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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) $ 3,275 $ (752) $ 1,358
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized (gain) loss (269) 4,311 (840)
Market risk benefit (gain) loss (2,677) (2,264) (3,246)
Sales and maturities (purchases) of trading securities, net 343 1,301 300
Impairment of intangibles 0 0 634
Net operating cash payments related to closing Fortitude Re reinsurance transaction 0 (1,438) 0
Change in:      
Deferred acquisition costs, value of business acquired, deferred ales inducements and deferred front-end loads 689 637 488
Accrued investment income (39) 4 (67)
Insurance liabilities and reinsurance-related balances (3,322) (3,719) 4,377
Accrued expenses 251 109 (91)
Federal income tax accruals 747 (396) 421
Other (1,005) 133 275
Net cash provided by (used in) operating activities (2,007) (2,074) 3,609
Cash Flows from Investing Activities      
Purchases of available-for-sale securities and equity securities (11,442) (11,131) (14,813)
Sales of available-for-sale securities and equity securities 1,965 4,013 2,297
Maturities of available-for-sale securities 9,442 5,670 5,453
Purchases of alternative investments (1,390) (630) (664)
Sales and repayments of alternative investments 352 111 446
Issuance of mortgage loans on real estate (4,146) (1,946) (2,507)
Repayment and maturities of mortgage loans on real estate 1,673 1,268 2,255
Repayment (issuance) of policy loans, net 0 (119) 5
Net change in collateral on investments, certain derivatives and related settlements 4,052 (260) (4,070)
Cash received from disposition, net of cash transferred 619 0 0
Other (304) (310) (48)
Net cash provided by (used in) investing activities 821 (3,334) (11,646)
Cash Flows from Financing Activities      
Payment of long-term debt, including current maturities (100) (500) (300)
Issuance of long-term debt, net of issuance costs 346 0 296
Payment related to sale-leaseback transactions (17) (79) (70)
Proceeds from certain financing arrangements 53 86 186
Payment related to certain financing arrangements (137) (49) 0
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction 0 1,246 0
Deposits of fixed account balances 16,060 16,404 16,203
Withdrawals of fixed account balances (12,153) (10,660) (7,674)
Transfers from (to) separate accounts, net (27) (624) 19
Common stock issued for benefit plans (5) (7) (16)
Issuance of preferred stock, net of issuance costs 0 0 986
Repurchase of common stock 0 0 (550)
Dividends paid to preferred stockholders (91) (82) 0
Dividends paid to common stockholders (307) (305) (310)
Other 0 0 (2)
Net cash provided by (used in) financing activities 3,622 5,430 8,768
Net increase (decrease) in cash, invested cash and restricted cash 2,436 22 731
Cash, invested cash and restricted cash as of beginning-of-year 3,365 3,343 2,612
Cash, invested cash and restricted cash as of end-of-year $ 5,801 $ 3,365 $ 3,343