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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ (4) $ 404
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Interest credited to policyholders’ account balances 606 747
Policy charges and fee income (390) (707)
Net derivative (gains) losses 542 1,062
Credit and intent to sell losses on available for sale debt securities and loans 33 78
Investment (gains) losses, net 23 58
Realized and unrealized (gains) losses on trading securities (15) (15)
Non-cash long-term incentive compensation expense 22 19
Amortization and depreciation 78 124
Equity (income) loss from limited partnerships (86) (14)
Remeasurement of liability for future policy benefits 14 (1)
Change in market risk benefits 38 (68)
Changes in:    
Reinsurance recoverable 638 (1,122)
Capitalization of deferred policy acquisition costs (257) (253)
Funds withheld payable 105 (13)
Future policy benefits 250 30
Current and deferred income taxes (53) (891)
Other, net (60) 210
Net cash provided by (used in) operating activities 1,484 (352)
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 3,150 4,474
Mortgage loans on real estate 456 236
Trading account securities 88 111
Short-term investments 550 949
Other 138 304
Payment for the purchase/origination of:    
Fixed maturities, available-for-sale (2,978) (2,032)
Mortgage loans on real estate (578) (1,114)
Trading account securities (579) (126)
Short-term investments (371) (1,072)
Other (159) (425)
Cash settlements related to derivative instruments, net (1,106) (469)
Investment in capitalized software, leasehold improvements and EDP equipment (51) (27)
Other, net (91) (56)
Net cash provided by (used in) investing activities (1,531) 753
Policyholders’ account balances:    
Deposits 2,864 5,695
Withdrawals (6,209) (4,778)
Transfers (to) from Separate Accounts 874 679
Payments of market risk benefits (13) (194)
Changes in securities lending payable 36 29
Change in collateralized pledged assets (77) (45)
Change in collateralized pledged liabilities 3,568 1,939
Shareholder dividend paid (4) (1,050)
Purchase (redemption) of noncontrolling interests of consolidated company-sponsored investment funds 13 3
Other, net 0 (1)
Net cash provided by (used in) financing activities 1,052 2,277
Change in cash and cash equivalents 1,005 2,678
Cash and cash equivalents, beginning of period 2,833 797
Cash and cash equivalents, end of period 3,838 3,475
Non-cash transactions from investing and financing activities:    
Right-of-use assets obtained in exchange for lease obligations 4 9
Securities exchanged for other equity investment $ 110 $ 0