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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows provided by (used in) operating activities:    
Net income (loss) $ 386,532 $ 213,185
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Net realized (gains) losses on investments (36,510) (20,803)
Net realized and unrealized (gains) losses on derivative instruments (7,885) (702)
Amortization of premiums (discounts) on fixed maturities 37,783 36,678
(Income) loss from investment and operating affiliates (63,219) [1] (35,661)
Share-based compensation 15,086 11,172
Depreciation 13,109 13,859
Accretion of deposit liabilities 12,564 16,446
Changes in:    
Unpaid losses and loss expenses (117,861) (444,959)
Future policy benefit reserves (48,114) (37,565)
Unearned premiums 636,875 655,416
Premiums receivable (629,528) (573,122)
Unpaid losses and loss expenses recoverable 2,973 245,960
Ceded unearned premiums (65,191) (47,201)
Reinsurance balances receivable (41,234) (38,319)
Deferred acquisition costs (70,547) (81,792)
Reinsurance balances payable 129,253 243,696
Deferred tax asset - net (17,565) 9,243
Derivatives 52,675 (17,908)
Other assets (24,197) 42,434
Other liabilities (23,052) (45,522)
Other 3,697 8,835
Total adjustments (240,888) (59,815)
Net cash provided by (used in) operating activities 145,644 153,370
Cash flows provided by (used in) investing activities:    
Proceeds from sale of fixed maturities and short-term investments 1,198,391 1,499,832
Proceeds from redemption of fixed maturities and short-term investments 1,174,101 1,246,431
Proceeds from sale of equity securities 37,446 7,635
Purchases of fixed maturities and short term investments (2,262,022) (3,385,981)
Purchases of equity securities (209,793) (119,052)
Net dispositions of investment affiliates (62,387) 34,358
Other investments, net 121,771 (45,333)
Net cash provided by (used in) investing activities (2,493) (762,110)
Cash flows provided by (used in) financing activities:    
Proceeds from issuance of ordinary shares and exercise of stock options 3,248 942
Buybacks of ordinary shares (224,420) (100,490)
Dividends paid on ordinary shares (805) (1,218)
Distributions to non-controlling interests (3,257) (3,985)
Repayment of debt 0 (600,000)
Deposit liabilities (38,704) (30,437)
Net cash provided by (used in) financing activities (263,938) (735,188)
Effects of exchange rate changes on foreign currency cash (24,304) 25,121
Increase (decrease) in cash and cash equivalents (145,091) (1,318,807)
Cash and cash equivalents beginning of year 2,618,378 3,825,125
Cash and cash equivalents end of year $ 2,473,287 $ 2,506,318
[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.