Watch on earnings:Adjusted operating earnings excluding market volatility impacts from derivatives and embedded derivativesNet investment earned rate and average crediting rate to policyholders (spread analysis)Statutory capital position and RBC ratio relative to 400%+ target levelsAnnuity sales by product type and distribution channel, plus surrender rate trends
Key metrics:10-year Treasury yield as proxy for reinvestment rates on maturing fixed income portfolio · BBB corporate bond spreads (OAS) indicating pricing and availability of investment-grade credit · High yield credit spreads reflecting stress in below-investment-grade portfolio allocations · Equity market volatility (VIX) affecting cost of hedging equity index options embedded in FIA products
⚠ Asset-liability duration mismatch risk if interest rates decline rapidly, forcing reinvestment at lower yields while locked into long-dated liabilities
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
1,533
960↓37.4%
1,563↑62.8%
2,264↑44.8%
1,486↓34.4%
Total Current Assets
35,530
0
0
48,581
1,486↓96.9%
Total Assets
48,730
54,628↑12.1%
70,202↑28.5%
85,040↑21.1%
98,430↑15.7%
Total Current Liabilities
220
0
0
11,794
0
Total Liabilities
44,245
52,223↑18.0%
67,099↑28.5%
80,964↑20.7%
93,513↑15.5%
Total Equity
4,485
2,405↓46.4%
3,103↑29.0%
3,951↑27.3%
4,804↑21.6%
Total Debt
991
1,127↑13.7%
1,765↑56.6%
2,181↑23.6%
2,237↑2.6%
Net Debt
-542
167↑130.8%
202↑21.0%
-83↓141.1%
751↑1004.8%
Cash Flow Statement
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
1,871
3,171↑69.5%
5,834↑84.0%
5,999↑2.8%
4,681↓22.0%
Capital Expenditure
-33
-32↑3.0%
-27↑15.6%
-24↑11.1%
-15↑37.5%
Free Cash Flow
1,838
3,139↑70.8%
5,807↑85.0%
5,975↑2.9%
4,666↓21.9%
Stock-Based Comp
9
12↑33.3%
23↑91.7%
29↑26.1%
31↑6.9%
Net Change in Cash
644
-573↓189.0%
603↑205.2%
701↑16.3%
-778↓211.0%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down