Lincoln National Corporation(NYSE:LNC) 
Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers variable, fixed, and indexed ...
Website: http://www.lfg.com
Full Time Employees: 11,357
Sector: Financial Services
Industry: Insurance-Life
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At a glance:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2022-09-30 | 2020-03-31 |
|---|---|---|
commissions and other incomes | 440,000,000 | 102,000,000 |
commissions: | ||
deferrable | 1,000,000 | 171,000,000 |
non-deferrable | 19,000,000 | 140,000,000 |
general and administrative expenses | 79,000,000 | 111,000,000 |
taxes, licenses and fees | 3,000,000 | 10,000,000 |
total expenses incurred | 102,000,000 | |
dac deferrals | -6,000,000 | -191,000,000 |
total expenses recognized before amortization | 96,000,000 | |
dac and voba amortization, net of interest: | ||
amortization, net of interest, excluding unlocking | 5,000,000 | |
unlocking | -7,000,000 | |
total commissions and other incomes | 94,000,000 | |
as a percentage of annuity sales/deposits | 500,000 | |
operating revenues | ||
insurance premiums | 289,000,000 | |
fee income | 876,000,000 | 61,000,000 |
net investment income | 586,000,000 | 229,000,000 |
operating realized gain | -3,000,000 | |
amortization of deferred gain on | ||
business sold through reinsurance | 12,000,000 | |
other revenues | 2,000,000 | 7,000,000 |
total operating revenues | 1,762,000,000 | 297,000,000 |
operating expenses | ||
interest credited | 329,000,000 | 150,000,000 |
benefits | 3,736,000,000 | |
total operating expenses | 4,505,000,000 | 252,000,000 |
income from operations before taxes | -2,743,000,000 | 45,000,000 |
federal income tax benefit | -583,000,000 | 5,000,000 |
income from operations | -2,160,000,000 | 40,000,000 |
yoy | ||
qoq | -5500.00% | |
inter-segment reimbursement associated | ||
with reserve financing and | ||
loc expenses | 1,000,000 | |
total expenses incurred, excluding | ||
broker-dealer | 433,000,000 | |
total pre-broker-dealer expenses | ||
incurred, excluding amortization, | ||
net of interest | 242,000,000 | |
dac and voba amortization, | ||
broker-dealer expenses incurred | 128,000,000 | |
total commissions and other | ||
expenses | 465,000,000 | |
as a percentage of sales/deposits | 5,200,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2022-03-31 | 2020-03-31 | 2019-03-31 | 2018-06-30 | 2018-03-31 | 2017-09-30 | 2016-09-30 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-09-30 | 2014-06-30 | 2014-03-31 | 2013-09-30 | 2013-06-30 | 2013-03-31 | 2012-12-31 | 2012-09-30 | 2012-06-30 | 2012-03-31 | 2011-12-31 | 2011-09-30 | 2011-03-31 | 2009-09-30 | 2009-06-30 | 2009-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||||||||||||
investments: | |||||||||||||||||||||||||||||||||||
fixed maturity available-for-sale securities, at fair value | 98,050,000,000 | ||||||||||||||||||||||||||||||||||
trading securities | 1,676,000,000 | 1,853,000,000 | 1,909,000,000 | 1,984,000,000 | 2,025,000,000 | 2,206,000,000 | 2,201,000,000 | 2,227,000,000 | 2,359,000,000 | 4,385,000,000 | 4,019,000,000 | 3,314,000,000 | 1,450,000,000 | 1,553,000,000 | 1,665,000,000 | 1,808,000,000 | 1,914,000,000 | 1,949,000,000 | 2,077,000,000 | 2,134,000,000 | 2,339,000,000 | 2,316,000,000 | 2,354,000,000 | 2,391,000,000 | 2,528,000,000 | 2,554,000,000 | 2,650,000,000 | 2,649,000,000 | 2,650,000,000 | 2,675,000,000 | 2,726,000,000 | 2,598 | 2,548,000,000 | 2,317,000,000 | 2,246,000,000 |
equity securities | 636,000,000 | 542,000,000 | 341,000,000 | 345,000,000 | 294,000,000 | 293,000,000 | 295,000,000 | 319,000,000 | 306,000,000 | 346,000,000 | 83,000,000 | 153,000,000 | 112,000,000 | 112,000,000 | 302,000,000 | 273,000,000 | 242,000,000 | 227,000,000 | 210,000,000 | 234,000,000 | 256,000,000 | 207,000,000 | 185,000,000 | 209,000,000 | 148,000,000 | 157,000,000 | |||||||||
mortgage loans on real estate, net of allowance for credit losses | |||||||||||||||||||||||||||||||||||
policy loans | 2,626,000,000 | 2,584,000,000 | 2,552,000,000 | 2,529,000,000 | 2,476,000,000 | 2,510,000,000 | 2,513,000,000 | 2,476,000,000 | 2,476,000,000 | 2,339,000,000 | 2,571,000,000 | 2,498,000,000 | 2,508,000,000 | 2,389,000,000 | 2,417,000,000 | 2,471,000,000 | 2,647,000,000 | 2,654,000,000 | 2,664,000,000 | 2,677,000,000 | 2,683,000,000 | 2,687,000,000 | 2,679,000,000 | 2,700,000,000 | 2,727,000,000 | 2,766,000,000 | 2,780,000,000 | 2,829,000,000 | 2,842,000,000 | 2,884,000,000 | 2,874,000,000 | 2,837 | 2,893,000,000 | 2,897,000,000 | 2,908,000,000 |
derivative investments | 9,945,000,000 | 10,427,000,000 | 8,349,000,000 | 7,849,000,000 | 9,677,000,000 | 9,522,000,000 | 8,608,000,000 | 8,394,000,000 | 6,474,000,000 | 4,840,000,000 | 4,417,000,000 | 981,000,000 | 584,000,000 | 827,000,000 | 960,000,000 | 2,170,000,000 | 2,020,000,000 | 1,340,000,000 | 2,095,000,000 | 1,439,000,000 | 1,142,000,000 | 1,044,000,000 | 1,114,000,000 | 1,683,000,000 | 2,268,000,000 | 2,652,000,000 | 3,072,000,000 | 3,399,000,000 | 2,244,000,000 | 3,151,000,000 | 3,029,000,000 | 946 | 1,282,000,000 | 1,234,000,000 | 2,226,000,000 |
other investments | 8,105,000,000 | 7,786,000,000 | 6,611,000,000 | 6,653,000,000 | 6,588,000,000 | 5,743,000,000 | 5,652,000,000 | 5,256,000,000 | 5,015,000,000 | 4,127,000,000 | 4,765,000,000 | 2,752,000,000 | 2,065,000,000 | 2,049,000,000 | 2,210,000,000 | 2,184,000,000 | 1,820,000,000 | 1,624,000,000 | 1,885,000,000 | 1,469,000,000 | 1,301,000,000 | 1,237,000,000 | 1,219,000,000 | 1,158,000,000 | 1,073,000,000 | 1,098,000,000 | 1,123,000,000 | 1,041,000,000 | 1,043,000,000 | 1,069,000,000 | 1,105,000,000 | 1,029 | 1,080,000,000 | 1,187,000,000 | 1,476,000,000 |
