v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 7,974 $ 4,419 $ 5,712
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Realized investment (gains) losses, net (432) (2,194) (4,025)
Policy charges and fee income (2,476) (1,907) (1,883)
Interest credited to policyholders’ account balances (3,822) (3,761) (3,479)
Depreciation and amortization 222 318 113
(Gains) losses on trading account assets supporting insurance liabilities, net (336) 17 524
Change in:      
Deferred policy acquisition costs (1,240) (968) (533)
Future policy benefits and other insurance liabilities 10,940 10,584 8,311
Income taxes (1,619) 618 1,217
Derivatives, net (2,268) 1,067 1,305
Other, net [1] (1,142) (900) (278)
Cash flows from (used in) operating activities 13,445 14,815 13,942
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 58,244 49,713 47,080
Fixed maturities, held-to-maturity 155 271 235
Trading account assets supporting insurance liabilities and other trading account assets 40,728 34,139 14,313
Equity securities, available-for-sale 4,550 3,502 4,577
Commercial mortgage and other loans 6,076 6,342 5,464
Policy loans 2,403 2,277 2,199
Other long-term investments 1,337 1,145 1,276
Short-term investments 29,225 43,700 77,021
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (68,667) (66,857) (47,606)
Trading account assets supporting insurance liabilities and other trading account assets (41,076) (36,532) (18,608)
Equity securities, available-for-sale (2,875) (3,083) (4,055)
Commercial mortgage and other loans (8,857) (8,548) (9,392)
Policy loans (1,929) (1,882) (1,782)
Other long-term investments (1,780) (1,923) (2,005)
Short-term investments (28,301) (43,370) (76,622)
Acquisitions, net of cash acquired (64) (532) 0
Derivatives, net (391) 314 53
Other, net (712) (227) 106
Cash flows from (used in) investing activities (11,934) (21,551) (7,746)
CASH FLOWS FROM FINANCING ACTIVITIES      
Policyholders’ account deposits 26,462 29,642 23,206
Policyholders’ account withdrawals (25,657) (24,143) (21,963)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities 815 561 (2,270)
Cash dividends paid on Common Stock (1,296) (1,300) (1,117)
Net change in financing arrangements (maturities 90 days or less) 38 292 68
Common Stock acquired (1,250) (2,000) (1,013)
Common Stock reissued for exercise of stock options 246 426 209
Proceeds from the issuance of debt (maturities longer than 90 days) 1,225 2,742 5,166
Repayments of debt (maturities longer than 90 days) (1,827) (2,753) (4,957)
Excess tax benefits from share-based payment arrangements 0 21 19
Other, net [1] (14) (168) (268)
Cash flows from (used in) financing activities (1,258) 3,201 (3,571)
Effect of foreign exchange rate changes on cash balances 110 50 69
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 363 (3,485) 2,694
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 14,127 [2] 17,612 14,918
CASH AND CASH EQUIVALENTS, END OF YEAR 14,490 [2] 14,127 [2] 17,612
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid, net of refunds 185 770 1,083
Interest paid 1,248 1,257 1,324
NON-CASH TRANSACTIONS DURING THE YEAR      
Treasury Stock shares issued for stock-based compensation programs 104 115 115
Pension Risk Transfer      
NON-CASH TRANSACTIONS DURING THE YEAR      
Assets received, excluding cash and cash equivalents 2,726 3,228 2,091
Liabilities assumed 6,155 5,003 3,739
Net cash received 3,429 1,775 1,648
Acquisition      
NON-CASH TRANSACTIONS DURING THE YEAR      
Liabilities assumed 132 0 0
Assets acquired, excluding cash and cash equivalents 196 0 0
Net cash paid on acquisition 64 0 0
Common Class B Stock      
CASH FLOWS FROM FINANCING ACTIVITIES      
Common Stock acquired $ 0 $ (119) $ (651)
[1] Prior period amounts have been reclassified to conform to current period presentation.
[2] See Note 5 for details of balances associated with variable interest entities.