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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities    
Net Income $ 755 $ 225
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other 34 40
Investment gains and losses, net (608) (93)
Interest credited to contract holders 11 10
Deferred income tax expense 137 27
Changes in:    
Premiums and reinsurance receivable (203) (229)
Deferred policy acquisition costs (50) (36)
Other assets (8) (24)
Loss and loss expense reserves 196 293
Life policy and investment contract reserves 26 25
Unearned premiums 279 201
Other liabilities (161) (121)
Current income tax receivable/payable (55) (68)
Net cash provided by operating activities 353 250
Cash Flows From Investing Activities    
Sale, call or maturity of fixed maturities 464 303
Sale of equity securities 266 4
Purchase of fixed maturities (838) (606)
Purchase of equity securities (226) (22)
Changes in finance receivables 2 (3)
Investment in building and equipment (7) (4)
Change in other invested assets, net (16) (34)
Net cash used in investing activities (355) (362)
Cash Flows From Financing Activities    
Payment of cash dividends to shareholders (116) (106)
Shares acquired - share repurchase authorization (75) (25)
Proceeds from stock options exercised 3 5
Contract holders' funds deposited 19 20
Contract holders' funds withdrawn (60) (58)
Other (57) (33)
Net cash used in financing activities (286) (197)
Net change in cash and cash equivalents (288) (309)
Cash and cash equivalents at beginning of year 907 1,264
Cash and cash equivalents at end of period 619 955
Supplemental Disclosures of Cash Flow Information:    
Interest paid 0 1
Income taxes paid 106 76
Noncash Activities    
Equipment acquired under finance lease obligations 4 1
Share-based compensation 17 11
Other assets and other liabilities $ 97 $ 96