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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net income $ 5,576 $ 4,847 $ 2,160
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and other non-cash items 686 647 511
Realized capital gains (losses) (1,356) (1,885) 877
Pension and other postretirement remeasurement (gains) losses (51) 114 468
Gain on disposition of operations (4) (6) (6)
Interest credited to contractholder funds 638 640 654
Impairment of purchased intangibles 0 106 0
Changes in:      
Policy benefits and other insurance reserves (682) (508) 469
Unearned premiums 598 801 915
Deferred policy acquisition costs (125) (85) (296)
Premium installment receivables, net (3) (299) (396)
Reinsurance recoverables, net (11) 320 (656)
Income taxes (232) 487 (380)
Other operating assets and liabilities 457 (50) 855
Net cash provided by operating activities 5,491 5,129 5,175
Proceeds from sales      
Fixed income securities 31,950 29,849 33,183
Equity securities 8,405 5,277 6,859
Limited partnership interests 1,350 756 764
Mortgage loans 230 0 0
Other investments 340 303 533
Investment collections      
Fixed income securities 2,235 2,570 3,466
Mortgage loans 626 695 529
Other investments 209 254 488
Investment purchases      
Fixed income securities (38,121) (31,317) (36,960)
Equity securities (4,648) (7,176) (5,936)
Limited partnership interests (1,265) (1,332) (1,679)
Mortgage loans (203) (844) (664)
Other investments (371) (666) (864)
Change in short-term and other investments, net (3,871) (725) (603)
Purchases of property and equipment, net (308) (433) (277)
Acquisition of operations 1 (18) (558)
Net cash used in investing activities (3,441) (2,807) (1,719)
Cash flows from financing activities      
Proceeds from issuance of long-term debt 1,189 491 498
Redemption and repayment of long-term debt 0 (317) (400)
Proceeds from issuance of preferred stock 0 1,414 557
Redemption of preferred stock (288) (1,132) (385)
Contractholder fund deposits 991 996 1,010
Contractholder fund withdrawals (1,494) (1,662) (1,967)
Dividends paid on common stock (668) (653) (614)
Dividends paid on preferred stock (108) (134) (134)
Treasury stock purchases (1,737) (1,735) (2,303)
Shares reissued under equity incentive plans, net 63 120 73
Other 41 129 91
Net cash used in financing activities (2,011) (2,483) (3,574)
Net increase (decrease) in cash 39 (161) (118)
Cash at beginning of year 338 499 617
Cash at end of year $ 377 $ 338 $ 499