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 $ 5,729 $ 2,695
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 187 259
Net (gains) losses on investments and derivatives (650) 493
Pension and other postretirement remeasurement (gains) losses (127) 78
Gain on disposition of operations 0 (890)
Changes in:    
Claims and claims expense and other insurance reserves (22) 2,139
Unearned premiums 350 1,040
Deferred policy acquisition costs 12 (132)
Premium installment receivables, net (417) (625)
Reinsurance and indemnification recoverables, net 619 (708)
Income taxes 355 (437)
Other operating assets and liabilities 160 (75)
Net cash provided by operating activities 6,196 3,837
Proceeds from sales    
Fixed income securities 41,555 32,392
Equity securities 9,412 4,608
Limited partnership interests 702 607
Other investments 75 1
Investment collections    
Fixed income securities 436 355
Mortgage loans 82 53
Other investments 46 15
Investment purchases    
Fixed income securities (43,019) (33,166)
Equity securities (11,632) (2,660)
Limited partnership interests (743) (690)
Mortgage loans (47) (75)
Other investments (152) (180)
Change in short-term and other investments, net (420) (5,555)
Purchases of property and equipment, net (83) (91)
Proceeds from disposition of operations, net of cash transferred 0 1,885
Net cash used in investing activities (3,788) (2,501)
Cash flows from financing activities    
Contractholder fund deposits 0 30
Contractholder fund withdrawals 0 (15)
Dividends paid on common stock (541) (509)
Dividends paid on preferred stock (59) (59)
Treasury stock purchases (1,665) (439)
Shares reissued under equity incentive plans, net 41 26
Other (22) 12
Net cash used in financing activities (2,246) (954)
Net increase in cash 162 382
Cash at beginning of period 678 704
Less: Cash classified as assets held for sale at end of period 0 91
Cash at end of period $ 840 $ 995