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UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 7 $ 356
Adjustments to reconcile net income to net cash from (used in) operating activities:    
Investment gains, net (165) (481)
Interest credited to policyholders’ account balances 0 85
Other, net (10) 2
Change in:    
Insurance liabilities, at fair value 277 0
Deposit asset, at fair value (1) 0
Net modified coinsurance receivable/payable, at fair value 55 0
Future policy benefits 0 60
Accrued investment income (1) 1
Net receivables from/payables to parent and affiliates 0 (37)
Deferred policy acquisition costs 0 104
Income taxes 0 142
Reinsurance recoverables, net (12) (39)
Derivatives, net (91) (1,079)
Other, net 35 (3)
Cash flows from (used in) operating activities 94 (889)
Proceeds from the sale/maturity/prepayment of:    
Fixed maturity securities, at fair value 149 0
Fixed maturity securities, available-for-sale 0 422
Equity securities 0 95
Mortgage and other loans 18 39
Other invested assets 6 1
Short-term investments 36 795
Payments for the purchase/origination of:    
Fixed maturity securities, at fair value (261) 0
Fixed maturity securities, available-for-sale 0 (751)
Mortgage and other loans (28) (13)
Other invested assets (9) 0
Short-term investments (41) (94)
Derivatives, net 0 3
Other, net (1) 0
Cash flows from (used in) investing activities (131) 497
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net policyholder's account deposits (withdrawals) (49) 62
Cash collateral for loaned securities 58 205
Drafts outstanding 1 (7)
Distribution to parent 0 (306)
Cash flows from (used in) financing activities 10 (46)
NET DECREASE IN CASH AND CASH EQUIVALENTS (27) (438)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 872 2,016
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 845 $ 1,578