v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows From Operating Activities    
Net Income $ 1,988 $ 1,717
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other 119 126
Investment gains and losses, net (1,242) (1,235)
Interest credited to contract holders 32 33
Deferred income tax expense 31 256
Changes in:    
Premiums and reinsurance receivable (287) (524)
Deferred policy acquisition costs (78) (118)
Other assets (14) (57)
Loss and loss expense reserves 1,243 1,257
Life policy and investment contract reserves 56 34
Unearned premiums 389 610
Other liabilities (48) 43
Current income tax receivable/payable (42) 23
Net cash provided by operating activities 2,147 2,165
Cash Flows From Investing Activities    
Sale, call or maturity of fixed maturities 2,002 2,602
Sale of equity securities 1,281 201
Purchase of fixed maturities (4,049) (3,546)
Purchase of equity securities (497) (319)
Change in short-term investments 9 154
Changes in finance receivables (5) (30)
Investment in building and equipment (8) (12)
Change in other invested assets, net (101) (67)
Net cash used in investing activities (1,368) (1,017)
Cash Flows From Financing Activities    
Payment of cash dividends to shareholders (418) (392)
Shares acquired - share repurchase authorization (396) (102)
Changes in note payable (8) 0
Proceeds from stock options exercised 13 8
Contract holders' funds deposited 47 47
Contract holders' funds withdrawn (109) (121)
Other (100) (111)
Net cash used in financing activities (971) (671)
Net change in cash and cash equivalents (192) 477
Cash and cash equivalents at beginning of year 1,431 983
Cash and cash equivalents at end of period 1,239 1,460
Supplemental Disclosures of Cash Flow Information:    
Interest paid 27 27
Income taxes paid 425 99
Noncash Activities    
Equipment acquired under finance lease obligations 12 16
Share-based compensation 51 29
Other assets and other liabilities $ 180 $ 344