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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 1,035 $ 420
Adjustments to reconcile net income to net cash provided by operating activities:    
Decrease (increase) in premiums receivable (584) (223)
Decrease (increase) in funds held by reinsureds, net (5) (51)
Decrease (increase) in reinsurance recoverables (21) (237)
Decrease (increase) in income taxes 56 (100)
Decrease (increase) in prepaid reinsurance premiums (40) (110)
Increase (decrease) in reserve for losses and loss adjustment expenses 1,142 1,360
Increase (decrease) in future policy benefit reserve (1) (2)
Increase (decrease) in unearned premiums 732 177
Increase (decrease) in amounts due to reinsurers 63 120
Increase (decrease) in losses in course of payment 75 (178)
Change in equity adjustments in limited partnerships (56) (157)
Distribution of limited partnership income 49 105
Change in other assets and liabilities, net (292) (11)
Non-cash compensation expense 25 24
Amortization of bond premium (accrual of bond discount) (11) 35
Net (gains) losses on investments (10) 390
Net cash provided by (used in) operating activities 2,158 1,562
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from fixed maturities matured/called/repaid - available for sale 1,137 1,661
Proceeds from fixed maturities sold - available for sale 168 772
Proceeds from fixed maturities matured/called/repaid - held to maturity 61 0
Proceeds from equity securities sold 46 438
Distributions from other invested assets 133 205
Cost of fixed maturities acquired - available for sale (3,396) (4,071)
Cost of fixed maturities acquired - held to maturity (15) (72)
Cost of equity securities acquired (3) (283)
Cost of other invested assets acquired (298) (308)
Net change in short-term investments (625) 878
Net change in unsettled securities transactions 41 23
Net cash provided by (used in) investing activities (2,752) (757)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Common shares issued (redeemed) during the period for share-based compensation, net of expense (19) (15)
Proceeds from Issuance of Common Stock 1,445 0
Purchase of treasury shares 0 (1)
Dividends paid to shareholders (136) (126)
Cost of shares withheld on settlements of share-based compensation awards (20) (17)
Net cash provided by (used in) financing activities 1,269 (159)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (7) 30
Net increase (decrease) in cash 668 675
Cash, beginning of period 1,398 1,441
Cash, end of period 2,067 2,116
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid (recovered) 73 101
Interest paid $ 64 $ 48