
	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


	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)


	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