| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||||
Net income (loss) | ||||||||||||
530 | 297 | 927 | -67 | -413 | -1,048 | 714 | 525 | 177 | 181 | -443 | -572 | 1,220 |
Less income from discontinued operations, net of taxes | ||||||||||||
11 | 230 | 394 | -29 | -407 | 157 | 34 | 57 | 36 | 45 | - | - | 15 |
Less gain on sale from discontinued operations, net of taxes | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | 51 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||||||
Gain on sale of businesses | ||||||||||||
- | - | - | 26 | -141 | 0 | 0 | - | - | - | - | - | - |
Amortization of fixed maturity securities discounts and premiums | ||||||||||||
118 | 130 | 156 | 138 | 106 | 111 | 105 | 88 | 77 | 55 | -84 | -58 | 29 |
Net investment (gains) losses | ||||||||||||
50 | -9 | 137 | 72 | -75 | -22 | -64 | 27 | -195 | -143 | -1,041 | -1,709 | -332 |
Charges assessed to policyholders | ||||||||||||
699 | 697 | 713 | 782 | 788 | 777 | 812 | 801 | 690 | 506 | 442 | 409 | 397 |
Acquisition costs deferred | ||||||||||||
27 | 42 | 46 | 150 | -293 | -383 | -363 | -611 | -637 | -587 | -476 | -1,191 | -1,408 |
Amortization of deferred acquisition costs and intangibles | ||||||||||||
441 | 348 | 392 | 498 | 966 | 453 | 463 | 722 | 593 | 622 | 569 | 884 | 831 |
Goodwill impairment | ||||||||||||
- | - | - | - | - | 849 | 0 | 89 | 29 | 0 | - | 277 | 0 |
Deferred income taxes | ||||||||||||
139 | 28 | -427 | 145 | -196 | -341 | -100 | 82 | -350 | -337 | -498 | -430 | 252 |
Derivative instruments, limited partnerships and other | ||||||||||||
98 | 260 | -727 | -709 | 239 | -206 | 59 | -191 | -1,451 | 100 | 59 | -1,302 | 312 |
Gain on sale of subsidiary | ||||||||||||
- | - | - | - | - | - | - | - | 36 | 0 | 4 | - | 0 |
Stock-based compensation expense | ||||||||||||
27 | 35 | 31 | 32 | 16 | 28 | 39 | 26 | 31 | 44 | 26 | 23 | 41 |
Change in certain assets and liabilities: | ||||||||||||
Accrued investment income and other assets | ||||||||||||
358 | 166 | -32 | 358 | 106 | 163 | 53 | 68 | 174 | 31 | 90 | -52 | 65 |
Insurance reserves | ||||||||||||
1,259 | 1,555 | 1,625 | 1,315 | 1,847 | 2,497 | 1,644 | 2,330 | 2,507 | 2,413 | 2,811 | 3,034 | 3,361 |
Current tax liabilities | ||||||||||||
26 | 8 | -25 | 32 | -15 | -196 | 341 | -234 | 145 | -173 | -119 | -138 | 141 |
Other liabilities, policy and contract claims and other policy-related balances | ||||||||||||
609 | 598 | 370 | 705 | 293 | 1,517 | -361 | -1,166 | -73 | -271 | -469 | 844 | 865 |
Cash from operating activities—discontinued operations | ||||||||||||
409 | 280 | 348 | - | 2 | 42 | 21 | 49 | 70 | 38 | - | - | 25 |
Net cash from operating activities | ||||||||||||
2,079 | 1,633 | 2,554 | 1,872 | 1,591 | 2,438 | 1,399 | 962 | 3,125 | 1,336 | 1,931 | 5,443 | 4,791 |
Cash flows from (used by) investing activities: | ||||||||||||
Fixed maturity securities | ||||||||||||
3,436 | 3,312 | 4,170 | 3,889 | 4,541 | 5,198 | 4,891 | 5,176 | 5,233 | 4,589 | 4,105 | 4,787 | 5,777 |
Commercial mortgage loans | ||||||||||||
582 | 701 | 579 | 700 | 882 | 765 | 896 | 891 | 912 | 769 | 710 | 857 | 1,156 |
Other invested assets | ||||||||||||
15 | 45 | 22 | 32 | 41 | 32 | 60 | 67 | 96 | 52 | - | - | - |
Proceeds from sales of investments: | ||||||||||||
Fixed maturity and equity securities | ||||||||||||
3,883 | 5,488 | 3,788 | 5,629 | 4,391 | 2,386 | 4,147 | 5,735 | 6,284 | 4,643 | 5,808 | 4,940 | 8,224 |
Purchases and originations of investments: | ||||||||||||
Fixed maturity and equity securities | ||||||||||||
6,899 | 9,386 | 7,800 | 11,529 | 9,750 | 9,188 | 10,458 | 12,322 | 11,885 | 13,236 | 9,869 | 6,977 | 15,263 |
Commercial mortgage loans | ||||||||||||
813 | 1,047 | 806 | 649 | 956 | 967 | 873 | 692 | 300 | 105 | - | 211 | 1,631 |
