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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income (loss) $ (1,123) $ 3,711 $ 1,763
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 (258) (225) (253)
(Gains) losses on investments, net 227 240 63
(Gains) losses on derivatives, net 2,632 162 3,088
(Income) loss from equity method investments, net of dividends and distributions 76 109 (987)
Interest credited to policyholder account balances 1,801 1,313 1,243
Universal life and investment-type product policy fees (1,778) (1,876) (2,320)
Change in market risk benefits, net (888) (3,353) (3,298)
Change in accrued investment income (212) (115) (45)
Change in premiums, reinsurance and other receivables (1,279) (1,388) 538
Change in deferred policy acquisition costs and value of business acquired, net 155 144 64
Change in income tax (380) 804 322
Change in other assets 1,100 1,220 1,521
Change in future policy benefits and other policy-related balances (62) (1,814) (436)
Change in other liabilities (18) 286 (14)
Net cash provided by (used in) operating activities (7) (782) 1,249
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities 5,922 10,647 12,406
Sales, maturities and repayments of equity securities 30 50 128
Sales, maturities and repayments of mortgage loans 1,206 2,075 2,891
Sales, maturities and repayments of limited partnerships and limited liability companies 205 252 271
Purchases of fixed maturity securities (8,699) (15,720) (21,036)
Purchases of equity securities (4) (14) (18)
Purchases of mortgage loans (813) (5,321) (6,929)
Purchases of limited partnerships and limited liability companies (453) (814) (837)
Cash received in connection with freestanding derivatives 5,048 4,439 3,956
Cash paid in connection with freestanding derivatives (5,422) (4,270) (4,590)
Receipts on loans to affiliate 125 0 0
Issuances of loans to affiliate 0 (125) (1)
Net change in policy loans (40) (29) 15
Net change in short-term investments (259) 365 1,223
Net change in other invested assets (109) (372) (24)
Net cash provided by (used in) investing activities (3,263) (8,837) (12,545)
Cash flows from financing activities      
Policyholder account balances: Deposits 21,514 31,190 15,520
Policyholder account balances: Withdrawals (17,641) (19,960) (4,100)
Net change in payables for collateral under securities loaned and other transactions (887) (1,706) 1,016
Long-term and short-term debt issued 0 125 0
Long-term and short-term debt repaid (127) (3) (1)
Dividends paid to parent (266) 0 (550)
Financing element on certain derivative instruments and other derivative related transactions, net 91 (178) (368)
Other, net (1) (1) (1)
Net cash provided by (used in) financing activities 2,683 9,467 11,516
Change in cash, cash equivalents and restricted cash (587) (152) 220
Cash, cash equivalents and restricted cash, beginning of year 3,752 3,904 3,684
Cash, cash equivalents and restricted cash, end of year 3,165 3,752 3,904
Supplemental disclosures of cash flow information      
Net cash paid (received) for interest 71 69 67
Net cash paid (received) for income tax 0 (12) 53
Non-cash transactions:      
Transfer of mortgage loans to affiliates 0 95 0
Transfer of limited partnerships and limited liability companies from affiliates $ 0 $ 99 $ 0