Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions |
3 Months Ended |
Mar. 31, 2020 |
Mar. 31, 2019 |
| Cash flows from operating activities |
|
|
| Net income |
$ 600
|
$ 796
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Net realized investment (gains) losses |
98
|
(53)
|
| Depreciation and amortization |
203
|
211
|
| Deferred federal income tax expense |
6
|
32
|
| Amortization of deferred acquisition costs |
1,178
|
1,117
|
| Equity in income from other investments |
(67)
|
(34)
|
| Premiums receivable |
(326)
|
(434)
|
| Reinsurance recoverables |
(15)
|
98
|
| Deferred acquisition costs |
(1,215)
|
(1,185)
|
| Claims and claim adjustment expense reserves |
388
|
(2)
|
| Unearned premium reserves |
414
|
551
|
| Other operating activities |
(636)
|
(458)
|
| Net cash provided by operating activities |
628
|
639
|
| Cash flows from investing activities |
|
|
| Proceeds from maturities of fixed maturities |
1,461
|
1,556
|
| Proceeds from sales of investments: |
|
|
| Fixed maturities |
388
|
769
|
| Equity securities |
33
|
39
|
| Other investments |
64
|
105
|
| Purchases of investments: |
|
|
| Fixed maturities |
(2,630)
|
(2,914)
|
| Equity securities |
(35)
|
(22)
|
| Real estate investments |
(16)
|
(77)
|
| Other investments |
(103)
|
(146)
|
| Net sales (purchases) of short-term securities |
906
|
(109)
|
| Securities transactions in course of settlement |
85
|
295
|
| Other investing activities |
(69)
|
(82)
|
| Net cash provided by (used in) investing activities |
84
|
(586)
|
| Cash flows from financing activities |
|
|
| Treasury stock acquired — share repurchase authorization |
(425)
|
(375)
|
| Treasury stock acquired — net employee share-based compensation |
(46)
|
(46)
|
| Dividends paid to shareholders |
(210)
|
(205)
|
| Issuance of debt |
0
|
492
|
| Issuance of common stock — employee share options |
31
|
63
|
| Net cash used in financing activities |
(650)
|
(71)
|
| Effect of exchange rate changes on cash |
(12)
|
2
|
| Net increase (decrease) in cash |
50
|
(16)
|
| Cash at beginning of year |
494
|
373
|
| Cash at end of period |
544
|
357
|
| Supplemental disclosure of cash flow information |
|
|
| Income taxes paid |
15
|
5
|
| Interest paid |
$ 60
|
$ 50
|