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Condensed Consolidated Statements of Cash Flows (Unaudited)
$ in Millions
6 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Cash Flows from Operating Activities:    
Net cash (used in) provided by operating activities - continuing operations $ 784 $ 534
Net cash provided by operating activities - discontinued operations (352) 15
Net cash (used in) provided by operating activities 432 549
Proceeds from the sale, maturity, disposal or redemption of:    
Fixed maturities 2,663 3,789
Equity securities 5 15
Mortgage loans on real estate 288 544
Limited partnerships/corporations 123 105
Acquisition of:    
Fixed maturities (3,055) (3,291)
Equity securities (2) (23)
Mortgage loans on real estate (313) (303)
Limited partnerships/corporations (187) (184)
Short-term investments, net (5) (20)
Derivatives, net 104 69
Sales from consolidated investment entities 221 329
Purchases within consolidated investment entities (567) (572)
Collateral (delivered) received, net (30) (177)
Other investments, net 27 (55)
Net cash used in investing activities - discontinued operations (222) (153)
Net cash (used in) provided by investing activities (950) 73
Cash Flows from Financing Activities:    
Deposits received for investment contracts 3,089 2,153
Maturities and withdrawals from investment contracts (2,928) (2,846)
Settlements on deposit contracts (4) (6)
Borrowings of consolidated investment entities 331 304
Repayments of borrowings of consolidated investment entities (460) (407)
Contributions from (distributions to) participants in consolidated investment entities, net 682 282
Proceeds from issuance of common stock, net 2 2
Proceeds from issuance of preferred stock, net 0 293
Share-based compensation (15) (17)
Common stock acquired - Share repurchase (366) (686)
Dividends paid on common stock (39) (3)
Dividends paid on preferred stock (18) (10)
Principal payments for financing leases (10) 0
Net cash provided by financing activities - discontinued operations 305 263
Net cash provided by (used in) financing activities 569 (678)
Net (decrease) increase in cash and cash equivalents 51 (56)
Cash and cash equivalents, beginning of period 1,472 1,538
Cash and cash equivalents, end of period 1,523 1,482
Less: Cash and cash equivalents of discontinued operations, end of period 413 304
Cash and cash equivalents of continuing operations, end of period 1,110 1,178
Consolidating Adjustments    
Cash Flows from Operating Activities:    
Net cash (used in) provided by operating activities (321) (435)
Proceeds from the sale, maturity, disposal or redemption of:    
Fixed maturities 0 0
Equity securities 0 0
Mortgage loans on real estate 0 0
Limited partnerships/corporations 0 0
Acquisition of:    
Fixed maturities 0 0
Equity securities 0 0
Mortgage loans on real estate 0 0
Limited partnerships/corporations 0 0
Short-term investments, net 0 0
Derivatives, net 0 0
Sales from consolidated investment entities 0 0
Purchases within consolidated investment entities 0 0
Collateral (delivered) received, net 0 0
Other investments, net 0 0
Net cash used in investing activities - discontinued operations 0 0
Net cash (used in) provided by investing activities (50) (1,146)
Cash Flows from Financing Activities:    
Deposits received for investment contracts 0 0
Maturities and withdrawals from investment contracts 0 0
Settlements on deposit contracts 0 0
Borrowings of consolidated investment entities 0 0
Repayments of borrowings of consolidated investment entities 0 0
Contributions from (distributions to) participants in consolidated investment entities, net 0 0
Proceeds from issuance of common stock, net 0 0
Proceeds from issuance of preferred stock, net   0
Share-based compensation 0 0
Common stock acquired - Share repurchase 0 0
Dividends paid on common stock 0 0
Dividends paid on preferred stock 0 0
Principal payments for financing leases 0  
Net cash provided by financing activities - discontinued operations 0 0
Net cash provided by (used in) financing activities 371 1,581
Net (decrease) increase in cash and cash equivalents 0 0
Cash and cash equivalents, beginning of period 0 0
Cash and cash equivalents, end of period 0 0
Less: Cash and cash equivalents of discontinued operations, end of period 0 0
Cash and cash equivalents of continuing operations, end of period 0 0
Parent Issuer    
Cash Flows from Operating Activities:    
Net cash (used in) provided by operating activities 53 (83)
Proceeds from the sale, maturity, disposal or redemption of:    
Fixed maturities 0 0
Equity securities 0 13
Mortgage loans on real estate 0 0
Limited partnerships/corporations 0 0
Acquisition of:    
Fixed maturities 0 0
Equity securities 0 (21)
Mortgage loans on real estate 0 0
Limited partnerships/corporations 0 0
Short-term investments, net 0 0
Derivatives, net (6) 0
Sales from consolidated investment entities 0 0
Purchases within consolidated investment entities 0 0
Collateral (delivered) received, net 23 0
Other investments, net 0 0
Net cash used in investing activities - discontinued operations 0 0
Net cash (used in) provided by investing activities 228 751
Cash Flows from Financing Activities:    
Deposits received for investment contracts 0 0
Maturities and withdrawals from investment contracts 0 0
