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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities      
Net income $ 805 $ 578 $ 478
Adjustments to reconcile net income to net cash provided by operating activities:      
Policy acquisition costs deferred (601) (288) (250)
Deferred income tax expense (benefit) (19) 33 138
Changes in operating assets and liabilities:      
Net cash provided by operating activities 1,199 1,049 599
Available-for-sale securities      
Net cash (used in) provided by investing activities (2,602) (52) 1,332
Consolidated variable interest entities related:      
Net cash provided by (used in) financing activities 1,155 (911) (2,328)
Effect of exchange rate changes on cash and cash equivalents (13) (4) 0
Net (decrease) increase in cash and cash equivalents (261) 82 (397)
Cash and cash equivalents at beginning of year [1] 2,720 2,638 3,035
Cash and cash equivalents at end of year [1] 2,459 2,720 2,638
Supplementary information      
Cash (refunded) paid for taxes (31) (34) 59
Cash paid for interest 9 22 56
Non-cash transactions      
Deposits on investment-type policies and contracts through reinsurance agreements 3,441 1,182 418
Withdrawals on investment-type policies and contracts through reinsurance agreements 448 373 219
Investments received from settlements on reinsurance agreements 47 75 6
Investment funds acquired in exchange for non-cash assets and liabilities 0 473 0
Issuance of capital for payment of liabilities 0 0 199
Reduction in investments and other assets and liabilities relating to reinsurance 0 920 0
Consolidated Entity Excluding Variable Interest Entities (VIE)      
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of deferred acquisition costs and value of business acquired 304 203 119
Amortization of deferred sales inducements 40 20 4
Amortization (accretion) of net investment premiums, discounts, and other (related party: 2016 – $(6), 2015 – $(8) and 2014 – $0) (172) (77) 92
Payment at inception of coinsurance agreement 0 (10) 0
Stock-based compensation 81 67 373
Net investment (income) loss (related party: 2016 – $(51), 2015 – $(6) and 2014 – $(53)) (25) 8 (134)
Net recognized (gains) losses on investments and derivatives (342) 520 (1,463)
Policy acquisition costs deferred (601) (288) (250)
Deferred income tax expense (benefit) (19) 33 138
Changes in operating assets and liabilities:      
Accrued investment income (34) 38 4
Interest sensitive contract liabilities 918 879 2,144
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable 328 (574) (702)
Current income tax recoverable 8 15 (77)
Funds withheld assets and liabilities (128) (278) 0
Other assets and liabilities (20) (58) (37)
Sales, maturities, and repayments of:      
Trading securities (related party: 2016 – $26, 2015 – $72 and 2014 – $271) 748 1,226 807
Mortgage loans 1,176 788 1,062
Investment funds (related party: 2016 – $293, 2015 – $99 and 2014 – $228) 420 343 793
Derivative instruments and other invested assets (related party: 2016 – $8, 2015 – $0 and 2014 – $0) 468 1,151 1,863
Real estate 36 63 0
Short-term investments (related party: 2016 – $55, 2015 – $130 and 2014 – $0) 870 207 0
Available-for-sale securities      
Fixed maturity securities (related party: 2016 – $(82), 2015 – $(64) and 2014 – $(527)) (11,797) (11,069) (11,000)
Equity securities (related party: 2016 – $(20), 2015 – $0 and 2014 – $0) (319) (239) (51)
Trading securities (related party: 2016 – $(39), 2015 – $(52) and 2014 – $(320)) (868) (1,409) (551)
Mortgage loans (1,157) (672) (908)
Investment funds (related party: 2016 – $(441), 2015 – $(510) and 2014 – $(517)) (535) (614) (676)
Derivative instruments and other invested assets (686) (698) (682)
Real estate (39) (6) 0
Short-term investments (related party: 2016 – $0, 2015 – $(85) and 2014 – $0) (873) (267) (17)
Change in restricted cash 59 (39) 37
Acquisition of subsidiaries, net of cash acquired 0 162 33
Cash settlement of derivatives 34 25 1
Other investing activities, net (185) 279 (241)
Cash flows from financing activities      
Capital contributions 1 1,116 305
Repayment of note payables 0 (4) (300)
Deposits on investment-type policies and contracts 5,791 3,460 3,393
Withdrawals on investment-type policies and contracts (4,617) (4,783) (5,551)
Payments for coinsurance agreements on investment-type contracts, net (89) (153) (320)
Consolidated variable interest entities related:      
Net change in cash collateral posted for derivative transactions 516 (535) 661
Repurchase of common stock (20) (3) (78)
Other financing activities, net 73 21 42
Cash and cash equivalents at beginning of year 2,714    
Cash and cash equivalents at end of year 2,445 2,714  
Consolidated Entity Excluding Variable Interest Entities (VIE) | Fixed Maturity Securities      
Sales, maturities, and repayments of:      
Available-for-sale securities 9,211 10,424 9,909
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity Securities      
Sales, maturities, and repayments of:      
Available-for-sale securities 350 53 11
Variable Interest Entities      
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization (accretion) of net investment premiums, discounts, and other (related party: 2016 – $(6), 2015 – $(8) and 2014 – $0) 3 4 (14)
Net investment (income) loss (related party: 2016 – $(51), 2015 – $(6) and 2014 – $(53)) 3 3 1
Net recognized (gains) losses on investments and derivatives 25 (35) (67)
Changes in operating assets and liabilities:      
Other assets and liabilities 25 1 (10)
Available-for-sale securities      
Sales, maturities, and repayments of investments (related party: 2016 – $22, 2015 – $244 and 2014 – $1,401) 504 257 1,410
Purchases of investments (related party: 2016 – $(19), 2015 – $(17) and 2014 – $(482)) (19) (17) (491)
Change in restricted cash 0 0 23
Consolidated variable interest entities related:      
Proceeds from borrowings 0 0 319
Repayment on borrowings (500) 0 (723)
Capital contributions from noncontrolling interests 0 0 21
Capital distributions to noncontrolling interests 0 (30) $ (97)
Cash and cash equivalents at beginning of year 6    
Cash and cash equivalents at end of year $ 14 $ 6  
[1] Includes cash and cash equivalents of consolidated variable interest entities