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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities      
Net income (loss) $ (752) $ 1,358 $ 3,778
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized (gain) loss 4,311 (840) 867
Market risk benefit (gain) loss (2,264) (3,246) (3,753)
Sales and maturities (purchases) of trading securities, net 1,301 300 (87)
Amortization of deferred gain (loss) on business sold through reinsurance (38) (42) (38)
Impairment of intangibles 0 634 0
Net operating cash payments related to closing Fortitude Re reinsurance transaction (1,438) 0 0
Change in:      
Deferred acquisition costs, value of business acquired, deferred ales inducements and deferred front-end loads 637 488 475
Accrued investment income 4 (67) 16
Insurance liabilities and reinsurance-related balances (3,681) 4,419 (2,337)
Accrued expenses 109 (91) 399
Federal income tax accruals (396) 421 864
Other 133 275 (401)
Net cash provided by (used in) operating activities (2,074) 3,609 (217)
Cash Flows from Investing Activities      
Purchases of available-for-sale securities and equity securities (11,131) (14,813) (16,915)
Sales of available-for-sale securities and equity securities 4,013 2,297 2,268
Maturities of available-for-sale securities 5,670 5,453 9,621
Purchases of alternative investments (630) (664) (757)
Sales and repayments of alternative investments 111 446 377
Issuance of mortgage loans on real estate (1,946) (2,507) (3,079)
Repayment and maturities of mortgage loans on real estate 1,268 2,255 1,881
Repayment (issuance) of policy loans, net (119) 5 62
Net change in collateral on investments, certain derivatives and related settlements (260) (4,070) 3,261
Other (310) (48) (303)
Net cash provided by (used in) investing activities (3,334) (11,646) (3,584)
Cash Flows from Financing Activities      
Payment of long-term debt, including current maturities (500) (300) 0
Issuance of long-term debt, net of issuance costs 0 296 0
Payment related to modification or early extinguishment of debt 0 0 (8)
Payment related to sale-leaseback transactions (79) (70) (59)
Proceeds from certain financing arrangements 86 186 159
Payment related to certain financing arrangements (49) 0 0
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction 1,246 0 0
Deposits of fixed account balances 16,404 16,203 13,426
Withdrawals of fixed account balances (10,660) (7,674) (7,174)
Transfers from (to) separate accounts, net (624) 19 (175)
Common stock issued for benefit plans (7) (16) 20
Issuance of preferred stock, net of issuance costs 0 986 0
Repurchase of common stock 0 (550) (1,105)
Dividends paid to preferred stockholders (82) 0 0
Dividends paid to common stockholders (305) (310) (319)
Other 0 (2) (60)
Net cash provided by (used in) financing activities 5,430 8,768 4,705
Net increase (decrease) in cash, invested cash and restricted cash 22 731 904
Cash, invested cash and restricted cash as of beginning-of-year 3,343 2,612 1,708
Cash, invested cash and restricted cash as of end-of-year $ 3,365 $ 3,343 $ 2,612