| Net income |
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| Premium received in kind |
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| Premiums received in kind |
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| Amortization and accretion on investments |
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| Depreciation |
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| Unrealized losses on investments and derivatives |
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| Net hedging expenses |
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| Effect of foreign exchange rates |
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| Deferred income tax |
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| Income from equity accounted investments |
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| Realized gain on investments |
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| Changes in reinsurance receivable |
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| Interest credited to policyholders' account balances |
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| Net capitalized interest on policy loans and mortgage loans |
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| Realized gain on investments and derivatives |
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| Changes in accrued investment income |
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| Changes in reinsurance funds withheld |
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| Changes in deferred tax asset |
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| Changes in deferred acquisition costs |
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| Changes in reinsurance assets |
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| Changes in reinsurance payable |
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| Changes in insurance reserves |
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| Changes in deferred revenue |
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| Changes in future policy benefits |
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| Changes to policyholders’ account balances |
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| Changes in funds withheld liabilities |
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| Changes in working capital |
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| Operating activities |
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Net income
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| Adjustments to reconcile net income to net cash from operating activities: |
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| Premiums received in kind |
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| Other policy revenue |
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| Accretion on investments |
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| Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired |
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| Deferral of policy acquisition costs |
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| Gains on investments and derivatives |
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| Provisions for credit losses |
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| Income from real estate partnerships, investment funds and corporations |
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| Distributions from real estate partnerships, investment funds and corporations |
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| Interest credited to policyholders’ account balances |
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| Change in fair value of embedded derivatives |
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Depreciation and amortization
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| Deferred income taxes |
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| Changes in operating assets and liabilities: |
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| Insurance-related liabilities |
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| Deposit liabilities |
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| Funds withheld under reinsurance |
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| Deferred policy acquisition costs |
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| Reinsurance recoverables and deposit assets |
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| Accrued investment income |
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| Income tax paid |
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| Realized gains on investments and derivatives |
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| Interest income received |
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| Purchase of derivatives |
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| Proceeds from disposal of derivatives |
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| Dividend and interest income received |
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| Other non-cash items |
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| Cash flows from operating activities |
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| Dividends received |
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| Acquisition of subsidiary, net of cash acquired |
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| Dividends and interest received |
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| Corporate bonds |
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| Government and treasuries |
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| Private debt |
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| Common equity |
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| Preferred shares |
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| Private equity and other |
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| Asset-backed securities |
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| Mortgages |
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| Bonds |
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| Private loans |
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| Purchase of short term investments |
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| Purchase of intangibles |
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| Proceeds from disposal of short term investments |
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| Distributions from equity accounted investments |
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| Change in collateral held for derivatives |
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| Purchase of equity accounted investments |
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| Purchase of investment properties |
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| Proceeds from disposal of investment properties |
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| Proceeds from disposal of derivative instruments |
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| Proceeds from disposal of property and equipment |
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| Purchase of intangibles and property and equipment |
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| Other |
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| Cash flows from investing activities |
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| Issuance of common equity |
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| Issuance of preferred equity |
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| Return of capital |
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| Borrowings from related parties |
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| Repayments of borrowings to related parties |
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| Borrowings from external parties |
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| Borrowings of structured entities |
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| Repayment of borrowings to external parties |
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| Borrowings issued to reinsurance entities |
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| Repayment of borrowings issued to reinsurance entities |
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| Policyholders’ account deposits |
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| Policyholders’ account withdrawals |
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| Debt issuance costs |
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| Payments to non-controlling interests |
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| Working capital and other |
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Cash flows from operating activities
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| Investing activities |
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Acquisition of subsidiary, net of cash acquired
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| Disposition of business, net of cash disposed |
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| Purchase of investments: |
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| Available-for-sale fixed maturity securities |
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| Equity securities |
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| Mortgage loans on real estate |
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| Private loans |
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| Investment real estate and real estate partnerships |
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| Investment funds |
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| Short-term investments |
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| Other invested assets |
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| Proceeds from sales and maturities of investments: |
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| Fixed maturity, available for sale |
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| Available-for-sale fixed maturity securities |
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| Equity securities |
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|
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| Mortgage loans on real estate |
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| Private loans |
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|
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| Investment real estate and real estate partnerships |
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| Investment funds |
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| Short-term investments |
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| Other invested assets |
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|
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| Purchases of derivatives |
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| Proceeds from sales and maturities of derivatives |
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|
Purchase of intangibles and property and equipment
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| Proceeds from sales of intangibles and property and equipment |
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|
|
| Purchase of equity accounted investments |
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| Change in collateral held for derivatives |
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Other
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Cash flows from investing activities
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|
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| Financing activities |
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|
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|
|
Issuance of common stock
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|
|
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|
|
| Issuance of preferred stock |
|
|
|
|
|
| Return of capital to common stockholders |
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|
|
|
|
| Borrowings from related parties |
|
|
|
|
|
| Repayment of borrowings to related parties |
|
|
|
|
|
| Borrowings from external parties |
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|
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|
|
| Repayment of borrowings to external parties |
|
|
|
|
|
| Borrowings issued to reinsurance entities |
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|
|
|
|
| Repayment of borrowings issued to reinsurance entities |
|
|
|
|
|
| Policyholders’ account deposits |
|
|
|
|
|
| Policyholders’ account withdrawals |
|
|
|
|
|
| Debt issuance costs |
|
|
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|
|
| Cash and cash equivalents, beginning of year |
|
|
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|
|
| Net change during the year |
|
|
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|
|
| Foreign exchange on cash balances held in foreign currencies |
|
|
|
|
|
| Cash and cash equivalents, end of year |
|
|
|
|
|
| Interest paid |
|
|
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|
|
| Proceeds from repurchase agreement |
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|
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| Repayments of repurchase agreement |
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|
|
| Issuance of common stock to non-controlling interest |
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| Issuance of capital to non-controlling interests |
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| Redemptions to non-controlling interests |
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|
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| Distributions to non-controlling interests |
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|
Cash flows from financing activities
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|
|
|
|
|
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|
|
| Cash and cash equivalents |
|
|
|
|
|
| Cash and cash equivalents, beginning of year |
|
|
|
|
|
| Net change during the year |
|
|
|
|
|
| Foreign exchange on cash balances held in foreign currencies |
|
|
|
|
|
| Cash and cash equivalents, end of year |
|
|
|
|
|
| Supplementary cash flow disclosure |
|
|
|
|
|
| Cash taxes paid (net of refunds received) |
|
|
|
|
|
| Cash interest paid |
|
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|
|
| Non-cash transactions: |
|
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|
|
| Investments received in connection with pension risk transfer transactions |
|
|
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|
|
| Investments received in relation to the issuance of common stock |
|
|
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|
|
| Investments received in connection with the sale of investment funds |
|
|
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| Equity securities transferred as consideration paid for acquisition of a subsidiary |
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|
