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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income (loss) $ 29 $ 166
Adjustments to reconcile net income to net cash provided by operating activities:    
Other policy revenue (484) (306)
Accretion on investments (308) (129)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 649 399
Deferral of policy acquisition costs (856) (611)
Losses (gains) on investments and derivatives (614) (10)
Other losses (gains) (5) 0
Provisions for credit losses (reversals) 30 (1)
Income from real estate partnerships, investment funds and corporations (294) (110)
Distributions from real estate partnerships, investment funds and corporations 262 60
Interest credited to policyholder account balances 1,300 431
Change in fair value of embedded derivatives 1,091 0
Depreciation and amortization 109 26
Deferred income taxes (635) (5)
Changes in operating assets and liabilities:    
Insurance-related liabilities 989 908
Deposit liabilities (19) (107)
Funds withheld for reinsurance liabilities (278) 0
Reinsurance recoverables and deposit assets 1,080 (21)
Accrued investment income (80) (23)
Working capital and other 138 9
Cash flows provided by operating activities 2,104 676
Investing activities:    
Acquisition of subsidiary, net of cash acquired 10,836 0
Purchase of investments:    
Fixed maturity, available-for-sale (4,819) (12,304)
Equity securities (341) (166)
Mortgage loans on real estate (778) (489)
Private loans (2,140) 0
Real estate and real estate partnerships (1,622) (693)
Investment funds (203) 0
Short-term investments (6,290) 0
Other invested assets (325) (99)
Proceeds from sales and maturities of investments:    
Fixed maturity, available-for-sale 3,484 11,317
Equity securities 22 74
Mortgage loans on real estate 1,184 371
Private loans 594 0
Real estate and real estate partnerships 319 0
Investment funds 379 0
Short-term investments 5,513 0
Other invested assets 38 84
Purchases of derivatives (387) 0
Proceeds from sales and maturities of derivatives 706 0
Purchase of intangibles and property and equipment (61) (101)
Proceeds from sales of intangibles and property and equipment 28 74
Distributions from equity accounted investments 0 152
Net change in policy loans 0 (9)
Change in collateral held for derivatives 417 55
Other, net 11 21
Cash flows provided by (used in) investing activities 6,565 (1,713)
Financing activities:    
Dividends paid on preferred stock (22) (750)
Payments to noncontrolling interest (1) 0
Borrowings from external parties 1,900 0
Repayment of borrowings to external parties (1,501) 0
Policyholders’ account deposits 7,785 4,480
Policyholders’ account withdrawals (6,117) (1,844)
Debt issuance costs (4) 0
Distributions to noncontrolling interest (28) 26
Cash flows provided by financing activities 2,012 1,912
Cash and cash equivalents    
Cash and cash equivalents, beginning of year 3,192 1,389
Net change during the period 10,681 875
Cash and cash equivalents, end of period 13,873 2,264
Supplementary disclosures of cash flow information:    
Cash taxes paid (net of refunds received) 62 7
Cash interest paid 98 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 consideration paid for acquisition of a subsidiary 218 0
Non-cash deposit on reinsurance 3,394 0
Transfer of invested assets $ (1,810) $ 0