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Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 497,277 $ (1,029,225) [1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income 32,088 50,541 [1]
Interest credited to policyholders’ account balances 304,038 220,937 [1]
Realized investment (gains) losses, net 112,985 (713,500) [1]
Change in value of market risk benefits, net of related hedging (gains) losses 18,685 1,155,337 [1]
Change in:    
Future policy benefits and other insurance liabilities 1,114,998 2,656,256 [1]
Reinsurance recoverables (266,323) (1,677,450) [1]
Accrued investment income (61,627) (22,745)
Net payables to/receivables from parent and affiliates (62,810) 72,538
Deferred policy acquisition costs (247,251) (232,892) [1]
Income taxes (131,308) (504,423) [1]
Derivatives, net (24,143) (1,186,480)
Other, net 22,671 1,994,124 [1],[2]
Cash flows from (used in) operating activities 1,309,280 783,018
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 668,943 877,701
Fixed maturities, trading 28,720 858,989
Equity securities 44,737 109,213
Policy loans 96,630 83,894
Ceded policy loans (65,351) (54,926)
Short-term investments 188,767 195,709
Commercial mortgage and other loans 65,695 113,924
Other invested assets 6,890 58,993
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (4,639,830) (3,522,783)
Fixed maturities, trading (508,352) (67,781)
Equity securities (84,161) (232,161)
Policy loans (1,039,549) (74,108)
Ceded policy loans 89,078 35,490
Short-term investments (352,450) (278,180)
Commercial mortgage and other loans (499,642) (403,331)
Other invested assets (92,315) (64,361)
Notes receivable from parent and affiliates, net 3,380 278
Derivatives, net (72,609) (259,219)
Other, net (6,502) 52,879
Cash flows from (used in) investing activities (6,167,921) (2,569,780)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Policyholders’ account deposits 6,380,420 5,275,227
Ceded policyholders’ account deposits (590,643) (608,678)
Policyholders’ account withdrawals (1,904,078) (2,381,708)
Ceded policyholders’ account withdrawals 317,163 288,895
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities 75,379 147,670
Contributed capital 105,000 0
Contributed (distributed) capital - parent/child asset transfers 2,997 (165)
Net change in all other financing arrangements (maturities 90 days or less) (88) 0
Drafts outstanding 83,568 58,729
Other, net (60,577) (4,929)
Cash flows from (used in) financing activities 4,242,005 2,657,583
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (616,636) 870,821
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,397,627 918,931
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,780,991 $ 1,789,752
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[2] Prior period has been reclassified to conform to the current period presentation.