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Condensed Consolidated Statements of Operations (unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Net investment income $ 880 $ 844 $ 2,470 $ 2,454
Realized capital gains and losses:        
Total other-than-temporary impairment (“OTTI”) losses (16) (4) (44) (8)
OTTI losses reclassified to (from) other comprehensive income (OCI) 2 (1) 1 (2)
Net OTTI losses recognized in earnings (14) (5) (43) (10)
Sales and valuation changes on equity investments and derivatives 211 181 1,226 27
Total realized capital gains and losses 197 176 1,183 17
Total revenues 11,069 10,465 33,203 30,334
Costs and expenses        
Property and casualty insurance claims and claims expense 6,051 5,805 18,227 16,711
Life contract benefits 513 498 1,521 1,485
Interest credited to contractholder funds 169 163 487 489
Amortization of deferred policy acquisition costs 1,425 1,317 4,151 3,886
Operating costs and expenses 1,414 1,425 4,174 4,086
Pension and other postretirement remeasurement gains and losses 225 (39) 365 (32)
Restructuring and related charges 0 13 27 55
Amortization of purchased intangibles 32 24 96 69
Impairment of purchased intangibles 0 0 55 0
Interest expense 80 82 245 251
Total costs and expenses 9,909 9,288 29,348 27,000
Gain on disposition of operations 0 1 3 4
Income from operations before income tax expense 1,160 1,178 3,858 3,338
Income tax expense 229 199 784 636
Net income 931 979 3,074 2,702
Preferred stock dividends 42 37 103 105
Net income applicable to common shareholders $ 889 $ 942 $ 2,971 $ 2,597
Earnings per common share        
Net income available to common shareholders per common share - Basic (in dollars per share) $ 2.71 $ 2.72 $ 8.98 $ 7.43
Weighted average common shares - Basic (in shares) 327.7 346.0 330.8 349.7
Net income available to common shareholders per common share - Diluted (in dollars per share) $ 2.67 $ 2.68 $ 8.85 $ 7.31
Weighted average common shares - Diluted (in shares) 333.0 351.7 335.7 355.4
Property and casualty insurance premiums        
Revenues        
Revenues $ 9,094 $ 8,595 $ 26,882 $ 25,341
Life premiums and contract charges        
Revenues        
Revenues 625 612 1,874 1,840
Other revenue        
Revenues        
Revenues $ 273 $ 238 $ 794 $ 682