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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net income (loss) $ 2,130 $ (1,788) $ (1,675)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized (gain) loss (276) 4,934 (418)
Market risk benefit (gain) loss (938) (1,135) 296
Sales and maturities (purchases) of trading securities, net 325 1,302 301
Impairment of intangibles 0 0 634
Net operating cash payments related to closing Fortitude Re reinsurance transaction 0 (1,457) 0
Change in:      
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads 708 642 495
Accrued investment income (32) 34 (41)
Insurance liabilities and reinsurance-related balances (1,788) (2,547) 615
Accrued expenses 160 223 (101)
Federal income tax accruals 701 (563) (376)
Cash management agreement (941) (733) 3,730
Other (1,058) 324 406
Net cash provided by (used in) operating activities (1,009) (764) 3,866
Cash Flows from Investing Activities      
Purchases of available-for-sale securities and equity securities (11,520) (10,713) (14,768)
Sales of available-for-sale securities and equity securities 1,406 3,606 2,347
Maturities of available-for-sale securities 9,338 5,597 5,487
Purchases of alternative investments (1,371) (614) (631)
Sales and repayments of alternative investments 337 111 441
Issuance of mortgage loans on real estate (4,135) (1,943) (2,507)
Repayment and maturities of mortgage loans on real estate 1,669 1,266 2,247
Repayment (issuance) of policy loans, net (2) (120) 4
Net change in collateral on investments, certain derivatives and related settlements 3,918 (333) (4,653)
Cash received from disposition, net of cash transferred 512 0 0
Other (295) (352) (40)
Net cash provided by (used in) investing activities (143) (3,495) (12,073)
Cash Flows from Financing Activities      
Capital contribution from Lincoln National Corporation 0 5 925
Payment of long-term debt, including current maturities (50) 0 (40)
Issuance (payment) of short-term debt (766) 228 (522)
Payment related to sale-leaseback transactions (17) (79) (70)
Proceeds from certain financing arrangements 53 86 186
Payment related to certain financing arrangements (137) (49) 0
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction 0 133 0
Deposits of fixed account balances 16,046 16,388 16,186
Withdrawals of fixed account balances (12,124) (10,633) (7,641)
Transfers from (to) separate accounts, net (27) (624) 19
Common stock issued for benefit plans (9) (7) (21)
Dividends paid to Lincoln National Corporation (505) (495) (645)
Other 0 0 (2)
Net cash provided by (used in) financing activities 2,464 4,953 8,375
Net increase (decrease) in cash, invested cash and restricted cash 1,312 694 168
Cash, invested cash and restricted cash as of beginning-of-year 3,193 2,499 2,331
Cash, invested cash and restricted cash as of end-of-year $ 4,505 $ 3,193 $ 2,499