XML 20 R9.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net earnings $ 632 $ 1,312
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 438 361
Equity in earnings of unconsolidated affiliates (16) (16)
Loss on sales of investments and other assets and asset impairments, net 481 250
Interest credited/index credits to contractholder account balances 607 (951)
Change in market risk benefits, net (20) (187)
Deferred policy acquisition costs and deferred sales inducements (771) (574)
Charges assessed to contractholders for mortality and admin (184) (160)
Non-cash lease costs 102 108
Operating lease payments (115) (115)
Distributions from unconsolidated affiliates, return on investment 142 81
Stock-based compensation cost 43 37
Change in NAV of limited partnerships, net (160) (119)
Change in valuation of derivatives, equity and preferred securities, net (112) 1,110
Changes in assets and liabilities, net of effects from acquisitions:    
Change in insurance recoverable 105 271
Change in future policy benefits 706 849
Change in funds withheld from reinsurers 2,418 1,251
Net decrease in trade receivables 37 114
Net decrease in reserve for title claim losses (41) (30)
Net change in income taxes 54 199
Net change in other assets and other liabilities (131) (814)
Net cash provided by operating activities 4,215 2,977
Cash flows from investing activities:    
Proceeds from sales, calls and maturities of investment securities 4,190 4,814
Proceeds from sales of property and equipment 0 8
Additions to property and equipment and capitalized software (101) (107)
Purchases of investment securities (10,660) (10,175)
Net proceeds from sales and maturities (purchases) of short-term investment securities 1,882 (1,367)
Additions to notes receivable (16) (96)
Collections of notes receivable 3 5
Acquisitions and dispositions (299) (162)
Additional investments in unconsolidated affiliates (1,061) (931)
Distributions from unconsolidated affiliates, return of investment 302 121
Net cash used in investing activities (5,760) (7,890)
Cash flows from financing activities:    
Borrowings 500 0
Debt costs/equity issuance additions (8) 0
Debt service payments 0 (400)
F&G Credit Agreement repayments, net (35) 0
Dividends paid (366) (365)
Subsidiary dividends paid to non-controlling interest shareholders (24) (15)
Exercise of stock options 0 38
Additional investment in consolidated subsidiary (20) 0
Net change in secured trust deposits (9) 109
Payment of contingent consideration for prior period acquisitions (6) (4)
Contractholder account deposits 5,718 6,570
Contractholder account withdrawals (3,258) (2,401)
F&G repurchases of F&G stock (18) 0
Purchases of treasury stock (6) (504)
Net other financing activities 0 (1)
Net cash provided by financing activities 2,468 3,027
Net increase (decrease) in cash and cash equivalents 923 (1,886)
Cash and cash equivalents at beginning of period 2,286 4,360
Cash and cash equivalents at end of period $ 3,209 $ 2,474