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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net income (loss) $ (1,305) $ (808) $ 968
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 (257) (275) (259)
(Gains) losses on investments, net (279) (92) 204
(Gains) losses on derivatives, net 526 2,592 (102)
(Income) loss from equity method investments, net of dividends and distributions (55) 70 (66)
Interest credited to policyholder account balances 1,061 1,031 1,047
Universal life and investment-type product policy fees (2,839) (2,982) (3,190)
Change in accrued investment income (10) 85 (177)
Change in premiums, reinsurance and other receivables (1,382) (739) (224)
Change in deferred policy acquisition costs and value of business acquired, net 290 25 689
Change in income tax (290) (326) 1,111
Change in other assets 1,897 1,947 2,077
Change in future policy benefits and other policy-related balances 3,523 1,696 1,386
Change in other liabilities 249 63 94
Other, net 0 51 63
Net cash provided by (used in) operating activities 1,129 2,338 3,621
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities 8,322 13,358 15,621
Sales, maturities and repayments of equity securities 66 57 22
Sales, maturities and repayments of mortgage loans 1,929 1,528 793
Sales, maturities and repayments of limited partnerships and limited liability companies 177 302 274
Purchases of fixed maturity securities (14,209) (16,406) (16,427)
Purchases of equity securities (17) (22) (2)
Purchases of mortgage loans (2,073) (3,609) (3,890)
Purchases of limited partnerships and limited liability companies (582) (463) (358)
Cash received in connection with freestanding derivatives 6,347 2,040 1,802
Cash paid in connection with freestanding derivatives (4,514) (2,638) (2,938)
Receipts on loans to affiliate 100 0 0
Issuances of loans to affiliate (100) 0 (2)
Net change in policy loans (9) 126 105
Net change in short-term investments (391) (1,470) 269
Net change in other invested assets 30 36 (17)
Net cash provided by (used in) investing activities (4,924) (7,161) (4,748)
Cash flows from financing activities      
Policyholder account balances: Deposits 9,565 7,111 5,899
Policyholder account balances: Withdrawals (3,240) (2,773) (3,400)
Net change in payables for collateral under securities loaned and other transactions 863 (673) 889
Long-term and short-term debt issued 100 412 228
Long-term and short-term debt repaid (102) (2) (9)
Dividends paid to parent (1,250) 0 0
Financing element on certain derivative instruments and other derivative related transactions, net (949) (203) (303)
Other, net (1) (50) (46)
Net cash provided by (used in) financing activities 4,986 3,822 3,258
Change in cash, cash equivalents and restricted cash 1,191 (1,001) 2,131
Cash, cash equivalents and restricted cash, beginning of year 2,493 3,494 1,363
Cash, cash equivalents and restricted cash, end of year 3,684 2,493 3,494
Supplemental disclosures of cash flow information      
Net cash paid (received) for interest 68 30 3
Net cash paid (received) for income tax $ (125) $ 3 $ (891)