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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 341,749 $ (2,209,730) $ 196,697
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Policy charges and fee income (78,754) (21,763) (81,850)
Interest credited to policyholders’ account balances 517,488 (114,585) 233,375
Realized investment (gains) losses, net (1,041,435) 5,295,406 62,976
Change in:      
Future policy benefits 2,407,887 2,080,967 2,658,195
Reinsurance recoverables (1,181,692) (1,304,306) (2,440,532)
Accrued investment income (58,762) (66,414) (4,165)
Net payables to/receivables from parent and affiliates 80,370 (16,904) (145,743)
Deferred policy acquisition costs (105,194) (3,926,121) (617,907)
Income taxes (40,095) (1,082,459) (142,196)
Derivatives, net (651,654) (1,193,004) 10,969
Other, net [1] 1,635,056 1,674,972 (108,941)
Cash flows from (used in) operating activities 1,824,964 (883,941) (379,122)
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 1,688,079 1,251,269 385,245
Fixed maturities, trading 907,941 914,662 0
Equity securities 242,292 100,151 5,043
Policy loans 169,723 172,932 174,208
Ceded policy loans (112,164) (13,387) (12,863)
Short-term investments 632,069 221,645 371,508
Commercial mortgage and other loans 196,672 280,103 123,124
Other invested assets 60,349 302,692 16,280
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (7,009,578) (2,504,582) (1,269,808)
Fixed maturities, trading (425,267) (117,247) (13,418)
Equity securities (281,684) (98,122) (99,871)
Policy loans (144,764) (122,297) (137,133)
Ceded policy loans 71,402 12,161 20,053
Short-term investments (558,161) (317,593) (421,495)
Commercial mortgage and other loans (1,076,351) (565,222) (165,398)
Other invested assets (166,345) (148,842) (74,231)
Notes receivable from parent and affiliates, net 771   905
Notes receivable from parent and affiliates, net   (54,026)  
Derivatives, net (366,805) (3,234) (4,048)
Other, net 57,687 (10,392) 2,290
Cash flows from (used in) investing activities (6,114,134) (699,329) (1,099,609)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Policyholders’ account deposits 9,996,128 5,690,619 4,775,163
Ceded policyholders’ account deposits (1,216,195) (1,149,254) (3,479,973)
Policyholders’ account withdrawals (3,727,579) (3,927,948) (3,291,806)
Ceded policyholders’ account withdrawals 638,392 326,680 2,709,182
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities 83,762 287 (4,804)
Contributed capital 0 776,657 575,000
Contributed (distributed) capital - parent/child asset transfers (11,478) (6,148) (2,458)
Net change in financing arrangements (maturities 90 days or less) 584 0 (2,845)
Proceeds from the issuance of debt (maturities longer than 90 days) 0 323,839 0
Drafts outstanding 63,579 43,741 40,514
Other, net (59,327) (3,251) 24,538
Cash flows from (used in) financing activities 5,767,866 2,075,222 1,342,511
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,478,696 491,952 (136,220)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 918,931 426,979 563,199
CASH AND CASH EQUIVALENTS, END OF YEAR 2,397,627 918,931 426,979
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid (refund) 39,201 391,015 11,948
Interest paid $ 7,863 $ 6,341 $ 2,783
[1] Prior periods have been reclassified to conform to the current period presentation.