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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FROM OPERATING ACTIVITIES:    
Net income to common stockholders $ 590,638 $ 229,525
Adjustments to reconcile net income to net cash from operating activities:    
Net investment gains (366,265) (34,839)
Depreciation and amortization 24,631 33,543
Noncontrolling interests 2,392 2,191
Investment funds (52,012) (38,935)
Stock incentive plans 11,438 11,817
Change in:    
Arbitrage trading account (7,215) (16,108)
Premiums and fees receivable (69,704) (96,290)
Reinsurance accounts (2,643) (105,589)
Deferred policy acquisition costs (39,220) (38,577)
Income taxes 123,763 47,372
Reserves for losses and loss expenses 316,065 303,305
Unearned premiums 167,522 219,920
Other (221,708) (206,345)
Net cash from operating activities 477,682 310,990
CASH FROM (USED IN) INVESTING ACTIVITIES:    
Proceeds from sale of fixed maturity securities 408,221 1,115,114
Proceeds from sale of equity securities 9,227 57,457
(Contributions) distributions from investment funds (13,423) 36,236
Proceeds from maturities and prepayments of fixed maturity securities 1,440,457 1,623,357
Purchase of fixed maturity securities (2,200,214) (4,118,161)
Purchase of equity securities (100,356) (69,181)
Real estate sold 28,141 9,787
Change in loans receivable 332 9,256
Net purchases of property, furniture and equipment (9,114) (10,872)
Change in balances due to security brokers 98,058 151,776
Cash received in connection with business disposition 906,789 0
Payment for business purchased net of cash acquired (49,572) 0
Other 17 0
Net cash from (used in) investing activities 518,563 (1,195,231)
CASH (USED IN) FROM FINANCING ACTIVITIES:    
Repayment of senior notes and other debt (426,503) (110,000)
Net payments for stock options exercised (327) (525)
Net proceeds from issuance of debt 1,186 691,213
Cash dividends to common stockholders (22,983) (21,285)
Purchase of common treasury shares 0 (29,683)
Other, net (2,703) (1,503)
Net cash (used in) from financing activities (451,330) 528,217
Net impact on cash due to change in foreign exchange rates 1,083 (1,431)
Net change in cash and cash equivalents 545,998 (357,455)
Cash and cash equivalents at beginning of period 1,568,843 2,372,366
Cash and cash equivalents at end of period $ 2,114,841 $ 2,014,911