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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 (loss) $ 10,266 $ 4,599 $ (213)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, amortization and other non-cash items 482 555 704
Net (gains) losses on investments and derivatives 168 225 300
Pension and other postretirement remeasurement (gains) losses (35) (37) 9
Gain on disposition of operations (1,603) 0 0
Changes in:      
Claims and claims expense and other insurance reserves (943) 2,171 2,202
Unearned premiums 2,120 2,294 2,385
Deferred policy acquisition costs (365) (347) (489)
Premium installment receivables, net (831) (705) (861)
Reinsurance and indemnification recoverables, net 630 (226) 807
Income taxes 583 753 (229)
Other operating assets and liabilities (362) (351) (387)
Net cash provided by operating activities 10,110 8,931 4,228
Proceeds from sales      
Fixed income securities 72,897 38,751 22,973
Equity securities 6,729 3,168 5,400
Limited partnership interests 1,357 633 710
Other investments 243 265 594
Investment collections      
Fixed income securities 814 1,509 1,641
Mortgage loans 127 151 81
Other investments 55 41 152
Investment purchases      
Fixed income securities (78,784) (46,590) (29,431)
Equity securities (10,595) (4,980) (2,935)
Limited partnership interests (1,269) (1,434) (890)
Mortgage loans (242) (113) (145)
Other investments (609) (172) (292)
Change in short-term and other investments, net (791) 724 (617)
Purchases of property and equipment, net (228) (210) (267)
Proceeds from sale of property and equipment 0 18 27
Acquisition of operations, net of cash acquired 0 (13) 0
Proceeds from disposition of operations, net of cash transferred 3,041 0 0
Net cash used in investing activities (7,255) (8,252) (2,999)
Cash flows from financing activities      
Proceeds from issuance of debt 0 495 743
Redemption and repayment of debt (600) (350) (750)
Proceeds from issuance of preferred stock 0 0 587
Redemption of preferred stock 0 0 (575)
Contractholder fund deposits 30 129 130
Contractholder fund withdrawals (15) (37) (35)
Dividends paid on common stock (1,036) (962) (925)
Dividends paid on preferred stock (117) (117) (107)
Treasury stock purchases (1,233) (2) (335)
Shares reissued under equity incentive plans, net 48 163 73
Other 42 (16) (49)
Net cash used in financing activities (2,881) (697) (1,243)
Net decrease in cash (26) (18) (14)
Cash at beginning of period 704 722 736
Cash at end of period $ 678 $ 704 $ 722