total investments | 138,908,000,000 | 136,102,000,000 | 131,144,000,000 | 129,215,000,000 | 129,254,000,000 | 131,812,000,000 | 126,595,000,000 | 125,702,000,000 | 124,331,000,000 | 144,624,000,000 | 135,252,000,000 | 121,745,000,000 | 112,007,000,000 | 110,047,000,000 | 111,714,000,000 | 111,591,000,000 | 103,199,000,000 | 102,009,000,000 | 106,015,000,000 | 101,385,000,000 | 100,958,000,000 | 98,207,000,000 | 95,568,000,000 | 96,167,000,000 | 99,285,000,000 | 99,065,000,000 | 76,183,000,000 | 70,548,000,000 | 66,155,000,000 | ||||||
cash and invested cash | 9,502,000,000 | 10,668,000,000 | 7,143,000,000 | 4,284,000,000 | 5,801,000,000 | 6,013,000,000 | 5,475,000,000 | 4,122,000,000 | 3,365,000,000 | 1,960,000,000 | 6,202,000,000 | 1,593,000,000 | 1,775,000,000 | 2,257,000,000 | 1,965,000,000 | 3,444,000,000 | 3,772,000,000 | 2,327,000,000 | 3,487,000,000 | 1,821,000,000 | 1,509,000,000 | 1,849,000,000 | 2,650,000,000 | 2,574,000,000 | 3,107,000,000 | 4,230,000,000 | 4,373,000,000 | 5,257,000,000 | 3,516,000,000 | 4,510,000,000 | 4,833,000,000 | 2,216 | 3,161,000,000 | 2,539,000,000 | 5,613,000,000 |
deferred acquisition costs, value of business acquired and deferred sales inducements | 12,827,000,000 | 12,681,000,000 | 12,604,000,000 | 12,563,000,000 | 12,537,000,000 | 12,475,000,000 | 12,435,000,000 | 12,405,000,000 | 12,397,000,000 | ||||||||||||||||||||||||||
reinsurance recoverables, net of allowance for credit losses | 28,012,000,000 | 28,665,000,000 | 28,440,000,000 | 28,580,000,000 | 28,750,000,000 | 29,233,000,000 | 29,126,000,000 | 29,461,000,000 | 29,843,000,000 | 20,044,000,000 | 16,923,000,000 | ||||||||||||||||||||||||
deposit assets, net of allowance for credit losses | 33,690,000,000 | 33,066,000,000 | 31,754,000,000 | 31,048,000,000 | 30,776,000,000 | 30,501,000,000 | 29,888,000,000 | 28,904,000,000 | 28,789,000,000 | ||||||||||||||||||||||||||
market risk benefit assets | 4,753,000,000 | 4,694,000,000 | 4,577,000,000 | 4,157,000,000 | 4,860,000,000 | 4,565,000,000 | 4,754,000,000 | 4,878,000,000 | 3,894,000,000 | ||||||||||||||||||||||||||
accrued investment income | 1,122,000,000 | 1,172,000,000 | 1,136,000,000 | 1,134,000,000 | 1,108,000,000 | 1,160,000,000 | 1,135,000,000 | 1,127,000,000 | 1,082,000,000 | 1,247,000,000 | 1,185,000,000 | 1,184,000,000 | 1,119,000,000 | 1,137,000,000 | 1,137,000,000 | 1,117,000,000 | 1,116,000,000 | 1,064,000,000 | 1,129,000,000 | 1,129,000,000 | 1,081,000,000 | 1,116,000,000 | 1,111,000,000 | 1,052,000,000 | 1,078,000,000 | 1,015,000,000 | 1,067,000,000 | 1,021,000,000 | 1,026,000,000 | 981,000,000 | 1,023,000,000 | 989 | 943,000,000 | 881,000,000 | 881,000,000 |
goodwill | 1,144,000,000 | 1,144,000,000 | 1,144,000,000 | 1,144,000,000 | 1,144,000,000 | 1,144,000,000 | 1,144,000,000 | 1,144,000,000 | 1,144,000,000 | 1,778,000,000 | 1,778,000,000 | 1,778,000,000 | 1,750,000,000 | 1,368,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 2,273,000,000 | 3,019,000,000 | 3,019 | 3,096,000,000 | 3,344,000,000 | 3,344,000,000 |
other assets | 7,154,000,000 | 7,223,000,000 | 8,181,000,000 | 8,267,000,000 | 8,163,000,000 | 8,454,000,000 | 8,782,000,000 | 9,413,000,000 | 9,311,000,000 | 17,406,000,000 | 16,246,000,000 | 16,373,000,000 | 8,921,000,000 | 6,313,000,000 | 5,507,000,000 | 5,152,000,000 | 3,450,000,000 | 3,647,000,000 | 2,901,000,000 | 3,414,000,000 | 3,760,000,000 | 3,822,000,000 | 2,709,000,000 | 2,655,000,000 | 2,569,000,000 | 2,580,000,000 | 2,502,000,000 | 2,475,000,000 | 2,486,000,000 | 2,536,000,000 | 3,314,000,000 | 3,293 | 10,827,000,000 | 9,982,000,000 | 3,396,000,000 |
separate account assets | 180,092,000,000 | 179,860,000,000 | 172,942,000,000 | 162,506,000,000 | 168,438,000,000 | 171,483,000,000 | 165,199,000,000 | 166,225,000,000 | 158,257,000,000 | 168,879,000,000 | 130,617,000,000 | 143,369,000,000 | 144,231,000,000 | 142,761,000,000 | 139,612,000,000 | 128,593,000,000 | 120,275,000,000 | 128,079,000,000 | 127,828,000,000 | 122,937,000,000 | 124,159,000,000 | 118,968,000,000 | 109,376,000,000 | 102,783,000,000 | 101,366,000,000 | 95,373,000,000 | 93,326,000,000 | 88,839,000,000 | 91,088,000,000 | 83,477,000,000 | 78,195,000,000 | 88,236 | 70,111,000,000 | 61,091,000,000 | 57,487,000,000 |
total assets | 417,204,000,000 | 415,275,000,000 | 399,065,000,000 | 382,898,000,000 | 390,831,000,000 | 396,840,000,000 | 384,533,000,000 | 383,381,000,000 | 372,413,000,000 | 365,929,000,000 | 318,649,000,000 | 314,299,000,000 | 298,832,000,000 | 279,237,000,000 | 276,785,000,000 | 266,605,000,000 | 249,532,000,000 | 255,214,000,000 | 258,485,000,000 | 248,446,000,000 | 249,125,000,000 | 241,949,000,000 | 229,924,000,000 | 223,321,000,000 | 224,341,000,000 | 218,869,000,000 | 181,490,000,000 | 167,045,000,000 | 157,427,000,000 | ||||||
liabilities and stockholders’ equity | |||||||||||||||||||||||||||||||||||
liabilities | |||||||||||||||||||||||||||||||||||
policyholder account balances | 136,245,000,000 | 133,223,000,000 | 129,209,000,000 | 125,262,000,000 | 126,197,000,000 | 125,968,000,000 | 124,113,000,000 | 122,300,000,000 | 120,737,000,000 | ||||||||||||||||||||||||||
future contract benefits | 42,077,000,000 | 41,852,000,000 | 41,053,000,000 | 40,665,000,000 | 39,807,000,000 | 41,169,000,000 | 38,560,000,000 | 38,848,000,000 | 39,864,000,000 | 39,773,000,000 | 37,100,000,000 | 34,009,000,000 | 33,718,000,000 | 22,923,000,000 | 22,547,000,000 | 22,120,000,000 | 20,523,000,000 | 20,166,000,000 | 20,468,000,000 | 19,553,000,000 | 19,460,000,000 | 18,997,000,000 | 18,138,000,000 | 18,214,000,000 | 19,149,000,000 | 19,780,000,000 | 19,232,000,000 | 19,930,000,000 | 18,784,000,000 | 19,813,000,000 | 19,969,000,000 | 17,313 | 15,970,000,000 | 16,128,000,000 | 18,836,000,000 |
