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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income (loss) $ 1,718 $ (4,690)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 291 206
Net amortization of net investment premiums, discounts and other 48 155
Net investment (income) loss (related party: 2023 – $(47) and 2022 – $12) (60) (267)
Net recognized (gains) losses on investments and derivatives (related party: 2023 – $(625) and 2022 – $183) 1,420 (4,892)
Policy acquisition costs deferred (706) (434)
Changes in operating assets and liabilities:    
Accrued investment income (related party: 2023 – $(65) and 2022 – $(22)) (297) (124)
Interest sensitive contract liabilities (related party: 2023 – $83 and 2022 – $(68)) 2,080 (1,724)
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2023 – $(5) and 2022 – $4) 3,827 3,000
Funds withheld assets (related party: 2023 – $(163) and 2022 – $970) (1,229) 4,622
Other assets and liabilities 154 (910)
Net cash provided by operating activities 4,406 4,726
Sales, maturities and repayments of:    
Available-for-sale securities (related party: 2023 – $698 and 2022 – $3,047) 6,045 14,494
Trading securities (related party: 2023 – $39 and 2022 – $79) 203 105
Equity securities 80 96
Mortgage loans (related party: 2023 – $23 and 2022 – $33) 1,533 1,829
Investment funds (related party: 2023 – $243 and 2022 – $769) 295 940
Derivative instruments and other investments (related party: 2023 – $0 and 2022 – $74) 2,936 2,064
Short-term investments (related party: 2023 – $637 and 2022 – $0) 2,624 114
Purchases of:    
Available-for-sale securities (related party: 2023 – $(3,356) and 2022 – $(1,880)) (16,213) (18,665)
Trading securities (related party: 2023 – $(602) and 2022 – $(152)) (767) (267)
Equity securities (related party: 2023 – $0 and 2022 – $(13)) (26) (74)
Mortgage loans (related party: 2023 – $0 and 2022 – $(364)) (8,700) (7,832)
Investment funds (related party: 2023 – $(982) and 2022 – $(3,130)) (1,103) (3,256)
Derivative instruments and other investments (related party: 2023 – $(45) and 2022 – $(124)) (3,551) (1,335)
Short-term investments (related party: 2023 – $(1,478) and 2022 – $(33)) (1,899) (271)
Consolidation of new variable interest entities 0 393
Deconsolidation of previously consolidated entities (51) (365)
Other investing activities, net 362 311
Net cash used in investing activities (18,232) (11,719)
Cash flows from financing activities    
Deposits on investment-type policies and contracts (related party: 2023 – $5 and 2022 – $38) 21,942 13,925
Withdrawals on investment-type policies and contracts (related party: 2023 – $(219) and 2022 – $(167)) (6,804) (4,074)
Capital distributions to noncontrolling interests (127) 0
Payments for (Proceeds from) Derivative Instrument, Financing Activities 3,138 (1,024)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock (92) (70)
Payments of Ordinary Dividends, Common Stock (562) (1,125)
Other financing activities, net (198) 312
Net cash provided by financing activities 17,978 8,707
Effect of exchange rate changes on cash and cash equivalents 5 (20)
Net increase in cash and cash equivalents 4,157 1,694
Cash and cash equivalents at beginning of year [1] 8,769 10,429
Cash and cash equivalents at end of period [1] 12,926 12,123
Non-cash transactions    
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2023 – $11 and 2022 – $153) 57 719
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2023 – $893 and 2022 – $718) 6,906 3,944
Apollo Aligned Alternatives, L.P.    
Non-cash transactions    
Assets contributed to consolidated VIEs   7,845
Related Party    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net investment (income) loss (related party: 2023 – $(47) and 2022 – $12) (47) 12
Net recognized (gains) losses on investments and derivatives (related party: 2023 – $(625) and 2022 – $183) 625 (183)
Changes in operating assets and liabilities:    
Accrued investment income (related party: 2023 – $(65) and 2022 – $(22)) (65) (22)
Interest sensitive contract liabilities (related party: 2023 – $83 and 2022 – $(68)) 83 (68)
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2023 – $(5) and 2022 – $4) (5) 4
Funds withheld assets (related party: 2023 – $(163) and 2022 – $970) (163) 970
Sales, maturities and repayments of:    
Available-for-sale securities (related party: 2023 – $698 and 2022 – $3,047) 698 3,047
Trading securities (related party: 2023 – $39 and 2022 – $79) 39 79
Mortgage loans (related party: 2023 – $23 and 2022 – $33) 23 33
Investment funds (related party: 2023 – $243 and 2022 – $769) 243 769
Derivative instruments and other investments (related party: 2023 – $0 and 2022 – $74) 0 74
Short-term investments (related party: 2023 – $637 and 2022 – $0) 637 0
Purchases of:    
Available-for-sale securities (related party: 2023 – $(3,356) and 2022 – $(1,880)) (3,356) (1,880)
Trading securities (related party: 2023 – $(602) and 2022 – $(152)) (602) (152)
Mortgage loans (related party: 2023 – $0 and 2022 – $(364)) 0 (364)
Investment funds (related party: 2023 – $(982) and 2022 – $(3,130)) (982) (3,130)
Derivative instruments and other investments (related party: 2023 – $(45) and 2022 – $(124)) (45) (124)
Short-term investments (related party: 2023 – $(1,478) and 2022 – $(33)) (1,478) (33)
Cash flows from financing activities    
Deposits on investment-type policies and contracts (related party: 2023 – $5 and 2022 – $38) 5 38
Withdrawals on investment-type policies and contracts (related party: 2023 – $(219) and 2022 – $(167)) (219) (167)
Non-cash transactions    
Deposits on investment-type policies and contracts through reinsurance agreements (related party: 2023 – $11 and 2022 – $153) 11 153
Withdrawals on investment-type policies and contracts through reinsurance agreements (related party: 2023 – $893 and 2022 – $718) 893 718
Variable Interest Entities    
Cash flows from financing activities    
Capital contributions from noncontrolling interests 681 52
Consolidated Entity, excluding VIE Primary Beneficiary    
Cash flows from financing activities    
Capital contributions from noncontrolling interests 0 711
Reinsurance Settlements    
Non-cash transactions    
Transfer to Investments 98 20
Reinsurance Settlements | Related Party    
Non-cash transactions    
Transfer to Investments 65 0
Pension Risk Transfer Premiums    
Non-cash transactions    
Transfer to Investments 4,776 2,510
Dividend Declared    
Non-cash transactions    
Payments of Distributions to Affiliates $ 0 $ 2,145
[1] 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities.