v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 3,214 $ 3,928
Adjustments to reconcile net income to net cash provided by operating activities:    
Net losses on financial instruments 134 595
Equity in net earnings of other invested assets (567) (138)
Depreciation and amortization 720 753
Deferred income taxes (123) (226)
Impairment of property and equipment 37 0
Share-based compensation 130 162
Changes in operating assets and liabilities:    
Receivables, net (1,831) (4,097)
Other invested assets 0 (35)
Other assets (1,441) (604)
Policy liabilities 1,216 387
Unearned income 147 53
Accounts payable and other liabilities 4,124 1,690
Income taxes 488 603
Other, net (3) 0
Net cash provided by operating activities 6,245 3,071
Investing activities    
Purchases of investments (7,867) (8,102)
Proceeds from sale of investments 6,070 7,683
Maturities, calls and redemptions from investments 984 748
Changes in securities lending collateral (142) (466)
Purchases of subsidiaries, net of cash acquired 5 54
Purchases of property and equipment (522) (463)
Other, net (11) (38)
Net cash used in investing activities (1,483) (584)
Financing activities    
Repayments of long-term borrowings (750) (1,250)
Proceeds from short-term borrowings 825 0
Repayments of short-term borrowings (975) (5)
Changes in securities lending payable 142 466
Changes in bank overdrafts (1,181) 631
Repurchase and retirement of common stock (1,358) (1,258)
Cash dividends (749) (771)
Proceeds from issuance of common stock under employee stock plans 63 21
Taxes paid through withholding of common stock under employee stock plans (35) (40)
Other, net 9 (11)
Net cash used in financing activities (4,009) (2,217)
Effect of foreign exchange rates on cash and cash equivalents (12) 2
Change in cash and cash equivalents 741 272
Cash and cash equivalents at beginning of period 9,491 8,288
Cash and cash equivalents at end of period $ 10,232 $ 8,560