v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities    
Net income $ 573 $ 655
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Deferred income tax expense 28 31
Trading portfolio activity (11) (6)
Net investment losses 55 32
Equity method investees (18) (72)
Net amortization of investments (96) (105)
Depreciation and amortization 35 34
Changes in:    
Receivables, net (669) (626)
Accrued investment income (7) (10)
Deferred acquisition costs (49) (55)
Insurance reserves 1,414 1,255
Other, net (55) (13)
Net cash flows provided by operating activities 1,200 1,120
Dispositions:    
Fixed maturity securities - sales 1,497 1,611
Fixed maturity securities - maturities, calls and redemptions 1,613 1,109
Equity securities 261 288
Limited partnerships 51 29
Mortgage loans 37 61
Purchases:    
Fixed maturity securities (3,756) (3,338)
Equity securities (296) (246)
Limited partnerships (192) (140)
Mortgage loans (62) (12)
Change in other investments 4 5
Change in short-term investments 422 461
Purchases of property and equipment (42) (39)
Other, net (8) 2
Net cash flows used by investing activities (471) (209)
Cash Flows from Financing Activities    
Dividends paid to common stockholders (798) (786)
Proceeds from the issuance of debt 0 490
Repayment of debt 0 (550)
Purchase of treasury stock (34) (20)
Other, net (15) (12)
Net cash flows used by financing activities (847) (878)
Effect of foreign exchange rate changes on cash 19 (3)
Net change in cash (99) 30
Cash, beginning of year 472 345
Cash, end of period $ 373 $ 375