v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net income $ 4,557 $ 5,115
Adjustments to reconcile net income to net cash provided by operating activities:    
Net losses on financial instruments 182 596
Equity in net earnings of other invested assets (1,108) (251)
Depreciation and amortization 1,083 1,140
Deferred income taxes (266) 43
Impairment of property and equipment 70 70
Share-based compensation 210 246
Changes in operating assets and liabilities:    
Receivables, net (2,727) (3,282)
Other invested assets 0 (70)
Other assets (1,262) (403)
Policy liabilities 358 (873)
Unearned income 144 323
Accounts payable and other liabilities 5,364 1,539
Income taxes 915 (13)
Other, net (8) 26
Net cash provided by operating activities 7,512 4,206
Investing activities    
Purchases of investments (13,942) (12,265)
Proceeds from sale of investments 10,266 10,658
Maturities, calls and redemptions from investments 1,373 1,195
Changes in securities lending collateral (373) (576)
Purchases of subsidiaries, net of cash acquired 2 55
Purchases of property and equipment (789) (823)
Other, net (7) (52)
Net cash used in investing activities (3,470) (1,808)
Financing activities    
Proceeds from long-term borrowings 0 2,994
Repayments of long-term borrowings (750) (2,150)
Proceeds from short-term borrowings 825 990
Repayments of short-term borrowings (975) (1,175)
Changes in securities lending payable 373 576
Changes in bank overdrafts 100 77
Repurchase and retirement of common stock (1,688) (2,134)
Cash dividends (1,122) (1,152)
Proceeds from issuance of common stock under employee stock plans 88 21
Taxes paid through withholding of common stock under employee stock plans (36) (31)
Other, net 14 10
Net cash used in financing activities (3,171) (1,974)
Effect of foreign exchange rates on cash and cash equivalents (14) 1
Change in cash and cash equivalents 857 425
Cash and cash equivalents at beginning of period 9,491 8,288
Cash and cash equivalents at end of period $ 10,348 $ 8,713