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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities      
Net income $ 1,053 $ 1,358 $ 773
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of deferred sales inducements 61 67 36
Policy acquisition costs deferred (2,481) (493) (601)
Changes in operating assets and liabilities:      
Net cash provided by operating activities 2,874 3,170 1,199
Purchases of:      
Deconsolidation of Athora Holding Ltd. (296) 0 0
Net cash provided by (used in) investing activities (8,173) (5,769) (2,661)
Cash flows from financing activities      
Proceeds from short-term debt 183 0 0
Proceeds from long-term debt 998 0 0
Net cash provided by financing activities 3,707 5,048 1,155
Effect of exchange rate changes on cash and cash equivalents 0 32 (13)
Net (decrease) increase in cash and cash equivalents (1,592) 2,481 (320)
Cash and cash equivalents at beginning of year [1] 4,997 2,516 2,836
Cash and cash equivalents at end of year [1] 3,405 4,997 2,516
Supplementary information      
Cash paid (refunded) for taxes 52 (64) (31)
Cash paid for interest 26 0 9
Non-cash transactions      
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2018 – $17,619, 2017 – $0 and 2016 – $0) 26,532 663 3,441
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2018 – $1,050, 2017 – $0 and 2016 – $0) 1,843 482 448
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 174 344 304
Amortization of deferred sales inducements 54 63 39
Accretion of net investment premiums, discounts and other (178) (192) (172)
Reinsurance Agreement Payments (394) 0 0
Stock-based compensation 26 45 84
Net investment (income) loss (related party: 2018 – $(103), 2017 – $(63) and 2016 – $(51)) (84) (53) (25)
Net recognized (gains) losses on investments and derivatives 1,095 (2,180) (342)
Policy acquisition costs deferred (919) (493) (601)
Changes in operating assets and liabilities:      
Accrued investment income (related party: 2018 – $(15), 2017 – $0 and 2016 – $0) (66) (91) (34)
Interest sensitive contract liabilities (related party: 2018 – $30, 2017 – $0 and 2016 – $0) (365) 2,564 956
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable (related party: 2018 – $109, 2017 – $0 and 2016 – $0) 2,457 2,019 331
Funds withheld assets and liabilities (related party: 2018 – $113, 2017 – $0 and 2016 – $0) 270 (419) (128)
Other assets and liabilities (266) 238 (42)
Sales, maturities and repayments of:      
Available-for-sale securities (related party: 2018 – $181, 2017 – $131 and 2016 – $78) 12,121 12,634  
Trading securities (related party: 2018 – $30, 2017 – $55 and 2016 – $26) 348 156 356
Mortgage loans (related party: 2018 – $13, 2017 – $0 and 2016 – $0) 1,373 1,669 1,176
Investment funds (related party: 2018 – $305, 2017 – $349 and 2016 – $293) 481 496 420
Derivative instruments and other invested assets (related party: 2018 – $2, 2017 – $0 and 2016 – $0) 1,859 1,503 468
Real estate 0 4 36
Short-term investments (related party: 2018 – $172, 2017 – $65 and 2016 – $55) 538 351 870
Purchases of:      
Available-for-sale securities (related party: 2018 – $(811), 2017 – $(186) and 2016 – $(86)) (15,435) (18,883) (11,797)
Trading securities (related party: 2018 – $(4), 2017 – $0 and 2016 – $(39)) (54) (89) (473)
Payments to Acquire Marketable Securities     714
Mortgage loans (related party: 2018 – $(389), 2017 – $0 and 2016 – $0) (5,745) (2,428) (1,157)
Investment funds (related party: 2018 – $(1,140), 2017 – $(509) and 2016 – $(441)) (1,375) (660) (535)
Derivative instruments and other invested assets (related party: 2018 – $(150), 2017 – $0 and 2016 – $0) (1,348) (738) (686)
Real estate 0 (76) (39)
Short-term investments (related party: 2018 – $(121), 2017 – $(117) and 2016 – $0) (478) (421) (873)
Cash settlement of derivatives 18 (4) 34
Other investing activities, net (112) 507 (185)
Cash flows from financing activities      
Capital contributions 2 1 1
Repayment of short-term debt (183) 0 0
Deposits on investment-type policies and contracts (related party: 2018 – $151, 2017 – $0 and 2016 – $0) 10,262 9,056 5,791
Withdrawals on investment-type policies and contracts (related party: 2018 – $(252), 2017 – $0 and 2016 – $0) (6,205) (4,843) (4,617)
Payments for coinsurance agreements on investment-type contracts, net (2) (33) (89)
Net change in cash collateral posted for derivative transactions (1,354) 940 516
Repurchase of common stock (105) (10) (20)
Other financing activities, net 111 (63) 73
Cash and cash equivalents at end of year 2,911 4,888  
Consolidated Entity Excluding Variable Interest Entities (VIE) | Fixed Maturity Securities      
Sales, maturities and repayments of:      
Available-for-sale securities (related party: 2018 – $181, 2017 – $131 and 2016 – $78)     9,211
Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities      
Sales, maturities and repayments of:      
Proceeds from Sale and Maturity of Marketable Securities 132 985 742
Purchases of:      
Payments to Acquire Marketable Securities (334) (847)  
Variable Interest Entities      
Adjustments to reconcile net income to net cash provided by operating activities:      
Net recognized (gains) losses on investments and derivatives 17 (36) 25
Changes in operating assets and liabilities:      
Other Noncash Income (Expense) 0 (3) (31)
Purchases of:      
Sales, maturities and repayments of investments (related party: 2018 – $203, 2017 – $85 and 2016 – $22) 217 95 504
Purchases of investments (related party: 2018 – $(31), 2017 – $(23) and 2016 – $(19)) (83) (23) (19)
Cash flows from financing activities      
Repayment on borrowings 0 0 (500)
Cash and cash equivalents at end of year 2 4  
Reinsurance Settlements [Member]      
Non-cash transactions      
Transfer to Investments 52 73 47
Pension Risk Transfer Premiums [Member]      
Non-cash transactions      
Transfer to Investments 435 334 0
Reinsurance Agreement [Member]      
Non-cash transactions      
Ceding commission on reinsurance agreements settled in investments 266 0 0
Investment funds | Exchange of Stock for Stock [Member]      
Purchases of:      
Investment funds (related party: 2018 – $(1,140), 2017 – $(509) and 2016 – $(441)) (108) 0 0
Related Party      
Non-cash transactions      
Transfer to Investments 115 0 0
Transfer from Investments 95 26 0
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE)      
Adjustments to reconcile net income to net cash provided by operating activities:      
Reinsurance Agreement Payments (407) 0 0
Net investment (income) loss (related party: 2018 – $(103), 2017 – $(63) and 2016 – $(51)) (103) (63) (51)
Net recognized (gains) losses on investments and derivatives (8) 8 34
Changes in operating assets and liabilities:      
Accrued investment income (related party: 2018 – $(15), 2017 – $0 and 2016 – $0) (15) 0 0
Interest sensitive contract liabilities (related party: 2018 – $30, 2017 – $0 and 2016 – $0) 30 0 0
Future policy benefits, other policy claims and benefits, dividends payable to policyholders and reinsurance recoverable (related party: 2018 – $109, 2017 – $0 and 2016 – $0) 109 0 0
Funds withheld assets and liabilities (related party: 2018 – $113, 2017 – $0 and 2016 – $0) 113 0 0
Sales, maturities and repayments of:      
Available-for-sale securities (related party: 2018 – $181, 2017 – $131 and 2016 – $78) 181 131  
Trading securities (related party: 2018 – $30, 2017 – $55 and 2016 – $26) 30 55 26
Mortgage loans (related party: 2018 – $13, 2017 – $0 and 2016 – $0) 13 0 0
Investment funds (related party: 2018 – $305, 2017 – $349 and 2016 – $293) 305 349 293
Derivative instruments and other invested assets (related party: 2018 – $2, 2017 – $0 and 2016 – $0) 2 0 0
Short-term investments (related party: 2018 – $172, 2017 – $65 and 2016 – $55) 172 65 55
Purchases of:      
Available-for-sale securities (related party: 2018 – $(811), 2017 – $(186) and 2016 – $(86)) (811) (186) (86)
Trading securities (related party: 2018 – $(4), 2017 – $0 and 2016 – $(39)) (4) 0 (39)
Payments to Acquire Marketable Securities     20
Mortgage loans (related party: 2018 – $(389), 2017 – $0 and 2016 – $0) (389) 0 0
Investment funds (related party: 2018 – $(1,140), 2017 – $(509) and 2016 – $(441)) (1,140) (509) (441)
Derivative instruments and other invested assets (related party: 2018 – $(150), 2017 – $0 and 2016 – $0) (150) 0 0
Short-term investments (related party: 2018 – $(121), 2017 – $(117) and 2016 – $0) (121) (117) 0
Cash flows from financing activities      
Deposits on investment-type policies and contracts (related party: 2018 – $151, 2017 – $0 and 2016 – $0) 151 0 0
Withdrawals on investment-type policies and contracts (related party: 2018 – $(252), 2017 – $0 and 2016 – $0) (252) 0 0
Non-cash transactions      
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2018 – $17,619, 2017 – $0 and 2016 – $0) 17,619 0 0
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2018 – $1,050, 2017 – $0 and 2016 – $0) 1,050 0 0
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | Fixed Maturity Securities      
Sales, maturities and repayments of:      
Available-for-sale securities (related party: 2018 – $181, 2017 – $131 and 2016 – $78)     78
Related Party | Consolidated Entity Excluding Variable Interest Entities (VIE) | Equity securities      
Sales, maturities and repayments of:      
Proceeds from Sale and Maturity of Marketable Securities 29 22 0
Purchases of:      
Payments to Acquire Marketable Securities 149 0  
Related Party | Variable Interest Entities      
Adjustments to reconcile net income to net cash provided by operating activities:      
Net recognized (gains) losses on investments and derivatives 20 (36) 3
Purchases of:      
Sales, maturities and repayments of investments (related party: 2018 – $203, 2017 – $85 and 2016 – $22) 203 85 22
Purchases of investments (related party: 2018 – $(31), 2017 – $(23) and 2016 – $(19)) $ (31) $ (23) $ (19)
[1] Includes cash and cash equivalents, restricted cash, and cash and cash equivalents of consolidated variable interest entities.