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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities    
Net income (loss) $ (722) $ 1,222
Adjustments to reconile net income (loss) to net cash provided by (used in) operating activities:    
Realized (gain) loss (11) 434
Market risk benefit (gain) loss 1,293 (1,907)
Sales and maturities (purchases) of trading securities, net 71 129
Change in:    
Deferred acquisition costs, value of business acquired, deferred ales inducements and deferred front-end loads 156 190
Accrued investment income (16) (32)
Insurance liabilities and reinsurance-related balances (216) (1,035)
Accrued expenses (227) (41)
Federal income tax accruals (227) 306
Other (373) (609)
Net cash provided by (used in) operating activities (272) (1,343)
Cash Flows from Investing Activities    
Purchases of available-for-sale securities and equity securities (3,722) (2,360)
Sales of available-for-sale securities and equity securities 509 677
Maturities of available-for-sale securities 2,689 1,694
Purchases of alternative investments (397) (315)
Sales and repayments of alternative investments 213 16
Issuance of mortgage loans on real estate (919) (571)
Repayment and maturities of mortgage loans on real estate 502 267
Repayment (issuance) of policy loans, net (54) (1)
Net change in collateral on investments, certain derivatives and related settlements (799) 2,232
Other (68) 0
Net cash provided by (used in) investing activities (2,046) 1,639
Cash Flows from Financing Activities    
Payment of long-term debt, including current maturities (300) (47)
Issuance of long-term debt, net of issuance costs 0 347
Payment related to sale-leaseback transactions (2) (4)
Payment related to certain financing arrangements (14) (16)
Policyholder account balances:    
Deposits 4,434 3,602
Withdrawals (3,129) (3,215)
Transfers from (to) separate accounts, net (73) (90)
Common stock issued for benefit plans (4) (5)
Dividends paid to preferred stockholders (34) (34)
Dividends paid to common stockholders (77) (77)
Net cash provided by (used in) financing activities 801 461
Net increase (decrease) in cash, invested cash and restricted cash (1,517) 757
Cash, invested cash and restricted cash as of beginning-of-year 5,801 3,365
Cash, invested cash and restricted cash as of end-of-period $ 4,284 $ 4,122