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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows provided by (used in) operating activities:      
Net income (loss) $ 1,136,647 $ 730,383 $ (403,883)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Net realized (gains) losses on investments (87,777) (14,098) 188,359
Net realized and unrealized (gains) losses on derivative instruments (7,798) (5,221) 10,738
Amortization of premiums (discounts) on fixed maturities 166,621 169,353 120,130
(Income) loss from investment and operating affiliates (229,386) (112,391) (103,039)
Impairment of goodwill 0 0 429,020
Share based compensation 46,489 47,472 41,225
Depreciation 56,229 57,280 49,800
Accretion of deposit liabilities 47,256 81,269 82,799
Changes in:      
Unpaid losses and loss expenses (88,636) (287,972) 243,040
Future policy benefit reserves (164,923) (187,400) (171,618)
Unearned premiums 65,279 182,963 95,393
Premiums receivable (27,334) (127,633) (31,286)
Unpaid losses and loss expenses recoverable 36,897 (305,675) 2,168
Ceded unearned premiums (196,674) 14,923 21,532
Reinsurance balances receivable 60,317 (162,280) 49,286
Deferred acquisition costs 8,532 (649) (41,881)
Reinsurance balances payable 161,132 48,159 (31,846)
Deferred tax asset - net (29,230) (28,556) (43,583)
Derivatives (22,324) 7,252 93,796
Other assets (26,945) 20,924 (24,747)
Other 9,702 (58,249) (51,970)
Total adjustments (356,670) 325,723 731,085
Net cash provided by (used in) operating activities 779,977 1,056,106 327,202
Cash flows provided by (used in) investing activities:      
Proceeds from sale of fixed maturities and short-term investments 4,341,429 3,604,792 5,091,375
Proceeds from redemption of fixed maturities and short-term investments 4,008,333 4,579,651 3,595,922
Proceeds from sale of equity securities 245,538 221,617 205,736
Purchases of fixed maturities and short term investments (9,143,973) (8,902,879) (7,529,962)
Purchases of equity securities (534,356) (362,021) (631,169)
Proceeds from sale of affiliates 190,954 133,375 315,696
Purchases of affiliates (353,678) (138,027) (179,415)
Other, net 47,891 (79,101) (36,080)
Net cash provided by (used in) investing activities (1,197,862) (942,593) 832,103
Cash flows provided by (used in) financing activities:      
Proceeds from issuance of ordinary shares and exercise of stock options 12,623 5,413 576,333
Proceeds from issuance of Series D preference ordinary shares 0 0 349,180
Buybacks of ordinary shares (675,617) (402,930) (667,022)
Purchase of Redeemable Series C preference ordinary shares 0 0 (71,801)
Dividends paid on ordinary shares (160,155) (134,799) (138,050)
Distributions to non-controlling interests (77,670) (78,987) (71,483)
Contributions from non-controlling interest 7,747 1,500 0
Proceeds from issuance of debt 592,615 0 395,859
Repayment of debt 0 (600,000) (575,000)
Deposit liabilities (94,386) (134,950) (152,617)
Net cash provided by (used in) financing activities (394,843) (1,344,753) (358,716)
Effects of exchange rate changes on foreign currency cash (4,818) 24,493 1,668
Increase (decrease) in cash and cash equivalents (817,546) (1,206,747) 802,257
Cash and cash equivalents – beginning of period 2,618,378 3,825,125 3,022,868
Cash and cash equivalents – end of period 1,800,832 2,618,378 3,825,125
Supplemental cash flow disclosures:      
Net taxes paid 96,469 34,465 106,666
Interest paid on notes payable and debt 97,125 116,689 149,133
Other liabilities 60,331 50,342 (93,323)
Series D preference ordinary shares
     
Cash flows provided by (used in) financing activities:      
Purchase of preference ordinary shares 0 0 (3,650)
Series E ordinary preference shares
     
Cash flows provided by (used in) financing activities:      
Purchase of preference ordinary shares $ 0 $ 0 $ (465)