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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income $ 530 $ 365 $ 996
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization and other non-cash items (60) (58) (64)
Realized capital gains and losses (341) 175 (49)
Gain on disposition of operations (6) (6) (7)
Interest credited to contractholder funds 585 601 639
Changes in:      
Policy benefits and other insurance reserves (610) (612) (529)
Deferred policy acquisition costs 125 67 31
Reinsurance recoverables, net 66 51 56
Income taxes 8 (64) (308)
Other operating assets and liabilities 69 136 (159)
Net cash provided by operating activities 366 655 606
Proceeds from sales      
Fixed income securities 3,800 4,858 3,916
Equity securities 984 1,257 1,536
Limited partnership interests 354 367 539
Other investments 61 39 45
Investment collections      
Fixed income securities 1,355 1,448 1,733
Mortgage loans 537 434 566
Other investments 76 168 208
Investment purchases      
Fixed income securities (4,406) (5,444) (4,698)
Equity securities (844) (1,086) (1,385)
Limited partnership interests (398) (551) (631)
Mortgage loans (532) (552) (503)
Other investments (103) (270) (238)
Change in short-term investments, net (343) (3) (12)
Change in policy loans and other investments, net (63) (69) (37)
Net cash provided by investing activities 478 596 1,039
Cash flows from financing activities      
Contractholder fund deposits 747 771 808
Contractholder fund withdrawals (1,599) (1,893) (1,823)
Proceeds from issuance of notes to related parties 215 0 0
Repayment of notes to related parties (141) 0 0
Dividends paid (75) (250) (600)
Other 0 28 (23)
Net cash used in financing activities (853) (1,344) (1,638)
Net (decrease) increase in cash (9) (93) 7
Cash at beginning of year 52 145 138
Cash at end of year $ 43 $ 52 $ 145