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Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 52,950 $ (1,009,078) [1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income 47,830 89,744 [1]
Interest credited to policyholders’ account balances 467,112 318,586 [1]
Realized investment (gains) losses, net 581,241 (810,771) [1]
Change in value of market risk benefits, net of related hedging (gains) losses 266,156 1,235,415 [1]
Change in:    
Future policy benefits and other insurance liabilities 1,722,582 3,283,649 [1]
Reinsurance recoverables (447,411) (1,936,549) [1]
Accrued investment income (85,831) (35,718)
Net payables to/receivables from parent and affiliates (9,978) 97,663
Deferred policy acquisition costs (386,514) (336,285) [1]
Income taxes (430,883) (446,118) [1]
Derivatives, net (547,545) (1,144,519)
Other, net 107,768 1,717,442 [1],[2]
Cash flows from (used in) operating activities 1,337,477 1,023,461
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 1,096,571 1,511,002
Fixed maturities, trading 68,734 871,217
Equity securities 189,090 109,213
Policy loans 141,484 126,551
Ceded policy loans (94,874) (85,231)
Short-term investments 352,689 212,518
Commercial mortgage and other loans 98,558 179,274
Other invested assets 11,800 70,570
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (5,957,466) (5,061,674)
Fixed maturities, trading (746,093) (186,069)
Equity securities (86,748) (281,610)
Policy loans (1,111,590) (111,949)
Ceded policy loans 127,365 55,194
Short-term investments (473,889) (485,509)
Commercial mortgage and other loans (665,136) (547,112)
Other invested assets (137,809) (108,025)
Notes receivable from parent and affiliates, net 4,302 410
Derivatives, net (56,949) (331,816)
Other, net (3,924) 35,618
Cash flows from (used in) investing activities (7,243,885) (4,027,428)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Policyholders’ account deposits 9,193,418 9,164,371
Ceded policyholders’ account deposits (875,022) (916,797)
Policyholders’ account withdrawals (2,805,559) (4,338,707)
Ceded policyholders’ account withdrawals 454,740 425,911
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities 97,263 191,938
Contributed / (return of) capital (545,000) 0
Contributed (distributed) capital - parent/child asset transfers 2,919 (15,366)
Net change in all other financing arrangements (maturities 90 days or less) (584) 0
Drafts outstanding 109,199 49,310
Other, net (58,917) 23,476
Cash flows from (used in) financing activities 5,354,059 4,485,516
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (552,349) 1,481,549
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,397,627 918,931
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,845,278 $ 2,400,480
[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.