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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities:    
Net earnings (loss), including noncontrolling interests $ 419 $ (304)
Adjustments:    
Depreciation and amortization 99 113
Annuity benefits 161 276
Realized (gains) losses on investing activities (158) 550
Net (purchases) sales of trading securities (3) 8
Deferred annuity and life policy acquisition costs (49) (49)
Change in:    
Reinsurance and other receivables 275 161
Other assets 164 410
Insurance claims and reserves 5 (152)
Payable to reinsurers (54) (35)
Other liabilities (25) (543)
Managed investment entities’ assets/liabilities (38) 89
Other operating activities, net (169) 8
Net cash provided by operating activities 627 532
Investing Activities:    
Purchases of fixed maturities (3,443) (4,140)
Purchases of equity securities (41) (232)
Purchases of mortgage loans (35) (21)
Purchases of equity index call options and other investments (164) (245)
Purchases of real estate, property and equipment (13) (9)
Proceeds from maturities and redemptions of fixed maturities 1,947 1,220
Proceeds from repayments of mortgage loans 12 4
Proceeds from sales of fixed maturities 147 1,483
Proceeds from sales of equity securities 350 80
Proceeds from sales and settlements of equity index call options and other investments 269 248
Proceeds from sales of real estate, property and equipment 0 1
Managed investment entities:    
Purchases of investments (527) (414)
Proceeds from sales and redemptions of investments 557 370
Other investing activities, net 3 2
Net cash used in investing activities (938) (1,653)
Financing Activities:    
Annuity receipts 1,179 1,410
Ceded annuity receipts (207) 0
Annuity surrenders, benefits and withdrawals (1,148) (813)
Ceded annuity surrenders, benefits and withdrawals 167 0
Net transfers from variable annuity assets 25 15
Issuances of managed investment entities’ liabilities 752 0
Retirements of managed investment entities’ liabilities (725) (41)
Issuances of Common Stock 20 10
Repurchases of Common Stock (192) (61)
Cash dividends paid on Common Stock (43) (40)
Net cash provided by (used in) financing activities (172) 480
Net Change in Cash and Cash Equivalents (483) (641)
Cash and cash equivalents at beginning of period including discontinued operations, beginning balance 2,810 2,314
Cash and cash equivalents at beginning of period including discontinued operations, ending balance 2,327 1,673
Cash and cash equivalents from discontinued operations 636 368
Cash and cash equivalents at end of period from continuing operations $ 1,691 $ 1,305