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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income $ 1,365 $ 2,023
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment losses 94 211
Depreciation and amortization 552 639
Deferred federal income tax benefit (107) (130)
Amortization of deferred acquisition costs 4,585 4,081
Equity in income from other investments (144) (319)
Premiums receivable (1,422) (861)
Reinsurance recoverables (204) 185
Deferred acquisition costs (5,079) (4,419)
Claims and claim adjustment expense reserves 3,053 1,694
Unearned premium reserves 2,817 2,033
Other operating activities 97 (12)
Net cash provided by operating activities 5,607 5,125
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 4,909 5,481
Proceeds from sales of investments:    
Fixed maturities 4,619 3,951
Equity securities 117 104
Real estate investments 0 10
Other investments 166 242
Purchases of investments:    
Fixed maturities (13,054) (12,100)
Equity securities (80) (112)
Real estate investments (46) (28)
Other investments (375) (414)
Net purchases of short-term securities (1,018) (107)
Securities transactions in the course of settlement 60 214
Acquisition, net of cash acquired 0 (4)
Other investing activities (335) (291)
Net cash used in investing activities (5,037) (3,054)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (894) (1,500)
Treasury stock acquired — net employee share-based compensation (63) (60)
Dividends paid to shareholders (676) (656)
Issuance of debt 738 0
Issuance of common stock — employee share options 117 205
Net cash used in financing activities (778) (2,011)
Effect of exchange rate changes on cash 2 (48)
Net increase (decrease) in cash (206) 12
Cash at beginning of year 799 761
Cash at end of period 593 773
Supplemental disclosure of cash flow information    
Income taxes paid 152 663
Interest paid $ 234 $ 234