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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income (loss) $ 2,709 $ (1,700)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation, amortization and other non-cash items 404 539
Net (gains) losses on investments and derivatives 24 223
Pension and other postretirement remeasurement (gains) losses 15 56
Changes in:    
Policy benefits and other insurance reserves 2,921 3,068
Unearned premiums 2,378 2,216
Deferred policy acquisition costs (315) (385)
Premium installment receivables, net (1,094) (934)
Reinsurance recoverables, net (324) 534
Income taxes 346 (532)
Other operating assets and liabilities 162 (82)
Net cash provided by operating activities 7,226 3,003
Proceeds from sales    
Fixed income securities 26,841 17,443
Equity securities 2,137 4,755
Limited partnership interests 409 590
Other investments 169 153
Investment collections    
Fixed income securities 1,260 1,384
Mortgage loans 74 66
Other investments 35 76
Investment purchases    
Fixed income securities (33,023) (23,708)
Equity securities (1,631) (2,316)
Limited partnership interests (915) (639)
Mortgage loans (17) (138)
Other investments (125) (234)
Change in short-term and other investments, net (1,653) 851
Purchases of property and equipment, net (160) (196)
Proceeds from sale of property and equipment 18 19
Net cash used in investing activities (6,581) (1,894)
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 98 99
Contractholder fund withdrawals (26) (23)
Dividends paid on common stock (719) (692)
Dividends paid on preferred stock (88) (71)
Treasury stock purchases 0 (335)
Shares reissued under equity incentive plans, net 149 17
Other 4 15
Net cash used in financing activities (437) (985)
Net increase in cash 208 124
Cash at beginning of period 722 736
Less: Cash classified as assets held for sale at end of period 114 0
Cash at end of period $ 816 $ 860