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Consolidated Statements of Cash Flows
$ in Millions
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Cash flows from operating activities      
Net income (loss) $ 5,128 $ 4,020 $ 854
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expenses 628 795 652
Amortization of premiums and accretion of discounts associated with investments, net (1,013) (1,044) (1,110)
(Gains) losses on investments and from sales of businesses, net 298 363 (183)
(Gains) losses on derivatives, net (207) 3,610 8,779
(Income) loss from equity method investments, net of dividends or distributions 251 194 475
Interest credited to policyholder account balances 4,013 6,260 6,282
Universal life and investment-type product policy fees (5,502) (7,708) (9,207)
Goodwill impairment 0 0 260
Change in contractholder-directed equity securities and fair value option securities 2,212 (436) 111
Change in accrued investment income (121) (280) (31)
Change in premiums, reinsurance and other receivables (1,809) (991) (2,158)
Change in deferred policy acquisition costs and value of business acquired, net (249) (693) (937)
Change in income tax 940 (2,796) (1,522)
Change in other assets 260 691 3,248
Change in insurance-related liabilities and policy-related balances 7,454 8,511 6,321
Change in other liabilities (483) 1,603 2,801
Other, net (62) 184 139
Net cash provided by (used in) operating activities 11,738 12,283 14,774
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities 106,677 95,945 150,658
Sales, maturities and repayments of equity securities 342 1,433 1,241
Sales, maturities and repayments of mortgage loans 9,918 10,353 12,977
Sales, maturities and repayments of real estate and real estate joint ventures 1,227 972 826
Sales, maturities and repayments of other limited partnership interests 675 1,082 1,542
Purchases of fixed maturity securities available-for-sale (105,401) (105,683) (146,397)
Purchases of equity securities (235) (920) (1,006)
Purchases of mortgage loans (17,059) (14,374) (21,017)
Purchases of real estate and real estate joint ventures (1,118) (1,446) (1,515)
Purchases of other limited partnership interests (1,406) (1,486) (1,313)
Cash received in connection with freestanding derivatives 3,778 5,315 4,259
Cash paid in connection with freestanding derivatives (4,173) (8,696) (6,963)
Cash disposed due to distribution of Brighthouse 0 (663) 0
Sales of businesses, net of cash and cash equivalents disposed of $0, $0 and $135, respectively 0 0 156
Purchases of businesses 0 (211) 0
Net change in policy loans (37) (67) 195
Net change in short-term investments 870 2,087 1,270
Net change in other invested assets 340 (171) (306)
Other, net (32) (346) (457)
Net cash provided by (used in) investing activities (5,634) (16,876) (5,850)
Cash flows from financing activities      
Policyholder account balances: Deposits 92,327 88,511 88,188
Policyholder account balances: Withdrawals (88,061) (82,380) (83,263)
Net change in payables for collateral under securities loaned and other transactions (821) 903 (3,636)
Cash received for other transactions with tenors greater than three months 200 0 0
Long-term debt issued 24 3,657 0
Long-term debt repaid (1,871) (1,073) (1,279)
Collateral financing arrangements repaid (61) (2,951) (68)
Distribution of Brighthouse 0 (2,793) 0
Financing element on certain derivative instruments and other derivative related transactions, net 144 (151) (1,367)
Treasury stock acquired in connection with share repurchases (3,992) (2,927) (372)
Preferred stock issued, net of issuance costs 1,274 0 0
Dividends on preferred stock (141) (103) (103)
Dividends on common stock (1,678) (1,717) (1,736)
Other, net (145) 118 139
Net cash provided by (used in) financing activities (2,801) (906) (3,497)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances (183) 323 (302)
Change in cash and cash equivalents 3,120 (5,176) 5,125
Cash and cash equivalents, beginning of year 12,701 17,877 12,752
Cash and cash equivalents, end of year 15,821 12,701 17,877
Cash and cash equivalents, of disposed subsidiary, beginning of year 0 5,226 1,570
Cash and cash equivalents, of disposed subsidiary, end of year 0 0 5,226
Cash and cash equivalents, from continuing operations, beginning of year 12,701 12,651 11,182
Cash and cash equivalents, from continuing operations, end of year 15,821 12,701 12,651
Supplemental disclosures of cash flow information:      
Net cash paid for Interest 1,130 1,118 1,202
Net cash paid (received) for Income tax 1,935 1,530 672
Non-cash transactions      
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions 3,016 0 985
Reduction of long-term debt 944 0 0
Reduction of fair value option securities 1,030 0 0
Assets disposed, date of Separation 0 225,502 0
Liabilities disposed, date of Separation 0 (210,999) 0
Net Assets disposed, date of Separation 0 14,503 0
Cash disposed, date of Separation 0 (3,456) 0
Net non-cash disposed, date of Separation 0 11,047 0
Reduction of fixed maturity securities available-for-sale in connection with a reinsurance transaction 0 0 224
Reduction of other invested assets in connection with a reinsurance transaction 0 0 676
Deconsolidation of operating joint venture:      
Reduction of fixed maturity securities available-for-sale 0 0 917
Reduction of noncontrolling interests $ 0 $ 0 $ 373