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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues        
Premiums earned $ 1,472 $ 1,355 $ 4,308 $ 3,962
Net investment income 120 115 360 335
Net realized investment (losses) gains (292) (85) (243) 104
Net impairment losses recognized in earnings (4) (1) (8) (1)
Equity in earnings of limited partnerships 43 34 143 111
Other income 7 8 23 24
Total revenues 1,346 1,426 4,583 4,535
Benefits and expenses        
Insurance losses and loss expenses 939 935 2,975 3,095
Policy acquisition and underwriting expenses 367 341 1,076 987
Total benefits and expenses 1,306 1,276 4,051 4,082
Income (loss) from operations before income taxes and noncontrolling interest 40 150 532 453
Provision for income taxes 7 42 166 133
Net income (loss) 33 108 366 320
Less: Net (loss) income attributable to noncontrolling interest in consolidated entity – Exchange (17) 61 221 178
Net income attributable to Indemnity 50 47 145 142
Indemnity        
Revenues        
Net investment income 4 4 13 12
Net realized investment (losses) gains 0 0 0 1
Equity in earnings of limited partnerships 4 4 17 13
Benefits and expenses        
Income (loss) from operations before income taxes and noncontrolling interest 75 70 220 214
Provision for income taxes 25 23 75 72
Net income (loss)     145  
Net income attributable to Indemnity $ 50 $ 47 $ 145 $ 142
Class A | Indemnity        
Net income attributable to Indemnity per share        
Common stock - basic (in dollars per share) $ 1.06 $ 1.01 $ 3.10 $ 3.05
Common stock - diluted (in dollars per share) $ 0.94 $ 0.90 $ 2.75 $ 2.71
Weighted average shares outstanding attributable to Indemnity - Basic        
Common stock - basic (in shares) 46,189,068 46,189,068 46,189,068 46,267,694
Weighted average shares outstanding attributable to Indemnity - Diluted        
Common stock - diluted (in shares) 52,602,083 52,387,164 52,599,783 52,465,790
Dividends declared per share        
Common stock (in dollars per share) $ 0.6810 $ 0.6350 $ 2.0430 $ 1.9050
Class B | Indemnity        
Net income attributable to Indemnity per share        
Common stock - basic (in dollars per share) 160 151 466 458
Common stock - diluted (in dollars per share) $ 159 $ 151 $ 465 $ 457
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 $ 306.4500 $ 285.7500