| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Operating Activities | |||||||||||
Net income (loss) | |||||||||||
1,693 | 727 | 629 | 824 | 526 | 821 | 709 | 593 | 436 | 842 | 876 | 290 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Net realized (gains) losses | |||||||||||
381 | -387 | 174 | 178 | -149 | 127 | 78 | 199 | 113 | 262 | 123 | -8 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | |||||||||||
3 | 2 | 7 | 30 | 20 | 30 | 3 | 11 | 9 | 11 | 66 | 181 |
Equity in net income or loss of investment funds accounted for using the equity method and other income or loss | |||||||||||
14 | -36 | 79 | -5 | -3 | -13 | -52 | 43 | -71 | 56 | 183 | -166 |
Amortization of intangible assets | |||||||||||
82 | 105 | 125 | 19 | 22 | - | - | - | - | - | - | - |
Share-based compensation | |||||||||||
66 | 55 | 67 | 56 | 56 | 54 | 49 | 42 | 30 | 31 | 27 | 30 |
Changes in: | |||||||||||
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable | |||||||||||
489 | 243 | 614 | 372 | 181 | 156 | -29 | 395 | 274 | 215 | 219 | 658 |
Unearned premiums, net of ceded unearned premiums | |||||||||||
252 | 114 | 116 | 146 | 83 | 298 | 205 | 117 | 41 | -43 | -79 | -42 |
Premiums receivable | |||||||||||
237 | 211 | 31 | 71 | 26 | 217 | 60 | 120 | 7 | -83 | -44 | -8 |
Deferred acquisition costs | |||||||||||
47 | 37 | 78 | 38 | 29 | 81 | 75 | 34 | 1 | -1 | -17 | 9 |
Reinsurance balances payable | |||||||||||
182 | 73 | 8 | 31 | -5 | 26 | 6 | 42 | 5 | -18 | 15 | -153 |
Other liabilities | |||||||||||
- | - | - | - | - | 101 | -29 | 41 | 43 | -39 | -24 | -81 |
Other items, net | |||||||||||
41 | -60 | 111 | -179 | -14 | 39 | -96 | -75 | -76 | -36 | -136 | -81 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | |||||||||||
2,048 | 1,559 | 1,094 | 1,377 | 997 | 1,037 | 850 | 921 | 866 | 802 | 992 | 1,139 |
Investing Activities | |||||||||||
Purchases of fixed maturity investments | |||||||||||
30,053 | 33,327 | 36,806 | 35,532 | 29,451 | 28,745 | 18,174 | 17,568 | 13,875 | 16,936 | 21,270 | 17,407 |
Purchases of equity securities | |||||||||||
811 | 1,001 | 1,021 | 665 | 515 | 520 | 535 | 268 | 413 | 365 | 70 | 0 |
Purchases of other investments | |||||||||||
1,470 | 2,014 | 2,020 | 1,389 | 1,749 | 1,590 | 994 | 1,000 | 593 | 523 | 225 | 480 |
Proceeds from sales of fixed maturity investments | |||||||||||
28,595 | 31,513 | 35,686 | 34,559 | 28,094 | 26,823 | 17,194 | 16,366 | 12,398 | 16,654 | 19,777 | 16,171 |
Proceeds from sales of equity securities | |||||||||||
429 | 1,118 | 1,056 | 751 | 564 | 411 | 462 | 313 | 369 | 70 | 38 | 0 |
Proceeds from sales, redemptions and maturities of other investments | |||||||||||
1,209 | 1,561 | 1,528 | 1,149 | 1,250 | 941 | 817 | 443 | 543 | 379 | 300 | 460 |
Proceeds from redemptions and maturities of fixed maturity investments | |||||||||||
643 | 892 | 907 | 755 | 748 | 762 | 731 | 1,115 | 1,034 | 949 | 785 | 582 |
Net settlements of derivative instruments | |||||||||||
-59 | -44 | 28 | 17 | 5 | -34 | -14 | - | - | - | - | - |
Proceeds from investment in joint venture | |||||||||||
