v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from (used by) operating activities:    
Net income $ 168 $ 279
Less loss from discontinued operations, net of taxes 12 2
Adjustments to reconcile net income to net cash from (used by) operating activities:    
Amortization of fixed maturity securities discounts and premiums (69) (64)
Net investment (gains) losses 1 12
Changes in fair value of market risk benefits and associated hedges 8 (31)
Charges assessed to policyholders (276) (285)
Amortization of deferred acquisition costs and intangibles 117 125
Deferred income taxes (20) (50)
Derivative instruments, limited partnerships and other (160) (263)
Long-term incentive compensation expense 25 25
Change in certain assets and liabilities:    
Accrued investment income and other assets (50) (98)
Insurance reserves 336 273
Current tax liabilities (20) 97
Other liabilities, policy and contract claims and other policy-related balances (11) (122)
Cash from (used by) operating activities—discontinued operations (21) 0
Net cash from (used by) operating activities 40 (100)
Cash flows from (used by) investing activities:    
Fixed maturity securities 1,260 1,320
Commercial mortgage loans 313 267
Limited partnerships and other invested assets 102 108
Proceeds from sales of investments:    
Fixed maturity and equity securities 1,042 1,718
Purchases and originations of investments:    
Fixed maturity and equity securities (2,103) (2,627)
Commercial mortgage loans (259) (129)
Limited partnerships and other invested assets (226) (283)
Short-term investments, net (6) 15
Policy loans, net 52 47
Other (15) (35)
Net cash from (used by) investing activities 160 401
Cash flows from (used by) financing activities:    
Deposits to universal life and investment contracts 258 272
Withdrawals from universal life and investment contracts (562) (677)
Repayment and repurchase of long-term debt 0 (776)
Repurchase of subsidiary shares (28) (18)
Treasury stock acquired in connection with share repurchases (77) (99)
Dividends paid to noncontrolling interests (11) (10)
Other, net (31) (19)
Proceeds from issuance of long-term debt 0 750
Debt issuance costs 0 (7)
Net cash from (used by) financing activities (451) (584)
Net change in cash, cash equivalents and restricted cash (251) (283)
Cash, cash equivalents and restricted cash at beginning of period 2,048 2,215
Cash, cash equivalents and restricted cash at end of period $ 1,797 $ 1,932

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