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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Operating activities    
Net earnings $ 1,971.2 $ 817.9
Depreciation, amortization and impairment charges 611.5 350.9
Net bond discount amortization (116.3) (141.0)
Amortization of share-based payment awards 80.1 66.1
Share of profit of associates (169.6) (221.1)
Deferred income taxes 83.8 (105.0)
Net gains on investments (1,691.0) (248.7)
Net increase in fair value of investment property (25.2) (24.4)
Net purchases of securities classified at FVTPL (366.7) (2,749.3)
Loss on repurchase of borrowings 23.7 58.9
Changes in operating assets and liabilities 953.9 271.4
Cash provided by (used in) operating activities 1,355.4 (1,924.3)
Investing activities    
Sales of investments in associates 323.8 444.8
Purchases of investments in associates (772.1) (535.8)
Net purchases of investment property (184.4) (141.7)
Net purchases of premises and equipment and intangible assets (319.6) (236.5)
Purchases of subsidiaries, net of cash acquired (210.1) (163.1)
Sale of subsidiary, net of cash divested 0.0 71.4
Deconsolidation of subsidiary (41.6) (67.7)
Cash used in investing activities (1,204.0) (628.6)
Financing activities    
Decrease in restricted cash related to financing activities 0.0 150.5
Purchases for treasury (104.4) (214.0)
Purchases for cancellation (118.0) (92.7)
Common share dividends (278.0) (283.2)
Preferred share dividends (45.8) (45.1)
Issuances to non-controlling interests, net of issuance costs 44.7 103.1
Purchases of non-controlling interests (151.4) (382.0)
Dividends paid to non-controlling interests (197.7) (159.5)
Cash used in financing activities (837.4) (676.1)
Decrease in cash and cash equivalents (686.0) (3,229.0)
Cash and cash equivalents – beginning of year 4,536.9 7,935.0
Foreign currency translation 12.4 (169.1)
Cash and cash equivalents – end of year 3,863.3 4,536.9
Holding Company, Insurance, and Reinsurance Companies    
Financing activities    
Proceeds, net of issuance costs 456.5 1,490.7
Repayments (326.7) (1,246.5)
Net borrowings from (repayments to) revolving credit facility and short term loans 132.1 (42.2)
Principal payments on lease liabilities (59.9) 0.0
Non-insurance companies    
Operating activities    
Loss on repurchase of borrowings 23.7 58.9
Financing activities    
Proceeds, net of issuance costs 302.7 664.0
Repayments (308.5) (660.6)
Net borrowings from (repayments to) revolving credit facility and short term loans   41.4
Principal payments on lease liabilities $ (166.1) $ 0.0