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Condensed Consolidated Statements of Operations (unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Net investment income $ 832 $ 880 $ 1,662 $ 2,470
Realized capital gains (losses) 440 197 682 1,183
Total revenues 11,500 11,069 32,773 33,203
Costs and expenses        
Property and casualty insurance claims and claims expense 6,072 6,051 16,635 18,227
Shelter-in-Place Payback expense 0 0 948 0
Life contract benefits 727 513 1,725 1,521
Interest credited to contractholder funds 150 169 482 487
Amortization of deferred policy acquisition costs 1,492 1,425 4,242 4,151
Operating costs and expenses 1,380 1,414 4,230 4,174
Pension and other postretirement remeasurement (gains) losses (71) 225 320 365
Restructuring and related charges 200 0 219 27
Amortization of purchased intangibles 31 32 88 96
Impairment of purchased intangibles 0 0 0 55
Interest expense 78 80 238 245
Total costs and expenses 10,059 9,909 29,127 29,348
Gain on disposition of operations 1 0 3 3
Income from operations before income tax expense 1,442 1,160 3,649 3,858
Income tax expense 289 229 697 784
Net income 1,153 931 2,952 3,074
Preferred stock dividends 27 42 89 103
Net income applicable to common shareholders $ 1,126 $ 889 $ 2,863 $ 2,971
Earnings per common share        
Net income available to common shareholders per common share - Basic (in dollars per share) $ 3.62 $ 2.71 $ 9.11 $ 8.98
Weighted average common shares - Basic (in shares) 311.2 327.7 314.1 330.8
Net income available to common shareholders per common share - Diluted (in dollars per share) $ 3.58 $ 2.67 $ 9.01 $ 8.85
Weighted average common shares - Diluted (in shares) 314.1 333.0 317.9 335.7
Property and casualty insurance premiums        
Revenues        
Premiums Earned, Net $ 9,336 $ 9,094 $ 27,794 $ 26,882
Life premiums and contract charges        
Revenues        
Insurance premiums, commissions and fees 620 625 1,841 1,874
Other revenue        
Revenues        
Insurance premiums, commissions and fees $ 272 $ 273 $ 794 $ 794