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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income (loss) $ 257 $ (1,123) $ 3,711
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 (301) (258) (225)
(Gains) losses on investments, net 267 227 240
(Gains) losses on derivatives, net 1,456 2,632 162
(Income) loss from equity method investments, net of dividends and distributions 41 76 109
Interest credited to policyholder account balances 2,110 1,801 1,313
Universal life and investment-type product policy fees (1,601) (1,778) (1,876)
Change in market risk benefits, net (2,089) (888) (3,353)
Change in accrued investment income (117) (212) (115)
Change in premiums, reinsurance and other receivables (1,482) (1,279) (1,388)
Change in deferred policy acquisition costs and value of business acquired, net 113 155 144
Change in income tax (8) (380) 804
Change in other assets 1,116 1,100 1,220
Change in future policy benefits and other policy-related balances (316) (62) (1,814)
Change in other liabilities 377 (18) 286
Net cash provided by (used in) operating activities (177) (7) (782)
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities 11,559 5,922 10,647
Sales, maturities and repayments of equity securities 46 30 50
Sales, maturities and repayments of mortgage loans 1,518 1,206 2,075
Sales, maturities and repayments of limited partnerships and limited liability companies 337 205 252
Purchases of fixed maturity securities (11,811) (8,699) (15,720)
Purchases of equity securities (3) (4) (14)
Purchases of mortgage loans (2,374) (813) (5,321)
Purchases of limited partnerships and limited liability companies (299) (453) (814)
Cash received in connection with freestanding derivatives 12,453 5,048 4,439
Cash paid in connection with freestanding derivatives (11,856) (5,422) (4,270)
Receipts on loans to affiliate 0 125 0
Issuances of loans to affiliate 0 0 (125)
Net change in policy loans (688) (40) (29)
Net change in short-term investments (572) (259) 365
Net change in other invested assets (369) (109) (372)
Net cash provided by (used in) investing activities (2,059) (3,263) (8,837)
Cash flows from financing activities      
Policyholder account balances: Deposits 29,950 21,514 31,190
Policyholder account balances: Withdrawals (26,287) (17,641) (19,960)
Net change in payables for collateral under securities loaned and other transactions 214 (887) (1,706)
Long-term and short-term debt issued 0 0 125
Long-term and short-term debt repaid (2) (127) (3)
Dividends paid to parent 0 (266) 0
Financing element on certain derivative instruments and other derivative related transactions, net (211) 91 (178)
Other, net (1) (1) (1)
Net cash provided by (used in) financing activities 3,663 2,683 9,467
Change in cash, cash equivalents and restricted cash 1,427 (587) (152)
Cash, cash equivalents and restricted cash, beginning of year 3,165 3,752 3,904
Cash, cash equivalents and restricted cash, end of year 4,592 3,165 3,752
Supplemental disclosures of cash flow information      
Net cash paid (received) for interest 67 71 69
Net cash paid (received) for income tax 0 0 (12)
Non-cash transactions:      
Transfer of mortgage loans to affiliates 0 0 95
Transfer of limited partnerships and limited liability companies from affiliates $ 0 $ 0 $ 99