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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net (loss) income $ (321) $ 650
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 177 236
Net (gains) losses on investments and derivatives (14) 267
Pension and other postretirement remeasurement (gains) losses (53) (247)
Changes in:    
Policy benefits and other insurance reserves 1,080 (111)
Unearned premiums 199 390
Deferred policy acquisition costs (29) (103)
Premium installment receivables, net (317) (502)
Reinsurance recoverables, net 91 333
Income taxes (125) 93
Other operating assets and liabilities (87) (574)
Net cash provided by operating activities 601 432
Proceeds from sales    
Fixed income securities 7,008 12,400
Equity securities 3,739 5,216
Limited partnership interests 414 300
Other investments 55 208
Investment collections    
Fixed income securities 646 104
Mortgage loans 22 3
Other investments 25 49
Investment purchases    
Fixed income securities (8,424) (13,220)
Equity securities (1,187) (3,624)
Limited partnership interests (226) (216)
Mortgage loans (41) (37)
Other investments (73) (186)
Change in short-term and other investments, net (2,675) 114
Purchases of property and equipment, net (79) (130)
Net cash (used in) provided by investing activities (796) 981
Cash flows from financing activities    
Proceeds from issuance of long-term debt 744 0
Redemption and repayment of debt (250) 0
Contractholder fund deposits 33 34
Contractholder fund withdrawals (9) (9)
Dividends paid on common stock (224) (230)
Dividends paid on preferred stock (26) (26)
Treasury stock purchases (153) (802)
Shares reissued under equity incentive plans, net 6 17
Other 0 (30)
Net cash provided by (used in) financing activities 121 (1,046)
Net (decrease) increase in cash (74) 367
Cash at beginning of period 736 763
Cash at end of period $ 662 $ 1,130