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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from (used by) operating activities:      
Net income $ 199 $ 1,046 $ 891
Less income from discontinued operations, net of taxes 0 0 (27)
Adjustments to reconcile net income to net cash from operating activities:      
Amortization of fixed maturity securities discounts and premiums (106) (154) (176)
Net investment (gains) losses (23) 2 (322)
Changes in fair value of market risk benefits and associated hedges (12) (104) (160)
Charges assessed to policyholders (572) (588) (616)
Acquisition costs deferred (7) (12) (16)
Amortization of deferred acquisition costs and intangibles 264 326 384
Deferred income taxes 48 315 275
Derivative instruments, limited partnerships and other (557) (335) (359)
Long-term incentive compensation expense 49 37 40
Change in certain assets and liabilities:      
Accrued investment income and other assets (150) (155) (134)
Insurance reserves 1,500 1,055 1,168
Current tax liabilities 46 (1) (34)
Other liabilities, policy and contract claims and other policy-related balances (79) (352) 14
Cash used by operating activities—discontinued operations (3) (31) (491)
Net cash from operating activities 597 1,049 437
Cash flows from (used by) investing activities:      
Fixed maturity securities 2,426 2,705 4,162
Commercial mortgage loans 470 759 874
Limited partnerships and other invested assets 202 185 255
Proceeds from sales of investments:      
Fixed maturity and equity securities 2,233 2,658 2,273
Purchases and originations of investments:      
Fixed maturity and equity securities (3,217) (4,035) (5,216)
Commercial mortgage loans (273) (958) (963)
Limited partnerships and other invested assets (586) (645) (767)
Short-term investments, net (12) 23 18
Policy loans, net 73 41 57
Proceeds from sale of business, net of cash transferred 0 0 270
Other (55) 0 0
Cash used by investing activities—discontinued operations 0 0 (67)
Net cash from investing activities 1,261 733 896
Cash flows from (used by) financing activities:      
Deposits to universal life and investment contracts 566 606 669
Withdrawals from universal life and investment contracts (1,637) (1,668) (2,071)
Repayment and repurchase of long-term debt (32) (297) (1,541)
Proceeds from sale of subsidiary shares to noncontrolling interests 0 0 529
Repurchase of subsidiary shares (16) 0 0
Treasury stock acquired in connection with share repurchases (296) (64) 0
Dividends paid to noncontrolling interests (39) (46) (37)
Other, net 11 (85) 32
Net cash used by financing activities (1,443) (1,554) (2,419)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $—, $— and $(1) related to discontinued operations for the years ended December 31, 2023, 2022 and 2021, respectively) 1 0 1
Net change in cash, cash equivalents and restricted cash 416 228 (1,085)
Cash, cash equivalents and restricted cash at beginning of period 1,799 1,571 2,656
Cash, cash equivalents and restricted cash at end of period 2,215 1,799 1,571
Less cash, cash equivalents and restricted cash of discontinued operations at end of period 0 0 0
Cash, cash equivalents and restricted cash of continuing operations at end of period $ 2,215 $ 1,799 $ 1,571

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