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Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income (loss) $ 1,892 $ 1,953
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 77 (23)
Market risk benefits gains (losses) 115 (49)
Amortization of premiums/discounts on fixed maturities (14) 91
Amortization of purchased intangibles 72 71
Equity in net income of partially-owned entities [1] (340) (363)
Deferred income taxes 9 91
Unpaid losses and loss expenses (14) 923
Unearned premiums 591 492
Future policy benefits 136 21
Insurance and reinsurance balances payable (9) 147
Accounts payable, accrued expenses, and other liabilities (390) (274)
Income taxes payable 128 128
Insurance and reinsurance balances receivable (402) (125)
Reinsurance recoverable 622 (444)
Deferred policy acquisition costs (254) (116)
Other 32 (79)
Net cash flows from operating activities 2,251 2,444
Cash flows from investing activities    
Purchases of fixed maturities available for sale (7,169) (5,933)
Purchases of fixed maturities held to maturity (88) (143)
Purchases of equity securities (135) (380)
Sales of fixed maturities available for sale 3,854 1,838
Sales of equity securities 43 1,110
Maturities and redemptions of fixed maturities available for sale 1,541 3,003
Maturities and redemptions of fixed maturities held to maturity 472 398
Net change in short-term investments 1,256 (267)
Net derivative instruments settlements (38) 74
Private equity contribution (384) (669)
Private equity distribution 273 207
Payments to Acquire Businesses, Net of Cash Acquired (23) 0
Payment, including deposit, for Huatai Group Interest 0 (113)
Other (172) (120)
Net cash flows used for investing activities (570) (995)
Cash flows from financing activities    
Dividends paid on Common Shares (345) (341)
Common Shares repurchased (545) (1,001)
Proceeds from issuance of repurchase agreements 1,308 146
Repayment of long-term debt (475) 0
Repayment of repurchase agreements (1,307) (146)
Proceeds from share-based compensation plans 55 114
Policyholder contract deposits 95 106
Policyholder contract withdrawals (101) (88)
Payment, Tax Withholding, Share-based Payment Arrangement (76) (81)
Proceeds from (Payments for) Other Financing Activities (33) (15)
Net cash flows used for financing activities (1,424) (1,306)
Effect of foreign currency rate changes on cash and restricted cash (2) (40)
Net increase (decrease) in cash and restricted cash 255 103
Cash and restricted cash - beginning of period 2,127 1,811
Cash and restricted cash - end of period 2,382 1,914
Supplemental cash flow information    
Taxes paid 219 132
Interest paid $ 99 $ 85
[1] Equity in net income of partially-owned entities includes mark-to-market gains on private equities where we own more than three percent of $242 million and $255 million for the three months ended March 31, 2023 and 2022, respectively. This line item also includes net income of $14 million and $42 million attributable to our investments in Huatai for the three months ended March 31, 2023 and 2022, respectively.