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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income (loss) $ 4,444 $ 1,602 $ 5,302
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expenses 714 718 673
Amortization of premiums and accretion of discounts associated with investments, net (1,512) (1,332) (992)
(Gains) losses on investments and from sales of businesses, net 1,165 2,800 1,260
(Gains) losses on derivatives, net 2,716 3,259 4,150
(Income) loss from equity method investments, net of dividends or distributions 844 1,090 505
Interest credited to policyholder account balances 8,484 7,970 3,771
Universal life and investment-type product policy fees (4,251) (4,031) (3,969)
Change in contractholder-directed equity securities and fair value option securities (518) (539) 1,671
Change in accrued investment income (18) (194) (357)
Change in premiums, reinsurance and other receivables 460 (1,952) 299
Change in market risk benefits (782) (658) (3,347)
Change in deferred policy acquisition costs and value of business acquired, net (791) (660) (800)
Change in income tax (484) (1,177) 198
Change in other assets 0 (124) 138
Change in insurance-related liabilities and policy-related balances 4,079 4,637 3,937
Change in other liabilities (580) 2,115 360
Other, net 628 197 245
Net cash provided by (used in) operating activities 14,598 13,721 13,044
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities available-for-sale 55,650 58,816 88,937
Sales, maturities and repayments of equity securities 158 1,018 873
Sales, maturities and repayments of mortgage loans 10,363 8,505 10,779
Sales, maturities and repayments of real estate and real estate joint ventures 753 143 1,096
Sales, maturities and repayments of other limited partnership interests 1,083 915 1,615
Sales, maturities and repayments of short-term investments 11,841 13,117 14,094
Purchases of fixed maturity securities available-for-sale (65,667) (63,460) (82,956)
Purchases of equity securities (112) (73) (1,368)
Purchases of mortgage loans (8,950) (8,795) (16,403)
Purchases of real estate and real estate joint ventures (1,033) (1,057) (1,208)
Purchases of other limited partnership interests (1,401) (1,670) (2,674)
Purchases of short-term investments (10,943) (14,000) (11,741)
Cash received in connection with freestanding derivatives 2,288 3,145 4,524
Cash paid in connection with freestanding derivatives (3,981) (5,662) (7,793)
Sales of businesses 0 0 590
Purchases of investments in operating joint ventures (40) 0 (240)
Net change in policy loans 106 34 104
Net change in other invested assets (1,435) (1,079) (786)
Other, net (173) (143) (63)
Net cash provided by (used in) investing activities (11,493) (10,246) (2,620)
Cash flows from financing activities      
Policyholder account balances - deposits 97,877 95,587 103,901
Policyholder account balances - withdrawals (94,914) (90,876) (98,591)
Net change in payables for collateral under securities loaned and other transactions (244) (3,283) (10,730)
Long-term debt issued 1,568 1,989 1,013
Long-term debt repaid (1,792) (1,035) (85)
Collateral financing arrangement repaid (161) (79) (50)
Derivatives with certain financing elements and other derivative-related transactions, net (157) (74) (61)
Proceeds from mortgage loan secured financing 285 682 0
Repayments of mortgage loan secured financing (882) (845) 0
Treasury stock acquired in connection with share repurchases (3,207) (3,103) (3,326)
Dividends on preferred stock (200) (198) (185)
Dividends on common stock (1,527) (1,566) (1,598)
Other, net 223 (139) (236)
Net cash provided by (used in) financing activities (3,131) (2,940) (9,948)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances (545) (91) (397)
Change in cash and cash equivalents (571) 444 79
Cash and cash equivalents, including subsidiaries held-for-sale, beginning of year 20,639 20,195 20,116
Cash and cash equivalents, including subsidiaries held-for-sale, end of year 20,068 20,639 20,195
Cash and cash equivalents, subsidiaries held-for-sale, beginning of year 0 0 69
Cash and cash equivalents, subsidiaries held-for-sale, end of year 0 0 0
Cash and cash equivalents, beginning of year 20,639 20,195 20,047
Cash and cash equivalents, end of year 20,068 20,639 20,195
Supplemental disclosures of cash flow information      
Net cash paid for Interest 1,037 989 905
Net cash paid (received) for Income tax 1,600 1,833 1,056
Non-cash transactions:      
Fixed maturity securities available-for-sale disposed of in connection with a reinsurance transaction 0 8,984 0
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions 3,538 2,749 8,707
Mortgage loans disposed of in connection with a reinsurance transaction 0 196 0
Real estate and real estate joint ventures acquired in satisfaction of debt 359 32 495
Other invested assets received in connection with the sale of other limited partnership interests 375 0 0
Increase of real estate and real estate joint ventures 134 0 0
Increase of short-term debt $ 113 $ 0 $ 0