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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from (used by) operating activities:    
Net income $ 382 $ 638
Less income from discontinued operations, net of taxes (2) (2)
Adjustments to reconcile net income to net cash from operating activities:    
Amortization of fixed maturity securities discounts and premiums (84) (127)
Net investment (gains) losses 15 (3)
Changes in fair value of market risk benefits and associated hedges (26) (48)
Charges assessed to policyholders (430) (438)
Acquisition costs deferred (6) (10)
Amortization of deferred acquisition costs and intangibles 201 252
Deferred income taxes 135 200
Derivative instruments, limited partnerships and other (378) (250)
Stock-based compensation expense 37 29
Change in certain assets and liabilities:    
Accrued investment income and other assets (124) (105)
Insurance reserves 903 995
Current tax liabilities (5) (4)
Other liabilities, policy and contract claims and other policy-related balances (166) (451)
Cash used by operating activities—discontinued operations (2) (31)
Net cash from operating activities 450 645 Close
Cash flows from (used by) investing activities:    
Fixed maturity securities 1,676 2,154
Commercial mortgage loans 386 514
Limited partnerships and other invested assets 102 146
Proceeds from sales of investments:    
Fixed maturity and equity securities 1,533 2,061
Purchases and originations of investments:    
Fixed maturity and equity securities (2,187) (3,222)
Commercial mortgage loans (178) (765)
Limited partnerships and other invested assets (432) (491)
Short-term investments, net (15) 24
Policy loans, net 66 31
Other (38) 0
Net cash from investing activities 913 452 Close
Cash flows from (used by) financing activities:    
Deposits to universal life and investment contracts 437 466
Withdrawals from universal life and investment contracts (1,308) (1,190)
Repayment and repurchase of long-term debt (11) (284)
Repurchase of subsidiary shares (13) 0
Treasury stock acquired in connection with share repurchases (261) (34)
Dividends paid to noncontrolling interests (14) (8)
Other, net 0 (57)
Net cash used by financing activities (1,170) (1,107) Close
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1 0 Close
Net change in cash, cash equivalents and restricted cash 194 (10) 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 1,993 1,561
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 $ 1,993 $ 1,561