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UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 145 $ 7
Adjustments to reconcile net income to net cash from (used in) operating activities:    
Investment (gains) losses, net 321 (165)
Other, net (7) (10)
Change in:    
Insurance liabilities, at fair value (423) 277
Deposit asset, at fair value 12 (1)
Net modified coinsurance receivable/payable, at fair value (6) 55
Accrued investment income (1) (1)
Income taxes 24 0
Reinsurance recoverables, net 51 (12)
Derivatives, net (456) (91)
Other, net 13 35
Cash flows from (used in) operating activities (327) 94
Proceeds from the sale/maturity/prepayment of:    
Fixed maturity securities, at fair value 85 149
Mortgage loans 49 18
Other invested assets 0 6
Short-term investments 18 36
Payments for the purchase/origination of:    
Fixed maturity securities, at fair value (425) (261)
Mortgage loans (4) (28)
Other invested assets (4) (9)
Short-term investments (22) (41)
Other, net 0 (1)
Cash flows used in investing activities (303) (131)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net policyholder's account withdrawals (48) (49)
Cash collateral for loaned securities 0 58
Drafts outstanding (23) 1
Repurchase agreements 202 0
Cash flows from financing activities 131 10
NET DECREASE IN CASH AND CASH EQUIVALENTS (499) (27)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 940 872
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 441 $ 845