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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities    
Net income (loss) $ (439) $ 657
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Realized (gain) loss 248 57
Market risk benefit (gain) loss 618 (697)
Sales and maturities (purchases) of trading securities, net 58 110
Change in:    
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads 147 191
Accrued investment income (14) 11
Insurance liabilities and reinsurance-related balances 19 (724)
Accrued expenses (214) (196)
Federal income tax accruals (152) 166
Cash management agreement (124) (324)
Other (404) (717)
Net cash provided by (used in) operating activities (257) (1,466)
Cash Flows from Investing Activities    
Purchases of available-for-sale securities and equity securities (3,725) (2,419)
Sales of available-for-sale securities and equity securities 217 774
Maturities of available-for-sale securities 2,674 1,632
Purchases of alternative investments (388) (312)
Sales and repayments of alternative investments 192 19
Issuance of mortgage loans on real estate (919) (571)
Repayment and maturities of mortgage loans on real estate 502 267
Repayment (issuance) of policy loans, net (54) (2)
Net change in collateral on investments, certain derivatives and related settlements (815) 2,149
Other (67) 3
Net cash provided by (used in) investing activities (2,383) 1,540
Cash Flows from Financing Activities    
Issuance (payment) of short-term debt 161 441
Payment related to sale-leaseback transactions (2) (4)
Payment related to certain financing arrangements (14) (16)
Deposits 4,431 3,599
Withdrawals (3,123) (3,206)
Transfers from (to) separate accounts, net (73) (90)
Common stock issued for benefit plans (6) (4)
Dividends paid to Lincoln National Corporation (230) (180)
Net cash provided by (used in) financing activities 1,144 540
Net increase (decrease) in cash, invested cash and restricted cash (1,496) 614
Cash, invested cash and restricted cash as of beginning-of-year 4,505 3,193
Cash, invested cash and restricted cash as of end-of-period $ 3,009 $ 3,807