Schedule II Condensed Cash Flows (Parent Only)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidated Cash Flows (Parent Only)

Schedule II – Condensed Balance Sheet (Parent Only)

	December 31,
	2014			2013
	(in thousands except number of shares)
Assets
Investments:
Equity investment in subsidiaries	$	5,620,192		$	5,121,261
Fixed maturity securities available for sale, at fair value (amortized cost – $265,433 in 2014 and $498,524 in 2013)	269,889			497,269
Equity securities available for sale, at fair value (amortized cost – $13,014 in 2014 and     $12,157 in 2013)	23,605			19,108
Short-term investments	7,349			123,205
Other investments	92,594			84,685
Total investments	6,013,629			5,845,528
Cash and cash equivalents	392,189			690,549
Receivable from subsidiaries, net	40,952			35,117
Income tax receivable	16,457			16,571
Accrued investment income	2,055			2,815
Property and equipment, at cost less accumulated depreciation	148,046			127,165
Other intangible assets, net	9,282			9,889
Other assets	139,208			101,985
Total assets	$	6,761,818		$	6,829,619
Liabilities
Accounts payable and other liabilities	$	409,432		$	358,022
Debt	1,171,079			1,638,118
Total liabilities	1,580,511			1,996,140
Commitments and Contingencies
Stockholders’ equity
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 69,299,559 and 71,828,208 shares outstanding at December 31, 2014 and 2013, respectively	1,490			1,482
Additional paid-in capital	3,131,274			3,087,533
Retained earnings	4,809,287			4,415,875
Accumulated other comprehensive income	555,767			426,830
Treasury stock, at cost; 79,338,142 and 76,039,652 shares at December 31, 2014 and 2013,     respectively	(3,316,511		)	(3,098,241		)
Total stockholders’ equity	5,181,307			4,833,479
Total liabilities and stockholders’ equity	$	6,761,818		$	6,829,619

Schedule II – Condensed Income Statement (Parent Only)

	Years Ended December 31,
	2014		2013		2012
	(in thousands)
Revenues
Net investment income	$	7,212	$	7,684	$	8,428
Net realized gains on investments	4,288		1,713		7,464
Fees and other income	90,217		89,889		92,320
Equity in undistributed net income of subsidiaries	584,464		628,894		601,356
Total revenues	686,181		728,180		709,568
Expenses
General and administrative expenses	197,341		216,623		188,457
Interest expense	58,394		77,735		60,308
Total expenses	255,735		294,358		248,765
Income before benefit for income taxes	430,446		433,822		460,803
Benefit for income taxes	40,461		55,085		22,902
Net income	$	470,907	$	488,907	$	483,705

Schedule II – Condensed Cash Flows (Parent Only)

	Years Ended December 31,
	2014			2013			2012
	(in thousands)
Operating Activities
Net income	$	470,907		$	488,907		$	483,705
Adjustments to reconcile net income to net cash provided by operating   activities:
Equity in undistributed net income of subsidiaries	(584,464		)	(628,894		)	(601,356		)
Dividends received from subsidiaries	505,225			446,592			524,508
Change in receivables	(5,075		)	(4,609		)	(1,035		)
Change in accrued interest	(9,852		)	5,941			—
Change in accounts payable and other liabilities	(16,146		)	57,229			19,330
Change in securities classified as trading	(7,309		)	(9,600		)	(6,862		)
Change in income taxes	2,732			18,159			10,903
Change in tax valuation allowance	—			—			(682		)
Depreciation and amortization	32,094			34,047			34,471
Net realized gains on investments	(4,288		)	(1,763		)	(7,464		)
Loss on extinguishment of debt	—			964			—
Stock based compensation expense	49,354			50,004			37,589
Change in tax benefit from share-based payment arrangements	(14,900		)	1,112			(1,728		)
Other	(20,613		)	(17,491		)	(11,034		)
Net cash provided by operating activities	397,665			440,598			480,345
Investing Activities
Sales of:
Fixed maturity securities available for sale	444,589			394,997			404,548
Equity securities available for sale	8,895			19,315			11,756
Property and equipment and other	—			41			552
Subsidiary	—			—			2,231
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale	45,145			69,156			78,151
Purchases of:
Fixed maturity securities available for sale	(253,866		)	(314,864		)	(793,938		)
Equity securities available for sale	(9,433		)	(15,557		)	(17,329		)
Other invested assets	(4,134		)	(152		)	(1		)
Property and equipment and other	(49,569		)	(29,635		)	(40,750		)
Subsidiary	—			—			(3,500		)
Capital contributed to subsidiaries	(453,700		)	(323,600		)	(9,000		)
Return of capital contributions from subsidiaries	205,250			174,277			67,500
Change in short-term investments	115,856			(118,123		)	(255		)
Net cash provided by (used in) investing activities	49,033			(144,145		)	(300,035		)
Financing Activities
Issuance of debt	—			698,093			—
Repurchase of debt	—			(33,634		)	—
Repayment of debt	(467,330		)	—			—
Change in tax benefit from share-based payment arrangements	14,900			(1,112		)	1,728
Acquisition of common stock	(215,183		)	(393,012		)	(412,196		)
Dividends paid	(77,495		)	(74,128		)	(69,393		)
Net cash (used in) provided by financing activities	(745,108		)	196,207			(479,861		)
Effect of exchange rate changes on cash and cash equivalents	50			(49		)	—
Change in cash and cash equivalents	(298,360		)	492,611			(299,551		)
Cash and cash equivalents at beginning of period	690,549			197,938			497,489
Cash and cash equivalents at end of period	$	392,189		$	690,549		$	197,938