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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net income $ 18,472 $ 32,166
Adjustments to reconcile net income to net cash provided by operating activities    
Net investment (gains) losses 18,463 (7,417)
Amortization of premiums and accretion of discounts on fixed maturity securities, net 953 504
Depreciation and intangible asset amortization 5,283 1,357
Share-based compensation expense 1,220 1,472
Changes in:    
Accrued investment income (9,460) (2,871)
Insurance liabilities 65,676 95,616
Premium receivables 2,189 2,796
Deferred policy acquisitions (4,400) (700)
Reinsurance recoverables 272 19,024
Income tax liabilities 1,057 6,539
Other operating assets and liabilities (15,743) (17,723)
Other 3,449 (5,960)
Net cash provided by operating activities 87,431 124,803
Fixed maturity securities    
Purchases (535,278) (307,451)
Sales 98,158 59,724
Maturities, paydowns, calls and redemptions 237,939 136,141
Equity securities    
Purchases (4,114) (3,569)
Sales and repayments 1,457 15,489
Limited partnership interests    
Purchases (14,120) (8,842)
Sales 2,331 9,858
Change in short-term and other investments, net 73,632 (29,341)
Acquisition of business, net of cash acquired 0 (18,198)
Net cash used in investing activities (139,995) (146,189)
Cash flows - financing activities    
Dividends paid to shareholders (12,383) (11,790)
Acquisition of treasury stock (2,145) 0
Proceeds from exercise of stock options 480 583
Withholding tax payments on RSUs tendered (1,280) (3,311)
Annuity contracts: variable, fixed and FHLB funding agreements    
Deposits 192,655 157,305
Benefits, withdrawals and net transfers to Separate Account (variable annuity) assets (101,688) (109,246)
Life policy accounts    
Deposits 2,562 2,714
Withdrawals and surrenders (1,194) (904)
Change in deposit asset on reinsurance (13,277) 0
Change in book overdrafts 4,573 (18,590)
Net cash provided by financing activities 68,303 16,761
Net increase (decrease) in cash 15,739 (4,625)
Cash at beginning of period 25,508 11,906
Cash at end of period $ 41,247 $ 7,281