[1]	On August 29, 2024, the Company redesignated all of its Class A-1 exchangeable shares into its Class A exchangeable shares. Amounts attributable to Class A exchangeable and Class B shareholders include amounts attributable to Class A-1 exchangeable shareholders prior to the redesignation.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Operating activities

Net income

$ 863

$ 1,247

$ 797

Adjustments to reconcile net income to net cash from operating activities:

Other policy revenue

(790)

(781)

(413)

Accretion on investments

(758)

(597)

(216)

Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired

1,418

1,237

632

Deferral of policy acquisition costs

(1,632)

(1,332)

(1,121)

Gains on investments and derivatives

(733)

(1,071)

(604)

Provisions for credit losses

123

Income from real estate partnerships, investment funds and corporations

(744)

(354)

(190)

Distributions from real estate partnerships, investment funds and corporations

499

Interest credited to policyholders’ account balances

2,072

2,204

633

Change in fair value of embedded derivatives

503

249

Depreciation and amortization

218

206

Deferred income taxes

(150)

Changes in operating assets and liabilities:

Insurance-related liabilities

888

2,503

3,341

Deposit liabilities

(95)

(20)

(100)

Funds withheld under reinsurance

(175)

(291)

(1,450)

Reinsurance recoverables and deposit assets

1,280

1,186

186

Accrued investment income

(60)

(148)

Working capital and other

(182)

(492)

Cash flows from operating activities

2,614

4,569

1,507

Investing activities

Acquisition of subsidiary, net of cash acquired

10,843

(346)

Disposition of business, net of cash disposed

Purchase of investments:

Available-for-sale fixed maturity securities

(19,069)

(15,323)

(4,764)

Equity securities

(480)

(709)

(636)

Mortgage loans on real estate

(1,801)

(2,180)

(566)

Private loans

(3,280)

(3,527)

(535)

Investment real estate and real estate partnerships

(1,480)

(2,377)

(1,359)

Investment funds

(3,694)

(517)

(808)

Short-term investments

(12,162)

(18,191)

(18,012)

Other invested assets

(321)

(265)

(19)

Proceeds from sales and maturities of investments:

Available-for-sale fixed maturity securities

10,750

11,836

5,871

Equity securities

358

145

174

Mortgage loans on real estate

3,043

2,324

671

Private loans

1,366

1,065

542

Investment real estate and real estate partnerships

218

336

102

Investment funds

598

514

235

Short-term investments

15,797

16,812

17,699

Other invested assets

224

102

Purchases of derivatives

(1,183)

(627)

(238)

Proceeds from sales and maturities of derivatives

1,135

1,315

Purchase of intangibles and property and equipment

(69)

(40)

(135)

Proceeds from sales of intangibles and property and equipment

Change in collateral held for derivatives

283

(79)

243

Other

(58)

(196)

Cash flows from investing activities

(9,672)

1,433

(1,809)

Financing activities

Return of capital to common stockholders

(112)

(14)

(5)

Borrowings from related parties

127

1,994

614

Repayment of borrowings to related parties

(41)

(2,241)

(297)

Borrowings from external parties

4,373

4,728

2,242

Repayment of borrowings to external parties

(3,234)

(4,546)

(2,729)

Borrowings issued to reinsurance entities

Repayment of borrowings issued to reinsurance entities

(27)

(129)

Policyholders’ account deposits

17,650

10,865

4,920

Policyholders’ account withdrawals

(10,299)

(8,753)

(2,281)

Debt issuance costs

(14)

(4)

Proceeds from repurchase agreement

106

364

313

Repayments of repurchase agreement

(106)

(363)

(313)

Issuance of capital to non-controlling interests

^[1]

299

Redemptions to non-controlling interests

^[1]

(828)

Distributions to non-controlling interests

(87)

(46)

Cash flows from financing activities

7,810

1,922

2,465

Cash and cash equivalents

Cash and cash equivalents, beginning of year

12,243

4,308

2,145

Net change during the year

752

7,924

2,163

Foreign exchange on cash balances held in foreign currencies

Cash and cash equivalents, end of year

13,014

12,243

4,308

Supplementary cash flow disclosure

Cash taxes paid (net of refunds received)

(28)

Cash interest paid

246

318

123

Non-cash transactions:

Investments received in connection with pension risk transfer transactions

175

2,292

Investments received in relation to the issuance of common stock

3,785

2,119

Investments received in connection with the sale of investment funds

786

Equity securities transferred as consideration paid for acquisition of a subsidiary

$ 0

$ 1,111

$ 0

[1]	Adjusted to present the issuance and redemption of capital to non-controlling interests separately.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $4 and $27, respectively; amortized cost of $63,157 and $53,651, respectively)	$ 64,209	$ 53,802
Equity securities, at fair value	7,972	3,854
Mortgage loans on real estate, at amortized cost (net of allowance for credit losses of $113 and $158, respectively)	11,231	12,426
Private loans, at amortized cost (net of allowance for credit losses of $181 and $97, respectively)	8,415	5,204
Investment real estate, at cost (net of accumulated depreciation of $238 and $232, respectively)	3,000	2,366
Real estate partnerships	4,241	3,438
Investment funds	8,962	6,111
Policy loans	234	276
Short-term investments, at estimated fair value	475	4,400
Other invested assets	1,305	1,089
Total investments	110,044	92,966
Cash and cash equivalents	13,014	12,243
Accrued investment income	892	860
Deferred policy acquisition costs, deferred sales inducements and value of business acquired	11,683	10,696
Reinsurance funds withheld	1,435	1,517
Premiums due and other receivables	620	647
Ceded unearned premiums	352	520
Deferred tax asset	687	760
Reinsurance recoverables and deposit assets	12,151	13,195
Property and equipment (net of accumulated depreciation of $400 and $377, respectively)	290	272
Intangible assets (net of accumulated amortization of $237 and $106, respectively)	1,625	1,690
Goodwill	783	783
Other assets	2,783	2,461
Separate account assets	822	1,343
Total assets	157,181	139,953
Liabilities
Future policy benefits	16,249	14,088
Policyholders’ account balances	92,992	83,079
Policy and contract claims	7,277	7,659
Deposit liabilities	1,419	1,502
Market risk benefits	4,536	3,655
Unearned premium reserve	1,272	1,843
Other policyholder funds	360	347
Notes payable	205	189
Corporate borrowings	628	17
Non-recourse borrowings	4,857	4,334
Funds withheld for reinsurance liabilities	3,157	3,392
Separate account liabilities	822	1,343
Total liabilities	139,264	126,877
Commitments and contingencies
Equity
Retained earnings	2,820	2,054
Accumulated other comprehensive income	1,121	204
Non-controlling interests	331	850
Total equity	17,917	13,076
Total liabilities and equity	157,181	139,953
Class A Exchangeable and Class B
Equity
Common stock, carrying amount	1,334	1,442
Class C Shares
Equity
Common stock, carrying amount	12,311	8,526
Related Party
Assets
Total investments	13,400	8,600
Liabilities
Due to related parties	819	684
Nonrelated Party
Liabilities
Other liabilities	$ 4,671	$ 4,745