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UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:              
Net income (loss) $ (157) $ 356 $ 2,961 $ 1,890 $ (337)   $ 4,776
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:              
Investment (gains) losses, net 455 (481) (5,081) (481) 1,753   (7,373)
Interest credited to policyholders’ account balances   85     0   610
Other, net   2     (10)   4
Change in:              
Insurance liabilities, at fair value   0     (6,888)   0
Fair value of deposit asset   0     1,748   0
Net modified coinsurance receivable, at fair value   0     4,114   0
Future policy benefits   60     0   604
Accrued investment income   1     (20)   48
Net receivables from/payables to parent and affiliates   (37)     0   (23)
Deferred policy acquisition costs   104     0   3,488
Income taxes   142     262   686
Reinsurance recoverables, net   (39)     19   40
Derivatives, net   (1,079)     (37)   (3,001)
Other, net   (3)     (14)   (1,924)
Cash flows from (used in) operating activities   (889)     590   (2,065)
Proceeds from the sale/maturity/prepayment of:              
Fixed maturity securities, at fair value   0     3,048   0
Fixed maturity securities, available-for-sale   422     0   8,859
Fixed maturity securities, trading   0     0   2,082
Equity securities   95     0   46
Secured receivable   0     60   0
Commercial mortgage and other loans   39     0   116
Other invested assets   1     5   44
Short-term investments   795     289   389
Payments for the purchase/origination of:              
Fixed maturity securities, at fair value   0     (4,134)   0
Fixed maturity securities, available-for-sale   (751)     0   (5,142)
Fixed maturity securities, trading   0     0   (5,384)
Equity securities   0     (10)   (6)
Secured receivable   0     (7)   0
Commercial mortgage and other loans   (13)     0   (1,090)
Other invested assets   0     (131)   (225)
Short-term investments   (94)     (23)   (166)
Derivatives, net   3     0   (88)
Other, net   0     (41)   54
Cash flows from (used in) investing activities   497     (944)   (511)
CASH FLOWS FROM FINANCING ACTIVITIES:              
Net policyholder's account deposits (withdrawals)   62     (109)   4,124
Cash collateral for loaned securities   205     (36)   0
Repayments of debt (maturities longer than 90 days)   0     0   (300)
Net increase/(decrease) in short-term borrowing   0     0   (120)
Drafts outstanding   (7)     (3)   (10)
Distribution to parent   (306)     0   (774)
Repurchase agreements   0     200   0
Cash flows from (used in) financing activities   (46)     52   2,920
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   (438)     (302)   344
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD   2,016   $ 1,069 1,578 $ 2,016 1,069
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,276 $ 1,578 $ 1,413   $ 1,276 $ 1,276 $ 1,413