v3.25.2
Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
NET INCOME (LOSS) $ 1,308 $ 2,322
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Realized investment (gains) losses, net 2,429 [1] 474 [2]
Change in value of market risk benefits, net of related hedging (gains) losses 777 174
Policy charges and fee income (1,009) (1,128)
Interest credited to policyholders’ account balances 1,963 2,385
Depreciation and amortization 321 371
(Gains) losses on assets supporting experience-rated contractholder liabilities, net 38 (494)
Change in:    
Deferred Policy Acquisition Costs (657) [1] (514)
Future policy benefits and other insurance liabilities 89 3,651
Reinsurance related-balances [1] (1,253) (789) [3]
Income taxes (635) 16
Derivatives, net (1,590) 574
Other, net [1] (3,125) (1,967) [3]
Cash flows from (used in) operating activities (1,344) 5,075
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 20,299 24,901
Fixed maturities, trading 1,445 1,898
Assets supporting experience-rated contractholder liabilities 733 744
Equity securities 4,621 3,092
Commercial mortgage and other loans 3,662 2,688
Policy loans 956 1,030
Other invested assets 1,519 808
Short-term investments 13,632 15,943
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (34,918) (36,737)
Fixed maturities, trading (2,693) (3,033)
Assets supporting experience-rated contractholder liabilities (1,024) (840)
Equity securities (2,470) (1,779)
Commercial mortgage and other loans (3,809) (3,888)
Policy loans (789) (770)
Other invested assets (1,586) (1,902)
Short-term investments (10,910) (17,264)
Derivatives, net 113 (515)
Other, net (74) [1] 40
Cash flows from (used in) investing activities (11,293) (15,584)
CASH FLOWS FROM FINANCING ACTIVITIES    
Policyholders’ account deposits 19,940 17,531
Policyholders’ account withdrawals (9,446) (9,489)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities 955 1,445
Cash dividends paid on Common Stock (972) (955)
Net change in financing arrangements (maturities 90 days or less) 156 (496)
Common Stock acquired (496) (493)
Common Stock reissued for exercise of stock options 57 93
Proceeds from the issuance of debt (maturities longer than 90 days) 910 1,158
Repayments of debt (maturities longer than 90 days) (1,194) (750)
Proceeds from notes issued by consolidated VIEs 192 182
Repayments of notes issued by consolidated VIEs 0 (1)
Other, net [1] 546 320
Cash flows from (used in) financing activities 10,648 8,545
Effect of foreign exchange rate changes on cash balances 170 (368)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS (1,819) (2,332)
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR   19,463
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD   17,131
NON-CASH TRANSACTIONS DURING THE PERIOD    
Treasury Stock shares issued for stock-based compensation programs 176 212
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION    
Cash and cash equivalents 16,638 [4] 17,111
Restricted cash and restricted cash equivalents (included in “Other assets”) 63 20
Total cash, cash equivalents, restricted cash and restricted cash equivalents 16,701 17,131
Pension Risk Transfer    
NON-CASH TRANSACTIONS DURING THE PERIOD    
Assets received, excluding cash and cash equivalents 0 5,802
Liabilities assumed 0 9,990
Net cash received 0 4,188
Somerset Re    
NON-CASH TRANSACTIONS DURING THE PERIOD    
Reinsurance recoverables under modified coinsurance, net 0 (578) [5]
Deferred reinsurance gain 0 363 [5]
Net cash received 0 69 [5]
Unwind of Deferred policy acquisition costs ceded 0 284 [5]
Prismic Re International    
CASH FLOWS FROM FINANCING ACTIVITIES    
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR 18,520  
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD 16,701  
NON-CASH TRANSACTIONS DURING THE PERIOD    
Net cash received (78) [5] 0
Net assets transferred, excluding Cash and cash equivalents 6,069 [5] 0
Deposit assets established for Policyholders’ account balances ceded (6,366) [5] 0
Unwind of Deferred policy acquisition costs ceded $ 219 [5] $ 0
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 20 for additional information regarding related party transactions.
[3] Prior period amounts have been updated to conform to current period presentation.
[4] See Note 4 for details of balances associated with variable interest entities.
[5] See Note 12 for additional information regarding the reinsurance agreements with Somerset Reinsurance Ltd. (“Somerset Re”) and Prismic Life Reinsurance International, Ltd. (“Prismic Re International”).