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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 1,237 $ 1,639
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Interest credited to policyholders’ account balances 1,070 927
Policy charges and fee income (900) (1,702)
Net derivative (gains) losses 121 (2,168)
Credit and intent to sell losses on available for sale debt securities and loans 143 272
Investment (gains) losses, net 501 640
Realized and unrealized (gains) losses on trading securities (5) 53
Non-cash long-term incentive compensation expense 29 44
Amortization and depreciation 184 122
Equity (income) loss from limited partnerships (49) (184)
Remeasurement of liability for future policy benefits 25 38
Change in market risk benefits (279) 17
Changes in:    
Reinsurance recoverable (258) (354)
Capitalization of deferred policy acquisition costs (374) (552)
Funds withheld payable 87 0
Future policy benefits 161 (459)
Current and deferred income taxes [1] (835) 383
Other, net 109 (97)
Net cash provided by (used in) operating activities 967 (1,381)
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 7,225 14,017
Mortgage loans on real estate 353 901
Trading account securities 146 177
Short-term investments 1,249 (14)
Other 401 270
Payment for the purchase/origination of:    
Fixed maturities, available-for-sale (3,567) (16,313)
Mortgage loans on real estate (1,515) (2,604)
Trading account securities (163) (166)
Short-term investments (1,412) 0
Other (517) (603)
Cash settlements related to derivative instruments, net (1,151) 921
Investment in capitalized software, leasehold improvements and EDP equipment (34) (24)
Other, net (78) 123
Net cash provided by (used in) investing activities 937 (3,315)
Policyholders’ account balances:    
Deposits 6,938 11,299
Withdrawals (7,996) (4,930)
Transfers (to) from Separate Accounts 822 1,109
Payments of market risk benefits (198) (434)
Changes in securities lending payable 113 0
Change in collateralized pledged assets (100) 38
Change in collateralized pledged liabilities 817 (2,467)
Shareholder dividend paid (1,653) (930)
Purchase (redemption) of noncontrolling interests of consolidated company-sponsored investment funds 4 (1)
Other, net 0 29
Net cash provided by (used in) financing activities (1,253) 3,713
Change in cash and cash equivalents 651 (983)
Cash and cash equivalents, beginning of period 797 1,816
Cash and cash equivalents, end of period 1,448 833
Non-cash transactions from investing and financing activities:    
Right-of-use assets obtained in exchange for lease obligations 19 4
Dividend to Parent $ 0 $ (22)
[1] The nine months ended September 30, 2023 includes a release of $920 million deferred tax valuation allowance. See Note 11 of these Consolidated Financial Statements.