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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Cash flows from operating activities      
Net Income (Loss) Attributable to Parent $ 870 $ 716 $ 1,822
Change in operating assets and liabilities:      
Accrued investment income (4) 7 (43)
Premiums receivable and other reinsurance balances 110 (764) (347)
Deferred policy acquisition costs (198) (107) 154
Reinsurance ceded receivable balances (178) 66 (124)
Future policy benefits, other policy claims and benefits, and other reinsurance balances 1,537 1,593 1,321
Deferred income taxes 211 77 (847)
Other assets and other liabilities, net 113 (163) 242
Amortization of net investment premiums, discounts and other (55) (57) (105)
Depreciation, Depletion and Amortization 49 45 53
Investment related (gains) losses, net (91) 170 (168)
Other, net (57) (2) 24
Net cash provided by operating activities 2,307 1,581 1,982
Cash flows from investing activities      
Sales of fixed maturity securities available-for-sale 13,214 9,340 7,309
Principal payments on mortgage loans on real estate 907 627 589
Proceeds from Sale of Available-for-sale Securities, Equity 98 46 207
Proceeds from Sale and Collection of Mortgage Notes Receivable 490 445 340
Proceeds from Collection of Policy Loans 82 57 115
Payments to Acquire Available-for-sale Securities (15,664) (9,724) (8,941)
Payments to Acquire Available-for-sale Securities, Equity (312) (13) (81)
Purchases of fixed maturity securities available-for-sale (1,216) (1,019) (964)
Payments to Fund Policy Loans (42) (45) (45)
Cash invested in funds withheld at interest (60) (54) (23)
Purchase of businesses, net of cash acquired of $27 and $5 4 (32) 0
Payments to Acquire Property, Plant, and Equipment (34) (29) (44)
Change in short-term investments 199 129 52
Change in other invested assets (304) (365) (122)
Net cash used in investing activities (2,638) (637) (1,608)
Cash flows from financing activities      
Dividends to stockholders (163) (140) (117)
Repayment of collateral finance and securitization notes (91) (96) (68)
Proceeds from long-term debt issuance 599 0 0
Debt issuance costs (5) 0 0
Principal payments of long-term debt (403) (3) (303)
Purchases of treasury stock (101) (300) (44)
Exercise of stock options, net 6 3 7
Change in cash collateral for derivative positions and other arrangements (163) 44 (65)
Deposits on universal life and other investment type policies and contracts 1,309 864 1,018
Withdrawals on universal life and other investment type policies and contracts (1,109) (694) (752)
Net cash used in financing activities (121) (322) (324)
Effect of exchange rate changes on cash 11 (36) 53
Change in cash and cash equivalents (441) 586 103
Cash and cash equivalents, beginning of period 1,890 1,304 1,201
Cash and cash equivalents, end of period 1,449 1,890 1,304
Supplementary information:      
Interest paid 180 170 173
Income taxes paid, net of refunds 44 142 37
Transfer to Investments 6,275 4,636 3,286
Capital Expenditures Incurred but Not yet Paid 1 0 0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets 8 70 0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities $ (12) $ (38) $ 0