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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 975 $ 1,018
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (gains) losses (6) 23
Depreciation and amortization 204 234
Deferred federal income tax expense 32 40
Amortization of deferred acquisition costs 1,462 1,310
Equity in income from other investments (30) (118)
Premiums receivable (557) (509)
Reinsurance recoverables (24) (282)
Deferred acquisition costs (1,629) (1,413)
Claims and claim adjustment expense reserves 381 679
Unearned premium reserves 893 727
Other operating activities (689) (443)
Net cash provided by operating activities 1,012 1,266
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 1,538 1,879
Proceeds from sales of investments:    
Fixed maturities 2,364 1,044
Equity securities 28 63
Other investments 64 81
Purchases of investments:    
Fixed maturities (4,335) (4,409)
Equity securities (34) (63)
Real estate investments (14) (9)
Other investments (139) (135)
Net sales of short-term securities 228 367
Securities transactions in the course of settlement (35) 613
Acquisition, net of cash acquired 0 (4)
Other investing activities (120) (84)
Net cash used in investing activities (455) (657)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (398) (500)
Treasury stock acquired — net employee share-based compensation (62) (59)
Dividends paid to shareholders (215) (213)
Issuance of common stock — employee share options 82 159
Net cash used in financing activities (593) (613)
Effect of exchange rate changes on cash 4 (5)
Net decrease in cash (32) (9)
Cash at beginning of year 799 761
Cash at end of period 767 752
Supplemental disclosure of cash flow information    
Income taxes paid (received) (16) 10
Interest paid $ 60 $ 59