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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Cash Flows [Abstract]      
Net income (loss) $ 1,183 $ (1,396) $ (759)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Interest credited to policyholders’ account balances 1,311 1,128 1,118
Policy charges and fee income (2,941) (3,391) (3,464)
Net derivative (gains) losses (1,508) 4,685 1,541
Credit and intent to sell losses on available for sale debt securities and loans 319 (2) 58
Investment (gains) losses, net 643 (851) (845)
Realized and unrealized (gains) losses on trading securities 41 58 (106)
Non-cash long-term incentive compensation expense 20 (16) 29
Amortization and depreciation 463 316 1,249
Equity (income) loss from limited partnerships (186) (489) (74)
Changes in:      
Reinsurance recoverable [1] (1,029) (1,165) (283)
Capitalization of deferred policy acquisition costs (700) (724) (565)
Future policy benefits 2 (181) 1,857
Current and deferred income taxes 235 (481) (306)
Other, net (170) 575 (218)
Net cash provided by (used in) operating activities (2,317) (1,934) (768)
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 14,966 33,815 18,453
Mortgage loans on real estate 1,154 1,677 630
Trading account securities 266 5,062 1,913
Real estate joint ventures 0 0 55
Short-term investments (483) 87 1,494
Other 355 1,720 973
Payment for the purchase/origination of:      
Fixed maturities, available-for-sale (17,838) (42,573) (26,402)
Mortgage loans on real estate (3,683) (2,546) (1,747)
Trading account securities (220) (164) (534)
Short-term investments 0 (6) (1,098)
Other (745) (2,663) (1,174)
Cash settlements related to derivative instruments, net (160) (5,981) 1,204
Issuance of loans to affiliates 0 (1,000) 0
Repayments of loans to affiliates 0 0 300
Investment in capitalized software, leasehold improvements and EDP equipment (49) (59) (66)
Other, net 81 78 (406)
Net cash provided by (used in) investing activities (6,356) (12,553) (6,405)
Cash flows from financing activities:      
Deposits 15,372 16,930 10,928
Withdrawals (6,833) (7,073) (4,370)
Transfers (to) from Separate Accounts 1,621 2,159 2,517
Change in collateralized pledged assets 36 34 (140)
Change in collateralized pledged liabilities (1,572) 1,411 859
Capital contribution from parent company 0 750 0
Shareholder dividend paid (930) (7) (2,149)
Purchase (redemption) of noncontrolling interests of consolidated company-sponsored investment funds 3 13 9
Other, net (42) 42 70
Net cash provided by (used in) financing activities 7,655 14,259 7,724
Change in cash and cash equivalents (1,018) (228) 551
Cash and cash equivalents, beginning of year 1,815 2,043 1,492
Cash and cash equivalents, end of year 797 1,815 2,043
Supplemental cash flow information:      
Income taxes (refunded) paid 45 (7) (323)
Non-cash transactions from investing and financing activities:      
Dividend to Parent (37) 0 0
Transfer of assets to reinsurer $ (2,762) $ (9,023) $ 0
[1] Amount includes cash paid for Global Atlantic Transaction in 2022 of $7 million and for Venerable Transaction in 2021 of $494 million. See Note 1 of the Notes to these Consolidated Financial Statements.