v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from (used by) operating activities:    
Net income $ 315 $ 397
Less loss from discontinued operations, net of taxes 20 5
Adjustments to reconcile net income to net cash from (used by) operating activities:    
Amortization of fixed maturity securities discounts and premiums (105) (91)
Net investment (gains) losses (98) (54)
Changes in fair value of market risk benefits and associated hedges 7 (10)
Charges assessed to policyholders (409) (429)
Amortization of deferred acquisition costs and intangibles 174 187
Deferred income taxes (29) (57)
Derivative instruments, limited partnerships and other (268) (343)
Long-term incentive compensation expense 42 37
Change in certain assets and liabilities:    
Accrued investment income and other assets (60) (88)
Insurance reserves 588 490
Current tax liabilities (3) 108
Other liabilities, policy and contract claims and other policy-related balances (19) (91)
Cash used by operating activities—discontinued operations (28) 0
Net cash from (used by) operating activities 127 61
Cash flows from (used by) investing activities:    
Fixed maturity securities 1,981 1,870
Commercial mortgage loans 486 431
Limited partnerships and other invested assets 173 158
Proceeds from sales of investments:    
Fixed maturity and equity securities 1,459 2,139
Purchases and originations of investments:    
Fixed maturity and equity securities (2,933) (3,423)
Commercial mortgage loans (415) (171)
Limited partnerships and other invested assets (330) (413)
Short-term investments, net (21) 26
Policy loans, net 93 69
Other (25) (45)
Net cash from (used by) investing activities 468 641
Cash flows from (used by) financing activities:    
Deposits to universal life and investment contracts 383 407
Withdrawals from universal life and investment contracts (773) (963)
Proceeds from issuance of long-term debt 0 750
Debt issuance costs 0 (7)
Repayment and repurchase of long-term debt 0 (793)
Repurchase of subsidiary shares (48) (32)
Treasury stock acquired in connection with share repurchases (151) (135)
Dividends paid to noncontrolling interests (17) (15)
Other, net (1) (72)
Net cash from (used by) financing activities (607) (860)
Net change in cash, cash equivalents and restricted cash (12) (158)
Cash, cash equivalents and restricted cash at beginning of period 2,048 2,215
Cash, cash equivalents and restricted cash at end of period $ 2,036 $ 2,057

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