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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 3,878 $ 11,273 $ 10,906
Loss from discontinued operations, net of income taxes 0 1 0
Noncash revenues, expenses, gains and losses included in income (loss):      
Net (gains) losses on sales of securities available for sale and other assets 970 959 (2,099)
Net (gain) loss on divestitures and other (643) 82 (3,044)
Gain (loss) on extinguishment of debt (37) 303 389
Unrealized (gains) losses in earnings - net 1,674 1,094 (873)
Change in the fair value of market risk benefits in earnings, net (348) (1,481) (1,427)
Equity in (income) loss from equity method investments, net of dividends or distributions (7) (164) 3
Depreciation and other amortization 4,214 4,409 4,542
Impairments of assets 90 26 46
Changes in operating assets and liabilities:      
Insurance reserves 1,593 (3,837) 4,472
Premiums and other receivables and payables - net 391 (10,222) (724)
Reinsurance assets, net 472 3,978 (1,044)
Capitalization of deferred policy acquisition costs (5,419) (4,722) (4,969)
Current and deferred income taxes - net (1,003) 2,279 1,579
Other, net 418 156 (1,534)
Total adjustments 2,365 (7,140) (4,683)
Net cash provided by operating activities 6,243 4,134 6,223
Sales or distributions of:      
Available for sale securities 22,933 21,660 26,098
Other securities 1,347 3,060 975
Other invested assets 2,328 2,891 6,258
Divestitures, net 3,315 0 4,683
Maturities of fixed maturity securities available for sale 17,957 18,485 34,765
Principal payments received on and sales of mortgage and other loans receivable 7,429 9,435 8,267
Purchases of:      
Available for sale securities (40,466) (38,885) (74,204)
Other securities (1,581) (3,714) (2,034)
Other invested assets (2,189) (2,346) (3,168)
Mortgage and other loans receivable (10,137) (14,364) (9,013)
Net change in short-term investments (6,637) 595 5,088
Other, net (1,320) (443) (995)
Net cash used in investing activities (7,021) (3,626) (3,280)
Proceeds from (payments for)      
Policyholder contract deposits 33,015 26,582 25,480
Policyholder contract withdrawals (27,957) (20,722) (22,481)
Issuance of debt 1,982 7,477 107
Repayments of debt (2,304) (9,455) (4,147)
Borrowings under delayed draw term loan agreement 0 1,500 0
Purchase of common stock (2,961) (5,200) (2,592)
Dividends paid on preferred stock (29) (29) (29)
Dividends paid on common stock (997) (982) (1,083)
Other, net 1,664 545 1,222
Net cash provided by (used in) financing activities 782 (602) (3,679)
Effect of exchange rate changes on cash and restricted cash (13) (117) (67)
Net decrease in cash and restricted cash (9) (211) (803)
Cash and restricted cash at beginning of year 2,216 2,427 3,230
Cash and restricted cash at end of year 2,204 2,216 2,427
Cash and restricted cash of held for sale assets (3) 0 0
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:      
Cash 2,155 [1] 2,043 [1] 2,198
Restricted cash included in Short-term investments* 4 [2] 140 [2] 197
Restricted cash included in Other assets* 45 [2] 33 [2] 32
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows 2,204 2,216 2,427
Cash paid during the period for:      
Interest 1,059 1,127 1,348
Taxes 984 746 862
Non-cash investing activities:      
Fixed maturity securities available for sale received in connection with pension risk transfer transactions 4,317 1,121 2,284
Fixed maturity securities and other invested assets received in connection with reinsurance transactions 110 110 161
Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions (838) (224) (837)
Non-cash consideration received from sale of Validus Re 290 0  
Non-cash financing activities:      
Interest credited to policyholder contract deposits included in financing activities 4,501 3,676 3,642
Fee income debited to policyholder contract deposits included in financing activities (2,122) (1,694) (1,690)
Consolidated VIE      
Proceeds from (payments for)      
Issuance of debt 225 933 4,338
Repayments of debt (606) (1,251) (4,494)
Repayments of delayed draw term loan agreement (1,250) 0 $ 0
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:      
Cash $ 61 $ 71  
[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.