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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net income $ 3,439 $ 3,692 $ 3,673
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment gains [1] (3) (79) (166)
Depreciation and amortization 818 864 867
Deferred federal income tax expense 117 121 167
Amortization of deferred acquisition costs 3,885 3,882 3,821
Equity in income from other investments (218) (486) (357)
Premiums receivable (185) (207) 54
Reinsurance recoverables 272 400 1,284
Deferred acquisition costs (3,920) (3,926) (3,759)
Claims and claim adjustment expense reserves (1,075) (704) (2,057)
Unearned premium reserves 248 73 27
Other operating activities 56 63 262
Net cash provided by operating activities 3,434 3,693 3,816
Cash flows from investing activities      
Proceeds from maturities of fixed maturities 11,116 10,894 7,904
Proceeds from sales of investments:      
Fixed maturities 1,950 1,049 1,635
Equity securities 59 158 86
Real estate investments 31 15 18
Other investments 713 855 762
Purchases of investments:      
Fixed maturities (12,090) (11,325) (9,467)
Equity securities (49) (52) (57)
Real estate investments (123) (48) (107)
Other investments (534) (554) (446)
Net sales (purchases) of short-term securities (326) (498) 111
Securities transactions in course of settlement (113) 82 21
Acquisition, net of cash acquired (13) (12) (997)
Other investing activities (304) (358) (373)
Net cash provided by (used in) investing activities 317 206 (910)
Cash flows from financing activities      
Treasury stock acquired - share repurchase authorization (3,150) (3,275) (2,400)
Treasury stock acquired - net employee share-based compensation (74) (57) (61)
Dividends paid to shareholders (739) (729) (729)
Payment of debt (400)   (500)
Issuance of debt 392   494
Issuance of common stock - employee share options 183 195 206
Excess tax benefits from share-based payment arrangements 55 57 51
Net cash used in financing activities (3,733) (3,809) (2,939)
Effect of exchange rate changes on cash (12) (10) (3)
Net increase (decrease) in cash 6 80 (36)
Cash at beginning of year 374 294 330
Cash at end of year 380 374 294
Supplemental disclosure of cash flow information      
Income taxes paid 1,207 1,147 1,057
Interest paid $ 365 $ 365 $ 355
[1] Total other-than-temporary impairment (OTTI) losses were $(54) million, $(22) million and $(10) million for the years ended December 31, 2015, 2014 and 2013, respectively. Of total OTTI, credit losses of $(52) million, $(26) million and $(15) million for the years ended December 31, 2015, 2014 and 2013, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $(2) million, $4 million and $5 million for the years ended December 31, 2015, 2014 and 2013, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains on investment securities having credit losses recognized in the consolidated statement of income.