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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income (loss) $ 3,403 $ 4,444 $ 1,602
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expenses 753 714 718
Amortization of premiums and accretion of discounts associated with investments, net (1,840) (1,512) (1,332)
(Gains) losses on investments and from sales of businesses, net 1,144 1,165 2,800
(Gains) losses on derivatives, net 2,310 2,716 3,259
(Income) loss from equity method investments, net of dividends or distributions 365 844 1,090
Interest credited to policyholder account balances 9,316 8,484 7,970
Universal life and investment-type product policy fees (4,182) (4,251) (4,031)
Change in contractholder-directed equity securities and fair value option securities (1,013) (518) (539)
Change in accrued investment income (272) (18) (194)
Change in premiums, reinsurance and other receivables (27) 460 (1,952)
Change in market risk benefits (235) (782) (658)
Change in deferred policy acquisition costs and value of business acquired, net (1,068) (791) (660)
Change in income tax (624) (484) (1,177)
Change in other assets (555) 0 (124)
Change in insurance-related liabilities and policy-related balances 7,257 4,079 4,637
Change in other liabilities 1,917 (580) 2,115
Other, net 443 628 197
Net cash provided by (used in) operating activities 17,092 14,598 13,721
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities available-for-sale 59,471 55,650 58,816
Sales, maturities and repayments of equity securities 140 158 1,018
Sales, maturities and repayments of mortgage loans 14,646 10,363 8,505
Sales, maturities and repayments of real estate and real estate joint ventures 505 753 143
Sales, maturities and repayments of other limited partnership interests 1,025 1,083 915
Sales, maturities and repayments of short-term investments 16,700 11,841 13,117
Purchases of fixed maturity securities available-for-sale (77,614) (65,667) (63,460)
Purchases of equity securities (67) (112) (73)
Purchases of mortgage loans (10,800) (8,950) (8,795)
Purchases of real estate and real estate joint ventures (633) (1,033) (1,057)
Purchases of other limited partnership interests (1,416) (1,401) (1,670)
Purchases of short-term investments (14,929) (10,943) (14,000)
Cash received in connection with freestanding derivatives 2,528 2,288 3,145
Cash paid in connection with freestanding derivatives (4,497) (3,981) (5,662)
Purchases of businesses (net of cash received of $172, $0 and $0, respectively) (738) 0 0
Payments to Acquire Interest in Joint Venture (236) (40) 0
Net change in policy loans 21 106 34
Net change in other invested assets 362 (1,435) (1,079)
Other, net (75) (173) (143)
Net cash provided by (used in) investing activities (15,607) (11,493) (10,246)
Cash flows from financing activities      
Policyholder account balances - deposits 108,356 97,877 95,587
Policyholder account balances - withdrawals (101,508) (94,914) (90,876)
Net change in payables for collateral under securities loaned and other transactions (25) (244) (3,283)
Long-term debt issued 743 1,568 1,989
Long-term debt repaid (1,383) (1,792) (1,035)
Collateral financing arrangement repaid (124) (161) (79)
Subordinated debt securities issued 1,000 0 0
Derivatives with certain financing elements and other derivative-related transactions, net (247) (157) (74)
Proceeds from mortgage loan secured financing 439 285 682
Repayments of mortgage loan secured financing (1,241) (882) (845)
Treasury stock acquired in connection with share repurchases (2,883) (3,207) (3,103)
Redemption of preferred stock (988) 0 0
Preferred stock redemption premium (12) 0 0
Dividends on preferred stock (194) (200) (198)
Dividends on common stock (1,509) (1,527) (1,566)
Other, net (261) 223 (139)
Net cash provided by (used in) financing activities 163 (3,131) (2,940)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances 316 (545) (91)
Change in cash and cash equivalents 1,964 (571) 444
Cash and cash equivalents, beginning of year 20,068 20,639 20,195
Cash and cash equivalents, end of year 22,032 20,068 20,639
Supplemental disclosures of cash flow information      
Net cash paid for Interest 1,041 1,037 989
Net cash paid (received) for Income tax 1,564 1,600 1,833
Non-cash transactions:      
Funds withheld liabilities established in connection with reinsurance transactions 18,319 0 0
Fixed maturity securities available-for-sale disposed of in connection with a reinsurance transaction 0 0 8,984
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions 7,647 3,538 2,749
Mortgage loans disposed of in connection with a reinsurance transaction 0 0 196
Real estate and real estate joint ventures acquired in satisfaction of debt 353 359 32
Short-term investments received in connection with pension risk transfer transactions 122 0 0
Other invested assets received in connection with the sale of other limited partnership interests 20 375 0
Increase in real estate and real estate joint ventures 0 134 0
Increase in short-term debt $ 0 $ 113 $ 0