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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 1,604 $ 7,639
Loss from discontinued operations, net of income taxes 0 1
Noncash revenues, expenses, gains and losses included in income (loss):    
Net losses on sales of securities available for sale and other assets 786 749
Net (gain) loss on divestitures and other (41) (39)
Loss on extinguishment of debt 0 299
Unrealized (gains) losses in earnings - net 531 (1,332)
Change in the fair value of market risk benefits in earnings, net (363) (541)
Equity in (income) loss from equity method investments, net of dividends or distributions 16 (180)
Depreciation and other amortization 2,274 2,190
Impairments of assets 12 1
Changes in operating assets and liabilities:    
Insurance reserves 3,573 378
Premiums and other receivables and payables - net (940) (7,666)
Reinsurance assets, net (2,234) 831
Capitalization of deferred policy acquisition costs (3,024) (2,577)
Current and deferred income taxes - net (339) 1,733
Other, net (744) (888)
Total adjustments (493) (7,042)
Net cash provided by operating activities 1,111 598
Sales or distributions of:    
Available for sale securities 16,480 14,660
Other securities 627 769
Other invested assets 970 1,565
Divestitures, net 35  
Maturities of fixed maturity securities available for sale 8,439 10,416
Principal payments received on and sales of mortgage and other loans receivable 3,028 3,542
Purchases of:    
Available for sale securities (23,496) (21,832)
Other securities (960) (2,143)
Other invested assets (890) (1,023)
Mortgage and other loans receivable (4,946) (7,592)
Net change in short-term investments 743 3,787
Other, net (671) 385
Net cash provided by (used in) investing activities (641) 2,534
Proceeds from (payments for)    
Policyholder contract deposits 15,920 12,491
Policyholder contract withdrawals (12,801) (9,467)
Issuance of debt 742 6,476
Repayments of debt (451) (7,600)
Purchase of common stock (1,117) (3,105)
Dividends paid on preferred stock (15) (15)
Dividends paid on common stock (494) (506)
Other, net (1,761) (900)
Net cash used in financing activities (115) (2,759)
Effect of exchange rate changes on cash and restricted cash 18 (72)
Net increase in cash and restricted cash 373 301
Cash and restricted cash at beginning of year 2,216 2,427
Cash and restricted cash at end of period 2,352 2,728
Cash and restricted cash of held for sale assets (237)  
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:    
Cash 2,283 [1] 2,378
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows 2,352 2,728
Cash paid during the period for:    
Interest 636 574
Taxes 368 265
Non-cash investing activities:    
Fixed maturity securities available for sale received in connection with pension risk transfer transactions 2,818 0
Fixed maturity securities received in connection with reinsurance transactions 0 2
Fixed maturity securities transferred in connection with reinsurance transactions (714) (212)
Non-cash financing activities:    
Interest credited to policyholder contract deposits included in financing activities 2,145 1,762
Fee income debited to policyholder contract deposits included in financing activities (1,044) (844)
Consolidated VIE    
Proceeds from (payments for)    
Issuance of debt 148 808
Repayments of debt (286) (941)
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:    
Cash 99  
Short-term investments    
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:    
Restricted cash [2] 32 281
Other assets    
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:    
Restricted cash [2] $ 37 $ 69
[1] See Note 10 for details of balances associated with variable interest entities.
[2] Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.