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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ 646 $ 732
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 189 132
Equity in earnings of unconsolidated affiliates (9) (12)
Loss (gain) on sales of investments and other assets and asset impairments, net 81 (3)
Interest credited/index credits to contractholder account balances 344 0
Deferred policy acquisition costs and deferred sales inducements (139) 0
Charges assessed to contractholders for mortality and admin (53) 0
Non-cash lease costs 114 110
Operating lease payments (115) (112)
Distributions from unconsolidated affiliates, return on investment 0 5
Stock-based compensation cost 29 27
Change in valuation of equity and preferred securities, net 4 (184)
Changes in assets and liabilities, net of effects from acquisitions:    
Change in collateral returned (posted) (1) 0
Change in reinsurance recoverable 70 0
Change in future policy benefits (58) 0
Change in funds withheld from reinsurers (6) 0
Net increase in trade receivables (27) (76)
Net increase in reserve for title claim losses 46 6
Net change in income taxes 5 57
Net change in other assets and other liabilities 155 (18)
Net cash provided by (used in) operating activities 965 700
Cash flows from investing activities:    
Proceeds from sales of investment securities 1,441 482
Proceeds from calls and maturities of investment securities 489 173
Proceeds from sales of property and equipment 9 1
Fundings of Cannae Holdings Inc. note receivable 0 (200)
Proceeds from repayments of Cannae Holdings Inc. note receivable 0 200
Additions to property and equipment and capitalized software (75) (69)
Purchases of investment securities (2,548) (678)
Net proceeds from (purchases of) sales and maturities of short-term investment securities 791 (73)
F&G acquisition (1,076) 0
Additional investments in unconsolidated affiliates (148) (25)
Distributions from unconsolidated affiliates, return of investment 78 37
Net other investing activities (1) (9)
Net cash provided by (used in) investing activities (1,040) (161)
Cash flows from financing activities:    
Draw on revolving credit facility 1,000 0
Debt offering 1,246 0
Debt costs/equity issuance additions (18) 0
Debt service payments (1,000) 0
Dividends paid (282) (254)
Subsidiary dividends paid to non-controlling interest shareholders (9) (8)
Exercise of stock options 47 35
Subsidiary equity repurchase 0 (3)
Net change in secured trust deposits 38 68
Purchase of additional share in consolidated subsidiaries (90) (4)
Payment of contingent consideration for prior period acquisitions (9) (19)
Contractholder account deposits 1,481 0
Contractholder account withdrawals (730) 0
Purchases of treasury stock (104) (81)
Net cash provided by (used in) financing activities 1,570 (266)
Net increase in cash and cash equivalents 1,495 273
Cash and cash equivalents at beginning of period 1,376 1,257
Cash and cash equivalents at end of period $ 2,871 $ 1,530