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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net income (loss) $ 5,418 $ 5,909 $ 5,128
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expenses 619 630 628
Amortization of premiums and accretion of discounts associated with investments, net (816) (999) (1,013)
(Gains) losses on investments and from sales of businesses, net 110 (444) 298
(Gains) losses on derivatives, net (656) (135) (207)
(Income) loss from equity method investments, net of dividends or distributions 76 254 251
Interest credited to policyholder account balances 5,348 6,464 4,013
Universal life and investment-type product policy fees (3,664) (5,603) (5,502)
Change in contractholder-directed equity securities and fair value option securities 131 (139) 2,212
Change in accrued investment income 104 8 (121)
Change in premiums, reinsurance and other receivables 842 (514) (1,809)
Change in deferred policy acquisition costs and value of business acquired, net 101 (463) (249)
Change in income tax (11) 233 940
Change in other assets (361) 426 260
Change in insurance-related liabilities and policy-related balances 5,112 7,803 7,454
Change in other liabilities (1,065) 71 (483)
Other, net 351 285 (62)
Net cash provided by (used in) operating activities 11,639 13,786 11,738
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities available-for-sale 77,979 77,820 106,677
Sales, maturities and repayments of equity securities 367 294 342
Sales, maturities and repayments of mortgage loans 11,300 12,838 9,918
Sales, maturities and repayments of real estate and real estate joint ventures 120 1,123 1,227
Sales, maturities and repayments of other limited partnership interests 597 625 675
Purchases of fixed maturity securities available-for-sale (89,633) (87,455) (105,401)
Purchases of equity securities (169) (130) (235)
Purchases of mortgage loans (14,652) (17,657) (17,059)
Purchases of real estate and real estate joint ventures (1,287) (1,962) (1,118)
Purchases of other limited partnership interests (1,979) (1,674) (1,406)
Cash received in connection with freestanding derivatives 4,847 2,914 3,778
Cash paid in connection with freestanding derivatives (4,247) (3,749) (4,173)
Purchases of businesses (1,684) (32) 0
Net change in policy loans 250 5 (37)
Net change in short-term investments (341) 152 870
Net change in other invested assets (176) (567) 340
Other, net 139 (131) (32)
Net cash provided by (used in) investing activities (18,569) (17,586) (5,634)
Cash flows from financing activities      
Policyholder account balances: Deposits 93,497 92,122 92,327
Policyholder account balances: Withdrawals (85,251) (85,598) (88,061)
Net change in payables for collateral under securities loaned and other transactions 3,538 2,019 (821)
Cash received for other transactions with tenors greater than three months 150 125 200
Cash paid for other transactions with tenors greater than three months (175) (200) 0
Long-term debt issued 1,124 1,382 24
Long-term debt repaid (99) (906) (1,871)
Collateral financing arrangement repaid (148) (67) (61)
Financing element on certain derivative instruments and other derivative related transactions, net (46) (126) 144
Treasury stock acquired in connection with share repurchases (1,151) (2,285) (3,992)
Preferred stock issued, net of issuance costs 1,961 0 1,274
Redemption of preferred stock (989) 0 0
Preferred stock redemption premium (14) 0 0
Dividends on preferred stock (202) (178) (141)
Dividends on common stock (1,657) (1,643) (1,678)
Other, net 191 (77) (145)
Net cash provided by (used in) financing activities 10,729 4,568 (2,801)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances 163 9 (183)
Change in cash and cash equivalents 3,962 777 3,120
Cash and cash equivalents, from continuing operations, beginning of year 16,598 15,821 12,701
Cash and cash equivalents, including subsidiary held-for-sale, end of year 20,560 16,598 15,821
Cash and cash equivalents, subsidiary held-for-sale, end of year 765 0 0
Cash and cash equivalents, end of year 19,795 16,598 15,821
Supplemental disclosures of cash flow information      
Net cash paid for Interest 891 964 1,130
Net cash paid (received) for Income tax 787 1,099 1,935
Business acquisitions: Assets 2,190 0 0
Business acquisitions: Liabilities 315 0 0
Business acquisitions: cash paid, excluding transaction costs 1,875 0 0
Assets held-for-sale 7,418 0 0
Liabilities held-for-sale 4,650 0 0
Net assets held-for-sale 2,768 0 0
Non-cash transactions:      
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions 2,037 637 3,016
Operating lease liability associated with the recognition of right-of-use assets 70 341 0
Reduction of long-term debt 0 0 944
Reduction of fair value option securities 0 0 1,030
Reclassification of certain equity securities to other invested assets $ 0 $ 0 $ 792