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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 234 $ 606
Adjustments to reconcile net income to net cash from operating activities:    
Other policy revenue (379) (312)
Accretion on investments (449) 118
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 702 501
Deferral of policy acquisition costs (784) (575)
Gains on investments and derivatives (67) (335)
Provisions for credit losses 8 20
Income from real estate partnerships, investment funds and corporations (392) (256)
Distributions from real estate partnerships, investment funds and corporations 243 190
Interest credited to policyholders’ account balances 1,000 655
Change in fair value of embedded derivatives... 241 52
Depreciation and amortization 107 93
Deferred income taxes (10) (328)
Changes in operating assets and liabilities:    
Insurance-related liabilities 605 1,349
Deposit liabilities (96) (46)
Funds withheld under reinsurance (123) (216)
Reinsurance recoverables and deposit assets 593 87
Accrued investment income 20 (88)
Working capital and other (413) (76)
Cash flows from operating activities 1,040 1,439
Investing activities    
Acquisition of subsidiary, net of cash acquired 0 10,843
Purchase of investments:    
Available-for-sale fixed maturity securities (7,056) (6,422)
Equity securities (64) (70)
Mortgage loans on real estate (581) (634)
Private loans (1,434) (1,912)
Investment real estate and real estate partnerships (1,044) (1,399)
Investment funds (1,161) (174)
Short-term investments (11,623) (10,970)
Other invested assets (25) (141)
Proceeds from sales and maturities of investments:    
Available-for-sale fixed maturity securities 5,903 3,729
Equity securities 198 32
Mortgage loans on real estate 1,615 734
Private loans 747 344
Investment real estate and real estate partnerships 69 201
Investment funds 244 458
Short-term investments 11,426 12,007
Other invested assets 200 38
Purchases of derivatives (465) (177)
Proceeds from sales and maturities of derivatives 549 236
Purchase of intangibles and property and equipment (30) (31)
Proceeds from sales of intangibles and property and equipment 0 27
Change in collateral held for derivatives (306) 261
Other 24 (50)
Cash flows from investing activities (2,814) 6,930
Financing activities    
Return of capital to common stockholders (8) (6)
Borrowings from related parties 0 1,988
Repayment of borrowings to related parties (65) (1,838)
Borrowings from external parties 1,635 3,098
Repayment of borrowings to external parties (1,462) (2,576)
Repayment of borrowings issued to reinsurance entities (8) 0
Policyholders’ account deposits 7,417 4,052
Policyholders’ account withdrawals (4,751) (3,041)
Debt issuance costs (6) (4)
Proceeds from repurchase agreement 33 136
Repayments of repurchase agreement (33) (129)
Redemption of capital with non-controlling interests, net (95) 0
Distributions to non-controlling interests (48) (18)
Cash flows from financing activities 2,609 1,662
Cash and cash equivalents    
Cash and cash equivalents, beginning of period 12,243 4,308
Net change during the period 835 10,031
Foreign exchange on cash balances held in foreign currencies 13 (4)
Cash and cash equivalents, end of period 13,091 14,335
Supplementary cash flow disclosure    
Cash taxes paid (net of refunds received) 73 (32)
Cash interest paid 114 177
Non-cash transactions:    
Investments received in connection with pension risk transfer transactions 0 462
Investments received in relation to the issuance of common stock 3,535 1,119
Investments received in connection with the sale of investment funds 786 0
Equity securities transferred as consideration paid for acquisition of a subsidiary $ 0 $ (1,111)