XML 141 R120.htm IDEA: XBRL DOCUMENT v3.22.4
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Cash Flows) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 597 $ 1,379 $ 514
Adjustments to reconcile net income to net cash provided by operating activities:      
Change in other assets and liabilities, net (291) (290) (99)
Amortization of bond premium (accrual of bond discount) 55 76 50
Realized capital losses (gains) (38) (50) 11
Non-cash compensation expense 45 43 39
Net cash provided by (used in) operating activities 3,695 3,833 2,874
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from fixed maturities sold - available for sale 1,403 1,916 1,951
Distributions from other invested assets 266 257 310
Cost of other invested assets acquired (1,547) (757) (557)
Net change in short-term investments 149 (43) (718)
Net cash provided by (used in) investing activities (3,418) (3,869) (3,683)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Purchase of treasury shares (61) (225) (200)
Dividends paid to shareholders (255) (247) (249)
Net cash provided by (used in) financing activities (359) 674 800
EFFECT OF EXCHANGE RATE CHANGES ON CASH 39 1 3
Net increase (decrease) in cash (42) 639 (6)
Parent Company [Member]      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) 597 1,379 514
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity in retained (earnings) deficit of subsidiaries (648) (1,416) (536)
Dividends received from subsidiaries 476 320 650
Change in other assets and liabilities, net 28 3 (21)
Increase (decrease) in due to/from affiliate 2 8 (9)
Amortization of bond premium (accrual of bond discount)
Non-cash compensation expense 2 2 3
Net cash provided by (used in) operating activities 457 296 601
CASH FLOWS FROM INVESTING ACTIVITIES:      
Additional investment in subsidiaries (824) (120) (138)
Proceeds from fixed maturities matured/called - available for sale, at market value 1
Proceeds from fixed maturities sold - available for sale 200
Distributions from other invested assets 237 607 560
Cost of fixed maturities acquired - available for sale
Cost of other invested assets acquired (26) (535) (801)
Net change in short-term investments
Net cash provided by (used in) investing activities (613) (48) (178)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Common shares issued during the period, net 26 27 23
Purchase of treasury shares (61) (225) (200)
Dividends paid to shareholders (255) (247) (249)
Proceeds from issuance (cost of repayment) of long term note payable - affiliated 465 200
Net cash provided by (used in) financing activities 175 (245) (426)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase (decrease) in cash 19 2 (3)
Cash, beginning of period 3 1 3
Cash, end of period 22 3 1
NON-CASH TRANSACTIONS:      
Dividend of 4,297,463 shares of Everest Re Group, Lts. ("Group) common stock received by Group from Everest Preferred International Holdings ("Preferred Holdings"), a direct subsidiary 1,405
Issuance of $1,773 million promissory note payable by Group to Preferred Holdings in exchange for 5,422,508 shares of Group common stock received by Group from Preferred Holdings 1,773
Capital contribution of 9,719,971 shares of Group common stock provided from Group to Everest Re Advisors, Ltd. $ 3,178
Dividend, shares received 4,297,463    
Issuance of promissory note, shares exchanged 5,422,508    
Capital contribution, shares 9,719,971