XML 56 R7.htm IDEA: XBRL DOCUMENT v2.3.0.15
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows provided by (used in) operating activities:  
Net income (loss)$ 110,208$ 447,853
Adjustments to reconcile net income to net cash provided by (used in) operating activities:  
Net realized losses on sales of investments138,335166,317
Net realized and unrealized losses on derivative instruments34,29927,903
Amortization of premiums (discounts) on fixed maturities83,25239,354
(Income) loss from investment and operating affiliates(125,716)[1](77,021)[1]
Amortization of deferred compensation24,22223,172
Accretion of convertible debt750751
Accretion of deposit liabilities63,49281,093
Unpaid losses and loss expenses185,023(70,305)
Future policy benefit reserves(101,047)(137,333)
Unearned premiums615,699203,165
Premiums receivable(448,133)(9,184)
Unpaid losses and loss expenses recoverable(24,758)(27,010)
Ceded unearned premiums(233,148)(88,599)
Reinsurance balances receivable(9,422)177,493
Deferred acquisition costs(92,859)(29,262)
Reinsurance balances payable412,103(62,689)
Deferred tax asset - net(47,803)52,636
Depreciation36,54429,099
Derivatives(30,032)297,280
Other assets(21,826)(95,489)
Other liabilities(151,237)(28,906)
Other(52,429)(91,042)
Total adjustments255,309381,423
Net cash provided by (used in) operating activities365,517829,276
Cash flows provided by (used in) investing activities:  
Proceeds from sale of fixed maturities and short-term investments3,233,9413,807,049
Proceeds from redemption of fixed maturities and short-term investments2,700,4122,114,283
Proceeds from sale of equity securities189,81866,893
Purchases of fixed maturities and short-term investments(5,411,886)(5,527,491)
Purchases of equity securities(571,031)(71,629)
Net dispositions of investment affiliates166,950230,303
Other investments, net(39,502)4,249
Net cash provided by (used in) investing activities268,702623,657
Cash flows (used in) financing activities:  
Proceeds from issuance of ordinary shares1,196790
Buybacks of ordinary shares(566,940)(270,815)
Repurchase of Redeemable Series C preference ordinary shares(71,801)(94,157)
Repurchase of Series E preference ordinary shares(465) 
Dividends paid on ordinary shares(103,331)(101,766)
Dividends paid on preference ordinary shares (40,267)
Distributions to non-controlling interests(38,580) 
Proceeds from issuance of debt396,400 
Deposit liabilities(116,472)(623,512)
Net cash (used in) financing activities(499,993)(1,129,727)
Effects of exchange rate changes on foreign currency cash19,189(9,274)
Increase (decrease) in cash and cash equivalents153,415313,932
Cash and cash equivalents – beginning of period3,022,8683,643,697
Cash and cash equivalents – end of period$ 3,176,283$ 3,957,629
[1]The Company records the income related to the alternative funds and to the private investment fund and operating affiliates on a one month and three month lag, respectively.