Total Revenue

-0.2% " "

Increased insurance premiums and investment income were offset by declines at Pilot Travel Centers and lower volumes at McLane, resulting in a slight net decrease. " "

Total Insurance

+10% " "

Higher premium volumes and improved underwriting (most notably at GEICO), along with increases in investment income from short-term investments, drove the gain. " "

Insurance - Investment Income

+56% " "

Higher short-term interest rates and larger cash/UST bill balances led to a substantial rise in interest income, outweighing a slight drop in dividend income. " "

Pilot Travel Centers

-19% " "

Lower average fuel prices and reduced fuel volumes from wholesale and marketing businesses were the main drivers of the revenue decline, partially offset by cost controls. " "

McLane

-6% " "

The highly competitive grocery and foodservice market and lower unit volumes pulled down revenues, though improved gross margin rates helped support profitability. " "

Operating Income (EBIT)

$32,286M vs. -$16,959M " "

The swing was driven by strong insurance results, including higher underwriting and investment income, and minimal derivative losses, partly offset by softer railroad earnings. " "

Net Income

$26,480M vs. -$12,567M " "

Unrealized investment gains in equity holdings provided a major rebound, while improved operating performance in insurance and other segments also contributed to the turnaround. " "