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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities:      
Net earnings, including noncontrolling interests $ 898 $ 1,995 $ 721
Adjustments:      
Depreciation and amortization 100 187 299
Annuity benefits 0 377 1,192
Realized gains on investing activities 110 (1,131) (313)
Net (purchases) sales of trading securities (2) (5) 20
Deferred annuity and life policy acquisition costs 0 (98) (154)
Change in:      
Reinsurance and other receivables (644) (350) (533)
Other assets (138) 344 138
Insurance claims and reserves 1,105 912 812
Payable to reinsurers 115 113 13
Other liabilities (69) (70) (71)
Managed investment entities’ assets/liabilities (183) (144) 25
Other operating activities, net (139) (416) 34
Net cash provided by operating activities 1,153 1,714 2,183
Investing Activities:      
Purchases of fixed maturities (4,387) (7,978) (10,335)
Purchases of equity securities (239) (193) (404)
Purchases of mortgage loans (273) (218) (372)
Purchases of equity index call options and other investments (141) (391) (897)
Purchases of real estate, property and equipment (86) (62) (60)
Purchases of businesses (10) (123) (3)
Proceeds from maturities and redemptions of fixed maturities 2,511 5,035 5,749
Proceeds from repayments of mortgage loans 118 84 84
Proceeds from sales of fixed maturities 1,294 745 3,729
Proceeds from sales of equity securities 174 523 656
Proceeds from sales and settlements of equity index call options and other investments 141 584 988
Proceeds from sales of real estate, property and equipment 31 46 5
Proceeds from sale of businesses 0 3,581 3
Cash and cash equivalents of businesses acquired and sold 0 (2,058) (425)
Managed investment entities:      
Purchases of investments (1,515) (2,155) (1,502)
Proceeds from sales and redemptions of investments 1,335 2,112 1,221
Other investing activities, net (4) 32 (1)
Net cash used in investing activities (1,051) (436) (1,564)
Financing Activities:      
Additional long-term borrowings 0 0 634
Reductions of long-term debt (477) 0 (150)
Issuances of Common Stock 16 66 22
Repurchases of Common Stock (11) (319) (313)
Cash dividends paid on Common Stock (1,213) (2,374) (334)
Annuity receipts 0 2,403 4,287
Ceded annuity receipts 0 (311) (492)
Annuity surrenders, benefits and withdrawals 0 (1,931) (3,711)
Ceded annuity surrenders, benefits and withdrawals 0 282 206
Net transfers from variable annuity assets 0 34 61
Cash transferred in annuity reinsurance 0 0 (554)
Issuances of managed investment entities’ liabilities 1,206 2,883 429
Retirements of managed investment entities’ liabilities (882) (2,690) (208)
Net cash used in financing activities (1,361) (1,957) (123)
Net Change in Cash and Cash Equivalents (1,259) (679) 496
Cash and cash equivalents at beginning of year 2,131 2,810 2,314
Cash and cash equivalents at end of year $ 872 $ 2,131 $ 2,810