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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 285 $ 234 $ 427
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Net losses (gains) - investments and derivatives (150) 235 59
Amortization of deferred acquisition costs and value of business acquired 309 208 176
Capitalization of deferred acquisition costs (550) (459) (408)
Depreciation and amortization expense 77 79 74
Deferred income tax (46) (75) (290)
Accrued income tax (86) 35 7
Interest credited to universal life and investment products 1,520 1,593 1,343
Goodwill impairment 129 0 0
Trading securities purchases, sales, and maturities, net 10 (139) 97
Other, net (33) 0 0
Change in:      
Policy fees assessed on universal life and investment products (1,834) (1,798) (1,729)
Reinsurance receivables 52 135 115
Accrued investment income and other receivables (12) 34 (3)
Policy liabilities and other policyholders' funds of traditional life and health products (487) (1,076) (544)
Amortization of premiums and accretion of discounts on investments and commercial mortgage loans 245 382 319
Other liabilities 39 648 347
Other, net (22) 19 188
Net cash (used in) provided by operating activities (554) 55 178
Cash flows from investing activities      
Maturities and principal reductions of investments, available-for-sale 5,859 5,281 1,983
Sale of investments, available-for-sale 3,106 6,248 4,246
Cost of investments acquired, available-for-sale (11,749) (13,902) (6,427)
Commercial mortgage loans:      
New loan originations (2,182) (1,611) (1,323)
Repayments 1,415 749 1,017
Change in investment real estate, net 0 0 (3)
Change in policy loans, net 66 82 65
Change in other long-term investments, net (323) 132 (36)
Purchase of other long-term investments (500) 0 0
Change in short-term investments, net (393) 870 (611)
Net unsettled security transactions 86 141 (185)
Purchase of property, equipment, and intangibles (29) (29) (33)
Payment for business acquisitions, net of cash acquired 0 0 (816)
Net cash used in investing activities (4,644) (2,039) (2,123)
Cash flows from financing activities      
Issuance (repayment) of non-recourse funding obligations 0 (330) 0
Secured financing liabilities 1,076 160 (160)
Capital contributions from PLC 0 120 850
Deposits to universal life and investments contracts 7,830 6,627 5,184
Withdrawals from universal life and investment contracts (3,924) (4,147) (3,866)
Other financing activities, net (50) (3) (1)
Net cash provided by financing activities 4,932 2,427 2,007
Change in cash (266) 443 62
Cash at beginning of period 656 213 151
Cash at end of period $ 390 $ 656 $ 213