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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 890 $ 1,457
Adjustments to reconcile net income to net cash provided by operating activities:    
Decrease (increase) in premiums receivable (662) (685)
Decrease (increase) in funds held by reinsureds, net (79) (66)
Decrease (increase) in reinsurance recoverables 199 (236)
Decrease (increase) in income taxes 152 4
Decrease (increase) in prepaid reinsurance premiums 85 (130)
Increase (decrease) in reserve for losses and loss adjustment expenses 1,688 1,388
Increase (decrease) in unearned premiums 63 744
Increase (decrease) in amounts due to reinsurers 12 258
Increase (decrease) in losses in course of payment 12 122
Change in equity adjustments in limited partnerships (140) (177)
Distribution of limited partnership income 74 60
Change in other assets and liabilities, net (249) (292)
Non-cash compensation expense 26 33
Amortization of bond premium (accrual of bond discount) (78) (65)
Net (gains) losses on investments 12 24
Net cash provided by (used in) operating activities 2,007 2,439
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from fixed maturities matured/called/repaid - available for sale 2,129 1,707
Proceeds from fixed maturities sold - available for sale 280 1,085
Proceeds from fixed maturities matured/called/repaid - held to maturity 105 109
Proceeds from fixed maturities sold - held to maturity 10 0
Proceeds from equity securities sold 54 15
Distributions from other invested assets 223 209
Cost of fixed maturities acquired - available for sale (5,767) (4,475)
Cost of fixed maturities acquired - held to maturity (4) (36)
Cost of equity securities acquired (2) (35)
Cost of other invested assets acquired (303) (314)
Net change in short-term investments 2,299 (299)
Net change in unsettled securities transactions (38) 18
Net cash provided by (used in) investing activities (1,014) (2,016)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Common shares issued (redeemed) during the period for share-based compensation, net of expense (19) (21)
Purchase of treasury shares (400) (100)
Dividends paid to shareholders (169) (163)
Cost of shares withheld on settlements of share-based compensation awards (20) (21)
Net cash provided by (used in) financing activities (608) (305)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (32) 14
Net increase (decrease) in cash 352 133
Cash, beginning of period 1,549 1,437
Cash, end of period 1,902 1,570
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid (recovered) 16 203
Interest paid 75 74
NON-CASH TRANSACTIONS:    
Non-cash limited partnership distribution 0 23
Non-cash restructure of fixed maturity securities - available for sale and other invested assets $ 39 $ 0