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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 1,569 $ 1,667
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (gains) losses 118 (105)
Depreciation and amortization 444 450
Deferred federal income tax expense (benefit) (28) 57
Amortization of deferred acquisition costs 2,675 2,461
Equity in income from other investments (295) (513)
Premiums receivable (1,071) (718)
Reinsurance recoverables (84) 154
Deferred acquisition costs (2,917) (2,601)
Claims and claim adjustment expense reserves 1,272 1,313
Unearned premium reserves 1,398 968
Other operating activities (440) (94)
Net cash provided by operating activities 2,641 3,039
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 3,697 4,347
Proceeds from sales of investments:    
Fixed maturities 2,701 2,482
Equity securities 84 45
Other investments 173 195
Purchases of investments:    
Fixed maturities (7,998) (9,462)
Equity securities (86) (41)
Real estate investments (16) (14)
Other investments (252) (221)
Net sales (purchases) of short-term securities 257 (194)
Securities transactions in the course of settlement 236 229
Acquisitions, net of cash acquired (4) (38)
Other investing activities (159) (113)
Net cash used in investing activities (1,367) (2,785)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (1,000) (756)
Treasury stock acquired — net employee share-based compensation (59) (42)
Dividends paid to shareholders (436) (436)
Issuance of debt 0 739
Issuance of common stock — employee share options 194 206
Net cash used in financing activities (1,301) (289)
Effect of exchange rate changes on cash (24) 3
Net decrease in cash (51) (32)
Cash at beginning of year 761 721
Cash at end of period 710 689
Supplemental disclosure of cash flow information    
Income taxes paid 552 342
Interest paid $ 174 $ 163