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Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income (loss) $ 4,001 $ 6,398
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 787 (833)
Amortization of premiums/discounts on fixed maturities 185 242
Amortization of purchased intangibles 211 216
Equity in net income of partially-owned entities [1] (192) (2,073)
Deferred income taxes (7) (268)
Unpaid losses and loss expenses 4,848 4,907
Unearned premiums 2,035 2,032
Future policy benefits 40 163
Insurance and reinsurance balances payable 559 408
Accounts payable, accrued expenses, and other liabilities 573 45
Income taxes payable (108) 212
Insurance and reinsurance balances receivable (1,756) (1,257)
Reinsurance recoverable (1,881) (1,071)
Deferred policy acquisition costs (320) (208)
Other (383) (364)
Net cash flows from operating activities 8,592 8,549
Cash flows from investing activities    
Purchases of fixed maturities available for sale (23,533) (23,028)
Purchases of fixed maturities held to maturity (454) (434)
Purchases of equity securities (837) (799)
Sales of fixed maturities available for sale 14,142 5,225
Sales of equity securities 4,453 750
Maturities and redemptions of fixed maturities available for sale 7,882 13,710
Maturities and redemptions of fixed maturities held to maturity 1,357 1,488
Net change in short-term investments (1,106) 809
Net derivative instruments settlements (52) (66)
Private equity contribution (2,194) (1,872)
Private equity distribution 649 891
Payments to Acquire Businesses, Net of Cash Acquired (4,982) 0
Payment, including deposit, for Huatai Group Interest (113) (208)
Other (414) (217)
Net cash flows used for investing activities (5,202) (3,751)
Cash flows from financing activities    
Dividends paid on Common Shares (1,030) (1,056)
Common Shares repurchased (2,783) (3,941)
Proceeds from issuance of repurchase agreements 3,552 1,405
Repayment of repurchase agreements (2,554) (1,405)
Proceeds from share-based compensation plans 198 239
Policyholder contract deposits and other 357 365
Policyholder contract withdrawals and other (362) (331)
Payment, Tax Withholding, Share-based Payment Arrangement (100) (81)
Net cash flows used for financing activities (2,722) (4,805)
Effect of foreign currency rate changes on cash and restricted cash (215) (33)
Net increase (decrease) in cash and restricted cash 453 (40)
Cash and restricted cash - beginning of period 1,811 1,836
Cash and restricted cash - end of period 2,264 1,796
Supplemental cash flow information    
Taxes paid 964 931
Interest paid $ 339 $ 316
[1] Equity in net income (loss) of partially-owned entities principally comprises mark-to-market gain (loss) on private equities where we own more than three percent of $(190) million and $(69) million for the three and nine months ended September 30, 2022, respectively, and $702 million and $1,776 million, respectively, for the prior year periods. This line item also includes net income of $28 million and $83 million attributable to our investments in Huatai (Huatai Group, Huatai P&C, and Huatai Life) for the three and nine months ended September 30, 2022, respectively, compared to $40 million and $144 million, respectively, for the prior year periods.