XML 18 R8.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities    
Net Income (Loss) $ 620 $ (1,226)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 23 22
Investment gains and losses, net (501) 1,729
Share-based compensation 9 9
Interest credited to contract holders' 11 11
Deferred income tax expense 112 (353)
Changes in:    
Investment income receivable 2 9
Premiums and reinsurance receivable (166) (86)
Deferred policy acquisition costs (49) (31)
Other assets (33) (11)
Loss and loss expense reserves 204 59
Life policy and investment contract reserves 15 27
Unearned premiums 221 134
Other liabilities (80) (123)
Current income tax receivable/payable (34) (3)
Net cash provided by operating activities 354 167
Cash Flows From Investing Activities    
Sale of fixed maturities 30 21
Call or maturity of fixed maturities 300 321
Sale of equity securities 65 7
Purchase of fixed maturities (467) (336)
Purchase of equity securities (78) (132)
Investment in finance receivables (12) (6)
Collection of finance receivables 8 7
Investment in building and equipment (5) (4)
Change in other invested assets, net 6 (14)
Net cash used in investing activities (153) (136)
Cash Flows From Financing Activities    
Payment of cash dividends to shareholders (95) (90)
Shares acquired - share repurchase authorization (28) (256)
Changes in note payable 3 75
Proceeds from stock options exercised 4 4
Contract holders' funds deposited 27 21
Contract holders' funds withdrawn (33) (40)
Other (32) (26)
Net cash used in financing activities (154) (312)
Net change in cash and cash equivalents 47 (281)
Cash and cash equivalents at beginning of year 900 767
Cash and cash equivalents at end of year 947 486
Supplemental Disclosures of Cash Flow Information:    
Income taxes paid 66 0
Noncash Activities    
Equipment acquired under finance lease obligations 3 6
Share-based compensation 16 3
Other assets and other liabilities $ 44 $ 77