XML 29 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities      
Net income $ 2,056 $ 3,014 $ 3,439
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment gains [1] (216) (68) (3)
Depreciation and amortization 813 826 818
Deferred federal income tax expense 337 110 117
Amortization of deferred acquisition costs 4,166 3,985 3,885
Equity in income from other investments (397) (232) (218)
Premiums receivable (394) (286) (185)
Reinsurance recoverables 16 610 272
Deferred acquisition costs (4,257) (4,061) (3,920)
Claims and claim adjustment expense reserves 1,460 (257) (1,075)
Unearned premium reserves 521 372 248
Other operating activities (343) 189 56
Net cash provided by operating activities 3,762 4,202 3,434
Cash flows from investing activities      
Proceeds from maturities of fixed maturities 8,750 8,975 11,116
Proceeds from sales of investments:      
Fixed maturities 1,854 1,417 1,950
Equity securities 765 92 59
Real estate investments 23 69 31
Other investments 857 839 713
Purchases of investments:      
Fixed maturities (12,250) (11,609) (12,090)
Equity securities (459) (51) (49)
Real estate investments (59) (48) (123)
Other investments (541) (580) (534)
Net purchases of short-term securities (26) (199) (326)
Securities transactions in course of settlement (47) (21) (113)
Acquisitions, net of cash acquired (439)   (13)
Other investing activities (244) (344) (304)
Net cash provided by (used in) investing activities (1,816) (1,460) 317
Cash flows from financing activities      
Treasury stock acquired - share repurchase authorization (1,378) (2,400) (3,150)
Treasury stock acquired - net employee share-based compensation (62) (72) (74)
Dividends paid to shareholders (785) (757) (739)
Payment of debt (657) (400) (400)
Issuance of debt 789 491 392
Issuance of common stock - employee share options 173 332 183
Excess tax benefits from share-based payment arrangements     55
Net cash used in financing activities (1,920) (2,806) (3,733)
Effect of exchange rate changes on cash 11 (9) (12)
Net increase (decrease) in cash 37 (73) 6
Cash at beginning of year 307 380 374
Cash at end of year 344 307 380
Supplemental disclosure of cash flow information      
Income taxes paid 514 892 1,207
Interest paid $ 367 $ 358 $ 365
[1] Total other-than-temporary impairment (OTTI) losses were $(13) million, $(40) million and $(54) million for the years ended December 31, 2017, 2016 and 2015, respectively. Of total OTTI, credit losses of $(14) million, $(29) million and $(52) million for the years ended December 31, 2017, 2016 and 2015, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $1 million, $(11) million and $(2) million for the years ended December 31, 2017, 2016 and 2015, 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 statements of income.