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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income (loss) $ (808) $ 968 $ (883)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Amortization of premiums and accretion of discounts associated with investments, net (275) (259) (271)
(Gains) losses on investments, net (92) 204 27
(Gains) losses on derivatives, net 2,592 (102) 3,084
(Income) loss from equity method investments, net of dividends and distributions 70 (66) (50)
Interest credited to policyholder account balances 1,031 1,047 1,076
Universal life and investment-type product policy fees (2,982) (3,190) (3,156)
Change in accrued investment income 85 (177) (80)
Change in premiums, reinsurance and other receivables (739) (224) 55
Change in deferred policy acquisition costs and value of business acquired, net 25 689 660
Change in income tax (326) 1,111 0
Change in other assets 1,947 2,077 2,201
Change in future policy benefits and other policy-related balances 1,696 1,386 1,522
Change in other liabilities 63 94 (314)
Other, net 51 63 75
Net cash provided by (used in) operating activities 2,338 3,621 3,946
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities 13,358 15,621 16,409
Sales, maturities and repayments of equity securities 57 22 97
Sales, maturities and repayments of mortgage loans 1,528 793 761
Sales, maturities and repayments of limited partnerships and limited liability companies 302 274 339
Purchases of fixed maturity securities (16,406) (16,427) (17,811)
Purchases of equity securities (22) (2) (2)
Purchases of mortgage loans (3,609) (3,890) (2,044)
Purchases of limited partnerships and limited liability companies (463) (358) (531)
Cash received in connection with freestanding derivatives 2,040 1,802 1,859
Cash paid in connection with freestanding derivatives (2,638) (2,938) (3,829)
Issuance of loan to affiliate 0 (2) 0
Sale of operating joint venture interest to a former affiliate 0 0 42
Net change in policy loans 126 105 (14)
Net change in short-term investments (1,470) 269 1,057
Net change in other invested assets 36 (17) (16)
Net cash provided by (used in) investing activities (7,161) (4,748) (3,683)
Cash flows from financing activities      
Policyholder account balances: Deposits 7,111 5,899 4,381
Policyholder account balances: Withdrawals (2,773) (3,400) (3,114)
Net change in payables for collateral under securities loaned and other transactions (673) 889 (3,139)
Long-term debt issued 412 228 0
Long-term debt repaid (2) (9) (13)
Return of capital 0 0 (3,425)
Capital contribution 0 0 1,300
Capital contribution associated with the sale of operating joint venture interest to a former affiliate 0 0 202
Financing element on certain derivative instruments and other derivative related transactions, net (203) (303) (149)
Other, net (50) (46) 0
Net cash provided by (used in) financing activities 3,822 3,258 (3,957)
Change in cash, cash equivalents and restricted cash (1,001) 2,131 (3,694)
Cash, cash equivalents and restricted cash, beginning of year 3,494 1,363 5,057
Cash, cash equivalents and restricted cash, end of year 2,493 3,494 1,363
Supplemental disclosures of cash flow information      
Net cash paid (received) for interest 30 3 81
Net cash paid (received) for income tax 3 (891) (684)
Non-cash transactions:      
Transfer of fixed maturity securities to former affiliate 0 0 293
Reduction of policyholder account balances in connection with reinsurance transactions $ 0 $ 0 $ 293