v3.26.3
Condensed 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 $ 7,809 $ 6,439
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 268 374
Net (gains) losses on investments and derivatives (105) 241
Pension and other postretirement remeasurement (gains) losses (155) (30)
Gain on disposition of operations 0 (1,610)
Changes in:    
Claims and claims expense and other insurance reserves (213) 1,129
Unearned premiums 1,339 2,212
Deferred policy acquisition costs (63) (297)
Premium installment receivables, net (927) (1,113)
Reinsurance and indemnification recoverables, net 774 (394)
Income taxes 790 286
Other operating assets and liabilities 462 (116)
Net cash provided by operating activities 9,979 7,121
Proceeds from sales    
Fixed income securities 53,612 57,477
Equity securities 14,284 5,646
Limited partnership interests 888 941
Other investments 77 2
Investment collections    
Fixed income securities 715 489
Mortgage loans 113 64
Other investments 75 32
Investment purchases    
Fixed income securities (58,099) (60,481)
Equity securities (15,273) (6,447)
Limited partnership interests (1,004) (961)
Mortgage loans (229) (117)
Other investments (193) (253)
Change in short-term and other investments, net (1,163) (4,600)
Purchases of property and equipment, net (145) (139)
Proceeds from disposition of operations, net of cash transferred 0 3,041
Net cash used in investing activities (6,342) (5,306)
Cash flows from financing activities    
Contractholder fund deposits 0 30
Contractholder fund withdrawals 0 (15)
Dividends paid on common stock (816) (773)
Dividends paid on preferred stock (88) (88)
Treasury stock purchases (2,904) (799)
Shares reissued under equity incentive plans, net 62 38
Other (20) 19
Net cash used in financing activities (3,766) (1,588)
Net (decrease) increase in cash (129) 227
Cash at beginning of period 678 704
Cash at end of period $ 549 $ 931