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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income (loss) $ 606 $ 267
Adjustments to reconcile net income to net cash from operating activities:    
Other policy revenue (312) (200)
Accretion on investments 118 (57)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 501 332
Deferral of policy acquisition costs (575) (684)
Losses (gains) on investments and derivatives (335) (311)
Provisions for credit losses 20 25
Income from real estate partnerships, investment funds and corporations (256) (95)
Distributions from real estate partnerships, investment funds and corporations 190 35
Interest credited to policyholders’ account balances 655 205
Change in fair value of embedded derivatives 328 134
Depreciation and amortization 93 17
Deferred income taxes (328) (2)
Changes in operating assets and liabilities:    
Insurance-related liabilities 1,073 1,755
Deposit liabilities (46) (128)
Funds withheld under reinsurance (216) (769)
Reinsurance recoverables and deposit assets 87 (35)
Accrued investment income (88) 52
Working capital and other (76) 221
Cash flows from operating activities 1,439 762
Investing activities    
Acquisition of subsidiary, net of cash acquired 10,843 0
Purchase of investments:    
Fixed maturity, available for sale (6,422) (3,616)
Equity securities (70) (241)
Mortgage loans on real estate (634) (265)
Private loans (1,912) (25)
Investment real estate (13) (53)
Real estate partnerships (1,386) (1,001)
Investment funds (174) (971)
Short-term investments (10,970) (6,952)
Other invested assets (141) 0
Proceeds from sales and maturities of investments:    
Fixed maturity, available for sale 3,729 3,530
Equity securities 32 43
Mortgage loans on real estate 734 220
Private loans 344 409
Investment real estate 14 0
Real estate partnerships 187 3
Investment funds 458 80
Short-term investments 12,007 6,966
Other invested assets 38 260
Purchase of derivatives (177) (58)
Proceeds from sales and maturities of derivatives 236 26
Purchase of intangibles and property and equipment (31) 0
Proceeds from sales of intangibles and property and equipment 27 0
Change in collateral held for derivatives 261 88
Other (50) (3)
Cash flows from investing activities 6,930 (1,560)
Financing activities    
Return of capital to common stockholders (6) 0
Proceeds from non-controlling interest 0 1
Borrowings from related parties 1,988 268
Repayment of borrowings to related parties (1,838) 0
Borrowings from external parties 3,098 1,033
Repayment of borrowings to external parties (2,576) (1,453)
Policyholders’ account deposits 4,052 2,948
Policyholders’ account withdrawals (3,041) (1,309)
Debt issuance costs (4) 0
Proceeds from repurchase agreement 136 112
Repayments of repurchase agreement (129) (55)
Distributions to non-controlling interest (18) 0
Cash flows from financing activities 1,662 1,545
Cash and cash equivalents    
Cash and cash equivalents, beginning of period 4,308 2,145
Net change during the period 10,031 747
Foreign exchange on cash balances held in foreign currencies (4) 1
Cash and cash equivalents, end of period 14,335 2,893
Supplementary cash flow disclosures    
Cash taxes paid (net of refunds received) (32) (11)
Cash interest paid 177 62
Non-cash transactions:    
Investments received in connection with pension risk transfer transactions 462 0
Issuance of common stock in exchange for purchase of equity securities 1,119 0
Equity securities transferred as consideration paid for acquisition of a subsidiary $ (1,111) $ 0