v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income (loss) $ 211 $ (49)
Less: Net income from discontinued operations 0 (68)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Other policy revenue (352) (321)
Accretion on investments (262) (405)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 543 484
Deferral of policy acquisition costs (437) (570)
Gains (losses) on investments and derivatives (288) 158
Other losses (gains) 13 (3)
Provisions for credit losses (5) 0
Income from equity method investments (121) (163)
Distributions from equity method investments 132 165
Interest credited to policyholders' account balances 1,307 997
Change in fair value of embedded derivatives 163 228
Depreciation and amortization 71 83
Deferred income taxes 84 32
Changes in operating assets and liabilities:    
Insurance-related liabilities 120 924
Premiums due and other receivables 0 (26)
Funds withheld for reinsurance liabilities (171) (156)
Reinsurance recoverables and deposit assets 485 493
Accrued investment income (35) 19
Working capital and other (68) (457)
Cash used by operating activities - discontinued operations 0 (159)
Cash flows provided by operating activities 1,390 1,206
Investing activities:    
Acquisition of subsidiary, net of cash acquired 0 6
Purchase of investments:    
Available-for-sale fixed maturity securities (7,713) (6,072)
Equity securities (7) (5)
Mortgage loans on real estate (1,909) (579)
Private loans (1,516) (1,570)
Investment real estate and real estate partnerships (578) (1,053)
Investment funds (604) (1,035)
Short-term investments (570) (10,831)
Other invested assets (311) (78)
Proceeds from sales and maturities of investments:    
Available-for-sale fixed maturity securities 3,131 4,604
Equity securities 24 0
Mortgage loans on real estate 1,372 1,532
Private loans 1,363 750
Investment real estate and real estate partnerships 231 65
Investment funds 201 164
Short-term investments 492 10,786
Other invested assets 87 196
Purchases of derivatives (584) (465)
Proceeds from sales and maturities of derivatives 825 547
Purchase of intangibles and property and equipment (30) (25)
Proceeds from sales of intangibles and property and equipment 21 0
Distributions from equity accounted investments 0 (1)
Change in collateral held for derivatives (90) (306)
Other (84) 37
Cash from investing activities - discontinued operations 0 195
Cash flows used in investing activities (6,249) (3,138)
Financing activities:    
Contributions from (distributions to) shareholders (10) 0
Issuance of preferred equity 0 292
Redemption of preferred equity 0 (400)
Dividends paid to stockholders (12) (30)
Borrowings from related parties 18 212
Repayment of borrowings to related parties (30) (91)
Borrowings from external parties 1 711
Repayment of borrowings to external parties 0 (700)
Repayment of borrowings issued to reinsurance entities 0 2
Deposits on policyholders’ account 7,298 7,417
Withdrawals on policyholders’ account (5,582) (4,751)
Debt issuance costs 0 (6)
Issuance of equity, noncontrolling interests 72 62
Distributions to noncontrolling interests (140) (7)
Cash from financing activities - discontinued operations 0 (5)
Cash flows provided by financing activities 1,615 2,706
Cash and cash equivalents    
Cash and cash equivalents, beginning of period 11,660 11,330
Net change during the period (3,244) 774
Cash and cash equivalents, end of period 8,416 12,104
Less: Cash and cash equivalents of discontinued operations 0 490
Cash and cash equivalents, end of period 8,416 11,614
Supplementary cash flow disclosure:    
Cash taxes paid (net of refunds received) 16 52
Cash interest paid 91 85
Non-cash transactions:    
Investments received as in-kind consideration from sales of investment funds 0 786
Distribution to Parent of promissory notes, other assets, and property and casualty related assets 491 0
Issuance of private loans as a result of refinancing $ 418 $ 0