XML 73 R65.htm IDEA: XBRL DOCUMENT v3.23.1
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Summary of Restated Consolidated Statements of Cash Flows) (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities              
Net income (loss) $ 812 $ (1,775) $ 840 $ 1,482 $ 1,358 $ 3,778 $ 499
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
Realized (gain) loss         (840) 867 513
Market risk benefit (gain) loss         (3,246) (3,753)  
Sales and maturities (purchases) of trading securities, net         300 (87) 266
Change in:              
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization         488 475 48
Accrued investment income         (67) 16 (84)
Insurance liabilities and reinsurance-related balances         4,419 (2,337) (699)
Accrued expenses         (91) 399 (18)
Federal income tax accruals         421 864 (98)
Other         275 (401) 148
Net cash provided by (used in) operating activities         3,609 (217) 534
Cash Flows from Investing Activities              
Purchases of available-for-sale securities and equity securities         (14,813) (16,915) (16,761)
Sales of available-for-sale securities and equity securities         2,297 2,268 1,426
Maturities of available-for-sale securities         5,453 9,621 5,354
Purchases of alternative investments         (664) (757) (396)
Sales and repayments of alternative investments         446 377 171
Issuance of mortgage loans on real estate         (2,507) (3,079) (1,800)
Repayment and maturities of mortgage loans on real estate         2,255 1,881 1,154
Repayment (issuance) of policy loans, net         5 62 50
Net change in collateral on investments, derivatives and related settlements         (4,070) 3,261 1,474
Other         (48) (303) (153)
Net cash provided by (used in) investing activities         (11,646) (3,584) (9,481)
Cash Flows from Financing Activities              
Payment of long-term debt, including current maturities         (300)   (1,096)
Issuance of long-term debt, net of issuance costs         296   1,289
Payment related to modification or early extinguishment of debt           (8) (13)
Payments of sale leaseback transactions         70 59 47
Proceeds from certain financing arrangements         186 159 109
Deposits of fixed account values, including the fixed portion of variable         16,203 13,426 14,034
Withdrawals of fixed account values, including the fixed portion of variable         (7,674) (7,174) (6,113)
Transfers from (to) separate accounts, net         19 (175) 528
Common stock issued for benefit plans         (16) 20 (7)
Issuance of preferred stock, net of issuance costs         986    
Repurchase of common stock         (550) (1,105) (275)
Dividends paid to common stockholders         (310) (319) (311)
Other         (2) (60) (6)
Net cash provided by (used in) financing activities         8,768 4,705 8,092
Net increase (decrease) in cash, invested cash and restricted cash         731 904 (855)
Cash, invested cash and restricted cash as of beginning-of-year       2,612 2,612 1,708 2,563
Cash, invested cash and restricted cash as of end-of-period 3,343       3,343 2,612 1,708
As Previously Reported [Member]              
Cash Flows from Operating Activities              
Net income (loss)         (2,227) 1,405  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
Realized (gain) loss         (336) 212  
Sales and maturities (purchases) of trading securities, net         300 (108)  
Change in:              
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization         115 315  
Accrued investment income         (67) 16  
Insurance liabilities and reinsurance-related balances         5,628 (2,232)  
Accrued expenses         (89) 389  
Federal income tax accruals         (530) 232  
Other         252 (417)  
Net cash provided by (used in) operating activities         3,606 (234)  
Cash Flows from Investing Activities              
Purchases of available-for-sale securities and equity securities         (14,813) (16,893)  
Sales of available-for-sale securities and equity securities         2,297 2,268  
Maturities of available-for-sale securities         5,453 9,621  
Purchases of alternative investments         (664) (757)  
Sales and repayments of alternative investments         446 377  
Issuance of mortgage loans on real estate         (2,503) (3,084)  
Repayment and maturities of mortgage loans on real estate         2,255 1,881  
Repayment (issuance) of policy loans, net         5 62  
Net change in collateral on investments, derivatives and related settlements         (4,071) 3,261  
Other         (48) (303)  
Net cash provided by (used in) investing activities         (11,643) (3,567)  
Cash Flows from Financing Activities              
Payment of long-term debt, including current maturities         (300)    
Issuance of long-term debt, net of issuance costs         296    
Payment related to modification or early extinguishment of debt           (8)  
Payments of sale leaseback transactions         70 59  
Proceeds from certain financing arrangements         186 159  
Deposits of fixed account values, including the fixed portion of variable         16,203 13,422  
Withdrawals of fixed account values, including the fixed portion of variable         (7,674) (7,227)  
Transfers from (to) separate accounts, net         19 (118)  
