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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net income $ 4,399 $ 4,312 $ 4,442
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized (gains) losses (440) (185) 182
Equity in net (income) or loss of investments accounted for using the equity method and other income or loss (459) (488) (215)
Amortization of intangible assets 193 235 95
Share-based compensation 148 133 93
Changes in:      
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable 2,350 3,279 2,138
Unearned premiums, net of ceded unearned premiums (589) 632 1,028
Premiums receivable 38 (818) (981)
Deferred acquisition costs 86 (212) (235)
Reinsurance balances payable 137 179 455
Deferred income tax assets, net 174 (35) (1,161)
Other items, net 135 (359) (92)
Net cash provided by operating activities 6,172 6,673 5,749
Investing Activities:      
Purchases of fixed maturity investments (36,480) (31,290) (18,062)
Purchases of equity securities (1,448) (1,423) (456)
Purchases of other investments (2,238) (3,485) (2,171)
Proceeds from sales of fixed maturity investments 29,313 26,245 14,105
Proceeds from sales of equity securities 1,507 1,101 288
Proceeds from sales, redemptions and maturities of other investments 2,186 1,858 768
Proceeds from redemptions and maturities of fixed maturity investments 2,494 2,036 781
Net settlements of derivative instruments 310 (5) 50
Net (purchases) sales of short-term investments 258 (269) (696)
Acquisitions, net of cash 0 852 0
Purchases of fixed assets (44) (51) (52)
Other 106 (30) (23)
Net cash used for investing activities (4,036) (4,461) (5,468)
Financing Activities:      
Purchases of common shares under share repurchase program (1,889) (24) 0
Proceeds from common shares issued, net 50 7 (2)
Third party investment in redeemable noncontrolling interests 0 0 (22)
Common dividends paid (7) (1,866) 0
Preferred dividends paid (40) (40) (40)
Other (4) (2) (5)
Net cash provided by (used for) financing activities (1,890) (1,925) (69)
Effects of exchange rate changes on foreign currency cash and restricted cash 61 (25) 13
Increase (decrease) in cash and restricted cash 307 262 225
Cash and restricted cash, beginning of year 1,760 1,498 1,273
Cash and restricted cash, end of year 2,067 1,760 1,498
Supplemental cash flow information      
Income taxes paid (received) 458 378 267
Interest paid $ 127 $ 127 $ 127