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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 961 $ 1,569
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment losses 29 118
Depreciation and amortization 383 444
Deferred federal income tax benefit (64) (28)
Amortization of deferred acquisition costs 2,981 2,675
Equity in income from other investments (85) (295)
Premiums receivable (1,389) (1,071)
Reinsurance recoverables (41) (84)
Deferred acquisition costs (3,351) (2,917)
Claims and claim adjustment expense reserves 1,794 1,272
Unearned premium reserves 1,935 1,398
Other operating activities (592) (440)
Net cash provided by operating activities 2,561 2,641
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 3,031 3,697
Proceeds from sales of investments:    
Fixed maturities 3,115 2,701
Equity securities 90 84
Other investments 100 173
Purchases of investments:    
Fixed maturities (7,663) (7,998)
Equity securities (50) (86)
Real estate investments (26) (16)
Other investments (255) (252)
Net sales (purchases) of short-term securities (418) 257
Securities transactions in the course of settlement 15 236
Acquisition, net of cash acquired 0 (4)
Other investing activities (251) (159)
Net cash used in investing activities (2,312) (1,367)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (794) (1,000)
Treasury stock acquired — net employee share-based compensation (62) (59)
Dividends paid to shareholders (447) (436)
Issuance of debt 738 0
Issuance of common stock — employee share options 110 194
Net cash used in financing activities (455) (1,301)
Effect of exchange rate changes on cash 12 (24)
Net decrease in cash (194) (51)
Cash at beginning of year 799 761
Cash at end of period 605 710
Supplemental disclosure of cash flow information    
Income taxes paid 139 552
Interest paid $ 175 $ 174