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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 1,018 $ 733
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (gains) losses 23 (44)
Depreciation and amortization 234 235
Deferred federal income tax expense 40 56
Amortization of deferred acquisition costs 1,310 1,207
Equity in income from other investments (118) (200)
Premiums receivable (509) (333)
Reinsurance recoverables (282) 12
Deferred acquisition costs (1,413) (1,258)
Claims and claim adjustment expense reserves 679 777
Unearned premium reserves 727 509
Other operating activities (443) (504)
Net cash provided by operating activities 1,266 1,190
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 1,879 2,064
Proceeds from sales of investments:    
Fixed maturities 1,044 1,238
Equity securities 63 25
Other investments 81 79
Purchases of investments:    
Fixed maturities (4,409) (4,754)
Equity securities (63) (19)
Real estate investments (9) (5)
Other investments (135) (97)
Net sales of short-term securities 367 524
Securities transactions in the course of settlement 613 269
Acquisitions, net of cash acquired (4) (38)
Other investing activities (84) (60)
Net cash used in investing activities (657) (774)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (500) (356)
Treasury stock acquired — net employee share-based compensation (59) (41)
Dividends paid to shareholders (213) (214)
Issuance of common stock — employee share options 159 134
Net cash used in financing activities (613) (477)
Effect of exchange rate changes on cash (5) 3
Net decrease in cash (9) (58)
Cash at beginning of year 761 721
Cash at end of period 752 663
Supplemental disclosure of cash flow information    
Income taxes paid 10 58
Interest paid $ 59 $ 59