v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from (used by) operating activities:    
Net income $ 85 $ 169
Less loss from discontinued operations, net of taxes 5 1
Adjustments to reconcile net income to net cash from (used by) operating activities:    
Amortization of fixed maturity securities discounts and premiums (32) (23)
Net investment (gains) losses (27) (49)
Changes in fair value of market risk benefits and associated hedges 18 (23)
Charges assessed to policyholders (138) (139)
Amortization of deferred acquisition costs and intangibles 60 65
Deferred income taxes 2 (1)
Derivative instruments, limited partnerships and other (27) (138)
Long-term incentive compensation expense 11 14
Change in certain assets and liabilities:    
Accrued investment income and other assets (47) (68)
Insurance reserves 149 140
Current tax liabilities 34 67
Other liabilities, policy and contract claims and other policy-related balances (59) (122)
Net cash from (used by) operating activities 34 (107)
Cash flows from (used by) investing activities:    
Fixed maturity securities 639 649
Commercial mortgage loans 202 127
Limited partnerships and other invested assets 50 59
Proceeds from sales of investments:    
Fixed maturity and equity securities 334 635
Purchases and originations of investments:    
Fixed maturity and equity securities (1,017) (1,157)
Commercial mortgage loans (107) (45)
Limited partnerships and other invested assets (109) (125)
Short-term investments, net 0 17
Policy loans, net 1 0
Other (7) (17)
Net cash from (used by) investing activities (14) 143
Cash flows from (used by) financing activities:    
Deposits to universal life and investment contracts 129 133
Withdrawals from universal life and investment contracts (221) (317)
Repayment and repurchase of long-term debt 0 (6)
Repurchase of subsidiary shares (12) (9)
Treasury stock acquired in connection with share repurchases (45) (63)
Dividends paid to noncontrolling interests (5) (5)
Other, net (23) (32)
Net cash used by financing activities (177) (299)
Net change in cash, cash equivalents and restricted cash (157) (263)
Cash, cash equivalents and restricted cash at beginning of period 2,048 2,215
Cash, cash equivalents and restricted cash at end of period $ 1,891 $ 1,952

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