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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income $ 361 $ 111
Adjustments to reconcile net income to net cash provided by operating activities:    
Other policy revenue - annuity product charges (289) (200)
Accretion on investments 187 (45)
Amortization of DAC, DSI and VOBA asset 360 263
Deferral of policy acquisition costs (483) (401)
Losses (gains) on investments and derivatives and from disposition of business, net:    
Unrealized losses (gains) on investments and derivatives (250) (136)
Realized losses (gains) on investments and derivatives (117) 61
Investment credit losses (reversals) 10 13
Income from real estate partnerships and investment funds (235) (58)
Distributions from real estate partnerships and investment funds 186 35
Interest credited to policyholder account balances 637 276
Change in fair value of embedded derivatives 366 0
Depreciation and amortization 26 23
Deferred income taxes (303) 5
Changes in operating assets and liabilities:    
Insurance-related liabilities 800 750
Deposit liabilities 54 (104)
Reinsurance funds withheld (88) 0
Reinsurance recoverables and deposit assets 255 2
Accrued investment income (74) 46
Working capital and other (26) (41)
Cash flows provided by operating activities 1,377 600
Investing activities:    
Acquisition of subsidiary, net of cash acquired 10,836 0
Purchase of investments:    
Fixed maturity, available for sale (4,757) (9,093)
Equity securities (201) 0
Mortgage loans on real estate (477) (308)
Private loans (1,555) 0
Real estate (4) 0
Real estate partnerships (1,283) (997)
Investment funds (134) 0
Short-term investments (8,558) 0
Other invested assets (141) (78)
Proceeds from sales and maturities of investments:    
Fixed maturity, available for sale 2,413 8,386
Equity securities 28 0
Mortgage loans on real estate 693 179
Private loans 311 0
Real estate 14 0
Real estate partnerships 191 0
Investment funds 351 0
Short-term investments 9,606 0
Other invested assets 38 64
Purchases of derivatives (155) 0
Proceeds from (payments upon) sales and maturities of derivatives 252 0
Purchase of intangibles and property and equipment (31) (20)
Proceeds from sales of intangibles and property and equipment 27 3
Purchase of equity accounted investments 0 (38)
Distributions from equity accounted investments 0 80
Change in collateral held for derivatives 261 88
Other, net (49) (27)
Cash flows used in investing activities 7,675 (1,761)
Financing activities:    
Dividends paid on preferred stock (11) 0
Proceeds from noncontrolling interest 0 30
Borrowings from external parties 1,900 0
Repayment of borrowings to external parties (1,215) 0
Policyholders’ account deposits 4,052 2,948
Policyholders’ account withdrawals (3,041) (1,309)
Debt issuance costs (4) 0
Distributions to noncontrolling interest (32) 0
Cash flows provided by financing activities 1,651 1,669
Cash and cash equivalents    
Cash and cash equivalents, beginning of year 3,192 1,389
Net change during the year 10,703 508
Cash and cash equivalents, end of period 13,895 1,897
Supplementary disclosures of cash flow information:    
Cash taxes paid (net of refunds received) (1) (14)
Cash interest paid 62 0
Non-cash investing and financing activities:    
Fixed maturity securities, available for sale received in connection with pension risk transfer transactions 462 0
Equity securities transferred as part of acquisition of a subsidiary $ 218 $ 0