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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Net investment income $ 824 $ 897 $ 1,610 $ 1,645
Realized capital gains and losses:        
Total other-than-temporary impairment (“OTTI”) losses (4) (47) (4) (109)
OTTI losses reclassified (from) to other comprehensive income 0 (3) (1) 0
Net OTTI losses recognized in earnings (4) (50) (5) (109)
Sales and valuation changes on equity investments and derivatives (21) 131 (154) 324
Total realized capital gains and losses (25) 81 (159) 215
Total revenues 10,099 9,813 19,869 19,457
Costs and expenses        
Property and casualty insurance claims and claims expense 5,792 5,689 10,941 11,105
Life contract benefits 483 486 987 960
Interest credited to contractholder funds 165 175 326 348
Amortization of deferred policy acquisition costs 1,296 1,176 2,569 2,345
Operating costs and expenses 1,407 1,312 2,762 2,619
Restructuring and related charges 27 53 49 63
Interest expense 86 83 169 168
Total costs and expenses 9,256 8,974 17,803 17,608
Gain on disposition of operations 2 12 3 14
Income from operations before income tax expense 845 851 2,069 1,863
Income tax expense 169 272 418 589
Net income 676 579 1,651 1,274
Preferred stock dividends 39 29 68 58
Net income applicable to common shareholders $ 637 $ 550 $ 1,583 $ 1,216
Earnings per common share:        
Net income available to common shareholders per common share - Basic (in dollars per share) $ 1.82 $ 1.51 $ 4.50 $ 3.34
Weighted average common shares - Basic (in shares) 349.2 363.6 351.6 364.6
Net income available to common shareholders per common share - Diluted (in dollars per share) $ 1.80 $ 1.49 $ 4.43 $ 3.29
Weighted average common shares - Diluted (in shares) 354.6 369.0 357.2 370.1
Cash dividends declared per common share (in dollars per share) $ 0.46 $ 0.37 $ 0.92 $ 0.74
Property and casualty insurance premiums        
Revenues        
Other revenue $ 8,460 $ 8,018 $ 16,746 $ 15,977
Life premiums and contract charges        
Revenues        
Other revenue 612 591 1,228 1,184
Other revenue        
Revenues        
Other revenue $ 228 $ 226 $ 444 $ 436