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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities:    
Net earnings $ 290 $ 419
Adjustments:    
Depreciation and amortization 26 99
Annuity benefits 0 161
Realized (gains) losses on investing activities 15 (158)
Net purchases of trading securities (1) (3)
Deferred annuity and life policy acquisition costs 0 (49)
Change in:    
Reinsurance and other receivables 39 275
Other assets 1 164
Insurance claims and reserves 77 5
Payable to reinsurers (10) (54)
Other liabilities 18 (25)
Managed investment entities’ assets/liabilities 172 (38)
Other operating activities, net (124) (169)
Net cash provided by operating activities 503 627
Investing Activities:    
Purchases of fixed maturities (1,682) (3,443)
Purchases of equity securities (45) (41)
Purchases of mortgage loans (265) (35)
Purchases of equity index call options and other investments (47) (164)
Purchases of real estate, property and equipment (23) (13)
Proceeds from maturities and redemptions of fixed maturities 959 1,947
Proceeds from repayments of mortgage loans 1 12
Proceeds from sales of fixed maturities 17 147
Proceeds from sales of equity securities 60 350
Proceeds from sales and settlements of equity index call options and other investments 59 269
Proceeds from sales of real estate, property and equipment 0 0
Managed investment entities:    
Purchases of investments (357) (527)
Proceeds from sales and redemptions of investments 217 557
Other investing activities, net (5) 3
Net cash used in investing activities (1,111) (938)
Financing Activities:    
Reductions of long-term debt (50) 0
Issuances of Common Stock 5 20
Repurchases of Common Stock (5) (192)
Cash dividends paid on Common Stock (216) (43)
Annuity receipts 0 1,179
Ceded annuity receipts 0 (207)
Annuity surrenders, benefits and withdrawals 0 (1,148)
Ceded annuity surrenders, benefits and withdrawals 0 167
Net transfers from variable annuity assets 0 25
Issuances of managed investment entities’ liabilities 60 752
Retirements of managed investment entities’ liabilities (136) (725)
Net cash used in financing activities (342) (172)
Net Change in Cash and Cash Equivalents (950) (483)
Cash and cash equivalents at beginning of period 2,131 2,810
Cash and cash equivalents at end of period 1,181 2,327
Less: cash and cash equivalents at end of period from discontinued operations 0 636
Cash and cash equivalents at end of period from continuing operations $ 1,181 $ 1,691