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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income $ 1,667 $ 560
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (gains) losses (105) 85
Depreciation and amortization 450 391
Deferred federal income tax expense (benefit) 57 (71)
Amortization of deferred acquisition costs 2,461 2,351
Equity in (income) loss from other investments (513) 186
Premiums receivable (718) (571)
Reinsurance recoverables 154 60
Deferred acquisition costs (2,601) (2,453)
Claims and claim adjustment expense reserves 1,313 1,455
Unearned premium reserves 968 643
Other operating activities (94) (344)
Net cash provided by operating activities 3,039 2,292
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 4,347 3,071
Proceeds from sales of investments:    
Fixed maturities 2,482 1,220
Equity securities 45 54
Other investments 195 139
Purchases of investments:    
Fixed maturities (9,462) (4,790)
Equity securities (41) (59)
Real estate investments (14) (24)
Other investments (221) (228)
Net purchases of short-term securities (194) (1,147)
Securities transactions in course of settlement 229 94
Acquisition, net of cash acquired (38) 0
Other investing activities (113) (144)
Net cash used in investing activities (2,785) (1,814)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (756) (425)
Treasury stock acquired — net employee share-based compensation (42) (46)
Dividends paid to shareholders (436) (426)
Issuance of debt 739 490
Issuance of common stock — employee share options 206 65
Net cash used in financing activities (289) (342)
Effect of exchange rate changes on cash 3 (7)
Net increase (decrease) in cash (32) 129
Cash at beginning of year 721 494
Cash at end of period 689 623
Supplemental disclosure of cash flow information    
Income taxes paid 342 17
Interest paid $ 163 $ 166