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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net income (loss) $ 3,377 $ 2,109
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Net realized (gains) losses (361) 367
Equity in net (income) or loss of investment funds accounted for using the equity method and other income or loss (336) (104)
Amortization of intangible assets 136 71
Share-based compensation 100 73
Changes in:    
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable 2,447 1,604
Unearned premiums, net of ceded unearned premiums 956 1,111
Premiums receivable (1,504) (1,333)
Deferred acquisition costs (166) (190)
Reinsurance balances payable 589 692
Deferred income tax assets, net 61 40
Other items, net (199) (356)
Net cash provided by operating activities 5,100 4,084
Investing Activities    
Purchases of fixed maturity investments (21,559) (13,024)
Purchases of equity securities (932) (176)
Purchases of other investments (1,898) (1,112)
Proceeds from sales of fixed maturity investments 16,447 9,655
Proceeds from sales of equity securities 673 216
Proceeds from sales, redemptions and maturities of other investments 1,024 345
Proceeds from redemptions and maturities of fixed maturity investments 1,270 589
Net settlements of derivative instruments 127 (69)
Net (purchases) sales of short-term investments (818) (323)
Acquisitions, net of cash 852 0
Purchases of fixed assets (38) (37)
Other (29) 0
Net cash used for investing activities (4,881) (3,936)
Financing Activities    
Proceeds from common shares issued, net (2) 5
Change in third party investment in redeemable noncontrolling interests 0 (22)
Other (3) (5)
Preferred dividends paid (30) (30)
Net cash used for financing activities (35) (52)
Effects of exchange rate changes on foreign currency cash and restricted cash 30 (14)
Increase (decrease) in cash and restricted cash 214 82
Cash and restricted cash, beginning of year 1,498 1,273
Cash and restricted cash, end of period 1,712 1,355
Income taxes paid (received) 221 127
Interest paid $ 63 $ 63