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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities      
Net income $ 1,205 $ 682 [1] $ 1,184 [1]
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Deferred income tax expense (benefit) 2 (89) [1] 43 [1]
Trading portfolio activity 1 6 [1] 20 [1]
Net investment losses (gains) 99 199 [1] (120) [1]
Equity method investees (8) 250 [1] (127) [1]
Net amortization of investments (191) (129) [1] (81) [1]
Depreciation and amortization 73 51 [1] 54 [1]
Changes in:      
Receivables, net (245) (226) [1] (1,358) [1]
Accrued investment income (41) (29) [1] 3 [1]
Deferred acquisition costs (85) (79) [1] (30) [1]
Insurance reserves 1,667 2,058 [1] 2,485 [1]
Other, net (192) (192) [1] (76) [1]
Net cash flows provided by operating activities 2,285 2,502 [1] 1,997 [1]
Dispositions:      
Fixed maturity securities - sales 4,029 5,909 [1] 3,816 [1]
Fixed maturity securities - maturities, calls and redemptions 1,334 2,358 [1] 4,464 [1]
Equity securities 317 509 [1] 316 [1]
Limited partnerships 164 138 [1] 246 [1]
Mortgage loans 122 125 [1] 190 [1]
Purchases:      
Fixed maturity securities (6,616) (9,821) [1] (9,307) [1]
Equity securities (293) (294) [1] (304) [1]
Limited partnerships (402) (337) [1] (440) [1]
Mortgage loans (127) (200) [1] (95) [1]
Change in other investments (2) 8 [1] (6) [1]
Change in short-term investments (274) 155 [1] (83) [1]
Purchases of property and equipment (90) (52) [1] (26) [1]
Other, net (5) (10) [1] 1 [1]
Net cash flows used by investing activities (1,843) (1,512) [1] (1,228) [1]
Cash Flows from Financing Activities      
Dividends paid to common stockholders (787) (982) [1] (621) [1]
Proceeds from the issuance of debt 491 0 [1] 0 [1]
Repayment of debt (243) 0 [1] 0 [1]
Purchase of treasury stock (24) (39) [1] (18) [1]
Other, net (14) (11) [1] (9) [1]
Net cash flows used by financing activities (577) (1,032) [1] (648) [1]
Effect of foreign exchange rate changes on cash 5 (19) [1] (4) [1]
Net change in cash (130) (61) [1] 117 [1]
Cash, beginning of year [1] 475 536 419
Cash, end of year $ 345 $ 475 [1] $ 536 [1]
[1] As of January 1, 2023, the Company adopted ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information.