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Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 326,683 $ 269,160 [1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income (8,546) 34,141 [2]
Interest credited to policyholders’ account balances 827,595 740,734 [1]
Realized investment (gains) losses, net 1,273,607 (150,425) [3]
Change in value of market risk benefits, net of related hedging (gains) losses 496,062 353,588 [1]
Change in:    
Future policy benefits and other insurance liabilities 1,626,566 1,965,765
Reinsurance related-balances (811,102) (130,577) [1],[2]
Accrued investment income (84,592) (96,937) [2]
Net payables to (receivables from) parent and affiliates (10,287) 35,536
Deferred policy acquisition costs (620,858) (679,423) [1],[2]
Income taxes (139,419) (297,870) [1]
Derivatives, net (116,260) 420,639 [1]
Other, net (391,038) (286,801) [1],[2]
Cash flows from (used in) operating activities 2,368,411 2,177,530
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 4,496,736 2,290,052
Fixed maturities, trading 1,151,050 725,117
Equity securities 2,181,715 956,037
Policy loans 163,594 140,426
Ceded policy loans (87,164) (84,955)
Short-term investments 820,614 997,435
Commercial mortgage and other loans 243,219 545,134
Other invested assets 122,706 31,060
Notes receivable from parent and affiliates 251,594 590 [2]
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (13,521,584) (10,341,310)
Fixed maturities, trading (2,080,712) (1,367,554)
Equity securities (1,084,923) (661,555)
Policy loans (223,678) (171,967)
Ceded policy loans 76,894 77,459
Short-term investments (645,165) (1,155,119)
Commercial mortgage and other loans (2,104,581) (1,616,916)
Other invested assets (576,367) (309,750)
Notes receivable from parent and affiliates (210,453) (339,021) [2]
Derivatives, net (121,752) 172,756
Other, net (80,523) 0
Cash flows from (used in) investing activities (11,228,780) (10,112,081)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Policyholders’ account deposits 12,442,972 12,851,141
Affiliated ceded policyholders’ account deposits (1,759,787) (902,801) [1]
Policyholders’ account withdrawals (3,476,693) (2,992,507) [1]
Affiliated ceded policyholders’ account withdrawals 528,024 593,474
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities 2,478 112,070
Contributed capital 220,000 0
Return of capital 0 (550,000)
Contributed (distributed) capital - parent/child asset transfers 0 6,332
Proceeds from notes issued by consolidated variable interest entities 17,538 0
Repayments of debt (maturities longer than 90 days) 0 (180,411)
Drafts outstanding (18,630) (63,534)
Contributions from noncontrolling interests 87,520 211,212
Distributions to noncontrolling interests (105,896) 0
Other, net (184,362) 23,493 [1]
Cash flows from (used in) financing activities 7,753,164 9,108,469
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,107,205) 1,173,918
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,325,698 2,139,792
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,218,493 $ 3,313,710
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 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 17 for additional information.