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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 1,145 $ 1,966
Adjustments to reconcile net income to net cash provided by operating activities:    
Decrease (increase) in premiums receivable (417) (529)
Decrease (increase) in funds held by reinsureds, net (43) (99)
Decrease (increase) in reinsurance recoverables (266) (112)
Decrease (increase) in income taxes 80 (65)
Decrease (increase) in prepaid reinsurance premiums 77 (201)
Increase (decrease) in reserve for losses and loss adjustment expenses 3,086 2,605
Increase (decrease) in unearned premiums (48) 767
Increase (decrease) in amounts due to reinsurers 213 278
Increase (decrease) in losses in course of payment (23) 86
Change in equity adjustments in limited partnerships (242) (236)
Distribution of limited partnership income 128 106
Change in other assets and liabilities, net (204) (376)
Non-cash compensation expense 43 49
Amortization of bond premium (accrual of bond discount) (122) (113)
Net (gains) losses on investments 59 50
Net cash provided by (used in) operating activities 3,466 4,177
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from fixed maturities matured/called/repaid - available for sale 3,376 2,692
Proceeds from fixed maturities sold - available for sale 933 4,322
Proceeds from fixed maturities matured/called/repaid - held to maturity 156 129
Proceeds from fixed maturities sold - held to maturity 10 0
Proceeds from equity securities sold 55 15
Distributions from other invested assets 266 289
Cost of fixed maturities acquired - available for sale (8,021) (9,069)
Cost of fixed maturities acquired - held to maturity (6) (46)
Cost of equity securities acquired (2) (35)
Cost of other invested assets acquired (406) (438)
Net change in short-term investments 945 (1,724)
Net change in unsettled securities transactions (66) 321
Net cash provided by (used in) investing activities (2,759) (3,545)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Common shares issued (redeemed) during the period for share-based compensation, net of expense (19) (23)
Purchase of treasury shares (400) (200)
Dividends paid to shareholders (253) (249)
Cost of shares withheld on settlements of share-based compensation awards (20) (23)
Net cash provided by (used in) financing activities (693) (495)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (24) 25
Net increase (decrease) in cash (10) 162
Cash, beginning of period 1,549 1,437
Cash, end of period 1,539 1,599
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid (recovered) 98 340
Interest paid 91 90
NON-CASH TRANSACTIONS:    
Non-cash limited partnership distribution $ 8 $ 23