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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 4,351 $ 10,726
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 874 737
Net (gain) loss on divestitures and other (142) (45)
Gain (loss) on extinguishment of debt 21 299
Unrealized (gains) losses in earnings - net 795 (171)
Change in the fair value of market risk benefits in earnings, net (1,056) (1,032)
Equity in (income) loss from equity method investments, net of dividends or distributions 10 (159)
Depreciation and other amortization 3,245 3,321
Impairments of assets 35 12
Changes in operating assets and liabilities:    
Insurance reserves 2,908 434
Premiums and other receivables and payables - net (1,606) (8,953)
Reinsurance assets, net (1,001) 1,317
Capitalization of deferred policy acquisition costs (4,260) (3,756)
Current and deferred income taxes - net 380 2,327
Other, net 67 (1,091)
Total adjustments 270 (6,760)
Net cash provided by operating activities 4,621 3,967
Sales or distributions of:    
Available for sale securities 19,471 17,296
Other securities 1,094 1,288
Other invested assets 1,594 2,239
Divestitures, net 269 0
Maturities of fixed maturity securities available for sale 12,305 14,702
Principal payments received on and sales of mortgage and other loans receivable 4,519 6,064
Purchases of:    
Available for sale securities (29,503) (28,896)
Other securities (1,303) (3,198)
Other invested assets (1,407) (1,701)
Mortgage and other loans receivable (6,924) (9,824)
Net change in short-term investments (2,809) (1,599)
Other, net (1,378) 1,364
Net cash used in investing activities (4,072) (2,265)
Proceeds from (payments for)    
Policyholder contract deposits 24,550 19,831
Policyholder contract withdrawals (20,409) (14,736)
Issuance of debt 1,238 7,473
Repayments of debt (675) (7,649)
Borrowings under delayed draw term loan agreement 0 1,502
Purchase of common stock (1,927) (4,398)
Dividends paid on preferred stock (22) (22)
Dividends paid on common stock (748) (746)
Other, net (1,545) (2,511)
Net cash used in financing activities (239) (1,519)
Effect of exchange rate changes on cash and restricted cash (37) (114)
Net increase in cash and restricted cash 273 69
Cash and restricted cash at beginning of year 2,216 2,427
Cash and restricted cash at end of period 2,034 2,496
Cash and restricted cash of held for sale assets (455) 0
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:    
Cash 1,994 [1] 2,294
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows 2,034 2,496
Cash paid during the period for:    
Interest 745 734
Taxes 473 489
Non-cash investing activities:    
Fixed maturity securities available for sale received in connection with pension risk transfer transactions 2,818 0
Fixed maturity securities and other invested assets received in connection with reinsurance transactions 0 2
Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions (825) (212)
Non-cash financing activities:    
Interest credited to policyholder contract deposits included in financing activities 3,217 2,667
Fee income debited to policyholder contract deposits included in financing activities (1,567) (1,268)
Consolidated VIE    
Proceeds from (payments for)    
Issuance of debt 205 849
Repayments of debt (406) (1,112)
Repayments of delayed draw term loan agreement (500) 0
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:    
Cash 54  
Short-term investments    
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:    
Restricted cash [2] 4 133
Other assets    
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:    
Restricted cash [2] $ 36 $ 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.