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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows from Operating Activities    
Net Income $ 1,403 $ 1,017
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 286 310
Realized investment (gains) losses (97) (35)
Deferred income taxes (benefits) 31 (17)
Net changes in assets and liabilities, net of non-operating effects:    
Premiums, accounts and notes receivable (222) (520)
Reinsurance recoverables 64 (4)
Deferred policy acquisition costs (137) (123)
Other assets (71) (83)
Insurance liabilities 973 607
Accounts payable, accrued expenses and other liabilities (159) (58)
Current income taxes 83 54
Distributions from partnership investments [1] 74 71
Other, net 48 48
Net cash provided by (used in) operating activities [1] 2,276 1,267
Proceeds from investments sold:    
Fixed maturities and equity securities 930 712
Investment maturities and repayments:    
Fixed maturities and equity securities 945 738
Commercial mortgage loans 118 69
Other sales, maturities and repayments (primarily short-term and other long-term investments) [1] 1,059 285
Investments purchased or originated:    
Fixed maturities and equity securities (2,938) (1,701)
Commercial mortgage loans (194) (16)
Other (primarily short-term and other long-term investments) (444) (401)
Property and equipment purchases, net (194) (254)
Acquisitions, net of cash acquired (14) (4)
Net cash provided by (used in) investing activities [1] (732) (572)
Cash Flows from Financing Activities    
Deposits and interest credited to contractholder deposit funds 686 779
Withdrawals and benefit payments from contractholder deposit funds (733) (703)
Net change in short-term debt (14) (111)
Repayment of long-term debt (250) 0
Repurchase of common stock (895) (139)
Issuance of common stock 76 14
Other, net (13) (63)
Net cash provided by (used in) financing activities (1,143) (223)
Effect of foreign currency rate changes on cash and cash equivalents 25 14
Net increase / (decrease) in cash and cash equivalents 426 486
Cash and cash equivalents, January 1 3,185 1,968
Cash and cash equivalents, June 30 3,611 2,454
Supplemental Disclosure of Cash Information:    
Income taxes paid, net of refunds 504 579
Interest paid $ 123 $ 122
[1]
As required in adopting Accounting Standard Update ("ASU") 2016-15, the Company retrospectively reclassified $71 million of cash distributions from partnership earnings from investing to operating activities for the six months ended June 30, 2016. The comparable amount reported in operating activities in 2017 was $74 million. See Note 2 for further discussion.