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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income (loss) $ (63) $ 67 $ (1,305)
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 (225) (253) (257)
(Gains) losses on investments, net 240 63 (279)
(Gains) losses on derivatives, net (262) 2,004 526
(Income) loss from equity method investments, net of dividends and distributions 109 (987) (55)
Interest credited to policyholder account balances 1,414 1,286 1,061
Universal life and investment-type product policy fees (2,562) (2,986) (2,839)
Change in accrued investment income (115) (45) (10)
Change in premiums, reinsurance and other receivables (3,151) 55 (1,382)
Change in deferred policy acquisition costs and value of business acquired, net 446 (387) 290
Change in income tax (199) (129) (290)
Change in other assets 1,724 1,983 1,897
Change in future policy benefits and other policy-related balances 1,624 673 3,523
Change in other liabilities 310 4 249
Net cash provided by (used in) operating activities (710) 1,348 1,129
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities 10,647 12,406 8,322
Sales, maturities and repayments of equity securities 50 128 66
Sales, maturities and repayments of mortgage loans 2,075 2,891 1,929
Sales, maturities and repayments of limited partnerships and limited liability companies 252 271 177
Purchases of fixed maturity securities (15,720) (21,036) (14,209)
Purchases of equity securities (14) (18) (17)
Purchases of mortgage loans (5,321) (6,929) (2,073)
Purchases of limited partnerships and limited liability companies (814) (837) (582)
Cash received in connection with freestanding derivatives 4,439 3,956 6,347
Cash paid in connection with freestanding derivatives (4,270) (4,590) (4,514)
Receipts on loans to affiliate 0 0 100
Issuances of loans to affiliate (125) (1) (100)
Net change in policy loans (29) 15 (9)
Net change in short-term investments 365 1,223 (391)
Net change in other invested assets (372) (24) 30
Net cash provided by (used in) investing activities (8,837) (12,545) (4,924)
Cash flows from financing activities      
Policyholder account balances: Deposits 31,149 15,498 9,565
Policyholder account balances: Withdrawals (19,991) (4,177) (3,240)
Net change in payables for collateral under securities loaned and other transactions (1,706) 1,016 863
Long-term and short-term debt issued 125 0 100
Long-term and short-term debt repaid (3) (1) (102)
Dividends paid to parent 0 (550) (1,250)
Financing element on certain derivative instruments and other derivative related transactions, net (178) (368) (949)
Other, net (1) (1) (1)
Net cash provided by (used in) financing activities 9,395 11,417 4,986
Change in cash, cash equivalents and restricted cash (152) 220 1,191
Cash, cash equivalents and restricted cash, beginning of year 3,904 3,684 2,493
Cash, cash equivalents and restricted cash, end of year 3,752 3,904 3,684
Supplemental disclosures of cash flow information      
Net cash paid (received) for interest 69 67 68
Net cash paid (received) for income tax (12) 53 (125)
Non-cash transactions:      
Transfer from Investments 95 0 0
Transfer of limited partnerships and limited liability companies from affiliates $ 99 $ 0 $ 0