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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 2,517 $ 597 $ 1,379
Adjustments to reconcile net income to net cash provided by operating activities:      
Decrease (increase) in premiums receivable (1,064) (435) (649)
Decrease (increase) in funds held by reinsureds, net (66) (197) (151)
Decrease (increase) in reinsurance recoverables 143 (413) (125)
Decrease (increase) in income taxes (559) (181) 68
Decrease (increase) in prepaid reinsurance premiums (46) (166) (128)
Increase (decrease) in reserve for losses and loss adjustment expenses 2,256 3,477 2,805
Increase (decrease) in unearned premiums 1,387 655 1,146
Increase (decrease) in amounts due to reinsurers 18 201 186
Increase (decrease) in losses in course of payment 93 (186) 134
Change in equity adjustments in limited partnerships (168) (94) (613)
Distribution of limited partnership income 120 180 211
Change in other assets and liabilities, net (339) (297) (292)
Non-cash compensation expense 49 45 43
Amortization of bond premium (accrual of bond discount) (64) 55 76
Net (gains) losses on investments 276 455 (258)
Net cash provided by (used in) operating activities 4,553 3,695 3,833
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from fixed maturities matured/called/repaid - available for sale 2,310 2,626 3,893
Proceeds from fixed maturities sold - available for sale 3,849 1,403 1,916
Proceeds from fixed maturities matured/called/repaid - held to maturity 105 39 0
Proceeds from equity securities sold 126 2,217 990
Distributions from other invested assets 245 266 257
Cost of fixed maturities acquired - available for sale (10,653) (7,344) (8,825)
Cost of fixed maturities acquired - held to maturity (112) (153) 0
Cost of equity securities acquired (17) (1,003) (1,098)
Cost of other invested assets acquired (902) (1,547) (757)
Net change in short-term investments (1,034) 149 (43)
Net change in unsettled securities transactions 181 (71) (203)
Net cash provided by (used in) investing activities (5,902) (3,418) (3,869)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Common shares issued (redeemed) during the period for share-based compensation, net of expense (23) (17) (14)
Proceeds from public offering of common shares 1,445 0 0
Purchase of treasury shares 0 (61) (225)
Dividends paid to shareholders (288) (255) (247)
Proceeds from issuance of senior notes 0 0 968
Cost of debt repurchase 0 (6) 0
Net FHLB borrowings (repayments) 300 0 209
Cost of shares withheld on settlements of share-based compensation awards (24) (20) (17)
Net cash provided by (used in) financing activities 1,409 (359) 674
EFFECT OF EXCHANGE RATE CHANGES ON CASH (23) 39 1
Net increase (decrease) in cash 38 (42) 639
Cash, beginning of period 1,398 1,441 802
Cash, end of period 1,437 1,398 1,441
SUPPLEMENTAL CASH FLOW INFORMATION:      
Income taxes paid (recovered) 196 171 98
Interest paid 130 98 62
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 $ 0