v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Sales, maturities and repayments of:    
Debt securities $ 4,931 $ 4,091
Equity securities 53 19
Mortgage loans 770 730
Purchases of:    
Debt securities (9,840) (6,758)
Equity securities (51) 0
Mortgage loans (1,627) (751)
Settlements related to derivatives and collateral on investments 483 (928)
Other investing activities (166) (121)
Net cash provided by (used in) investing activities (5,447) (3,718)
Cash flows from operating activities:    
Net income (loss) 240 167
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized losses (gains) on investments 68 175
Net losses (gains) on derivatives 2,136 1,342
Net losses (gains) on funds withheld reinsurance treaties 456 715
Net (gain) loss on market risk benefits (383) 43
(Gain) loss from updating future policy benefits cash flow assumptions, net 38 24
Interest credited on other contract holder funds, gross 635 583
Mortality, expense and surrender charges (253) (263)
Amortization of discount and premium on investments (30) (18)
Deferred income tax expense (benefit) 19 (7)
Share-based compensation 74 72
Change in:    
Accrued investment income (80) (32)
Deferred acquisition costs 5 206
Funds withheld, net of reinsurance 224 168
Future policy benefits (212) (277)
Other assets and liabilities, net (43) (131)
Net cash provided by (used in) operating activities 2,894 2,767
Policyholders' account balances:    
Deposits 15,799 12,126
Withdrawals (23,404) (19,353)
Net transfers from (to) separate accounts 10,815 9,465
Proceeds from (payments on) repurchase agreements and securities lending (558) (383)
Net proceeds from (payments on) Federal Home Loan Bank notes 0 (700)
Settlements related to deferred premium on derivatives (335) 0
Proceeds from debt 750 0
Payments on debt (4) (4)
Pre-capitalized trust securities and debt issuance costs (17) 0
Issuance of debt of consolidated investment entities 31 395
Repayments of debt of consolidated investment entities (236) (98)
Contributions from partners of consolidated investments 96 17
Dividends on common stock (126) (115)
Dividends on preferred stock (22) (22)
Purchase of treasury stock (454) (360)
Issuance of treasury stock 500 0
Net cash provided by (used in) financing activities 2,835 968
Net increase (decrease) in cash, cash equivalents, and restricted cash 282 17
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 5,986 3,784
Supplemental cash flow information    
Income taxes paid (received) (46) (11)
Interest paid 86 127
Non-cash investing activities    
Debt securities acquired from exchanges, payments-in-kind, and similar transactions 66 178
TPG Inc. common stock acquired 150 0
Non-cash financing activities    
Non-cash dividend equivalents on stock-based awards (2) (2)
Reconciliation to Condensed Consolidated Balance Sheets    
Cash and cash equivalents 5,986 3,784
Restricted cash (included in Other assets) 0 0
Total cash, cash equivalents, and restricted cash $ 5,986 $ 3,784