v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net earnings $ 5,283.8 $ 4,262.9
Depreciation, amortization and impairment charges 783.8 753.8
Net bond discount amortization (258.5) (310.2)
Amortization of share-based payment awards 176.6 164.9
Share of profit of associates (816.1) (956.3)
Deferred income taxes 201.9 255.0
Net gains on investments (3,151.4) (1,067.2)
Net purchases of investments classified at FVTPL (4,059.1) (515.8)
Changes in operating assets and liabilities 4,258.4 1,406.8
Cash provided by operating activities 2,419.4 3,993.9
Investing activities    
Sales of investments in associates 630.0 682.7
Distributions and dividends from investments in associates 740.0 419.6
Purchases of investments in associates (1,281.7) (630.0)
Net purchases of premises and equipment and intangible assets (586.2) (408.8)
Net purchases of investment property (22.7) (33.0)
Purchases of subsidiaries, net of cash acquired (222.8) (1,421.0)
Deconsolidation of non-insurance subsidiaries (59.0)  
Cash used in investing activities (523.8) (1,323.1)
Financing activities    
Purchases for treasury (189.1) (240.4)
Purchases for cancellation (1,625.2) (1,588.4)
Common share dividends (343.6) (363.1)
Preferred shares:    
Redemptions (689.4) (173.8)
Dividends (24.5) (48.6)
Subsidiary shares:    
Issuances to non-controlling interests, net of issuance costs 14.9 1.3
Purchases of non-controlling interests (181.3) (539.9)
Sales to non-controlling interests   0.9
Dividends paid to non-controlling interests (181.8) (294.7)
Cash used in financing activities (1,825.0) (1,563.5)
Increase in cash and cash equivalents 70.6 1,107.3
Cash and cash equivalents - beginning of year 6,112.5 5,121.4
Foreign currency translation 59.7 (116.2)
Cash and cash equivalents - end of year 6,242.8 6,112.5
Holding company and insurance and reinsurance companies    
Financing activities    
Proceeds, net of issuance costs 1,458.8 2,430.9
Repayments (212.1) (1,209.8)
Net borrowings on other revolving credit facilities 84.9  
Principal payments on lease liabilities (71.9) (62.6)
Non-insurance companies    
Investing activities    
Proceeds from sale of subsidiaries, net of cash divested 278.6 67.4
Financing activities    
Proceeds, net of issuance costs 603.8 1,380.9
Repayments (560.0) (665.2)
Net borrowings (repayments) on revolving credit facilities and short term loans 239.4 (51.2)
Principal payments on lease liabilities $ (147.9) $ (139.8)