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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income $ 796 $ 669
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (gains) losses [1] (53) 11
Depreciation and amortization 211 212
Deferred federal income tax expense (benefit) 32 (56)
Amortization of deferred acquisition costs 1,117 1,061
Equity in income from other investments (34) (95)
Premiums receivable (434) (397)
Reinsurance recoverables 98 5
Deferred acquisition costs (1,185) (1,124)
Claims and claim adjustment expense reserves (2) 180
Unearned premium reserves 551 518
Other operating activities (458) (430)
Net cash provided by operating activities 639 554
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 1,556 1,950
Proceeds from sales of investments:    
Fixed maturities 769 1,085
Equity securities 39 26
Other investments 105 114
Purchases of investments:    
Fixed maturities (2,914) (3,920)
Equity securities (22) (20)
Real estate investments (77) (33)
Other investments (146) (142)
Net sales (purchases) of short-term securities (109) 410
Securities transactions in course of settlement 295 202
Other investing activities (82) (53)
Net cash used in investing activities (586) (381)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorization (375) (350)
Treasury stock acquired — net employee share-based compensation (46) (51)
Dividends paid to shareholders (205) (197)
Payment of debt   (100)
Issuance of debt 492 491
Issuance of common stock — employee share options 63 85
Net cash used in financing activities (71) (122)
Effect of exchange rate changes on cash 2 2
Net increase (decrease) in cash (16) 53
Cash at beginning of year 373 344
Cash at end of period 357 397
Supplemental disclosure of cash flow information    
Income taxes paid 5 56
Interest paid $ 50 $ 39
[1] Total other-than-temporary impairment (OTTI) gains (losses) were $(1) million and $0 for the three months ended March 31, 2019 and 2018, respectively. Of total OTTI, credit losses of $(1) million and $0 for the three months ended March 31, 2019 and 2018, respectively, were recognized in net realized investment gains (losses). In addition, unrealized gains (losses) from other changes in total OTTI of $0 for each of the three months ended March 31, 2019 and 2018, 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.