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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$ 32$ 251
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, amortization and other non-cash items3830
Realized gains on investments(77)(140)
Stock-based compensation109
Interest credited to contract holders3833
Deferred income tax benefit(33)(8)
Changes in:  
Investment income receivable24
Premiums and reinsurance receivable(231)81
Deferred policy acquisition costs(33)(19)
Other assets(1)(2)
Loss and loss expense reserves32183
Life policy reserves8986
Unearned premiums10464
Other liabilities(49)(27)
Current income tax receivable/payable(62)(28)
Net cash provided by operating activities148417
CASH FLOWS FROM INVESTING ACTIVITIES  
Sale of fixed maturities47136
Call or maturity of fixed maturities592757
Sale of equity securities410128
Collection of finance receivables2321
Purchase of fixed maturities(934)(1,145)
Purchase of equity securities(179)(276)
Change in short-term investments, net 7
Investment in buildings and equipment, net(12)(14)
Investment in finance receivables(23)(17)
Change in other invested assets, net51
Net cash used in investing activities(71)(402)
CASH FLOWS FROM FINANCING ACTIVITIES  
Payment of cash dividends to shareholders(191)(189)
Purchase of treasury shares(30)(10)
Increase in notes payable55 
Contract holders' funds deposited81130
Contract holders' funds withdrawn(64)(53)
Excess tax benefits on share-based compensation31
Other(8)(6)
Net cash used in financing activities(154)(127)
Net change in cash and cash equivalents(77)(112)
Cash and cash equivalents at beginning of year385557
Cash and cash equivalents at end of period308445
Supplemental disclosures of cash flow information:  
Interest paid2727
Income taxes paid53113
Non-cash activities:  
Conversion of securities 5
Equipment acquired under capital lease obligations$ 24