Fundamentals - Annual Cash Flow
Balance Sheet | Cash Flow | Trading Statistics | Income Statement
Year Ended December 312013 2012 2011
(In millions)   
Operating Activities:   
Net income$1,069 $1,110 $1,694
Adjustments to reconcile net income to net cash provided (used) by
operating activities:
   Investment (gains) losses(26) (57) 52
   Undistributed (earnings) losses(380)(103)74
   Amortization of investments(24)(50)(64)
   Depreciation, depletion and amortization871 905 833
   Impairment of goodwill636   
   Impairment of natural gas and oil properties291680  
   Provision for deferred income taxes6 (22) 268
   Other non-cash items8355 52
Changes in operating assets and liabilities, net:   
   Receivables87 327 1,085
   Deferred acquisition costs2 (16) (1)
   Insurance reserves(68)430(237)
   Other assets(19)74181
   Other liabilities470(73)(326)
   Trading securities(901) (406) 354
Net cash flow operating activities2,097 2,854 3,965
Investing Activities:   
Purchases of fixed maturities(11,197)(10,299)(12,168)
Proceeds from sales of fixed maturities6,869 6,123 7,591
Proceeds from maturities of fixed maturities3,271 3,699 3,055
Purchases of equity securities(77)(54)(72)
Proceeds from sales of equity securities103 86 178
Purchases of limited partnership investments(323)(372)(303)
Proceeds from sales of limited partnership investments204227143
Purchases of property, plant and equipment(1,737)(1,405)(1,335)
Acquisitions (235)(987)(548)
Dispositions182 221222
Change in short term investments(101) (192)1,461
Other, net(257) (142)(127)
Net cash flow investing activities(3,298)(3,095)(1,903)
Financing Activities:   
Dividends paid(97)(99)(101)
Dividends paid to noncontrolling interests(500)(450)(399)
Acquisition of CNA Surety noncontrolling interests  (475)
Purchases of treasury shares(228)(212)(732)
Issuance of common stock5 13 4
Proceeds from sale of subsidiary stock370 849 172
Principal payments on debt(1,494)(2,910)(2,832)
Issuance of debt3,255 3,152 2,321
Other, net(40) (7) (11)
Net cash flow financing activities1,271 336 (2,053)
Effect of foreign exchange rate on cash(3)4  
Net change in cash6799 9
Cash, beginning of year228 129 120
Cash, end of year$295 $228 $129
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