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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities    
Net income $ 1,645 $ 1,735
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment gains [1] (20) (17)
Depreciation and amortization 429 442
Deferred federal income tax expense 142 131
Amortization of deferred acquisition costs 1,926 1,915
Equity in income from other investments (134) (257)
Premiums receivable (486) (463)
Reinsurance recoverables 263 206
Deferred acquisition costs (1,991) (1,989)
Claims and claim adjustment expense reserves (826) (60)
Unearned premium reserves 362 235
Other operating activities (435) (550)
Net cash provided by operating activities 875 1,328
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 5,314 4,915
Proceeds from sales of investments:    
Fixed maturities 1,226 785
Equity securities 28 95
Real estate investments 10 5
Other investments 354 338
Purchases of investments:    
Fixed maturities (6,239) (5,449)
Equity securities (22) (40)
Real estate investments (69) (36)
Other investments (275) (226)
Net sales of short-term securities 433 60
Securities transactions in course of settlement 183 204
Acquisition, net of cash acquired   (12)
Other investing activities (178) (152)
Net cash provided by investing activities 765 487
Cash flows from financing activities    
Treasury stock acquired - share repurchase authorization (1,400) (1,525)
Treasury stock acquired - net employee share-based compensation (72) (55)
Dividends paid to shareholders (369) (365)
Issuance of common stock - employee share options 117 122
Excess tax benefits from share-based payment arrangements 31 24
Net cash used in financing activities (1,693) (1,799)
Effect of exchange rate changes on cash (4) 1
Net increase (decrease) in cash (57) 17
Cash at beginning of year 374 294
Cash at end of period 317 311
Supplemental disclosure of cash flow information    
Income taxes paid 597 727
Interest paid $ 183 $ 183
[1] Total other-than-temporary impairment (OTTI) losses were $(8) million and $(1) million for the three months ended June 30, 2015 and 2014, respectively, and $(12) million and $(8) million for the six months ended June 30, 2015 and 2014, respectively. Of total OTTI, credit losses of $(6) million and $(1) million for the three months ended June 30, 2015 and 2014, respectively, and $(9) million and $(10) million for the six months ended June 30, 2015 and 2014, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $(2) million and $0 million for the three months ended June 30, 2015 and 2014, respectively, and $(3) million and $2 million for the six months ended June 30, 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.