v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income (loss) $ (453) $ 234
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Other policy revenue (400) (379)
Accretion on investments (397) (449)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 711 702
Deferral of policy acquisition costs (672) (784)
Losses (gains) on investments and derivatives 327 (67)
Provisions for credit losses (1) 8
Income of equity method investments 409 392
Distributions from equity method investments 296 243
Interest credited to policyholders’ account balances 1,333 1,000
Change in fair value of embedded derivatives 156 241
Depreciation and amortization 105 107
Deferred income taxes 15 (10)
Changes in operating assets and liabilities:    
Insurance-related liabilities 615 509
Funds withheld under reinsurance (145) (123)
Reinsurance recoverables and deposit assets 627 593
Accrued investment income (87) 20
Working capital and other 129 (413)
Cash flows from operating activities 1,750 1,040
Investing activities    
Acquisition of subsidiary, net of cash acquired (42) 0
Purchase of investments:    
Available-for-sale fixed maturity securities (10,219) (7,056)
Equity securities (326) (64)
Mortgage loans on real estate (1,930) (581)
Private loans (1,560) (1,434)
Investment real estate and real estate partnerships (981) (1,044)
Investment funds (1,374) (1,161)
Short-term investments (692) (11,623)
Other invested assets (354) (25)
Proceeds from sales and maturities of investments:    
Available-for-sale fixed maturity securities 6,728 5,903
Equity securities 130 198
Mortgage loans on real estate 1,486 1,615
Private loans 1,553 747
Investment real estate and real estate partnerships 254 69
Investment funds 306 244
Short-term investments 610 11,426
Other invested assets 210 200
Purchase of derivatives (584) (465)
Proceeds from sales and maturities of derivatives 810 549
Purchase of intangibles and property and equipment (32) (30)
Proceeds from sales of intangibles and property and equipment 3 0
Change in collateral held for derivatives (237) (306)
Other (69) 24
Cash flows from investing activities (6,310) (2,814)
Financing activities    
Return of capital to common stockholders (9) (8)
Borrowings from related parties 77 0
Repayment of borrowings to related parties 0 (65)
Borrowings from external parties 4,440 1,635
Repayment of borrowings to external parties (1,573) (1,462)
Borrowings issued to reinsurance entities 11 0
Repayment of borrowings issued to reinsurance entities (5) (8)
Deposits on policyholders’ account balances 7,298 7,417
Withdrawals on policyholders’ account balances (5,582) (4,751)
Debt issuance costs 0 (6)
Proceeds from repurchase agreements 1,722 33
Repayments of repurchase agreements (2,215) (33)
Issuance of capital to non-controlling interests [1] 2 299
Redemptions to non-controlling interests [1] 0 (394)
Distributions to non-controlling interests (9) (48)
Cash flows from financing activities 4,157 2,609
Cash and cash equivalents, beginning of period 13,014 12,243
Net change during the period (403) 835
Foreign exchange on cash balances held in foreign currencies (2) 13
Cash and cash equivalents, end of period 12,609 13,091
Supplementary cash flow disclosure    
Cash taxes paid (net of refunds received) (45) 73
Cash interest paid 193 114
Non-cash transactions:    
Investments received in relation to the issuance of common stock 1,414 3,535
Investments received in connection with the sale of investment funds $ 0 $ 786
[1] Adjusted to present the issuance and redemption of capital to non-controlling interests separately.