v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities    
Net income $ 5,742 $ 3,790
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 149 138
Net amortization (accretion) of fixed-income securities (55) (20)
Amortization of equity-based compensation 48 48
Net realized (gains) losses on securities (175) (29)
Net (gains) losses on disposition of property and equipment 1 (1)
Changes in:    
Premiums receivable (2,037) (2,587)
Reinsurance recoverables 568 213
Prepaid reinsurance premiums 86 (41)
Deferred acquisition costs (149) (251)
Income taxes (173) (342)
Unearned premiums 2,477 3,547
Loss and loss adjustment expense reserves 2,097 2,216
Accounts payable, accrued expenses, and other liabilities 550 1,058
Other, net 54 (237)
Net cash provided by operating activities 9,183 7,502
Purchases:    
Fixed maturities (26,354) (24,532)
Equity securities (87) (32)
Sales:    
Fixed maturities 17,086 13,687
Equity securities 151 98
Maturities, paydowns, calls, and other:    
Fixed maturities 4,006 3,235
Equity securities 177 23
Net (purchases) sales of short-term investments (1,429) 1,087
Net change in unsettled security transactions 178 120
Purchases of property and equipment (161) (118)
Sales of property and equipment 52 45
Net cash used in investing activities (6,381) (6,387)
Cash Flows From Financing Activities    
Dividends paid to common shareholders (2,754) (557)
Acquisition of treasury shares for equity award tax liabilities (55) (38)
Acquisition of treasury shares acquired in open market (12) (10)
Redemption of preferred shares 0 (500)
Dividends paid to preferred shareholders 0 (8)
Net cash used in financing activities (2,821) (1,113)
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (19) 2
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1 154 100
Cash, cash equivalents, restricted cash, and restricted cash equivalents – June 30 $ 135 $ 102