funds withheld reinsurance liabilities | 17,922,000,000 | 17,559,000,000 | 16,700,000,000 | 16,838,000,000 | 16,907,000,000 | 17,595,000,000 | 17,044,000,000 | 17,486,000,000 | 17,641,000,000 | 2,164,000,000 | 1,843,000,000 | 1,762,000,000 | 1,711,000,000 | 1,726,000,000 | 1,807,000,000 | 1,999,000,000 | 676,000,000 | 718,000,000 | 717,000,000 | 806,000,000 | 842,000,000 | 843,000,000 | 898,000,000 | 926,000,000 | 926,000,000 | 940,000,000 | 987,000,000 | 999,000,000 | 1,043,000,000 | 1,045,000,000 | 1,072,000,000 | 1,135 | 1,220,000,000 | 1,222,000,000 | 1,215,000,000 |
market risk benefit liabilities | 1,118,000,000 | 1,190,000,000 | 1,205,000,000 | 1,306,000,000 | 1,046,000,000 | 1,272,000,000 | 1,275,000,000 | 1,266,000,000 | 1,716,000,000 | ||||||||||||||||||||||||||
deferred front-end loads | 7,586,000,000 | 7,349,000,000 | 7,119,000,000 | 6,910,000,000 | 6,730,000,000 | 6,517,000,000 | 6,306,000,000 | 6,099,000,000 | 5,901,000,000 | ||||||||||||||||||||||||||
payables for collateral on investments | 7,954,000,000 | 11,153,000,000 | 8,466,000,000 | 8,282,000,000 | 10,020,000,000 | 10,570,000,000 | 11,114,000,000 | 10,117,000,000 | 8,105,000,000 | 8,927,000,000 | 8,434,000,000 | 5,362,000,000 | 4,699,000,000 | 4,265,000,000 | 4,968,000,000 | 5,654,000,000 | 5,297,000,000 | 4,587,000,000 | 5,046,000,000 | 3,853,000,000 | 3,571,000,000 | 3,519,000,000 | 3,553,000,000 | 4,252,000,000 | 4,107,000,000 | 4,181,000,000 | 4,566,000,000 | 5,070,000,000 | 2,875,000,000 | 3,733,000,000 | 3,855,000,000 | 1,554 | 2,240,000,000 | ||
short-term debt | 400,000,000 | 300,000,000 | 300,000,000 | 450,000,000 | 503,000,000 | 250,000,000 | 300,000,000 | 250,000,000 | 450,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | 503,000,000 | 506,000,000 | 706,000,000 | 200,000,000 | 200,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | 550,000,000 | 351 | 400,000,000 | 455,000,000 | 1,436,000,000 | |||||||||
long-term debt | 5,866,000,000 | 5,772,000,000 | 5,767,000,000 | 5,868,000,000 | 5,856,000,000 | 5,897,000,000 | 5,716,000,000 | 5,726,000,000 | 5,699,000,000 | 6,561,000,000 | 6,748,000,000 | 5,572,000,000 | 5,826,000,000 | 5,648,000,000 | 4,900,000,000 | 5,457,000,000 | 5,604,000,000 | 5,529,000,000 | 5,627,000,000 | 5,186,000,000 | 5,170,000,000 | 5,380,000,000 | 5,365,000,000 | 5,050,000,000 | 4,889,000,000 | 5,439,000,000 | 5,494,000,000 | 5,719,000,000 | 5,606,000,000 | 5,391,000,000 | 5,348,000,000 | 5,370 | 4,789,000,000 | 4,775,000,000 | 4,345,000,000 |
other liabilities | 7,038,000,000 | 6,865,000,000 | 7,056,000,000 | 7,068,000,000 | 7,261,000,000 | 7,056,000,000 | 6,807,000,000 | 7,265,000,000 | 7,350,000,000 | 12,012,000,000 | 17,824,000,000 | 13,372,000,000 | 4,746,000,000 | 4,934,000,000 | 6,499,000,000 | 8,066,000,000 | 6,071,000,000 | 4,936,000,000 | 6,340,000,000 | 5,168,000,000 | 5,114,000,000 | 4,866,000,000 | 4,145,000,000 | 3,929,000,000 | 4,993,000,000 | 5,139,000,000 | 5,036,000,000 | 4,950,000,000 | 4,352,000,000 | 4,762,000,000 | 4,466,000,000 | 3,472 | 10,598,000,000 | 9,631,000,000 | 2,326,000,000 |
separate account liabilities | 180,092,000,000 | 179,860,000,000 | 172,942,000,000 | 162,506,000,000 | 168,438,000,000 | 171,483,000,000 | 165,199,000,000 | 166,225,000,000 | 158,257,000,000 | 168,879,000,000 | 130,617,000,000 | 143,369,000,000 | 144,231,000,000 | 142,761,000,000 | 139,612,000,000 | 128,593,000,000 | 120,275,000,000 | 128,079,000,000 | 127,828,000,000 | 122,937,000,000 | 124,159,000,000 | 118,968,000,000 | 109,376,000,000 | 102,783,000,000 | 101,366,000,000 | 95,373,000,000 | 93,326,000,000 | 88,839,000,000 | 91,088,000,000 | 83,477,000,000 | 78,195,000,000 | 88,236 | 70,111,000,000 | 61,091,000,000 | 57,487,000,000 |
total liabilities | 406,298,000,000 | 404,823,000,000 | 389,517,000,000 | 374,705,000,000 | 382,562,000,000 | 387,827,000,000 | 376,584,000,000 | 375,835,000,000 | 365,520,000,000 | 351,217,000,000 | 302,074,000,000 | 297,882,000,000 | 283,655,000,000 | 263,252,000,000 | 260,471,000,000 | 250,282,000,000 | 235,131,000,000 | 240,515,000,000 | 242,262,000,000 | 232,994,000,000 | 233,674,000,000 | 227,463,000,000 | 216,535,000,000 | 210,004,000,000 | 209,479,000,000 | 203,896,000,000 | 169,834,000,000 | 157,970,000,000 | 150,104,000,000 | ||||||
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, 2025 and 2024 | 493,000,000 | ||||||||||||||||||||||||||||||||||
series d preferred stock – 20,000 shares authorized, issued and outstanding | |||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 190,051,477 and 170,380,646 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of december 31, 2025 and 2024, respectively | 5,592,000,000 | ||||||||||||||||||||||||||||||||||
retained earnings | 8,386,000,000 | 7,731,000,000 | 7,409,000,000 | 6,810,000,000 | 7,645,000,000 | 6,049,000,000 | 6,691,000,000 | 5,887,000,000 | 4,778,000,000 | 8,876,000,000 | 8,500,000,000 | 8,679,000,000 | 8,302,000,000 | 8,052,000,000 | 7,738,000,000 | 7,037,000,000 | 6,358,000,000 | 6,286,000,000 | 6,077,000,000 | 5,834,000,000 | 5,513,000,000 | 5,228,000,000 | 4,753,000,000 | 4,487,000,000 | 4,238,000,000 | 4,044,000,000 | 3,873,000,000 | 3,493,000,000 | 3,191,000,000 | 4,126,000,000 | 4,664,000,000 | 4,243 | 3,234,000,000 | 3,101,000,000 | 3,265,000,000 |
