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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Cash Flows [Abstract]      
Net income (loss) $ (1,396) $ (759) $ (1,884)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Interest credited to policyholders’ account balances 1,128 1,118 1,149
Policy charges and fee income (3,391) (3,464) (3,487)
Net derivative (gains) losses 4,685 1,541 3,831
Credit losses on AFS debt securities and loans (2) 58 0
Investment (gains) losses, net (851) (845) (206)
Realized and unrealized (gains) losses on trading securities 58 (106) (429)
Non-cash long-term incentive compensation expense (16) 29 3
Amortization of deferred cost of reinsurance asset 0 0 (7)
Amortization and depreciation 316 1,249 391
Equity (income) loss from limited partnerships (489) (74) (73)
Changes in:      
Net broker-dealer and customer related receivables/payables 0 0 4
Reinsurance recoverable [1] (1,165) (283) (183)
Capitalization of deferred policy acquisition costs (724) (565) (648)
Future policy benefits (181) 1,857 1,084
Current and deferred income taxes (481) (306) (329)
Other, net 575 (218) 178
Net cash provided by (used in) operating activities (1,934) (768) (606)
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 33,815 18,453 12,450
Mortgage loans on real estate 1,677 630 952
Trading account securities 5,062 1,913 10,209
Real estate joint ventures 0 55 5
Short-term investments 87 1,494 2,548
Other 1,720 973 253
Payment for the purchase/origination of:      
Fixed maturities, available-for-sale (42,573) (26,402) (28,537)
Mortgage loans on real estate (2,546) (1,747) (1,240)
Trading account securities (164) (534) (1,067)
Short-term investments (6) (1,098) (2,762)
Other (2,663) (1,174) (408)
Cash settlements related to derivative instruments, net (5,981) 1,204 (961)
Issuance of loans to affiliates (1,000) 0 (900)
Repayments of loans to affiliates 0 300 300
Investment in capitalized software, leasehold improvements and EDP equipment (59) (66) (65)
Other, net 78 (406) (55)
Net cash provided by (used in) investing activities (12,553) (6,405) (9,278)
Cash flows from financing activities:      
Deposits 16,930 10,928 12,283
Withdrawals (7,073) (4,370) (4,641)
Transfer (to) from Separate Accounts 2,159 2,517 1,869
Change in collateralized pledged assets 34 (140) (69)
Change in collateralized pledged liabilities 1,411 859 1,359
Capital contributions from parent 750 0 0
Shareholder dividend paid (7) (2,149) (1,005)
Purchase (redemption) of noncontrolling interests of consolidated company-sponsored investment funds 13 9 19
Repayment of loans from affiliates 0 0 (572)
Increase (decrease) in securities sold under agreement to repurchase 0 0 (573)
Other, net 42 70 84
Net cash provided by (used in) financing activities 14,259 7,724 8,754
Change in cash and cash equivalents (228) 551 (1,130)
Cash and cash equivalents, beginning of year 2,043 1,492 2,622
Cash and cash equivalents, end of year 1,815 2,043 1,492
Supplemental cash flow information:      
Interest paid 0 0 (4)
Income taxes (refunded) paid (7) (323) (252)
Non-cash transactions from investing and financing activities:      
Transfer of assets to reinsurer $ (9,023) $ 0 $ 0
[1] Amount includes cash paid for Venerable Transaction of $494 million (see Note 1 of the Notes to these Consolidated Financial Statements).