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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities:    
Net earnings, including noncontrolling interests $ 1,640 $ 27
Adjustments:    
Depreciation and amortization 160 248
Annuity benefits 377 905
Realized (gains) losses on investing activities (1,111) 332
Net (purchases) sales of trading securities (6) 18
Deferred annuity and life policy acquisition costs (98) (112)
Change in:    
Reinsurance and other receivables (987) (597)
Other assets 238 120
Insurance claims and reserves 1,204 702
Payable to reinsurers 339 163
Other liabilities 88 (220)
Managed investment entities’ assets/liabilities (78) 99
Other operating activities, net (341) 11
Net cash provided by operating activities 1,425 1,696
Investing Activities:    
Purchases of fixed maturities (6,907) (7,817)
Purchases of equity securities (110) (354)
Purchases of mortgage loans (179) (197)
Purchases of equity index call options and other investments (313) (699)
Purchases of real estate, property and equipment (53) (41)
Proceeds from maturities and redemptions of fixed maturities 4,075 4,114
Proceeds from repayments of mortgage loans 27 48
Proceeds from sales of fixed maturities 690 3,123
Proceeds from sales of equity securities 462 421
Proceeds from sales and settlements of equity index call options and other investments 562 673
Proceeds from sales of real estate, property and equipment 25 7
Proceeds from sale of businesses 3,547 0
Cash and cash equivalents of businesses sold (2,060) 0
Managed investment entities:    
Purchases of investments (1,480) (878)
Proceeds from sales and redemptions of investments 1,579 818
Other investing activities, net 32 10
Net cash used in investing activities (103) (772)
Financing Activities:    
Annuity receipts 2,403 2,968
Ceded annuity receipts (311) (246)
Annuity surrenders, benefits and withdrawals (1,931) (2,506)
Ceded annuity surrenders, benefits and withdrawals 282 0
Net transfers from variable annuity assets 34 44
Additional long-term borrowings 0 635
Issuances of managed investment entities’ liabilities 1,665 30
Retirements of managed investment entities’ liabilities (1,701) (79)
Issuances of Common Stock 60 15
Repurchases of Common Stock (318) (233)
Cash dividends paid on Common Stock (1,482) (119)
Net cash provided by (used in) financing activities (1,299) 509
Net Change in Cash and Cash Equivalents 23 1,433
Cash and cash equivalents at beginning of period 2,810 2,314
Cash and cash equivalents at end of period $ 2,833 $ 3,747