v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 1,110 $ 258
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized losses (gains) on investments 125 111
Net losses (gains) on derivatives 3,666 2,538
Net losses (gains) on funds withheld reinsurance treaties 290 1,094
Net (gain) loss on market risk benefits (1,454) (183)
(Gain) loss from updating future policy benefits cash flow assumptions, net 61 37
Interest credited on other contract holder funds, gross 976 896
Mortality, expense and surrender charges (376) (393)
Amortization of discount and premium on investments (50) (32)
Deferred income tax expense (benefit) 151 (4)
Share-based compensation 105 106
Change in:    
Accrued investment income (137) (56)
Deferred acquisition costs (41) 233
Funds withheld, net of reinsurance 287 108
Future policy benefits (483) (396)
Other assets and liabilities, net 81 (180)
Net cash provided by (used in) operating activities 4,311 4,137
Sales, maturities and repayments of:    
Debt securities 7,509 6,326
Equity securities 58 46
Mortgage loans 1,582 1,148
Purchases of:    
Debt securities (16,911) (11,015)
Equity securities (51) (21)
Mortgage loans (2,716) (1,167)
Settlements related to derivatives and collateral on investments (291) (977)
Other investing activities (161) (152)
Net cash provided by (used in) investing activities (10,981) (5,812)
Policyholders' account balances:    
Deposits 24,179 19,760
Withdrawals (34,880) (30,424)
Net transfers from (to) separate accounts 16,573 14,716
Proceeds from (payments on) repurchase agreements and securities lending (506) (520)
Net proceeds from (payments on) Federal Home Loan Bank notes 0 (700)
Settlements related to deferred premium on derivatives (550) (7)
Proceeds from debt 750 0
Payments on debt (5) (5)
Pre-capitalized trust securities and debt issuance costs (17) 0
Issuance of debt of consolidated investment entities 136 494
Repayments of debt of consolidated investment entities (304) (152)
Contributions from partners of consolidated investments 96 27
Dividends on common stock (185) (169)
Dividends on preferred stock (33) (33)
Purchase of treasury stock (687) (517)
Issuance of treasury stock 500 0
Net cash provided by (used in) financing activities 5,067 2,470
Net increase (decrease) in cash, cash equivalents, and restricted cash (1,603) 795
Cash, cash equivalents, and restricted cash at beginning of period 5,704 3,767
Total cash, cash equivalents, and restricted cash at end of period 4,101 4,562
Supplemental cash flow information    
Income taxes paid (received) (45) (11)
Interest paid 112 167
Non-cash investing activities    
Debt securities acquired from exchanges, payments-in-kind, and similar transactions 94 179
TPG Inc. common stock acquired 150 0
Non-cash financing activities    
Non-cash dividend equivalents on stock-based awards (4) (4)
Reconciliation to Condensed Consolidated Balance Sheets    
Cash and cash equivalents 4,101 4,562
Restricted cash (included in Other assets) 0 0
Total cash, cash equivalents, and restricted cash $ 4,101 $ 4,562