v3.26.1
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 $ 5,229 $ 4,342
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 245 (44)
Market risk benefits gains (losses) 19 (109)
Amortization of premiums (discounts) on fixed maturities (215) (196)
Amortization of purchased intangibles 147 149
Equity in net income (loss) of partially-owned entities (281) (739)
Deferred income taxes 330 (16)
Unpaid losses and loss expenses 1,539 1,224
Unearned premiums 2,122 2,446
Future policy benefits 1,832 1,178
Insurance and reinsurance balances payable 936 1,018
Accounts payable, accrued expenses, and other liabilities (484) 10
Income taxes 85 (74)
Insurance and reinsurance balances receivable (3,055) (2,088)
Reinsurance recoverable 58 494
Deferred policy acquisition costs (793) (870)
Net sales (purchases) of investments by consolidated investment products 398 (115)
Other (397) (1,711)
Net cash flows from operating activities 7,677 5,117
Cash flows from investing activities    
Purchases of fixed maturities available-for-sale (18,620) (13,805)
Purchases of equity securities (1,613) (1,413)
Sales of fixed maturities available-for-sale 6,837 5,292
Sales of equity securities 1,722 1,410
Maturities and redemptions of fixed maturities available-for-sale 7,601 5,542
Net change in short-term investments (480) 764
Net derivative instruments settlements (77) (66)
Private equity contributions (588) (1,522)
Private equity distributions 726 744
Acquisition of subsidiaries (net of cash acquired of nil and $32) (25) (289)
Other (660) (282)
Net cash flows used for investing activities (5,177) (3,625)
Cash flows from financing activities    
Dividends paid on Common Shares (759) (731)
Common Shares repurchased (2,236) (1,437)
Proceeds from issuance of long-term debt 2,416 249
Repayment of long-term debt (1,500) (800)
Proceeds from share-based compensation plans 195 189
Policyholder contract deposits 666 452
Policyholder contract withdrawals (417) (311)
Third-party capital invested into consolidated investment products 772 1,076
Third-party capital distributed by consolidated investment products (1,070) (677)
Proceeds from issuance of repurchase agreements (3,769) (2,368)
Repayment of repurchase agreements (3,836) (2,072)
Other (219) (193)
Net cash flows used for financing activities (2,219) (1,887)
Effect of foreign currency rate changes on cash and restricted cash 2 217
Net increase (decrease) in cash and restricted cash 283 (178)
Cash and restricted cash - beginning of period 2,470 2,549
Cash and restricted cash - end of period 2,753 2,371
Supplemental cash flow information    
Interest paid $ 393 $ 350