- | - | - | - | 40 | 0 | 0 | - | - | - | - | - |
Net (purchases) sales of short-term investments | |||||||||||
-39 | -485 | 734 | 123 | -169 | -577 | 750 | -185 | 2 | 341 | -19 | -92 |
Change in cash collateral related to securities lending | |||||||||||
62 | -180 | -12 | 155 | 6 | -57 | 55 | -6 | -19 | -141 | -534 | -750 |
Acquisitions, net of cash | |||||||||||
- | - | - | 1,992 | -0 | 237 | 0 | -28 | 0 | 0 | - | - |
Investment in joint venture | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 100 |
Purchases of fixed assets | |||||||||||
37 | 29 | 22 | 15 | 15 | 19 | 17 | 18 | 18 | 11 | 19 | 9 |
Other | |||||||||||
348 | -21 | -90 | 27 | 36 | 0 | 0 | - | - | - | - | - |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | |||||||||||
-1,806 | -554 | -1,351 | -2,703 | -913 | -1,505 | -1,307 | -395 | -538 | 16 | -129 | 58 |
Financing Activities | |||||||||||
Proceeds from issuance of preferred shares, net | |||||||||||
0 | 0 | 319 | 434 | 0 | 0 | - | 315 | 0 | 0 | - | - |
Redemption of preferred shares | |||||||||||
0 | 92 | 230 | 2 | 0 | - | - | 325 | 0 | 0 | - | - |
Purchases of common shares under share repurchase program | |||||||||||
2 | 282 | 0 | 75 | 365 | 454 | 57 | 172 | 287 | 761 | 458 | 513 |
Proceeds from common shares issued, net | |||||||||||
6 | -7 | -21 | -2 | 4 | 6 | 3 | 7 | 6 | 27 | 9 | 21 |
Proceeds from borrowings | |||||||||||
200 | 218 | 253 | 1,386 | 431 | 0 | 494 | 0 | 0 | 264 | 269 | 100 |
Repayments of borrowings | |||||||||||
49 | 576 | 197 | 219 | 0 | 0 | - | 310 | 15 | 157 | 51 | 0 |
Change in cash collateral related to securities lending | |||||||||||
62 | -180 | -12 | 155 | 6 | -57 | 55 | -6 | -19 | -141 | -534 | -750 |
Change in third party investment in non-redeemable noncontrolling interests | |||||||||||
-75 | 0 | 0 | - | - | 796 | 0 | 0 | - | - | - | - |
Change in third party investment in redeemable noncontrolling interests | |||||||||||
-161 | 0 | 0 | - | - | 219 | 0 | 0 | - | - | - | - |
Dividends paid to redeemable noncontrolling interests | |||||||||||
12 | 17 | 17 | 17 | 18 | 14 | 0 | 0 | - | - | - | - |
Other | |||||||||||
-6 | -7 | -51 | 4 | -41 | 64 | 50 | 6 | 4 | 8 | 4 | 2 |
Preferred dividends paid | |||||||||||
41 | 41 | 46 | 28 | 21 | 21 | 21 | 28 | 25 | 25 | 25 | 25 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | |||||||||||
-80 | -988 | -3 | 1,635 | -4 | 539 | 524 | -513 | -337 | -785 | -785 | -1,164 |
Effects of exchange rate changes on foreign currency cash and restricted cash | |||||||||||
17 | -19 | 18 | -21 | -11 | -20 | -4 | 6 | -1 | -4 | 5 | -20 |
Increase (decrease) in cash and restricted cash | |||||||||||
179 | -2 | -242 | 288 | 67 | 51 | 63 | 19 | -11 | 28 | 82 | 11 |
Supplemental cash flow information | |||||||||||
Income taxes paid (received) | |||||||||||
109 | -0 | 51 | 50 | 40 | 20 | 15 | -1 | - | - | - | - |
Interest paid | |||||||||||
126 | 119 | 117 | 63 | 52 | 46 | 23 | 29 | - | - | - | - |
Non-cash consideration paid in convertible non-voting common equivalent preferred shares | |||||||||||
- | - | - | 1,101 | 0 | 0 | - | - | - | - | - | - |