v3.25.2
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 1,904 $ 1,657
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment losses 55 30
Depreciation and amortization 352 378
Deferred federal income tax benefit (52) (43)
Amortization of deferred acquisition costs 3,580 3,376
Equity in income from other investments (95) (157)
Premiums receivable (897) (1,221)
Reinsurance recoverables (19) (1)
Deferred acquisition costs (3,739) (3,583)
Claims and claim adjustment expense reserves 2,543 2,312
Unearned premium reserves 914 1,245
Other operating activities (852) (858)
Net cash provided by operating activities 3,694 3,135
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 5,872 4,173
Proceeds from sales of investments:    
Fixed maturities 601 1,250
Equity securities 100 62
Other investments 142 110
Purchases of investments:    
Fixed maturities (9,143) (8,087)
Equity securities (60) (47)
Real estate investments (13) (24)
Other investments (176) (185)
Net sales of short-term securities 24 784
Securities transactions in the course of settlement 372 358
Acquisition, net of cash acquired 0 (382)
Other investing activities (243) (192)
Net cash used in investing activities (2,524) (2,180)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (750) (499)
Treasury stock acquired — net employee share-based compensation (124) (111)
Dividends paid to shareholders (490) (473)
Issuance of common stock — employee share options 127 212
Net cash used in financing activities (1,237) (871)
Effect of exchange rate changes on cash and restricted cash 27 (5)
Net increase (decrease) in cash and restricted cash (40) 79
Cash and restricted cash at beginning of year 699 650
Cash and restricted cash at end of period 659 729
Supplemental disclosure of cash flow information    
Income taxes paid 562 855
Interest paid $ 197 $ 195