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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows From Operating Activities    
Net Income (Loss) $ (1,226) $ 695
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 22 19
Investment gains and losses, net 1,729 (660)
Share-based compensation 9 9
Interest credited to contract holders' 11 11
Deferred income tax expense (353) 144
Changes in:    
Investment income receivable 9 4
Premiums and reinsurance receivable (86) (95)
Deferred policy acquisition costs (31) (24)
Other assets (11) (25)
Loss and loss expense reserves 59 (40)
Life policy and investment contract reserves 27 22
Unearned premiums 134 113
Other liabilities (123) (93)
Current income tax receivable/payable (3) 120
Net cash provided by operating activities 167 200
Cash Flows From Investing Activities    
Sale of fixed maturities 21 1
Call or maturity of fixed maturities 321 269
Sale of equity securities 7 31
Purchase of fixed maturities (336) (289)
Purchase of equity securities (132) (26)
Investment in finance receivables (6) (8)
Collection of finance receivables 7 7
Investment in buildings and equipment (4) (5)
Change in other invested assets, net (14) (36)
Net cash used in investing activities (136) (56)
Cash Flows From Financing Activities    
Payment of cash dividends to shareholders (90) (85)
Shares acquired - share repurchase authorization (256) 0
Changes in note payable 75 0
Proceeds from stock options exercised 4 3
Contract holders' funds deposited 21 19
Contract holders' funds withdrawn (40) (44)
Other (26) (19)
Net cash used in financing activities (312) (126)
Net change in cash and cash equivalents (281) 18
Cash and cash equivalents at beginning of year 767 784
Cash and cash equivalents at end of year 486 802
Supplemental Disclosures of Cash Flow Information:    
Income taxes paid 0 94
Noncash Activities    
Equipment acquired under finance lease obligations 6 3
Cashless exercise of stock options 3 5
Other assets and other liabilities $ 77 $ 23