Fundamentals - Annual Income Statement
|
Year Ended December 31 |
2022 |
|
2021 |
|
2020 |
|
(In millions, except per share data) |
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
Insurance premiums |
$ 8,667 |
|
$ 8,175 |
|
$ 7,649 |
|
Net investment income |
1,802 |
|
2,259 |
|
1,995 |
|
Investment gains (losses) |
(199) |
|
660 |
|
(1,246) |
|
Non-insurance warranty revenue |
1,574 |
|
1,430 |
|
1,252 |
|
Operating revenues and other |
2,200 |
|
2,133 |
|
2,933 |
|
Total |
14,044 |
|
14,657 |
|
12,583 |
|
Expenses: |
|
|
|
|
|
|
Insurance claims and policyholders’ benefits |
6,386 |
|
6,349 |
|
6,170 |
|
Amortization of deferred acquisition costs |
1,490 |
|
1,443 |
|
1,410 |
|
Non-insurance warranty expense |
1,471 |
|
1,328 |
|
1,159 |
|
Operating expenses and other |
3,077 |
|
2,957 |
|
4,720 |
|
Equity method (income) loss |
(139) |
|
(26) |
|
73 |
|
Interest |
378 |
|
424 |
|
515 |
|
Total |
12,663 |
|
12,475 |
|
14,047 |
|
Income (loss) before income tax |
1,381 |
|
2,182 |
|
(1,464) |
|
Income tax (expense) benefit |
(278) |
|
(479) |
|
173 |
|
Net income (loss) |
1,103 |
|
1,703 |
|
(1,291) |
|
Amounts attributable to noncontrolling interests |
(91) |
|
(125) |
|
360 |
|
Net income (loss) attributable to Loews Corporation |
$ 1,012 |
|
$ 1,578 |
|
$ (931) |
|
Basic net income (loss) per share |
$ 4.17 |
|
$ 6.08 |
|
$ (3.32) |
|
Diluted net income (loss) per share |
$ 4.16 |
|
$ 6.07 |
|
$ (3.32) |
|
Basic weighted average number of shares outstanding |
242.83 |
|
259.67 |
|
280.32 |
|
Diluted weighted average number of shares outstanding |
243.28 |
|
260.20 |
|
280.32 |