XML 36 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows From Operating Activities    
Net Income $ 478 $ 358
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 39 38
Realized investment gains, net (110) (101)
Stock-based compensation 16 15
Interest credited to contract holders' 32 35
Deferred income tax expense 7 21
Changes in:    
Investment income receivable 4 2
Premiums and reinsurance receivable (96) (105)
Deferred policy acquisition costs (20) (32)
Other assets 0 0
Loss and loss expense reserves 215 124
Life policy reserves 70 104
Unearned premiums 133 152
Other liabilities (11) (30)
Current income tax receivable/payable (2) 52
Net cash provided by operating activities 755 633
Cash Flows From Investing Activities    
Sale of fixed maturities 25 26
Call or maturity of fixed maturities 961 675
Sale of equity securities 241 225
Purchase of fixed maturities (1,397) (974)
Purchase of equity securities (379) (294)
Purchase of short-term investments (75) 0
Investment in finance receivables (10) (13)
Collection of finance receivables 22 23
Investment in buildings and equipment, net (7) (6)
Change in other invested assets, net (1) 7
Net cash used in investing activities (620) (331)
Cash Flows From Financing Activities    
Payment of cash dividends to shareholders (218) (208)
Purchase of treasury shares (41) (21)
Payments of note payable (14) (55)
Proceeds from stock options exercised 14 14
Contract holders' funds deposited 62 66
Contract holders' funds withdrawn (101) (108)
Excess tax benefits on stock-based compensation 4 2
Other (13) (13)
Net cash used in financing activities (307) (323)
Net change in cash and cash equivalents (172) (21)
Cash and cash equivalents at beginning of year 591 433
Cash and cash equivalents at end of period 419 412
Supplemental Disclosures of Cash Flow Information:    
Interest paid 26 27
Income taxes paid 179 52
Noncash Activities:    
Conversion of securities 0 7
Equipment acquired under capital lease obligations 16 10
Cashless exercise of stock options $ 11 $ 11