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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows provided by (used in) operating activities:    
Net income (loss) $ 662,409 $ 437,794
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Net realized (gains) losses on investments (77,477) (8,409)
Net realized and unrealized (gains) losses on derivative instruments (2,780) 3,598
Amortization of premiums (discounts) on fixed maturities 84,095 75,240
(Income) loss from investment and operating affiliates (142,587) [1] (59,216)
Share-based compensation 28,400 27,795
Depreciation 23,693 27,479
Accretion of deposit liabilities 25,467 49,852
Changes in:    
Unpaid losses and loss expenses (293,927) (531,503)
Future policy benefit reserves (90,147) (88,679)
Unearned premiums 751,455 718,750
Premiums receivable (779,737) (739,817)
Unpaid losses and loss expenses recoverable 95,046 300,429
Ceded unearned premiums (222,467) (153,792)
Reinsurance balances receivable (48,420) (4,959)
Deferred acquisition costs (74,886) (60,901)
Reinsurance balances payable 478,012 427,573
Deferred tax asset - net (9,476) 22,328
Derivatives 68,445 28,383
Other assets (58,729) 23,974
Other liabilities (60,531) 17,389
Other 3,794 (29,712)
Total adjustments (302,757) 45,802
Net cash provided by (used in) operating activities 359,652 483,596
Cash flows provided by (used in) investing activities:    
Proceeds from sale of fixed maturities and short-term investments 2,110,114 1,972,342
Proceeds from redemption of fixed maturities and short-term investments 2,266,692 2,280,398
Proceeds from sale of equity securities 74,310 123,181
Purchases of fixed maturities and short term investments (4,108,180) (4,093,947)
Purchases of equity securities (331,865) (197,653)
Investment affiliates, net (163,642) 38,437
Other investments, net 110,134 (128,281)
Net cash provided by (used in) investing activities (42,437) (5,523)
Cash flows provided by (used in) financing activities:    
Proceeds from issuance of ordinary shares and exercise of stock options 8,385 1,214
Buybacks of ordinary shares (375,423) (225,978)
Dividends paid on ordinary shares (41,975) (68,315)
Distributions to non-controlling interests (39,020) (39,930)
Contributions from non-controlling interests 0 1,500
Repayment of debt 0 (600,000)
Deposit liabilities (44,117) (56,910)
Net cash provided by (used in) financing activities (492,150) (988,419)
Effects of exchange rate changes on foreign currency cash (23,361) (3,633)
Increase (decrease) in cash and cash equivalents (198,296) (513,979)
Cash and cash equivalents beginning of year 2,618,378 3,825,125
Cash and cash equivalents end of year $ 2,420,082 $ 3,311,146
[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.