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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities    
Net income $ 338 $ 297
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Deferred income tax expense 39 21
Trading portfolio activity 0 (13)
Net investment losses 22 35
Equity method investees (25) 6
Net amortization of investments (57) (46)
Depreciation and amortization 16 12
Changes in:    
Receivables, net (162) (24)
Accrued investment income (4) (13)
Deferred acquisition costs (34) (45)
Insurance reserves 443 432
Other, net (72) (226)
Net cash flows provided by operating activities 504 436
Dispositions:    
Fixed maturity securities - sales 736 1,414
Fixed maturity securities - maturities, calls and redemptions 507 317
Equity securities 186 62
Limited partnerships 12 28
Mortgage loans 18 39
Purchases:    
Fixed maturity securities (1,621) (2,258)
Equity securities (169) (82)
Limited partnerships (77) (116)
Mortgage loans (12) (12)
Change in other investments (2) (2)
Change in short-term investments 192 681
Purchases of property and equipment (20) (20)
Other, net 1 0
Net cash flows (used) provided by investing activities (249) 51
Cash Flows from Financing Activities    
Dividends paid to common stockholders (667) (445)
Proceeds from the issuance of debt 490 0
Purchase of treasury stock 0 (24)
Other, net (12) (11)
Net cash flows used by financing activities (189) (480)
Effect of foreign exchange rate changes on cash (2) 1
Net change in cash 64 8
Cash, beginning of year 345 475
Cash, end of period $ 409 $ 483