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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from (used by) operating activities:    
Net income $ 322 $ 467
Less (income) loss from discontinued operations, net of taxes (2) 3
Adjustments to reconcile net income to net cash from (used by) operating activities:    
Amortization of fixed maturity securities discounts and premiums (58) (84)
Net investment (gains) losses (28) (61)
Changes in fair value of market risk benefits and associated hedges (2) (21)
Charges assessed to policyholders (291) (289)
Acquisition costs deferred (4) (7)
Amortization of deferred acquisition costs and intangibles 136 172
Deferred income taxes 107 143
Derivative instruments, limited partnerships and other (222) (163)
Stock-based compensation expense 25 20
Change in certain assets and liabilities:    
Accrued investment income and other assets (66) (71)
Insurance reserves 525 641
Other liabilities, policy and contract claims and other policy-related balances (165) (382)
Cash used by operating activities—discontinued operations (2) (31)
Net cash from operating activities 275 337 Close
Cash flows from (used by) investing activities:    
Fixed maturity securities 1,144 1,495
Commercial mortgage loans 269 314
Limited partnerships and other invested assets 67 99
Proceeds from sales of investments:    
Fixed maturity and equity securities 1,289 1,302
Purchases and originations of investments:    
Fixed maturity and equity securities (1,443) (1,800)
Commercial mortgage loans (113) (568)
Limited partnerships and other invested assets (301) (297)
Short-term investments, net (7) (24)
Policy loans, net 32 14
Other (20) 0
Net cash from investing activities 917 535 Close
Cash flows from (used by) financing activities:    
Deposits to universal life and investment contracts 303 314
Withdrawals from universal life and investment contracts (893) (779)
Repayment and repurchase of long-term debt (11) (130)
Repurchase of subsidiary shares (12) 0
Treasury stock acquired in connection with share repurchases (181) (15)
Dividends paid to noncontrolling interests (9) (4)
Other, net (15) (105)
Net cash used by financing activities (818) (719) Close
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 0 Close
Net change in cash, cash equivalents and restricted cash 374 153 Close
Cash, cash equivalents and restricted cash at beginning of period 1,799 1,571
Cash, cash equivalents and restricted cash at end of period 2,173 1,724
Less cash, cash equivalents and restricted cash of discontinued operations at end of period 0 0
Cash, cash equivalents and restricted cash of continuing operations at end of period $ 2,173 $ 1,724