XML 18 R6.htm IDEA: XBRL DOCUMENT v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities    
Net income $ 8,357 $ 6,124
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 230 208
Net amortization (accretion) of fixed-income securities (81) (24)
Amortization of equity-based compensation 90 86
Net realized (gains) losses on securities (470) (317)
Net (gains) losses on disposition of property and equipment 2 (2)
Changes in:    
Premiums receivable (2,150) (3,177)
Reinsurance recoverables 658 213
Prepaid reinsurance premiums 134 26
Deferred acquisition costs (203) (345)
Income taxes (138) (367)
Unearned premiums 2,964 4,638
Loss and loss adjustment expense reserves 3,048 3,673
Accounts payable, accrued expenses, and other liabilities 2,079 1,601
Other, net (142) (226)
Net cash provided by operating activities 14,378 12,111
Purchases:    
Fixed maturities (34,912) (35,836)
Equity securities (143) (110)
Sales:    
Fixed maturities 17,520 18,583
Equity securities 182 222
Maturities, paydowns, calls, and other:    
Fixed maturities 6,269 4,750
Equity securities 240 110
Net (purchases) sales of short-term investments (825) 1,070
Net change in unsettled security transactions 398 514
Purchases of property and equipment (227) (175)
Sales of property and equipment 70 65
Net cash used in investing activities (11,428) (10,807)
Cash Flows From Financing Activities    
Dividends paid to common shareholders (2,812) (615)
Acquisition of treasury shares for equity award tax liabilities (92) (121)
Acquisition of treasury shares acquired in open market (15) (13)
Redemption of preferred shares 0 (500)
Dividends paid to preferred shareholders 0 (8)
Net cash used in financing activities (2,919) (1,257)
Increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 31 47
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1 154 100
Cash, cash equivalents, restricted cash, and restricted cash equivalents – September 30 $ 185 $ 147