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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities      
Net income $ 690 $ 1,000 $ 813
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Deferred income tax benefit (49) (46) (20)
Trading portfolio activity (5) (16) 0
Net investment losses (gains) 54 (29) 52
Equity method investees (8) 11 330
Net amortization of investments (67) (89) (70)
Depreciation and amortization 60 68 79
Changes in:      
Receivables, net (409) 137 (229)
Accrued investment income 16 (3) 19
Deferred acquisition costs (43) (26) (6)
Insurance reserves 1,681 358 482
Other, net (145) (225) (223)
Net cash flows provided by operating activities 1,775 1,140 1,227
Dispositions:      
Fixed maturity securities - sales 5,904 5,842 8,408
Fixed maturity securities - maturities, calls and redemptions 3,760 2,997 2,370
Equity securities 355 214 89
Limited partnerships 373 479 343
Mortgage loans 74 143 128
Purchases:      
Fixed maturity securities (10,269) (8,661) (10,785)
Equity securities (452) (186) (258)
Limited partnerships (224) (198) (419)
Mortgage loans (172) (298) (128)
Change in other investments (8) (11) (12)
Change in short term investments (39) (535) 168
Purchases of property and equipment (23) (26) (99)
Other, net 16 15 18
Net cash flows used by investing activities (705) (225) (177)
Cash Flows from Financing Activities      
Dividends paid to common stockholders (950) (929) (896)
Proceeds from the issuance of debt 495 496 0
Repayment of debt (419) (520) (180)
Purchase of treasury stock (18) (23) 0
Other, net (10) (12) (9)
Net cash flows used by financing activities (902) (988) (1,085)
Effect of foreign exchange rate changes on cash 9 5 (10)
Net change in cash 177 (68) (45)
Cash, beginning of year 242 310 355
Cash, end of period $ 419 $ 242 $ 310