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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 8,539 $ 3,533 $ 4,454
Adjustments to reconcile net income to net cash flows from operating activities      
Net Realized Gains Losses (1,152) 498 530
Accretion (Amortization) of Discounts and Premiums, Investments 332 367 395
Amortization of purchased intangibles 287 290 305
Deferred income taxes (74) (333) (97)
Unpaid losses and loss expenses 5,791 4,664 (257)
Unearned premiums 1,857 846 1,051
Future policy benefits 239 236 215
Insurance and reinsurance balances payable 582 535 (302)
Accounts payable, accrued expenses, and other liabilities 536 (98) (207)
Income taxes payable 48 46 (7)
Insurance and reinsurance balances receivable (984) (114) (270)
Reinsurance recoverable (1,953) (336) 838
Deferred policy acquisition costs (247) (89) (344)
Equity in net income of subsidiaries and affiliates [1] (2,433) (1,019) (617)
Other (219) 759 655
Net Cash Provided by (Used in) Operating Activities, Total 11,149 9,785 6,342
Cash flows from investing activities      
Purchases of fixed maturities available for sale (30,222) (26,298) (25,846)
Purchases of fixed maturities held to maturity (594) (202) (229)
Purchases of equity securities (1,167) (6,419) (531)
Sales of fixed maturities available for sale 6,596 11,377 13,110
Sales of to be announced mortgage-backed securities 0 0 6
Sales of equity securities 1,018 3,880 611
Maturities and redemptions of fixed maturities available for sale 17,361 12,450 9,039
Maturities and redemptions of fixed maturities held to maturity 1,964 995 946
Net change in short-term investments 1,175 (81) (1,117)
Net derivative instruments settlements (219) (113) (703)
Private equity contributions (2,471) (1,924) (1,315)
Private equity distributions 1,421 907 1,390
Acquisition of subsidiaries (net of cash acquired of nil, $45, and nil) 0 0 (29)
Payment, including deposit, for Huatai Group Interest (1,184) (1,623) (580)
Other (337) (470) (657)
Net Cash Provided by (Used in) Investing Activities (6,659) (7,521) (5,905)
Cash flows from financing activities      
Dividends paid on Common Shares (1,401) (1,388) (1,354)
Common Shares repurchased (4,861) (523) (1,530)
Proceeds from issuance of long-term debt 1,576 988 2,828
Proceeds from issuance of repurchase agreements 1,858 2,354 2,817
Repayments of Long-term Debt 0 (1,301) (510)
Repayment of repurchase agreements (1,858) (2,354) (2,817)
Proceeds from share-based compensation plans 300 145 204
Policyholder contract deposits 512 470 514
Policyholder contract withdrawals (454) (386) (303)
Other (81) (87) 0
Net cash flows (used for) from financing activities (4,409) (2,082) (151)
Effect of foreign currency rate changes on cash and restricted cash (106) 8 20
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (25) 190 306
Cash and restricted cash - beginning of year 1,836 1,646 1,340
Cash and restricted cash - end of year 1,811 1,836 1,646
Supplemental cash flow information      
Taxes paid 1,298 902 912
Interest paid $ 492 $ 524 $ 512
[1] Equity in net income of partially-owned entities includes $233 million, $167 million, and $74 million attributable to our investments in Huatai (Huatai Group, Huatai P&C, and Huatai Life) for the years ended December 31, 2021, 2020, and 2019, respectively.