XML 22 R8.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income $ 1,278 $ 959 $ 1,205
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Deferred income tax expense (benefit) 75 (45) 2
Trading portfolio activity 0 0 1
Net investment losses 81 81 99
Equity method investees (34) (101) (8)
Net amortization of investments (208) (200) (191)
Depreciation and amortization 70 67 73
Changes in:      
Receivables, net (323) (898) (245)
Accrued investment income (26) (8) (41)
Deferred acquisition costs (17) (69) (85)
Insurance reserves 1,670 2,365 1,667
Other, net (76) 420 (192)
Net cash flows provided by operating activities 2,490 2,571 2,285
Dispositions:      
Fixed maturity securities - sales 2,946 2,793 4,029
Fixed maturity securities - maturities, calls and redemptions 3,357 2,396 1,334
Equity securities 505 523 317
Limited partnerships 103 97 164
Mortgage loans 122 105 122
Purchases:      
Fixed maturity securities (7,118) (6,404) (6,616)
Equity securities (573) (444) (293)
Limited partnerships (360) (335) (402)
Mortgage loans (186) (89) (127)
Change in other investments (12) (11) (2)
Change in short-term investments (151) 147 (274)
Purchases of property and equipment (86) (95) (90)
Disposals of property and equipment 12 0 0
Other, net (8) 0 (5)
Net cash flows used by investing activities (1,449) (1,317) (1,843)
Cash Flows from Financing Activities      
Dividends paid to common stockholders (1,047) (1,025) (787)
Proceeds from the issuance of debt 495 490 491
Repayment of debt (500) (550) (243)
Purchase of treasury stock (34) (20) (24)
Other, net (18) (12) (14)
Net cash flows used by financing activities (1,104) (1,117) (577)
Effect of foreign exchange rate changes on cash 16 (10) 5
Net change in cash (47) 127 (130)
Cash, beginning of year 472 345 475
Cash, end of year $ 425 $ 472 $ 345