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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities    
Net income (loss) $ 657 $ (928)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Realized (gain) loss 57 394
Market risk benefit (gain) loss (697) 1,071
Sales and maturities (purchases) of trading securities, net 110 286
Amortization of deferred gain (loss) on business sold through reinsurance (30) (8)
Change in:    
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals 191 158
Accrued investment income 11 (4)
Insurance liabilities and reinsurance-related balances (694) (699)
Accrued expenses (196) (143)
Federal income tax accruals 166 (302)
Cash management agreement (324) (355)
Other (717) 54
Net cash provided by (used in) operating activities (1,466) (476)
Cash Flows from Investing Activities    
Purchases of available-for-sale securities and equity securities (2,419) (2,929)
Sales of available-for-sale securities and equity securities 774 1,704
Maturities of available-for-sale securities 1,632 1,358
Purchases of alternative investments (312) (166)
Sales and repayments of alternative investments 19 22
Issuance of mortgage loans on real estate (571) (269)
Repayment and maturities of mortgage loans on real estate 267 183
Repayment (issuance) of policy loans, net (2) (27)
Net change in collateral on investments, certain derivatives and related settlements 2,149 (154)
Other 3 (58)
Net cash provided by (used in) investing activities 1,540 (336)
Cash Flows from Financing Activities    
Capital contribution from Lincoln National Corporation 0 5
Issuance (payment) of short-term debt 441 (461)
Payment related to sale-leaseback transactions (4) (5)
Payment related to certain financing arrangements (16) (10)
Deposits of fixed account balances 3,599 4,188
Withdrawals of fixed account balances (3,206) (2,563)
Transfers from (to) separate accounts, net (90) 21
Common stock issued for benefit plans (4) (5)
Dividends paid to Lincoln National Corporation (180) (105)
Net cash provided by (used in) financing activities 540 1,065
Net increase (decrease) in cash, invested cash and restricted cash 614 253
Cash, invested cash and restricted cash as of beginning-of-year 3,193 2,499
Cash, invested cash and restricted cash as of end-of-period $ 3,807 $ 2,752