Other invested assets | ||||||||||||
389 | -261 | 678 | 154 | -175 | 35 | -65 | -416 | 529 | -1,580 | 314 | 1,226 | 567 |
Policy loans, net | ||||||||||||
-62 | -35 | -48 | 77 | -25 | -12 | -242 | 29 | 79 | 68 | -431 | 183 | 162 |
Proceeds from sale of business, net of cash transferred | ||||||||||||
1,398 | 0 | 0 | 39 | 273 | 0 | - | - | - | - | - | - | 514 |
Proceeds from sale of a subsidiary, net of cash transferred | ||||||||||||
- | - | - | - | - | - | 365 | 77 | 211 | 0 | -51 | - | 0 |
Payments for business purchased, net of cash acquired | ||||||||||||
0 | 0 | 5 | - | 0 | - | - | - | 3 | 40 | - | 22 | 31 |
Cash used by investing activities—discontinued operations | ||||||||||||
26 | -31 | -77 | - | -26 | -39 | 85 | -41 | 1 | 1 | - | - | 103 |
Net cash from (used by) investing activities | ||||||||||||
1,301 | -622 | -759 | -2,120 | -404 | -1,836 | -580 | -722 | -59 | -1,815 | 820 | 1,965 | -1,880 |
Deposits to universal life and investment contracts | ||||||||||||
824 | 1,193 | 857 | 1,349 | 2,257 | 2,993 | 2,999 | 2,810 | 2,664 | 2,737 | 2,271 | 7,604 | 8,002 |
Withdrawals from universal life and investment contracts | ||||||||||||
2,319 | 2,355 | 2,397 | 2,004 | 2,144 | 2,588 | 3,269 | 2,781 | 3,688 | 4,429 | 7,975 | 11,522 | 10,118 |
Redemption and repurchase of non-recourse funding obligations | ||||||||||||
- | - | - | 1,620 | 61 | 42 | 28 | 1,056 | 130 | 6 | 12 | - | 100 |
Proceeds from issuance of long-term debt | ||||||||||||
0 | 441 | 0 | - | 150 | 144 | 793 | 361 | 545 | 1,204 | 298 | 597 | 349 |
Repayment and repurchase of long-term debt | ||||||||||||
446 | 600 | 0 | 382 | 120 | 621 | 365 | 322 | 760 | 6 | 898 | 319 | 500 |
Short-term borrowings and other, net | ||||||||||||
- | - | - | - | - | - | - | - | - | - | 375 | -973 | 49 |
Proceeds from issuance of non-recourse funding obligations | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | 790 |
Dividends paid to stockholders | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | 175 | 163 |
Stock-based compensation awards exercised | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | 5 | 39 |
Acquisition of treasury stock | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | 76 | 1,124 |
Proceeds from issuance of common stock | ||||||||||||
- | - | - | - | - | - | - | - | - | - | 622 | - | 600 |
Repayment of borrowings related to securitization entities | ||||||||||||
0 | 40 | 34 | 42 | 36 | 32 | 108 | 72 | 96 | 61 | - | - | - |
Repurchase of subsidiary shares | ||||||||||||
22 | 55 | 19 | - | 68 | 28 | 43 | 0 | 71 | 131 | - | - | - |
Return of capital to noncontrolling interests | ||||||||||||
- | - | - | 70 | 0 | 0 | - | - | - | - | - | - | - |
Dividends paid to noncontrolling interests | ||||||||||||
87 | 40 | 53 | 138 | 157 | 75 | 52 | 50 | 67 | 43 | 10 | - | 0 |
Proceeds from sale of subsidiary shares to noncontrolling interests | ||||||||||||
- | - | - | - | 226 | 517 | 0 | 0 | - | - | 770 | - | 0 |
Other, net | ||||||||||||
-35 | -56 | -53 | -44 | -98 | -30 | -53 | 54 | 26 | -747 | - | - | - |
Cash used by financing activities—discontinued operations | ||||||||||||
-132 | -109 | -69 | - | 9 | -33 | -23 | -45 | -64 | -30 | - | - | -21 |
Net cash used by financing activities | ||||||||||||
-2,217 | -1,621 | -1,768 | -2,951 | -42 | 205 | -149 | -1,101 | -1,641 | -1,512 | -5,309 | -2,913 | -2,295 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash (includes $— and $5 related to discontinued operations) | ||||||||||||
1 | -88 | 64 | -10 | -70 | -103 | -109 | 26 | -69 | 121 | 232 | -258 | 6 |
Net change in cash, cash equivalents and restricted cash | ||||||||||||
1,164 | -698 | 91 | -3,209 | 1,075 | 704 | 561 | -835 | 1,356 | -1,870 | -2,326 | 4,237 | 622 |