v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from (used by) operating activities:    
Net income (loss) $ 160 $ 168
Less (income) loss from discontinued operations, net of taxes 3 12
Adjustments to reconcile net income (loss) to net cash from (used by) operating activities:    
Amortization of fixed maturity securities discounts and premiums (92) (69)
Net investment (gains) losses (11) 1
Changes in fair value of market risk benefits and associated hedges (7) 8
Charges assessed to policyholders (265) (276)
Amortization of deferred acquisition costs and intangibles 109 117
Deferred income taxes 4 (20)
Derivative instruments, limited partnerships and other (159) (160)
Long-term incentive compensation expense 35 25
Change in certain assets and liabilities:    
Accrued investment income and other assets (69) (50)
Insurance reserves 489 336
Current tax liabilities 0 (20)
Other liabilities, policy and contract claims and other policy-related balances (50) (11)
Cash from (used by) operating activities—discontinued operations (4) (21)
Net cash from (used by) operating activities 143 40
Cash flows from (used by) investing activities:    
Fixed maturity securities 1,647 1,260
Commercial mortgage loans 364 313
Limited partnerships and other invested assets 161 102
Proceeds from sales of investments:    
Fixed maturity and equity securities 1,203 1,042
Purchases and originations of investments:    
Fixed maturity and equity securities (2,812) (2,103)
Commercial mortgage loans (408) (259)
Limited partnerships and other invested assets (264) (226)
Short-term investments, net (41) (6)
Policy loans, net 1 52
Other (28) (15)
Net cash from (used by) investing activities (177) 160
Cash flows from (used by) financing activities:    
Deposits to universal life and investment contracts 549 258
Withdrawals from universal life and investment contracts (376) (562)
Repayment and repurchase of long-term debt (15) 0
Repurchase of subsidiary shares (36) (28)
Treasury stock acquired in connection with share repurchases (130) (77)
Dividends paid to noncontrolling interests (12) (11)
Other, net 4 (31)
Net cash from (used by) financing activities (16) (451)
Net change in cash, cash equivalents and restricted cash (50) (251)
Cash, cash equivalents and restricted cash at beginning of period 2,036 2,048
Cash, cash equivalents and restricted cash at end of period $ 1,986 $ 1,797