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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from (used by) operating activities:    
Net income (loss) $ 79 $ 85
Less (income) loss from discontinued operations, net of taxes 1 5
Adjustments to reconcile net income (loss) to net cash from (used by) operating activities:    
Amortization of fixed maturity securities discounts and premiums (31) (32)
Net investment (gains) losses 26 (27)
Changes in fair value of market risk benefits and associated hedges 10 18
Charges assessed to policyholders (133) (138)
Amortization of deferred acquisition costs and intangibles 55 60
Deferred income taxes 23 2
Derivative instruments, limited partnerships and other (40) (27)
Long-term incentive compensation expense 15 11
Change in certain assets and liabilities:    
Accrued investment income and other assets (75) (47)
Insurance reserves 220 149
Current tax liabilities 8 34
Other liabilities, policy and contract claims and other policy-related balances (66) (59)
Cash from (used by) operating activities—discontinued operations (1) 0
Net cash from (used by) operating activities 91 34
Cash flows from (used by) investing activities:    
Fixed maturity securities 765 639
Commercial mortgage loans 147 202
Limited partnerships and other invested assets 65 50
Proceeds from sales of investments:    
Fixed maturity and equity securities 340 334
Purchases and originations of investments:    
Fixed maturity and equity securities (1,059) (1,017)
Commercial mortgage loans (132) (107)
Limited partnerships and other invested assets (127) (109)
Short-term investments, net 8 0
Policy loans, net 0 1
Other (12) (7)
Net cash from (used by) investing activities (5) (14)
Cash flows from (used by) financing activities:    
Deposits to universal life and investment contracts 292 129
Withdrawals from universal life and investment contracts (197) (221)
Repayment and repurchase of long-term debt (5) 0
Repurchase of subsidiary shares (18) (12)
Treasury stock acquired in connection with share repurchases (67) (45)
Dividends paid to noncontrolling interests (6) (5)
Other, net (1) (23)
Net cash from (used by) financing activities (2) (177)
Net change in cash, cash equivalents and restricted cash 84 (157)
Cash, cash equivalents and restricted cash at beginning of period 2,036 2,048
Cash, cash equivalents and restricted cash at end of period $ 2,120 $ 1,891