Fundamentals - Annual Income Statement

Year Ended December 31 2019 2018 2017
(In millions, except per share data)      
Revenues:      
   Insurance premiums $7,428 $7,312 $6,988
   Net investment income 2,355 1,817 2,182
   Investment gains (losses):      
      Other-than-temporary impairment losses (44) (21) (14)
      Other net investment gains (losses) 93   (36) 136
   Total investment gains (losses) 49 (57) 122
   Non-insurance warranty revenue 1,161 1,007 390
   Operating revenues and other 3.938 3.987 4,053
      Total 14,931 14,066 13,735
Expenses:      
   Insurance claims and policyholders' benefits 5,806 5,572 5,310
   Amortization of deferred acquisition costs 1,383 1,335 1,233
   Non-insurance warranty expense 1,082 923 299
   Operating expenses and other 4,950 4,828 4,665
   Interest 591  574 646
      Total 13,812 13,232 12,153
Income before income tax 1,119 834 1,582
Income tax expense (248) (128) (170)
Net income 871 706 1,412
Amounts attributable to noncontrolling interests 61 (70) (248)
Net income attributable to Loews Corporation $932 $636 $1,164
Basic net income per common share $3.08 $1.99 $3.46
Diluted net income per common share $3.07 $1.99 $3.45
Basic weighted average number of shares outstanding 302.70 319.06 336.61
Diluted weighted average number of shares outstanding 303.35 319.93 337.50
For complete copies of our financial results, please refer to our SEC Filings