XML 33 R8.htm IDEA: XBRL DOCUMENT v2.3.0.15
Consolidated Statements Of Cash Flows (USD $)
In Millions
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net income (loss)$ (693)$ (398)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:  
Accrued investment income4(9)
Premiums receivable182180
Deferred acquisition costs4845
Unearned premium revenue(495)(466)
Prepaid reinsurance premiums672
Reinsurance premiums payable(7)(39)
Loss and loss adjustment expense reserves(198)(273)
Reinsurance recoverable on paid and unpaid losses(3)(15)
Insurance loss recoverable(239)(438)
Payable to reinsurers on recoveries7(72)
Accrued interest payable(29)(16)
Accounts receivable(6)3
Accrued expenses36
Deferred fee revenue(1)(1)
Current income taxes74512
Amortization of bond (premiums) discounts, net(13)(27)
Depreciation66
Amortization of medium-term notes (premiums) discounts, net(9)5
Net investment losses related to other-than-temporary impairments4443
Realized (gains) losses and other settlements on insured derivatives (607)
Unrealized (gains) losses on insured derivatives5311,717
Net (gains) losses on financial instruments at fair value and foreign exchange111(358)
Other net realized (gains) losses(14)56
Deferred income tax benefit(497)(324)
(Gains) losses on extinguishment of debt(26)(46)
Share-based compensation111
Other operating321
Total adjustments to net income (loss)(507)(24)
Net cash provided (used) by operating activities(1,200)(422)
Cash flows from investing activities:  
Purchase of fixed-maturity securities(5,590)(7,792)
Sale and redemption of fixed-maturity securities7,0969,539
Decrease in loans receivable223778
Purchase of held-to-maturity investments (71)
Redemptions of held-to-maturity investments153632
Sale (purchase) of short-term investments, net968(8)
Sale of other investments, net269
Purchase of controlling interest in an affiliate, net of cash received (27)
Consolidation/deconsolidation of variable interest entities, net(16)531
(Payments) proceeds for derivative settlements(66)19
Capital expenditures(3)(3)
Disposals of capital assets 1
Net cash provided (used) by investing activities2,7913,608
Cash flows from financing activities:  
Proceeds from issuance of investment agreements8975
Payments for drawdowns of investment agreements(453)(480)
Issuance of medium-term notes1718
Principal paydown of medium-term notes(107)(416)
Principal paydown of variable interest entity notes(829)(1,530)
Securities sold under agreements to repurchase(84)(31)
Dividends paid (1)
Repayments for retirement of debt(72)(315)
Purchase of treasury stock(50)(31)
Contribution from noncontrolling interest and redemption of subsidiary preferred stock, net9(29)
Restricted stock awards settlements(2)3
Collateral from swap counterparty 164
Net cash provided (used) by financing activities(1,482)(2,573)
Net increase in cash and cash equivalents109613
Cash and cash equivalents - beginning of period1,130803
Cash and cash equivalents - end of period1,2391,416
Supplemental cash flow disclosures:  
Income taxes refunded(54)(422)
Interest paid:  
Investment agreements2529
Medium-term notes2728
Variable interest entity notes202267
Securities sold under agreements to repurchase11
Other borrowings and deposits33
Long-term debt173178
Non cash items:  
Share-based compensation$ 11$ 1