XML 23 R7.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ 1,597.9 $ 670.1 $ 4,797.5
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized capital (gains) losses [1] 27.3 72.2 182.1
Net realized capital (gains) losses on funds withheld assets [1] (87.7) (165.0) (749.4)
Change in fair value of funds withheld embedded derivative (447.4) 1,085.7 (3,652.8)
Depreciation and amortization expense 256.2 272.7 295.9
Amortization of deferred acquisition costs and contract costs 431.0 428.1 422.4
Additions to deferred acquisition costs and contract costs (490.6) (429.3) (427.2)
Amortization of reinsurance (gain) loss 631.6 17.7 19.3
Market risk benefit remeasurement (gain) loss 30.3 29.1 125.3
Stock-based compensation 108.7 99.4 91.3
(Income) loss from equity method investments, net of dividends received 10.9 (110.2) (111.0)
Changes in:      
Accrued investment income (42.4) (44.1) (46.3)
Net cash flows for trading securities and equity securities with operating intent (97.5) (56.0) (339.5)
Premiums due and other receivables 53.1 (36.7) (3,301.9)
Contractholder and policyholder liabilities and dividends 2,704.8 2,562.0 1,914.7
Current and deferred income taxes (benefits) 106.1 (40.5) 854.8
Real estate acquired through operating activities (82.4) (130.8) (164.4)
Real estate sold through operating activities 131.9 164.8 7.9
Funds withheld, net of reinsurance recoverable and deposit receivable (33.4) (665.2) 3,038.6
Other assets and liabilities 1.7 214.9 341.5
Other (207.2) (146.5) (125.9)
Net adjustments 3,005.0 3,122.3 (1,624.6)
Net cash provided by (used in) operating activities 4,602.9 3,792.4 3,172.9
Investing activities      
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases (14,969.4) (11,417.0) (19,352.6)
Fixed maturities available-for-sale and equity securities with intent to hold: Sales 3,542.7 5,888.3 14,729.7
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities 7,412.1 5,190.8 6,853.7
Mortgage loans acquired or originated (2,449.4) (2,044.2) (3,731.2)
Mortgage loans sold or repaid 1,895.6 2,112.0 2,614.6
Real estate acquired (167.8) (187.5) (245.2)
Real estate sold 125.8 132.0 374.0
Net (purchases) sales of property and equipment (68.8) (102.0) (116.3)
Purchase of business or interests in subsidiaries, net of cash acquired (27.1)    
Net change in other investments (692.7) (919.3) (68.2)
Net cash provided by (used in) investing activities (5,399.0) (1,346.9) 1,058.5
Financing activities      
Issuance of common stock 67.7 57.8 181.7
Accelerated stock repurchase settlement     (33.9)
Acquisition of treasury stock (1,042.4) (740.4) (1,661.1)
Payments for financing element derivatives (43.1) (42.1) (50.6)
Purchase of subsidiary shares from noncontrolling interest (0.9) (2.8) (9.2)
Dividends to common stockholders (658.4) (625.5) (642.3)
Issuance of long-term debt 21.8 691.5 15.4
Principal repayments of long-term debt (0.1) (764.0) (302.0)
Net proceeds from (repayments of) short-term borrowings 97.9 (18.5) 0.9
Investment contract deposits 12,248.9 8,618.9 7,346.7
Investment contract withdrawals (10,962.7) (9,422.4) (7,647.3)
Net increase (decrease) in banking operation deposits 571.2 (338.6) 1,086.3
Other 0.4 0.3  
Net cash provided by (used in) financing activities 300.3 (2,585.8) (1,715.4)
Net increase (decrease) in cash and cash equivalents (495.8) (140.3) 2,516.0
Cash and cash equivalents at beginning of period 4,707.7 4,848.0 2,332.0
Cash and cash equivalents at end of period 4,211.9 4,707.7 4,848.0
Supplemental information:      
Cash paid for interest 170.3 170.7 175.8
Cash paid for income taxes 117.7 68.1 142.1
Supplemental disclosure of non-cash activities:      
Assets received in kind from pension risk transfer transactions $ 405.0    
Asset changes resulting from deconsolidation of residential whole loan securitizations:      
Decrease in mortgage loans   (389.7) (220.7)
Increase in fixed maturities, available-for-sale   286.2 167.6
Increase in fixed maturities, trading   $ 10.8  
Assets transferred in kind for settlement to reinsurer     $ (428.5)
[1] Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.