Common stock issued for benefit plans         (16) 20  
Issuance of preferred stock, net of issuance costs         986    
Repurchase of common stock         (550) (1,105)  
Dividends paid to common stockholders         (310) (319)  
Other         (2) (60)  
Net cash provided by (used in) financing activities         8,768 4,705  
Net increase (decrease) in cash, invested cash and restricted cash         731 904  
Cash, invested cash and restricted cash as of beginning-of-year       2,612 2,612 1,708  
Cash, invested cash and restricted cash as of end-of-period 3,343       3,343 2,612 1,708
Restatement Adjustments [Member]              
Cash Flows from Operating Activities              
Net income (loss)         (14) 482  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
Realized (gain) loss         (9) (626)  
Sales and maturities (purchases) of trading securities, net           21  
Change in:              
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization         3 (3)  
Insurance liabilities and reinsurance-related balances         2 (1)  
Accrued expenses           3  
Federal income tax accruals         (5) 129  
Other         (6) 4  
Net cash provided by (used in) operating activities         3 17  
Cash Flows from Investing Activities              
Purchases of available-for-sale securities and equity securities           (22)  
Issuance of mortgage loans on real estate         (4) 5  
Net change in collateral on investments, derivatives and related settlements         1    
Net cash provided by (used in) investing activities         (3) (17)  
Cash Flows from Financing Activities              
Deposits of fixed account values, including the fixed portion of variable           4  
Withdrawals of fixed account values, including the fixed portion of variable           53  
Transfers from (to) separate accounts, net           (57)  
Cumulative Effect, Period of Adoption, Adjustment [Member]              
Cash Flows from Operating Activities              
Net income (loss)         3,599 1,891  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
Realized (gain) loss         (495) 1,281  
Market risk benefit (gain) loss         (3,246) (3,753)  
Change in:              
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization         370 163  
Insurance liabilities and reinsurance-related balances         (1,211) (104)  
Accrued expenses         (2) 7  
Federal income tax accruals         956 503  
Other         29 12  
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]              
Cash Flows from Operating Activities              
Net income (loss)         (2,241) 1,887  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
Realized (gain) loss         (345) (414)  
Sales and maturities (purchases) of trading securities, net         300 (87)  
Change in:              
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization         118 312  
Accrued investment income         (67) 16  
Insurance liabilities and reinsurance-related balances         5,630 (2,233)  
Accrued expenses         (89) 392  
Federal income tax accruals         (535) 361  
Other         246 (413)  
Net cash provided by (used in) operating activities         3,609 (217)  
Cash Flows from Investing Activities              
Purchases of available-for-sale securities and equity securities         (14,813) (16,915)  
Sales of available-for-sale securities and equity securities         2,297 2,268  
Maturities of available-for-sale securities         5,453 9,621  
Purchases of alternative investments         (664) (757)  
Sales and repayments of alternative investments         446 377  
Issuance of mortgage loans on real estate         (2,507) (3,079)  
Repayment and maturities of mortgage loans on real estate         2,255 1,881  
Repayment (issuance) of policy loans, net         5 62  
Net change in collateral on investments, derivatives and related settlements         (4,070) 3,261  
Other         (48) (303)  
Net cash provided by (used in) investing activities         (11,646) (3,584)  
Cash Flows from Financing Activities              
Payment of long-term debt, including current maturities         (300)    
Issuance of long-term debt, net of issuance costs         296    
Payment related to modification or early extinguishment of debt           (8)  
Payments of sale leaseback transactions         70 59  
Proceeds from certain financing arrangements         186 159  
Deposits of fixed account values, including the fixed portion of variable         16,203 13,426  
Withdrawals of fixed account values, including the fixed portion of variable         (7,674) (7,174)  
Transfers from (to) separate accounts, net         19 (175)  
Common stock issued for benefit plans         (16) 20  
Issuance of preferred stock, net of issuance costs         986    
Repurchase of common stock         (550) (1,105)  
Dividends paid to common stockholders         (310) (319)  
Other         (2) (60)  
Net cash provided by (used in) financing activities         8,768 4,705  
Net increase (decrease) in cash, invested cash and restricted cash         731 904  
Cash, invested cash and restricted cash as of beginning-of-year       $ 2,612 2,612 1,708  
Cash, invested cash and restricted cash as of end-of-period $ 3,343       $ 3,343 $ 2,612 $ 1,708