v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows from Operating Activities    
Net income (loss) $ 4,241 $ 4,711
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Equity-based compensation 523 478
Net investment income (1,119) (1,010)
Net recognized (gains) losses on investments and derivatives (2,754) (3,607)
Depreciation and amortization 1,040 779
Net amortization (accretion) of net investment premiums, discount and other (135) (47)
Policy acquisition costs deferred (1,493) (1,191)
Other non-cash amounts included in net income (loss), net 357 210
Changes in consolidation (23) 248
Changes in operating assets and liabilities:    
Purchases of investments by funds and VIEs (4,554) (4,836)
Proceeds from sale of investments by funds and VIEs 2,498 4,738
Interest sensitive contract liabilities 5,867 4,948
Future policy benefits, market risk benefits and reinsurance recoverable (1,521) (1,135)
Other assets and liabilities, net (350) (1,029)
Net cash provided by operating activities 2,577 3,257
Cash Flows from Investing Activities    
Purchases of investments and contributions to equity method investments (5,991) (3,402)
Purchases of available-for-sale securities (70,985) (63,058)
Purchases of mortgage loans (25,977) (19,319)
Purchases of investment funds (2,434) (1,895)
Purchases of U.S. Treasury securities (451) 0
Purchases of derivatives instruments and other investments (4,973) (2,845)
Sales, maturities and repayments of investments and distributions from equity method investments 61,369 45,089
Acquisition of subsidiaries, net of cash acquired 99 0
Other investing activities, net (411) (121)
Net cash used in investing activities (49,754) (45,551)
Cash Flows from Financing Activities    
Issuance of debt 4,702 6,124
Repayment of debt (2,199) (4,494)
Repurchase of common stock (533) (788)
Common stock dividends (890) (815)
Preferred stock dividends (73) (73)
Distributions paid to non-controlling interests (1,315) (859)
Contributions from non-controlling interests 2,197 2,476
Deposits on investment-type policies and contracts 69,269 57,013
Withdrawals on investment-type policies and contracts (16,821) (16,054)
Net change in cash collateral posted for derivative transactions and securities to repurchase (2,586) 416
Other financing activities, net (498) (719)
Net cash provided by financing activities 51,253 42,227
Effect of exchange rate changes on cash and cash equivalents 13 3
Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities 4,089 (64)
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period 17,112 17,691
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period 21,201 17,627
Supplemental Disclosure of Cash Flow Information    
Cash paid for taxes 527 639
Cash paid for interest 804 611
Noncash Investing and Financing Activities    
Issuance of debt 4,702 6,124
Distributions paid to non-controlling interests (1,315) (859)
Contributions from non-controlling interests 2,197 2,476
Other financing activities, net (498) (719)
Investments, at fair value (549) 148
Other assets (14) 19
Debt, at fair value 0 (223)
Notes payable 0 20
Other liabilities 88 (169)
Non-controlling interest 442 41
Equity 56 (84)
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition:    
Restricted cash and cash equivalents 2,786 967
Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities 21,201 17,627
VIE, Primary Beneficiary    
Cash Flows from Financing Activities    
Issuance of debt 2,611 4,035
Distributions paid to non-controlling interests (325) (73)
Contributions from non-controlling interests 1,901 1,646
Other financing activities, net (88) 0
Noncash Investing and Financing Activities    
Issuance of debt 2,611 4,035
Principal repayment of debt (1,729) (3,922)
Distributions paid to non-controlling interests (325) (73)
Contributions from non-controlling interests 1,901 1,646
Other financing activities, net (88) 0
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition:    
Cash and cash equivalents 1,464 407
Consolidated Entity, Excluding VIE    
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition:    
Cash and cash equivalents 16,951 16,253
Retirement Services    
Noncash Investing and Financing Activities    
Investments received from settlements on reinsurance agreements 0 48
Investments received from pension group annuity premiums 0 521
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (1,388) (3,152)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) 4,402 6,092
Distribution of investments to non-controlling interests of consolidated VIEs 0 1,107
Retirement Services | VIE, Primary Beneficiary    
Noncash Investing and Financing Activities    
Purchases of investments (4,348) (2,346)
Proceeds from sale of investments 2,897 334
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition:    
Cash and cash equivalents 1,016  
Asset Management    
Noncash Investing and Financing Activities    
Purchase of investments 61 3
Capital increases related to equity-based compensation 407 393
Issuance of warrants 54 0
Issuance of restricted shares 35 24
Issuance of common stock related to equity transactions 0 12
Subsidiary issuance of equity interest 0 72
Issuance of common stock to donor-advise fund 200 0
Asset Management | VIE, Primary Beneficiary    
Noncash Investing and Financing Activities    
Purchases of investments (4,554) (4,836)
Proceeds from sale of investments 2,498 $ 4,738
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition:    
Cash and cash equivalents $ 448