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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 1,123 $ 975
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment gains (35) (6)
Depreciation and amortization 196 204
Deferred federal income tax expense 42 32
Amortization of deferred acquisition costs 1,698 1,462
Equity in income from other investments (68) (30)
Premiums receivable (557) (557)
Reinsurance recoverables 33 (24)
Deferred acquisition costs (1,776) (1,629)
Claims and claim adjustment expense reserves 928 381
Unearned premium reserves 457 893
Other operating activities (583) (689)
Net cash provided by operating activities 1,458 1,012
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 1,709 1,538
Proceeds from sales of investments:    
Fixed maturities 942 2,364
Equity securities 21 28
Other investments 55 64
Purchases of investments:    
Fixed maturities (3,738) (4,335)
Equity securities (26) (34)
Real estate investments (13) (14)
Other investments (90) (139)
Net sales of short-term securities 454 228
Securities transactions in the course of settlement 111 (35)
Acquisition, net of cash acquired (381) 0
Other investing activities (81) (120)
Net cash used in investing activities (1,037) (455)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (250) (398)
Treasury stock acquired — net employee share-based compensation (110) (62)
Dividends paid to shareholders (229) (215)
Issuance of common stock — employee share options 190 82
Net cash used in financing activities (399) (593)
Effect of exchange rate changes on cash (5) 4
Net increase (decrease) in cash 17 (32)
Cash at beginning of year 650 799
Cash at end of period 667 767
Supplemental disclosure of cash flow information    
Income taxes paid (received) 24 (16)
Interest paid 60 60
Supplemental disclosure of noncash financing activities    
Issuance of common stock — net share settlement of employee options $ 28 $ 0