XML 16 R7.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FROM OPERATING ACTIVITIES:    
Net income to common stockholders $ 650,434 $ 769,960
Adjustments to reconcile net income to net cash from operating activities:    
Net investment gains (81,664) (194,710)
Depreciation and amortization 6,900 37,238
Noncontrolling interests 1,019 2,536
Investment funds (993) (85,874)
Stock incentive plans 25,085 24,158
Change in:    
Arbitrage trading account (30,331) (27,071)
Premiums and fees receivable (272,849) (284,092)
Reinsurance accounts (242,376) (111,350)
Deferred policy acquisition costs (68,414) (77,561)
Income taxes (5,703) (56,725)
Reserves for losses and loss expenses 914,169 788,211
Unearned premiums 398,563 409,450
Other (139,771) (188,517)
Net cash from operating activities 1,154,069 1,005,653
CASH USED IN INVESTING ACTIVITIES:    
Proceeds from sale of fixed maturity securities 623,886 909,295
Proceeds from sale of equity securities 97,916 19,842
Distributions from (contributions to) investment funds 12,963 (142,801)
Proceeds from maturities and prepayments of fixed maturity securities 1,824,819 2,655,789
Purchase of fixed maturity securities (2,833,467) (4,860,991)
Purchase of equity securities (62,485) (271,296)
Real estate additions (7,049) (5,974)
Change in loans receivable 13,767 1,200
Net purchases of property, furniture and equipment (25,720) (22,028)
Change in balances due to security brokers 99,976 69,801
Cash received in connection with business disposition 94,076 906,789
Payment for business purchased net of cash acquired 0 (49,572)
Other 127 37
Net cash used in investing activities (161,191) (789,909)
CASH USED IN FINANCING ACTIVITIES:    
Repayment of senior notes and other debt (1,954) (426,503)
Net proceeds from issuance of debt 160 192
Cash dividends to common stockholders (186,921) (22,983)
Purchase of common treasury shares (427,619) 0
Other, net 324 (1,400)
Net cash used in financing activities (616,010) (450,694)
Net impact on cash due to change in foreign exchange rates (2,656) (17,290)
Net change in cash and cash equivalents 374,212 (252,240)
Cash and cash equivalents at beginning of period 1,449,346 1,568,843
Cash and cash equivalents at end of period $ 1,823,558 $ 1,316,603