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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities:    
Net earnings (loss), including noncontrolling interests $ 1,421 $ (137)
Adjustments:    
Depreciation and amortization 133 79
Annuity benefits 377 702
Realized (gains) losses on investing activities (1,141) 346
Net (purchases) sales of trading securities (1) 11
Deferred annuity and life policy acquisition costs (98) (79)
Change in:    
Reinsurance and other receivables (147) 46
Other assets 250 211
Insurance claims and reserves 349 30
Payable to reinsurers 22 (68)
Other liabilities 123 (233)
Managed investment entities’ assets/liabilities (22) 116
Other operating activities, net (296) 63
Net cash provided by operating activities 970 1,087
Investing Activities:    
Purchases of fixed maturities (5,573) (6,121)
Purchases of equity securities (66) (324)
Purchases of mortgage loans (90) (152)
Purchases of equity index call options and other investments (294) (501)
Purchases of real estate, property and equipment (26) (20)
Proceeds from maturities and redemptions of fixed maturities 3,466 2,343
Proceeds from repayments of mortgage loans 14 7
Proceeds from sales of fixed maturities 665 2,777
Proceeds from sales of equity securities 452 342
Proceeds from sales and settlements of equity index call options and other investments 530 404
Proceeds from sales of real estate, property and equipment 1 4
Proceeds from sale of businesses 3,547 0
Cash and cash equivalents of businesses sold (2,060) 0
Managed investment entities:    
Purchases of investments (987) (603)
Proceeds from sales and redemptions of investments 1,061 540
Other investing activities, net 21 8
Net cash provided by (used in) investing activities 661 (1,296)
Financing Activities:    
Annuity receipts 2,403 2,097
Ceded annuity receipts (311) (78)
Annuity surrenders, benefits and withdrawals (1,931) (1,641)
Ceded annuity surrenders, benefits and withdrawals 282 0
Net transfers from variable annuity assets 34 28
Additional long-term borrowings 0 439
Issuances of managed investment entities’ liabilities 1,017 0
Retirements of managed investment entities’ liabilities (1,045) (46)
Issuances of Common Stock 52 12
Repurchases of Common Stock (306) (137)
Cash dividends paid on Common Stock (1,271) (81)
Net cash provided by (used in) financing activities (1,076) 593
Net Change in Cash and Cash Equivalents 555 384
Cash and cash equivalents at beginning of period 2,810 2,314
Cash and cash equivalents at end of period $ 3,365 $ 2,698