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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities:    
Net earnings (loss), including noncontrolling interests $ (137) $ 535
Adjustments:    
Depreciation and amortization 79 72
Annuity benefits 702 650
Realized (gains) losses on investing activities 346 (241)
Net sales of trading securities 11 0
Deferred annuity and life policy acquisition costs (79) (120)
Change in:    
Reinsurance and other receivables 46 85
Other assets 211 (298)
Insurance claims and reserves 30 (92)
Payable to reinsurers (68) 3
Other liabilities (233) 329
Managed investment entities’ assets/liabilities 116 (3)
Other operating activities, net 63 (43)
Net cash provided by operating activities 1,087 877
Investing Activities:    
Purchases of fixed maturities (6,121) (3,761)
Purchases of equity securities (324) (80)
Purchases of mortgage loans (152) (43)
Purchases of equity index call options and other investments (501) (467)
Purchases of real estate, property and equipment (20) (20)
Proceeds from maturities and redemptions of fixed maturities 2,343 2,347
Proceeds from repayments of mortgage loans 7 38
Proceeds from sales of fixed maturities 2,777 459
Proceeds from sales of equity securities 342 139
Proceeds from sales and settlements of equity index call options and other investments 404 329
Proceeds from sales of real estate, property and equipment 4 2
Managed investment entities:    
Purchases of investments (603) (697)
Proceeds from sales and redemptions of investments 540 702
Other investing activities, net 8 0
Net cash used in investing activities (1,296) (1,052)
Financing Activities:    
Annuity receipts 2,097 2,744
Annuity surrenders, benefits and withdrawals (1,641) (1,668)
Ceded annuity receipts (78) 0
Net transfers from variable annuity assets 28 28
Additional long-term borrowings 439 121
Retirements of managed investment entities’ liabilities (46) (5)
Issuances of Common Stock 12 19
Repurchases of Common Stock (137) 0
Cash dividends paid on Common Stock (81) (205)
Net cash provided by financing activities 593 1,034
Net Change in Cash and Cash Equivalents 384 859
Cash and cash equivalents at beginning of period 2,314 1,515
Cash and cash equivalents at end of period $ 2,698 $ 2,374