XML 88 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities      
Net income $ 1,585 $ 3,108 $ 2,549
Adjustments to reconcile net income to net cash flows from operating activities      
Net realized losses (gains) 795 (432) 196
Amortization of premiums/discounts on fixed maturities 152 145 53
Deferred income taxes 19 116 (19)
Unpaid losses and loss expenses 43 (360) 298
Unearned premiums 9 262 102
Future policy benefits 78 48 67
Insurance and reinsurance balances payable 216 (172) 434
Accounts payable, accrued expenses, and other liabilities 39 130 (206)
Income taxes payable 39 10 13
Insurance and reinsurance balances receivable (217) 50 (119)
Reinsurance recoverable on losses and loss expenses 531 626 518
Reinsurance recoverable on policy benefits 25 49 (51)
Deferred policy acquisition costs (160) (193) (309)
Prepaid reinsurance premiums (34) (13) 24
Other 350 172 (215)
Net cash flows from operating activities 3,470 3,546 3,335
Cash flows from investing activities      
Purchases of fixed maturities available for sale (23,823) (29,985) (31,789)
Purchases of to be announced mortgage-backed securities (755) (1,271) (5,471)
Purchases of fixed maturities held to maturity (340) (616) (472)
Purchases of equity securities (309) (794) (354)
Sales of fixed maturities available for sale 17,176 23,096 23,693
Sales of to be announced mortgage-backed securities 795 1,183 5,961
Sales of fixed maturities held to maturity     11
Sales of equity securities 376 774 1,272
Maturities and redemptions of fixed maturities available for sale 3,720 3,660 3,404
Maturities and redemptions of fixed maturities held to maturity 1,279 1,353 514
Net derivative instruments settlements (67) (109) (92)
Acquisition of subsidiaries (net of cash acquired of $91 in 2011 and $80 in 2010) (606) (1,139)  
Other (482) (333) 99
Net cash flows used for investing activities (3,036) (4,181) (3,224)
Cash flows from financing activities      
Dividends paid on Common Shares (459) (435) (388)
Common Shares repurchased (195) (235)  
Proceeds from issuance of short-term debt 5,238 1,300  
Repayment of short-term debt (5,288) (159) (466)
Proceeds from issuance of long-term debt   699 500
Repayment of long-term debt   (500)  
Proceeds from share-based compensation plans 133 63 25
Tax benefit (expense) on share-based compensation expense 6 (1) 8
Net cash flows (used for) from financing activities (565) 732 (321)
Effect of foreign currency rate changes on cash and cash equivalents (27) 6 12
Net (decrease) increase in cash (158) 103 (198)
Cash - beginning of year 772 669 867
Cash - end of year 614 772 669
Supplemental cash flow information      
Taxes paid 460 434 538
Interest paid $ 234 $ 204 $ 228