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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 1,600 $ (87)
Noncash revenues, expenses, gains and losses included in income (loss):    
Net losses on sales of securities available for sale and other assets 452 450
Net (gain) loss on divestitures and other (6) 2
Unrealized (gains) losses in earnings - net 403 (112)
Change in the fair value of market risk benefits in earnings, net (891) 316
Equity in (income) loss from equity method investments, net of dividends or distributions 13 (12)
Depreciation and other amortization 913 1,186
Impairments of assets 26 11
Changes in operating assets and liabilities:    
Insurance reserves 1,352 3,015
Premiums and other receivables and payables - net 29 641
Reinsurance assets, net (1,710) (2,561)
Capitalization of deferred policy acquisition costs (1,221) (1,689)
Current and deferred income taxes - net 367 (200)
Other, net (808) (463)
Total adjustments (1,081) 584
Net cash provided by operating activities 519 497
Sales or distributions of:    
Available for sale securities 5,595 10,676
Other securities 207 313
Other invested assets 561 413
Divestitures, net 0 32
Maturities of fixed maturity securities available for sale 4,957 4,130
Principal payments received on and sales of mortgage and other loans receivable 1,095 957
Purchases of:    
Available for sale securities (11,287) (13,607)
Other securities (308) (481)
Other invested assets (317) (443)
Mortgage and other loans receivable (2,239) (2,009)
Net change in short-term investments 2,135 (1,152)
Other, net (91) (303)
Net cash provided by (used in) investing activities 308 (1,474)
Proceeds from (payments for)    
Policyholder contract deposits 8,504 8,226
Policyholder contract withdrawals (7,150) (6,468)
Purchase of common stock (1,640) (577)
Redemption of preferred stock (485) 0
Dividends on preferred stock and preferred stock redemption premiums (22) (7)
Dividends on common stock (243) (234)
Other, net 420 (774)
Net cash provided by (used in) financing activities (1,141) 817
Effect of exchange rate changes on cash and restricted cash (29) 2
Net decrease in cash and restricted cash (343) (158)
Cash and restricted cash at beginning of year 2,204 2,216
Cash and restricted cash at end of period 1,863 2,058
Cash and restricted cash of held for sale assets 2 0
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:    
Cash 1,816 [1] 1,923
Restricted cash included in Short-term investments [2] 4 105
Restricted cash included in Other assets [2] 43 30
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows 1,863 2,058
Cash paid during the period for:    
Interest 181 165
Taxes 84 56
Non-cash investing activities:    
Fixed maturity securities available for sale received in connection with pension risk transfer transactions 1,316 1,424
Fixed maturity securities and other invested assets received in connection with reinsurance transactions 40 0
Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions (163) (680)
Non-cash financing activities:    
Interest credited to policyholder contract deposits included in financing activities 1,146 1,107
Fee income debited to policyholder contract deposits included in financing activities (529) (524)
Consolidated VIE    
Proceeds from (payments for)    
Issuance of debt 57 36
Repayments of debt (121) (127)
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:    
Cash 54  
Consolidated Entity, Excluding Consolidated VIE    
Proceeds from (payments for)    
Issuance of debt 0 743
Repayments of debt $ (461) $ (1)
[1] See Note 10 for details of balances associated with variable interest entities.
[2] Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.