v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income before non-controlling interests $ 716 $ 569
Adjustments to reconcile net income before non-controlling interests to net cash provided by operating activities:    
Amortization 226 103
Depreciation 35 23
Non-cash stock-based compensation 49 52
Change in estimated acquisition earn-out payables (34) 7
Mark-to-market of escrow liability (69) 0
Deferred income taxes 128 (2)
Net loss on sales/disposals of investments, businesses, fixed assets and customer accounts 0 2
Payments on acquisition earn-outs in excess of original estimated payables (40) (1)
Other 8 2
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:    
Commissions, fees and other receivables (increase) decrease (143) (139)
Reinsurance recoverable (increase) decrease 56 1,142
Prepaid reinsurance premiums (increase) decrease 130 (9)
Other assets (increase) decrease (112) (11)
Losses and loss adjustment reserve increase (decrease) (59) (1,143)
Unearned premiums increase (decrease) (100) 55
Accounts payable increase (decrease) (11) 5
Accrued expenses and other liabilities increase (decrease) (194) (132)
Other liabilities increase (decrease) 22 15
Net cash provided by operating activities 608 538
Cash flows from investing activities:    
Additions to fixed assets (38) (32)
Payments for businesses acquired, net of cash acquired (30) (161)
Proceeds from sales of businesses, fixed assets and customer accounts 3 10
Other investing activities (6) (4)
Net cash used in investing activities (71) (187)
Cash flows from financing activities:    
Fiduciary receivables and liabilities, net 157 119
Payments on acquisition earn-outs (184) (45)
Proceeds from long-term debt 0 4,192
Payments on long-term debt (31) (188)
Deferred debt issuance costs (3) (36)
Borrowings on revolving credit facility 225 150
Payments on revolving credit facility (50) (400)
Proceeds from issuance of common stock, net of expenses 0 4,315
Repurchase shares to fund tax withholdings for non-cash stock-based compensation (27) (41)
Purchase of treasury stock (500) 0
Cash dividends paid (112) (86)
Other financing activities (1) 1
Net cash (used in) provided by financing activities (526) 7,981
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash inclusive of fiduciary cash (27) 85
Net (decrease) increase in cash, cash equivalents and restricted cash inclusive of fiduciary cash (16) 8,417
Cash, cash equivalents and restricted cash inclusive of fiduciary cash at beginning of period 3,815 2,502
Cash, cash equivalents and restricted cash inclusive of fiduciary cash at end of period $ 3,799 $ 10,919