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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income (loss) $ 1,120 $ 717
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net realized (gains) losses (52) (17)
Equity in net (income) or loss of investment funds accounted for using the equity method and other income or loss (112) (66)
Amortization of intangible assets 21 23
Share-based compensation 68 41
Changes in:    
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable 660 603
Unearned premiums, net of ceded unearned premiums 663 541
Premiums receivable (1,159) (871)
Deferred acquisition costs (82) (75)
Reinsurance balances payable 521 279
Deferred income tax assets, net 24 34
Other items, net (108) (246)
Net cash provided by operating activities 1,564 963
Investing Activities    
Purchases of fixed maturity investments (8,325) (3,901)
Purchases of equity securities (509) (8)
Purchases of other investments (494) (266)
Proceeds from sales of fixed maturity investments 7,529 3,034
Proceeds from sales of equity securities 65 75
Proceeds from sales, redemptions and maturities of other investments 116 96
Proceeds from redemptions and maturities of fixed maturity investments 363 180
Net settlements of derivative instruments 5 14
Net (purchases) sales of short-term investments (90) (208)
Purchases of fixed assets (15) (11)
Other (54) (1)
Net cash used for investing activities (1,409) (996)
Financing Activities    
Proceeds from common shares issued, net (32) (18)
Other 0 (2)
Preferred dividends paid (10) (10)
Net cash used for financing activities (42) (30)
Effects of exchange rate changes on foreign currency cash and restricted cash (11) 5
Increase (decrease) in cash and restricted cash 102 (58)
Cash and restricted cash, beginning of year 1,498 1,273
Cash and restricted cash, end of period 1,600 1,215
Income taxes paid (received) (6) 4
Interest paid $ 0 $ 0