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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Adjustments to reconcile net income to net cash flows from operating activities      
Net Realized Gains Losses $ 607 $ 1,085 $ (1,030)
Accretion (Amortization) of Discounts and Premiums, Investments (148) 189 332
Amortization of purchased intangibles 310 285 287
Deferred income taxes (1,124) 318 (84)
Equity in net income of subsidiaries and affiliates (867) (1) (2,435)
Unpaid losses and loss expenses 3,470 4,259 5,178
Unearned premiums 1,377 1,435 1,252
Future policy benefits 848 333 1,040
Insurance and reinsurance balances payable (155) 446 582
Accounts payable, accrued expenses, and other liabilities (735) (68) (2,423)
Income taxes 128 (149) 48
Insurance and reinsurance balances receivable (1,072) (696) (984)
Reinsurance recoverable (498) (1,737) (1,949)
Deferred policy acquisition costs (1,100) (396) (422)
Net sales of investments by consolidated investment products 450 0 0
Other 1,819 789 3,325
Net Cash Provided by (Used in) Operating Activities, Total 12,632 11,258 11,151
Cash flows from investing activities      
Purchases of fixed maturities available-for-sale (28,672) (27,844) (30,222)
Purchases of fixed maturities held to maturity (208) (618) (594)
Purchases of equity securities (1,395) (895) (1,167)
Sales of fixed maturities available-for-sale 14,593 16,855 6,596
Sales of equity securities 1,084 4,615 1,018
Maturities and redemptions of fixed maturities available-for-sale 7,026 9,415 17,361
Maturities and redemptions of fixed maturities held to maturity 708 1,712 1,964
Net change in short-term investments 1,169 (1,452) 1,175
Net derivative instruments settlements (153) (84) (219)
Private equity contributions (2,024) (2,649) (2,471)
Private equity distributions 1,164 1,017 1,421
Acquisition of subsidiaries (net of cash acquired of $560, $366, and nil) (34) (5,166) (1,184)
Cash And Cash Equivalents Increase (Decrease) Due To Consolidation And Deconsolidation Of Investment Products (17) 0 0
Other (889) (560) (337)
Net Cash Provided by (Used in) Investing Activities (7,648) (5,654) (6,659)
Cash flows from financing activities      
Dividends paid on Common Shares (1,394) (1,375) (1,401)
Common Shares repurchased (2,411) (2,894) (4,861)
Proceeds from issuance of long-term debt 0 0 1,576
Proceeds from issuance of repurchase agreements 4,984 4,510 1,858
Repayments of Long-term Debt (475) (1,000) 0
Repayment of repurchase agreements (4,728) (4,508) (1,858)
Proceeds from share-based compensation plans 212 264 300
Policyholder contract deposits 645 488 513
Policyholder contract withdrawals (458) (521) (457)
Third-party capital invested into consolidated investment products 126 0 0
Third-party capital distributed by consolidated investment products (745) 0 0
Tax withholding payments for share-based compensation plans (245) (106) (81)
Net cash flows (used for) from financing activities (4,489) (5,142) (4,411)
Effect of foreign currency rate changes on cash and restricted cash (1) (146) (106)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 494 316 (25)
Cash and restricted cash - beginning of year 2,127 1,811 1,836
Cash and restricted cash - end of year 2,621 2,127 1,811
Supplemental cash flow information      
Taxes paid 1,465 1,242 1,298
Interest paid 553 552 492
Market Risk Benefit, Change in Fair Value, Gain (Loss) 307 (80) (91)
Net income $ 9,015 $ 5,246 $ 8,525