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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities      
Net income (loss) $ (1,788) $ (1,675) $ 3,297
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized (gain) loss 4,934 (418) (859)
Market risk benefit (gain) loss (1,135) 296 (1,554)
Sales and maturities (purchases) of trading securities, net 1,302 301 (87)
Amortization of deferred gain (loss) on business sold through reinsurance (48) (37) (32)
Impairment of intangibles 0 634 0
Net operating cash payments related to closing Fortitude Re reinsurance transaction (1,457) 0 0
Change in:      
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads 642 495 496
Accrued investment income 34 (41) 8
Insurance liabilities and reinsurance-related balances (2,499) 652 (893)
Accrued expenses 223 (101) 377
Federal income tax accruals (563) (376) 708
Cash management agreement (733) 3,730 (1,286)
Other 324 406 (351)
Net cash provided by (used in) operating activities (764) 3,866 (176)
Cash Flows from Investing Activities      
Purchases of available-for-sale securities and equity securities (10,713) (14,768) (16,856)
Sales of available-for-sale securities and equity securities 3,606 2,347 2,341
Maturities of available-for-sale securities 5,597 5,487 9,417
Purchases of alternative investments (614) (631) (754)
Sales and repayments of alternative investments 111 441 377
Issuance of mortgage loans on real estate (1,943) (2,507) (3,057)
Repayment and maturities of mortgage loans on real estate 1,266 2,247 1,873
Repayment (issuance) of policy loans, net (120) 4 61
Net change in collateral on investments, certain derivatives and related settlements (333) (4,653) 3,095
Other (352) (40) (253)
Net cash provided by (used in) investing activities (3,495) (12,073) (3,756)
Cash Flows from Financing Activities      
Capital contribution from Lincoln National Corporation 5 925 65
Payment of long-term debt, including current maturities 0 (40) (60)
Issuance (payment) of short-term debt 228 (522) 587
Payment related to sale-leaseback transactions (79) (70) (59)
Proceeds from certain financing arrangements 86 186 159
Payment related to certain financing arrangements (49) 0 0
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction 133 0 0
Deposits of fixed account balances 16,388 16,186 13,409
Withdrawals of fixed account balances (10,633) (7,641) (7,142)
Transfers from (to) separate accounts, net (624) 19 (175)
Common stock issued for benefit plans (7) (21) (13)
Dividends paid to Lincoln National Corporation (495) (645) (1,910)
Other 0 (2) (60)
Net cash provided by (used in) financing activities 4,953 8,375 4,801
Net increase (decrease) in cash, invested cash and restricted cash 694 168 869
Cash, invested cash and restricted cash as of beginning-of-year 2,499 2,331 1,462
Cash, invested cash and restricted cash as of end-of-year $ 3,193 $ 2,499 $ 2,331