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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities      
Net income $ 2,523 $ 2,056 $ 3,014
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment gains [1] (114) (216) (68)
Depreciation and amortization 803 813 826
Deferred federal income tax expense (benefit) (13) 337 110
Amortization of deferred acquisition costs 4,381 4,166 3,985
Equity in income from other investments (365) (397) (232)
Premiums receivable (393) (394) (286)
Reinsurance recoverables (100) 16 610
Deferred acquisition costs (4,488) (4,257) (4,061)
Claims and claim adjustment expense reserves 1,246 1,460 (257)
Unearned premium reserves 710 521 372
Other operating activities 190 43 456
Net cash provided by operating activities 4,380 4,148 4,469
Cash flows from investing activities      
Proceeds from maturities of fixed maturities 7,086 8,750 8,975
Proceeds from sales of investments:      
Fixed maturities 3,546 1,854 1,417
Equity securities 178    
Equity securities   765 92
Real estate investments 74 23 69
Other investments 511 468 566
Purchases of investments:      
Fixed maturities (13,526) (12,250) (11,609)
Equity securities (117)    
Equity securities   (459) (51)
Real estate investments (74) (59) (48)
Other investments (537) (541) (580)
Net sales (purchases) of short-term securities 908 (26) (199)
Securities transactions in the course of settlement (56) (47) (21)
Acquisitions, net of cash acquired (4) (439)  
Other investing activities (318) (241) (338)
Net cash used in investing activities (2,329) (2,202) (1,727)
Cash flows from financing activities      
Treasury stock acquired — share repurchase authorization (1,270) (1,378) (2,400)
Treasury stock acquired — net employee share-based compensation (51) (62) (72)
Dividends paid to shareholders (814) (785) (757)
Payment of debt (600) (657) (400)
Issuance of debt 591 789 491
Issuance of common stock -- employee share options 132 173 332
Net cash used in financing activities (2,012) (1,920) (2,806)
Effect of exchange rate changes on cash (10) 11 (9)
Net increase (decrease) in cash 29 37 (73)
Cash at beginning of year 344 307 380
Cash at end of year 373 344 307
Supplemental disclosure of cash flow information      
Income taxes paid 408 514 892
Interest paid $ 347 $ 367 $ 358
[1] Total other-than-temporary impairment (OTTI) losses were $(1) million, $(13) million and $(40) million for the years ended December 31, 2018, 2017 and 2016, respectively. Of total OTTI, credit losses of $(1) million, $(14) million and $(29) million for the years ended December 31, 2018, 2017 and 2016, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million, $1 million and $(11) million for the years ended December 31, 2018, 2017 and 2016, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income.