accumulated other comprehensive income | -4,058,000,000 | -3,839,000,000 | -4,392,000,000 | -4,306,000,000 | -5,036,000,000 | -2,682,000,000 | -4,369,000,000 | -3,951,000,000 | -3,476,000,000 | 1,250,000,000 | 3,004,000,000 | 2,453,000,000 | 1,201,000,000 | 2,233,000,000 | 2,859,000,000 | 3,377,000,000 | 1,663,000,000 | 1,944,000,000 | 3,653,000,000 | 2,922,000,000 | 3,199,000,000 | 2,453,000,000 | 1,750,000,000 | 1,893,000,000 | 3,581,000,000 | 3,808,000,000 | 4,150,000,000 | 3,379,000,000 | 2,622,000,000 | 2,448,000,000 | 2,463,000,000 | 783 | |||
total stockholders’ equity | 10,906,000,000 | 10,452,000,000 | 9,548,000,000 | 8,193,000,000 | 8,269,000,000 | 9,013,000,000 | 7,949,000,000 | 7,546,000,000 | 6,893,000,000 | 14,712,000,000 | 16,575,000,000 | 16,417,000,000 | 15,177,000,000 | 15,985,000,000 | 16,314,000,000 | 16,323,000,000 | 14,401,000,000 | 14,699,000,000 | 16,223,000,000 | 15,452,000,000 | 15,451,000,000 | ||||||||||||||
total liabilities and stockholders’ equity | 417,204,000,000 | 415,275,000,000 | 399,065,000,000 | 382,898,000,000 | 390,831,000,000 | 396,840,000,000 | 384,533,000,000 | 383,381,000,000 | 372,413,000,000 | 365,929,000,000 | 318,649,000,000 | 314,299,000,000 | 298,832,000,000 | 279,237,000,000 | 276,785,000,000 | 266,605,000,000 | 249,532,000,000 | 255,214,000,000 | 258,485,000,000 | 248,446,000,000 | 249,125,000,000 | ||||||||||||||
as of september 30, 2025, and december 31, 2024 | 493,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 189,920,627 and 170,380,646 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of september 30, 2025, and december 31, 2024, respectively | 5,574,000,000 | ||||||||||||||||||||||||||||||||||
as of june 30, 2025, and december 31, 2024 | 493,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 189,570,904 and 170,380,646 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of june 30, 2025, and december 31, 2024, respectively | 5,545,000,000 | ||||||||||||||||||||||||||||||||||
as of march 31, 2025, and december 31, 2024 | 493,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 170,695,166 and 170,380,646 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of march 31, 2025, and december 31, 2024, respectively | 4,703,000,000 | ||||||||||||||||||||||||||||||||||
as of december 31, 2024, and december 31, 2023 | 493,000,000 | ||||||||||||||||||||||||||||||||||
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 | 4,674,000,000 | ||||||||||||||||||||||||||||||||||
as of september 30, 2024, and december 31, 2023 | 493,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 170,341,467 and 169,666,137 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of september 30, 2024, and december 31, 2023, respectively | 4,660,000,000 | ||||||||||||||||||||||||||||||||||
as of june 30, 2024, and december 31, 2023 | 493,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 170,188,487 and 169,666,137 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of june 30, 2024, and december 31, 2023, respectively | 4,641,000,000 | ||||||||||||||||||||||||||||||||||
as of march 31, 2024, and december 31, 2023 | 493,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 170,016,887 and 169,666,137 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of march 31, 2024, and december 31, 2023, respectively | 4,624,000,000 | ||||||||||||||||||||||||||||||||||
series c preferred stock – 20,000 shares authorized, issued and outstanding as of december 31, 2023 | 493,000,000 | ||||||||||||||||||||||||||||||||||
series d preferred stock – 20,000 shares authorized, issued and outstanding as of december 31, 2023 | 493,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 169,666,137 and 169,220,511 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of december 31, 2023, and december 31, 2022, respectively | 4,605,000,000 | ||||||||||||||||||||||||||||||||||
deferred acquisition costs and value of business acquired | 8,810,000,000 | 9,212,000,000 | 9,441,000,000 | 9,904,000,000 | 9,289,000,000 | 8,543,000,000 | 8,020,000,000 | 8,866,000,000 | 9,150,000,000 | 8,156,000,000 | 8,372,000,000 | 8,149,000,000 | 8,454,000,000 | 8,500,000,000 | 8,214,000,000 | 6,936,000,000 | 6,667,000,000 | 5,813,000,000 | 6,505,000,000 | 6,880,000,000 | 8,191,000,000 | 8,130,000,000 | 9,272 | 9,182,000,000 | 10,456,000,000 | 11,922,000,000 | |||||||||
premiums and fees receivable | 671,000,000 | 562,000,000 | 607,000,000 | 574,000,000 | 480,000,000 | 370,000,000 | 355,000,000 | 383,000,000 | 415,000,000 | 452,000,000 | 448,000,000 | 465,000,000 | 504,000,000 | 427,000,000 | 430,000,000 | 440,000,000 | 380,000,000 | 366,000,000 | 388,000,000 | 437,000,000 | 408,000,000 | 383,000,000 | 401 | 323,000,000 | 429,000,000 | 489,000,000 | |||||||||
funds withheld reinsurance assets | 510,000,000 | 535,000,000 | 549,000,000 | 572,000,000 | 576,000,000 | 602,000,000 | 628,000,000 | 639,000,000 | 642,000,000 | 646,000,000 | 761,000,000 | 764,000,000 | 772,000,000 | 782,000,000 | 788,000,000 | 798,000,000 | 837,000,000 | 846,000,000 | 863,000,000 | 866,000,000 | 874,000,000 | ||||||||||||||
other contract holder funds | 112,901,000,000 | 99,508,000,000 | 93,959,000,000 | 88,698,000,000 | 80,710,000,000 | 79,623,000,000 | 77,963,000,000 | 76,451,000,000 | 76,243,000,000 | 75,663,000,000 | 74,893,000,000 | 74,735,000,000 | 74,507,000,000 | 74,106,000,000 | 73,830,000,000 | 72,760,000,000 | 72,218,000,000 | 70,706,000,000 | 70,422,000,000 | 70,027,000,000 | 69,466,000,000 | 68,581,000,000 | 67,125 | 63,956,000,000 | 62,427,000,000 | 61,525,000,000 | |||||||||
reinsurance-related embedded derivatives | |||||||||||||||||||||||||||||||||||
