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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income (loss) $ (735) $ 870 $ (378)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Amortization of premiums and accretion of discounts associated with investments, net (283) (264) (276)
(Gains) losses on investments, net (112) 207 28
(Gains) losses on derivatives, net 2,547 (45) 3,000
(Income) loss from equity method investments, net of dividends and distributions 70 (66) (46)
Interest credited to policyholder account balances 1,063 1,079 1,111
Universal life and investment-type product policy fees (3,580) (3,835) (3,898)
Change in accrued investment income 84 (171) (80)
Change in premiums, reinsurance and other receivables (629) (207) 197
Change in deferred policy acquisition costs and value of business acquired, net 8 725 (33)
Change in income tax (316) 1,082 (117)
Change in other assets 1,974 2,143 2,271
Change in future policy benefits and other policy-related balances 1,688 1,358 1,418
Change in other liabilities (26) 72 70
Other, net 75 114 129
Net cash provided by (used in) operating activities 1,828 3,062 3,396
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities 14,146 15,819 17,214
Sales, maturities and repayments of equity securities 57 22 97
Sales, maturities and repayments of mortgage loans 1,538 797 742
Sales, maturities and repayments of limited partnerships and limited liability companies 302 275 341
Purchases of fixed maturity securities (16,915) (16,460) (18,782)
Purchases of equity securities (22) (2) (2)
Purchases of mortgage loans (3,610) (3,890) (2,041)
Purchases of limited partnerships and limited liability companies (463) (358) (531)
Cash received in connection with freestanding derivatives 2,041 1,803 1,865
Cash paid in connection with freestanding derivatives (2,639) (2,940) (3,831)
Net change in policy loans 129 103 (6)
Net change in short-term investments (1,942) 312 1,030
Net change in other invested assets 37 (19) (13)
Other, net 0 0 2
Net cash provided by (used in) investing activities (7,341) (4,538) (3,915)
Cash flows from financing activities      
Policyholder account balances: Deposits 7,672 6,480 4,990
Policyholder account balances: Withdrawals (2,849) (3,494) (3,103)
Net change in payables for collateral under securities loaned and other transactions (666) 888 (3,147)
Long-term debt issued 1,000 375 3,588
Long-term debt repaid (602) (9) (13)
Collateral financing arrangement repaid 0 0 (2,797)
Treasury stock acquired in connection with share repurchases (442) (105) 0
Preferred stock issued, net of issuance costs 412 0 0
Dividends on preferred stock (21) 0 0
Distribution to MetLife, Inc. 0 0 (1,798)
Cash received from MetLife, Inc. in connection with shareholder’s net investment 0 0 293
Cash paid to MetLife, Inc. in connection with shareholder’s net investment 0 0 (668)
Financing element on certain derivative instruments and other derivative related transactions, net (203) (303) (149)
Other, net (56) (68) (48)
Net cash provided by (used in) financing activities 4,245 3,764 (2,852)
Change in cash, cash equivalents and restricted cash (1,268) 2,288 (3,371)
Cash, cash equivalents and restricted cash, beginning of year 4,145 1,857 5,228
Cash, cash equivalents and restricted cash, end of year 2,877 4,145 1,857
Supplemental disclosures of cash flow information      
Net cash paid (received) for interest 187 159 155
Net cash paid (received) for income tax 16 (895) (637)
Non-cash transactions:      
Transfer of fixed maturity securities to former affiliate 0 0 293
Reduction of policyholder account balances in connection with reinsurance transactions $ 0 $ 0 $ 293