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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net income $ 1,353 $ 1,193
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment gains [1] (78) (25)
Depreciation and amortization 401 411
Deferred federal income tax expense (benefit) 10 (70)
Amortization of deferred acquisition costs 2,251 2,142
Equity in income from other investments (132) (169)
Premiums receivable (779) (660)
Reinsurance recoverables 151 29
Deferred acquisition costs (2,408) (2,284)
Claims and claim adjustment expense reserves 329 435
Unearned premium reserves 958 879
Other operating activities (264) (183)
Net cash provided by operating activities 1,792 1,698
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 3,038 3,657
Proceeds from sales of investments:    
Fixed maturities 1,495 2,607
Equity securities 71 92
Other investments 240 189
Purchases of investments:    
Fixed maturities (5,708) (7,952)
Equity securities (41) (60)
Real estate investments (85) (44)
Other investments (262) (275)
Net sales of short-term securities 497 1,202
Securities transactions in course of settlement 223 279
Other investing activities (169) (152)
Net cash used in investing activities (701) (457)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorization (750) (700)
Treasury stock acquired — net employee share-based compensation (47) (51)
Dividends paid to shareholders (419) (404)
Payment of debt (500) (600)
Issuance of debt 492 491
Issuance of common stock — employee share options 174 98
Net cash used in financing activities (1,050) (1,166)
Effect of exchange rate changes on cash 2 (4)
Net increase in cash 43 71
Cash at beginning of year 373 344
Cash at end of period 416 415
Supplemental disclosure of cash flow information    
Income taxes paid 325 238
Interest paid $ 171 $ 175
[1]
Total other-than-temporary impairment (OTTI) gains (losses) were $(1) million for each of the three months ended June 30, 2019 and 2018, and $(2) million and $(1) million for the six months ended June 30, 2019 and June 30, 2018, respectively.  Of total OTTI, credit losses of $(1) million for each of the three months ended June 30, 2019 and 2018, and $(2) million and $(1) million for the six months ended June 30, 2019 and June 30, 2018, respectively, were recognized in net realized investment gains.  In addition, unrealized gains (losses) from other changes in total OTTI of $0 million for each of the three months and six months ended June 30, 2019 and 2018 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.