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Consolidated Statements of Cash Flows
$ in Millions
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Cash Flows from Operating Activities:      
Net income (loss) $ (301) $ 1,020 $ (2,775)
Adjustments to reconcile net income (loss) to net cash proviced by operating activities:      
(Income) loss from discontinued operations, net of tax 1,066 (529) 2,473
Capitalization of deferred policy acquisition costs, value of business acquired and sales inducements (110) (109) (133)
Net amortization of deferred policy acquisition costs, value of business acquired and sales inducements 205 235 358
Future policy benefits, claims reserves and interest credited 567 475 506
Deferred income tax expense (benefit) (332) (83) 814
Net realized capital losses 166 355 209
Share-based compensation 98 96 117
(Gains) losses on consolidated investment entities (102) (256) (343)
(Gains) losses on limited partnerships/corporations (93) (45) (26)
Change in:      
Premiums receivable and reinsurance recoverable 111 178 185
Other receivables and assets accruals 254 (314) 281
Other payables and accruals (71) (164) (60)
(Increase) decrease in cash held by consolidated investment entities (57) (305) (557)
Other, net 11 262 22
Net cash provided by operating activities - discontinued operations (102) 1,052 511
Net cash provided by operating activities 1,310 1,868 1,582
Proceeds from the sale, maturity, disposal or redemption of:      
Fixed maturities 6,423 6,419 7,001
Equity securities 163 152 54
Mortgage loans on real estate 1,153 895 851
Limited partnerships/corporations 205 318 211
Acquisition of:      
Fixed maturities (6,455) (7,513) (6,445)
Equity securities, available-for-sale (55) (57) (45)
Mortgage loans on real estate (760) (643) (1,478)
Limited partnerships/corporations (403) (318) (302)
Short-term investments, net 58 273 (28)
Derivatives, net (29) 72 203
Sales from consolidated investment entities 586 1,365 2,047
Purchases within consolidated investment entities (1,385) (994) (2,036)
Collateral received (delivered), net (95) (28) (205)
Other, net (35) (9) 5
Net cash provided by (used in) investing activities - discontinued operations (626) (214) (2,261)
Net cash used in investing activities (1,255) (282) (2,428)
Cash Flows from Financing Activities:      
Deposits received for investment contracts 4,383 4,884 3,593
Maturities and withdrawals from investment contracts (5,180) (4,799) (4,763)
Settlements on deposit contracts (8) (10) 0
Proceeds from issuance of debt with maturities of more than three months 0 288 338
Repayment of debt with maturities of more than three months (113) (677) (461)
Debt issuance costs 0 (6) (3)
Borrowings of consolidated investment entities 1,106 773 967
Repayments of borrowings of consolidated investment entities (903) (656) (804)
Contributions from (distributions to) participants in consolidated investment entities 715 (166) 449
Proceeds from issuance of common stock, net 3 3 3
Proceeds from issuance of preferred stock, net 293 319 0
Share-based compensation (22) (14) (8)
Common stock acquired - Share repurchase (1,136) (1,025) (923)
Dividends paid on common stock (44) (6) (8)
Dividends paid on preferred stock (28) 0 0
Net cash provided by financing activities - discontinued operations 813 (672) 1,271
Net cash used in financing activities (121) (1,764) (349)
Net increase (decrease) in cash and cash equivalents (66) (178) (1,195)
Cash and cash equivalents, beginning of period 1,538 1,716 2,911
Cash and cash equivalents, end of period 1,472 1,538 1,716
Less: Cash and cash equivalents of discontinued operations, end of period 291 301 862
Cash and cash equivalents of continuing operations, end of period 1,181 1,237 854
Supplemental cash flow information:      
Income taxes (received) paid, net (127) 1 (154)
Interest paid 159 180 174
Non-cash investing and financing activities:      
Leased assets in exchange for finance lease liabilities 68 0 0
Treasury stock retirement 0    
Accounting Standards Update 2016-02      
Non-cash investing and financing activities:      
Initial recognition of operating leases upon adoption of ASU 2016-02 146 0 0
Unappropriated      
Cash Flows from Operating Activities:      
Net income (loss) (351) 875 (2,992)
Non-cash investing and financing activities:      
Treasury stock retirement $ 7,787 $ 0 $ 0