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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income (loss) $ 4,599 $ (213) $ (1,342)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, amortization and other non-cash items 555 704 847
Net (gains) losses on investments and derivatives 225 300 1,072
Pension and other postretirement remeasurement (gains) losses (37) 9 116
Changes in:      
Policy benefits and other insurance reserves 2,171 2,202 4,445
Unearned premiums 2,294 2,385 2,539
Deferred policy acquisition costs (347) (489) (713)
Premium installment receivables, net (705) (861) (1,038)
Reinsurance recoverables, net (226) 807 451
Income taxes 753 (229) (715)
Other operating assets and liabilities (351) (387) (541)
Net cash provided by operating activities 8,931 4,228 5,121
Proceeds from sales      
Fixed income securities 38,751 22,973 31,494
Equity securities 3,168 5,400 10,969
Limited partnership interests 633 710 970
Other investments 265 594 1,071
Investment collections      
Fixed income securities 1,509 1,641 728
Mortgage loans 151 81 163
Other investments 41 152 167
Investment purchases      
Fixed income securities (46,590) (29,431) (36,920)
Equity securities (4,980) (2,935) (9,294)
Limited partnership interests (1,434) (890) (1,258)
Mortgage loans (113) (145) (104)
Other investments (172) (292) (295)
Change in short-term and other investments, net 724 (617) 792
Purchases of property and equipment, net (210) (267) (420)
Proceeds from sale of property and equipment 18 27 209
Acquisition of operations, net of cash acquired (13) 0 0
Net cash used in investing activities (8,252) (2,999) (1,728)
Cash flows from financing activities      
Proceeds from issuance of debt 495 743 0
Redemption and repayment of debt (350) (750) 0
Proceeds from issuance of preferred stock 0 587 0
Redemption of preferred stock 0 (575) 0
Contractholder fund deposits 129 130 133
Contractholder fund withdrawals (37) (35) (49)
Dividends paid on common stock (962) (925) (926)
Dividends paid on preferred stock (117) (107) (105)
Treasury stock purchases (2) (335) (2,520)
Shares reissued under equity incentive plans, net 163 73 82
Other (16) (49) (35)
Net cash used in financing activities (697) (1,243) (3,420)
Net decrease in cash (18) (14) (27)
Cash at beginning of period 722 736 763
Cash at end of period $ 704 $ 722 $ 736