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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities:    
Net earnings, including noncontrolling interests $ 27 $ 678
Adjustments:    
Depreciation and amortization 248 195
Annuity benefits 905 900
Realized (gains) losses on investing activities 332 (223)
Net (purchases) sales of trading securities 18 (2)
Deferred annuity and life policy acquisition costs (112) (163)
Change in:    
Reinsurance and other receivables (597) (330)
Other assets 120 (281)
Insurance claims and reserves 702 475
Payable to reinsurers 163 115
Other liabilities (220) 417
Managed investment entities’ assets/liabilities 99 (2)
Other operating activities, net 11 (88)
Net cash provided by operating activities 1,696 1,691
Investing Activities:    
Purchases of fixed maturities (7,817) (5,533)
Purchases of equity securities (354) (161)
Purchases of mortgage loans (197) (181)
Purchases of equity index call options and other investments (699) (658)
Purchases of real estate, property and equipment (41) (33)
Proceeds from maturities and redemptions of fixed maturities 4,114 3,411
Proceeds from repayments of mortgage loans 48 76
Proceeds from sales of fixed maturities 3,123 569
Proceeds from sales of equity securities 421 223
Proceeds from sales and settlements of equity index call options and other investments 673 486
Proceeds from sales of real estate, property and equipment 7 3
Managed investment entities:    
Purchases of investments (878) (1,062)
Proceeds from sales and redemptions of investments 818 1,081
Other investing activities, net 10 1
Net cash used in investing activities (772) (1,778)
Financing Activities:    
Annuity receipts 2,968 3,821
Annuity surrenders, benefits and withdrawals (2,506) (2,502)
Ceded annuity receipts (246) 0
Net transfers from variable annuity assets 44 45
Additional long-term borrowings 635 121
Issuances of managed investment entities’ liabilities 30 0
Retirements of managed investment entities’ liabilities (79) (8)
Issuances of Common Stock 15 29
Repurchases of Common Stock (233) 0
Cash dividends paid on Common Stock (119) (241)
Net cash provided by financing activities 509 1,265
Net Change in Cash and Cash Equivalents 1,433 1,178
Cash and cash equivalents at beginning of period 2,314 1,515
Cash and cash equivalents at end of period $ 3,747 $ 2,693