Consolidated Statements Of Cash Flows (USD $)
In Millions, unless otherwise specified |
9 Months Ended | |||||||||||
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Sep. 30, 2014
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Sep. 30, 2013
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Cash flows from operating activities | ||||||||||||
Net income | $ 2,298 | $ 2,760 | ||||||||||
Adjustments to reconcile net income to net cash flows from operating activities | ||||||||||||
Net realized (gains) losses | 297 | (350) | ||||||||||
Amortization of premiums/discounts on fixed maturities | 159 | 207 | ||||||||||
Deferred income taxes | 41 | 169 | ||||||||||
Unpaid losses and loss expenses | 180 | 33 | ||||||||||
Unearned premiums | 449 | 603 | ||||||||||
Future policy benefits | 181 | 149 | ||||||||||
Insurance and reinsurance balances payable | 181 | 163 | ||||||||||
Accounts payable, accrued expenses, and other liabilities | (130) | (176) | ||||||||||
Income taxes payable | 94 | 2 | ||||||||||
Insurance and reinsurance balances receivable | (191) | (657) | ||||||||||
Reinsurance recoverable on losses and loss expenses | 253 | 550 | ||||||||||
Reinsurance recoverable on policy benefits | (6) | 6 | ||||||||||
Deferred policy acquisition costs | (306) | (391) | ||||||||||
Prepaid reinsurance premiums | (41) | (69) | ||||||||||
Other | (237) | (263) | ||||||||||
Net cash flows from operating activities | 3,222 | 2,736 | ||||||||||
Cash flows from investing activities | ||||||||||||
Purchases of fixed maturities available for sale | (11,867) | (16,360) | ||||||||||
Purchases of to be announced mortgage-backed securities | 0 | (54) | ||||||||||
Purchases of fixed maturities held to maturity | (185) | (374) | ||||||||||
Purchases of equity securities | (222) | (217) | ||||||||||
Sales of fixed maturities available for sale | 6,306 | 7,982 | ||||||||||
Sales of to be announced mortgage-backed securities | 0 | 30 | ||||||||||
Sales of equity securities | 322 | 99 | ||||||||||
Maturities and redemptions of fixed maturities available for sale | 4,814 | 5,538 | ||||||||||
Maturities and redemptions of fixed maturities held to maturity | 617 | 1,233 | ||||||||||
Net change in short-term investments | (984) | 525 | ||||||||||
Net derivative instruments settlements | (170) | (376) | ||||||||||
Acquisition of subsidiaries (net of cash acquired of $4 and $38) | (172) | (977) | ||||||||||
Other | (147) | (188) | ||||||||||
Net cash flows used for investing activities | (1,688) | (3,139) | ||||||||||
Cash flows from financing activities | ||||||||||||
Dividends paid on Common Shares | (646) | (343) | ||||||||||
Common Shares repurchased | (1,007) | (233) | ||||||||||
Proceeds from issuance of long-term debt | 699 | 947 | ||||||||||
Proceeds from issuance of short-term debt | 1,827 | 1,721 | ||||||||||
Repayment of long-term debt | (501) | 0 | ||||||||||
Repayment of short-term debt | (1,827) | (1,720) | ||||||||||
Proceeds from share-based compensation plans, including windfall tax benefits | 94 | 112 | ||||||||||
Other | 121 | 68 | ||||||||||
Net cash flows (used for) from financing activities | (1,240) | 552 | ||||||||||
Effect of foreign currency rate changes on cash and cash equivalents | (67) | 4 | ||||||||||
Net increase in cash | 227 | 153 | ||||||||||
Cash – beginning of period | 579 | [1],[2] | 615 | [3] | ||||||||
Cash – end of period | 806 | [2],[4] | 768 | [3] | ||||||||
Supplemental cash flow information | ||||||||||||
Taxes paid | 250 | 150 | ||||||||||
Interest paid | $ 186 | $ 169 | ||||||||||
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X | ||||||||||
- Definition
The change, in reinsurance recoverable relating to future policy benefits recorded on the balance sheet, is needed to adjust net income to arrive at net cash flows provided by (used in) operations. No definition available.
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X | ||||||||||
- Definition
The change, in reinsurance recoverable relating to loss and loss expenses recorded in the income statement, is needed to adjust net income to arrive at net cash flows provided by (used in) operations. No definition available.
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X | ||||||||||
- Definition
The net realized gains or losses on investments, derivative instruments, and foreign exchange recognized during the period. No definition available.
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X | ||||||||||
- Definition
The cash outflow for the purchase of TBA Mortgage-backed securities secured by and repaid from underlying mortgages, which were designated as available for sale when acquired. No definition available.
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X | ||||||||||
- Definition
Proceeds From Sales To Be Announced Mortgage Backed Securities No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Amount of noncash expense included in interest expense to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the balance sheet value of capitalized sales costs that are associated with acquiring a new insurance customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The change in the future policy benefit reserve balance on the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the reserve account established to account for expected but unspecified losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in other assets used in operating activities less other operating liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets and liabilities, other noncurrent assets and liabilities, or a combination of other current and noncurrent assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The change in the premium receivable balance on the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The change in prepaid reinsurance premiums recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the amount due to other insurance companies when the reporting entity has assumed a portion of the cedant's insurance risk which has resulted in insurance losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of increase (decrease) unearned premiums written. Excludes portion of unearned premiums amortized into income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The net cash outflow or inflow from derivative instruments during the period, which are classified as investing activities, excluding those designated as hedging instruments. No definition available.
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X | ||||||||||
- Definition
The net cash outflow or inflow from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The net amount paid (received) by the reporting entity through acquisition or sale and maturities of short-term investments with an original maturity that is three months or less which qualify for treatment as an investing activity based on management's intention and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow to acquire debt securities classified as available-for-sale securities, because they are not classified as either held-to-maturity securities or trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow to acquire equity securities classified as available-for-sale securities, because they are not classified as trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of cash outflow through purchase of long-term held-to-maturity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The total cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share awards, including stock option exercises. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash inflow associated with maturities (principal being due), prepayments and calls (requests of early payments) on securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash inflow associated with the maturity, prepayments and calls (requests for early payments) of debt securities designated as held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The net cash inflow or outflow from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash inflow associated with the sale of debt securities classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash inflow associated with the sale of equity securities classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash inflow from a borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow for a borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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