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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities    
Net income (loss) $ 574 $ 1,120
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net realized (gains) losses (6) (52)
Equity in net (income) or loss of investments accounted for using the equity method and other income or loss (12) (112)
Amortization of intangible assets 49 21
Share-based compensation 74 68
Changes in:    
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable 826 660
Unearned premiums, net of ceded unearned premiums 327 663
Premiums receivable (942) (1,159)
Deferred acquisition costs (14) (82)
Reinsurance balances payable 504 521
Deferred income tax assets, net 29 24
Other items, net 49 (108)
Net cash provided by operating activities 1,458 1,564
Investing Activities    
Purchases of fixed maturity investments (9,418) (8,325)
Purchases of equity securities (808) (509)
Purchases of other investments (697) (494)
Proceeds from sales of fixed maturity investments 7,301 7,529
Proceeds from sales of equity securities 820 65
Proceeds from sales, redemptions and maturities of other investments 660 116
Proceeds from redemptions and maturities of fixed maturity investments 758 363
Net settlements of derivative instruments 93 5
Net (purchases) sales of short-term investments 294 (90)
Purchases of fixed assets (9) (15)
Other (2) (54)
Net cash used for investing activities (1,008) (1,409)
Financing Activities    
Purchases of common shares under share repurchase program (196) 0
Proceeds from common shares issued, net (28) (32)
Common dividends paid (5) 0
Preferred dividends paid (10) (10)
Other (2) 0
Net cash used for financing activities (241) (42)
Effects of exchange rate changes on foreign currency cash and restricted cash 16 (11)
Increase (decrease) in cash and restricted cash 225 102
Cash and restricted cash, beginning of year 1,760 1,498
Cash and restricted cash, end of period 1,985 1,600
Income taxes paid (received) 18 (6)
Interest paid $ 0 $ 0