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Condensed Consolidated Statements of Operations (unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Net investment income $ 942 $ 824 $ 1,590 $ 1,610
Realized capital gains and losses:        
Total other-than-temporary impairment (“OTTI”) losses (12) (4) (28) (4)
OTTI losses reclassified (from) to other comprehensive income (OCI) (3) 0 (1) (1)
Net OTTI losses recognized in earnings (15) (4) (29) (5)
Sales and valuation changes on equity investments and derivatives 339 (21) 1,015 (154)
Total realized capital gains and losses 324 (25) 986 (159)
Total revenues 11,144 10,099 22,134 19,869
Costs and expenses        
Property and casualty insurance claims and claims expense 6,356 5,777 12,176 10,906
Life contract benefits 511 483 1,008 987
Interest credited to contractholder funds 156 165 318 326
Amortization of deferred policy acquisition costs 1,362 1,296 2,726 2,569
Operating costs and expenses 1,380 1,358 2,760 2,661
Pension and other postretirement remeasurement gains and losses 125 (7) 140 7
Restructuring and related charges 9 23 27 42
Amortization of purchased intangibles 32 23 64 45
Impairment of purchased intangibles 55 0 55 0
Interest expense 82 86 165 169
Total costs and expenses 10,068 9,204 19,439 17,712
Gain on disposition of operations 2 2 3 3
Income from operations before income tax expense 1,078 897 2,698 2,160
Income tax expense 227 180 555 437
Net income 851 717 2,143 1,723
Preferred stock dividends 30 39 61 68
Net income applicable to common shareholders $ 821 $ 678 $ 2,082 $ 1,655
Earnings per common share        
Net income available to common shareholders per common share - Basic (in dollars per share) $ 2.47 $ 1.94 $ 6.27 $ 4.71
Weighted average common shares - Basic (in shares) 332.0 349.2 332.3 351.6
Net income available to common shareholders per common share - Diluted (in dollars per share) $ 2.44 $ 1.91 $ 6.17 $ 4.63
Weighted average common shares - Diluted (in shares) 336.9 354.6 337.2 357.2
Property and casualty insurance premiums        
Revenues        
Other revenue $ 8,986 $ 8,460 $ 17,788 $ 16,746
Life premiums and contract charges        
Revenues        
Other revenue 621 612 1,249 1,228
Other revenue        
Revenues        
Other revenue $ 271 $ 228 $ 521 $ 444