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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Statement of Cash Flows [Abstract]    
Net income (loss) $ 1,996 $ (1,781)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Interest credited to policyholders’ account balances 579 556
Policy charges and fee income (1,502) (1,770)
Net derivative (gains) losses (2,895) 3,916
Credit losses on AFS debt securities and loans (1) (6)
Investment (gains) losses, net 565 (587)
Realized and unrealized (gains) losses on trading securities 46 42
Non-cash long-term incentive compensation expense 23 (31)
Amortization and depreciation 235 188
Equity (income) loss from limited partnerships (159) (219)
Changes in:    
Reinsurance recoverable [1] (596) (755)
Capitalization of deferred policy acquisition costs (373) (341)
Future policy benefits 321 126
Current and deferred income taxes 451 (605)
Other, net (330) 379
Net cash provided by (used in) operating activities (1,640) (888)
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 12,218 20,494
Mortgage loans on real estate 713 543
Trading account securities 67 4,529
Real estate joint ventures 0 0
Short-term investments (14) 81
Other 204 1,096
Payment for the purchase/origination of:    
Fixed maturities, available-for-sale (13,524) (26,007)
Mortgage loans on real estate (1,175) (741)
Trading account securities (79) (98)
Short-term investments 0 (5)
Other (485) (1,783)
Cash settlements related to derivative instruments, net 761 (6,119)
Issuance of loans to affiliates 0 (1,000)
Repayments of loans to affiliates 0 0
Investment in capitalized software, leasehold improvements and EDP equipment 1 (26)
Other, net 137 (15)
Net cash provided by (used in) investing activities (1,176) (9,051)
Cash flows from financing activities:    
Deposits 6,855 9,718
Withdrawals (3,006) (3,143)
Transfers (to) from Separate Accounts 937 1,025
Change in collateralized pledged assets 66 67
Change in collateralized pledged liabilities (1,524) 1,266
Capital contributions from parent 0 750
Shareholder dividend paid 0 (7)
Purchase (redemption) of noncontrolling interests of consolidated company-sponsored investment funds 0 8
Other, net (11) 28
Net cash provided by (used in) financing activities 3,317 9,712
Change in cash and cash equivalents 501 (227)
Cash and cash equivalents, beginning of year 1,815 2,043
Cash and cash equivalents, end of year 2,316 1,816
Non-cash transactions from investing and financing activities:    
Right-of-use assets obtained in exchange for lease obligations 3 1
Transfer of assets to reinsurer $ 0 $ (9,023)
[1] Amount includes cash paid for Venerable Transaction of $494 million .See Note 1 of the Notes to these Consolidated Financial Statements.