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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Property-liability insurance premiums $ 8,018 $ 7,814 $ 15,977 $ 15,537
Life and annuity premiums and contract charges 591 564 1,184 1,130
Net investment income 897 762 1,645 1,493
Realized capital gains and losses:        
Total other-than-temporary impairment (“OTTI”) losses (47) (77) (109) (168)
OTTI losses reclassified to (from) other comprehensive income (3) (2) 0 8
Net OTTI losses recognized in earnings (50) (79) (109) (160)
Sales and other realized capital gains and losses 131 103 324 35
Total realized capital gains and losses 81 24 215 (125)
Total revenues 9,587 9,164 19,021 18,035
Costs and expenses        
Property-liability insurance claims and claims expense 5,689 5,901 11,105 11,585
Life and annuity contract benefits 486 454 960 909
Interest credited to contractholder funds 175 185 348 375
Amortization of deferred policy acquisition costs 1,176 1,126 2,345 2,255
Operating costs and expenses 1,086 1,040 2,183 2,022
Restructuring and related charges 53 11 63 16
Interest expense 83 72 168 145
Costs and expenses 8,748 8,789 17,172 17,307
Gain on disposition of operations 12 1 14 3
Income from operations before income tax expense 851 376 1,863 731
Income tax expense 272 105 589 214
Net income 579 271 1,274 517
Preferred stock dividends 29 29 58 58
Net income applicable to common shareholders $ 550 $ 242 $ 1,216 $ 459
Earnings per common share:        
Net income available to common shareholders per common share - Basic (in dollars per share) $ 1.51 $ 0.65 $ 3.34 $ 1.22
Weighted average common shares - Basic (in shares) 363.6 373.6 364.6 375.8
Net income available to common shareholders per common share - Diluted (in dollars per share) $ 1.49 $ 0.64 $ 3.29 $ 1.21
Weighted average common shares - Diluted (in shares) 369.0 378.1 370.1 380.5
Cash dividends declared per common share (in dollars per share) $ 0.37 $ 0.33 $ 0.74 $ 0.66