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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities:      
Net earnings, including noncontrolling interests $ 869 $ 517 $ 477
Adjustments:      
Depreciation and amortization 259 210 107
Annuity benefits 1,151 998 892
Realized (gains) losses on investing activities (288) 265 (23)
Net (purchases) sales of trading securities (5) 111 17
Deferred annuity and life policy acquisition costs (206) (263) (225)
Change in:      
Reinsurance and other receivables (112) (211) (963)
Other assets (406) 96 13
Insurance claims and reserves 703 425 1,321
Payable to reinsurers 62 9 109
Other liabilities 516 (140) (18)
Managed investment entities’ assets/liabilities 23 148 60
Other operating activities, net (110) (82) 37
Net cash provided by operating activities 2,456 2,083 1,804
Investing Activities:      
Purchases of fixed maturities (8,260) (10,183) (9,485)
Purchases of equity securities (242) (568) (182)
Purchases of mortgage loans (442) (167) (254)
Purchases of equity index call options and other investments (991) (973) (831)
Purchases of real estate, property and equipment (44) (80) (109)
Purchases of businesses 0 (36) 0
Proceeds from maturities and redemptions of fixed maturities 4,567 4,948 6,105
Proceeds from repayments of mortgage loans 184 201 215
Proceeds from sales of fixed maturities 927 501 392
Proceeds from sales of equity securities 453 247 216
Proceeds from sales and settlements of equity index call options and other investments 771 883 789
Proceeds from sales of real estate, property and equipment 4 3 55
Cash and cash equivalents of businesses acquired 0 13 0
Managed investment entities:      
Purchases of investments (1,398) (2,117) (2,979)
Proceeds from sales and redemptions of investments 1,409 1,948 2,774
Other investing activities, net (3) 30 2
Net cash used in investing activities (3,065) (5,350) (3,292)
Financing Activities:      
Annuity receipts 4,960 5,632 4,341
Annuity surrenders, benefits and withdrawals (3,358) (2,916) (2,405)
Net transfers from variable annuity assets 60 47 54
Additional long-term borrowings 315 0 712
Reductions of long-term debt (150) 0 (745)
Issuances of managed investment entities’ liabilities 371 1,983 2,731
Retirements of managed investment entities’ liabilities (382) (1,935) (2,585)
Issuances of Common Stock 36 33 37
Repurchases of Common Stock 0 (6) 0
Cash dividends paid on Common Stock (444) (394) (417)
Other financing activities, net 0 0 (4)
Net cash provided by (used in) financing activities 1,408 2,444 1,719
Net Change in Cash and Cash Equivalents 799 (823) 231
Cash and cash equivalents at beginning of year 1,515 2,338 2,107
Cash and cash equivalents at end of year $ 2,314 $ 1,515 $ 2,338