v3.25.1
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
OPERATING ACTIVITIES:    
Net income $ 59 $ 128
Adjustments to reconcile net income to cash flows provided by operating activities:    
Realized losses on investments 2 6
Fair value changes in trading securities, funds held and other investments [1] (43) (85)
Amortization of net deferred charge assets 30 30
Depreciation, accretion and other amortization (2) (5)
(Income) loss from equity method investments [1] (4) 5
Other adjustments 0 (3)
Changes in:    
Reinsurance balances recoverable on paid and unpaid losses (4) 57
Losses and loss adjustment expenses (325) (803)
Defendant asbestos and environmental liabilities (16) (11)
Insurance and reinsurance balances payable 0 64
Other operating assets and liabilities 50 16
Funds held 320 367
Sales and maturities of trading securities 89 177
Purchases of trading securities (13) (111)
Net cash flows provided by (used in) operating activities 143 (168)
INVESTING ACTIVITIES:    
Sales and maturities of available-for-sale securities 618 529
Purchase of available-for-sale securities (975) (345)
Purchase of other investments (166) (244)
Proceeds from other investments 202 161
Other 0 1
Net cash flows (used in) provided by investing activities (321) 102
FINANCING ACTIVITIES:    
Dividends on preferred shares (9) (9)
Issuance of debt, net of issuance costs [2] 345 0
Repayment of debt [2] (233) 0
Other 0 1
Net cash flows provided by (used in) financing activities 103 (8)
EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN CURRENCY CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 2 4
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (73) (70)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 1,554 830
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 1,481 760
Supplemental Cash Flow Information:    
Income taxes (received) paid, net of refunds 0 (14)
Interest paid 32 32
Reconciliation to Consolidated Balance Sheets:    
Cash and cash equivalents 1,170 [1] 450
Restricted cash and cash equivalents 311 310
Cash, cash equivalents and restricted cash 1,481 760
Non-cash investing activities:    
Unsettled purchases of available-for-sale securities and other investments (37) 5
Unsettled sales of available-for-sale securities and other investments $ 9 $ (10)
[1] See Note 17 for additional information regarding related party transactions.
[2] See Note 12 for additional information regarding the issuance and repayment of debt