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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities    
Net income (loss) $ 1,418 $ (1,884)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Realized (gain) loss (226) 3,646
Market risk benefit (gain) loss (866) (168)
Sales and maturities (purchases) of trading securities, net 132 603
Amortization of deferred gain (loss) on business sold through reinsurance (58) (17)
Change in:    
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals 374 321
Accrued investment income (25) (8)
Insurance liabilities and reinsurance-related balances (1,052) (1,029)
Accrued expenses (123) (55)
Federal income tax accruals 567 (593)
Cash management agreement (1,188) (594)
Other (702) (120)
Net cash provided by (used in) operating activities (1,749) 102
Cash Flows from Investing Activities    
Purchases of available-for-sale securities and equity securities (5,230) (5,256)
Sales of available-for-sale securities and equity securities 1,009 2,405
Maturities of available-for-sale securities 3,513 2,741
Purchases of alternative investments (543) (317)
Sales and repayments of alternative investments 88 64
Issuance of mortgage loans on real estate (2,132) (719)
Repayment and maturities of mortgage loans on real estate 621 524
Repayment (issuance) of policy loans, net (38) (68)
Net change in collateral on investments, certain derivatives and related settlements 3,814 (444)
Cash received from disposition, net of cash transferred 512 0
Other (50) (158)
Net cash provided by (used in) investing activities 1,564 (1,228)
Cash Flows from Financing Activities    
Capital contribution from Lincoln National Corporation 0 5
Issuance (payment) of short-term debt (184) (288)
Payment related to sale-leaseback transactions (8) (58)
Proceeds from certain financing arrangements 0 65
Payment related to certain financing arrangements (88) (20)
Deposits of fixed account balances 8,101 7,516
Withdrawals of fixed account balances (6,051) (5,063)
Transfers from (to) separate accounts, net 87 (381)
Common stock issued for benefit plans (8) (6)
Dividends paid to Lincoln National Corporation (195) (260)
Net cash provided by (used in) financing activities 1,654 1,510
Net increase (decrease) in cash, invested cash and restricted cash 1,469 384
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 $ 4,662 $ 2,883