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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income (loss) $ 1,974 $ 2,300
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses (101) (887)
Amortization of premiums/discounts on fixed maturities 91 76
Amortization of purchased intangibles 71 72
Deferred income taxes 93 0
Unpaid losses and loss expenses 957 1,368
Unearned premiums 502 503
Future policy benefits 36 47
Insurance and reinsurance balances payable 147 (36)
Accounts payable, accrued expenses, and other liabilities (338) (663)
Income taxes payable 128 101
Insurance and reinsurance balances receivable (125) (209)
Reinsurance recoverable (456) (290)
Deferred policy acquisition costs (96) (81)
Income (Loss) from Equity Method Investments [1] (361) (497)
Other (82) 301
Net cash flows from operating activities 2,440 2,105
Cash flows from investing activities    
Purchases of fixed maturities available for sale (5,933) (7,738)
Purchases of fixed maturities held to maturity (143) (102)
Purchases of equity securities (380) (351)
Sales of fixed maturities available for sale 1,838 1,343
Sales of equity securities 1,110 351
Maturities and redemptions of fixed maturities available for sale 3,003 4,289
Maturities and redemptions of fixed maturities held to maturity 398 604
Net change in short-term investments (267) 595
Net derivative instruments settlements 74 87
Private equity contribution (669) (427)
Private equity distribution 207 206
Payment, including deposit, for Huatai Group Interest (113) (65)
Other (120) (44)
Net cash flows used for investing activities (995) (1,252)
Cash flows from financing activities    
Dividends paid on Common Shares (341) (352)
Common Shares repurchased (1,001) (519)
Proceeds from issuance of repurchase agreements 146 450
Repayment of repurchase agreements (146) (450)
Proceeds from share-based compensation plans 114 115
Policyholder contract deposits and other 118 133
Policyholder contract withdrawals and other (111) (124)
Payment, Tax Withholding, Share-based Payment Arrangement (81) (65)
Net cash flows used for financing activities (1,302) (812)
Effect of foreign currency rate changes on cash and restricted cash (40) (36)
Net increase (decrease) in cash and restricted cash 103 5
Cash and restricted cash - beginning of period 1,811 1,836
Cash and restricted cash - end of period 1,914 1,841
Supplemental cash flow information    
Taxes paid 132 236
Interest paid $ 85 $ 90
[1] Equity in net income of partially-owned entities includes $40 million and $49 million attributable to our investments in Huatai (Huatai Group, Huatai P&C, and Huatai Life) for the three months ended March 31, 2022 and 2021, respectively.