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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (2,209,730) $ 196,697 $ 216,999
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Policy charges and fee income (21,763) (81,850) (53,158)
Interest credited to policyholders’ account balances (114,585) 233,375 187,229
Realized investment (gains) losses, net 5,295,406 62,976 116,749
Amortization and other non-cash items 1,488,904 (102,443) (81,847)
Change in:      
Future policy benefits 2,080,967 2,658,195 2,538,263
Reinsurance recoverables (1,304,306) (2,440,532) (2,739,573)
Accrued investment income (66,414) (4,165) (1,170)
Net payables to/receivables from parent and affiliates (16,904) (145,743) (7,175)
Deferred policy acquisition costs (3,926,121) (617,907) (338,455)
Income taxes (1,082,459) (142,196) (138,706)
Derivatives, net (1,193,004) 10,969 143,004
Other, net 186,068 (6,498) (22,573)
Cash flows from (used in) operating activities (883,941) (379,122) (180,413)
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 1,251,269 385,245 948,693
Fixed maturities, trading 914,662 0 0
Equity securities 100,151 5,043 29,532
Policy loans 172,932 174,208 162,744
Ceded policy loans (13,387) (12,863) (11,953)
Short-term investments 221,645 371,508 51,117
Commercial mortgage and other loans 280,103 123,124 144,512
Other invested assets 302,692 16,280 18,599
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (2,504,582) (1,269,808) (940,605)
Fixed maturities, trading (117,247) (13,418) (15,235)
Equity securities (98,122) (99,871) (110)
Policy loans (122,297) (137,133) (196,508)
Ceded policy loans 12,161 20,053 19,790
Short-term investments (317,593) (421,495) (51,113)
Commercial mortgage and other loans (565,222) (165,398) (171,762)
Other invested assets (148,842) (74,231) (84,762)
Notes receivable from parent and affiliates, net (54,026) 905 15,980
Derivatives, net (3,234) (4,048) (4,056)
Other, net (10,392) 2,290 (6,342)
Cash flows from (used in) investing activities (699,329) (1,099,609) (91,479)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Policyholders’ account deposits 5,690,619 4,775,163 5,407,620
Ceded policyholders’ account deposits (1,149,254) (3,479,973) (3,537,492)
Policyholders’ account withdrawals (3,927,948) (3,291,806) (3,568,340)
Ceded policyholders’ account withdrawals 326,680 2,709,182 2,431,701
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities 287 (4,804) (3,534)
Dividend to parent 0 0 (250,000)
Contributed Capital 776,657 575,000 0
Contributed (distributed) capital - parent/child asset transfers (6,148) (2,458) 1,443
Net change in financing arrangements (maturities 90 days or less) 0 (2,845) 2,845
Proceeds from the issuance of debt (maturities longer than 90 days) 323,839 0 0
Drafts outstanding 43,741 40,514 7,150
Other, net (3,251) 24,538 (73,142)
Cash flows from (used in) financing activities 2,075,222 1,342,511 418,251
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 491,952 (136,220) 146,359
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 426,979 563,199 416,840
CASH AND CASH EQUIVALENTS, END OF YEAR 918,931 426,979 563,199
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid (refund) 391,015 11,948 79,574
Interest paid $ 6,341 $ 2,783 $ 3,204