AIG 2015 Annual Report Download - page 232

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AMERICAN INTERNATIONAL GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,
(in millions) 2015 2014 2013
Cash flows from operating activities:
Net income $ 2,222 $ 7,524 $ 9,092
(Income) loss from discontinued operations - 50 (84)
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in income:
Net gains on sales of securities available for sale and other assets (1,111) (764) (2,741)
Net (gains) losses on sales of divested businesses 11 (2,197) 48
Net losses on extinguishment of debt 756 2,282 651
Unrealized gains in earnings – net (522) (1,239) (156)
Equity in income from equity method investments, net of dividends or distributions (481) (1,394) (1,484)
Depreciation and other amortization 4,629 4,448 4,713
Impairments of assets 1,500 610 1,332
Changes in operating assets and liabilities:
Insurance reserves 1,645 (2,281) (2,576)
Premiums and other receivables and payables – net (70) 820 43
Reinsurance assets and funds held under reinsurance treaties 1,525 1,872 2,131
Capitalization of deferred policy acquisition costs (5,808) (5,880) (5,834)
Current and deferred income taxes – net 548 2,190 (437)
Other, net (1,967) (1,034) 1,167
Total adjustments 655 (2,567) (3,143)
Net cash provided by operating activities 2,877 5,007 5,865
Cash flows from investing activities:
Proceeds from (payments for)
Sales or distribution of:
Available for sale investments 28,721 25,526 36,050
Other securities 6,055 4,930 5,134
Other invested assets 8,002 3,884 6,442
Divested businesses, net - 2,348 -
Maturities of fixed maturity securities available for sale 24,734 25,560 26,048
Principal payments received on and sales of mortgage and other loans receivable 5,104 3,856 3,420
Purchases of:
Available for sale investments (48,848) (45,552) (63,339)
Other securities (2,704) (472) (2,040)
Other invested assets (3,573) (4,078) (7,242)
Mortgage and other loans receivable (10,140) (8,008) (5,266)
Net change in restricted cash 1,457 (1,447) 1,244
Net change in short-term investments 1,163 8,760 7,842
Other, net (1,509) (1,023) (1,194)
Net cash provided by investing activities 8,462 14,284 7,099
Cash flows from financing activities:
Proceeds from (payments for)
Policyholder contract deposits 17,029 16,829 15,772
Policyholder contract withdrawals (14,619) (15,110) (16,319)
Issuance of long-term debt 6,867 6,687 5,235
Repayments of long-term debt (9,805) (16,160) (14,197)
Purchase of Common Stock (10,691) (4,902) (597)
Dividends paid (1,028) (712) (294)
Other, net 818 (6,420) (1,358)
Net cash used in financing activities (11,429) (19,788) (11,758)
Effect of exchange rate changes on cash (39) (74) (92)
Net increase (decrease) in cash (129) (571) 1,114
Cash at beginning of year 1,758 2,241 1,151
Change in cash of businesses held for sale - 88 (24)
Cash at end of year $ 1,629 $ 1,758 $ 2,241