v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 8,479 $ 9,172 $ 866
Non-cash revenues, expenses, gains and losses included in income (loss):      
Net (gains) losses on sales of securities available for sale and other assets 377 (1,737) (747)
Net (gain) loss on divestitures 1 (3,081) 0
Loss on extinguishment of debt 0 219 10
Unrealized gains in earnings - net 864 (556) (343)
Change in the fair value of market risk benefits in earnings, net (1,481) (1,427) 0
Equity in (income) loss from equity method investments, net of dividends or distributions (97) 33 70
Depreciation and other amortization 585 413 325
Impairments of assets 25 32 80
General operating and other expenses 0 122 82
Changes in operating assets and liabilities:      
Insurance liabilities 996 1,536 1,972
Premiums and other receivables and payables - net 40 156 575
Funds held relating to Fortitude Re Reinsurance contracts (8,497) (1,160) 2,351
Reinsurance assets and funds held under reinsurance treaties 1,086 307 271
Capitalization of deferred policy acquisition costs (1,059) (1,058) (889)
Current and deferred income taxes - net 912 169 (1,930)
Other, net 390 (709) 614
Total adjustments (5,858) (6,767) 2,461
Net cash provided by operating activities 2,621 2,405 3,327
sales or distributions of:      
Available-for-sale securities 10,566 10,762 11,929
Other securities 2,181 318 405
Other invested assets 1,888 4,615 1,787
Divestitures, net 0 1,084 0
Maturities of fixed maturity securities available for sale 9,621 20,420 15,507
Principal payments received on mortgage and other loans receivable 7,814 6,646 5,961
Purchases of:      
Available-for-sale securities (19,499) (36,641) (35,635)
Other securities (3,694) (1,591) (117)
Other invested assets (1,662) (2,498) (1,962)
Mortgage and other loans receivable (14,203) (7,930) (5,486)
Acquisition of businesses, net of cash and restricted cash acquired (107) 0 0
Net change in short-term investments 883 3,439 (1,237)
Net change in derivative assets and liabilities (754) (507) 1,234
Other, net (287) (84) (295)
Net cash used in investing activities (7,253) (1,967) (7,909)
Proceeds from (payments for):      
Policyholder contract deposits 26,582 25,443 22,438
Policyholder contract withdrawals (20,722) (22,481) (17,845)
Issuance of long term debt 7,451 0 0
Issuance of short-term debt 1,512 345 0
Repayments of long-term debt 0 (568) (11)
Repayments of short-term debt (8,312) (248) 0
Dividends paid on common stock (876) 0 0
Distributions to Class B shareholder 0 (34) 0
Distributions to AIG 0 (1,543) (472)
Distributions to noncontrolling interests (477) (1,611) (454)
Contributions from noncontrolling interests 146 296 317
Net change in securities lending and repurchase agreements (647) 9 646
Other, net 299 81 184
Net cash provided by (used in) financing activities 4,674 (753) 4,666
Effect of exchange rate changes on cash and restricted cash (10) (2) 7
Net increase (decrease) in cash and restricted cash 32 (317) 91
Cash and restricted cash at beginning of year 601 918 827
Change in cash of businesses held for sale 0 0 0
Cash and restricted cash at end of year 633 601 918
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:      
Cash 552 [1] 537 [1] 654
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows 633 601 918
Cash paid during the period for:      
Interest 472 364 279
Taxes 1,101 1,913 1,915
Non-cash investing activities:      
Fixed maturity securities, designated available for sale, received in connection with pension risk transfer transactions (1,121) (2,284) (1,140)
Fixed maturity securities, designated available for sale, received in connection with reinsurance transactions (108) (161) (424)
Fixed maturity securities, designated available for sale, transferred in connection with reinsurance transactions 204 647 706
Corebridge distribution of AIG common stock to AIG 0 38 0
Fixed maturity securities, designated as fair value option, transferred to repay debt of consolidated investment entities 0 1,257 0
Fixed maturity securities, designated available for sale, transferred to repay debt of consolidated investment entities 458 605 0
Investment assets transferred in conjunction with fund establishment 19 85 0
Investment assets received in conjunction with fund establishment 49 85 532
Real estate investments transferred in conjunction with fund establishment 305 0 0
Equity securities distributed in lieu of cash to non-consolidated Corebridge affiliate 94 0 0
Other invested assets securities distributed in lieu of cash to non-consolidated Corebridge affiliate 694 0 0
Minority ownership acquired in Fortitude Holdings 0 (100) 0
Divestiture of certain Cap Corp legal entities 0 56 0
Consideration received from divested businesses 0 3,740 0
Fixed maturity securities, designated available for sale, transferred to non-consolidated Corebridge affiliate 0 423 0
Fixed maturity securities, designated available for sale, transferred from a non-consolidated Corebridge affiliate 0 (423) 0
Non-cash financing activities:      
Interest credited to policyholder contract deposits included in financing activities 3,676 3,642 3,786
Fee income debited to policyholder contract deposits included in financing activities (1,694) (1,690) (1,710)
Equity interest in funds sold to Corebridge affiliates 0 0 532
Repayments of debt of consolidated investment entities utilizing fixed maturity securities (474) (1,862) 0
Issuance of short-term debt by AIG 0 8,300 0
Short-term debt forgiven by AIG 0 (96) 0
Non-cash capital contributions 0 728 85
Non-cash capital distributions 0 (12,197) (44)
Distribution in lieu of cash, in equity securities, to non-consolidated Corebridge affiliate (94) 0 0
Distribution in lieu of cash, in Other invested assets securities, to non-consolidated Corebridge affiliate (694) 0 0
Extinguishment of debt in exchange for partnership interest (172) 0 0
Redemption of NCI in exchange for partnership interest (104) 0 0
Fortitude Re funds withheld assets      
Non-cash revenues, expenses, gains and losses included in income (loss):      
Net (gain) loss on Fortitude Re transactions 0 (26) 20
Net (gain) loss on divestitures 0 (26) 91
Consolidated VIE      
Proceeds from (payments for):      
Issuance of long term debt 946 4,683 2,314
Repayments of long-term debt (1,228) (5,125) (2,451)
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:      
Cash 71 93  
Short-term investments      
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:      
Restricted cash 69 [2] 57 [2] 58
Other assets      
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:      
Restricted cash $ 12 [2] $ 7 [2] $ 206
[1] See Note 9 for details of balances associated with variable interest entities
[2] Primarily includes funds held for tax sharing payments to Corebridge Parent, security deposits.