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Consolidated Statements of Cash Flows
$ in Millions
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Cash Flows from Operating Activities:      
Net income (loss) $ 1,012 $ (2,792) $ (298)
Adjustments to reconcile net income (loss) to net cash proviced by operating activities:      
(Income) loss from discontinued operations, net of tax (457) 2,580 337
Capitalization of deferred policy acquisition costs, value of business acquired and sales inducements (217) (243) (264)
Net amortization of deferred policy acquisition costs, value of business acquired and sales inducements 370 534 420
Future policy benefits, claims reserves and interest credited (492) 899 1,298
Deferred income tax expense (benefit) 1 862 (151)
Net realized capital losses 399 227 363
Share-based compensation 96 117 99
(Gains) losses on consolidated investment entities (256) (343) (57)
(Gains) losses on limited partnerships/corporations (42) (31) (29)
Change in:      
Premiums receivable and reinsurance recoverable 773 (345) 363
Other receivables and assets accruals (524) 298 (18)
Other payables and accruals (185) (41) (190)
(Increase) decrease in cash held by consolidated investment entities (305) (557) (260)
Other, net 233 6 145
Net cash provided by operating activities - discontinued operations 1,462 411 1,934
Net cash provided by operating activities 1,868 1,582 3,692
Proceeds from the sale, maturity, disposal or redemption of:      
Fixed maturities 7,749 8,325 8,112
Equity securities 152 54 104
Mortgage loans on real estate 999 955 747
Limited partnerships/corporations 338 236 306
Acquisition of:      
Fixed maturities (8,946) (8,719) (9,839)
Equity securities, available-for-sale (69) (47) (47)
Mortgage loans on real estate (875) (1,638) (1,481)
Limited partnerships/corporations (381) (332) (367)
Short-term investments, net 337 (80) 31
Derivatives, net 97 213 (24)
Sales from consolidated investment entities 1,365 2,047 2,304
Purchases within consolidated investment entities (994) (2,036) (1,727)
Collateral received (delivered), net (103) (148) (22)
Other, net 15 3 20
Net cash used in investing activities - discontinued operations 34 (1,261) (1,800)
Net cash used in investing activities (282) (2,428) (3,683)
Cash Flows from Financing Activities:      
Deposits received for investment contracts 6,096 5,061 5,891
Maturities and withdrawals from investment contracts (5,503) (5,372) (5,412)
Settlements on Deposit Contracts (10) 0 0
Proceeds from issuance of debt with maturities of more than three months 350 399 798
Repayment of debt with maturities of more than three months (710) (494) (809)
Debt issuance costs (6) (3) (16)
Borrowings of consolidated investment entities 773 967 126
Repayments of borrowings of consolidated investment entities (656) (804) (455)
Contributions from (distributions to) participants in consolidated investment entities (166) 449 51
Proceeds from issuance of common stock, net 3 3 1
Proceeds from issuance of preferred stock, net 319 0 0
Share-based compensation (14) (8) (7)
Common stock acquired - Share repurchase (1,025) (923) (687)
Dividends paid on common stock (6) (8) (8)
Net cash used in financing activities - discontinued operations (1,209) 384 916
Net cash (used in) provided by financing activities (1,764) (349) 389
Net (decrease) increase in cash and cash equivalents (178) (1,195) 398
Cash and cash equivalents, beginning of period 1,716 2,911 2,513
Cash and cash equivalents, end of period 1,538 1,716 2,911
Less: Cash and cash equivalents of discontinued operations, end of period 0 498 815
Cash and cash equivalents of continuing operations, end of period 1,538 1,218 2,096
Supplemental cash flow information:      
Income taxes paid, net 1 (154) 69
Interest paid 180 174 190
Decrease of assets due to deconsolidation of consolidated investment entities 0 0 7,497
Decrease of liabilities due to deconsolidation of consolidated investment entities 0 0 5,905
Decrease of equity due to deconsolidation of consolidated investment entities 0 0 1,592
Elimination of appropriated retained earnings $ 0 $ 0 $ 18