preferred stock – 10,000,000 shares authorized | |||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 171,890,974 and 177,193,515 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of march 31, 2022, and december 31, 2021, respectively | 4,586,000,000 | ||||||||||||||||||||||||||||||||||
reinsurance related embedded derivatives | 137,000,000 | 177,000,000 | 25,000,000 | 34,000,000 | 63,000,000 | 137,000,000 | 116,000,000 | 120,000,000 | 165,000,000 | 141,000,000 | 155,000,000 | 135,000,000 | 121,000,000 | 131,000,000 | 199,000,000 | 215,000,000 | 215,000,000 | 185,000,000 | 158,000,000 | 168,000,000 | 177,000,000 | 91 | 39,000,000 | ||||||||||||
common stock – 800,000,000 shares authorized; 193,208,244 and 196,668,532 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of march 31, 2020, and december 31, 2019, respectively | 5,071,000,000 | ||||||||||||||||||||||||||||||||||
mortgage loans on real estate | 13,997,000,000 | 12,217,000,000 | 11,047,000,000 | 10,382,000,000 | 9,430,000,000 | 8,431,000,000 | 8,171,000,000 | 7,654,000,000 | 7,466,000,000 | 7,096,000,000 | 7,089,000,000 | 7,127,000,000 | 7,033,000,000 | 7,057,000,000 | 7,029,000,000 | 6,690,000,000 | 6,804,000,000 | 6,938,000,000 | 6,942,000,000 | 6,893,000,000 | 6,749 | 7,277,000,000 | 7,468,000,000 | 7,616,000,000 | |||||||||||
reinsurance recoverables | 17,660,000,000 | 17,979,000,000 | 5,009,000,000 | 5,062,000,000 | 5,432,000,000 | 5,559,000,000 | 5,608,000,000 | 5,598,000,000 | 5,906,000,000 | 6,007,000,000 | 5,984,000,000 | 6,528,000,000 | 6,385,000,000 | 6,489,000,000 | 6,449,000,000 | 6,424,000,000 | 6,601,000,000 | 6,534,000,000 | 6,526,000,000 | 6,659,000,000 | 6,580 | 7,664,000,000 | 7,729,000,000 | 8,033,000,000 | |||||||||||
common stock – 800,000,000 shares authorized; 202,987,229 and 205,862,760 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of march 31, 2019, and december 31, 2018, respectively | 5,285,000,000 | ||||||||||||||||||||||||||||||||||
available-for-sale securities, at fair value: | |||||||||||||||||||||||||||||||||||
fixed maturity securities | 93,060,000,000 | 92,059,000,000 | 93,767,000,000 | 92,632,000,000 | 85,506,000,000 | 85,422,000,000 | 88,813,000,000 | 85,348,000,000 | 85,511,000,000 | 82,988,000,000 | 80,135,000,000 | 80,235,000,000 | 82,711,000,000 | 82,036,000,000 | |||||||||||||||||||||
real estate | 11,000,000 | 11,000,000 | 11,000,000 | 23,000,000 | 21,000,000 | 24,000,000 | 19,000,000 | 20,000,000 | 32,000,000 | 42,000,000 | 56,000,000 | 60,000,000 | 65,000,000 | 65,000,000 | 112,000,000 | 116,000,000 | 113,000,000 | 137,000,000 | 136,000,000 | 189 | 154,000,000 | 159,000,000 | 129,000,000 | ||||||||||||
deferred gain on business sold through reinsurance | 1,000,000 | 1,000,000 | 2,000,000 | 43,000,000 | 116,000,000 | 134,000,000 | 153,000,000 | 190,000,000 | 208,000,000 | 226,000,000 | 263,000,000 | 282,000,000 | 301,000,000 | 319,000,000 | 338,000,000 | 356,000,000 | 375,000,000 | 394,000,000 | 412,000,000 | 450 | 511,000,000 | 529,000,000 | 548,000,000 | ||||||||||||
common stock – 800,000,000 shares authorized; 217,294,051 and 218,090,114 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of june 30, 2018, and december 31, 2017, respectively | 5,674,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 218,695,476 and 218,090,114 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of march 31, 2018, and december 31, 2017, respectively | 5,700,000,000 | ||||||||||||||||||||||||||||||||||
variable interest entities’ fixed maturity securities | 600,000,000 | 598,000,000 | 598,000,000 | 598,000,000 | 598,000,000 | 598,000,000 | |||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 219,544,618 and 226,335,105 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of september 30, 2017, and december 31, 2016, respectively | 5,717,000,000 | ||||||||||||||||||||||||||||||||||
variable interest entities’ liabilities | 2,000,000 | 3,000,000 | 5,000,000 | 17,000,000 | 10,000,000 | ||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 228,529,287 and 243,835,893 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of september 30, 2016, and december 31, 2015, respectively | 5,909,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 247,464,931 and 256,551,440 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of september 30, 2015, and december 31, 2014, respectively | 6,380,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 250,918,893 and 256,551,440 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of june 30, 2015, and december 31, 2014, respectively | 6,469,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 252,928,502 and 256,551,440 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of march 31, 2015, and december 31, 2014, respectively | 6,493,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 259,786,446 and 262,896,701 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of september 30, 2014, and december 31, 2013, respectively | 6,696,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 260,831,708 and 262,896,701 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of june 30, 2014, and december 31, 2013, respectively | 6,739,000,000 | ||||||||||||||||||||||||||||||||||
variable interest entities' fixed maturity securities | 597,000,000 | 699,000,000 | 698,000,000 | 708,000,000 | 708,000,000 | ||||||||||||||||||||||||||||||
liabilities and stockholders' equity | |||||||||||||||||||||||||||||||||||
variable interest entities' liabilities | 22,000,000 | 67,000,000 | 101,000,000 | 83,000,000 | 92,000,000 | 121,000,000 | 158,000,000 | 149,000,000 | 193,000,000 | 203,000,000 | 130 | ||||||||||||||||||||||||
