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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net earnings $ 854,027 $ 759,045
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation and amortization 84,943 95,427
Change in the fair value of equity securities (519,322) (512,771)
Net realized capital (gains) losses (20,753) (67,197)
Other than temporary impairment losses 13,617 514
(Increase) decrease in reinsurance recoverables, net of reinsurance payable 318,475 (18,104)
(Increase) decrease in premium balances receivable (86,098) (41,671)
(Increase) decrease in ceded unearned premiums (37,385) (38,207)
(Increase) decrease in deferred acquisition costs (41,280) (17,936)
(Increase) decrease in funds held under reinsurance agreements 3,766 (49,692)
Increase (decrease) in unearned premiums 228,620 118,494
Increase (decrease) in loss and loss adjustment expenses (616,273) (16,391)
Change in unrealized foreign currency exchange rate losses (gains) 41,427 63,452
Other, net 204,484 48,819
Net adjustments (425,779) (435,263)
Net cash provided by (used in) operating activities 428,248 323,782
Cash flows from investing activities    
Purchases of debt securities (5,648,309) (3,206,369)
Purchases of equity securities (265,647) (678,311)
Sales of debt securities 2,649,257 2,279,104
Maturities and redemptions of debt securities 807,977 1,183,469
Sales of equity securities 2,261,863 532,864
Net (purchases) sales of short-term investments (69,908) (113,699)
Net (purchases) sales and maturities of commercial mortgage loans (29,498) (37,525)
(Purchases) sales of property and equipment (35,481) (38,866)
Purchases of affiliates and subsidiaries, net of cash acquired (85,132) (110,636)
Other, net (33,604) 59,382
Net cash provided by (used in) investing activities (448,482) (130,587)
Cash flows from financing activities    
Treasury stock acquisitions (112,446) (282,053)
Increase (decrease) in other debt 26,605 50,892
Cash dividends paid   (153,967)
Other, net (36,991) 7,854
Net cash provided by (used in) financing activities (122,832) (377,274)
Effect of foreign exchange rate changes on cash 1,780 (7,388)
Net increase (decrease) in cash (141,286) (191,467)
Cash at beginning of period 1,038,763 838,375
Cash at end of period 897,477 646,908
Supplemental disclosures of cash flow information    
Interest paid 69,029 59,806
Income taxes paid (refund received) $ 66,325 $ 33,332