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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities:      
Net earnings, including noncontrolling interests $ 1,995 $ 721 $ 869
Adjustments:      
Depreciation and amortization 187 299 259
Annuity benefits 377 1,192 1,151
Realized gains on investing activities (1,131) (313) (288)
Net (purchases) sales of trading securities (5) 20 (5)
Deferred annuity and life policy acquisition costs (98) (154) (206)
Change in:      
Reinsurance and other receivables (350) (533) (112)
Other assets 344 138 (406)
Insurance claims and reserves 912 812 703
Payable to reinsurers 113 13 62
Other liabilities (70) (71) 516
Managed investment entities’ assets/liabilities (144) 25 23
Other operating activities, net (416) 34 (110)
Net cash provided by operating activities 1,714 2,183 2,456
Investing Activities:      
Purchases of fixed maturities (7,978) (10,335) (8,260)
Purchases of equity securities (193) (404) (242)
Purchases of mortgage loans (218) (372) (442)
Purchases of equity index call options and other investments (391) (897) (991)
Purchases of real estate, property and equipment (62) (60) (44)
Purchases of businesses (123) (3) 0
Proceeds from maturities and redemptions of fixed maturities 5,035 5,749 4,567
Proceeds from repayments of mortgage loans 84 84 184
Proceeds from sales of fixed maturities 745 3,729 927
Proceeds from sales of equity securities 523 656 453
Proceeds from sales and settlements of equity index call options and other investments 584 988 771
Proceeds from sales of real estate, property and equipment 46 5 4
Proceeds from sale of businesses 3,581 3 0
Cash and cash equivalents of businesses acquired and sold (2,058) (425) 0
Managed investment entities:      
Purchases of investments (2,155) (1,502) (1,398)
Proceeds from sales and redemptions of investments 2,112 1,221 1,409
Other investing activities, net 32 (1) (3)
Net cash used in investing activities (436) (1,564) (3,065)
Financing Activities:      
Additional long-term borrowings 0 634 315
Reductions of long-term debt 0 (150) (150)
Issuances of Common Stock 66 22 36
Repurchases of Common Stock (319) (313) 0
Cash dividends paid on Common Stock (2,374) (334) (444)
Annuity receipts 2,403 4,287 4,960
Ceded annuity receipts (311) (492) 0
Annuity surrenders, benefits and withdrawals (1,931) (3,711) (3,358)
Ceded annuity surrenders, benefits and withdrawals 282 206 0
Net transfers from variable annuity assets 34 61 60
Cash transferred in annuity reinsurance 0 (554) 0
Issuances of managed investment entities’ liabilities 2,883 429 371
Retirements of managed investment entities’ liabilities (2,690) (208) (382)
Net cash provided by (used in) financing activities (1,957) (123) 1,408
Net Change in Cash and Cash Equivalents (679) 496 799
Cash and cash equivalents at beginning of year 2,810 2,314 1,515
Cash and cash equivalents at end of year $ 2,131 $ 2,810 $ 2,314