XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income (loss) $ 3,189 $ 4,565
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 403 (854)
Amortization of premiums/discounts on fixed maturities 148 147
Amortization of purchased intangibles 142 145
Equity in net income of partially-owned entities [1] (290) (1,271)
Deferred income taxes 110 (28)
Unpaid losses and loss expenses 1,980 2,165
Unearned premiums 1,584 1,533
Future policy benefits 59 110
Insurance and reinsurance balances payable 670 796
Accounts payable, accrued expenses, and other liabilities 110 (630)
Income taxes payable (83) 50
Insurance and reinsurance balances receivable (1,560) (1,180)
Reinsurance recoverable (650) (47)
Deferred policy acquisition costs (204) (198)
Other (448) (76)
Net cash flows from operating activities 5,160 5,227
Cash flows from investing activities    
Purchases of fixed maturities available for sale (13,474) (15,217)
Purchases of fixed maturities held to maturity (380) (211)
Purchases of equity securities (664) (642)
Sales of fixed maturities available for sale 8,053 3,469
Sales of equity securities 2,445 614
Maturities and redemptions of fixed maturities available for sale 5,753 9,410
Maturities and redemptions of fixed maturities held to maturity 820 1,163
Net change in short-term investments (340) (120)
Net derivative instruments settlements 117 (87)
Private equity contribution (1,287) (873)
Private equity distribution 448 640
Payment, including deposit, for Huatai Group Interest (113) (65)
Other (253) (106)
Net cash flows used for investing activities 1,125 (2,025)
Cash flows from financing activities    
Dividends paid on Common Shares (681) (703)
Common Shares repurchased (2,127) (2,440)
Proceeds from issuance of repurchase agreements 3,002 550
Repayment of repurchase agreements (1,000) (550)
Proceeds from share-based compensation plans 170 178
Policyholder contract deposits and other 238 268
Policyholder contract withdrawals and other (223) (245)
Payment, Tax Withholding, Share-based Payment Arrangement (98) (80)
Net cash flows used for financing activities (719) (3,022)
Effect of foreign currency rate changes on cash and restricted cash (138) (18)
Net increase (decrease) in cash and restricted cash 5,428 162
Cash and restricted cash - beginning of period 1,811 1,836
Cash and restricted cash - end of period 7,239 1,998
Supplemental cash flow information    
Taxes paid 612 631
Interest paid $ 290 $ 271
[1] Equity in net income (loss) of partially-owned entities principally comprises market-to-market gain (loss) on private equities where we own more than three percent of $(134) million and $121 million for the three and six months ended June 30, 2022, respectively, and $674 million and $1,074 million, respectively, for the prior year periods. This line item also includes net income of $15 million and $55 million attributable to our investments in Huatai (Huatai Group, Huatai P&C, and Huatai Life) for the three and six months ended June 30, 2022, respectively, compared to $49 million and $98 million, respectively, for the prior year periods.