v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ (420) $ (18)
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized losses (gains) on investments 47 66
Net losses (gains) on derivatives (330) (1,409)
Net losses (gains) on funds withheld reinsurance treaties 159 388
Net (gain) loss on market risk benefits 1,670 2,246
(Gain) loss from updating future policy benefits cash flow assumptions, net 18 12
Interest credited on other contract holder funds, gross 315 288
Mortality, expense and surrender charges (127) (133)
Amortization of discount and premium on investments (14) (8)
Deferred income tax expense (benefit) 19 2
Share-based compensation 60 54
Change in:    
Accrued investment income (2) (6)
Deferred acquisition costs 26 117
Funds withheld, net of reinsurance 120 134
Future policy benefits (129) (137)
Other assets and liabilities, net (367) (2)
Net cash provided by (used in) operating activities 1,045 1,594
Sales, maturities and repayments of:    
Debt securities 2,353 2,027
Equity securities 16 4
Mortgage loans 463 272
Purchases of:    
Debt securities (4,009) (3,333)
Equity securities 0 0
Mortgage loans (724) (392)
Settlements related to derivatives and collateral on investments (471) 742
Other investing activities (58) (273)
Net cash provided by (used in) investing activities (2,430) (953)
Policyholders' account balances:    
Deposits 7,334 5,804
Withdrawals (11,187) (10,226)
Net transfers from (to) separate accounts 5,402 5,205
Proceeds from (payments on) repurchase agreements and securities lending (531) (517)
Net proceeds from (payments on) Federal Home Loan Bank notes 0 (700)
Settlements related to deferred premium on derivatives (154) 0
Payments on debt (4) (4)
Pre-capitalized trust securities issuance costs (7) 0
Issuance of debt of consolidated investment entities 96 215
Repayments of debt of consolidated investment entities (35) (27)
Contributions from partners of consolidated investments 108 0
Dividends on common stock (64) (58)
Dividends on preferred stock (11) (11)
Purchase of treasury stock (227) (202)
Issuance of treasury stock 500 0
Net cash provided by (used in) financing activities 1,220 (521)
Net increase (decrease) in cash, cash equivalents, and restricted cash (165) 120
Cash, cash equivalents, and restricted cash at beginning of period 5,704 3,767
Total cash, cash equivalents, and restricted cash at end of period 5,539 3,887
Supplemental cash flow information    
Income taxes paid (received) (48) (20)
Interest paid 24 42
Non-cash investing activities    
Debt securities acquired from exchanges, payments-in-kind, and similar transactions 37 53
TPG Inc common stock acquired 150 0
Non-cash financing activities    
Non-cash dividend equivalents on stock-based awards (1) (1)
Reconciliation to Condensed Consolidated Balance Sheets    
Cash and cash equivalents 5,539 3,887
Restricted cash (included in Other assets) 0 0
Total cash, cash equivalents, and restricted cash $ 5,539 $ 3,887