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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net earnings (losses) $ 238,063 $ (361,472)
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation and amortization 43,554 33,158
Change in the fair value of equity securities (112,728) 522,976
Net realized capital (gains) losses (12,931) (13,026)
Change in allowance for credit losses on available for sale securities (1,972) 31,375
(Increase) decrease in reinsurance recoverables, net of reinsurance payable (6,669) 49,693
(Increase) decrease in premium balances receivable (138,822) (143,970)
(Increase) decrease in ceded unearned premiums (34,049) (18,020)
(Increase) decrease in deferred acquisition costs (41,969) (18,463)
(Increase) decrease in funds held under reinsurance agreements 8,951 (23,757)
Increase (decrease) in unearned premiums 192,735 102,239
Increase (decrease) in loss and loss adjustment expenses 322,420 138,079
Change in unrealized foreign currency exchange rate losses (gains) 44,344 80,530
Other, net (58,632) (386,627)
Net adjustments 204,232 354,187
Net cash provided by (used in) operating activities 442,295 (7,285)
Cash flows from investing activities    
Purchases of debt securities (1,401,010) (1,993,449)
Purchases of equity securities (746,350) (331,453)
Sales of debt securities 1,197,630 1,960,691
Maturities and redemptions of debt securities 552,933 459,655
Sales of equity securities 262,690 602,627
Net (purchases) sales of short-term investments 117,295 378,854
Net (purchases) sales and maturities of commercial mortgage loans 30,618 3,551
(Purchases) sales of property and equipment (12,322) (8,840)
Purchases of affiliates and subsidiaries, net of cash acquired   (26,383)
Other, net 101,159 (152,416)
Net cash provided by (used in) investing activities 102,643 892,837
Cash flows from financing activities    
Repayment of senior notes   (307,095)
Treasury stock acquisitions (63,192) (44,268)
Increase (decrease) in other debt (55,729) 62,659
Cash dividends paid   (215,013)
Other, net (8,938) 3,664
Net cash provided by (used in) financing activities (127,859) (500,053)
Effect of foreign exchange rate changes on cash (11,047) (9,412)
Net increase (decrease) in cash 406,032 376,087
Cash at beginning of period 791,442 1,179,098
Cash at end of period 1,197,474 1,555,185
Supplemental disclosures of cash flow information    
Interest paid 10,000 17,065
Income taxes paid (refund received) $ 22,599 $ 24,604