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Consolidated Statements of Cash Flows
$ in Millions
12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Operating activities      
Net income $ 5,661 $ 5,971 $ 5,991
Adjustments to reconcile net income to net cash provided by operating activities:      
Net losses on financial instruments 653 445 694
Gain on sale of business 0 (201) 0
Equity in net (earnings) losses of other invested assets (398) (1) 33
Depreciation and amortization 1,546 1,393 1,745
Deferred income taxes (279) (374) (602)
Impairment of property, equipment and right-of-use assets 108 103 446
Share-based compensation 276 191 289
Changes in operating assets and liabilities:      
Receivables, net (2,526) (683) (1,762)
Other invested assets 0 (78) (79)
Other assets 57 824 (675)
Policy liabilities 228 (1,840) 147
Unearned income (15) (113) 290
Accounts payable and other liabilities (720) (272) 1,640
Income taxes (297) 404 (103)
Other, net (4) 39 7
Net cash provided by operating activities 4,290 5,808 8,061
Investing activities      
Purchases of investments (15,026) (17,986) (16,236)
Proceeds from sale of investments 13,324 16,547 10,596
Maturities, calls and redemptions from investments 1,771 2,025 2,940
Changes in securities lending collateral (385) 73 78
Purchases of subsidiaries, net of cash acquired 88 (4,809) (1,552)
Proceeds from sales of subsidiaries, net of cash sold 0 363 0
Purchases of property and equipment (1,116) (1,256) (1,296)
Other, net 0 (124) (102)
Net cash used in investing activities (1,344) (5,167) (5,572)
Financing activities      
Proceeds from long-term borrowings, net issuance costs 2,991 7,710 2,574
Repayments of long-term borrowings (2,147) (1,650) (1,909)
Proceeds from short-term borrowings 1,505 275 225
Repayments of short-term borrowings (1,720) (135) (265)
Changes in securities lending payable 386 (75) (77)
Changes in bank overdrafts 1,312 (638) 114
Repurchase and retirement of common stock (2,605) (2,900) (2,676)
Cash dividends (1,529) (1,508) (1,395)
Proceeds from issuance of common stock under employee stock plans 79 221 152
Taxes paid through withholding of common stock under employee stock plans (32) (109) (99)
Other, net 22 2 7
Net cash provided by (used in) financing activities (1,738) 1,193 (3,349)
Effect of foreign exchange rates on cash and cash equivalents (5) (6) (1)
Change in cash and cash equivalents 1,203 1,828 (861)
Cash and cash equivalents at beginning of year 8,288 6,526 7,387
Less cash and cash equivalents included in assets held for sale at end of year 0 (66) 0
Cash and cash equivalents at end of year $ 9,491 $ 8,288 $ 6,526