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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ 2,842 $ 3,662 $ 2,697
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment (gains) losses 204 (171) (2)
Depreciation and amortization 826 870 789
Deferred federal income tax expense (benefit) (186) 62 (29)
Amortization of deferred acquisition costs 5,515 5,043 4,773
Equity in income from other investments (336) (993) (130)
Premiums receivable (877) (258) 94
Reinsurance recoverables 344 (101) (162)
Deferred acquisition costs (5,824) (5,227) (4,854)
Claims and claim adjustment expense reserves 2,050 2,388 2,622
Unearned premium reserves 1,862 1,249 592
Other operating activities 45 750 129
Net cash provided by operating activities 6,465 7,274 6,519
Cash flows from investing activities      
Proceeds from maturities of fixed maturities 6,837 8,852 7,387
Proceeds from sales of investments:      
Fixed maturities 5,657 3,165 3,057
Equity securities 138 102 116
Real estate investments 10 31 0
Other investments 302 427 276
Purchases of investments:      
Fixed maturities (15,908) (18,153) (14,073)
Equity securities (136) (407) (127)
Real estate investments (41) (28) (113)
Other investments (574) (520) (472)
Net sales (purchases) of short-term securities 355 1,671 (566)
Securities transactions in the course of settlement 21 (19) (47)
Acquisitions, net of cash acquired (4) (38) 0
Other investing activities (385) (279) (330)
Net cash used in investing activities (3,728) (5,196) (4,892)
Cash flows from financing activities      
Treasury stock acquired — share repurchase authorization (2,000) (2,156) (625)
Treasury stock acquired — net employee share-based compensation (61) (44) (47)
Dividends paid to shareholders (875) (869) (861)
Payment of debt 0 0 (500)
Issuance of debt 0 739 490
Issuance of common stock -- employee share options 267 293 127
Net cash used in financing activities (2,669) (2,037) (1,416)
Effect of exchange rate changes on cash (30) (1) 16
Net increase in cash 38 40 227
Cash at beginning of year 761 721 494
Cash at end of year 799 761 721
Supplemental disclosure of cash flow information      
Income taxes paid 817 707 578
Interest paid $ 349 $ 337 $ 339