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Condensed Consolidated Statements of Operations (unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Net investment income $ 409 $ 942 $ 830 $ 1,590
Realized capital gains (losses) 704 324 242 986
Total revenues 11,197 11,144 21,273 22,134
Costs and expenses        
Property and casualty insurance claims and claims expense 5,222 6,356 10,563 12,176
Shelter-in-Place Payback expense 738 0 948 0
Life contract benefits 497 511 998 1,008
Interest credited to contractholder funds 200 156 332 318
Amortization of deferred policy acquisition costs 1,349 1,362 2,750 2,726
Operating costs and expenses 1,451 1,380 2,850 2,760
Pension and other postretirement remeasurement (gains) losses 73 125 391 140
Restructuring and related charges 14 9 19 27
Amortization of purchased intangibles 29 32 57 64
Impairment of purchased intangibles 0 55 0 55
Interest expense 79 82 160 165
Total costs and expenses 9,652 10,068 19,068 19,439
Gain on disposition of operations 1 2 2 3
Income from operations before income tax expense 1,546 1,078 2,207 2,698
Income tax expense 296 227 408 555
Net income 1,250 851 1,799 2,143
Preferred stock dividends 26 30 62 61
Net income applicable to common shareholders $ 1,224 $ 821 $ 1,737 $ 2,082
Earnings per common share        
Net income available to common shareholders per common share - Basic (in dollars per share) $ 3.90 $ 2.47 $ 5.50 $ 6.27
Weighted average common shares - Basic (in shares) 313.7 332.0 315.6 332.3
Net income available to common shareholders per common share - Diluted (in dollars per share) $ 3.86 $ 2.44 $ 5.43 $ 6.17
Weighted average common shares - Diluted (in shares) 317.0 336.9 319.8 337.2
Property and casualty insurance premiums        
Revenues        
Premiums Earned, Net $ 9,223 $ 8,986 $ 18,458 $ 17,788
Life premiums and contract charges        
Revenues        
Insurance premiums, commissions and fees 604 621 1,221 1,249
Other revenue        
Revenues        
Insurance premiums, commissions and fees $ 257 $ 271 $ 522 $ 521