v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows From Operating Activities    
Net income $ 2,818 $ 2,567
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 75 70
Net amortization (accretion) of fixed-income securities (47) (21)
Amortization of equity-based compensation 16 16
Net realized (gains) losses on securities 120 212
Net (gains) losses on disposition of property and equipment 3 3
Changes in:    
Premiums receivable (2,252) (2,442)
Reinsurance recoverables 80 316
Prepaid reinsurance premiums (1) 43
Deferred acquisition costs (87) (107)
Income taxes 830 667
Unearned premiums 2,674 2,754
Loss and loss adjustment expense reserves 1,067 765
Accounts payable, accrued expenses, and other liabilities (788) 334
Other, net (141) (34)
Net cash provided by operating activities 4,367 5,143
Purchases:    
Fixed maturities (19,291) (17,324)
Equity securities (57) (86)
Sales:    
Fixed maturities 11,115 14,721
Equity securities 56 149
Maturities, paydowns, calls, and other:    
Fixed maturities 2,549 1,950
Equity securities 152 87
Net (purchases) sales of short-term investments 7,919 (1,964)
Net change in unsettled security transactions 243 172
Purchases of property and equipment (63) (59)
Sales of property and equipment 14 13
Net cash provided by (used in) investing activities 2,637 (2,341)
Cash Flows From Financing Activities    
Dividends paid to common shareholders (7,972) (2,695)
Acquisition of treasury shares for equity award tax liabilities (43) (54)
Acquisition of treasury shares acquired in open market (435) 0
Net proceeds from debt issuances 1,487 0
Net cash used in financing activities (6,963) (2,749)
Increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 41 53
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1 138 154
Cash, cash equivalents, restricted cash, and restricted cash equivalents – March 31 $ 179 $ 207