stockholders' equity | |||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 263,682,162 and 262,896,701 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of march 31, 2014, and december 31, 2013, respectively | 6,805,000,000 | ||||||||||||||||||||||||||||||||||
total stockholders' equity | 14,486,000,000 | 13,389,000,000 | 13,317,000,000 | 14,862,000,000 | 14,973,000,000 | 11,656,000,000 | 9,075,000,000 | 7,323,000,000 | |||||||||||||||||||||||||||
total liabilities and stockholders' equity | 241,949,000,000 | 229,924,000,000 | 223,321,000,000 | 224,341,000,000 | 218,869,000,000 | 181,490,000,000 | 167,045,000,000 | 157,427,000,000 | |||||||||||||||||||||||||||
preferred stock – 10,000,000 shares authorized; series a – 9,532 shares issued and | |||||||||||||||||||||||||||||||||||
outstanding as of december 31, 2012 | |||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 262,342,363 and 271,402,586 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of september 30, 2013, and december 31, 2012, respectively | 6,886,000,000 | ||||||||||||||||||||||||||||||||||
preferred stock – 10,000,000 shares authorized; series a – 4,164 and 9,532 | |||||||||||||||||||||||||||||||||||
shares issued and outstanding as of june 30, 2013, and december 31, 2012, respectively | |||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 264,316,340 and 271,402,586 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of june 30, 2013, and december 31, 2012, respectively | 6,937,000,000 | ||||||||||||||||||||||||||||||||||
preferred stock – 10,000,000 shares authorized; series a – 9,532 shares issued and outstanding as of march 31, 2013, and december 31, 2012 | |||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 268,457,558 and 271,402,586 shares issued and outstanding as of march 31, 2013, and december 31, 2012, respectively | 7,043,000,000 | ||||||||||||||||||||||||||||||||||
preferred stock - 10,000,000 shares authorized; series a - 9,532 and 10,072 shares issued and outstanding as of december 31, 2012, and december 31, 2011, respectively | |||||||||||||||||||||||||||||||||||
common stock - 800,000,000 shares authorized; 271,402,586 and 291,319,222 shares issued and outstanding as of december 31, 2012, and december 31, 2011, respectively | 7,121,000,000 | ||||||||||||||||||||||||||||||||||
preferred stock - 10,000,000 shares authorized; series a - 9,532 and 10,072 sharesissued and outstanding as of september 30, 2012, and december 31, 2011, respectively | |||||||||||||||||||||||||||||||||||
common stock - 800,000,000 shares authorized; 275,073,618 and 291,319,222 shares issued and outstanding as of september 30, 2012, and december 31, 2011, respectively | 7,214,000,000 | ||||||||||||||||||||||||||||||||||
preferred stock - 10,000,000 shares authorized; series a - 9,632 and 10,072 shares issued and outstanding as of june 30, 2012, and december 31, 2011, respectively | |||||||||||||||||||||||||||||||||||
common stock - 800,000,000 shares authorized; 279,168,971 and 291,319,222 shares issued and outstanding as of june 30, 2012, and december 31, 2011, respectively | 7,310,000,000 | ||||||||||||||||||||||||||||||||||
preferred stock - 10,000,000 shares authorized; series a - 9,632 and 10,072 shares | |||||||||||||||||||||||||||||||||||
common stock - 800,000,000 shares authorized; 285,412,303 and 291,319,222 shares | |||||||||||||||||||||||||||||||||||
preferred stock - 10,000,000 shares authorized; series a - 10,072 and 10,914 shares issued and outstanding as of december 31, 2011, and december 31, 2010, respectively | |||||||||||||||||||||||||||||||||||
common stock - 800,000,000 shares authorized; 291,319,222 and 315,718,554 shares issued and outstanding as of december 31, 2011, and december 31, 2010, respectively | 7,590,000,000 | ||||||||||||||||||||||||||||||||||
preferred stock - 10,000,000 shares authorized; series a - 10,854 and 10,914 shares | |||||||||||||||||||||||||||||||||||
common stock - 800,000,000 shares authorized; 301,659,175 and 315,718,554 shares | |||||||||||||||||||||||||||||||||||
preferred stock - 10,000,000 shares authorized: | |||||||||||||||||||||||||||||||||||
series a preferred stock - 10,914 and 10,914 shares issued and outstanding | |||||||||||||||||||||||||||||||||||
common stock - 800,000,000 shares authorized; 313,456,824 and 315,718,554 shares | |||||||||||||||||||||||||||||||||||
fixed maturity | 60,666,000,000 | 55,050,000,000 | 49,349,000,000 | ||||||||||||||||||||||||||||||||
equity | 283,000,000 | 236,000,000 | 205,000,000 | ||||||||||||||||||||||||||||||||
series a preferred stock – 10,000,000 shares authorized; 11,547 and 11,562 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of september 30, 2009, and december 31, 2008, respectively | 7,842,000,000 | ||||||||||||||||||||||||||||||||||
series b preferred stock – 950,000 shares authorized and outstanding | |||||||||||||||||||||||||||||||||||
as of september 30, 2009 | 800,000,000 | ||||||||||||||||||||||||||||||||||
common stock – 800,000,000 shares authorized; 302,073,869 and 255,869,859 shares | |||||||||||||||||||||||||||||||||||
accumulated other comprehensive loss | -220,000,000 | -1,707,000,000 | -2,975,000,000 | ||||||||||||||||||||||||||||||||
reinsurance related derivative assets | 46,000,000 | 107,000,000 | |||||||||||||||||||||||||||||||||
payables for collateral under securities loaned and derivatives | 1,712,000,000 | 2,386,000,000 | |||||||||||||||||||||||||||||||||
