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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 549 $ (85)
Adjustments to reconcile net income to net cash provided by operating activities:    
Decrease (increase) in premiums receivable (363) 10
Decrease (increase) in funds held by reinsureds, net 20 (6)
Decrease (increase) in reinsurance recoverables (4) 105
Decrease (increase) in income taxes 65 (139)
Decrease (increase) in prepaid reinsurance premiums (57) (44)
Increase (decrease) in reserve for losses and loss adjustment expenses 526 637
Increase (decrease) in unearned premiums 319 51
Increase (decrease) in amounts due to reinsurers 70 35
Increase (decrease) in losses in course of payment (5) (175)
Change in equity adjustments in limited partnerships (21) (110)
Distribution of limited partnership income 23 49
Change in other assets and liabilities, net (215) (19)
Non-cash compensation expense 19 20
Amortization of bond premium (accrual of bond discount) (11) 15
Net (gains) losses on investments 0 605
Net cash provided by (used in) operating activities 914 948
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from fixed maturities matured/called/repaid - available for sale 543 876
Proceeds from fixed maturities sold - available for sale 109 511
Proceeds from fixed maturities matured/called/repaid - held to maturity 43 0
Proceeds from equity securities sold 46 425
Distributions from other invested assets 60 99
Cost of fixed maturities acquired - available for sale (2,100) (2,465)
Cost of fixed maturities acquired - held to maturity (15) (72)
Cost of equity securities acquired (1) (272)
Cost of other invested assets acquired (161) (153)
Net change in short-term investments (269) 465
Net change in unsettled securities transactions 13 29
Proceeds from repayment (cost of issuance) of notes receivable - affiliated 840 (215)
Net cash provided by (used in) investing activities (892) (772)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Tax benefit from share-based compensation, net of expense (19) (20)
Net cash provided by (used in) financing activities (19) (20)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (6) (12)
Net increase (decrease) in cash (3) 144
Cash, beginning of period 481 699
Cash, end of period 478 844
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid (recovered) 71 104
Interest paid $ 64 $ 48