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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Cash flows from operating activities      
Net Income (Loss) Attributable to Parent $ 415 $ 870 $ 716
Change in operating assets and liabilities:      
Accrued investment income (11) (4) 7
Premiums receivable and other reinsurance balances 162 110 (764)
Deferred policy acquisition costs (95) (198) (107)
Reinsurance ceded receivable balances (115) (178) 66
Future policy benefits, other policy claims and benefits, and other reinsurance balances 2,819 1,537 1,593
Deferred income taxes (16) 211 77
Other assets and other liabilities, net 225 113 (163)
Amortization of net investment premiums, discounts and other (46) (55) (57)
Depreciation, Depletion and Amortization 49 49 45
Investment related (gains) losses, net 33 (91) 170
Other, net (98) (57) (2)
Net cash provided by operating activities 3,322 2,307 1,581
Cash flows from investing activities      
Sales of fixed maturity securities available-for-sale 6,514 13,214 9,340
Principal payments on mortgage loans on real estate 973 907 627
Proceeds from Sale of Available-for-sale Securities, Equity 181 98 46
Proceeds from Sale and Collection of Mortgage Notes Receivable 661 490 445
Proceeds from Collection of Policy Loans 102 82 57
Payments to Acquire Available-for-sale Securities (9,619) (15,664) (9,724)
Payments to Acquire Available-for-sale Securities, Equity (22) (312) (13)
Purchases of fixed maturity securities available-for-sale (780) (1,216) (1,019)
Payments to Fund Policy Loans (41) (42) (45)
Cash invested in funds withheld at interest (131) (60) (54)
Purchase of businesses, net of cash acquired of $27 and $5 0 4 (32)
Payments to Acquire Property, Plant, and Equipment (28) (34) (29)
Change in short-term investments (155) 199 129
Change in other invested assets (335) (304) (365)
Net cash used in investing activities (2,680) (2,638) (637)
Cash flows from financing activities      
Dividends to stockholders (182) (163) (140)
Proceeds from Issuance of Common Stock 481 0 0
Repayment of collateral finance and securitization notes (214) (91) (96)
Proceeds from long-term debt issuance 598 599 0
Debt issuance costs (5) (5) 0
Principal payments of long-term debt (3) (403) (3)
Purchases of treasury stock (163) (101) (300)
Exercise of stock options, net 1 6 3
Change in cash collateral for derivative positions and other arrangements (32) (163) 44
Deposits on universal life and other investment type policies and contracts 1,576 1,309 864
Withdrawals on universal life and other investment type policies and contracts (803) (1,109) (694)
Net cash provided by (used in) financing activities 1,254 (121) (322)
Effect of exchange rate changes on cash 63 11 (36)
Change in cash and cash equivalents 1,959 (441) 586
Cash and cash equivalents, beginning of period 1,449 1,890 1,304
Cash and cash equivalents, end of period 3,408 1,449 1,890
Supplementary information:      
Interest paid 166 180 170
Income taxes paid, net of refunds 108 44 142
Transfer to Investments 93 6,275 4,636
Capital Expenditures Incurred but Not yet Paid 23 1 0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets 0 8 70
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities $ 0 $ (12) $ (38)