XML 38 R8.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net income $ 133,315 $ 184,443 $ 18,343
Net investment (gains) losses 2,289 (153,340) 12,543
Amortization of premiums and accretion of discounts on fixed maturity securities, net 6,651 3,806 (10,095)
Depreciation and intangible asset amortization 23,417 15,629 7,357
Share-based compensation expense 6,660 7,338 8,346
Other expense - goodwill and intangible asset impairments 10,000 28,025 0
Changes in:      
Accrued investment income (1,553) 46,858 4,449
Insurance liabilities 69,889 (96,802) 203,370
Premium receivables 7,450 (5,031) (10,026)
Deferred policy acquisition costs (2,488) (1,274) (783)
Reinsurance recoverables 1,615 22,006 (21,317)
Income tax liabilities 8,346 28,726 (3,383)
Other operating assets and liabilities (4,539) 53,406 (2,048)
Other (1,258) (6,217) (5,868)
Net cash provided by operating activities 259,794 127,573 200,888
Fixed maturity securities      
Purchases (1,439,648) (1,058,747) (1,428,889)
Sales 472,913 805,887 625,527
Maturities, paydowns, calls and redemptions 640,270 799,526 737,535
Equity securities      
Purchases (37,353) (15,583) (13,430)
Sales and repayments 12,717 33,502 25,498
Limited partnership interests      
Purchases (98,594) (129,389) (93,545)
Sales 30,877 91,587 16,997
Change in short-term and other investments, net 12,061 (49,325) (56,192)
Acquisition of businesses, net of cash acquired 0 (421,516) 0
Net cash (used in) provided by investing activities (406,757) 55,942 (186,499)
Cash flows from financing activities      
Dividends paid to shareholders (49,620) (47,333) (46,689)
Principal borrowings on Bank Credit Facility 0 135,000 0
FHLB borrowings 4,000 0 0
Acquisition of treasury stock (2,145) 0 (5,088)
Proceeds from exercise of stock options 2,402 1,730 3,627
Withholding tax payments on RSUs tendered (2,299) (3,680) (3,165)
Annuity contracts: variable, fixed and FHLB funding agreements      
Deposits 578,940 637,538 489,097
Benefits, withdrawals and net transfers to Separate Account (variable annuity) assets (378,603) (419,001) (473,003)
Principal repayment on FHLB funding agreements 0 (305,005) 0
Life policy accounts      
Deposits 8,999 9,391 8,149
Withdrawals and surrenders (3,910) (3,558) (4,910)
Change in deposit asset on reinsurance (21,230) (150,434) 0
Change in book overdrafts 7,244 (24,561) 21,872
Net cash provided by (used in) financing activities 143,778 (169,913) (10,110)
Net (decrease) increase in cash (3,185) 13,602 4,279
Cash at beginning of year 25,508 11,906 7,627
Cash at end of year $ 22,323 $ 25,508 $ 11,906