| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||||||||
Net income | ||||||||||||
2,622 | 2,523 | 2,056 | 3,014 | 3,439 | 3,692 | 3,673 | 2,473 | 1,426 | 3,216 | 3,622 | 2,924 | 4,601 |
Net realized investment (gains) losses | ||||||||||||
113 | 114 | 216 | 68 | 3 | 79 | 166 | 51 | 55 | 264 | 17 | -415 | 154 |
Depreciation and amortization | ||||||||||||
763 | 803 | 813 | 826 | 818 | 864 | 867 | 827 | 802 | 812 | 797 | 821 | 811 |
Deferred federal income tax expense | ||||||||||||
-33 | -13 | 337 | 110 | 117 | 121 | 167 | 223 | 63 | 178 | 213 | -58 | 230 |
Amortization of deferred acquisition costs | ||||||||||||
4,601 | 4,381 | 4,166 | 3,985 | 3,885 | 3,882 | 3,821 | 3,910 | 3,876 | 3,802 | 3,813 | 3,880 | 3,706 |
Equity in income from other investments | ||||||||||||
251 | 365 | 397 | 232 | 218 | 486 | 357 | 342 | 281 | 283 | -126 | -312 | 570 |
Premiums receivable | ||||||||||||
384 | 393 | 394 | 286 | 185 | 207 | -54 | 138 | 237 | 29 | -364 | -285 | 4 |
Reinsurance recoverables | ||||||||||||
-157 | 100 | -16 | -610 | -272 | -400 | -1,284 | -453 | -809 | -1,303 | -1,416 | -1,209 | -2,172 |
Deferred acquisition costs | ||||||||||||
4,747 | 4,488 | 4,257 | 4,061 | 3,920 | 3,926 | 3,759 | 3,914 | 3,881 | 3,826 | 3,797 | 3,845 | 3,925 |
Claims and claim adjustment expense reserves | ||||||||||||
1,047 | 1,246 | 1,460 | -257 | -1,075 | -704 | -2,057 | -540 | 154 | -1,971 | -1,596 | -2,033 | -1,410 |
Unearned premium reserves | ||||||||||||
1,008 | 710 | 521 | 372 | 248 | 73 | 27 | 123 | 188 | 63 | -96 | -270 | 103 |
Other operating activities | ||||||||||||
535 | 190 | 43 | 456 | 56 | 63 | 262 | 206 | -387 | 53 | -614 | -502 | -274 |
Net cash provided by operating activities | ||||||||||||
5,205 | 4,380 | 4,148 | 4,469 | 3,434 | 3,693 | 3,816 | 3,230 | 2,169 | 3,054 | 4,231 | 3,138 | 5,286 |
Cash flows from investing activities | ||||||||||||
Proceeds from maturities of fixed maturities | ||||||||||||
6,845 | 7,086 | 8,750 | 8,975 | 11,116 | 10,894 | 7,904 | 8,369 | 7,404 | 5,896 | 5,316 | 4,869 | 5,305 |
Proceeds from sales of investments: | ||||||||||||
Proceeds from Sale of Debt Securities, Available-for-sale | ||||||||||||
2,187 | 3,546 | 1,854 | 1,420 | 1,950 | 1,049 | 1,635 | 1,087 | 1,161 | 3,713 | 2,805 | 6,932 | 7,323 |
Equity securities | ||||||||||||
140 | 178 | 765 | 92 | 59 | 158 | 86 | 37 | 135 | 201 | 65 | 53 | 106 |
Real estate investments | ||||||||||||
0 | 74 | 23 | 69 | 31 | 15 | 18 | 53 | 1 | 10 | - | 25 | 11 |
Other investments | ||||||||||||
459 | 511 | 468 | 566 | 713 | 855 | 762 | 835 | 594 | 717 | 511 | 655 | 1,460 |
Purchases of investments: | ||||||||||||
Fixed maturities | ||||||||||||
10,711 | 13,526 | 12,250 | 11,609 | 12,090 | 11,325 | 9,467 | 10,447 | 8,704 | 6,785 | 9,647 | 11,127 | 14,719 |
