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Consolidated Statements of Cash Flows
$ in Millions
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Cash flows from operating activities      
Net income (loss) $ 6,575 $ 5,418 $ 5,909
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expenses 694 619 630
Amortization of premiums and accretion of discounts associated with investments, net (855) (816) (999)
(Gains) losses on investments and from sales of businesses, net (1,529) 110 (444)
(Gains) losses on derivatives, net 4,190 (656) (135)
(Income) loss from equity method investments, net of dividends or distributions (3,051) 76 254
Interest credited to policyholder account balances 5,490 5,348 6,464
Universal life and investment-type product policy fees (3,638) (3,664) (5,603)
Change in contractholder-directed equity securities and fair value option securities (231) 131 (139)
Change in accrued investment income (11) 104 8
Change in premiums, reinsurance and other receivables 389 842 (514)
Change in deferred policy acquisition costs and value of business acquired, net (106) 101 (463)
Change in income tax 598 (11) 233
Change in other assets (681) (361) 426
Change in insurance-related liabilities and policy-related balances 4,553 5,112 7,803
Change in other liabilities 71 (1,065) 71
Other, net 138 351 285
Net cash provided by (used in) operating activities 12,596 11,639 13,786
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities available-for-sale 88,839 77,979 77,820
Sales, maturities and repayments of equity securities 708 367 294
Sales, maturities and repayments of mortgage loans 19,183 11,300 12,838
Sales, maturities and repayments of real estate and real estate joint ventures 1,285 120 1,123
Sales, maturities and repayments of other limited partnership interests 777 597 625
Purchases of fixed maturity securities available-for-sale (97,368) (89,633) (87,455)
Purchases of equity securities (451) (169) (130)
Purchases of mortgage loans (14,961) (14,652) (17,657)
Purchases of real estate and real estate joint ventures (1,375) (1,287) (1,962)
Purchases of other limited partnership interests (3,227) (1,979) (1,674)
Cash received in connection with freestanding derivatives 3,453 4,847 2,914
Cash paid in connection with freestanding derivatives (7,990) (4,247) (3,749)
Sales of businesses 3,270 0 0
Purchases of businesses 0 (1,684) (32)
Net change in policy loans 228 250 5
Net change in short-term investments (3,277) (341) 152
Net change in other invested assets (235) (176) (567)
Other, net (46) 139 (131)
Net cash provided by (used in) investing activities (11,187) (18,569) (17,586)
Cash flows from financing activities      
Policyholder account balances: Deposits 96,367 93,497 92,122
Policyholder account balances: Withdrawals (92,540) (85,251) (85,598)
Net change in payables for collateral under securities loaned and other transactions 1,883 3,538 2,019
Cash received for other transactions with tenors greater than three months 0 150 125
Cash paid for other transactions with tenors greater than three months (100) (175) (200)
Long-term debt issued 29 1,124 1,382
Long-term debt repaid (582) (99) (906)
Collateral financing arrangement repaid (79) (148) (67)
Financing element on certain derivative instruments and other derivative related transactions, net 270 (46) (126)
Treasury stock acquired in connection with share repurchases (4,303) (1,151) (2,285)
Preferred stock issued, net of issuance costs 0 1,961 0
Redemption of preferred stock (494) (989) 0
Preferred stock redemption premium (6) (14) 0
Dividends on preferred stock (195) (202) (178)
Dividends on common stock (1,647) (1,657) (1,643)
Other, net 22 191 (77)
Net cash provided by (used in) financing activities (1,375) 10,729 4,568
Effect of change in foreign currency exchange rates on cash and cash equivalents balances (478) 163 9
Change in cash and cash equivalents (444) 3,962 777
Cash and cash equivalents, including subsidiaries held-for-sale, beginning of year 20,560 16,598 15,821
Cash and cash equivalents, including subsidiaries held-for-sale, end of year 20,116 20,560 16,598
Cash and cash equivalents, subsidiaries held-for-sale, beginning of year 765 0 0
Cash and cash equivalents, subsidiaries held-for-sale, end of year 69 765 0
Cash and cash equivalents, beginning of year 19,795 16,598 15,821
Cash and cash equivalents, end of year 20,047 19,795 16,598
Supplemental disclosures of cash flow information      
Net cash paid for Interest 914 891 964
Net cash paid (received) for Income tax 1,102 787 1,099
Business acquisitions: Assets 0 2,190 0
Business acquisitions: Liabilities 0 315 0
Purchases of businesses 0 1,875 0
Assets held-for-sale 7,238 7,418 0
Liabilities held-for-sale 6,634 4,650 0
Net assets held-for-sale 604 2,768 0
Non-cash transactions:      
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions 423 2,037 637
Operating lease liability associated with the recognition of right-of-use assets 63 70 341
Real estate and real estate joint ventures acquired in satisfaction of debt 174 10 32
Increase in equity securities due to in-kind distributions received from other limited partnership interests 380 108 44
Reclassification of certain other invested assets to contractholder-directed equity securities and fair value option securities $ 309 $ 0 $ 0