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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Cash flows from operating activities:      
Net income $ 530 $ 297 $ 927
Less income from discontinued operations, net of taxes (11) (230) (394)
Adjustments to reconcile net income to net cash from operating activities:      
Amortization of fixed maturity securities discounts and premiums (118) (130) (156)
Net investment (gains) losses (50) 9 (137)
Charges assessed to policyholders (699) (697) (713)
Acquisition costs deferred (27) (42) (46)
Amortization of deferred acquisition costs and intangibles 441 348 392
Deferred income taxes 139 28 (427)
Trading securities, derivative instruments and limited partnerships (98) (260) 727
Stock-based compensation expense 27 35 31
Change in certain assets and liabilities:      
Accrued investment income and other assets (358) (166) 32
Insurance reserves 1,259 1,555 1,625
Current tax liabilities 26 8 (25)
Other liabilities, policy and contract claims and other policy-related balances 609 598 370
Cash from operating activities—discontinued operations 409 280 348
Net cash from operating activities 2,079 1,633 2,554
Cash flows from (used by) investing activities:      
Fixed maturity securities 3,436 3,312 4,170
Commercial mortgage loans 582 701 579
Restricted commercial mortgage loans related to a securitization entity 15 45 22
Proceeds from sales of investments:      
Fixed maturity and equity securities 3,883 5,488 3,788
Purchases and originations of investments:      
Fixed maturity and equity securities (6,899) (9,386) (7,800)
Commercial mortgage loans (813) (1,047) (806)
Other invested assets, net (389) 261 (678)
Policy loans, net 62 35 48
Proceeds from sale of business, net of cash transferred 1,398 0 0
Payments for business purchased, net of cash acquired 0 0 (5)
Cash from (used by) investing activities—discontinued operations 26 (31) (77)
Net cash from (used by) investing activities 1,301 (622) (759)
Cash flows used by financing activities:      
Deposits to universal life and investment contracts 824 1,193 857
Withdrawals from universal life and investment contracts (2,319) (2,355) (2,397)
Proceeds from issuance of long-term debt 0 441 0
Repayment and repurchase of long-term debt (446) (600) 0
Repayment of borrowings related to securitization entities 0 (40) (34)
Repurchase of subsidiary shares (22) (55) (19)
Dividends paid to noncontrolling interests (87) (40) (53)
Other, net (35) (56) (53)
Cash used by financing activities—discontinued operations (132) (109) (69)
Net cash used by financing activities (2,217) (1,621) (1,768)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $6, $(25) and $23 related to discontinued operations) 1 (88) 64
Net change in cash, cash equivalents and restricted cash 1,164 (698) 91
Cash, cash equivalents and restricted cash at beginning of period 2,177 2,875 2,784
Cash, cash equivalents and restricted cash at end of period 3,341 2,177 2,875
Less cash, cash equivalents and restricted cash of discontinued operations at end of period 0 203 229
Cash, cash equivalents and restricted cash $ 3,341 $ 1,974 $ 2,646