v3.26.1
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 1,711 $ 395
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (gains) losses (49) 61
Depreciation and amortization 193 188
Deferred federal income tax expense 51 31
Amortization of deferred acquisition costs 1,766 1,778
Equity in income from other investments (23) (53)
Premiums receivable (434) (459)
Reinsurance recoverables (108) (97)
Deferred acquisition costs (1,837) (1,822)
Claims and claim adjustment expense reserves 1,211 1,818
Unearned premium reserves 351 419
Other operating activities (634) (899)
Net cash provided by operating activities 2,198 1,360
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 3,014 2,801
Proceeds from sales of investments:    
Fixed maturities 251 253
Equity securities 52 68
Other investments 60 63
Purchases of investments:    
Fixed maturities (5,356) (4,296)
Equity securities (25) (25)
Real estate investments (12) (7)
Other investments (69) (96)
Net (purchases) sales of short-term securities (945) 239
Securities transactions in the course of settlement 430 308
Proceeds from the divestiture of the Canadian business 2,384  
Other investing activities (119) (116)
Net cash used in investing activities (335) (808)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (1,785) (250)
Treasury stock acquired — net employee share-based compensation (149) (102)
Dividends paid to shareholders (237) (240)
Issuance of common stock — employee share options 86 57
Net cash used in financing activities (2,085) (535)
Effect of exchange rate changes on cash and restricted cash (5) 8
Net increase (decrease) in cash and restricted cash (227) 25
Cash and restricted cash at beginning of year 842 699
Cash and restricted cash at end of period 615 724
Supplemental disclosure of cash flow information    
Income taxes paid 12 24
Interest paid $ 94 $ 61