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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows provided by (used in) operating activities:    
Net income (loss) $ 645,541 $ 110,208
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Net realized (gains) losses on investments (2,917) 138,335
Net realized & unrealized (gains) losses on derivative instruments (2,656) 34,299
Amortization of premiums (discounts) on fixed maturities 119,819 83,252
(Income) loss from investment and operating affiliates (80,286) [1] (125,716) [1]
Share based compensation 41,827 32,043
Depreciation 41,735 36,544
Accretion of deposit liabilities 65,585 63,492
Unpaid losses and loss expenses (602,151) 185,023
Future policy benefit reserves (132,834) (101,047)
Unearned premiums 526,414 615,699
Premiums receivable (380,650) (448,133)
Unpaid losses and loss expenses recoverable 353,935 (24,758)
Ceded unearned premiums (122,203) (233,148)
Reinsurance balances receivable (5,372) (9,422)
Deferred acquisition costs (47,885) (92,859)
Reinsurance balances payable 413,843 412,103
Deferred tax asset - net 23,950 (47,803)
Derivatives 49,567 (30,032)
Other assets (51,005) (67,851)
Other liabilities 108,069 (105,212)
Other (54,858) (59,500)
Total adjustments 261,927 255,309
Net cash provided by (used in) operating activities 907,468 365,517
Cash flows provided by (used in) investing activities:    
Proceeds from sale of fixed maturities and short-term investments 2,458,414 3,233,941
Proceeds from redemption of fixed maturities and short-term investments 3,212,990 2,700,412
Proceeds from sale of equity securities 212,034 189,818
Purchases of fixed maturities and short term investments (5,888,913) (5,411,886)
Purchases of equity securities (289,553) (571,031)
Net dispositions of investment affiliates 58,415 166,950
Other investments, net (113,538) (39,502)
Net cash provided by (used in) investing activities (350,151) 268,702
Cash flows provided by (used in) financing activities:    
Proceeds from issuance of ordinary shares and exercise of stock options 4,651 1,196
Buybacks of ordinary shares (351,158) (566,940)
Repurchase of Redeemable Series C preference ordinary shares 0 (71,801)
Repurchase of Series E preference ordinary shares 0 (465)
Dividends paid on ordinary shares (101,753) (103,331)
Distributions to non-controlling interests (43,283) (38,580)
Proceeds from issuance of debt 0 396,400
Contribution from non-controlling interest 1,500 0
Repayment of debt (600,000) 0
Deposit liabilities (114,376) (116,472)
Net cash provided by (used in) financing activities (1,204,419) (499,993)
Effects of exchange rate changes on foreign currency cash 19,282 19,189
Increase (decrease) in cash and cash equivalents (627,820) 153,415
Cash and cash equivalents beginning of year 3,825,125 3,022,868
Cash and cash equivalents end of year $ 3,197,305 $ 3,176,283
[1] The Company records the income related to the alternative funds and to the private investment and operating fund affiliates on a one-month and three-month lag, respectively.