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Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 7,000 $ 5,725
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses (201) 484
Market risk benefits (gains) losses 238 154
Amortization of premiums (discounts) on fixed maturities (271) (80)
Amortization of purchased intangibles 241 226
Equity in net income (loss) of partially-owned entities (621) (610)
Deferred income taxes 150 39
Unpaid losses and loss expenses 4,242 3,270
Unearned premiums 2,563 2,085
Future policy benefits 1,399 570
Insurance and reinsurance balances payable 433 23
Accounts payable, accrued expenses, and other liabilities (175) (392)
Income taxes (129) (6)
Insurance and reinsurance balances receivable (2,468) (1,618)
Reinsurance recoverable 312 (388)
Deferred policy acquisition costs (1,142) (832)
Net sales (purchases) of investments by consolidated investment products (124) 0
Other 170 796
Net cash flows from operating activities 11,617 9,446
Cash flows from investing activities    
Purchases of fixed maturities available-for-sale (26,192) (21,613)
Purchases of fixed maturities held-to-maturity 0 (208)
Purchases of equity securities (2,608) (968)
Sales of fixed maturities available-for-sale 8,829 11,293
Sales of equity securities 1,956 531
Maturities and redemptions of fixed maturities available-for-sale 7,735 5,107
Maturities and redemptions of fixed maturities held-to-maturity 0 708
Net change in short-term investments 158 484
Net derivative instruments settlements (122) (56)
Private equity contributions (733) (1,313)
Private equity distributions 1,044 938
Acquisition of subsidiaries (net of cash acquired) (538) 216
Other (978) (553)
Net cash flows used for investing activities (11,449) (5,434)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 2,297 0
Dividends paid on Common Shares (1,069) (1,044)
Common Shares repurchased (1,351) (1,848)
Proceeds from issuance of repurchase agreements 3,950 3,778
Repayment of long-term debt (700) (475)
Repayment of repurchase agreements (3,838) (3,832)
Proceeds from share-based compensation plans 302 140
Policyholder contract deposits 818 415
Policyholder contract withdrawals (534) (269)
Third-party capital invested into consolidated investment products 1,409 0
Third-party capital distributed by consolidated investment products (1,118) 0
Other (228) (190)
Net cash flows used for financing activities (62) (3,325)
Effect of foreign currency rate changes on cash and restricted cash (49) (36)
Net increase in cash and restricted cash 57 651
Cash and restricted cash - beginning of period 2,621 2,127
Cash and restricted cash - end of period 2,678 2,778
Supplemental cash flow information    
Taxes paid 1,307 1,101
Interest paid $ 415 $ 345