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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 (loss) $ 1,191 $ (88) $ (85)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Interest credited to policyholders’ account balances 688 90 82
Policy charges and fee income (1,287) (229) (204)
Net derivative (gains) losses (18) 31 1
Dividend from AB Units 0 0 5
Equity in (income) loss from AB 0 0 (3)
Investment (gains) losses, net 7 8 (4)
Realized and unrealized (gains) losses on trading securities 1 0 0
Non-cash long-term incentive compensation expense 2 2 (2)
Amortization and depreciation 297 47 40
Remeasurement of liability for future policy benefits 29 (1) (17)
Change in market risk benefits (1,592) (12) 0
Changes in:      
Reinsurance recoverable 115 (61) (129)
Funds withheld receivable (89) 0 0
Capitalization of deferred policy acquisition costs (523) (129) (121)
Future policy benefits 413 33 50
Current and deferred income taxes 234 (22) 7
Other, net 1,218 (21) (5)
Net cash provided by (used in) operating activities 686 (352) (385)
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 776 274 381
Trading account securities (1) 0 0
Short-term investments 0 (1) 0
Other 100 1 2
Payment for the purchase/origination of:      
Fixed maturities, available-for-sale (8,137) (437) (647)
Mortgage loans on real estate (279) 0 0
Other (100) (2) 0
Cash settlements related to derivative instruments, net (535) (153) 74
Other, net (25) (6) (9)
Net cash provided by (used in) investing activities (8,201) (324) (199)
Policyholders’ account balances:      
Deposits 8,555 739 637
Withdrawals (1,216) (111) (90)
Transfer (to) from Separate Accounts 433 65 (45)
Payments of market risk benefits (539) 0 0
Change in collateralized pledged assets (23) 0 0
Change in collateralized pledged liabilities 776 0 0
Cash contribution from parent company 1,050 150 50
Changes in securities lending payable 23 0 0
Other, net 0 0 (2)
Net cash provided by (used in) financing activities 9,059 843 550
Change in cash and cash equivalents 1,544 167 (34)
Cash and cash equivalents, beginning of period 294 127 161
Cash and cash equivalents, end of period 1,838 294 127
Supplemental cash flow information:      
Income taxes (refunded) paid $ 0 $ 0 $ (31)