Fundamentals - Annual Income Statement
Year Ended December 31 |
2021 |
2020 |
2019 |
(In millions, except per share data) |
|
|
|
Revenues: |
|
|
|
Insurance premiums |
$8,175 |
$7,649 |
$7,428 |
Net investment income |
2,259 |
1,995 |
2,355 |
Investment gains (losses) |
660 |
(1,246) |
49 |
Non-insurance warranty revenue |
1,430 |
1,252 |
1,161 |
Operating revenues and other |
2,133 |
2,933 |
3,938 |
Total |
14,657 |
12,583 |
14,931 |
Expenses: |
|
|
|
Insurance claims and policyholders' benefits |
6,349 |
6,170 |
5,806 |
Amortization of deferred acquisition costs |
1,443 |
1,410 |
1,383 |
Non-insurance warranty expense |
1,328 |
1,159 |
1,082 |
Operating expenses and other |
2,931 |
4,793 |
4,950 |
Interest |
424 |
515 |
591 |
Total |
12,475 |
14,047 |
13,812 |
Income (loss) before income tax |
2,182 |
(1,464) |
1,119 |
Income tax (expense) benefit |
(479) |
173 |
(248) |
Net income (loss) |
1,703 |
(1,291) |
871 |
Amounts attributable to noncontrolling interests |
(125) |
360 |
61 |
Net income (loss) attributable to Loews Corporation |
$1,578 |
($931) |
$932 |
Basic net income (loss) per common share |
$6.08 |
$(3.32) |
$3.08 |
Diluted net income (loss) per common share |
$6.07 |
$(3.32) |
$3.07 |
Basic weighted average number of shares outstanding |
259.67 |
280.32 |
302.70 |
Diluted weighted average number of shares outstanding |
260.20 |
280.32 |
303.35 |