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Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 346,919 $ 497,277
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income (2,391,091) 32,088
Interest credited to policyholders’ account balances 450,774 304,038
Realized investment (gains) losses, net (861,882) 112,985
Change in value of market risk benefits, net of related hedging (gains) losses 190,592 18,685
Change in:    
Future policy benefits and other insurance liabilities 1,319,243 1,114,998
Reinsurance recoverables (371,039) (266,323)
Accrued investment income (84,564) (61,627)
Net payables to/receivables from parent and affiliates 34,767 (62,810)
Deferred policy acquisition costs (700,157) (247,251)
Income taxes (47,971) (131,308)
Derivatives, net 566,749 (24,143)
Other, net 3,465,543 22,671
Cash flows from (used in) operating activities 1,917,883 1,309,280
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 1,508,920 668,943
Fixed maturities, trading 634,302 28,720
Equity securities 599,044 44,737
Policy loans 90,999 96,630
Ceded policy loans (53,663) (65,351)
Short-term investments 751,272 188,767
Commercial mortgage and other loans 206,032 65,695
Other invested assets 28,981 6,890
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (6,966,095) (4,639,830)
Fixed maturities, trading (1,033,048) (508,352)
Equity securities (355,520) (84,161)
Policy loans (116,650) (1,039,549)
Ceded policy loans 49,226 89,078
Short-term investments (787,217) (352,450)
Commercial mortgage and other loans (810,995) (499,642)
Other invested assets (206,518) (92,315)
Notes receivable from parent and affiliates, net (180,046)  
Notes receivable from parent and affiliates, net   3,380
Derivatives, net 157,771 (72,609)
Other, net (7,632) (6,502)
Cash flows from (used in) investing activities (6,490,837) (6,167,921)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Policyholders’ account deposits 8,432,668 6,380,420
Ceded policyholders’ account deposits (654,834) (590,643)
Policyholders’ account withdrawals (2,047,637) (1,904,078)
Ceded policyholders’ account withdrawals 410,169 317,163
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities (198,908) 75,379
Contributed / (return of) capital (550,000)  
Contributed / (return of) capital   105,000
Contributed (distributed) capital - parent/child asset transfers 7,481 2,997
Net change in all other financing arrangements (maturities 90 days or less) 0 (88)
Repayments of debt (maturities longer than 90 days) (180,411) 0
Drafts outstanding (84,821) (83,568)
Other, net 185,662 (60,577)
Cash flows from (used in) financing activities 5,319,369 4,242,005
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 746,415 (616,636)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,139,792 2,397,627
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,886,207 $ 1,780,991