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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income attributable to stockholders $ 276.6 $ 1,361.8 $ 440.8
Noncash revenues, expenses, gains and losses included in income:      
(Income) loss from discontinued operations [1] 0.0 (758.9) 77.7
Deferred tax expense 63.8 131.7 202.4
Depreciation and amortization 182.0 171.6 142.3
Net realized losses (gains) on investments, including impairment losses 179.7 (128.2) 8.2
Loss on extinguishment of debt 0.9 20.7 0.0
Restructuring costs 41.8 0.0 0.0
Stock based compensation expense 62.6 66.7 57.9
Other intangible asset impairment 0.0 1.7 2.7
Goodwill impairment (Note 15) 7.8 0.0 0.0
Iké related charges, net of derivative gains [2] 0.0 0.0 1.7
Changes in operating assets and liabilities:      
Insurance policy reserves and expenses 1,877.3 1,453.9 701.6
Premiums and accounts receivable (465.6) (424.2) 194.0
Commissions payable (30.7) (43.3) 171.9
Reinsurance recoverable (809.5) (446.9) (233.3)
Reinsurance balance payable 41.7 89.9 11.1
Funds withheld under reinsurance 4.9 6.5 37.9
Change in deferred acquisition costs and value of business acquired (552.2) (873.6) (462.2)
Taxes receivable [3] 88.2 (145.8) 22.7
Other assets and other liabilities (349.9) 150.3 (265.3)
Other (22.5) (3.4) 2.2
Net cash provided by operating activities - discontinued operations 0.0 151.2 227.7
Net cash provided by operating activities 596.9 781.7 1,342.0
Sales of:      
Fixed maturity securities available for sale 2,468.8 1,361.8 515.4
Equity securities 52.3 30.4 23.8
Other invested assets 144.7 141.1 113.1
Subsidiaries, net of cash transferred [1] 4.8 1,315.6 0.0
Iké foreign currency hedge [2] 0.0 0.0 22.0
Maturities, calls, prepayments, and scheduled redemption of:      
Fixed maturity securities available for sale 483.6 971.0 804.8
Commercial mortgage loans on real estate 40.5 19.8 26.2
Purchases of:      
Fixed maturity securities available for sale (3,059.9) (3,007.7) (1,503.9)
Equity securities (27.3) (57.7) (31.5)
Commercial mortgage loans on real estate (80.3) (133.9) (5.5)
Other invested assets (111.8) (71.6) (99.5)
Property and equipment and other (186.3) (187.4) (121.2)
Subsidiary, net of cash transferred [4] (72.5) (16.6) (458.6)
Net cash outflow related to sale of interests in Iké and termination of put/call obligations [2] 0.0 0.0 (73.3)
Consolidated investment entities:      
Purchases of investments 0.0 0.0 (353.1)
Sale of investments 0.0 0.0 550.2
Change in short-term investments 80.7 (65.2) 68.8
Other 0.6 3.2 2.9
Net cash used in investing activities - discontinued operations 0.0 (145.2) (215.8)
Net cash (used in) provided by investing activities (262.1) 157.6 (735.2)
Financing activities      
Issuance of debt, net of issuance costs (Note 19) 0.0 347.2 243.7
Repayment of debt, including tender offer premium (Note 19) (75.9) (419.8) 0.0
Repayment of debt for consolidated investment entities 0.0 0.0 (1.2)
Borrowing under unsecured revolving credit facility 0.0 0.0 200.0
Payments on unsecured revolving credit facility 0.0 0.0 (200.0)
Acquisition of common stock (572.8) (839.3) (297.0)
Common stock dividends paid (150.2) (157.6) (154.6)
Preferred stock dividends paid 0.0 (4.7) (18.7)
Employee stock purchases and withholdings (19.5) (15.6) (10.3)
Proceeds repaid on transfer of rights to ACA recoverable (Note 4) 0.0 0.0 (26.7)
Net cash used in financing activities (818.4) (1,089.8) (264.8)
Effect of exchange rate changes on cash and cash equivalents - continuing operations (34.5) (23.5) 19.4
Effect of exchange rate changes on cash and cash equivalents - discontinued operations 0.0 0.2 0.1
Effect of exchange rate changes on cash and cash equivalents (34.5) (23.3) 19.5
Change in cash and cash equivalents (518.1) (173.8) 361.5
Cash and cash equivalents at beginning of period 2,054.8 2,228.6 1,867.1
Cash and cash equivalents at end of period 1,536.7 2,054.8 2,228.6
Less: Cash and cash equivalents reclassified as held for sale at end of period [5] 0.0 14.0 0.0
Less: Cash and cash equivalents of discontinued operations at end of period 0.0 0.0 21.0
Cash and cash equivalents of continuing operations at end of period 1,536.7 2,040.8 2,207.6
Supplemental information:      
Income taxes paid 127.7 221.1 98.5
Interest paid on debt $ 108.6 $ 109.8 $ 103.6
[1] Amount for the year ended December 31, 2021 relates to the sale of the disposed Global Preneed business, net of $27.3 million of cash transferred. For additional information, refer to Note 4.
[2] Relates to Ike disposition and related financing. Refer to Note 4 for further information.
[3] The year ended December 31, 2020 includes receipt of $204.9 million federal tax refund, which includes interest, related to the ability to carryback net operating losses to prior periods under the CARES Act. Refer to Note 12 for additional information.
[4] Amounts for the year ended December 31, 2020 primarily consists of $135.8 million in cash consideration for the acquisition of American Financial & Automotive Services, Inc. (“AFAS”), net of $39.6 million of cash acquired, $276.8 million in cash consideration for the acquisition of Hyla Mobile, Inc. (“Hyla”) net of $72.0 million of cash acquired, and $46.0 million in total cash consideration, net of $23.9 million of cash acquired for four business acquisitions within the Global Lifestyle business. Amounts for the year ended December 31, 2022 primarily consists of $55.2 million in cash consideration for the acquisition of American Lease Insurance Agency Corporation (“ALI”), net of $4.8 million of cash acquired. Refer to Note 3 for additional information.
[5] Relates to the held for sale of John Alden Life Insurance Company (“JALIC”), refer to Note 4 for further information.