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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, 2022
Dec. 31, 2020
Operating Activities        
Net income $ 280 $ 186 $ 359 $ 399
Adjustments to reconcile net income to net cash provided by (used for) operating activities        
Net realized capital losses (related party 2022: $663) 20 242 10 74
Amortization of deferred reinsurance gain (related party 2022: $27) 0 (26) (33) (53)
Amortization of VOBA 90 (43) 79 50
Depreciation and amortization 102 38 227 69
Deferred income tax expense 138 29 56 54
Interest credited on investment and universal life-type contracts 314 152 534 379
Other operating activities, net (208) (114) (38) (120)
Change in assets and liabilities:        
Increase in reinsurance recoverables (63) (134) (758) (331)
Increase (decrease) for future policy benefits and unearned premiums (40) 63 230 160
Net changes in other assets and other liabilities (132) 51 93 185
Net proceeds from (payments for) reinsurance transactions (877) 0 121 0
Net cash provided by (used for) operating activities (376) 444 880 866
Proceeds from the sale/maturity/prepayment of:        
Fixed maturities, available-for-sale 2,976 1,622 6,185 2,824
Equity securities, at fair value 47 3 26 7
Mortgage loans 294 158 258 373
Partnerships 102 71 64 77
Payments for the purchase of:        
Fixed maturities, available-for-sale (1,974) (1,197) (4,255) (2,866)
Fixed maturities, fair value option 0 0 (352) 0
Equity securities, at fair value (121) (45) (22) (26)
Mortgage loans (207) (177) (667) (242)
Partnerships (100) (74) (158) (134)
Net proceeds from (payments for) repurchase agreements program (11) 8 25 (16)
Net proceeds from (payments for) derivatives (161) (539) (559) 143
Net proceeds from (payments for) policy loans 9 (32) (11) 15
Net proceeds from (payments for) short-term investments (314) 200 (255) (234)
Other investing activities, net 0 0 0 (10)
Net cash provided by (used for) investing activities 540 (2) 279 (89)
Financing Activities        
Deposits and other additions to investment and universal life-type contracts 872 1,001 2,033 1,971
Withdrawals and other deductions from investment and universal life-type contracts (4,766) (4,862) (8,109) (9,627)
Net transfers from separate accounts related to investment and universal life-type contracts 3,598 3,659 5,140 7,117
Net increase (decrease) in securities loaned or sold under agreements to repurchase 131 270 (99) (7)
Dividend paid on shares outstanding 0 (265) 0 (319)
Return of capital to parent 0 (235) 0 0
Net cash used for financing activities (165) (432) (1,035) (865)
Net increase (decrease) in cash (1) 10 124 (88)
Cash — beginning of period   40 49 128
Cash — end of period 49 50 173 40
Supplemental Disclosure of Cash Flow Information:        
Income taxes received (paid) $ (13) $ 2 $ 142 $ 0