v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from (used by) operating activities:      
Net income $ 427 $ 199 $ 1,046
Less income (loss) from discontinued operations, net of taxes 10 0 0
Adjustments to reconcile net income to net cash from operating activities:      
Amortization of fixed maturity securities discounts and premiums (119) (106) (154)
Net investment (gains) losses (13) (23) 2
Changes in fair value of market risk benefits and associated hedges (13) (12) (104)
Charges assessed to policyholders (564) (572) (588)
Amortization of deferred acquisition costs and intangibles 249 264 326
Deferred income taxes (103) 48 315
Derivative instruments, limited partnerships and other (461) (557) (335)
Long-term incentive compensation expense 51 49 37
Change in certain assets and liabilities:      
Accrued investment income and other assets (112) (150) (155)
Insurance reserves 777 1,500 1,055
Current tax liabilities 14 46 (1)
Other liabilities, policy and contract claims and other policy-related balances (55) (86) (364)
Cash used by operating activities—discontinued operations 0 (3) (31)
Net cash from operating activities 88 597 1,049
Cash flows from (used by) investing activities:      
Fixed maturity securities 2,524 2,426 2,705
Commercial mortgage loans 586 470 759
Limited partnerships and other invested assets 244 202 185
Proceeds from sales of investments:      
Fixed maturity and equity securities 2,640 2,233 2,658
Purchases and originations of investments:      
Fixed maturity and equity securities (4,445) (3,217) (4,035)
Commercial mortgage loans (211) (273) (958)
Limited partnerships and other invested assets (518) (586) (645)
Short-term investments, net 24 (12) 23
Policy loans, net 73 73 41
Other (56) (55) 0
Net cash used by investing activities 861 1,261 733
Cash flows from (used by) financing activities:      
Deposits to universal life and investment contracts 534 566 606
Withdrawals from universal life and investment contracts (1,214) (1,637) (1,668)
Proceeds from issuance of long-term debt 750 0 0
Debt issuance costs (7) 0 0
Repayment and repurchase of long-term debt (824) (32) (297)
Repurchase of subsidiary shares (45) (16) 0
Treasury stock acquired in connection with share repurchases (189) (296) (64)
Dividends paid to noncontrolling interests (21) (39) (46)
Other, net (99) 11 (85)
Net cash used by financing activities (1,115) (1,443) (1,554)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1) 1 0
Net change in cash, cash equivalents and restricted cash (167) 416 228
Cash, cash equivalents and restricted cash at beginning of period 2,215 1,799 1,571
Cash, cash equivalents and restricted cash at end of period $ 2,048 $ 2,215 $ 1,799

Source