v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from (used by) operating activities:    
Net income $ 397 $ 382
Less (income) loss from discontinued operations, net of taxes 5 (2)
Adjustments to reconcile net income to net cash from operating activities:    
Amortization of fixed maturity securities discounts and premiums (91) (84)
Net investment (gains) losses (54) 15
Changes in fair value of market risk benefits and associated hedges (10) (26)
Charges assessed to policyholders (429) (430)
Amortization of deferred acquisition costs and intangibles 187 201
Deferred income taxes (57) 135
Derivative instruments, limited partnerships and other (343) (378)
Long-term incentive compensation expense 37 37
Change in certain assets and liabilities:    
Accrued investment income and other assets (88) (124)
Insurance reserves 490 903
Current tax liabilities 108 (5)
Other liabilities, policy and contract claims and other policy-related balances (91) (172)
Cash used by operating activities—discontinued operations 0 (2)
Net cash from operating activities 61 450
Cash flows from (used by) investing activities:    
Fixed maturity securities 1,870 1,676
Commercial mortgage loans 431 386
Limited partnerships and other invested assets 158 102
Proceeds from sales of investments:    
Fixed maturity and equity securities 2,139 1,533
Purchases and originations of investments:    
Fixed maturity and equity securities (3,423) (2,187)
Commercial mortgage loans (171) (178)
Limited partnerships and other invested assets (413) (432)
Short-term investments, net 26 (15)
Policy loans, net 69 66
Other (45) (38)
Net cash from investing activities 641 913
Cash flows from (used by) financing activities:    
Deposits to universal life and investment contracts 407 437
Withdrawals from universal life and investment contracts (963) (1,308)
Proceeds from issuance of long-term debt 750 0
Debt issuance costs (7) 0
Repayment and repurchase of long-term debt (793) (11)
Repurchase of subsidiary shares (32) (13)
Treasury stock acquired in connection with share repurchases (135) (261)
Dividends paid to noncontrolling interests (15) (14)
Other, net (72) 0
Net cash used by financing activities (860) (1,170)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 1
Net change in cash, cash equivalents and restricted cash (158) 194
Cash, cash equivalents and restricted cash at beginning of period 2,215 1,799
Cash, cash equivalents and restricted cash at end of period $ 2,057 $ 1,993

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