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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net income (loss) $ 717 $ 198
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net realized (gains) losses (17) 289
Equity in net (income) or loss of investment funds accounted for using the equity method and other income or loss (66) (11)
Amortization of intangible assets 23 27
Share-based compensation 41 45
Changes in:    
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable 603 276
Unearned premiums, net of ceded unearned premiums 541 513
Premiums receivable (871) (601)
Deferred acquisition costs (75) (97)
Reinsurance balances payable 279 (74)
Other items, net (212) (13)
Net cash provided by operating activities 963 552
Investing Activities    
Purchases of fixed maturity investments (3,901) (6,728)
Purchases of equity securities (8) (409)
Purchases of other investments (266) (616)
Proceeds from sales of fixed maturity investments 3,034 6,053
Proceeds from sales of equity securities 75 1,100
Proceeds from sales, redemptions and maturities of other investments 96 570
Proceeds from redemptions and maturities of fixed maturity investments 180 241
Net settlements of derivative instruments 14 (2)
Net (purchases) sales of short-term investments (208) (511)
Purchases of fixed assets (11) (11)
Other (1) 0
Net cash used for investing activities (996) (313)
Financing Activities    
Purchases of common shares under share repurchase program 0 (255)
Proceeds from common shares issued, net (18) (17)
Other (2) 49
Preferred dividends paid (10) (10)
Net cash used for financing activities (30) (233)
Effects of exchange rate changes on foreign currency cash and restricted cash 5 (4)
Increase (decrease) in cash and restricted cash (58) 2
Cash and restricted cash, beginning of year 1,273 1,314
Cash and restricted cash, end of period $ 1,215 $ 1,316