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Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 7,449 $ 7,000
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses (327) (201)
Market risk benefits (gains) losses 251 238
Amortization of premiums (discounts) on fixed maturities (303) (271)
Amortization of purchased intangibles 224 241
Equity in net income (loss) of partially-owned entities (779) (621)
Deferred income taxes 208 150
Unpaid losses and loss expenses 3,098 4,242
Unearned premiums 2,803 2,563
Future policy benefits 1,646 1,399
Insurance and reinsurance balances payable 251 433
Accounts payable, accrued expenses, and other liabilities (599) (175)
Income taxes (112) (129)
Insurance and reinsurance balances receivable (1,553) (2,468)
Reinsurance recoverable (72) 312
Deferred policy acquisition costs (1,260) (1,142)
Net sales (purchases) of investments by consolidated investment products (985) (124)
Other (1,184) 170
Net cash flows from operating activities 8,756 11,617
Cash flows from investing activities    
Purchases of fixed maturities available-for-sale (24,708) (26,192)
Purchases of equity securities (2,164) (2,608)
Sales of fixed maturities available-for-sale 8,187 8,829
Sales of equity securities 2,211 1,956
Maturities and redemptions of fixed maturities available-for-sale 8,775 7,735
Net change in short-term investments 939 158
Net derivative instruments settlements (113) (122)
Private equity contributions (2,163) (733)
Private equity distributions 1,020 1,044
Acquisition of subsidiaries (net of cash acquired of $32 and nil) (289) (538)
Net Consolidations of consolidated investment products 10 13
Other (633) (991)
Net cash flows used for investing activities (8,928) (11,449)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 2,424 2,297
Dividends paid on Common Shares (1,121) (1,069)
Common Shares repurchased (2,523) (1,351)
Repayment of long-term debt (800) (700)
Proceeds from share-based compensation plans 210 302
Policyholder contract deposits 684 818
Policyholder contract withdrawals (465) (534)
Third-party capital invested into consolidated investment products 2,148 1,409
Third-party capital distributed by consolidated investment products (1,100) (1,118)
Proceeds from issuance of repurchase agreements (4,359) (3,950)
Repayment of repurchase agreements (3,778) (3,838)
Other (227) (228)
Net cash flows used for financing activities (189) (62)
Effect of foreign currency rate changes on cash and restricted cash 266 (49)
Net increase (decrease) in cash and restricted cash (95) 57
Cash and restricted cash - beginning of period 2,549 2,621
Cash and restricted cash - end of period 2,454 2,678
Supplemental cash flow information    
Taxes paid 1,720 1,307
Interest paid $ 454 $ 415