v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities    
Net income $ 6,129 $ 5,742
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 157 149
Net amortization (accretion) of fixed-income securities (79) (55)
Amortization of equity-based compensation 52 48
Net realized (gains) losses on securities (484) (175)
Net (gains) losses on disposition of property and equipment 2 1
Changes in:    
Premiums receivable (1,744) (2,037)
Reinsurance recoverables 164 568
Prepaid reinsurance premiums (5) 86
Deferred acquisition costs (167) (149)
Income taxes 241 (173)
Unearned premiums 2,182 2,477
Loss and loss adjustment expense reserves 2,257 2,097
Accounts payable, accrued expenses, and other liabilities (572) 550
Other, net (159) 54
Net cash provided by operating activities 7,974 9,183
Purchases:    
Fixed maturities (32,153) (26,354)
Equity securities (178) (87)
Sales:    
Fixed maturities 18,454 17,086
Equity securities 115 151
Maturities, paydowns, calls, and other:    
Fixed maturities 5,032 4,006
Equity securities 164 177
Net (purchases) sales of short-term investments 8,080 (1,429)
Net change in unsettled security transactions 368 178
Purchases of property and equipment (201) (161)
Sales of property and equipment 35 52
Net cash used in investing activities (284) (6,381)
Cash Flows From Financing Activities    
Dividends paid to common shareholders (8,030) (2,754)
Acquisition of treasury shares for equity award tax liabilities (44) (55)
Acquisition of treasury shares acquired in open market (1,048) (12)
Net proceeds from debt issuances 1,487 0
Net cash used in financing activities (7,635) (2,821)
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 55 (19)
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1 138 154
Cash, cash equivalents, restricted cash, and restricted cash equivalents – June 30 $ 193 $ 135