Aflac 2008 Annual Report Download - page 59

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55
It’s no mystery how Aflac makes a difference.
Consolidated Statements of Cash Flows Aflac Incorporated and Subsidiaries
(In millions) Years Ended December 31, 2008 2007 2006
Cash flows from operating activities:
Net earnings $ 1,254 $ 1,634 $ 1,483
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Change in receivables and advance premiums (10) (176) (41)
Increase in deferred policy acquisition costs (462) (454) (474)
Increase in policy liabilities 3,235 3,194 3,304
Change in income tax liabilities (271) 421 180
Realized investment (gains) losses 1,007 (28) (79)
Other, net 212 65 24
Net cash provided by operating activities 4,965 4,656 4,397
Cash flows from investing activities:
Proceeds from investments sold or matured:
Securities available for sale:
Fixed maturities sold 897 1,261 2,358
Fixed maturities matured or called 1,496 1,552 553
Perpetual securities sold 484 194 1
Equity securities sold – – 57
Securities held to maturity:
Fixed maturities matured or called 247 45 172
Perpetual securities matured or called – 140 –
Costs of investments acquired:
Securities available for sale:
Fixed maturities (4,042) (3,848) (4,402)
Securities held to maturity:
Fixed maturities (3,973) (2,920) (2,963)
Cash received as collateral on loaned securities, net 670 (23) 193
Additions to property and equipment, net (49) (46) (23)
Other, net (13) (9) (3)
Net cash used by investing activities (4,283) (3,654) (4,057)
Cash flows from financing activities:
Purchases of treasury stock (1,490) (606) (470)
Proceeds from borrowings – 242 382
Principal payments under debt obligations (5) (247) (377)
Dividends paid to shareholders (434) (373) (258)
Change in investment-type contracts, net 471 210 217
Treasury stock reissued 32 47 42
Other, net 43 72 30
Net cash used by financing activities (1,383) (655) (434)
Effect of exchange rate changes on cash and cash equivalents 79 13 –
Net change in cash and cash equivalents (622) 360 (94)
Cash and cash equivalents, beginning of year 1,563 1,203 1,297
Cash and cash equivalents, end of year $ 941 $ 1,563 $ 1,203
Supplemental disclosures of cash flow information - See Note 14
See the accompanying Notes to the Consolidated Financial Statements.