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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities      
Net income $ 3,014 $ 3,439 $ 3,692
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment gains [1] (68) (3) (79)
Depreciation and amortization 826 818 864
Deferred federal income tax expense 110 117 121
Amortization of deferred acquisition costs 3,985 3,885 3,882
Equity in income from other investments (232) (218) (486)
Premiums receivable (286) (185) (207)
Reinsurance recoverables 610 272 400
Deferred acquisition costs (4,061) (3,920) (3,926)
Claims and claim adjustment expense reserves (257) (1,075) (704)
Unearned premium reserves 372 248 73
Other operating activities 189 56 63
Net cash provided by operating activities 4,202 3,434 3,693
Cash flows from investing activities      
Proceeds from maturities of fixed maturities 8,975 11,116 10,894
Proceeds from sales of investments:      
Fixed maturities 1,417 1,950 1,049
Equity securities 92 59 158
Real estate investments 69 31 15
Other investments 839 713 855
Purchases of investments:      
Fixed maturities (11,609) (12,090) (11,325)
Equity securities (51) (49) (52)
Real estate investments (48) (123) (48)
Other investments (580) (534) (554)
Net purchases of short-term securities (199) (326) (498)
Securities transactions in course of settlement (21) (113) 82
Acquisition, net of cash acquired   (13) (12)
Other investing activities (344) (304) (358)
Net cash provided by (used in) investing activities (1,460) 317 206
Cash flows from financing activities      
Treasury stock acquired - share repurchase authorization (2,400) (3,150) (3,275)
Treasury stock acquired - net employee share-based compensation (72) (74) (57)
Dividends paid to shareholders (757) (739) (729)
Payment of debt (400) (400)  
Issuance of debt 491 392  
Issuance of common stock - employee share options 332 183 195
Excess tax benefits from share-based payment arrangements   55 57
Net cash used in financing activities (2,806) (3,733) (3,809)
Effect of exchange rate changes on cash (9) (12) (10)
Net increase (decrease) in cash (73) 6 80
Cash at beginning of year 380 374 294
Cash at end of year 307 380 374
Supplemental disclosure of cash flow information      
Income taxes paid 892 1,207 1,147
Interest paid $ 358 $ 365 $ 365
[1] Total other-than-temporary impairment (OTTI) losses were $(40) million, $(54) million and $(22) million for the years ended December 31, 2016, 2015 and 2014, respectively. Of total OTTI, credit losses of $(29) million, $(52) million and $(26) million for the years ended December 31, 2016, 2015 and 2014, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $(11) million, $(2) million and $4 million for the years ended December 31, 2016, 2015 and 2014, 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.