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Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 4,510 $ 3,685
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses (3) 381
Market risk benefits (gains) losses 8 122
Amortization of premiums (discounts) on fixed maturities (178) (38)
Amortization of purchased intangibles 160 142
Equity in net income (loss) of partially-owned entities (278) (460)
Deferred income taxes 131 43
Unpaid losses and loss expenses 2,338 561
Unearned premiums 2,214 1,913
Future policy benefits 954 351
Insurance and reinsurance balances payable 838 588
Accounts payable, accrued expenses, and other liabilities (410) (388)
Income taxes (144) (38)
Insurance and reinsurance balances receivable (2,666) (2,044)
Reinsurance recoverable 511 455
Deferred policy acquisition costs (796) (546)
Net sales (purchases) of investments by consolidated investment products 109 0
Other 1 39
Net cash flows from operating activities 7,299 4,766
Cash flows from investing activities    
Purchases of fixed maturities available-for-sale (15,131) (12,800)
Purchases of fixed maturities held-to-maturity 0 (208)
Purchases of equity securities (1,778) (240)
Sales of fixed maturities available-for-sale 6,292 7,229
Sales of equity securities 1,413 81
Maturities and redemptions of fixed maturities available-for-sale 4,705 3,203
Maturities and redemptions of fixed maturities held-to-maturity 0 708
Net change in short-term investments (190) 898
Net derivative instruments settlements (31) (63)
Private equity contributions (500) (1,046)
Private equity distributions 538 568
Acquisition of subsidiaries (538) (252)
Other (846) (340)
Net cash flows used for investing activities (6,066) (2,262)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 996 0
Dividends paid on Common Shares (698) (688)
Common Shares repurchased (1,056) (1,267)
Proceeds from issuance of repurchase agreements 2,662 3,774
Repayment of long-term debt (700) (475)
Repayment of repurchase agreements (2,418) (3,674)
Proceeds from share-based compensation plans 242 102
Policyholder contract deposits 562 170
Policyholder contract withdrawals (374) (101)
Third-party capital invested into consolidated investment products 840 0
Third-party capital distributed by consolidated investment products (1,047) 0
Other (193) (153)
Net cash flows used for financing activities (1,184) (2,312)
Effect of foreign currency rate changes on cash and restricted cash (102) 56
Net increase (decrease) in cash and restricted cash (53) 248
Cash and restricted cash - beginning of period 2,621 2,127
Cash and restricted cash - end of period 2,568 2,375
Supplemental cash flow information    
Taxes paid 845 753
Interest paid $ 316 $ 306