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Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income (loss) $ 3,685 $ 3,143
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 381 480
Market risk benefits gains (losses) 122 (16)
Amortization of premiums/discounts on fixed maturities (38) 148
Amortization of purchased intangibles 142 142
Equity in net income of partially-owned entities [1] (460) (291)
Deferred income taxes 43 108
Unpaid losses and loss expenses 561 1,949
Unearned premiums 1,913 1,554
Future policy benefits 351 99
Insurance and reinsurance balances payable 588 670
Accounts payable, accrued expenses, and other liabilities (388) 67
Income taxes payable (38) (83)
Insurance and reinsurance balances receivable (2,044) (1,560)
Reinsurance recoverable 455 (642)
Deferred policy acquisition costs (546) (232)
Other 39 (370)
Net cash flows from operating activities 4,766 5,166
Cash flows from investing activities    
Purchases of fixed maturities available for sale (12,800) (13,474)
Purchases of fixed maturities held to maturity (208) (380)
Purchases of equity securities (240) (664)
Sales of fixed maturities available for sale 7,229 8,053
Sales of equity securities 81 2,445
Maturities and redemptions of fixed maturities available for sale 3,203 5,753
Maturities and redemptions of fixed maturities held to maturity 708 820
Net change in short-term investments 898 (340)
Net derivative instruments settlements (63) 117
Private equity contribution (1,046) (1,287)
Private equity distribution 568 448
Payments to Acquire Businesses, Net of Cash Acquired (23) 0
Payment, including deposit, for Huatai Group Interest (229) (113)
Other (340) (253)
Net cash flows used for investing activities (2,262) 1,125
Cash flows from financing activities    
Dividends paid on Common Shares (688) (681)
Common Shares repurchased (1,267) (2,127)
Proceeds from issuance of repurchase agreements 3,774 3,002
Repayment of long-term debt (475) 0
Repayment of repurchase agreements (3,674) (1,000)
Proceeds from share-based compensation plans 102 170
Policyholder contract deposits 170 188
Policyholder contract withdrawals (101) (144)
Payment, Tax Withholding, Share-based Payment Arrangement (97) (98)
Proceeds from (Payments for) Other Financing Activities (56) (35)
Net cash flows used for financing activities (2,312) (725)
Effect of foreign currency rate changes on cash and restricted cash 56 (138)
Net increase (decrease) in cash and restricted cash 248 5,428
Cash and restricted cash - beginning of period 2,127 1,811
Cash and restricted cash - end of period 2,375 7,239
Supplemental cash flow information    
Taxes paid 753 612
Interest paid $ 306 $ 290
[1] Equity in net income (loss) of partially-owned entities includes mark-to-market gains (losses) on private equities where we own more than three percent of $(3) million and $239 million for the three and six months ended June 30, 2023, respectively, and $(134) million and $121 million, respectively, for the prior year periods. This line item also includes net income of $22 million and $36 million attributable to our investments in Huatai for the three and six months ended June 30, 2023, respectively, compared to $15 million and $55 million, respectively, for the prior year periods.