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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) $ 742 $ 729 $ 433
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Deferred income tax expense (benefit) 42 (62) 3
Net (gains) losses 27 72 686
Share-based compensation 96 126 90
(Gains) losses on CIEs (196) (230) 76
(Gains) losses on limited partnerships/corporations 0 33 27
Changes in operating assets and liabilities:      
Deferred policy acquisition costs, value of business acquired and sales inducements, net 102 113 124
Premium receivable and reinsurance recoverable 649 538 278
Other receivables and asset accruals (153) 31 (211)
Contract owner accounts, future policy benefits and claims, net 465 272 337
Other payables and accruals (70) (95) (279)
(Increase) decrease in cash held by CIEs (511) (98) (355)
Other, net 152 209 143
Net cash (used in) provided by operating activities 1,345 1,638 1,352
Proceeds from the sale, maturity, disposal or redemption of:      
Fixed maturities 6,239 6,980 7,900
Equity securities 36 139 5
Mortgage loans on real estate 784 600 854
Limited partnerships/corporations 292 470 256
Acquisition of:      
Fixed maturities (5,511) (4,439) (8,518)
Equity securities (59) (28) (76)
Mortgage loans on real estate (301) (408) (669)
Limited partnerships/corporations (464) (307) (353)
Short-term investments, net 119 144 (260)
Derivatives, net 206 81 291
Sales from CIEs 1,496 962 849
Purchases within CIEs (2,608) (1,225) (2,338)
Collateral received (delivered), net 167 (19) 54
Receipts on deposit asset contracts 217 253 126
Payments for business acquisitions, net of cash acquired 0 (584) (2)
Other, net (132) (87) (65)
Net cash provided by (used in) investing activities 481 2,532 (1,946)
Cash Flows from Financing Activities:      
Deposits received for investment contracts 2,945 2,501 5,818
Maturities and withdrawals from investment contracts (5,569) (6,355) (6,354)
Proceeds from issuance of long-term debt 397 388 0
Repayments of long-term debt, including current maturities (1) (541) (366)
Borrowings of CIEs 1,186 487 1,628
Repayments of borrowings of CIEs (1,081) (687) (932)
Contributions from (distributions to) participants in CIEs, net 1,634 772 1,166
Proceeds from issuance of common stock, net 6 0 7
Common stock acquired - Share repurchase (640) (369) (750)
Dividends paid on preferred stock (41) (36) (36)
Dividends paid on common stock (171) (127) (83)
Other, net (95) (92) (70)
Net cash provided by (used in) financing activities (1,430) (4,059) 28
Net increase (decrease) in cash and cash equivalents, including cash in CIEs 396 111 (566)
Cash and cash equivalents, including cash in CIEs, beginning of period 1,118 1,007 1,573
Cash and cash equivalents, including cash in CIEs, end of period 1,514 1,118 1,007
Supplemental cash flow information:      
Income taxes paid 9 11 14
Interest paid 103 113 131
Non-cash investing and financing activities:      
Treasury stock retirement 0 186 $ 458
Reconciliation of cash and cash equivalents, including cash in CIEs:      
Total cash and cash equivalents, including cash in CIEs 1,514 1,118  
Excluding consolidated VIEs      
Reconciliation of cash and cash equivalents, including cash in CIEs:      
Cash and cash equivalents 1,399 937  
VIEs      
Reconciliation of cash and cash equivalents, including cash in CIEs:      
Cash and cash equivalents $ 115 $ 181