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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income (loss) $ 102 $ (129)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Realized (gains) losses (127) 301
Amortization of DAC and VOBA 105 54
Capitalization of DAC (139) (107)
Depreciation and amortization expense 20 19
Deferred income tax (17) 65
Accrued income tax 43 (93)
Interest credited to universal life and investment products 390 411
Policy fees assessed on universal life and investment products (453) (448)
Change in reinsurance receivables (53) (149)
Change in accrued investment income and other receivables (40) 14
Change in policy liabilities and other policyholders’ funds of traditional life and health products (69) (211)
Trading securities:    
Maturities and principal reductions of investments 31 26
Sale of investments 144 123
Cost of investments acquired (151) (179)
Other net change in trading securities (32) 2
Amortization of premiums and accretion of discounts on investments and commercial mortgage loans 68 84
Change in other liabilities (139) 353
Other, net 24 28
Net cash (used in) provided by operating activities (293) 164
Cash flows from investing activities    
Maturities and principal reductions of investments, available-for-sale 2,197 820
Sale of investments, available-for-sale 1,513 967
Cost of investments acquired, available-for-sale (4,669) (2,587)
Commercial mortgage loans:    
New lendings (358) (355)
Repayments 268 226
Change in policy loans, net 17 18
Change in other long-term investments, net (206) 302
Change in short-term investments, net (164) 321
Net unsettled security transactions 100 (151)
Purchase of property, equipment, and intangibles (7) (9)
Net cash used in investing activities (1,309) (448)
Cash flows from financing activities    
Secured financing liabilities 491  
Secured financing liabilities   (268)
Capital contributions from parent 0 20
Deposits to universal life and investment contracts 1,865 1,549
Withdrawals from universal life and investment contracts (843) (786)
Other financing activities, net (2) (1)
Net cash provided by financing activities 1,511 514
Change in cash (91) 230
Cash at beginning of period 656 213
Cash at end of period $ 565 $ 443