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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 4,999 $ 2,991 $ 2,842
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment losses 30 105 204
Depreciation and amortization 715 722 826
Deferred federal income tax benefit (152) (163) (186)
Amortization of deferred acquisition costs 6,973 6,226 5,515
Equity in income from other investments (294) (157) (336)
Premiums receivable (859) (1,341) (877)
Reinsurance recoverables 111 (63) 344
Deferred acquisition costs (7,173) (6,689) (5,824)
Claims and claim adjustment expense reserves 2,680 2,843 2,050
Unearned premium reserves 1,488 2,590 1,862
Other operating activities 556 647 45
Net cash provided by operating activities 9,074 7,711 6,465
Cash flows from investing activities      
Proceeds from maturities of fixed maturities 8,537 6,371 6,837
Proceeds from sales of investments:      
Fixed maturities 1,634 4,981 5,657
Equity securities 143 138 138
Real estate investments 64 0 10
Other investments 422 255 302
Purchases of investments:      
Fixed maturities (17,132) (15,690) (15,908)
Equity securities (124) (105) (136)
Real estate investments (48) (67) (41)
Other investments (396) (495) (574)
Net sales (purchases) of short-term securities 370 (1,664) 355
Securities transactions in the course of settlement 56 (83) 21
Acquisitions, net of cash acquired (382) 0 (4)
Other investing activities (408) (462) (385)
Net cash used in investing activities (7,264) (6,821) (3,728)
Cash flows from financing activities      
Treasury stock acquired — share repurchase authorizations (1,003) (958) (2,000)
Treasury stock acquired — net employee share-based compensation (114) (64) (61)
Dividends paid to shareholders (951) (908) (875)
Issuance of debt 0 738 0
Issuance of common stock — employee share options 321 141 267
Net cash used in financing activities (1,747) (1,051) (2,669)
Effect of exchange rate changes on cash and restricted cash (14) 12 (30)
Net increase (decrease) in cash and restricted cash 49 (149) 38
Cash and restricted cash at beginning of year 650 799 761
Cash and restricted cash at end of year 699 650 799
Supplemental disclosure of cash flow information      
Income taxes paid 1,310 201 817
Interest paid $ 390 $ 370 $ 349