|
|
|
|
|
|
|
|
|
|
|
|
|
2004
|
|
|
2003
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
401
|
|
|
$
|
196
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Realized investment (gains) losses, net
|
|
|
(197
|
)
|
|
|
67
|
|
|
Policy charges and fee income
|
|
|
(175
|
)
|
|
|
(153
|
)
|
|
Interest credited to policyholders’ account balances
|
|
|
512
|
|
|
|
452
|
|
|
Depreciation and amortization, including premiums and discounts
|
|
|
136
|
|
|
|
173
|
|
|
Change in:
|
|
|
|
|
|
|
|
|
|
Deferred policy acquisition costs
|
|
|
(153
|
)
|
|
|
(91
|
)
|
|
Future policy benefits and other insurance liabilities
|
|
|
567
|
|
|
|
561
|
|
|
Trading account assets
|
|
|
(593
|
)
|
|
|
93
|
|
|
Income taxes payable
|
|
|
323
|
|
|
|
18
|
|
|
Broker-dealer related receivables/payables
|
|
|
217
|
|
|
|
582
|
|
|
Securities purchased under agreements to resell
|
|
|
(622
|
)
|
|
|
(1,146
|
)
|
|
Cash collateral for borrowed securities
|
|
|
—
|
|
|
|
231
|
|
|
Cash collateral for loaned securities
|
|
|
(33
|
)
|
|
|
(1,041
|
)
|
|
Securities sold but not yet purchased
|
|
|
788
|
|
|
|
80
|
|
|
Securities sold under agreements to repurchase
|
|
|
834
|
|
|
|
446
|
|
|
Other, net
|
|
|
(321
|
)
|
|
|
(290
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
|
1,684
|
|
|
|
178
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Proceeds from the sale/maturity/prepayment of:
|
|
|
|
|
|
|
|
|
|
Fixed maturities, available for sale
|
|
|
14,965
|
|
|
|
8,175
|
|
|
Fixed maturities, held to maturity
|
|
|
137
|
|
|
|
303
|
|
|
Equity securities, available for sale
|
|
|
251
|
|
|
|
253
|
|
|
Commercial loans
|
|
|
1,518
|
|
|
|
641
|
|
|
Other long-term investments
|
|
|
642
|
|
|
|
357
|
|
|
Payments for the purchase of:
|
|
|
|
|
|
|
|
|
|
Fixed maturities, available for sale
|
|
|
(19,219
|
)
|
|
|
(10,383
|
)
|
|
Fixed maturities, held to maturity
|
|
|
—
|
|
|
|
(466
|
)
|
|
Equity securities, available for sale
|
|
|
(182
|
)
|
|
|
(224
|
)
|
|
Commercial loans
|
|
|
(654
|
)
|
|
|
(564
|
)
|
|
Other long-term investments
|
|
|
(185
|
)
|
|
|
(302
|
)
|
|
Acquisition of subsidiary
|
|
|
(91
|
)
|
|
|
—
|
|
|
Proceeds from sale of subsidiary, net of cash disposed
|
|
|
(69
|
)
|
|
|
—
|
|
|
Short-term investments
|
|
|
2,271
|
|
|
|
2,749
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) investing activities
|
|
|
(616
|
)
|
|
|
539
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Policyholders’ account deposits
|
|
|
2,449
|
|
|
|
2,054
|
|
|
Policyholders’ account withdrawals
|
|
|
(2,656
|
)
|
|
|
(1,975
|
)
|
|
Cash dividends paid on Common Stock
|
|
|
(38
|
)
|
|
|
(38
|
)
|
|
Net increase (decrease) in short-term debt
|
|
|
(174
|
)
|
|
|
708
|
|
|
Treasury stock acquired
|
|
|
(359
|
)
|
|
|
(267
|
)
|
|
Treasury stock reissued for exercise of stock options
|
|
|
34
|
|
|
|
3
|
|
|
Proceeds from the issuance of long-term debt
|
|
|
—
|
|
|
|
2
|
|
|
Repayments of long-term debt
|
|
|
(211
|
)
|
|
|
(401
|
)
|
|
Cash payments to eligible policyholders
|
|
|
(4
|
)
|
|
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) financing activities
|
|
|
(959
|
)
|
|
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
109
|
|
|
|
793
|
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
|
|
7,949
|
|
|
|
9,898
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
|
$
|
8,058
|
|
|
$
|
10,691
|
|
|
|
|
|
|
|
|
|
|
|
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