v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities    
Net income (loss) $ (1,411) $ 938
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Equity-based compensation 232 149
Net investment income (85) (370)
Net recognized (gains) losses on investments and derivatives 1,548 306
Depreciation and amortization 397 308
Net amortization (accretion) of net investment premiums, discount and other (65) (42)
Policy acquisition costs deferred (364) (515)
Other non-cash amounts included in net income (loss), net (163) 300
Changes in consolidation 0 (23)
Changes in operating assets and liabilities:    
Purchases of investments by funds and VIEs (3,030) (871)
Proceeds from sale of investments by funds and VIEs 2,981 1,191
Interest sensitive contract liabilities 247 519
Future policy benefits, market risk benefits and reinsurance recoverable (259) (289)
Other assets and liabilities, net 1,592 (589)
Net cash provided by operating activities 1,620 1,012
Cash Flows from Investing Activities    
Purchases of investments and contributions to equity method investments (2,497) (1,336)
Purchases of available-for-sale securities (18,114) (24,317)
Purchases of mortgage loans (6,634) (9,013)
Purchases of investment funds (2,789) (714)
Purchases of U.S. Treasury securities (1) (444)
Purchases of derivatives instruments and other investments (1,160) (942)
Sales, maturities and repayments of investments and distributions from equity method investments 22,587 18,976
Other investing activities, net 274 902
Net cash used in investing activities (8,334) (16,888)
Cash Flows from Financing Activities    
Issuance of debt 3,146 294
Repayment of debt (1,419) (818)
Repurchase of common stock (632) (193)
Common stock dividends (312) (278)
Preferred stock dividends (24) (24)
Distributions paid to non-controlling interests (891) (210)
Contributions from non-controlling interests 947 607
Deposits on investment-type policies and contracts 19,652 25,306
Withdrawals on investment-type policies and contracts (7,831) (5,248)
Net change in cash collateral posted for derivative transactions and securities to repurchase (2,556) (4,399)
Other financing activities, net (208) (763)
Net cash provided by financing activities 9,872 14,274
Effect of exchange rate changes on cash and cash equivalents (1) 3
Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities 3,157 (1,599)
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period 20,591 17,112
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period 23,748 15,513
Supplemental Disclosure of Cash Flow Information    
Cash paid (refunded) for taxes (157) 310
Cash paid for interest 220 321
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition:    
Restricted cash and cash equivalents 1,178 2,213
Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities 23,748 15,513
VIE, Primary Beneficiary    
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition:    
Cash and cash equivalents 1,149 406
Consolidated Entity, Excluding VIE    
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition:    
Cash and cash equivalents 21,421 12,894
Retirement Services    
Non-cash transactions    
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (323) (483)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) 1,138 1,761
Retirement Services | VIE, Primary Beneficiary    
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition:    
Cash and cash equivalents 298  
Asset Management    
Non-cash transactions    
Capital increases related to equity-based compensation 187 121
Issuance of warrants 0 54
Issuance of restricted shares 15 6
Issuance of common stock to donor-advise fund 0 $ 200
Asset Management | VIE, Primary Beneficiary    
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition:    
Cash and cash equivalents $ 851