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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 733 $ 365
Adjustments to reconcile net income to net cash provided by operating activities:    
Decrease (increase) in premiums receivable (370) (259)
Decrease (increase) in funds held by reinsureds, net (33) (17)
Decrease (increase) in reinsurance recoverables (129) 7
Decrease (increase) in income taxes 82 41
Decrease (increase) in prepaid reinsurance premiums (14) 28
Increase (decrease) in reserve for losses and loss adjustment expenses 720 681
Increase (decrease) in unearned premiums 242 226
Increase (decrease) in amounts due to reinsurers 95 17
Increase (decrease) in losses in course of payment 0 47
Change in equity adjustments in limited partnerships (59) (5)
Distribution of limited partnership income 31 48
Change in other assets and liabilities, net (188) (121)
Non-cash compensation expense 16 12
Amortization of bond premium (accrual of bond discount) (30) (1)
Net (gains) losses on investments 7 (5)
Net cash provided by (used in) operating activities 1,102 1,064
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from fixed maturities matured/called/repaid - available for sale 736 562
Proceeds from fixed maturities sold - available for sale 407 72
Proceeds from fixed maturities matured/called/repaid - held to maturity 45 28
Proceeds from equity securities sold 0 46
Distributions from other invested assets 100 137
Cost of fixed maturities acquired - available for sale (1,971) (1,613)
Cost of fixed maturities acquired - held to maturity (27) (11)
Cost of equity securities acquired (33) (1)
Cost of other invested assets acquired (138) (242)
Net change in short-term investments (252) 4
Net change in unsettled securities transactions 284 267
Net cash provided by (used in) investing activities (849) (752)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Common shares issued (redeemed) during the period for share-based compensation, net of expense (21) (19)
Purchase of treasury shares (35) 0
Dividends paid to shareholders (76) (65)
Cost of shares withheld on settlements of share-based compensation awards (21) (19)
Net cash provided by (used in) financing activities (153) (103)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 7 3
Net increase (decrease) in cash 107 212
Cash, beginning of period 1,437 1,398
Cash, end of period 1,544 1,610
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid (recovered) 16 2
Interest paid $ 16 $ 10