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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income (loss) $ (49) $ 361
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Other policy revenue (321) (289)
Accretion on investments (412) 187
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 650 360
Deferral of policy acquisition costs (722) (483)
Losses (gains) on investments and derivatives 78 (367)
Other losses (gains) (3) 0
Provisions for credit losses (reversals) (3) 10
Income from real estate partnerships, investment funds and corporations (164) (235)
Distributions from real estate partnerships, investment funds and corporations 177 186
Interest credited to policyholders' account balances 997 637
Change in fair value of embedded derivatives 228 366
Depreciation and amortization 84 26
Deferred income taxes 42 (303)
Changes in operating assets and liabilities:    
Insurance-related liabilities 821 800
Premiums due and other receievables (26) 54
Funds withheld for reinsurance liabilities (156) (88)
Reinsurance recoverables and deposit assets 419 255
Accrued investment income 26 (74)
Working capital and other (460) (26)
Cash flows provided by operating activities 1,206 1,377
Investing activities:    
Acquisition of subsidiary, net of cash acquired 6 10,836
Purchase of investments:    
Available-for-sale fixed maturity securities (6,074) (4,757)
Equity securities (57) (201)
Mortgage loans on real estate (581) (477)
Private loans (1,611) (1,555)
Investment real estate and real estate partnerships (1,053) (1,287)
Investment funds (1,036) (134)
Short-term investments (10,838) (8,558)
Other invested assets (78) (141)
Proceeds from sales and maturities of investments:    
Available-for-sale fixed maturity securities 4,881 2,413
Equity securities 0 28
Mortgage loans on real estate 1,543 693
Private loans 778 311
Investment real estate and real estate partnerships 65 205
Investment funds 165 351
Short-term investments 10,793 9,606
Other invested assets 196 38
Purchases of derivatives (465) (155)
Proceeds from sales and maturities of derivatives 547 252
Purchase of intangibles and property and equipment (25) (31)
Proceeds from sales of intangibles and property and equipment 0 27
Change in collateral held for derivatives (306) 261
Other 12 (49)
Cash flows used in investing activities (3,138) 7,675
Financing activities:    
Issuance of preferred equity 292 0
Redemption of preferred equity (400) 0
Dividends paid to stockholders (30) (11)
Borrowings from related parties 207 0
Repayment of borrowings to related parties (91) 0
Borrowings from external parties 711 1,900
Repayment of borrowings to external parties (700) (1,215)
Repayment of borrowings issued to reinsurance entities 2 0
Policyholders’ account deposits 7,417 4,052
Policyholders’ account withdrawals (4,751) (3,041)
Debt issuance costs (6) (4)
Issuance of equity, noncontrolling interests 62 0
Distributions to noncontrolling interests (7) (32)
Cash flows provided by financing activities 2,706 1,651
Cash and cash equivalents    
Cash and cash equivalents, beginning of period 11,330 3,192
Net change during the period 774 10,703
Cash and cash equivalents, at end of period 12,104 13,895
Supplementary cash flow disclosure:    
Cash taxes paid (net of refunds received) 54 (1)
Cash interest paid 85 62
Non-cash transactions:    
Available-for-sale fixed maturity securities received in connection with pension risk transfer transactions 0 462
Equity securities transferred as consideration paid for acquisition of a subsidiary 0 218
Investments received as in-kind consideration from sales of investment funds $ 786 $ 0