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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 2,991 $ 2,842 $ 3,662
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment (gains) losses 105 204 (171)
Depreciation and amortization 722 826 870
Deferred federal income tax expense (benefit) (163) (186) 62
Amortization of deferred acquisition costs 6,226 5,515 5,043
Equity in income from other investments (157) (336) (993)
Premiums receivable (1,341) (877) (258)
Reinsurance recoverables (63) 344 (101)
Deferred acquisition costs (6,689) (5,824) (5,227)
Claims and claim adjustment expense reserves 2,843 2,050 2,388
Unearned premium reserves 2,590 1,862 1,249
Other operating activities 647 45 750
Net cash provided by operating activities 7,711 6,465 7,274
Cash flows from investing activities      
Proceeds from maturities of fixed maturities 6,371 6,837 8,852
Proceeds from sales of investments:      
Fixed maturities 4,981 5,657 3,165
Equity securities 138 138 102
Real estate investments 0 10 31
Other investments 255 302 427
Purchases of investments:      
Fixed maturities (15,690) (15,908) (18,153)
Equity securities (105) (136) (407)
Real estate investments (67) (41) (28)
Other investments (495) (574) (520)
Net sales (purchases) of short-term securities (1,664) 355 1,671
Securities transactions in the course of settlement (83) 21 (19)
Acquisitions, net of cash acquired 0 (4) (38)
Other investing activities (462) (385) (279)
Net cash used in investing activities (6,821) (3,728) (5,196)
Cash flows from financing activities      
Treasury stock acquired — share repurchase authorizations (958) (2,000) (2,156)
Treasury stock acquired — net employee share-based compensation (64) (61) (44)
Dividends paid to shareholders (908) (875) (869)
Issuance of debt 738 0 739
Issuance of common stock — employee share options 141 267 293
Net cash used in financing activities (1,051) (2,669) (2,037)
Effect of exchange rate changes on cash 12 (30) (1)
Net increase (decrease) in cash (149) 38 40
Cash at beginning of year 799 761 721
Cash at end of year 650 799 761
Supplemental disclosure of cash flow information      
Income taxes paid 201 817 707
Interest paid $ 370 $ 349 $ 337