v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,842 $ 2,687
Cash and cash equivalents held in a fiduciary capacity 12,273 11,473
Receivables    
Commissions and fees 7,859 7,015
Advanced premiums and claims 92 67
Other 760 750
Gross receivables 8,711 7,832
Less-allowance for credit losses (163) (162)
Net receivables 8,548 7,670
Other current assets 1,444 1,370
Total current assets 24,107 23,200
Goodwill 24,613 24,337
Other intangible assets 4,504 4,746
Fixed assets (net of accumulated depreciation and amortization of $1,754 at September 30, 2026 and $1,669 at December 31, 2025) 815 829
Pension related assets 2,301 2,140
Right of use assets 1,414 1,460
Deferred tax assets 195 212
Other assets 1,857 1,786
Total assets 59,806 58,710
Current liabilities:    
Short-term debt 1,644 1,267
Accounts payable and accrued liabilities 3,583 3,652
Accrued compensation and employee benefits 3,329 3,962
Current lease liabilities 324 333
Accrued income taxes 485 373
Dividends payable 471 0
Fiduciary liabilities 12,273 11,473
Total current liabilities 22,109 21,060
Long-term debt 18,889 18,320
Pension, post-retirement and post-employment benefits 693 786
Long-term lease liabilities 1,475 1,529
Liabilities for errors and omissions 281 288
Other liabilities 1,449 1,412
Commitments and contingencies 0 0
Equity:    
Preferred stock, $1 par value, authorized 6,000,000 shares, none issued 0 0
Common stock, $1 par value, authorized 1,600,000,000 shares, issued 560,641,640 shares at September 30, 2026 and December 31, 2025 561 561
Additional paid-in capital 1,615 1,547
Retained earnings 29,162 27,767
Accumulated other comprehensive loss (5,514) (5,429)
Non-controlling interests 235 215
Stockholders' equity before treasury stock 26,059 24,661
Less – treasury shares, at cost, 85,230,515 shares at September 30, 2026 and 75,783,063 shares at December 31, 2025 (11,149) (9,346)
Total equity 14,910 15,315
Total liabilities and stockholders' equity $ 59,806 $ 58,710