Operations. Our primary consolidated cash flow sources are premiums from insurance products, pension and annuity deposits, asset management fee revenues, administrative services fee revenues, income from investments and proceeds from the sales or maturity of investments. Cash outflows consist primarily of payment of benefits to policyholders and beneficiaries, income and other taxes, current operating expenses, payment of dividends to policyholders, payments in connection with investments acquired, payments made to acquire subsidiaries, payments relating to policy and contract surrenders, withdrawals, policy loans, interest payments and repayment of short-term debt and long-term debt. Our investment strategies are generally intended to provide adequate funds to pay benefits without forced sales of investments. For a discussion of our investment objectives and strategies, see “Investments.”
Cash Flows. All cash flow activity, as reported in our consolidated statements of cash flows, provides relevant information regarding our sources and uses of cash. The following discussion of our operating, investing and financing portions of the cash flows excludes cash flows attributable to the separate accounts.
Net cash provided by operating activities was $3,738.6 million and $5,493.2 million for the years ended December 31, 2020 and 2019, respectively. Our insurance business typically generates positive cash flows from operating activities, as premiums collected from our insurance products and income received from our investments exceed acquisition costs, benefits paid, redemptions and operating expenses. These positive cash flows are then invested to support the obligations of our insurance and investment products and required capital supporting these products. Our cash flows from operating activities are affected by the timing of premiums, fees and investment income received and benefits and expenses paid. The decrease in cash provided by operating activities was due to lower sales in the pension risk transfer and individual fixed annuities business in 2020 as compared to 2019. Cash provided by operating activities also decreased as a result of fluctuations in receivables and payables associated with the timing of settlements.
Net cash used in investing activities was $5,025.8 million and $7,688.5 million for the years ended December 31, 2020 and 2019, respectively. The decrease in cash used in investing activities was primarily due to cash paid for the Acquired Business in 2019. Additionally, cash used in investing activities decreased as a result of portfolio mix variances, including fewer net purchases of fixed maturities available-for-sale and equity securities with intent to hold in 2020.
Net cash provided by financing activities was $1,621.1 million and $1,733.7 million for the years ended December 31, 2020 and 2019, respectively. The decrease in cash provided by financing activities was primarily the result of a smaller increase in net banking operation deposits in 2020 as compared to 2019. The increased proceeds from issuance of long-term debt in 2020 was largely offset by increased principal repayments on long-term debt and repayment of short-term borrowings in 2020 as compared to net proceeds from issuance of short-term borrowings in 2019.
Shelf Registration. On April 29, 2020, our shelf registration statement was filed with the SEC and became effective. The shelf registration replaced the shelf registration that had been in effect since May 2017. Under our current shelf registration, we have the ability to issue, in unlimited amounts, unsecured senior debt securities or subordinated debt securities, junior subordinated debt, preferred stock, common stock, warrants, depositary shares, purchase contracts and purchase units of PFG. Our wholly owned subsidiary, PFS, may guarantee, fully and unconditionally or otherwise, our obligations with respect to any non-convertible securities, other than common stock, described in the shelf registration. For information on senior notes issued from our shelf registration, see Item 8. “Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 9, Debt.”
Short-Term Debt. For short-term debt information, see “Liquidity” and Item 8. “Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 9, Debt.”
Long-Term Debt. On June 12, 2020, we issued $500.0 million of senior notes at a discount. On August 3, 2020, we issued an additional $100.0 million of senior notes at a premium. The proceeds from these notes were used for general corporate purposes. See Item 8. “Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 9, Debt” for further information.
Contingent Funding Agreements for Senior Debt Issuance. On March 8, 2018, we entered into two contingent funding agreements that give us the right at any time over a ten-year or thirty-year period to issue up to $400.0 million or $350.0 million, respectively, of senior notes. For more information on the contingent funding agreements, see Item 8. “Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 9, Debt” under the caption "Contingent Funding Agreements for Senior Debt Issuance.”
Stockholders’ Equity. Proceeds from the issuance of our common stock were $42.8 million and $37.7 million in 2020 and 2019, respectively.
