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Consolidated Statement of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net income $ 2,697,000,000 $ 2,622,000,000 $ 2,523,000,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment gains (2,000,000) (113,000,000) (114,000,000)
Depreciation and amortization 789,000,000 763,000,000 803,000,000
Deferred federal income tax benefit (29,000,000) (33,000,000) (13,000,000)
Amortization of deferred acquisition costs 4,773,000,000 4,601,000,000 4,381,000,000
Equity in income from other investments (130,000,000) (251,000,000) (365,000,000)
Premiums receivable 94,000,000 (384,000,000) (393,000,000)
Reinsurance recoverables (162,000,000) 157,000,000 (100,000,000)
Deferred acquisition costs (4,854,000,000) (4,747,000,000) (4,488,000,000)
Claims and claim adjustment expense reserves 2,622,000,000 1,047,000,000 1,246,000,000
Unearned premium reserves 592,000,000 1,008,000,000 710,000,000
Other operating activities 129,000,000 535,000,000 190,000,000
Net cash provided by operating activities 6,519,000,000 5,205,000,000 4,380,000,000
Cash flows from investing activities      
Proceeds from maturities of fixed maturities 7,387,000,000 6,845,000,000 7,086,000,000
Proceeds from sales of investments:      
Fixed maturities 3,057,000,000 2,187,000,000 3,546,000,000
Equity securities 111,000,000 140,000,000 178,000,000
Real estate investments 0 0 74,000,000
Other investments 281,000,000 459,000,000 511,000,000
Purchases of investments:      
Fixed maturities (14,073,000,000) (10,711,000,000) (13,526,000,000)
Equity securities (112,000,000) (94,000,000) (117,000,000)
Real estate investments (113,000,000) (107,000,000) (74,000,000)
Other investments (487,000,000) (497,000,000) (537,000,000)
Net sales (purchases) of short-term securities (566,000,000) (957,000,000) 908,000,000
Securities transactions in the course of settlement (47,000,000) 158,000,000 (56,000,000)
Other investing activities (330,000,000) (325,000,000) (322,000,000)
Net cash used in investing activities (4,892,000,000) (2,902,000,000) (2,329,000,000)
Cash flows from financing activities      
Treasury stock acquired — share repurchase authorization (625,000,000) (1,500,000,000) (1,270,000,000)
Treasury stock acquired — net employee share-based compensation (47,000,000) (48,000,000) (51,000,000)
Dividends paid to shareholders (861,000,000) (844,000,000) (814,000,000)
Payment of debt (500,000,000) (500,000,000) (600,000,000)
Issuance of debt 490,000,000 492,000,000 591,000,000
Issuance of common stock -- employee share options 127,000,000 213,000,000 132,000,000
Net cash used in financing activities (1,416,000,000) (2,187,000,000) (2,012,000,000)
Effect of exchange rate changes on cash 16,000,000 5,000,000 (10,000,000)
Net increase in cash 227,000,000 121,000,000 29,000,000
Cash at beginning of year 494,000,000 373,000,000 344,000,000
Cash at end of year 721,000,000 494,000,000 373,000,000
Supplemental disclosure of cash flow information      
Income taxes paid 578,000,000 428,000,000 408,000,000
Interest paid $ 339,000,000 $ 338,000,000 $ 347,000,000