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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating activities    
Net earnings $ 37.4 $ 1,971.2
Depreciation, amortization and impairment charges 752.1 650.8
Net bond discount amortization (11.5) (116.3)
Amortization of share-based payment awards 84.3 80.1
Share of (profit) loss of associates 112.8 (169.6)
Net deferred income taxes 57.9 83.8
Net gains on investments (297.9) (1,691.0)
Gain on deconsolidation of insurance subsidiary (117.1) 0.0
Loss on repurchase of borrowings 0.0 23.7
Net increase in fair value of investment property (15.2) (25.2)
Net purchases of securities classified at FVTPL (2,336.2) (366.7)
Changes in operating assets and liabilities 1,873.2 914.6
Cash provided by operating activities 139.8 1,355.4
Investing activities    
Sales of investments in associates 139.8 323.8
Purchases of investments in associates (29.8) (772.1)
Net purchases of premises and equipment and intangible assets (273.3) (319.6)
Net purchases of investment property (7.8) (184.4)
Purchases of subsidiaries, net of cash acquired 0.0 (210.1)
Cash used in investing activities (46.8) (1,204.0)
Financing activities    
Purchases for treasury (137.9) (104.4)
Purchases for cancellation (100.9) (118.0)
Common share dividends (275.7) (278.0)
Preferred share dividends (44.0) (45.8)
Issuances to non-controlling interests, net of issuance costs 218.2 44.7
Purchases of non-controlling interests (251.2) (151.4)
Dividends paid to non-controlling interests (165.6) (197.7)
Cash provided by (used in) financing activities 436.9 (837.4)
Increase (decrease) in cash and cash equivalents 529.9 (686.0)
Cash and cash equivalents – beginning of year 3,863.3 4,536.9
Foreign currency translation 73.9 12.4
Cash and cash equivalents – end of year 4,467.1 3,863.3
Holding company, insurance, and reinsurance companies    
Investing activities    
Cash divested on deconsolidation of non-insurance subsidiary 221.7 0.0
Financing activities    
Proceeds, net of issuance costs 645.0 456.5
Repayments (0.3) (326.7)
Net borrowings from (repayments to) revolving credit facility and short term loans 690.0 132.1
Principal payments on lease liabilities (61.9) (59.9)
Non-insurance companies    
Operating activities    
Loss on repurchase of borrowings 0.0 23.7
Investing activities    
Cash divested on deconsolidation of non-insurance subsidiary (97.4) (41.6)
Financing activities    
Proceeds, net of issuance costs 107.8 302.7
Repayments (82.5) (308.5)
Net borrowings from (repayments to) revolving credit facility and short term loans   (16.9)
Principal payments on lease liabilities $ (164.6) $ (166.1)