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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income $ 2,329 $ 1,387
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (gains) losses (113) 48
Depreciation and amortization 662 577
Deferred federal income tax expense (benefit) 61 (67)
Amortization of deferred acquisition costs 3,742 3,558
Equity in (income) loss from other investments (774) 32
Premiums receivable (462) (324)
Reinsurance recoverables 20 (150)
Deferred acquisition costs (3,955) (3,694)
Claims and claim adjustment expense reserves 2,299 2,673
Unearned premium reserves 1,460 960
Other operating activities 313 (382)
Net cash provided by operating activities 5,582 4,618
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 6,523 5,241
Proceeds from sales of investments:    
Fixed maturities 2,864 1,994
Equity securities 74 76
Real estate investments 7 0
Other investments 275 184
Purchases of investments:    
Fixed maturities (14,356) (9,951)
Equity securities (68) (80)
Real estate investments (22) (33)
Other investments (643) (321)
Net sales (purchases) of short-term securities 754 (1,387)
Securities transactions in course of settlement 407 522
Acquisition, net of cash acquired (38) 0
Other investing activities (199) (222)
Net cash used in investing activities (4,422) (3,977)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (1,356) (425)
Treasury stock acquired — net employee share-based compensation (43) (46)
Dividends paid to shareholders (655) (643)
Issuance of debt 739 490
Issuance of common stock — employee share options 256 72
Net cash used in financing activities (1,059) (552)
Effect of exchange rate changes on cash (4) 0
Net increase in cash 97 89
Cash at beginning of year 721 494
Cash at end of period 818 583
Supplemental disclosure of cash flow information    
Income taxes paid 543 413
Interest paid $ 222 $ 226