v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from (used by) operating activities:    
Net income $ 94 $ 221
Less loss from discontinued operations, net of taxes 0 2
Adjustments to reconcile net income to net cash from (used by) operating activities:    
Amortization of fixed maturity securities discounts and premiums (25) (34)
Net investment (gains) losses 11 (42)
Changes in fair value of market risk benefits and associated hedges 17 (41)
Charges assessed to policyholders (144) (146)
Acquisition costs deferred (2) (4)
Amortization of deferred acquisition costs and intangibles 72 88
Deferred income taxes 37 67
Derivative instruments, limited partnerships and other (84) (105)
Stock-based compensation expense 15 10
Change in certain assets and liabilities:    
Accrued investment income and other assets (73) (45)
Insurance reserves 273 290
Current tax liabilities 2 0
Other liabilities, policy and contract claims and other policy-related balances (175) (323)
Cash used by operating activities—discontinued operations (1) (30)
Net cash from (used by) operating activities 17 (92)
Cash flows from (used by) investing activities:    
Fixed maturity securities 613 730
Commercial mortgage loans 154 115
Limited partnerships and other invested assets 31 51
Proceeds from sales of investments:    
Fixed maturity and equity securities 441 581
Purchases and originations of investments:    
Fixed maturity and equity securities (685) (969)
Commercial mortgage loans (37) (197)
Limited partnerships and other invested assets (164) (137)
Short-term investments, net 1 (50)
Policy loans, net 10 14
Net cash from investing activities 364 138
Cash flows from (used by) financing activities:    
Deposits to universal life and investment contracts 148 159
Withdrawals from universal life and investment contracts (491) (418)
Repayment and repurchase of long-term debt (11) (82)
Repurchase of subsidiary shares (4) 0
Treasury stock acquired in connection with share repurchases (68) 0
Dividends paid to noncontrolling interests (4) 0
Other, net 2 15
Net cash used by financing activities (428) (326)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 0
Net change in cash, cash equivalents and restricted cash (47) (280)
Cash, cash equivalents and restricted cash at beginning of period 1,799 1,571
Cash, cash equivalents and restricted cash at end of period 1,752 1,291
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 $ 1,752 $ 1,291

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