v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current Assets:    
Cash and cash equivalents $ 918 $ 1,079
Fiduciary cash 2,613 2,471
Commission, fees and other receivables 1,547 1,438
Fiduciary receivables 1,632 1,515
Reinsurance recoverable 591 647
Prepaid reinsurance premiums 850 980
Other current assets 541 484
Total current assets 8,692 8,614
Fixed assets, net 368 367
Operating lease assets 274 269
Goodwill 15,146 15,087
Amortizable intangible assets, net 4,570 4,906
Other assets 837 748
Total assets 29,887 29,991
Current Liabilities:    
Fiduciary liabilities 4,245 3,986
Losses and loss adjustment reserve 612 671
Unearned premiums 953 1,053
Accounts payable 807 990
Accrued expenses and other liabilities 683 875
Current portion of long-term debt 413 719
Total current liabilities 7,713 8,294
Long-term debt less unamortized discount and debt issuance costs 7,346 6,894
Operating lease liabilities 248 243
Deferred income taxes, net 925 815
Other liabilities 1,047 1,172
Equity:    
Common stock, par value $0.10 per share; authorized 560 shares; issued 359 shares and outstanding 330 shares at 2026, issued 357 shares and outstanding 336 shares at 2025 36 36
Additional paid-in capital 6,189 6,160
Treasury stock, at cost 29 shares at 2026 and 21 shares at 2025 (1,348) (848)
Accumulated other comprehensive income 116 210
Non-controlling interests 25 26
Retained earnings 7,590 6,989
Total equity 12,608 12,573
Total liabilities and equity $ 29,887 $ 29,991