v3.26.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net income (loss) $ 2,104 $ 1,811
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net realized (gains) losses (43) (231)
Equity in net (income) or loss of investments accounted for using the equity method and other income or loss (263) (107)
Amortization of intangible assets 60 97
Share-based compensation 97 99
Changes in:    
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable 1,039 1,386
Unearned premiums, net of ceded unearned premiums 426 338
Premiums receivable (1,450) (1,294)
Deferred acquisition costs (44) 19
Reinsurance balances payable 915 663
Deferred income tax assets, net 79 109
Other items, net (410) (308)
Net cash provided by operating activities 2,510 2,582
Investing Activities    
Purchases of fixed maturity investments (19,163) (17,568)
Purchases of equity securities (657) (987)
Purchases of other investments (952) (1,232)
Proceeds from sales of fixed maturity investments 16,367 13,823
Proceeds from sales of equity securities 455 1,043
Proceeds from sales, redemptions and maturities of other investments 546 1,091
Proceeds from redemptions and maturities of fixed maturity investments 2,039 1,326
Net settlements of derivative instruments (106) 240
Net (purchases) sales of short-term investments (655) 52
Purchases of fixed assets (22) (21)
Other (26) (3)
Net cash used for investing activities (2,174) (2,236)
Financing Activities    
Purchases of common shares under share repurchase program (1,949) (359)
Proceeds from common shares issued, net 9 19
Proceeds from borrowings 1,977 0
Repayments of borrowings (398) 0
Common dividends paid (5) (7)
Preferred dividends paid (20) (20)
Other (12) (2)
Net cash used for financing activities (398) (369)
Effects of exchange rate changes on foreign currency cash and restricted cash 1 71
Increase (decrease) in cash and restricted cash (61) 48
Cash and restricted cash, beginning of year 2,067 1,760
Cash and restricted cash, end of period 2,006 1,808
Income taxes paid (received) 191 149
Interest paid $ 65 $ 64