XML 26 R8.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net (loss) income $ (1,387) $ 549
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 260 155
Realized capital (gains) losses (505) 462
Pension and other postretirement remeasurement (gains) losses (310) 318
Amortization of deferred gain on reinsurance 2 1
Interest credited to contractholder funds 94 132
Loss on disposition of operations (3,998) 0
Changes in:    
Policy benefits and other insurance reserves 817 (654)
Unearned premiums 33 (272)
Deferred policy acquisition costs (26) 38
Premium installment receivables, net (124) 26
Reinsurance recoverables, net (1,201) 24
Income taxes 181 28
Other operating assets and liabilities (440) 222
Net cash provided by operating activities 1,388 1,027
Proceeds from sales    
Fixed income securities 10,290 12,114
Equity securities 992 5,250
Limited partnership interests 152 749
Other investments 328 116
Investment collections    
Fixed income securities 737 555
Mortgage loans 134 118
Other investments 109 61
Investment purchases    
Fixed income securities (7,968) (14,667)
Equity securities (539) (1,619)
Limited partnership interests (322) (357)
Mortgage loans 0 (142)
Other investments (603) (129)
Change in short-term and other investments, net 744 (1,916)
Purchases of property and equipment, net (61) (65)
Acquisition of operations, net of cash acquired (3,480) 0
Net cash provided by investing activities 513 68
Cash flows from financing activities    
Redemption and repayment of long-term debt (422) 0
Redemption of preferred stock (250) (288)
Contractholder fund deposits 252 246
Contractholder fund withdrawals (374) (471)
Dividends paid on common stock (164) (159)
Dividends paid on preferred stock (27) (29)
Treasury stock purchases (467) (414)
Shares reissued under equity incentive plans, net 4 8
Other (32) 12
Net cash used in financing activities (1,480) (1,095)
Net increase in cash, including cash classified as assets held for sale 421 0
Cash from continuing operations at beginning of period 311 273
Cash classified as assets held for sale at beginning of period 66 65
Less: Cash classified as assets held for sale at end of period 89 58
Cash from continuing operations at end of period $ 709 $ 280