v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income (loss) $ 5,401 $ 6,373 $ 6,509
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Equity-based compensation 789 721 1,026
Net investment income (1,371) (1,359) (1,140)
Net recognized (gains) losses on investments and derivatives (3,472) (3,526) (2,073)
Depreciation and amortization 1,431 1,075 803
Net amortization (accretion) of net investment premiums, discount and other (202) (123) 81
Policy acquisition costs deferred (1,876) (1,507) (1,570)
Other non-cash amounts included in net income (loss), net 593 92 (415)
Changes in consolidation (42) 248 (54)
Changes in operating assets and liabilities:      
Purchases of investments by funds and VIEs (6,891) (5,591) (5,744)
Proceeds from sale of investments by funds and VIEs 6,685 4,714 5,464
Interest sensitive contract liabilities 7,678 5,677 3,917
Future policy benefits, market risk benefits and reinsurance recoverable (367) (1,969) 4,333
Other assets and liabilities, net (1,110) (1,572) (4,815)
Net cash provided by operating activities 7,246 3,253 6,322
Cash Flows from Investing Activities      
Purchases of investments and contributions to equity method investments (9,198) (3,835) (4,650)
Purchases of available-for-sale securities (93,472) (80,168) (37,263)
Purchases of mortgage loans (41,406) (28,168) (20,972)
Purchases of investment funds (4,276) (2,833) (2,678)
Purchases of U.S. Treasury securities (455) 0 (490)
Purchases of derivatives instruments and other investments (6,178) (5,032) (5,637)
Sales, maturities and repayments of investments and distributions from equity method investments 92,605 59,426 29,052
Acquisition of subsidiaries, net of cash acquired 99 0 0
Other investing activities, net (1,691) (1,191) 231
Net cash used in investing activities (63,972) (61,801) (42,407)
Cash Flows from Financing Activities      
Issuance of debt 7,218 7,945 4,912
Repayment of debt (4,644) (5,259) (3,780)
Redemption of subsidiary equity interests 0 0 (575)
Repurchase of common stock (773) (890) (561)
Common stock dividends (1,201) (1,092) (1,012)
Preferred stock dividends (97) (97) (22)
Distributions paid to non-controlling interests (1,925) (1,299) (766)
Contributions from non-controlling interests 2,934 3,132 2,863
Distributions to redeemable non-controlling interests 0 0 (1,072)
Issuance of Mandatory Convertible Preferred Stock, net of issuance costs 0 0 1,398
Deposits on investment-type policies and contracts 81,183 71,323 53,660
Withdrawals on investment-type policies and contracts (22,657) (19,119) (14,125)
Subsidiary issuance of equity interests to non-controlling interests 0 0 632
Net change in cash collateral posted for derivative transactions and securities to repurchase 340 4,116 829
Other financing activities, net (178) (788) 257
Net cash provided by financing activities 60,200 57,972 42,638
Effect of exchange rate changes on cash and cash equivalents 5 (3) 10
Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities 3,479 (579) 6,563
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 11,128
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period 20,591 17,112 17,691
Supplemental Disclosure of Cash Flow Information      
Cash paid for taxes 590 1,048 358
Cash paid for interest 994 805 720
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the consolidated Statements of Financial Condition:      
Restricted cash and cash equivalents 1,351 946 1,763
Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities 20,591 17,112 17,691
VIE, Primary Beneficiary      
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the consolidated Statements of Financial Condition:      
Cash and cash equivalents 896 741 160
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 consolidated Statements of Financial Condition:      
Cash and cash equivalents 18,344 15,425 15,768
Retirement Services      
Non-cash transactions      
Investments received from settlements on reinsurance agreements 0 48 1,129
Investments received at inception of reinsurance agreements 0 0 2,158
Investments received from pension group annuity premiums 540 521 4,776
Reduction in investments relating to recapture of reinsurance agreement 0 0 482
Investments exchanged with third-party cedants 0 0 145
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (1,775) (4,057) 99
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) 5,773 8,479 12,430
Distribution of investments to non-controlling interests of consolidated VIEs 0 1,107 0
Borrowings of VIEs settled with investments 0 0 52
Retirement Services | VIE, Primary Beneficiary      
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the consolidated Statements of Financial Condition:      
Cash and cash equivalents 569 583  
Asset Management      
Non-cash transactions      
Purchase of investments 61 14 10
Capital increases related to equity-based compensation 640 606 867
Issuance of warrants 54 109 0
Issuance of restricted shares 55 52 41
Issuance of common stock related to equity transactions 0 12 0
Subsidiary issuance of equity interest 0 72 0
Issuance of common stock to donor-advise fund 200 0 $ 0
Asset Management | VIE, Primary Beneficiary      
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the consolidated Statements of Financial Condition:      
Cash and cash equivalents $ 327 $ 158