series a preferred stock - 10,000,000 shares authorized | |||||||||||||||||||||||||||||||||||
common stock - 800,000,000 shares authorized; 302,093,017 and 255,869,859 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of june 30, 2009, and december 31, 2008, respectively | 7,681,000,000 | ||||||||||||||||||||||||||||||||||
common stock - 800,000,000 shares authorized; 256,046,103 and 255,869,859 shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of march 31, 2009, and december 31, 2008, respectively | 7,033,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||
net income | 754,000,000 | 446,000,000 | 699,000,000 | -722,000,000 | 1,687,000,000 | -528,000,000 | 894,000,000 | 1,222,000,000 |
adjustments to reconcile net income to net cash from | ||||||||
operating activities: | ||||||||
realized loss | -48,000,000 | 216,000,000 | 642,000,000 | -11,000,000 | 431,000,000 | |||
market risk benefit loss | -382,000,000 | -343,000,000 | -940,000,000 | 1,293,000,000 | 657,000,000 | |||
sales and maturities (purchases) of trading securities | -286,000,000 | 70,000,000 | 512,000,000 | 71,000,000 | 118,000,000 | 75,000,000 | 21,000,000 | 129,000,000 |
net operating cash payments related to closing fortitude re reinsurance transaction | ||||||||
early extinguishment of debt loss | 0 | 0 | ||||||
change in: | ||||||||
deferred acquisition costs, value of business acquired, deferred sales inducements | ||||||||
and deferred front-end loads | 92,000,000 | 156,000,000 | 170,000,000 | 156,000,000 | 151,000,000 | 171,000,000 | 177,000,000 | 190,000,000 |
accrued investment income | 20,000,000 | -12,000,000 | -20,000,000 | -16,000,000 | 24,000,000 | -1,000,000 | -30,000,000 | -32,000,000 |
insurance liabilities and reinsurance-related balances | -1,136,000,000 | -1,398,000,000 | 62,000,000 | -216,000,000 | -401,000,000 | -561,000,000 | -1,313,000,000 | -1,047,000,000 |
accrued expenses | 97,000,000 | 172,000,000 | 71,000,000 | -227,000,000 | 169,000,000 | 34,000,000 | 89,000,000 | -41,000,000 |
federal income tax accruals | 133,000,000 | 67,000,000 | 104,000,000 | -227,000,000 | 413,000,000 | -175,000,000 | 203,000,000 | 306,000,000 |
other | 989,000,000 | -515,000,000 | -193,000,000 | -373,000,000 | -178,000,000 | -106,000,000 | -112,000,000 | -609,000,000 |
net cash from operating activities | 233,000,000 | -1,141,000,000 | 1,013,000,000 | -272,000,000 | 222,000,000 | -27,000,000 | -859,000,000 | -1,343,000,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 233,000,000 | -1,141,000,000 | 1,013,000,000 | -272,000,000 | 222,000,000 | -27,000,000 | -859,000,000 | -1,343,000,000 |
cash flows from investing activities | ||||||||
purchases of available-for-sale securities and equity securities | -7,037,000,000 | -4,407,000,000 | -4,063,000,000 | -3,722,000,000 | -3,757,000,000 | -2,576,000,000 | -2,749,000,000 | -2,360,000,000 |
sales of available-for-sale securities and equity securities | 1,722,000,000 | 1,005,000,000 | 1,081,000,000 | 509,000,000 | 561,000,000 | 161,000,000 | 566,000,000 | 677,000,000 |
maturities of available-for-sale securities | 2,643,000,000 | 3,216,000,000 | 2,508,000,000 | 2,689,000,000 | 3,130,000,000 | 2,702,000,000 | 1,916,000,000 | 1,694,000,000 |
purchases of other investments | -553,000,000 | |||||||
sales and repayments of other investments | 333,000,000 | |||||||
issuance of mortgage loans on real estate | -1,450,000,000 | -799,000,000 | -1,087,000,000 | -919,000,000 | -1,048,000,000 | -966,000,000 | -1,561,000,000 | -571,000,000 |
repayment and maturities of mortgage loans on real estate | 1,093,000,000 | 630,000,000 | 646,000,000 | 502,000,000 | 678,000,000 | 371,000,000 | 357,000,000 | 267,000,000 |
repayment (issuance) of policy loans | -39,000,000 | -32,000,000 | -22,000,000 | -54,000,000 | 3,000,000 | -36,000,000 | -1,000,000 | |
net change in collateral on investments, certain derivatives and related settlements | -625,000,000 | 3,107,000,000 | 493,000,000 | -799,000,000 | 296,000,000 | -177,000,000 | 1,701,000,000 | 2,232,000,000 |
cash received from disposition, net of cash transferred | 0 | -2,000,000 | ||||||
net cash from investing activities | -3,913,000,000 | 2,212,000,000 | -266,000,000 | -2,046,000,000 | -717,000,000 | -702,000,000 | 601,000,000 | 1,639,000,000 |
cash flows from financing activities | ||||||||
payment of long-term debt, including current maturities | 0 | 0 | 0 | -300,000,000 | 0 | 0 | -53,000,000 | -47,000,000 |
issuance of long-term debt, net of issuance costs | 0 | 0 | -1,000,000 | 347,000,000 | ||||
payment related to early extinguishment of debt | 0 | 0 | ||||||
payment related to sale-leaseback transactions | -2,000,000 | -1,000,000 | -2,000,000 | -2,000,000 | -5,000,000 | -4,000,000 | -4,000,000 | -4,000,000 |
proceeds from certain financing arrangements | 0 | 0 | 0 | |||||
payment related to certain financing arrangements | -50,000,000 | -14,000,000 | -70,000,000 | -14,000,000 | -34,000,000 | -15,000,000 | -72,000,000 | -16,000,000 |
net financing cash proceeds related to closing fortitude re reinsurance transaction | ||||||||
policyholder account balances: | ||||||||
deposits | 5,715,000,000 | 5,771,000,000 | 5,189,000,000 | 4,434,000,000 | ||||
withdrawals | -3,243,000,000 | -3,006,000,000 | -3,121,000,000 | -3,129,000,000 | ||||
transfers from (to) separate accounts | -304,000,000 | -187,000,000 | -230,000,000 | -73,000,000 | -158,000,000 | 44,000,000 | 177,000,000 | -90,000,000 |
issuance of common stock | 0 | 0 | ||||||
common stock issued for benefit plans | 0 | 11,000,000 | -3,000,000 | -4,000,000 | -1,000,000 | 2,000,000 | -1,000,000 | -5,000,000 |
