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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities:    
Net earnings $ 212 $ 290
Adjustments:    
Depreciation and amortization 20 26
Realized (gains) losses on investing activities 45 15
Net purchases of trading securities (3) (1)
Change in:    
Reinsurance and other receivables 162 39
Other assets 48 1
Insurance claims and reserves (24) 77
Payable to reinsurers (124) (10)
Other liabilities (28) 18
Managed investment entities’ assets/liabilities 139 172
Other operating activities, net (44) (124)
Net cash provided by operating activities 403 503
Purchases of:    
Fixed maturities (575) (1,682)
Equity securities (41) (45)
Mortgage loans 0 (265)
Other investments (49) (47)
Real estate, property and equipment (13) (23)
Proceeds from:    
Maturities and redemptions of fixed maturities 381 959
Repayments of mortgage loans 32 1
Sales of fixed maturities 342 17
Sales of equity securities 56 60
Sales of other investments 33 59
Sales of real estate, property and equipment 1 0
Managed investment entities:    
Purchases of investments (648) (357)
Proceeds from sales and redemptions of investments 554 217
Other investing activities, net 0 (5)
Net cash provided by (used in) investing activities 73 (1,111)
Financing Activities:    
Reductions of long-term debt (16) (50)
Issuances of Common Stock 4 5
Repurchases of Common Stock (24) (5)
Cash dividends paid on Common Stock (393) (216)
Issuances of managed investment entities’ liabilities 588 60
Retirements of managed investment entities’ liabilities (650) (136)
Net cash used in financing activities (491) (342)
Net Change in Cash and Cash Equivalents (15) (950)
Cash and cash equivalents at beginning of period 872 2,131
Cash and cash equivalents at end of period $ 857 $ 1,181