v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 205 $ 1,445
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization 687 559
Net accretion of net investment premiums, discounts and other (113) (90)
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions (241) (284)
Net recognized (gains) losses on investments and derivatives (related party: 2026 – $(963) and 2025 – $(1,488)) (2,185) 42
Policy acquisition costs deferred (939) (957)
Changes in operating assets and liabilities:    
Accrued investment income (620) (360)
Interest sensitive contract liabilities 4,736 2,977
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2026 – $(172) and 2025 – $(108)) (842) (1,073)
Funds withheld assets (related party: 2026 – $(31) and 2025 – $(136)) (304) (820)
Other assets and liabilities 2,247 43
Net cash provided by operating activities 2,631 1,482
Sales, maturities and repayments of:    
Available-for-sale securities (related party: 2026 – $6,417 and 2025 – $2,703) 33,134 26,495
Trading securities (related party: 2026 – $147 and 2025 – $342) 1,890 1,030
Equity securities 130 334
Mortgage loans (related party: 2026 – $153 and 2025 – $47) 10,014 5,694
Investment funds (related party: 2026 – $2,017 and 2025 – $307) 2,126 803
Derivative instruments and other investments 2,795 1,610
Short-term investments (related party: 2026 – $13 and 2025 – $966) 62 1,241
Purchases of:    
Available-for-sale securities (related party: 2026 – $(12,904) and 2025 – $(4,710)) (45,404) (47,760)
Trading securities (related party: 2026 – $(997) and 2025 – $(365)) (2,920) (3,776)
Equity securities (10) (370)
Mortgage loans (related party: 2026 – $(224) and 2025 – $(20)) (19,637) (17,779)
Investment funds (related party: 2026 – $(4,621) and 2025 – $(1,345)) (4,907) (1,346)
Derivative instruments and other investments (1,941) (2,537)
Short-term investments (related party: 2026 – $(13) and 2025 – $(241)) (117) (257)
Other investing activities, net 1,171 (243)
Net cash used in investing activities (23,614) (36,861)
Cash flows from financing activities    
Deposits on investment-type policies and contracts 41,617 45,973
Withdrawals on investment-type policies and contracts (related party: 2026 – $(107) and 2025 – $(147)) (14,741) (9,604)
Proceeds from debt 0 1,591
Capital contributions from parent 42 211
Net change in cash collateral posted for derivative transactions and securities to repurchase 92 (4,392)
Preferred stock dividends (71) (90)
Common stock dividends 375 375
Payments for Repurchase of Redeemable Preferred Stock 0 600
Other financing activities, net 508 (122)
Net cash provided by financing activities 27,801 33,347
Effect of exchange rate changes on cash and cash equivalents (2) 13
Net increase (decrease) in cash and cash equivalents 6,816 (2,019)
Cash and cash equivalents at beginning of year [1] 16,895 14,259
Cash and cash equivalents at end of period [1] 23,711 12,240
Non-cash transactions    
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2026 – $(902) and 2025 – $(875)) (879) (851)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2026 – $343 and 2025 – $545) 2,251 3,123
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Cash flows from financing activities    
Capital contributions from noncontrolling interests 271 126
Capital distributions to noncontrolling interests (301) (190)
Variable Interest Entities    
Cash flows from financing activities    
Capital contributions from noncontrolling interests 759 819
Related Party    
Adjustments to reconcile net income to net cash provided by operating activities:    
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions 9 (149)
Net recognized (gains) losses on investments and derivatives (related party: 2026 – $(963) and 2025 – $(1,488)) (963) (1,488)
Changes in operating assets and liabilities:    
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2026 – $(172) and 2025 – $(108)) (172) (108)
Funds withheld assets (related party: 2026 – $(31) and 2025 – $(136)) (31) (136)
Sales, maturities and repayments of:    
Available-for-sale securities (related party: 2026 – $6,417 and 2025 – $2,703) 6,417 2,703
Trading securities (related party: 2026 – $147 and 2025 – $342) 147 342
Mortgage loans (related party: 2026 – $153 and 2025 – $47) 153 47
Investment funds (related party: 2026 – $2,017 and 2025 – $307) 2,017 307
Short-term investments (related party: 2026 – $13 and 2025 – $966) 13 966
Purchases of:    
Available-for-sale securities (related party: 2026 – $(12,904) and 2025 – $(4,710)) (12,904) (4,710)
Trading securities (related party: 2026 – $(997) and 2025 – $(365)) (997) (365)
Mortgage loans (related party: 2026 – $(224) and 2025 – $(20)) (224) (20)
Investment funds (related party: 2026 – $(4,621) and 2025 – $(1,345)) (4,621) (1,345)
Short-term investments (related party: 2026 – $(13) and 2025 – $(241)) (13) (241)
Cash flows from financing activities    
Withdrawals on investment-type policies and contracts (related party: 2026 – $(107) and 2025 – $(147)) (107) (147)
Non-cash transactions    
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2026 – $(902) and 2025 – $(875)) (902) (875)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2026 – $343 and 2025 – $545) 343 545
Transfer to Investments $ 450 $ 0
[1]
1 Includes cash and cash equivalents, restricted cash, and cash and cash equivalents of consolidated variable interest entities.