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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 596 $ 1,198
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 132 132
Net (gains) losses on investments and derivatives 349 164
Pension and other postretirement remeasurement (gains) losses 78 (2)
Changes in:    
Policy benefits and other insurance reserves 1,930 323
Unearned premiums 259 267
Deferred policy acquisition costs (14) (12)
Premium installment receivables, net (442) (549)
Reinsurance recoverables, net (1,216) 82
Income taxes 14 217
Other operating assets and liabilities 278 (154)
Net cash provided by operating activities 1,964 1,666
Proceeds from sales    
Fixed income securities 11,718 6,719
Equity securities 1,408 500
Limited partnership interests 219 130
Other investments (3) 84
Investment collections    
Fixed income securities 141 538
Mortgage loans 45 7
Other investments 4 6
Investment purchases    
Fixed income securities (10,504) (9,592)
Equity securities (1,653) (430)
Limited partnership interests (355) (237)
Mortgage loans (29) 0
Other investments (97) (40)
Change in short-term and other investments, net (2,095) 966
Purchases of property and equipment, net (92) (41)
Proceeds from sale of property and equipment 0 18
Net cash used in investing activities (1,293) (1,372)
Cash flows from financing activities    
Contractholder fund deposits 30 34
Contractholder fund withdrawals (15) (8)
Dividends paid on common stock (244) (233)
Dividends paid on preferred stock (29) (29)
Treasury stock purchases (99) 0
Shares reissued under equity incentive plans, net 15 80
Other 8 (10)
Net cash used in financing activities (334) (166)
Net increase in cash 337 128
Cash at beginning of period 704 722
Less: Cash classified as assets held for sale at end of period 201 0
Cash at end of period $ 840 $ 850