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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities:    
Net earnings $ 457 $ 1,421
Adjustments:    
Depreciation and amortization 53 133
Annuity benefits 0 377
Realized (gains) losses on investing activities 105 (1,141)
Net purchases of trading securities 0 (1)
Deferred annuity and life policy acquisition costs 0 (98)
Change in:    
Reinsurance and other receivables (462) (147)
Other assets (100) 250
Insurance claims and reserves 483 349
Payable to reinsurers 51 22
Other liabilities 13 123
Managed investment entities’ assets/liabilities 42 (22)
Other operating activities, net (128) (296)
Net cash provided by operating activities 514 970
Investing Activities:    
Purchases of fixed maturities (2,673) (5,573)
Purchases of equity securities (147) (66)
Purchases of mortgage loans (271) (90)
Purchases of equity index call options and other investments (68) (294)
Purchases of real estate, property and equipment (58) (26)
Proceeds from maturities and redemptions of fixed maturities 1,677 3,466
Proceeds from repayments of mortgage loans 99 14
Proceeds from sales of fixed maturities 986 665
Proceeds from sales of equity securities 63 452
Proceeds from sales and settlements of equity index call options and other investments 116 530
Proceeds from sales of real estate, property and equipment 24 1
Proceeds from sale of businesses 0 3,547
Cash and cash equivalents of businesses sold 0 (2,060)
Managed investment entities:    
Purchases of investments (813) (987)
Proceeds from sales and redemptions of investments 568 1,061
Other investing activities, net (4) 21
Net cash provided by (used in) investing activities (501) 661
Financing Activities:    
Reductions of long-term debt (433) 0
Issuances of Common Stock 9 52
Repurchases of Common Stock (5) (306)
Cash dividends paid on Common Stock (942) (1,271)
Annuity receipts 0 2,403
Ceded annuity receipts 0 (311)
Annuity surrenders, benefits and withdrawals 0 (1,931)
Ceded annuity surrenders, benefits and withdrawals 0 282
Net transfers from variable annuity assets 0 34
Issuances of managed investment entities’ liabilities 619 1,017
Retirements of managed investment entities’ liabilities (425) (1,045)
Net cash used in financing activities (1,177) (1,076)
Net Change in Cash and Cash Equivalents (1,164) 555
Cash and cash equivalents at end of period $ 967 $ 3,365