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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net income (loss) $ 818 $ (1,569)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Realized (gain) loss 345 4,513
Market risk benefit (gain) loss (190) (1,182)
Sales and maturities (purchases) of trading securities, net 207 689
Change in:    
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads 548 501
Accrued investment income (49) (74)
Insurance liabilities and reinsurance-related balances (1,316) (1,358)
Accrued expenses (10) (67)
Federal income tax accruals 383 (415)
Cash management agreement (1,500) (622)
Other (997) (145)
Net cash provided by (used in) operating activities (1,761) 271
Cash Flows from Investing Activities    
Purchases of available-for-sale securities and equity securities (7,775) (8,151)
Sales of available-for-sale securities and equity securities 1,055 2,828
Maturities of available-for-sale securities 6,187 3,975
Purchases of alternative investments (884) (416)
Sales and repayments of alternative investments 238 104
Issuance of mortgage loans on real estate (3,087) (1,375)
Repayment and maturities of mortgage loans on real estate 992 906
Repayment (issuance) of policy loans, net (35) (73)
Net change in collateral on investments, certain derivatives and related settlements 3,657 (407)
Cash received from disposition, net of cash transferred 512 0
Other (70) (269)
Net cash provided by (used in) investing activities 790 (2,878)
Cash Flows from Financing Activities    
Capital contribution from Lincoln National Corporation 0 5
Payment of long-term debt, including current maturities (50) 0
Issuance (payment) of short-term debt (521) (65)
Payment related to sale-leaseback transactions (12) (63)
Proceeds from certain financing arrangements 53 65
Payment related to certain financing arrangements (103) (35)
Deposits of fixed account balances 12,302 11,117
Withdrawals of fixed account balances (8,951) (7,740)
Transfers from (to) separate accounts, net 131 (519)
Common stock issued for benefit plans (8) (7)
Dividends paid to Lincoln National Corporation (320) (365)
Net cash provided by (used in) financing activities 2,521 2,393
Net increase (decrease) in cash, invested cash and restricted cash 1,550 (214)
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 $ 4,743 $ 2,285