v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities    
Net Income $ 595 $ 1,067
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other 93 76
Investment gains and losses, net (392) (744)
Interest credited to contract holders 22 22
Deferred income tax expense 93 150
Changes in:    
Premiums and reinsurance receivable (737) (464)
Deferred policy acquisition costs (125) (136)
Other assets (65) (16)
Loss and loss expense reserves 1,069 505
Life policy and investment contract reserves 8 34
Unearned premiums 631 707
Other liabilities (54) (34)
Current income tax receivable/payable (87) (72)
Net cash provided by operating activities 1,051 1,095
Cash Flows From Investing Activities    
Sale, call or maturity of fixed maturities 1,348 852
Sale of equity securities 34 347
Purchase of fixed maturities (2,060) (1,623)
Purchase of equity securities (95) (256)
Change in short-term investments 201 0
Changes in finance receivables (3) (4)
Investment in building and equipment (7) (12)
Change in other invested assets, net (32) (44)
Net cash used in investing activities (614) (740)
Cash Flows From Financing Activities    
Payment of cash dividends to shareholders (258) (241)
Shares acquired - share repurchase authorization (42) (121)
Proceeds from stock options exercised 6 4
Contract holders' funds deposited 31 39
Contract holders' funds withdrawn (80) (105)
Other (82) (67)
Net cash used in financing activities (425) (491)
Net change in cash and cash equivalents 12 (136)
Cash and cash equivalents at beginning of year 983 907
Cash and cash equivalents at end of period 995 771
Supplemental Disclosures of Cash Flow Information:    
Interest paid 27 27
Income taxes paid 97 174
Noncash Activities    
Equipment acquired under finance lease obligations 12 9
Share-based compensation 26 33
Other assets and other liabilities $ 254 $ 217