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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income (loss) $ 1,545 $ (1,696)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation, amortization and other non-cash items 264 363
Net (gains) losses on investments and derivatives 267 137
Pension and other postretirement remeasurement (gains) losses (11) (93)
Changes in:    
Policy benefits and other insurance reserves 1,750 2,917
Unearned premiums 1,262 1,032
Deferred policy acquisition costs (175) (162)
Premium installment receivables, net (745) (532)
Reinsurance recoverables, net 76 468
Income taxes 91 (538)
Other operating assets and liabilities (299) (126)
Net cash provided by operating activities 4,025 1,770
Proceeds from sales    
Fixed income securities 15,463 12,454
Equity securities 1,510 4,183
Limited partnership interests 248 516
Other investments 120 81
Investment collections    
Fixed income securities 1,002 992
Mortgage loans 10 36
Other investments 19 53
Investment purchases    
Fixed income securities (20,376) (15,875)
Equity securities (1,257) (1,717)
Limited partnership interests (560) (424)
Mortgage loans (1) (100)
Other investments (59) (140)
Change in short-term and other investments, net 64 (986)
Purchases of property and equipment, net (97) (141)
Proceeds from sale of property and equipment 18 19
Net cash used in investing activities (3,896) (1,049)
Cash flows from financing activities    
Proceeds from issuance of debt 495 743
Redemption and repayment of debt (350) (750)
Proceeds from issuance of preferred stock 0 587
Redemption of preferred stock 0 (575)
Contractholder fund deposits 67 66
Contractholder fund withdrawals (16) (16)
Dividends paid on common stock (476) (459)
Dividends paid on preferred stock (59) (53)
Treasury stock purchases 0 (307)
Shares reissued under equity incentive plans, net 93 10
Other (6) (4)
Net cash used in financing activities (252) (758)
Net decrease in cash (123) (37)
Cash at beginning of period 722 736
Cash at end of period $ 599 $ 699