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Consolidated Statements of Cash Flows
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 2,508 $ (1,675) [1] $ 8,938 [1]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Realized investment gains(losses), net 3,615 [2],[3] 4,507 [1],[2],[4] (2,115) [1],[2],[4]
Change in value of market risk benefits, net of related hedging (gains) losses (56) 409 [1],[4] (3,597) [1],[4]
Policy charges and fee income (2,186) (2,230) [1] (2,134) [1]
Interest credited to policyholders' account balances 3,983 2,193 [1] 3,431 [1]
Goodwill impairment 177 903 1,060
Depreciation and amortization (70)    
Depreciation and amortization   117 [1] 206 [1]
(Gains) losses on assets supporting experience-rated contractholder liabilities, net (503) 1,128 299
Change in:      
Deferred policy acquisition costs (869) (722) [1] (1,043) [1]
Future policy benefits and other insurance liabilities 5,489 6,132 [1] 8,741 [1]
Income Taxes (442) (1,594) [1] 259 [1]
Derivatives, net (746) (2,533) [1] (2,330) [1]
Other, net (4,390) [3],[5] (1,477) [1],[5] (1,903) [1]
Cash flows from (used in) operating activities 6,510 5,158 9,812
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 44,097 50,823 64,759
Fixed maturities, held-to-maturity 22 38 239
Fixed maturities, trading 1,559 1,641 3,626
Assets supporting experience-rated contractholder liabilities 2,286 11,410 18,863
Equity securities 4,348 3,697 4,290
Commercial mortgage and other loans 3,985 5,580 9,367
Policy loans 1,806 1,738 2,019
Other invested assets 1,260 1,789 2,972
Short-term investments 32,684 40,653 32,696
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (47,580) (60,070) (65,174)
Fixed maturities, trading (4,174) (659) (5,675)
Assets supporting experience-rated contractholder liabilities (2,290) (11,799) (21,394)
Equity securities (4,296) (3,451) (4,430)
Commercial mortgage and other loans (6,359) (5,497) (9,434)
Policy loans (1,544) (1,248) (1,216)
Other invested assets (3,049) (2,832) (3,628)
Short-term investments (32,872) (37,894) (32,329)
Dispositions, net of cash disposed 0 422 [6] 132 [6]
Derivatives, net (1,329) (1,881) (429)
Other, net (676) (98) (596)
Cash flows from (used in) investing activities (12,122) (7,638) (5,342)
CASH FLOWS FROM FINANCING ACTIVITIES      
Policyholders’ account deposits 28,521 30,094 31,795
Policyholders’ account withdrawals (18,307) (24,149) (29,227)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities (156) (1,541) 42
Cash dividends paid on Common Stock (1,846) (1,817) (1,814)
Net change in financing arrangements (maturities 90 days or less) 10 (214) 297
Common Stock acquired (1,012) (1,488) (2,500)
Common Stock reissued for exercise of stock options 126 163 200
Proceeds from the issuance of debt (maturities longer than 90 days) 716 2,706 268
Repayments of debt (maturities longer than 90 days) (1,982) (1,184) (1,708)
Proceeds from notes issued by consolidated VIEs 1,360 137 0
Repayments of notes issued by consolidated VIEs (336) 0 0
Other, net 645 [3] 2,226 [7] (364)
Cash flows from (used in) financing activities 7,739 4,933 (3,011)
Effect of foreign exchange rate changes on cash balances 37 (159) (309)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS INCLUDING BALANCES CLASSIFIED AS HELD-FOR-SALE 2,164 2,294 1,150
NET CHANGE IN CASH BALANCES CLASSIFIED AS HELD-FOR-SALE 0 (2,071) [6] 2,071 [6]
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS 2,164 4,365 (921)
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR 17,299 12,934 13,855
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF YEAR 19,463 17,299 12,934
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid, net of refunds 895 1,090 1,668
Interest paid 1,555 1,452 1,452
HELD-FOR-SALE CLASSIFICATION      
Assets classified as held-for-sale 0 (153,935) [1],[6] 153,935 [1],[6]
Liabilities classified as held-for-sale 0 (151,508) [1],[6] 151,508 [1],[6]
Net assets classified as held-for-sale 0 (2,427) 2,427
NON-CASH TRANSACTIONS DURING THE YEAR      
Treasury Stock shares issued for stock-based compensation programs 282 236 138
Novation of annuity contracts 491 [8] 3,129 [8] 0
Assets transferred upon surrender of IRA contracts 2,019 [9] 0 0
RECONCILIATION TO STATEMENTS OF FINANCIAL POSITION      
Cash and cash equivalents 19,419 [10] 17,251 [10] 12,888
Restricted cash and restricted cash equivalents (included in “Other assets”) 44 48 46
Total cash, cash equivalents, restricted cash and restricted cash equivalents 19,463 17,299 12,934
Significant pension risk transfer transactions:      
NON-CASH TRANSACTIONS DURING THE YEAR      
Assets received, excluding Cash and cash equivalents 2,264 8,246 5,377
Liabilities assumed 3,257 8,764 6,397
Net cash received 993 518 1,020
Prismic Re      
NON-CASH TRANSACTIONS DURING THE YEAR      
Net cash received 12 [3],[11] 0 0
Net assets transferred, excluding Cash and cash equivalent 1,351 [3],[11] 0 0
Payable established under coinsurance with funds withheld 8,185 [3],[11] 0 0
Reinsurance recoverables established for Future policy benefits ceded (5,584) [3],[11] 0 0
Deposit assets established for Policyholders' account balances ceded (3,723) [3],[11] 0 0
Unwind of Deferred policy acquisition costs ceded 23 [3],[11] 0 0
Deferred Reinsurance Loss $ (240) [3],[11] $ 0 $ 0
[1] Prior period amounts adjusted for the adoption of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[2] See Note 24 for additional information regarding related party transactions.
[3] See Note 24 for additional information regarding related party transactions.
[4] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[5] The amount for the year ended December 31, 2022 includes the recognized gains on the sales of Prudential Annuities Life Assurance Corporation (“PALAC”) and the Full Service Retirement business, which were completed on April 1, 2022. See Note 1 for additional information regarding these dispositions.
[6] See Note 1 for additional information regarding the dispositions.
[7] The amount for the year ended December 31, 2022 includes approximately $1.6 billion cash receipt from a secured borrowing related to the PALAC disposition, which was subsequently derecognized as part of a non-cash transaction during 2022 related to the novation of certain previously reinsured annuity products. See Note 1 for additional information.
[8] “Cash flows from (used in) operating activities” and “Cash flows from (used in) investing activities” exclude non-cash activities related to the novation of certain, previously reinsured, annuity products, from Fortitude Group Holdings, LLC to the Company. See Note 1 for additional information.
[9] “Cash flows from (used in) operating activities” exclude certain non-cash activities related to the sale of the Full Service Retirement business as a result of the surrender of certain Stable Value Individual Retirement Account (“IRA”) contracts from the Company to Great-West Life & Annuity Insurance Company. See Note 1 for additional information regarding this sale.
[10] See Note 4 for details of balances associated with variable interest entities.
[11] See Note 15 for additional information regarding the reinsurance agreement with Prismic Life Reinsurance, Ltd (“Prismic Re”).