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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended 12 Months Ended
Dec. 31, 2021
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities        
Net income $ 280 $ 186 $ 399 $ 359
Adjustments to reconcile net income to net cash provided by (used for) operating activities        
Net realized capital losses 20 242 74 275
Amortization of deferred reinsurance gain 0 (26) (53) (59)
Amortization of VOBA (90) 43 (50) 25
Depreciation and amortization 102 38 69 51
Other operating activities, net 106 38 259 205
Change in assets and liabilities:        
Increase in reinsurance recoverables (63) (134) (331) (272)
Decrease in deferred income taxes 138 29 54 51
Increase (decrease) for future policy benefits and unearned premiums (40) 63 160 141
Net changes in other assets and other liabilities (132) 51 185 (169)
Net payments for reinsurance transactions (877) 0 0 0
Net cash (used for) provided by operating activities (376) 444 866 557
Proceeds from the sale/maturity/prepayment of:        
Fixed maturities, available-for-sale 2,976 1,622 2,824 3,498
Equity securities, at fair value 47 3 7 213
Mortgage loans 294 158 373 257
Partnerships 102 71 77 134
Payments for the purchase of:        
Fixed maturities, available-for-sale (1,974) (1,197) (2,866) (2,589)
Equity securities, at fair value (121) (45) (26) (5)
Mortgage loans (207) (177) (242) (413)
Partnerships (100) (74) (134) (156)
Payments for repurchase agreements program (11)   (16)  
Proceeds from repurchase agreements program   8   19
Net proceeds from (payments for) derivatives (161) (539) 143 (272)
Net increase (decrease) in policy loans 9 (32) 15 (26)
Net proceeds from (payments for) short-term investments (314) 200 (234) 288
Other investing activities, net 0 0 (10) 8
Net cash provided by (used for) investing activities 540 (2) (89) 956
Financing Activities        
Deposits and other additions to investment and universal life-type contracts 872 1,001 1,971 2,168
Withdrawals and other deductions from investment and universal life-type contracts (4,766) (4,862) (9,627) (11,074)
Net transfers from separate accounts related to investment and universal life-type contracts 3,598 3,659 7,117 8,202
Net increase (decrease) in securities loaned or sold under agreements to repurchase 131 270 (7) (204)
Dividend paid on shares outstanding 0 (265) (319) (700)
Return of capital to parent 0 (235) 0 0
Net cash used for financing activities (165) (432) (865) (1,608)
Foreign exchange rate effect on cash 0 0 0 2
Net increase (decrease) in cash (1) 10 (88) (93)
Cash — beginning of period   40 128 221
Cash — end of period 49 50 40 128
Supplemental Disclosure of Cash Flow Information:        
Income taxes received (paid) $ (13) $ 2 $ 0 $ 25