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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income $ 2,622 $ 2,523 $ 2,056
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment gains [1] (113) (114) (216)
Depreciation and amortization 763 803 813
Deferred federal income tax expense (benefit) (33) (13) 337
Amortization of deferred acquisition costs 4,601 4,381 4,166
Equity in income from other investments (251) (365) (397)
Premiums receivable (384) (393) (394)
Reinsurance recoverables 157 (100) 16
Deferred acquisition costs (4,747) (4,488) (4,257)
Claims and claim adjustment expense reserves 1,047 1,246 1,460
Unearned premium reserves 1,008 710 521
Other operating activities 535 190 43
Net cash provided by operating activities 5,205 4,380 4,148
Cash flows from investing activities      
Proceeds from maturities of fixed maturities 6,845 7,086 8,750
Proceeds from sales of investments:      
Fixed maturities 2,187 3,546 1,854
Equity securities 140 178  
Equity securities     765
Real estate investments 0 74 23
Other investments 459 511 468
Purchases of investments:      
Fixed maturities (10,711) (13,526) (12,250)
Equity securities (94) (117)  
Equity securities     (459)
Real estate investments (107) (74) (59)
Other investments (497) (537) (541)
Net sales (purchases) of short-term securities (957) 908 (26)
Securities transactions in the course of settlement 158 (56) (47)
Acquisitions, net of cash acquired 0 (4) (439)
Other investing activities (325) (318) (241)
Net cash used in investing activities (2,902) (2,329) (2,202)
Cash flows from financing activities      
Treasury stock acquired — share repurchase authorization (1,500) (1,270) (1,378)
Treasury stock acquired — net employee share-based compensation (48) (51) (62)
Dividends paid to shareholders (844) (814) (785)
Payment of debt (500) (600) (657)
Issuance of debt 492 591 789
Issuance of common stock -- employee share options 213 132 173
Net cash used in financing activities (2,187) (2,012) (1,920)
Effect of exchange rate changes on cash 5 (10) 11
Net increase in cash 121 29 37
Cash at beginning of year 373 344 307
Cash at end of year 494 373 344
Supplemental disclosure of cash flow information      
Income taxes paid 428 408 514
Interest paid $ 338 $ 347 $ 367
[1] Total other-than-temporary impairment (OTTI) losses were $(3) million, $(1) million and $(13) million for the years ended December 31, 2019, 2018 and 2017, respectively.  Of total OTTI, credit losses of $(4) million, $(1) million and $(14) million for the years ended December 31, 2019, 2018 and 2017, respectively, were recognized in net realized investment gains.  In addition, unrealized gains (losses) from other changes in total OTTI of $1 million, $0 million and $1 million for the years ended December 31, 2019, 2018 and 2017, 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.