Allstate 2011 Annual Report Download - page 188

THE ALLSTATE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
($ in millions, except per share data)
2010 2009 2008
Revenues
Property-liability insurance premiums (net of reinsurance ceded of
$1,092, $1,056 and $1,139) $ 25,957 $ 26,194 $ 26,967
Life and annuity premiums and contract charges (net of reinsurance
ceded of $804, $838 and $900) 2,168 1,958 1,895
Net investment income 4,102 4,444 5,622
Realized capital gains and losses:
Total other-than-temporary impairment losses (937) (2,376) (3,735)
Portion of loss recognized in other comprehensive income (64) 457 —
Net other-than-temporary impairment loss recognized in earnings (1,001) (1,919) (3,735)
Sales and other realized capital gains and losses 174 1,336 (1,355)
Total realized capital gains and losses (827) (583) (5,090)
31,400 32,013 29,394
Costs and expenses
Property-liability insurance claims and claims expense (net of
reinsurance ceded of $271, $415 and $620) 18,951 18,746 20,064
Life and annuity contract benefits (net of reinsurance ceded of $702,
$642 and $1,150) 1,815 1,617 1,612
Interest credited to contractholder funds (net of reinsurance ceded of
$32, $32 and $43) 1,807 2,126 2,411
Amortization of deferred policy acquisition costs 4,034 4,754 4,679
Operating costs and expenses 3,281 3,007 3,273
Restructuring and related charges 30 130 23
Interest expense 367 392 351
30,285 30,772 32,413
Gain (loss) on disposition of operations 11 7 (6)
Income (loss) from operations before income tax expense
(benefit) 1,126 1,248 (3,025)
Income tax expense (benefit) 198 394 (1,346)
Net income (loss) $ 928 $ 854 $ (1,679)
Earnings per share:
Net income (loss) per share – Basic $ 1.72 $ 1.58 $ (3.06)
Weighted average shares – Basic 540.3 539.6 548.3
Net income (loss) per share – Diluted $ 1.71 $ 1.58 $ (3.06)
Weighted average shares – Diluted 542.5 540.9 548.3
Cash dividends declared per share $ 0.80 $ 0.80 $ 1.64
See notes to consolidated financial statements.
108
Financial Statements