v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows From Operating Activities    
Net income $ 8,671 $ 8,357
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 254 230
Net amortization (accretion) of fixed-income securities (115) (81)
Amortization of equity-based compensation 95 90
Net realized (gains) losses on securities (314) (470)
Net (gains) losses on disposition of property and equipment 5 2
Changes in:    
Premiums receivable (1,975) (2,150)
Reinsurance recoverables 208 658
Prepaid reinsurance premiums (12) 134
Deferred acquisition costs (256) (203)
Income taxes 142 (138)
Unearned premiums 2,654 2,964
Loss and loss adjustment expense reserves 3,476 3,048
Accounts payable, accrued expenses, and other liabilities (181) 2,079
Other, net (160) (142)
Net cash provided by operating activities 12,492 14,378
Purchases:    
Fixed maturities (43,791) (34,912)
Equity securities (205) (143)
Sales:    
Fixed maturities 23,108 17,520
Equity securities 192 182
Maturities, paydowns, calls, and other:    
Fixed maturities 7,564 6,269
Equity securities 189 240
Net (purchases) sales of short-term investments 7,945 (825)
Net change in unsettled security transactions 960 398
Purchases of property and equipment (317) (227)
Sales of property and equipment 45 70
Net cash used in investing activities (4,310) (11,428)
Cash Flows From Financing Activities    
Dividends paid to common shareholders (8,088) (2,812)
Acquisition of treasury shares for equity award tax liabilities (73) (92)
Acquisition of treasury shares acquired in open market (1,490) (15)
Net proceeds from debt issuances 1,487 0
Net cash used in financing activities (8,164) (2,919)
Increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 18 31
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1 138 154
Cash, cash equivalents, restricted cash, and restricted cash equivalents – September 30 $ 156 $ 185