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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) $ 1,177 $ 3,275 $ (752)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized (gain) loss 799 (269) 4,311
Market risk benefit (gain) loss (372) (2,677) (2,264)
Sales and maturities (purchases) of trading securities, net 367 343 1,301
Net operating cash payments related to closing Fortitude Re reinsurance transaction 0 0 (1,438)
Early extinguishment of debt (gain) loss (94) 0 0
Change in:      
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads 574 689 637
Accrued investment income (28) (39) 4
Insurance liabilities and reinsurance-related balances (2,688) (4,068) (3,963)
Accrued expenses 113 251 109
Federal income tax accruals 77 747 (396)
Other (92) (259) 377
Net cash provided by (used in) operating activities (167) (2,007) (2,074)
Cash Flows from Investing Activities      
Purchases of available-for-sale securities and equity securities (19,229) (11,442) (11,131)
Sales of available-for-sale securities and equity securities 4,317 1,965 4,013
Maturities of available-for-sale securities 11,056 9,442 5,670
Purchases of other investments (2,109) (1,390) (630)
Sales and repayments of other investments 1,191 352 111
Issuance of mortgage loans on real estate (4,255) (4,146) (1,946)
Repayment and maturities of mortgage loans on real estate 2,871 1,673 1,268
Repayment (issuance) of policy loans, net (147) 0 (119)
Net change in collateral on investments, certain derivatives and related settlements 2,176 4,052 (260)
Cash received from disposition, net of cash transferred 0 619 0
Other 116 (304) (310)
Net cash provided by (used in) investing activities (4,013) 821 (3,334)
Cash Flows from Financing Activities      
Payment of long-term debt, including current maturities (300) (100) (500)
Issuance of long-term debt, net of issuance costs 495 346 0
Payment related to early extinguishment of debt (421) 0 0
Payment related to sale-leaseback transactions (7) (17) (79)
Proceeds from certain financing arrangements 33 53 86
Payment related to certain financing arrangements (148) (137) (49)
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction 0 0 1,246
Deposits 21,109 16,060 16,404
Withdrawals (12,499) (12,153) (10,660)
Transfers from (to) separate accounts, net (794) (27) (624)
Issuance of common stock 825 0 0
Common stock issued for benefit plans 4 (5) (7)
Dividends paid to preferred stockholders (91) (91) (82)
Dividends paid to common stockholders (325) (307) (305)
Net cash provided by (used in) financing activities 7,881 3,622 5,430
Net increase (decrease) in cash and invested cash 3,701 2,436 22
Cash and invested cash as of beginning-of-year 5,801 3,365 3,343
Cash and invested cash as of end-of-year $ 9,502 $ 5,801 $ 3,365