v3.26.1
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 3,919 $ 1,904
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment (gains) losses (109) 55
Depreciation and amortization 363 352
Deferred federal income tax benefit (7) (52)
Amortization of deferred acquisition costs 3,552 3,580
Equity in income from other investments (98) (95)
Premiums receivable (1,395) (897)
Reinsurance recoverables (131) (19)
Deferred acquisition costs (3,749) (3,739)
Claims and claim adjustment expense reserves 1,530 2,543
Unearned premium reserves 910 914
Other operating activities (671) (852)
Net cash provided by operating activities 4,114 3,694
Cash flows from investing activities    
Proceeds from maturities of fixed maturities 5,977 5,872
Proceeds from sales of investments:    
Fixed maturities 385 601
Equity securities 116 100
Real estate investments 17 0
Other investments 125 142
Purchases of investments:    
Fixed maturities (10,155) (9,143)
Equity securities (56) (60)
Real estate investments (22) (13)
Other investments (181) (176)
Net sales of short-term securities 1,136 24
Securities transactions in the course of settlement 30 372
Proceeds from the divestiture of the Canadian business 2,384  
Other investing activities (256) (243)
Net cash used in investing activities (500) (2,524)
Cash flows from financing activities    
Treasury stock acquired — share repurchase authorizations (3,098) (750)
Treasury stock acquired — net employee share-based compensation (154) (124)
Dividends paid to shareholders (500) (490)
Payment of debt (200) 0
Issuance of common stock — employee share options 124 127
Net cash used in financing activities (3,828) (1,237)
Effect of exchange rate changes on cash and restricted cash (7) 27
Net decrease in cash and restricted cash (221) (40)
Cash and restricted cash at beginning of year 842 699
Cash and restricted cash at end of period 621 659
Supplemental disclosure of cash flow information    
Income taxes paid 1,112 562
Interest paid $ 230 $ 197