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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net income $ 959 $ 1,205 $ 682
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Deferred income tax (benefit) expense (45) 2 (89)
Trading portfolio activity 0 1 6
Net investment losses 81 99 199
Equity method investees (101) (8) 250
Net amortization of investments (200) (191) (129)
Depreciation and amortization 67 73 51
Changes in:      
Receivables, net (898) (245) (226)
Accrued investment income (8) (41) (29)
Deferred acquisition costs (69) (85) (79)
Insurance reserves 2,365 1,667 2,058
Other, net 420 (192) (192)
Net cash flows provided by operating activities 2,571 2,285 2,502
Dispositions:      
Fixed maturity securities - sales 2,793 4,029 5,909
Fixed maturity securities - maturities, calls and redemptions 2,396 1,334 2,358
Equity securities 523 317 509
Limited partnerships 97 164 138
Mortgage loans 105 122 125
Purchases:      
Fixed maturity securities (6,404) (6,616) (9,821)
Equity securities (444) (293) (294)
Limited partnerships (335) (402) (337)
Mortgage loans (89) (127) (200)
Change in other investments (11) (2) 8
Change in short-term investments 147 (274) 155
Purchases of property and equipment (95) (90) (52)
Other, net 0 (5) (10)
Net cash flows used by investing activities (1,317) (1,843) (1,512)
Cash Flows from Financing Activities      
Dividends paid to common stockholders (1,025) (787) (982)
Proceeds from the issuance of debt 490 491 0
Repayment of debt (550) (243) 0
Purchase of treasury stock (20) (24) (39)
Other, net (12) (14) (11)
Net cash flows used by financing activities (1,117) (577) (1,032)
Effect of foreign exchange rate changes on cash (10) 5 (19)
Net change in cash 127 (130) (61)
Cash, beginning of year 345 475 536
Cash, end of year $ 472 $ 345 $ 475