XML 17 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities    
Net Income (Loss) $ 660 $ (1,500)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other 88 102
Investment gains and losses, net (69) 2,513
Interest credited to contract holders 33 34
Deferred income tax expense 2 (571)
Changes in:    
Premiums and reinsurance receivable (392) (354)
Deferred policy acquisition costs (88) (118)
Other assets (30) (6)
Loss and loss expense reserves 677 808
Life policy and investment contract reserves 73 53
Unearned premiums 506 527
Other liabilities 8 3
Current income tax receivable/payable 7 (70)
Net cash provided by operating activities 1,475 1,421
Cash Flows From Investing Activities    
Sale, call or maturity of fixed maturities 826 911
Sale of equity securities 68 333
Purchase of fixed maturities (1,853) (1,445)
Purchase of equity securities (157) (380)
Changes in finance receivables (10) 12
Investment in building and equipment (10) (12)
Change in other invested assets, net (102) (65)
Net cash used in investing activities (1,238) (646)
Cash Flows From Financing Activities    
Payment of cash dividends to shareholders (338) (316)
Shares acquired - share repurchase authorization (67) (399)
Changes in note payable (25) (10)
Proceeds from stock options exercised 7 8
Contract holders' funds deposited 67 54
Contract holders' funds withdrawn (165) (98)
Other (81) (70)
Net cash used in financing activities (602) (831)
Net change in cash and cash equivalents (365) (56)
Cash and cash equivalents at beginning of year 1,264 1,139
Cash and cash equivalents at end of period 899 1,083
Supplemental Disclosures of Cash Flow Information:    
Interest paid 28 27
Income taxes paid 94 144
Noncash Activities    
Equipment acquired under finance lease obligations 10 13
Share-based compensation 15 24
Other assets and other liabilities $ 120 $ 203