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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income (loss) $ 290 $ 257 $ (1,123)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Amortization of premiums and accretion of discounts associated with investments, net (304) (301) (258)
(Gains) losses on investments, net 56 267 227
(Gains) losses on derivatives, net (1,360) 1,456 2,632
(Income) loss from equity method investments, net of dividends and distributions (25) 41 76
Interest credited to policyholder account balances 2,161 2,110 1,801
Universal life and investment-type product policy fees (1,678) (1,601) (1,778)
Change in market risk benefits, net 203 (2,089) (888)
Change in accrued investment income 145 (117) (212)
Change in premiums, reinsurance and other receivables (403) (1,482) (1,279)
Change in deferred policy acquisition costs and value of business acquired, net 98 113 155
Change in income tax 18 (8) (380)
Change in other assets 1,094 1,116 1,100
Change in future policy benefits and other policy-related balances (215) (316) (62)
Change in other liabilities 402 377 (18)
Net cash provided by (used in) operating activities 482 (177) (7)
Cash flows from investing activities      
Sales, maturities and repayments of fixed maturity securities 12,445 11,559 5,922
Sales, maturities and repayments of trading securities 44 0 0
Sales, maturities and repayments of equity securities 26 46 30
Sales, maturities and repayments of mortgage loans 2,541 1,518 1,206
Sales, maturities and repayments of limited partnerships and limited liability companies 570 337 205
Purchases of fixed maturity securities (11,973) (11,811) (8,699)
Purchases of trading securities (199) 0 0
Purchases of equity securities (2) (3) (4)
Purchases of mortgage loans (2,163) (2,374) (813)
Purchases of limited partnerships and limited liability companies (278) (299) (453)
Cash received in connection with freestanding derivatives 16,795 12,453 5,048
Cash paid in connection with freestanding derivatives (18,258) (11,856) (5,422)
Receipts on loans to affiliate 0 0 125
Net change in policy loans 578 (688) (40)
Net change in short-term investments 513 (572) (259)
Net change in other invested assets 21 (369) (109)
Net cash provided by (used in) investing activities 660 (2,059) (3,263)
Cash flows from financing activities      
Policyholder account balances: Deposits 19,746 29,950 21,514
Policyholder account balances: Withdrawals (20,899) (26,287) (17,641)
Net change in payables for collateral under securities loaned and other transactions 822 214 (887)
Long-term and short-term debt repaid (2) (2) (127)
Dividends paid to parent 0 0 (266)
Capital contribution 100 0 0
Financing element on certain derivative instruments and other derivative related transactions, net (443) (211) 91
Other, net (1) (1) (1)
Net cash provided by (used in) financing activities (677) 3,663 2,683
Change in cash, cash equivalents and restricted cash 465 1,427 (587)
Cash, cash equivalents and restricted cash, beginning of year 4,592 3,165 3,752
Cash, cash equivalents and restricted cash, end of year 5,057 4,592 3,165
Supplemental disclosures of cash flow information      
Net cash paid (received) for interest 67 67 71
Net cash paid (received) for income tax (35) 0 0
Non-cash transactions:      
Transfer of mortgage loans to affiliates 43 0 0
Transfer of limited partnerships and limited liability companies from affiliates $ 43 $ 0 $ 0