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Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 134,526 $ (574,395) [1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income [2] (1,607) 12,084
Interest credited to policyholders’ account balances 293,762 258,350 [1]
Realized investment (gains) losses, net 106,374 2,805 [3]
Change in value of market risk benefits, net of related hedging (gains) losses 326,071 (103,996) [3]
Change in:    
Future policy benefits and other insurance liabilities 384,212 758,805
Reinsurance related-balances [2] (248,674) 496,373 [1]
Accrued investment income [2] (31,424) (23,101)
Net payables to (receivables from) parent and affiliates 119,595 53,794
Deferred policy acquisition costs [2] (197,401) (194,547) [1]
Income taxes 20,891 (68,453) [1]
Derivatives, net (714,931) 125,100 [1]
Other, net [2] (150,083) (52,194) [1]
Cash flows from (used in) operating activities 41,311 690,625
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 1,418,413 534,863
Fixed maturities, trading 241,633 109,671
Equity securities 629,347 599,147
Policy loans 58,359 43,678
Ceded policy loans (33,853) (152,846)
Short-term investments 258,052 203,345
Commercial mortgage and other loans 77,769 138,763
Other invested assets 40,182 47,619
Notes receivable from parent and affiliates [2] 120,268 0
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (5,060,663) (2,738,376)
Fixed maturities, trading (610,084) (521,570)
Equity securities (482,925) (355,267)
Policy loans (60,078) (64,385)
Ceded policy loans 24,835 26,675
Short-term investments (202,411) (495,831)
Commercial mortgage and other loans (340,870) (309,826)
Other invested assets (443,965) (146,510)
Notes receivable from parent and affiliates [2] (160,235) (120,777)
Derivatives, net 40,418 (17,634)
Other, net 7,611 7,478
Cash flows from (used in) investing activities (4,478,197) (3,211,783)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Policyholders’ account deposits 4,181,256 4,110,730
Ceded policyholders’ account deposits (592,077) (301,733) [1]
Policyholders’ account withdrawals (1,048,147) (978,866) [1]
Ceded policyholders’ account withdrawals 188,798 239,384
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities 115,426 (214,607)
Contributed capital 220,000 0
Contributed (distributed) capital - parent/child asset transfers 0 7,481
Net change in all other financing arrangements (maturities 90 days or less) 0 (1,296)
Drafts outstanding 9,224 (69,072)
Contributions from noncontrolling interests [2] 52,350 25,310
Other, net [2] 86,696 (78,207) [1]
Cash flows from (used in) financing activities 3,213,526 2,739,124
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,223,360) 217,966
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,325,698 2,139,792
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,102,338 $ 2,357,758
[1] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
[2] Prior period amounts have been updated to conform to current period presentation.
[3] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.