XML 20 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income (loss) $ 67 $ (1,305) $ (808)
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 (253) (257) (275)
(Gains) losses on investments, net 63 (279) (92)
(Gains) losses on derivatives, net 2,004 526 2,592
(Income) loss from equity method investments, net of dividends and distributions (987) (55) 70
Interest credited to policyholder account balances 1,286 1,061 1,031
Universal life and investment-type product policy fees (2,986) (2,839) (2,982)
Change in accrued investment income (45) (10) 85
Change in premiums, reinsurance and other receivables 55 (1,382) (739)
Change in deferred policy acquisition costs and value of business acquired, net (387) 290 25
Change in income tax (129) (290) (326)
Change in other assets 1,983 1,897 1,947
Change in future policy benefits and other policy-related balances 673 3,523 1,696
Change in other liabilities 4 249 63
Other, net 0 0 51
Net cash provided by (used in) operating activities 1,348 1,129 2,338
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities 12,406 8,322 13,358
Sales, maturities and repayments of equity securities 128 66 57
Sales, maturities and repayments of mortgage loans 2,891 1,929 1,528
Sales, maturities and repayments of limited partnerships and limited liability companies 271 177 302
Purchases of fixed maturity securities (21,036) (14,209) (16,406)
Purchases of equity securities (18) (17) (22)
Purchases of mortgage loans (6,929) (2,073) (3,609)
Purchases of limited partnerships and limited liability companies (837) (582) (463)
Cash received in connection with freestanding derivatives 3,956 6,347 2,040
Cash paid in connection with freestanding derivatives (4,590) (4,514) (2,638)
Receipts on loans to affiliate 0 100 0
Issuances of loans to affiliate (1) (100) 0
Net change in policy loans 15 (9) 126
Net change in short-term investments 1,223 (391) (1,470)
Net change in other invested assets (24) 30 36
Net cash provided by (used in) investing activities (12,545) (4,924) (7,161)
Cash flows from financing activities      
Policyholder account balances: Deposits 15,498 9,565 7,111
Policyholder account balances: Withdrawals (4,177) (3,240) (2,773)
Net change in payables for collateral under securities loaned and other transactions 1,016 863 (673)
Long-term and short-term debt issued 0 100 412
Long-term and short-term debt repaid (1) (102) (2)
Dividends paid to parent (550) (1,250) 0
Financing element on certain derivative instruments and other derivative related transactions, net (368) (949) (203)
Other, net (1) (1) (50)
Net cash provided by (used in) financing activities 11,417 4,986 3,822
Change in cash, cash equivalents and restricted cash 220 1,191 (1,001)
Cash, cash equivalents and restricted cash, beginning of year 3,684 2,493 3,494
Cash, cash equivalents and restricted cash, end of year 3,904 3,684 2,493
Supplemental disclosures of cash flow information      
Net cash paid (received) for interest 67 68 30
Net cash paid (received) for income tax $ 53 $ (125) $ 3