v3.24.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 4,550 $ 3,860
Adjustments to reconcile net income to net cash provided by operating activities:    
Net losses on financial instruments 246 234
Gain on sale of business (240) 0
Equity in net losses of other invested assets 26 73
Depreciation and amortization 666 895
Deferred income taxes (34) (393)
Share-based compensation 154 139
Changes in operating assets and liabilities:    
Receivables, net (1,341) (299)
Other invested assets (47) (42)
Other assets (789) (529)
Policy liabilities (1,366) 583
Unearned income 80 3,346
Accounts payable and other liabilities 300 160
Income taxes 174 391
Other, net 46 1
Net cash provided by operating activities 2,425 8,419
Investing activities    
Purchases of investments (10,035) (17,648)
Proceeds from sale of investments 7,584 5,339
Maturities, calls and redemptions from investments 1,036 10,656
Changes in securities lending collateral (321) 145
Proceeds from sale of subsidiaries, net of cash sold 399 0
Purchases of subsidiaries, net of cash acquired (1,124) (1,651)
Purchases of property and equipment (602) (651)
Other, net (65) (46)
Net cash used in investing activities (3,128) (3,856)
Financing activities    
Proceeds from long-term borrowings 2,580 2,574
Repayments of long-term borrowings 0 (1,908)
Changes in securities lending payable 320 (145)
Changes in bank overdrafts (479) (500)
Repurchase and retirement of common stock (1,029) (1,268)
Cash dividends (757) (701)
Proceeds from issuance of common stock under employee stock plans 157 81
Taxes paid through withholding of common stock under employee stock plans (100) (99)
Other, net 8 5
Net cash provided by (used in) financing activities 700 (1,961)
Effect of foreign exchange rates on cash and cash equivalents (5) 2
Change in cash and cash equivalents (8) 2,604
Less cash and equivalents included in assets held for sale at end of period (21) 0
Cash and cash equivalents at end of period $ 6,497 $ 9,991