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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income (Loss) $ 461,691 $ (766,705) [1] $ (1,394,701) [1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Policy charges and fee income 69,986 131,936 [1] 165,675 [1]
Interest credited to policyholders’ account balances 655,445 445,215 [1] (151,389) [1]
Realized investment gains (losses), net 1,083,660 (336,382) [1] 386,894 [2]
Change in value of market risk benefits, net of related hedging (gains) losses 94,368 700,581 [2] 4,222,530 [1]
Change in:      
Future policy benefits and other insurance liabilities 2,241,530 3,743,780 [1] 1,831,520 [1]
Reinsurance recoverables (639,002) (2,254,290) [1] (1,134,683) [1]
Accrued investment income (110,760) (58,762) (66,414)
Net payables to/receivables from parent and affiliates (120,565) 80,370 (16,904)
Deferred policy acquisition costs (560,471) (442,303) [1] (4,067,946) [1]
Income taxes (37,886) (334,769) [1] (842,107) [1]
Derivatives, net (282,729) (651,654) (1,193,004)
Other, net (395,372) 1,567,947 [1] 1,376,588 [1]
Cash flows from (used in) operating activities 2,459,895 1,824,964 (883,941)
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 1,736,809 1,688,079 1,251,269
Fixed maturities, trading 97,693 907,941 914,662
Equity securities 189,237 242,292 100,151
Policy loans 182,973 169,723 172,932
Ceded policy loans (119,787) (112,164) (13,387)
Short-term investments 456,983 632,069 221,645
Commercial mortgage and other loans 167,888 196,672 280,103
Other invested assets 19,693 60,349 302,692
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (7,544,596) (7,009,578) (2,504,582)
Fixed maturities, trading (857,717) (425,267) (117,247)
Equity securities (678,847) (281,684) (98,122)
Policy loans (1,162,959) (144,764) (122,297)
Ceded policy loans 151,019 71,402 12,161
Short-term investments (690,173) (558,161) (317,593)
Commercial mortgage and other loans (1,341,450) (1,076,351) (565,222)
Other invested assets (190,826) (166,345) (148,842)
Notes receivable from parent and affiliates, net     (54,026)
Notes receivable from parent and affiliates, net 4,456 771  
Derivatives, net (55,091) (366,805) (3,234)
Other, net (4,808) 57,687 (10,392)
Cash flows from (used in) investing activities (9,639,503) (6,114,134) (699,329)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Policyholders’ account deposits 12,101,043 9,996,128 5,690,619
Ceded policyholders’ account deposits (1,189,331) (1,216,195) (1,149,254)
Policyholders’ account withdrawals (3,695,248) (3,727,579) (3,927,948)
Ceded policyholders’ account withdrawals 625,238 638,392 326,680
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities 131,577 83,762 287
Contributed / (return of) capital   0 776,657
Contributed / (return of) capital (995,000)    
Contributed (distributed) capital - parent/child asset transfers 2,919 (11,478) (6,148)
Net change in all other financing arrangements (maturities 90 days or less) (584) 584 0
Proceeds from the issuance of debt (maturities longer than 90 days) 0 0 323,839
Repayments of debt (maturities longer than 90 days) (121,772) 0 0
Drafts outstanding (885) 63,579 43,741
Other, net 63,816 (59,327) (3,251)
Cash flows from (used in) financing activities 6,921,773 5,767,866 2,075,222
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (257,835) 1,478,696 491,952
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,397,627 918,931 426,979
CASH AND CASH EQUIVALENTS, END OF YEAR 2,139,792 2,397,627 918,931
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid (refund) 67,203 39,201 391,015
Interest paid $ 4,533 $ 7,863 $ 6,341
[1] Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[2] Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.