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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net income $ 2,952 $ 3,074
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 500 476
Realized capital (gains) losses (682) (1,183)
Pension and other postretirement remeasurement (gains) losses 320 365
Gain on disposition of operations (3) (3)
Interest credited to contractholder funds 482 487
Impairment of purchased intangibles 0 55
Changes in:    
Policy benefits and other insurance reserves (73) 29
Unearned premiums 710 813
Deferred policy acquisition costs (55) (66)
Premium installment receivables, net (153) (392)
Reinsurance recoverables, net 121 167
Income taxes (617) 254
Other operating assets and liabilities 670 (181)
Net cash provided by operating activities 4,172 3,895
Proceeds from sales    
Fixed income securities 25,567 23,075
Equity securities 7,544 3,735
Limited partnership interests 991 557
Other investments 209 279
Investment collections    
Fixed income securities 1,676 1,847
Mortgage loans 278 451
Other investments 158 203
Investment purchases    
Fixed income securities (31,743) (23,536)
Equity securities (3,882) (6,080)
Limited partnership interests (796) (989)
Mortgage loans (197) (475)
Other investments (299) (548)
Change in short-term and other investments, net (515) (1,443)
Purchases of property and equipment, net (235) (293)
Acquisition of operations 1 (18)
Net cash used in investing activities (1,243) (3,235)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 0 491
Redemption and repayment of long-term debt 0 (317)
(Redemption) issuance of preferred stock (288) 1,122
Contractholder fund deposits 749 751
Contractholder fund withdrawals (1,151) (1,278)
Dividends paid on common stock (500) (490)
Dividends paid on preferred stock (82) (92)
Treasury stock purchases (1,737) (936)
Shares reissued under equity incentive plans, net 54 98
Other 58 79
Net cash used in financing activities (2,897) (572)
Net increase in cash 32 88
Cash at beginning of period 338 499
Cash at end of period $ 370 $ 587