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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income (loss) $ 2,558 $ 6,575 $ 5,418
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expenses 673 694 619
Amortization of premiums and accretion of discounts associated with investments, net (960) (855) (816)
(Gains) losses on investments and from sales of businesses, net 1,262 (1,529) 110
(Gains) losses on derivatives, net 4,317 4,190 (656)
(Income) loss from equity method investments, net of dividends or distributions 505 (3,051) 76
Interest credited to policyholder account balances 3,737 5,490 5,348
Universal life and investment-type product policy fees (3,970) (3,638) (3,664)
Change in contractholder-directed equity securities and fair value option securities 1,671 (231) 131
Change in accrued investment income (357) (11) 104
Change in premiums, reinsurance and other receivables 256 389 842
Change in deferred policy acquisition costs and value of business acquired, net (568) (106) 101
Change in income tax (591) 598 (11)
Change in other assets 27 (681) (361)
Change in insurance-related liabilities and policy-related balances 4,058 4,553 5,112
Change in other liabilities 341 71 (1,065)
Other, net 245 138 351
Net cash provided by (used in) operating activities 13,204 12,596 11,639
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities available-for-sale 88,937 88,839 77,979
Sales, maturities and repayments of equity securities 873 708 367
Sales, maturities and repayments of mortgage loans 10,779 19,183 11,300
Sales, maturities and repayments of real estate and real estate joint ventures 1,096 1,285 120
Sales, maturities and repayments of other limited partnership interests 1,615 777 597
Sales, maturities and repayments of short-term investments 14,094 20,871 13,776
Purchases of fixed maturity securities available-for-sale (82,956) (97,368) (89,633)
Purchases of equity securities (1,368) (451) (169)
Purchases of mortgage loans (16,403) (14,961) (14,652)
Purchases of real estate and real estate joint ventures (1,208) (1,375) (1,287)
Purchases of other limited partnership interests (2,674) (3,227) (1,979)
Purchases of short-term investments (11,741) (24,148) (14,117)
Cash received in connection with freestanding derivatives 4,524 3,453 4,847
Cash paid in connection with freestanding derivatives (7,793) (7,990) (4,247)
Sales of businesses 590 3,270 0
Purchases of businesses (35) 0 (1,684)
Purchases of investments in operating joint ventures (240) 0 0
Net change in policy loans 104 228 250
Net change in other invested assets (786) (235) (176)
Other, net (28) (46) 139
Net cash provided by (used in) investing activities (2,620) (11,187) (18,569)
Cash flows from financing activities      
Policyholder account balances: Deposits 103,036 96,367 93,497
Policyholder account balances: Withdrawals (97,886) (92,540) (85,251)
Net change in payables for collateral under securities loaned and other transactions (10,730) 1,883 3,538
Cash received for other transactions with tenors greater than three months 0 0 150
Cash paid for other transactions with tenors greater than three months 0 (100) (175)
Long-term debt issued 1,013 29 1,124
Long-term debt repaid (85) (582) (99)
Collateral financing arrangement repaid (50) (79) (148)
Financing element on certain derivative instruments and other derivative related transactions, net (61) 270 (46)
Treasury stock acquired in connection with share repurchases (3,326) (4,303) (1,151)
Preferred stock issued, net of issuance costs 0 0 1,961
Redemption of preferred stock 0 (494) (989)
Preferred stock redemption premium 0 (6) (14)
Dividends on preferred stock (185) (195) (202)
Dividends on common stock (1,598) (1,647) (1,657)
Other, net (236) 22 191
Net cash provided by (used in) financing activities (10,108) (1,375) 10,729
Effect of change in foreign currency exchange rates on cash and cash equivalents balances (397) (478) 163
Change in cash and cash equivalents 79 (444) 3,962
Cash and cash equivalents, including subsidiaries held-for-sale, beginning of year 20,116 20,560 16,598
Cash and cash equivalents, including subsidiaries held-for-sale, end of year 20,195 20,116 20,560
Cash and cash equivalents, subsidiaries held-for-sale, beginning of year 69 765 0
Cash and cash equivalents, subsidiaries held-for-sale, end of year 0 69 765
Cash and cash equivalents, beginning of year 20,047 19,795 16,598
Cash and cash equivalents, end of year 20,195 20,047 19,795
Supplemental disclosures of cash flow information      
Net cash paid for Interest 905 914 891
Net cash paid (received) for Income tax 1,056 1,102 787
Business acquisitions: Assets 0 0 2,190
Business acquisitions: Liabilities 0 0 315
Purchases of businesses 0 0 1,875
Non-cash transactions:      
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions 8,707 423 2,037
Real estate and real estate joint ventures acquired in satisfaction of debt 495 174 10
Increase in equity securities due to in-kind distributions received from other limited partnership interests 96 380 108
Reclassification of certain other invested assets to contractholder-directed equity securities and fair value option securities $ 0 $ 309 $ 0