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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from (used by) operating activities:    
Net income $ 169 $ 154
Less loss from discontinued operations, net of taxes 1 0
Adjustments to reconcile net income to net cash from (used by) operating activities:    
Amortization of fixed maturity securities discounts and premiums (23) (25)
Net investment (gains) losses (49) 11
Changes in fair value of market risk benefits and associated hedges (23) 17
Charges assessed to policyholders (139) (144)
Amortization of deferred acquisition costs and intangibles 65 72
Deferred income taxes (1) 53
Derivative instruments, limited partnerships and other (138) (84)
Long-term incentive compensation expense 14 15
Change in certain assets and liabilities:    
Accrued investment income and other assets (68) (73)
Insurance reserves 140 191
Current tax liabilities 67 2
Other liabilities, policy and contract claims and other policy-related balances (122) (171)
Cash used by operating activities—discontinued operations 0 (1)
Net cash from (used by) operating activities (107) 17
Cash flows from (used by) investing activities:    
Fixed maturity securities 649 613
Commercial mortgage loans 127 154
Limited partnerships and other invested assets 59 31
Proceeds from sales of investments:    
Fixed maturity and equity securities 635 441
Purchases and originations of investments:    
Fixed maturity and equity securities (1,157) (685)
Commercial mortgage loans (45) (37)
Limited partnerships and other invested assets (125) (164)
Short-term investments, net 17 1
Policy loans, net 0 10
Other (17) 0
Net cash from investing activities 143 364
Cash flows from (used by) financing activities:    
Deposits to universal life and investment contracts 133 148
Withdrawals from universal life and investment contracts (317) (491)
Repayment and repurchase of long-term debt (6) (11)
Repurchase of subsidiary shares (9) (4)
Treasury stock acquired in connection with share repurchases (63) (68)
Dividends paid to noncontrolling interests (5) (4)
Other, net (32) 2
Net cash used by financing activities (299) (428)
Net change in cash, cash equivalents and restricted cash (263) (47)
Cash, cash equivalents and restricted cash at beginning of period 2,215 1,799
Cash, cash equivalents and restricted cash at end of period $ 1,952 $ 1,752

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