CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income	$ 264	$ 13
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Realized (gains) losses	(94)	335
Amortization of DAC and VOBA	142	35
Capitalization of DAC	(273)	(228)
Depreciation and amortization expense	39	39
Deferred income tax	(31)	(32)
Accrued income tax	(59)	2
Interest credited to universal life and investment products	755	769
Policy fees assessed on universal life and investment products	(912)	(892)
Change in reinsurance receivables	(25)	3
Change in accrued investment income and other receivables	(41)	23
Change in policy liabilities and other policyholders’ funds of traditional life and health products	(425)	(482)
Trading securities:
Maturities and principal reductions of investments	77	43
Sale of investments	238	327
Cost of investments acquired	(281)	(446)
Other net change in trading securities	(28)	20
Amortization of premiums and accretion of discounts on investments and commercial mortgage loans	128	160
Change in other liabilities	(55)	596
Other, net	10	92
Net cash (used in) provided by operating activities	(571)	377
Cash flows from investing activities
Maturities and principal reductions of investments, available-for-sale	3,754	1,627
Sale of investments, available-for-sale	2,097	1,734
Cost of investments acquired, available-for-sale	(7,914)	(4,389)
Commercial mortgage loans:
New lendings	(837)	(677)
Repayments	627	334
Change in policy loans, net	42	17
Change in other long-term investments, net	(166)	293
Change in short-term investments, net	(190)	(40)
Net unsettled security transactions	107	(175)
Purchase of property, equipment, and intangibles	(11)	(20)
Net cash used in investing activities	(2,491)	(1,296)
Cash flows from financing activities
Secured financing liabilities	666
Secured financing liabilities		(133)
Capital contributions from parent	0	100
Deposits to universal life and investment contracts	4,557	2,921
Withdrawals from universal life and investment contracts	(2,395)	(1,726)
Other financing activities, net	(45)	0
Net cash provided by financing activities	2,783	1,162
Change in cash	(279)	243
Cash at beginning of period	656	213
Cash at end of period	$ 377	$ 456

PROTECTIVE LIFE INSURANCE CO 10-Q