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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities:    
Net earnings (loss), including noncontrolling interests $ (304) $ 326
Adjustments:    
Depreciation and amortization 113 34
Annuity benefits 276 311
Realized (gains) losses on investing activities 550 (184)
Net sales of trading securities 8 1
Deferred annuity and life policy acquisition costs (49) (64)
Change in:    
Reinsurance and other receivables 161 128
Other assets 410 (271)
Insurance claims and reserves (152) (112)
Payable to reinsurers (35) (22)
Other liabilities (543) 304
Managed investment entities’ assets/liabilities 89 16
Other operating activities, net 8 (13)
Net cash provided by operating activities 532 454
Investing Activities:    
Purchases of fixed maturities (4,140) (1,801)
Purchases of equity securities (232) (35)
Purchases of mortgage loans (21) (38)
Purchases of equity index call options and other investments (245) (220)
Purchases of real estate, property and equipment (9) (10)
Proceeds from maturities and redemptions of fixed maturities 1,220 1,032
Proceeds from repayments of mortgage loans 4 29
Proceeds from sales of fixed maturities 1,483 201
Proceeds from sales of equity securities 80 95
Proceeds from sales and settlements of equity index call options and other investments 248 79
Proceeds from sales of real estate, property and equipment 1 1
Managed investment entities:    
Purchases of investments (414) (391)
Proceeds from sales and redemptions of investments 370 373
Other investing activities, net 2 1
Net cash used in investing activities (1,653) (684)
Financing Activities:    
Annuity receipts 1,410 1,395
Annuity surrenders, benefits and withdrawals (813) (782)
Net transfers from variable annuity assets 15 13
Additional long-term borrowings 0 121
Retirements of managed investment entities’ liabilities (41) (3)
Issuances of Common Stock 10 7
Repurchases of Common Stock (61) 0
Cash dividends paid on Common Stock (40) (36)
Net cash provided by financing activities 480 715
Net Change in Cash and Cash Equivalents (641) 485
Cash and cash equivalents at beginning of period 2,314 1,515
Cash and cash equivalents at end of period $ 1,673 $ 2,000