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Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 2,347 $ 1,343
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 407 116
Market risk benefits (gains) losses (14) 92
Amortization of premiums (discounts) on fixed maturities (102) (100)
Amortization of purchased intangibles 73 75
Equity in net income (loss) of partially-owned entities (157) (82)
Deferred income taxes 156 (198)
Unpaid losses and loss expenses 646 1,182
Unearned premiums 747 868
Future policy benefits 1,023 440
Insurance and reinsurance balances payable 77 305
Accounts payable, accrued expenses, and other liabilities (592) (567)
Income taxes 217 203
Insurance and reinsurance balances receivable (1,076) (874)
Reinsurance recoverable 244 (127)
Deferred policy acquisition costs (419) (428)
Net sales (purchases) of investments by consolidated investment products 144 (435)
Other 226 (247)
Net cash flows from operating activities 3,947 1,566
Cash flows from investing activities    
Purchases of fixed maturities available-for-sale (9,119) (5,894)
Purchases of equity securities (993) (783)
Sales of fixed maturities available-for-sale 3,069 2,660
Sales of equity securities 878 637
Maturities and redemptions of fixed maturities available-for-sale 3,750 2,902
Net change in short-term investments (133) 773
Net derivative instruments settlements 19 (21)
Private equity contributions (161) (879)
Private equity distributions 241 222
Other (386) (415)
Net cash flows used for investing activities (2,835) (798)
Cash flows from financing activities    
Dividends paid on Common Shares (380) (366)
Common Shares repurchased (1,174) (691)
Proceeds from issuance of long-term debt 254 0
Repayment of long-term debt 0 (800)
Proceeds from share-based compensation plans 118 98
Policyholder contract deposits 382 242
Policyholder contract withdrawals (271) (176)
Third-party capital invested into consolidated investment products 494 559
Third-party capital distributed by consolidated investment products (499) (242)
Proceeds from issuance of repurchase agreements (2,164) (810)
Repayment of repurchase agreements (1,917) (447)
Other (121) (112)
Net cash flows used for financing activities (950) (1,125)
Effect of foreign currency rate changes on cash and restricted cash 2 58
Net increase (decrease) in cash and restricted cash 164 (299)
Cash and restricted cash - beginning of period 2,470 2,549
Cash and restricted cash - end of period 2,634 2,250
Supplemental cash flow information    
Interest paid $ 189 $ 146