Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Net earnings	$ 852	$ 898	$ 1,995
Adjustments:
Depreciation and amortization	78	100	187
Annuity benefits	0	0	377
Realized gains (losses) on investing activities	38	110	(1,131)
Net (purchases) sales of trading securities	(5)	(2)	(5)
Deferred annuity and life policy acquisition costs	0	0	(98)
Change in:
Reinsurance and other receivables	(794)	(644)	(350)
Other assets	(19)	(138)	344
Insurance claims and reserves	1,318	1,105	912
Payable to reinsurers	151	115	113
Other liabilities	72	(69)	(70)
Managed investment entities’ assets/liabilities	305	(183)	(144)
Other operating activities, net	(26)	(139)	(416)
Net cash provided by operating activities	1,970	1,153	1,714
Investing Activities:
Purchases of fixed maturities	(2,005)	(4,387)	(7,978)
Purchases of equity securities	(146)	(239)	(193)
Purchases of mortgage loans	0	(273)	(218)
Purchases of equity index call options and other investments	(150)	(141)	(391)
Purchases of real estate, property and equipment	(72)	(86)	(62)
Purchases of businesses	(234)	(10)	(123)
Proceeds from maturities and redemptions of fixed maturities	1,310	2,511	5,035
Proceeds from repayments of mortgage loans	34	118	84
Proceeds from sales of fixed maturities	650	1,294	745
Proceeds from sales of equity securities	164	174	523
Proceeds from sales and settlements of equity index call options and other investments	78	141	584
Proceeds from sales of real estate, property and equipment	3	31	46
Proceeds from sale of businesses	0	0	3,581
Cash and cash equivalents of businesses acquired and sold	26	0	(2,058)
Managed investment entities:
Purchases of investments	(1,466)	(1,515)	(2,155)
Proceeds from sales and redemptions of investments	2,228	1,335	2,112
Other investing activities, net	(6)	(4)	32
Net cash provided by (used in) investing activities	414	(1,051)	(436)
Financing Activities:
Reductions of long-term debt	(21)	(477)	0
Issuances of Common Stock	15	16	66
Repurchases of Common Stock	(213)	(11)	(319)
Cash dividends paid on Common Stock	(684)	(1,213)	(2,374)
Annuity receipts	0	0	2,403
Ceded annuity receipts	0	0	(311)
Annuity surrenders, benefits and withdrawals	0	0	(1,931)
Ceded annuity surrenders, benefits and withdrawals	0	0	282
Net transfers from variable annuity assets	0	0	34
Issuances of managed investment entities’ liabilities	670	1,206	2,883
Retirements of managed investment entities’ liabilities	(1,798)	(882)	(2,690)
Net cash used in financing activities	(2,031)	(1,361)	(1,957)
Net Change in Cash and Cash Equivalents	353	(1,259)	(679)
Cash and cash equivalents at beginning of year	872	2,131	2,810
Cash and cash equivalents at end of year	$ 1,225	$ 872	$ 2,131

Annuity benefits includes 1) interest credited to policyholders accounts, which provides a guaranteed yield, 2) expenses related to excess benefits expected to be paid on future deaths and annuitizations and 3) net expenses related to changes in embedded derivatives on equity indexed annuities offset by equity index call options.

No definition available.