v3.26.3
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 7,965 $ 7,449
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 700 (327)
Market risk benefits gains (losses) (46) (251)
Amortization of premiums (discounts) on fixed maturities (322) (303)
Amortization of purchased intangibles 221 224
Equity in net income (loss) of partially-owned entities (662) (779)
Deferred income taxes 350 208
Unpaid losses and loss expenses 3,409 3,098
Unearned premiums 2,059 2,803
Future policy benefits 2,505 1,646
Insurance and reinsurance balances payable 393 251
Accounts payable, accrued expenses, and other liabilities (374) (599)
Income taxes 130 (112)
Insurance and reinsurance balances receivable (2,088) (1,553)
Reinsurance recoverable (162) (72)
Deferred policy acquisition costs (1,182) (1,260)
Net sales (purchases) of investments by consolidated investment products 919 (985)
Other (159) (1,184)
Net cash flows from operating activities 13,748 8,756
Cash flows from investing activities    
Purchases of fixed maturities available-for-sale (30,234) (24,708)
Purchases of equity securities (2,454) (2,164)
Sales of fixed maturities available-for-sale 10,838 8,187
Sales of equity securities 2,400 2,211
Maturities and redemptions of fixed maturities available-for-sale 10,859 8,775
Net change in short-term investments (128) 939
Net derivative instruments settlements (420) (113)
Private equity contributions (900) (2,163)
Private equity distributions 1,081 1,020
Acquisition of subsidiaries (net of cash acquired of nil and $32) (25) (289)
Other (912) (623)
Net cash flows used for investing activities (9,895) (8,928)
Cash flows from financing activities    
Dividends paid on Common Shares (1,157) (1,121)
Common Shares repurchased (3,276) (2,523)
Proceeds from issuance of long-term debt 2,909 2,424
Repayment of long-term debt (1,500) (800)
Proceeds from share-based compensation plans 252 210
Policyholder contract deposits 1,094 684
Policyholder contract withdrawals (611) (465)
Third-party capital invested into consolidated investment products 1,017 2,148
Third-party capital distributed by consolidated investment products (1,606) (1,100)
Proceeds from issuance of repurchase agreements (5,493) (4,359)
Repayment of repurchase agreements (5,747) (3,778)
Other (258) (227)
Net cash flows used for financing activities (3,390) (189)
Effect of foreign currency rate changes on cash and restricted cash 77 266
Net increase (decrease) in cash and restricted cash 540 (95)
Cash and restricted cash - beginning of period 2,470 2,549
Cash and restricted cash - end of period 3,010 2,454
Supplemental cash flow information    
Interest paid $ 539 $ 454