Fundamentals - Annual Income Statement

Year Ended December 31201520142013
(In millions, except per share data)   
Revenues:   
   Insurance premiums$6,921  $7,212  $7,271
   Net investment income1,866  2,163  2,425
   Investment gains (losses):   
      Other-than-temporary impairment losses(156) (77) (74)
      Portion of other-than-temporary impairment
      losses recognized in Other comprehensive loss


 


 

(2)
   Net impairment losses recognized in earnings(156) (77) (76)
   Other net investment gains85  131  92
   Total investment gains (losses)(71)  54  16
   Contract drilling revenues2,360  2,737  2,844
   Other revenues2,339  2,159  2,057
      Total13,415  14,325  14,613
Expenses:   
   Insurance claims and policyholders' benefits5,384  5,591  5,806
   Amortization of deferred acquisition costs1,540  1,317  1,362
   Contract drilling expenses1,228  1,524  1,573
   Other operating expenses4,499  3,585  3,170
   Interest520  498  425
      Total13,171  12,515  12,336
Income before income tax244  1,810  2,277
Income tax (expense) benefit43 (457) (656)
Income from continuing operations287  1,353  1,621
Discontinued operations, net  (391) (552)
Net income287  962  1,069
Amounts attributable to noncontrolling interests(27) (371) (474)
Net income attributable to Loews Corporation$260  $591  $595
Net income attributable to Loews Corporation:   
      Income from continuing operations$260  $962  $1,149
      Discontinued operations, net  (371) (554)
      Net Income$260  $591  $595
Basic net income per common share:     
   Income from continuing operations$0.72  $2.52  $2.96
   Discontinued operations, net  (0.97) (1.43)
   Net income$0.72  $1.55  $1.53
Diluted net income per common share:     
   Income from continuing operations$0.72  $2.52  $2.95
   Discontinued operations, net  (0.97) (1.42)
   Net income$0.72  $1.55  $1.53
Dividends per share$0.25 $0.25$0.25
Basic weighted average number of shares outstanding362.43  381.92  388.64
Diluted weighted average number of shares outstanding362.69  382.55  389.51
For complete copies of our financial results, please refer to our SEC Filings