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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net income $ 1,534 $ 1,893 $ 2,098
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and accretion, net 207 183 198
Deferred income tax expense (benefit) (321) (308) 25
Share-based compensation 146 135 144
Gain (Loss) on Disposition of Business before Affinity Payment   (313)  
Net realized investment (gains) losses (22) (16) (9)
Net trading (gains) losses (10) (10) (12)
Loss from equity method investments 66 95 63
Impairments and provision for loan and credit losses 24 22  
Net (gains) losses of consolidated investment entities 7 9 (47)
Changes in operating assets and liabilities:      
Restricted and segregated investments (500) 124 499
Deferred acquisition costs 49 (112) 4
Policyholder account balances, future policy benefits and claims, net 3,054 358 528
Derivatives, net of collateral (141) 415 (144)
Receivables (648) 324 (398)
Brokerage deposits 346 (519) (255)
Accounts payable and accrued expenses 129 46 (100)
Increase (Decrease) in Income Taxes 25 32 (57)
Deferred taxes, Net 334 (18) (196)
Other operating assets and liabilities of consolidated investment entities, net (15) (12) 29
Other, net 359 13 227
Net Cash Provided by (Used in) Operating Activities 4,623 2,341 2,597
Available-for-Sale securities:      
Proceeds from sales 1,708 242 435
Maturities, sinking fund payments and calls 9,554 8,202 6,738
Purchases (13,525) (11,911) (8,346)
Proceeds from sales, maturities and repayments of mortgage loans 217 272 295
Funding of mortgage loans (165) (354) (235)
Proceeds from sales, maturities and collections of other investments 198 276 722
Purchase of other investments (284) (288) (653)
Purchase of investments by consolidated investment entities (957) (644) (411)
Proceeds from sales, maturities and repayments of investments by consolidated investment entities 606 684 1,086
Purchase of land, buildings, equipment and software (147) (143) (162)
Proceeds from Divestiture of Businesses, Net of Cash Divested 0 934 0
Cash paid for written options with deferred premiums (338) (308) (133)
Cash received from written options with deferred premiums 133 170 133
Cash paid for deposit receivable (4) (349)  
Cash received for deposit receivable 93 98  
Other, net 17 (115) (56)
Net cash (used in) provided by investing activities (2,894) (3,234) (587)
Investment certificates:      
Proceeds from additions 4,259 5,110 6,238
Maturities, withdrawals and cash surrenders (5,016) (5,489) (4,745)
Policyholder account balances:      
Deposits and other additions 1,649 2,152 1,933
Net transfers to (from) separate accounts (125) (86) (75)
Surrenders and other benefits (1,357) (1,728) (1,904)
Change in banking deposits, net 3,616 3,788  
Cash paid for purchased options with deferred premiums (211) (396) (228)
Cash received for purchased options with deferred premiums 40 206 254
Issuance of long-term debt, net of issuance costs 496 497  
Repayments of long-term debt (762) (313) (13)
Dividends paid to shareholders (497) (504) (506)
Repurchase of common shares (1,441) (1,943) (1,630)
Exercise of stock options 3 3 2
Borrowings of Consolidated Investment Entities 382   936
Repayments of debt by consolidated investment entities (74) (84) (1,528)
Other, net (10) 1 3
Net cash provided by (used in) financing activities 952 1,214 (1,263)
Effect of exchange rate changes on cash 9 9 (8)
Net increase (decrease) in cash and cash equivalents, including amounts restricted 2,690 330 739
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning balance 6,213 5,883 5,144
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, ending balance $ 8,903 $ 6,213 $ 5,883