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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows from Operating Activities    
Net Income $ 593 $ 514
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 146 158
Realized investment (gains) losses (46) 32
Deferred income taxes 11 11
Net changes in assets and liabilities, net of non-operating effects:    
Premiums, accounts and notes receivable (55) (237)
Reinsurance recoverables 41 24
Deferred policy acquisition costs (76) (62)
Other assets (22) (57)
Insurance liabilities 868 507
Accounts payable, accrued expenses and other liabilities (186) (263)
Current income taxes 291 262
Distributions from partnership investments [1] 45 27
Other, net (31) 5
Net cash provided by (used in) operating activities [1] 1,579 921
Proceeds from investments sold:    
Fixed maturities and equity securities 414 361
Investment maturities and repayments:    
Fixed maturities and equity securities 475 255
Commercial mortgage loans 21 18
Other sales, maturities and repayments (primarily short-term and other long-term investments) [1] 667 75
Investments purchased or originated:    
Fixed maturities and equity securities (1,240) (758)
Commercial mortgage loans (107) (1)
Other (primarily short-term and other long-term investments) (256) (198)
Property and equipment purchases, net (91) (112)
Net cash provided by (used in) investing activities [1] (117) (360)
Cash Flows from Financing Activities    
Deposits and interest credited to contractholder deposit funds 374 383
Withdrawals and benefit payments from contractholder deposit funds (385) (343)
Net change in short-term debt (10) (6)
Repayment of long-term debt (250) 0
Repurchase of common stock (239) (139)
Issuance of common stock 38 10
Other, net (43) (51)
Net cash provided by (used in) financing activities (515) (146)
Effect of foreign currency rate changes on cash and cash equivalents 23 18
Net increase / (decrease) in cash and cash equivalents 970 433
Cash and cash equivalents, January 1 3,185 1,968
Cash and cash equivalents, March 31 4,155 2,401
Supplemental Disclosure of Cash Information:    
Income taxes paid, net of refunds (8) 37
Interest paid $ 70 $ 69
[1] As required in adopting Accounting Standard Update ("ASU") 2016-15, the Company retrospectively reclassified $27 million of cash distributions from partnership earnings from investing to operating activities for the first quarter of 2016. The comparable amount reported in operating activities in 2017 was $45 million. See Note 2 for further discussion.