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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 598.6 $ 686.4 $ 1,534.3
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred policy acquisition costs (35.2) (32.0) (22.3)
Accounts and notes receivable (274.4) (158.6) (174.8)
Loss and loss adjustment expense reserves 93.4 221.5 279.8
Unearned premiums and other policyholders' liabilities 194.0 157.6 103.4
Federal income taxes (47.1) (54.7) 151.4
Reinsurance balances and funds held 23.8 147.2 36.9
Realized Investment Gains (Losses) 67.0 (62.2) (6.9)
Unrealized from changes in fair value of equity securities 123.9 263.4 (751.1)
Other - net 136.3 1.9 160.9
Total 880.4 1,170.6 1,311.7
Cash flows from investing activities:      
Maturities and calls on fixed income securities 1,353.2 1,356.1 1,410.9
Fixed income securities 1,446.5 1,403.3 338.0
Equity securities 691.5 2,249.4 540.7
Other investments 14.5 11.4 8.3
Purchases of:      
Fixed income securities (2,919.7) (5,009.5) (2,330.7)
Equity securities (91.9) (58.0) (1,032.2)
Other investments (106.4) (59.7) (55.5)
Net decrease (increase) in short-term investments (362.6) (295.7) 183.9
Payments for (Proceeds from) Other Investing Activities 0.3 (12.3) 0.0
Total 25.3 (415.0) (936.5)
Cash flows from financing activities:      
Proceeds from Issuance of Long-term Debt 0.0 0.0 642.5
Issuance of common shares 31.1 26.6 60.0
Redemption of debentures and notes (5.3) 0.0 (21.7)
Dividends on common shares (including special dividends of $308.4 paid in 2022 and $764.5 in 2021) (275.5) (579.7) (1,019.2)
Treasury stock acquired (535.3) (281.2) 0.0
Other - net 1.8 1.5 2.5
Total (783.2) (832.7) (335.7)
Increase (decrease) in cash 122.5 (77.1) 39.4
Net Cash Provided by (Used in) Discontinued Operations [1] (0.8) 0.0 0.0
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 81.0 158.1 118.7
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period 202.8 81.0 158.1
Supplemental cash flow information:      
Cash paid (received) during the period for: Interest 66.0 65.8 53.4
Cash paid (received) during the period for: Income taxes $ 198.3 $ 226.5 $ 236.5
[1] At December 31, 2023, the Company classified its RFIG Run-off mortgage insurance business as held-for-sale in its consolidated balance sheet. See Note 2 in the Notes to Consolidated Financial Statements for further discussion.