Fundamentals - Annual Income Statement

Year Ended December 31 2018 2017 2016
(In millions, except per share data)      
Revenues:      
   Insurance premiums $7,312 $6,988  $6,924 
   Net investment income 1,817 2,182  2,135 
   Investment gains (losses):      
      Other-than-temporary impairment losses (21) (14) (81)
      Other net investment gains (losses) (36) 136  131 
   Total investment gains (losses) (57) 122  50 
   Non-insurance warranty revenue 1,007 390  361 
   Operating revenues and other 3.987 4,053  3,635 
      Total 14,066 13,735  13,105 
Expenses:      
   Insurance claims and policyholders' benefits 5,572 5,310  5,283 
   Amortization of deferred acquisition costs 1,335 1,233  1,235 
   Non-insurance warranty expense 923 299  271 
   Operating expenses and other 4,828 4,665  4,844 
   Interest 574 646  536 
      Total 13,232 12,153  12,169 
Income before income tax 834 1,582  936 
Income tax expense (128) (170) (220)
Net income 706 1,412  716 
Amounts attributable to noncontrolling interests (70) (248) (62)
Net income attributable to Loews Corporation $636  $1,164 $654 
Basic net income per common share $1.99 $3.46 $1.93
Diluted net income per common share $1.99 $3.45 $1.93
Basic weighted average number of shares outstanding 319.06 336.61 337.95
Diluted weighted average number of shares outstanding 319.93 337.50 338.31
For complete copies of our financial results, please refer to our SEC Filings