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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income (loss) $ 1,602 $ 5,302 $ 6,876
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expenses 718 673 694
Amortization of premiums and accretion of discounts associated with investments, net (1,332) (992) (874)
(Gains) losses on investments and from sales of businesses, net 2,800 1,260 (1,543)
(Gains) losses on derivatives, net 3,259 4,150 4,676
(Income) loss from equity method investments, net of dividends or distributions 1,090 505 (3,051)
Interest credited to policyholder account balances 7,970 3,771 5,628
Universal life and investment-type product policy fees (4,031) (3,969) (3,663)
Change in contractholder-directed equity securities and fair value option securities (539) 1,671 (231)
Change in accrued investment income (194) (357) (11)
Change in premiums, reinsurance and other receivables (1,952) 299 362
Change in market risk benefits (658) (3,347) (839)
Change in deferred policy acquisition costs and value of business acquired, net (660) (800) (708)
Change in income tax (1,177) 198 856
Change in other assets (124) 138 (1,008)
Change in insurance-related liabilities and policy-related balances 4,637 3,937 5,002
Change in other liabilities 2,115 360 68
Other, net 197 245 113
Net cash provided by (used in) operating activities 13,721 13,044 12,347
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities available-for-sale 58,816 88,937 88,839
Sales, maturities and repayments of equity securities 1,018 873 708
Sales, maturities and repayments of mortgage loans 8,505 10,779 19,183
Sales, maturities and repayments of real estate and real estate joint ventures 143 1,096 1,285
Sales, maturities and repayments of other limited partnership interests 915 1,615 777
Sales, maturities and repayments of short-term investments 13,117 14,094 20,871
Purchases of fixed maturity securities available-for-sale (63,460) (82,956) (97,368)
Purchases of equity securities (73) (1,368) (451)
Purchases of mortgage loans (8,795) (16,403) (14,961)
Purchases of real estate and real estate joint ventures (1,057) (1,208) (1,375)
Purchases of other limited partnership interests (1,670) (2,674) (3,227)
Purchases of short-term investments (14,000) (11,741) (24,148)
Cash received in connection with freestanding derivatives 3,145 4,524 3,453
Cash paid in connection with freestanding derivatives (5,662) (7,793) (7,990)
Sales of businesses 0 590 3,270
Purchases of investments in operating joint ventures 0 (240) 0
Net change in policy loans 34 104 228
Net change in other invested assets (1,079) (786) (235)
Other, net (143) (63) (46)
Net cash provided by (used in) investing activities (10,246) (2,620) (11,187)
Cash flows from financing activities      
Policyholder account balances: Deposits 95,587 103,901 97,206
Policyholder account balances: Withdrawals (90,876) (98,591) (93,130)
Net change in payables for collateral under securities loaned and other transactions (3,283) (10,730) 1,883
Cash paid for other transactions with tenors greater than three months 0 0 (100)
Long-term debt issued 1,989 1,013 29
Long-term debt repaid (1,035) (85) (582)
Collateral financing arrangement repaid (79) (50) (79)
Derivatives with certain financing elements and other derivative related transaction, net (74) (61) 270
Proceeds from mortgage loan secured financing 682 0 0
Repayments of mortgage loan secured financing (845) 0 0
Treasury stock acquired in connection with share repurchases (3,103) (3,326) (4,303)
Redemption of preferred stock 0 0 (494)
Preferred stock redemption premium 0 0 (6)
Dividends on preferred stock (198) (185) (195)
Dividends on common stock (1,566) (1,598) (1,647)
Other, net (139) (236) 22
Net cash provided by (used in) financing activities (2,940) (9,948) (1,126)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances (91) (397) (478)
Change in cash and cash equivalents 444 79 (444)
Cash and cash equivalents, including subsidiaries held-for-sale, beginning of year 20,195 20,116 20,560
Cash and cash equivalents, including subsidiaries held-for-sale, end of year 20,639 20,195 20,116
Cash and cash equivalents, subsidiaries held-for-sale, beginning of year 0 69 765
Cash and cash equivalents, subsidiaries held-for-sale, end of year 0 0 69
Cash and cash equivalents, beginning of year 20,195 20,047 19,795
Cash and cash equivalents, end of year 20,639 20,195 20,047
Supplemental disclosures of cash flow information      
Net cash paid for Interest 989 905 914
Net cash paid (received) for Income tax 1,833 1,056 1,102
Non-cash transactions:      
Fixed maturity securities available-for-sale disposed of in connection with a reinsurance transaction 8,984 0 0
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions 2,749 8,707 423
Mortgage loans disposed of in connection with a reinsurance transaction 196 0 0
Equity securities received due to in-kind distributions from other limited partnership interests 77 96 380
Real estate and real estate joint ventures acquired in satisfaction of debt 32 495 174
Other invested assets reclassified to contractholder-directed equity securities and fair value option securities $ 0 $ 0 $ 309