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Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 2,294 $ 1,892
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 101 77
Market risk benefits (gains) losses (21) 115
Amortization of premiums/discounts on fixed maturities (80) (14)
Amortization of purchased intangibles 80 72
Equity in net income of partially-owned entities (184) (340)
Deferred income taxes (24) 9
Unpaid losses and loss expenses 175 (14)
Unearned premiums 633 591
Future policy benefits 445 136
Insurance and reinsurance balances payable 155 (9)
Accounts payable, accrued expenses, and other liabilities (267) (390)
Income taxes 257 128
Insurance and reinsurance balances receivable (586) (402)
Reinsurance recoverable 852 622
Deferred policy acquisition costs (390) (254)
Net purchases of investments by consolidated investment products (404) 0
Other 184 32
Net cash flows from operating activities 3,220 2,251
Cash flows from investing activities    
Purchases of fixed maturities available-for-sale (8,617) (7,169)
Purchases of fixed maturities held-to-maturity 0 (88)
Purchases of equity securities (752) (135)
Sales of fixed maturities available-for-sale 4,368 3,854
Sales of equity securities 520 43
Maturities and redemptions of fixed maturities available-for-sale 2,149 1,541
Maturities and redemptions of fixed maturities held-to-maturity 0 472
Net change in short-term investments (708) 1,256
Net derivative instruments settlements (17) (38)
Private equity contributions (248) (384)
Private equity distributions 177 273
Acquisition of subsidiaries (236) (23)
Other (382) (172)
Net cash flows used for investing activities (3,746) (570)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 996 0
Dividends paid on Common Shares (349) (345)
Common Shares repurchased (404) (545)
Proceeds from issuance of repurchase agreements 1,062 1,308
Repayment of long-term debt 0 475
Repayment of repurchase agreements (984) (1,307)
Proceeds from share-based compensation plans 163 55
Policyholder contract deposits 336 95
Policyholder contract withdrawals (245) (101)
Third-party capital invested into consolidated investment products 509 0
Third-party capital distributed by consolidated investment products (413) 0
Other (109) (109)
Net cash flows from (used for) financing activities 562 (1,424)
Effect of foreign currency rate changes on cash and restricted cash (6) (2)
Net increase in cash and restricted cash 30 255
Cash and restricted cash - beginning of period 2,621 2,127
Cash and restricted cash - end of period 2,651 2,382
Supplemental cash flow information    
Taxes paid 89 219
Interest paid $ 112 $ 99