Aflac 2007 Annual Report Download - page 53

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49
Annual Report for 2007
Consolidated Statements of Cash Flows Aflac Incorporated and Subsidiaries
(In millions) Years Ended December 31, 2007 2006 2005
Cash flows from operating activities:
Net earnings $ 1,634 $ 1,483 $ 1,483
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Change in receivables and advance premiums (176) (41) (43)
Increase in deferred policy acquisition costs (454) (474) (461)
Increase in policy liabilities 3,194 3,304 3,311
Change in income tax liabilities 421 180 351
Realized investment (gains) losses (28) (79) (262)
Other, net 65 24 54
Net cash provided by operating activities 4,656 4,397 4,433
Cash flows from investing activities:
Proceeds from investments sold or matured:
Securities available for sale:
Fixed maturities sold 1,261 2,358 3,465
Fixed maturities matured or called 1,552 553 743
Perpetual debentures sold 194 135
Equity securities sold –57 –
Securities held to maturity:
Fixed maturities matured or called 45 172 212
Perpetual debentures matured or called 140 ––
Costs of investments acquired:
Securities available for sale:
Fixed maturities (3,848) (4,402) (5,523)
Perpetual debentures –– (710)
Securities held to maturity:
Fixed maturities (2,920) (2,963) (2,661)
Cash received as collateral on loaned securities, net (23) 193 (2,237)
Additions to property and equipment, net (46) (23) (16)
Other, net (9) (3) –
Net cash used by investing activities (3,654) (4,057) (6,692)
Cash flows from financing activities:
Purchases of treasury stock (606) (470) (438)
Proceeds from borrowings 242 382 360
Principal payments under debt obligations (247) (377) (269)
Dividends paid to shareholders (373) (258) (209)
Change in investment-type contracts, net 210 217 257
Treasury stock reissued 47 42 50
Other, net 72 30 53
Net cash used by financing activities (655) (434) (196)
Effect of exchange rate changes on cash and cash equivalents 13 – (61)
Net change in cash and cash equivalents 360 (94) (2,516)
Cash and cash equivalents, beginning of year 1,203 1,297 3,813
Cash and cash equivalents, end of year $ 1,563 $ 1,203 $ 1,297
Supplemental disclosures of cash flow information - See Note 14
See the accompanying Notes to the Consolidated Financial Statements.