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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ 5,313 $ 8,539 $ 3,533
Adjustments to reconcile net income to net cash flows from operating activities      
Net Realized Gains Losses 965 (1,152) 498
Accretion (Amortization) of Discounts and Premiums, Investments 189 332 367
Amortization of purchased intangibles 285 287 290
Deferred income taxes 132 (74) (333)
Equity in net income of subsidiaries and affiliates [1] (16) (2,433) (1,019)
Unpaid losses and loss expenses 4,222 5,791 4,664
Unearned premiums 1,477 1,857 846
Future policy benefits 464 239 236
Insurance and reinsurance balances payable 461 582 535
Accounts payable, accrued expenses, and other liabilities 223 536 (98)
Income taxes payable (149) 48 46
Insurance and reinsurance balances receivable (696) (984) (114)
Reinsurance recoverable (1,776) (1,953) (336)
Deferred policy acquisition costs (328) (247) (89)
Other 477 (219) 759
Net Cash Provided by (Used in) Operating Activities, Total 11,243 11,149 9,785
Cash flows from investing activities      
Purchases of fixed maturities available for sale (27,844) (30,222) (26,298)
Purchases of fixed maturities held to maturity (618) (594) (202)
Purchases of equity securities (895) (1,167) (6,419)
Sales of fixed maturities available for sale 16,855 6,596 11,377
Sales of equity securities 4,615 1,018 3,880
Maturities and redemptions of fixed maturities available for sale 9,415 17,361 12,450
Maturities and redemptions of fixed maturities held to maturity 1,712 1,964 995
Net change in short-term investments (1,452) 1,175 (81)
Net derivative instruments settlements (84) (219) (113)
Private equity contributions (2,649) (2,471) (1,924)
Private equity distributions 1,017 1,421 907
Acquisition of subsidiaries (net of cash acquired of $366, nil, and nil) (4,982) 0 0
Payment, including deposit, for Huatai Group Interest (184) (1,184) (1,623)
Other (560) (337) (470)
Net Cash Provided by (Used in) Investing Activities (5,654) (6,659) (7,521)
Cash flows from financing activities      
Dividends paid on Common Shares (1,375) (1,401) (1,388)
Common Shares repurchased (2,894) (4,861) (523)
Proceeds from issuance of long-term debt 0 1,576 988
Proceeds from issuance of repurchase agreements 4,510 1,858 2,354
Repayments of Long-term Debt (1,000) 0 (1,301)
Repayment of repurchase agreements (4,508) (1,858) (2,354)
Proceeds from share-based compensation plans 264 300 145
Policyholder contract deposits 496 512 470
Policyholder contract withdrawals (519) (454) (386)
Tax withholding payments for share-based compensation plans (101) (81) (87)
Net cash flows (used for) from financing activities (5,127) (4,409) (2,082)
Effect of foreign currency rate changes on cash and restricted cash (146) (106) 8
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 316 (25) 190
Cash and restricted cash - beginning of year 1,811 1,836 1,646
Cash and restricted cash - end of year 2,127 1,811 1,836
Supplemental cash flow information      
Taxes paid 1,242 1,298 902
Interest paid $ 552 $ 492 $ 524
[1] Equity in net income (loss) of partially-owned entities includes mark-to-market gain (loss) on private equities where we own more than three percent, totaling $(219) million, $2,004 million, and $747 million for the years ended December 31, 2022, 2021, and 2020, respectively. This line item also includes net income of $5 million, $233 million, and $167 million attributable to our investments in Huatai for the years ended December 31, 2022, 2021, and 2020, respectively.