Equity securities | ||||||||||||
94 | 117 | 459 | 51 | 49 | 52 | 57 | 48 | 131 | 61 | 24 | 95 | 135 |
Real estate investments | ||||||||||||
107 | 74 | 59 | 48 | 123 | 48 | 107 | 95 | 66 | 21 | 15 | 38 | 74 |
Other investments | ||||||||||||
497 | 537 | 541 | 580 | 534 | 554 | 446 | 534 | 889 | 514 | 349 | 667 | 740 |
Net sales (purchases) of short-term securities | ||||||||||||
957 | -908 | 26 | 199 | 326 | 498 | -111 | -117 | -2,018 | 699 | -370 | 406 | 562 |
Securities transactions in course of settlement | ||||||||||||
158 | -56 | -47 | -21 | -113 | 82 | 21 | -23 | - | -30 | 395 | -318 | -123 |
Acquisitions, net of cash acquired | ||||||||||||
0 | 4 | 439 | - | 13 | 12 | 997 | - | - | - | - | - | - |
Other investing activities | ||||||||||||
325 | 318 | 241 | 338 | 304 | 358 | 373 | 323 | 371 | 318 | 326 | 45 | 378 |
Net cash provided by (used in) investing activities | ||||||||||||
-2,902 | -2,329 | -2,202 | -1,727 | 317 | 206 | -910 | -972 | 1,152 | 2,109 | -899 | -162 | -2,526 |
Cash flows from financing activities | ||||||||||||
Treasury stock acquired — share repurchase authorization | ||||||||||||
1,500 | 1,270 | 1,378 | 2,400 | 3,150 | 3,275 | 2,400 | 1,474 | 2,919 | 4,998 | 3,259 | 2,167 | 2,920 |
Treasury stock acquired — net employee share-based compensation | ||||||||||||
48 | 51 | 62 | 72 | 74 | 57 | 61 | 53 | 46 | 40 | 29 | 29 | 39 |
Dividends paid to shareholders | ||||||||||||
844 | 814 | 785 | 757 | 739 | 729 | 729 | 694 | 665 | 673 | 693 | 715 | 742 |
Payment of debt | ||||||||||||
500 | 600 | 657 | 400 | 400 | - | 500 | 258 | 8 | 1,160 | 143 | 552 | 1,956 |
Issuance of debt | ||||||||||||
492 | 591 | 789 | 491 | 392 | - | 494 | - | - | 1,234 | 494 | 496 | 2,461 |
Issuance of common stock — employee share options | ||||||||||||
213 | 132 | 173 | 332 | 183 | 195 | 206 | 295 | 314 | 408 | 180 | 89 | 218 |
Excess tax benefits from share-based payment arrangements | ||||||||||||
- | - | - | - | 55 | 57 | 51 | 38 | 18 | 8 | 8 | 10 | 25 |
Net cash used in financing activities | ||||||||||||
-2,187 | -2,012 | -1,920 | -2,806 | -3,733 | -3,809 | -2,939 | -2,146 | -3,306 | -5,221 | -3,442 | -2,868 | -2,953 |
Effect of exchange rate changes on cash | ||||||||||||
5 | -10 | 11 | -9 | -12 | -10 | -3 | 4 | -1 | 3 | 15 | -29 | 5 |
Net increase (decrease) in cash | ||||||||||||
121 | 29 | 37 | -73 | 6 | 80 | -36 | 116 | 14 | -55 | -95 | 79 | -188 |
Supplemental disclosure of cash flow information | ||||||||||||
Income taxes paid | ||||||||||||
428 | 408 | 514 | 892 | 1,207 | 1,147 | 1,057 | 188 | 218 | 784 | 876 | 841 | 1,346 |
Interest paid | ||||||||||||
338 | 347 | 367 | 358 | 365 | 365 | 355 | 375 | 382 | 397 | 385 | 375 | 357 |