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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues        
Property-liability insurance premiums $ 7,814 $ 7,549 $ 15,537 $ 14,975
Life and annuity premiums and contract charges 564 536 1,130 1,073
Net investment income 762 789 1,493 1,639
Realized capital gains and losses:        
Total other-than-temporary impairment (“OTTI”) losses (77) (47) (168) (100)
OTTI losses reclassified to (from) other comprehensive income (2) 4 8 8
Net OTTI losses recognized in earnings (79) (43) (160) (92)
Sales and other realized capital gains and losses 103 151 35 339
Total realized capital gains and losses 24 108 (125) 247
Total revenues 9,164 8,982 18,035 17,934
Costs and expenses        
Property-liability insurance claims and claims expense 5,901 5,587 11,585 10,580
Life and annuity contract benefits 454 446 909 887
Interest credited to contractholder funds 185 185 375 384
Amortization of deferred policy acquisition costs 1,126 1,086 2,255 2,156
Operating costs and expenses 1,040 1,061 2,022 2,151
Restructuring and related charges 11 19 16 23
Interest expense 72 73 145 146
Costs and expenses 8,789 8,457 17,307 16,327
Gain on disposition of operations 1 1 3 0
Income from operations before income tax expense 376 526 731 1,607
Income tax expense 105 171 214 575
Net income 271 355 517 1,032
Preferred stock dividends 29 29 58 58
Net income applicable to common shareholders $ 242 $ 326 $ 459 $ 974
Earnings per common share:        
Net income available to common shareholders per common share - Basic (in dollars per share) $ 0.65 $ 0.80 $ 1.22 $ 2.37
Weighted average common shares - Basic (in shares) 373.6 407.0 375.8 411.4
Net income available to common shareholders per common share - Diluted (in dollars per share) $ 0.64 $ 0.79 $ 1.21 $ 2.33
Weighted average common shares - Diluted (in shares) 378.1 412.6 380.5 417.6
Cash dividends declared per common share (in dollars per share) $ 0.33 $ 0.30 $ 0.66 $ 0.60