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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended 6 Months Ended 9 Months Ended
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2023
Sep. 30, 2023
Cash flows from operating activities:          
Net income (loss) $ (83) $ 51 $ 62 $ 113 $ 594
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Interest credited to policyholders’ account balances 262   23    
Policy charges and fee income (404) (410) (61) (471) (882)
Net derivative (gains) losses 1,055 699 (6) 693 1,029
Investment (gains) losses, net 1   5    
Realized and unrealized (gains) losses on trading securities 0   2    
Non-cash long-term incentive compensation expense 1   1    
Amortization and depreciation 142   13    
Remeasurement of liability for future policy benefits (9) (1) (1) (2) 21
Change in market risk benefits (1,034)   1 (838) (1,830)
Changes in:          
Reinsurance recoverable (43)   (9)    
Funds withheld receivable 18   0 (161) (219)
Capitalization of deferred policy acquisition costs (163)   (76)    
Future policy benefits 154   9 222 365
Current and deferred income taxes (23)   (72) (63)  
Other, net 360   89 455 984
Net cash provided by (used in) operating activities 234   (20) 888 452
Proceeds from the sale/maturity/prepayment of:          
Fixed maturities, available-for-sale 346   58    
Short-term investments 2   0    
Payment for the purchase/origination of:          
Fixed maturities, available-for-sale (1,818)   (963)    
Mortgage loans on real estate (254)   0    
Trading account securities 0   (2)    
Short-term investments (5)   0    
Other (4)   0    
Cash settlements related to derivative instruments, net (101)   (96)    
Other, net (12)   (6)    
Net cash provided by (used in) investing activities (1,846)   (1,009)    
Policyholders’ account balances:          
Deposits 3,088   1,202    
Withdrawals (435)   (13)    
Transfer (to) from Separate Accounts 27   (15)    
Payments of market risk benefits (190)   0    
Change in collateralized pledged assets 2   0    
Change in collateralized pledged liabilities 773   96    
Changes in securities lending payable 21   0    
Net cash provided by (used in) financing activities 3,286   1,270    
Change in cash and cash equivalents 1,674   241    
Cash and cash equivalents, beginning of period 1,838 $ 535 294 $ 294 $ 294
Cash and cash equivalents, end of period $ 3,512   $ 535