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SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS (Parent Company Only) (in millions, except share data)
| As of December 31,
| 2024 |  | 2023
ASSETS |  |  |
Investments in subsidiaries (1) | $ | 14,240 |  |  | $ | 12,205 |
Derivative investments | 165 |  |  | 169 |
Other investments | 49 |  |  | 34 |
Cash and invested cash | 786 |  |  | 129 |
Loans to and accrued interest due from subsidiaries (1) | 2,234 |  |  | 2,606 |
Other assets | 122 |  |  | 144 |
Total assets | $ | 17,596 |  |  | $ | 15,287 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Liabilities |  |  |
Common stock dividends payable | $ | 77 |  |  | $ | 76 |
Short-term debt | 300 |  |  | 250 |
Long-term debt | 7,356 |  |  | 6,949 |
Loans from and accrued interest due to subsidiaries (1) | 1,072 |  |  | 572 |
Other liabilities | 522 |  |  | 547 |
Total liabilities | 9,327 |  |  | 8,394 |
Contingencies and Commitments |  |  |
Stockholders’ Equity |  |  |
Preferred stock – 10,000,000 shares authorized: |  |  |
Series C preferred stock – 20,000 shares authorized, issued and outstanding |  |  |
as of December 31, 2024, and December 31, 2023 | 493 |  |  | 493 |
Series D preferred stock – 20,000 shares authorized, issued and outstanding |  |  |
as of December 31, 2024, and December 31, 2023 | 493 |  |  | 493 |
Common stock – 800,000,000 shares authorized; 170,380,646 and 169,666,137 shares |  |  |
issued and outstanding as of December 31, 2024, and December 31, 2023, respectively | 4,674 |  |  | 4,605 |
Retained earnings | 7,645 |  |  | 4,778 |
Accumulated other comprehensive income (loss) | (5,036) |  |  | (3,476) |
Total stockholders’ equity | 8,269 |  |  | 6,893 |
Total liabilities and stockholders’ equity | $ | 17,596 |  |  | $ | 15,287 |
(1) Eliminated in consolidation CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued) STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parent Company Only) (in millions)
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Revenues |  |  |  |  |
Interest from subsidiaries (1) | $ | 276 |  |  | $ | 233 |  |  | $ | 159 |
Net investment income | 24 |  |  | 25 |  |  | 3 |
Realized gain (loss) | 101 |  |  | – |  |  | – |
Other revenues | 2 |  |  | – |  |  | – |
Total revenues | 403 |  |  | 258 |  |  | 162 |
Expenses |  |  |  |  |
Operating and administrative expenses | 100 |  |  | 78 |  |  | 52 |
Interest – subsidiaries (1) | 268 |  |  | 175 |  |  | 38 |
Interest – other | 297 |  |  | 289 |  |  | 266 |
Total expenses | 665 |  |  | 542 |  |  | 356 |
Income (loss) before federal income taxes, equity in income (loss) of subsidiaries | (262) |  |  | (284) |  |  | (194) |
Federal income tax expense (benefit) | (60) |  |  | (61) |  |  | (42) |
Income (loss) before equity in income (loss) of subsidiaries | (202) |  |  | (223) |  |  | (152) |
Equity in income (loss) of subsidiaries | 3,477 |  |  | (529) |  |  | 1,510 |
Net income (loss) | 3,275 |  |  | (752) |  |  | 1,358 |
Other comprehensive income (loss), net of tax: |  |  |  |  |
Unrealized investment gain (loss) | (788) |  |  | 3,715 |  |  | (18,059) |
Market risk benefit non-performance risk gain (loss) | (924) |  |  | (671) |  |  | (210) |
Policyholder liability discount rate remeasurement gain (loss) | 157 |  |  | (160) |  |  | 2,012 |
Foreign currency translation adjustment | (3) |  |  | 8 |  |  | (20) |
Funded status of employee benefit plans | (2) |  |  | (16) |  |  | (59) |
Total other comprehensive income (loss), net of tax | (1,560) |  |  | 2,876 |  |  | (16,336) |
Comprehensive income (loss) | $ | 1,715 |  |  | $ | 2,124 |  |  | $ | (14,978) |
(1) Eliminated in consolidation. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued) STATEMENTS OF CASH FLOWS (Parent Company Only) (in millions)
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Net Cash Provided by (Used in) Operating Activities (1) | $ | 176 |  |  | $ | 398 |  |  | $ | 608 |
Cash Flows from Investing Activities |  |  |  |  |
Capital contribution to subsidiaries (2) | (27) |  |  | (7) |  |  | (925) |
Cash received from disposition | 125 |  |  | – |  |  | – |
Net change in collateral on investments, derivatives and related settlements | 132 |  |  | 69 |  |  | 583 |
Other | – |  |  | 45 |  |  | (5) |
Net cash provided by (used in) investing activities | 230 |  |  | 107 |  |  | (347) |
Cash Flows from Financing Activities |  |  |  |  |
Payment of long-term debt, including current maturities | (100) |  |  | (500) |  |  | (300) |
Issuance of long-term debt, net of issuance costs | 346 |  |  | – |  |  | 296 |
Increase (decrease) in loans from subsidiaries, net (2) | 28 |  |  | (84) |  |  | (563) |
(Increase) decrease in loans to subsidiaries, net (2) | 379 |  |  | (113) |  |  | 708 |
Common stock issued for benefit plans | (5) |  |  | (7) |  |  | (16) |
Issuance of preferred stock, net of issuance costs | – |  |  | – |  |  | 986 |
Repurchase of common stock | – |  |  | – |  |  | (550) |
Dividends paid to preferred stockholders | (91) |  |  | (82) |  |  | – |
Dividends paid to common stockholders | (306) |  |  | (305) |  |  | (310) |
Net cash provided by (used in) financing activities | 251 |  |  | (1,091) |  |  | 251 |
Net increase (decrease) in cash, invested cash and restricted cash | 657 |  |  | (586) |  |  | 512 |
Cash, invested cash and restricted cash as of beginning-of-year | 129 |  |  | 715 |  |  | 203 |
Cash, invested cash and restricted cash as of end-of-year | $ | 786 |  |  | $ | 129 |  |  | $ | 715 |
(1) Includes dividends from subsidiaries of $595 million, $685 million and $797 million for the years ended December 31, 2024, 2023 and 2022, respectively. (2) Eliminated in consolidation.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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