v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from (used by) operating activities:      
Net income (loss) $ 350 $ 427 $ 199
Less (income) loss from discontinued operations, net of taxes (1) 10 0
Adjustments to reconcile net income (loss) to net cash from (used by) operating activities:      
Amortization of fixed maturity securities discounts and premiums (138) (119) (106)
Net investment (gains) losses (59) (13) (23)
Changes in fair value of market risk benefits and associated hedges 3 (13) (12)
Charges assessed to policyholders (540) (564) (572)
Amortization of deferred acquisition costs and intangibles 231 249 264
Deferred income taxes (55) (103) 48
Derivative instruments, limited partnerships and other (316) (461) (557)
Long-term incentive compensation expense 58 51 49
Change in certain assets and liabilities:      
Accrued investment income and other assets (77) (112) (150)
Insurance reserves 908 777 1,500
Current tax liabilities (30) 14 46
Other liabilities, policy and contract claims and other policy-related balances 5 (55) (86)
Cash from (used by) operating activities—discontinued operations (12) 0 (3)
Net cash from (used by) operating activities 327 88 597
Cash flows from (used by) investing activities:      
Fixed maturity securities 2,926 2,524 2,426
Commercial mortgage loans 696 586 470
Limited partnerships and other invested assets 280 244 202
Proceeds from sales of investments:      
Fixed maturity and equity securities 2,093 2,640 2,233
Purchases and originations of investments:      
Fixed maturity and equity securities (4,296) (4,445) (3,217)
Commercial mortgage loans (617) (211) (273)
Limited partnerships and other invested assets (614) (518) (586)
Short-term investments, net (31) 24 (12)
Policy loans, net 108 73 73
Proceeds from sale of property 23 0 0
Other (50) (56) (55)
Net cash from (used by) investing activities 518 861 1,261
Cash flows from (used by) financing activities:      
Deposits to universal life and investment contracts 505 534 566
Withdrawals from universal life and investment contracts (991) (1,214) (1,637)
Proceeds from issuance of long-term debt 0 750 0
Debt issuance costs 0 (7) 0
Repayment and repurchase of long-term debt (7) (824) (32)
Repurchase of subsidiary shares (72) (45) (16)
Treasury stock acquired in connection with share repurchases (247) (189) (296)
Dividends paid to noncontrolling interests (23) (21) (39)
Other, net (22) (99) 11
Net cash from (used by) financing activities (857) (1,115) (1,443)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 (1) 1
Net change in cash, cash equivalents and restricted cash (12) (167) 416
Cash, cash equivalents and restricted cash at beginning of period 2,048 2,215 1,799
Cash, cash equivalents and restricted cash at end of period $ 2,036 $ 2,048 $ 2,215

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