dividends paid to preferred stockholders | -11,000,000 | -34,000,000 | -12,000,000 | -34,000,000 | -11,000,000 | -34,000,000 | -12,000,000 | -34,000,000 |
dividends paid to common stockholders | -86,000,000 | -86,000,000 | -76,000,000 | -77,000,000 | -77,000,000 | -77,000,000 | -76,000,000 | -77,000,000 |
net cash from financing activities | 2,514,000,000 | 2,454,000,000 | 2,112,000,000 | 801,000,000 | 283,000,000 | 1,267,000,000 | 1,611,000,000 | 461,000,000 |
net increase in cash and invested cash | ||||||||
cash and invested cash as of beginning-of-year | ||||||||
cash and invested cash as of end-of-year | ||||||||
standard | ||||||||
asu 2024-03, income statement – reporting comprehensive income – expense disaggregation disclosures | ||||||||
asu 2025-06, intangibles - goodwill and other – internal-use software (topic 350-40): targeted improvements to the accounting for internal-use software | ||||||||
net increase in cash, invested cash and restricted cash | 3,525,000,000 | 2,859,000,000 | -1,517,000,000 | -212,000,000 | 538,000,000 | 1,353,000,000 | 757,000,000 | |
cash, invested cash and restricted cash as of beginning-of-year | 0 | 0 | 5,801,000,000 | 0 | 0 | 0 | 3,365,000,000 | |
cash, invested cash and restricted cash as of end-of-period | 3,525,000,000 | 2,859,000,000 | 4,284,000,000 | 538,000,000 | 1,353,000,000 | 4,122,000,000 | ||
purchases of alternative investments | -289,000,000 | -397,000,000 | -493,000,000 | -343,000,000 | -239,000,000 | -315,000,000 | ||
sales and repayments of alternative investments | 361,000,000 | 213,000,000 | 107,000,000 | 148,000,000 | 81,000,000 | 16,000,000 | ||
adjustments to reconcile net income to net cash provided by | ||||||||
realized (gain) loss | 434,000,000 | |||||||
market risk benefit (gain) loss | -1,907,000,000 | |||||||
impairment of intangibles | ||||||||
deposits of fixed account balances | 3,748,000,000 | 4,204,000,000 | 4,506,000,000 | 3,602,000,000 | ||||
withdrawals of fixed account balances | -3,179,000,000 | -2,906,000,000 | -2,853,000,000 | -3,215,000,000 | ||||
issuance of preferred stock, net of issuance costs | ||||||||
repurchase of common stock | ||||||||
cash, invested cash and restricted cash as of end-of-year | ||||||||
see accompanying notes to consolidated financial statements | ||||||||
amortization of deferred gain on business sold through reinsurance | 12,000,000 | 12,000,000 | ||||||
payment related to modification or early extinguishment of debt | ||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||
trading securities purchases, sales and maturities | ||||||||
and deferred front-end loads deferrals and interest, net of amortization | ||||||||
premiums and fees receivable | ||||||||
future contract benefits and other contract holder funds | ||||||||
reinsurance related assets and liabilities | ||||||||
issuance (repayment) of policy loans | ||||||||
net change in collateral on investments, derivatives and related settlements | ||||||||
deposits of fixed account values, including the fixed portion of variable | ||||||||
withdrawals of fixed account values, including the fixed portion of variable | ||||||||
transfers to and from separate accounts | ||||||||
asu 2016-13, measurement of credit losses on financial instruments and related amendments | ||||||||
asu 2019-04, codification improvements to topic 326, financial instruments – credit losses, topic 815, derivatives and hedging and topic 825, financial instruments | ||||||||
change in premiums and fees receivable | ||||||||
change in accrued investment income | ||||||||
change in future contract benefits and other contract holder funds | ||||||||
change in reinsurance related assets and liabilities | ||||||||
change in accrued expenses | ||||||||
change in federal income tax accruals | ||||||||
issuance and repayment of policy loans | ||||||||
asu 2016-02, leases and all related amendments | ||||||||
asu 2017-08, premium amortization on purchased callable debt securities | ||||||||
asu 2017-12, targeted improvements to accounting for hedging activities | ||||||||
purchase of common stock in acquisition, net of cash acquired | ||||||||
sale of business | ||||||||
proceeds from sales leaseback transaction | ||||||||
asu 2014-09, revenue from contracts with customers and all related amendments | ||||||||
asu 2016-01, recognition and measurement of financial assets and financial liabilities | ||||||||
asu 2018-02, reclassification of certain tax effects from accumulated other comprehensive income | ||||||||
purchases of available-for-sale securities | ||||||||
sales of available-for-sale securities | ||||||||
net change in collateral on investments and derivatives | ||||||||
cash and invested cash as of end-of-period | ||||||||
asu 2016-05, effect of derivative contract novations on existing hedge accounting relationships | ||||||||
asu 2016-06, contingent put and call options in debt instruments | ||||||||
sales or maturities of other investments | ||||||||
increase in payables for collateral on investments | ||||||||
proceeds from sale of subsidiary/business | ||||||||
common stock issued for benefit plans and excess tax benefits | ||||||||
asu 2014-16, determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity | ||||||||
asu 2015-02, amendments to the consolidation analysis | ||||||||
asu 2015-03, simplifying the presentation of debt issuance costs | ||||||||
asu 2015-05, customer’s accounting for fees paid in a cloud computing arrangement | ||||||||
asu 2015-07, disclosures for certain investments that calculate net asset value per share |