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Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 4,965,361 $ (3,169,265) $ (989,327)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Policy charges and fee income (2,699) 249 (813)
Realized investment (gains) losses, net (7,488,807) 5,260,940 2,681,320
Depreciation and amortization 5,547 (3) 865
Interest credited to policyholders’ account balances 639,632 180,160 161,209
Change in:      
Future policy benefits 641,835 1,251,451 1,110,089
Accrued investment income 60,487 (18,880) (11,829)
Net receivables from/payables to parent and affiliates 14,581 (7,370) 1,463
Deferred sales inducements (867) (1,088) (790)
Deferred policy acquisition costs 3,465,712 64,862 (139,774)
Income taxes 896,398 (539,218) (438,541)
Reinsurance recoverables, net (32,805) (36,705) (3,524)
Derivatives, net (2,623,453) (1,753,629) (193,119)
Other, net (1,238,134) (60,413) 38,037
Cash flows from (used in) operating activities (697,212) 1,171,091 2,215,266
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 9,400,071 708,254 852,596
Fixed maturities, trading 2,085,627 391,557 149
Equity securities 55,677 30,830 8,807
Commercial mortgage and other loans 337,801 33,321 265,657
Policy loans 1,070 1,435 1,439
Other invested assets 52,656 43,213 27,065
Short-term investments 464,243 8,209,495 1,109,061
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (5,833,449) (4,445,138) (3,538,800)
Fixed maturities, trading (5,392,368) (1,068,178) (54,862)
Equity securities (100,799) (241,755) (52,244)
Commercial mortgage and other loans (1,267,152) (311,670) (382,407)
Policy loans (158) (167) (295)
Other invested assets (225,131) (176,496) (169,863)
Short-term investments (1,023,107) (8,192,050) (1,406,312)
Notes receivable from parent and affiliates, net 51,397 579 (15,442)
Derivatives, net (83,818) 522,640 (18,334)
Other, net 61 0 0
Cash flows from (used in) investing activities (1,477,379) (4,494,130) (3,373,785)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Policyholders’ account deposits 7,869,088 6,666,325 4,012,627
Ceded policyholders’ account deposits (8,387) (35,440) (16,068)
Policyholders’ account withdrawals (3,272,524) (4,032,737) (3,320,216)
Ceded policyholders' account withdrawals 14,206 37,612 35,566
Cash collateral for loaned securities 0 0 (384)
Repayments of debt (maturities longer than 90 days) (299,747) 0 (274,569)
Net increase/(decrease) in short-term borrowing (119,671) (242,094) 7,916
Drafts outstanding (3,448) 8,857 (7,503)
Distribution to parent (1,056,657) (760,000) (977,500)
Other, net (1,595) (45,436) (9,721)
Cash flows from (used in) financing activities 3,121,265 1,597,087 (549,852)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 946,674 (1,725,952) (1,708,371)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 1,069,211 2,795,163 4,503,534
CASH AND CASH EQUIVALENTS, END OF YEAR 2,015,885 1,069,211 2,795,163
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid (refund) 397,606 (326,503) 147,441
Interest paid $ 8,267 $ 24,942 $ 26,719