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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities:      
Net earnings, including noncontrolling interests $ 721 $ 869 $ 517
Adjustments:      
Depreciation and amortization 299 259 210
Annuity benefits 1,192 1,151 998
Realized (gains) losses on investing activities (313) (288) 265
Net (purchases) sales of trading securities 20 (5) 111
Deferred annuity and life policy acquisition costs (154) (206) (263)
Change in:      
Reinsurance and other receivables (533) (112) (211)
Other assets 138 (406) 96
Insurance claims and reserves 812 703 425
Payable to reinsurers 13 62 9
Other liabilities (71) 516 (140)
Managed investment entities’ assets/liabilities 25 23 148
Other operating activities, net 34 (110) (82)
Net cash provided by operating activities 2,183 2,456 2,083
Investing Activities:      
Purchases of fixed maturities (10,335) (8,260) (10,183)
Purchases of equity securities (404) (242) (568)
Purchases of mortgage loans (372) (442) (167)
Purchases of equity index call options and other investments (897) (991) (973)
Purchases of real estate, property and equipment (60) (44) (80)
Purchases of businesses (3) 0 (36)
Proceeds from maturities and redemptions of fixed maturities 5,749 4,567 4,948
Proceeds from repayments of mortgage loans 84 184 201
Proceeds from sales of fixed maturities 3,729 927 501
Proceeds from sales of equity securities 656 453 247
Proceeds from sales and settlements of equity index call options and other investments 988 771 883
Proceeds from sales of real estate, property and equipment 5 4 3
Proceeds from sale of businesses 3 0 0
Cash and cash equivalents of businesses acquired and sold (425) 0 13
Managed investment entities:      
Purchases of investments (1,502) (1,398) (2,117)
Proceeds from sales and redemptions of investments 1,221 1,409 1,948
Other investing activities, net (1) (3) 30
Net cash used in investing activities (1,564) (3,065) (5,350)
Financing Activities:      
Annuity receipts 4,287 4,960 5,632
Ceded annuity receipts (492) 0 0
Annuity surrenders, benefits and withdrawals (3,711) (3,358) (2,916)
Ceded annuity surrenders, benefits and withdrawals 206 0 0
Net transfers from variable annuity assets 61 60 47
Cash transferred in annuity reinsurance (554) 0 0
Additional long-term borrowings 634 315 0
Reductions of long-term debt (150) (150) 0
Issuances of managed investment entities’ liabilities 429 371 1,983
Retirements of managed investment entities’ liabilities (208) (382) (1,935)
Issuances of Common Stock 22 36 33
Repurchases of Common Stock (313) 0 (6)
Cash dividends paid on Common Stock (334) (444) (394)
Net cash provided by (used in) financing activities (123) 1,408 2,444
Net Change in Cash and Cash Equivalents 496 799 (823)
Cash and cash equivalents at beginning of year 2,314 1,515 2,338
Cash and cash equivalents at end of year $ 2,810 $ 2,314 $ 1,515