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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022
Cash flows from operating activities: |  |  |
Insurance policy income | $ 2,348.4 | $ 2,285.2 | $ 2,300.2
Net investment income | 1,414.8 | 1,328.9 | 1,154.5
Fee revenue and other income | 168.7 | 205.3 | 149.2
Insurance policy benefits | (1,604.4) | (1,611.1) | (1,635.8)
Interest expense | (259.2) | (232.5) | (120.9)
Deferrable policy acquisition costs | (445.7) | (377.9) | (336.0)
Other operating costs | (939.8) | (955.9) | (981.9)
Income taxes | (55.1) | (59.1) | (33.9)
Net cash provided by operating activities | 627.7 | 582.9 | 495.4
Cash flows from investing activities: |  |  |
Sales of investments | 3,240.2 | 1,388.6 | 3,253.6
Maturities and redemptions of investments | 2,175.2 | 1,397.0 | 1,550.7
Purchases of investments | (6,803.0) | (3,591.9) | (6,482.0)
Net purchases of trading securities | (87.5) | (29.4) | (42.4)
Other | (13.5) | (36.6) | (61.2)
Net cash used by investing activities | (1,488.6) | (872.3) | (1,781.3)
Cash flows from financing activities: |  |  |
Issuance of notes payable, net | 691.0 | 0.0 | 0.0
Issuance of common stock | 11.2 | 13.2 | 13.5
Payments to repurchase common stock | (300.2) | (166.1) | (190.1)
Common stock dividends paid | (67.7) | (68.1) | (64.8)
Amounts received for deposit products | 3,932.2 | 2,111.7 | 3,022.6
Withdrawals from deposit products | (1,961.5) | (1,696.2) | (1,461.4)
Proceeds from financing arrangements | 0.0 | 80.3 | 0.0
Payments on financing arrangements | (14.4) | (6.2) | 0.0
Issuance of investment borrowings: |  |  |
Federal Home Loan Bank | 612.2 | 995.5 | 285.0
Related to variable interest entities | 276.0 | 0.0 | 0.0
Payments on investment borrowings: |  |  |
Federal Home Loan Bank | (612.7) | (445.8) | (361.3)
Related to variable interest entities and other | (596.5) | (284.8) | (44.4)
Net cash provided by financing activities | 1,969.6 | 533.5 | 1,199.1
Net increase (decrease) in cash and cash equivalents | 1,108.7 | 244.1 | (86.8)
Cash and cash equivalents - unrestricted and held by variable interest entities, beginning of year | 889.0 | 644.9 | 731.7
Cash and cash equivalents - unrestricted and held by variable interest entities, end of year | $ 1,997.7 | $ 889.0 | $ 644.9

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