v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net income (loss) $ 678 $ 1,780
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Equity-based compensation 478 315
Net investment income (543) (776)
Net recognized (gains) losses on investments and derivatives (2,154) 49
Depreciation and amortization 811 640
Net amortization (accretion) of net investment premiums, discount and other (113) (90)
Policy acquisition costs deferred (939) (957)
Other non-cash amounts included in net income (loss), net 75 228
Changes in consolidation (63) (23)
Changes in operating assets and liabilities:    
Purchases of investments by funds and VIEs (5,947) (1,719)
Proceeds from sale of investments by funds and VIEs 5,534 1,665
Interest sensitive contract liabilities 4,736 2,977
Future policy benefits, market risk benefits and reinsurance recoverable (846) (1,073)
Other assets and liabilities, net 2,794 (742)
Net cash provided by operating activities 4,501 2,274
Purchases of:    
Available-for-sale securities (44,953) (47,445)
Mortgage loans (19,621) (17,779)
Investment funds and contributions to equity method investments (5,394) (1,593)
Trading securities, equity securities, derivatives and other investments (4,971) (7,294)
Sales, maturities and repayments of:    
Available-for-sale securities 32,948 26,495
Mortgage loans 10,014 5,694
Investment funds and distributions from equity method investments 2,040 1,456
Trading securities, equity securities, derivatives and other investments 4,881 4,215
Other investing activities, net 1,185 (266)
Net cash used in investing activities (23,871) (36,517)
Cash Flows from Financing Activities    
Issuance of debt 5,769 2,632
Repayment of debt (4,804) (1,285)
Repurchase of common stock (729) (193)
Common stock dividends (654) (584)
Preferred stock dividends (49) (49)
Distributions paid to non-controlling interests (1,407) (1,030)
Contributions from non-controlling interests 1,669 1,191
Deposits on investment-type policies and contracts 41,617 45,973
Withdrawals on investment-type policies and contracts (14,741) (9,604)
Net change in cash collateral posted for derivative transactions and securities to repurchase 92 (4,392)
Other financing activities, net 435 (570)
Net cash provided by financing activities 27,198 32,089
Effect of exchange rate changes on cash and cash equivalents (2) 13
Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities 7,826 (2,141)
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 28,417 14,971
Supplemental Disclosure of Cash Flow Information    
Cash paid (refunded) for taxes (23) 415
Cash paid for interest 542 585
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 1,602 1,723
Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities 28,417 14,971
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 25,372 12,711
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 1,443 537
Asset Management    
Non-cash investing activities    
Purchase of investments 53 9
Sale of investments 83 7
Non-cash financing activities    
Capital increases related to equity-based compensation 395 257
Issuance of warrants 0 54
Issuance of restricted shares 24 18
Contributions from non-controlling interests 416 0
Issuance of common stock to donor-advised 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 1,272  
Retirement Services    
Non-cash investing activities    
Exchange of interests in consolidated variable interest entities for related party investments 450 0
Non-cash financing activities    
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (879) (851)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) 2,251 $ 3,123
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 $ 171