v3.25.3
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 3,792 $ 2,917
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (gains) losses 28 (25)
Depreciation and amortization 518 552
Deferred federal income tax expense (benefit) 268 (102)
Amortization of deferred acquisition costs 5,429 5,166
Equity in income from other investments (169) (220)
Premiums receivable (485) (987)
Reinsurance recoverables (269) 73
Deferred acquisition costs (5,616) (5,439)
Claims and claim adjustment expense reserves 3,388 3,067
Unearned premium reserves 1,245 1,904
Other operating activities (208) 104
Net cash provided by operating activities 7,921 7,010
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 8,758 5,990
Proceeds from sales of investments:    
Fixed maturities 779 1,475
Equity securities 131 93
Real estate investments 0 64
Other investments 210 211
Purchases of investments:    
Fixed maturities (14,519) (12,360)
Equity securities (94) (80)
Real estate investments (23) (34)
Other investments (262) (283)
Net purchases of short-term securities (2,027) (342)
Securities transactions in the course of settlement 368 382
Acquisition, net of cash acquired 0 (382)
Other investing activities (398) (305)
Net cash used in investing activities (7,077) (5,571)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (1,369) (747)
Treasury stock acquired — net employee share-based compensation (125) (112)
Dividends paid to shareholders (737) (711)
Issuance of debt 1,233 0
Issuance of common stock — employee share options 163 245
Net cash used in financing activities (835) (1,325)
Effect of exchange rate changes on cash and restricted cash 21 8
Net increase in cash and restricted cash 30 122
Cash and restricted cash at beginning of year 699 650
Cash and restricted cash at end of period 729 772
Supplemental disclosure of cash flow information    
Income taxes paid 756 947
Interest paid $ 257 $ 255