Allstate 2008 Annual Report Download - page 233

THE ALLSTATE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
2008 2007 2006
($ in millions, except per share data)
Revenues
Property-liability insurance premiums (net of reinsurance ceded of $1,139, $1,356
and $1,113) $26,967 $27,233 $27,369
Life and annuity premiums and contract charges (net of reinsurance ceded of $900,
$966 and $815) 1,895 1,866 1,964
Net investment income 5,622 6,435 6,177
Realized capital gains and losses (5,090) 1,235 286
29,394 36,769 35,796
Costs and expenses
Property-liability insurance claims and claims expense (net of reinsurance
recoveries of $620, $370 and $414) 20,064 17,667 16,017
Life and annuity contract benefits (net of reinsurance recoveries of $1,150, $671
and $573) 1,612 1,589 1,570
Interest credited to contractholder funds (net of reinsurance recoveries of $43, $48
and $40) 2,411 2,681 2,609
Amortization of deferred policy acquisition costs 4,679 4,704 4,757
Operating costs and expenses 3,273 3,103 3,033
Restructuring and related charges 23 29 182
Interest expense 351 333 357
32,413 30,106 28,525
Loss on disposition of operations (6) (10) (93)
(Loss) income from operations before income tax (benefit) expense (3,025) 6,653 7,178
Income tax (benefit) expense (1,346) 2,017 2,185
Net (loss) income $ (1,679) $ 4,636 $ 4,993
Earnings per share:
Net (loss) income per share—Basic $ (3.07) $ 7.83 $ 7.89
Weighted average shares—Basic 546.1 592.4 632.5
Net (loss) income per share—Diluted $ (3.07) $ 7.77 $ 7.84
Weighted average shares—Diluted 546.1 596.7 637.2
Cash dividends declared per share $ 1.64 $ 1.52 $ 1.40
See notes to consolidated financial statements.
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Financial Statements