413 887 901
Interest credited to contractholder funds 185 212 384 519
Amortization of deferred policy acquisition costs 1,086 1,035 2,156 2,070
Operating costs and expenses 1,061 1,023 2,151 2,117
Restructuring and related charges 19 4 23 10
Loss on extinguishment of debt 0 1 0 1
Interest expense 73 84 146 171
Costs and expenses 8,457 7,914 16,327 15,690
Gain (loss) on disposition of operations 1 9 0 (50)
Income from operations before income tax expense 526 955 1,607 1,804
Income tax expense 171 310 575 559
Net income 355 645 1,032 1,245
Preferred stock dividends 29 31 58 44
Net income available to common shareholders $ 326 $ 614 $ 974 $ 1,201
Earnings per common share:        
Net income available to common shareholders per common share - Basic (in dollars per share) $ 0.80 $ 1.41 $ 2.37 $ 2.73
Weighted average common shares - Basic (in shares) 407.0 434.3 411.4 440.4
Net income available to common shareholders per common share - Diluted (in dollars per share) $ 0.79 $ 1.39 $ 2.33 $ 2.69
Weighted average common shares - Diluted (in shares) 412.6 440.7 417.6 446.8
Cash dividends declared per common share $ 0.30 $ 0.28 $ 0.60 $ 0.56