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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net income $ 1,505 $ 2,071
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment gains [1] (146) (33)
Depreciation and amortization 611 624
Deferred federal income tax expense 88 29
Amortization of deferred acquisition costs 3,094 2,972
Equity in income from other investments (300) (114)
Premiums receivable (517) (340)
Reinsurance recoverables (19) 248
Deferred acquisition costs (3,237) (3,096)
Claims and claim adjustment expense reserves 1,561 (139)
Unearned premium reserves 852 725
Other operating activities (268) 116
Net cash provided by operating activities 3,224 3,063
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 6,581 6,648
Proceeds from sales of investments:    
Fixed maturities 860 865
Equity securities 340 71
Real estate investments 23 69
Other investments 603 569
Purchases of investments:    
Fixed maturities (8,403) (9,004)
Equity securities (193) (36)
Real estate investments (40) (30)
Other investments (392) (422)
Net purchases of short-term securities (990) (135)
Securities transactions in course of settlement 122 511
Acquisition, net of cash acquired (439)  
Other investing activities (187) (240)
Net cash used in investing activities (2,115) (1,134)
Cash flows from financing activities    
Treasury stock acquired - share repurchase authorization (1,028) (1,650)
Treasury stock acquired - net employee share-based compensation (61) (71)
Dividends paid to shareholders (589) (569)
Payment of debt (207) (400)
Issuance of debt 689 491
Issuance of common stock - employee share options 148 164
Net cash used in financing activities (1,048) (2,035)
Effect of exchange rate changes on cash 11 (5)
Net increase (decrease) in cash 72 (111)
Cash at beginning of year 307 380
Cash at end of period 379 269
Supplemental disclosure of cash flow information    
Income taxes paid 467 648
Interest paid $ 217 $ 223
[1] Total other-than-temporary impairment (OTTI) losses were $(5) million and $(4) million for the three months ended September 30, 2017 and 2016, respectively, and $(11) million and $(36) million for the nine months ended September 30, 2017 and 2016, respectively. Of total OTTI, credit losses of $(5) million and $(4) million for the three months ended September 30, 2017 and 2016, respectively, and $(12) million and $(26) million for the nine months ended September 30, 2017 and 2016, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $0 million for each of the three months ended September 30, 2017 and 2016, and $1 million and $(10) million for the nine months ended September 30, 2017 and 2016, 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.