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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 837,485 $ 450,746 [1] $ (771,039) [1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Policy charges and fee income 53,496 69,986 131,936
Interest credited to policyholders’ account balances 1,037,731 621,645 [1] 445,215
Realized investment gains (losses), net (451,417) 1,147,099 [2] (289,929) [2]
Change in value of market risk benefits, net of related hedging gain (losses) 433,955 106,773 [1] 700,581
Change in:      
Future policy benefits and other insurance liabilities 2,689,669 2,241,530 3,743,780
Reinsurance related-balances [3] (1,124,001) (678,725) [1] (1,786,851) [1]
Accrued investment income (116,571) (110,760) (58,762)
Net payables to (receivables from) parent and affiliates (36,204) (120,565) 80,370
Deferred policy acquisition costs (950,022) (581,925) [1] (468,074) [1]
Income taxes (228,166) (40,796) [1] (335,921) [1]
Derivatives, net 1,461,192 (282,729) (651,654)
Other, net [3] (126,696) (362,384) 1,085,312
Cash flows from (used in) operating activities 3,480,451 2,459,895 1,824,964
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 4,240,000 1,736,809 1,688,079
Fixed maturities, trading 802,378 97,693 907,941
Equity securities 961,421 189,237 242,292
Policy loans 188,153 182,973 169,723
Ceded policy loans (113,148) (119,787) (112,164)
Short-term investments 1,303,977 456,983 632,069
Commercial mortgage and other loans 731,440 167,888 196,672
Other invested assets 99,852 19,693 60,349
Notes receivable from parent and affiliates [3] 722 4,500 833
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (13,766,055) (7,544,596) (7,009,578)
Fixed maturities, trading (1,819,224) (857,717) (425,267)
Equity securities (2,373,486) (678,847) (281,684)
Policy loans (255,811) (1,162,959) (144,764)
Ceded policy loans 125,795 151,019 71,402
Short-term investments (1,441,031) (690,173) (558,161)
Commercial mortgage and other loans (2,392,198) (1,341,450) (1,076,351)
Other invested assets (460,721) (190,826) (166,345)
Notes receivable from parent and affiliates [3] (367,700) (44) (62)
Derivatives, net 171,230 (55,091) (366,805)
Other, net (3,264) (4,808) 57,687
Cash flows from (used in) investing activities (14,367,670) (9,639,503) (6,114,134)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Policyholders’ account deposits 17,265,165 12,101,043 9,996,128
Ceded policyholders’ account deposits (1,169,002) (1,189,331) (1,216,195)
Policyholders’ account withdrawals (3,980,496) (3,695,248) (3,727,579)
Ceded policyholders’ account withdrawals 764,421 625,238 638,392
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities (96,928) 131,577 83,762
Contributed capital 0 405,000 0
Return of capital (550,000) (1,400,000) 0
Contributed (distributed) capital - parent/child asset transfers 6,332 2,919 (11,478)
Net change in all other financing arrangements (maturities 90 days or less) 0 (584) 584
Repayments of debt (maturities longer than 90 days) (180,411) (121,772) 0
Drafts outstanding (84,531) (885) 63,579
Contributions from Noncontrolling Interests [3] 250,422 29,706 0
Distributions to Noncontrolling Interests (188,572) 0 0
Other, net [3] 36,725 34,110 (59,327)
Cash flows from (used in) financing activities 12,073,125 6,921,773 5,767,866
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,185,906 (257,835) 1,478,696
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,139,792 2,397,627 918,931
CASH AND CASH EQUIVALENTS, END OF YEAR 3,325,698 2,139,792 2,397,627
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid (refunded), net 363,208 67,203 39,201
Interest paid $ 2,644 $ 4,533 $ 7,863
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[2] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[3] Prior period amounts have been updated to conform to current period presentation.