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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues        
Premiums earned $ 1,434 $ 1,319 $ 2,836 $ 2,607
Net investment income 127 111 240 220
Net realized investment (losses) gains (7) 133 49 189
Net impairment losses recognized in earnings (2) 0 (4) 0
Equity in earnings of limited partnerships 72 27 100 77
Other income 8 8 16 16
Total revenues 1,632 1,598 3,237 3,109
Benefits and expenses        
Insurance losses and loss expenses 976 1,126 2,036 2,160
Policy acquisition and underwriting expenses 361 325 709 646
Total benefits and expenses 1,337 1,451 2,745 2,806
Income (loss) from operations before income taxes and noncontrolling interest 295 147 492 303
Provision for income taxes 98 44 159 91
Net income (loss) 197 103 333 212
Less: Net income attributable to noncontrolling interest in consolidated entity – Exchange 141 54 238 117
Net income attributable to Indemnity 56 49 95 95
Indemnity        
Revenues        
Net investment income 5 4 9 8
Net realized investment (losses) gains 0 0 0 1
Equity in earnings of limited partnerships 11 3 13 9
Benefits and expenses        
Income (loss) from operations before income taxes and noncontrolling interest 86 75 145 144
Provision for income taxes 30 26 50 49
Net income (loss)     95  
Net income attributable to Indemnity $ 56 $ 49 $ 95 $ 95
Class A | Indemnity        
Net income attributable to Indemnity per share        
Common stock - basic (in dollars per share) $ 1.21 $ 1.05 $ 2.04 $ 2.04
Common stock - diluted (in dollars per share) $ 1.07 $ 0.94 $ 1.81 $ 1.82
Weighted average shares outstanding attributable to Indemnity - Basic        
Common stock - basic (in shares) 46,189,068 46,214,153 46,189,068 46,307,659
Weighted average shares outstanding attributable to Indemnity - Diluted        
Common stock - diluted (in shares) 52,562,514 52,411,414 52,598,633 52,504,920
Dividends declared per share        
Common stock (in dollars per share) $ 0.6810 $ 0.6350 $ 1.3620 $ 1.2700
Class B | Indemnity        
Net income attributable to Indemnity per share        
Common stock - basic (in dollars per share) 181 158 306 307
Common stock - diluted (in dollars per share) $ 180 $ 158 $ 305 $ 307
Weighted average shares outstanding attributable to Indemnity - Basic        
Common stock - basic (in shares) 2,542 2,542 2,542 2,542
Weighted average shares outstanding attributable to Indemnity - Diluted        
Common stock - diluted (in shares) 2,542 2,542 2,542 2,542
Dividends declared per share        
Common stock (in dollars per share) $ 102.1500 $ 95.2500 $ 204.3000 $ 190.5000