v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities    
Net Income $ 1,529 $ 595
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other 82 93
Investment gains and losses, net (1,231) (392)
Interest credited to contract holders 21 22
Deferred income tax expense 57 93
Changes in:    
Premiums and reinsurance receivable (435) (737)
Deferred policy acquisition costs (98) (125)
Other assets (20) (65)
Loss and loss expense reserves 972 1,069
Life policy and investment contract reserves 40 8
Unearned premiums 470 631
Other liabilities (62) (54)
Current income tax receivable/payable 31 (87)
Net cash provided by operating activities 1,356 1,051
Cash Flows From Investing Activities    
Sale, call or maturity of fixed maturities 1,644 1,348
Sale of equity securities 1,195 34
Purchase of fixed maturities (2,584) (2,060)
Purchase of equity securities (463) (95)
Change in short-term investments 9 201
Changes in finance receivables 1 (3)
Investment in building and equipment (4) (7)
Change in other invested assets, net (48) (32)
Net cash used in investing activities (250) (614)
Cash Flows From Financing Activities    
Payment of cash dividends to shareholders (276) (258)
Shares acquired - share repurchase authorization (395) (42)
Changes in note payable (8) 0
Proceeds from stock options exercised 10 6
Contract holders' funds deposited 33 31
Contract holders' funds withdrawn (76) (80)
Other (75) (82)
Net cash used in financing activities (787) (425)
Net change in cash and cash equivalents 319 12
Cash and cash equivalents at beginning of year 1,431 983
Cash and cash equivalents at end of period 1,750 995
Supplemental Disclosures of Cash Flow Information:    
Interest paid 26 27
Income taxes paid 249 97
Noncash Activities    
Equipment acquired under finance lease obligations 7 12
Share-based compensation 48 26
Other assets and other liabilities $ 66 $ 254