Settlements on deposit contracts 0 0
Borrowings of consolidated investment entities 0 0
Repayments of borrowings of consolidated investment entities 0 0
Contributions from (distributions to) participants in consolidated investment entities, net 0 0
Proceeds from issuance of common stock, net 2 2
Proceeds from issuance of preferred stock, net   293
Share-based compensation (14) (17)
Common stock acquired - Share repurchase (366) (686)
Dividends paid on common stock (39) (3)
Dividends paid on preferred stock (18) (10)
Principal payments for financing leases 0  
Net cash provided by financing activities - discontinued operations 0 0
Net cash provided by (used in) financing activities (250) (425)
Net (decrease) increase in cash and cash equivalents 31 243
Cash and cash equivalents, beginning of period 212 209
Cash and cash equivalents, end of period 243 452
Less: Cash and cash equivalents of discontinued operations, end of period 0 0
Cash and cash equivalents of continuing operations, end of period 243 452
Subsidiary Guarantor    
Cash Flows from Operating Activities:    
Net cash (used in) provided by operating activities 306 435
Proceeds from the sale, maturity, disposal or redemption of:    
Fixed maturities 0 0
Equity securities 0 0
Mortgage loans on real estate 0 0
Limited partnerships/corporations 0 0
Acquisition of:    
Fixed maturities 0 0
Equity securities 0 0
Mortgage loans on real estate 0 0
Limited partnerships/corporations 0 0
Short-term investments, net 0 0
Derivatives, net 0 0
Sales from consolidated investment entities 0 0
Purchases within consolidated investment entities 0 0
Collateral (delivered) received, net 0 0
Other investments, net 0 0
Net cash used in investing activities - discontinued operations 0 (128)
Net cash (used in) provided by investing activities 24 255
Cash Flows from Financing Activities:    
Deposits received for investment contracts 0 0
Maturities and withdrawals from investment contracts 0 0
Settlements on deposit contracts 0 0
Borrowings of consolidated investment entities 0 0
Repayments of borrowings of consolidated investment entities 0 0
Contributions from (distributions to) participants in consolidated investment entities, net 0 0
Proceeds from issuance of common stock, net 0 0
Proceeds from issuance of preferred stock, net   0
Share-based compensation 0 0
Common stock acquired - Share repurchase 0 0
Dividends paid on common stock 0 0
Dividends paid on preferred stock 0 0
Principal payments for financing leases 0  
Net cash provided by financing activities - discontinued operations 0 0
Net cash provided by (used in) financing activities (330) (692)
Net (decrease) increase in cash and cash equivalents 0 (2)
Cash and cash equivalents, beginning of period 0 2
Cash and cash equivalents, end of period 0 0
Less: Cash and cash equivalents of discontinued operations, end of period 0 0
Cash and cash equivalents of continuing operations, end of period 0 0
Non-Guarantor Subsidiaries    
Cash Flows from Operating Activities:    
Net cash (used in) provided by operating activities 394 632
Proceeds from the sale, maturity, disposal or redemption of:    
Fixed maturities 2,663 3,789
Equity securities 5 2
Mortgage loans on real estate 288 544
Limited partnerships/corporations 123 105
Acquisition of:    
Fixed maturities (3,055) (3,291)
Equity securities (2) (2)
Mortgage loans on real estate (313) (303)
Limited partnerships/corporations (187) (184)
Short-term investments, net (5) (20)
Derivatives, net 110 69
Sales from consolidated investment entities 221 329
Purchases within consolidated investment entities (567) (572)
Collateral (delivered) received, net (53) (177)
Other investments, net 27 (55)
Net cash used in investing activities - discontinued operations (222) (25)
Net cash (used in) provided by investing activities (1,152) 213
Cash Flows from Financing Activities:    
Deposits received for investment contracts 3,089 2,153
Maturities and withdrawals from investment contracts (2,928) (2,846)
Settlements on deposit contracts (4) (6)
Borrowings of consolidated investment entities 331 304
Repayments of borrowings of consolidated investment entities (460) (407)
Contributions from (distributions to) participants in consolidated investment entities, net 682 282
Proceeds from issuance of common stock, net 0 0
Proceeds from issuance of preferred stock, net   0
Share-based compensation (1) 0
Common stock acquired - Share repurchase 0 0
Dividends paid on common stock 0 0
Dividends paid on preferred stock 0 0
Principal payments for financing leases (10)  
Net cash provided by financing activities - discontinued operations 305 263
Net cash provided by (used in) financing activities 778 (1,142)
Net (decrease) increase in cash and cash equivalents 20 (297)
Cash and cash equivalents, beginning of period 1,260 1,327
Cash and cash equivalents, end of period 1,280 1,030
Less: Cash and cash equivalents of discontinued operations, end of period 413 304
Cash and cash equivalents of continuing operations, end of period 867 726
Accounting Standards Update 2016-02    
Non-cash investing and financing activities:    
Initial recognition of operating leases upon adoption of ASU 2016-02 0 146
Leased assets in exchange for finance lease liabilities $ 0 $ 68