XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 1,713 $ 101
Adjustments to reconcile net income to net cash provided by operating activities:    
Decrease (increase) in premiums receivable (812) (405)
Decrease (increase) in funds held by reinsureds, net (26) (35)
Decrease (increase) in reinsurance recoverables (186) (662)
Decrease (increase) in income taxes (18) (249)
Decrease (increase) in prepaid reinsurance premiums (153) (194)
Increase (decrease) in reserve for losses and loss adjustment expenses 1,768 3,117
Increase (decrease) in future policy benefit reserve (2) (2)
Increase (decrease) in unearned premiums 1,157 435
Increase (decrease) in amounts due to reinsurers 233 242
Increase (decrease) in losses in course of payment 258 (150)
Change in equity adjustments in limited partnerships (124) (126)
Distribution of limited partnership income 81 139
Change in other assets and liabilities, net (375) (134)
Non-cash compensation expense 37 35
Amortization of bond premium (accrual of bond discount) (35) 49
Net (gains) losses on investments 21 519
Net cash provided by (used in) operating activities 3,536 2,680
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from fixed maturities matured/called/repaid - available for sale 1,686 2,171
Proceeds from fixed maturities sold - available for sale 468 1,177
Proceeds from fixed maturities matured/called/repaid - held to maturity 81 18
Proceeds from equity securities sold 126 1,030
Distributions from other invested assets 189 244
Cost of fixed maturities acquired - available for sale (5,311) (5,958)
Cost of fixed maturities acquired - held to maturity (23) (133)
Cost of equity securities acquired (3) (960)
Cost of other invested assets acquired (422) (455)
Net change in short-term investments (1,338) 568
Net change in unsettled securities transactions 202 102
Net cash provided by (used in) investing activities (4,346) (2,196)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Common shares issued (redeemed) during the period for share-based compensation, net of expense (22) (16)
Proceeds from public offering of common shares 1,445 0
Purchase of treasury shares 0 (60)
Dividends paid to shareholders (212) (191)
Cost of debt repurchase 0 (6)
Cost of shares withheld on settlements of share-based compensation awards (22) (19)
Net cash provided by (used in) financing activities 1,188 (292)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (12) 46
Net increase (decrease) in cash 367 238
Cash, beginning of period 1,398 1,441
Cash, end of period 1,765 1,679
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid (recovered) 185 167
Interest paid 75 51
NON-CASH TRANSACTIONS:    
Reclassification of specific investments from fixed maturity securities, available for sale at fair value to fixed maturity securities, held to maturity at amortized cost net of credit allowances $ 0 $ 722