EX-99.1 2 ex991.htm EXHIBIT 99-1 ex991
ex991p1i0.gif
 
 
 
 
 
1
 
 
 
 
N
EWS
R
ELEASE
 
 
 
EVEREST RE GROUP,
 
LTD.
Seon Place, 141 Front Street, 4
th
 
Floor, Hamilton HM 19, Bermuda
 
Contacts
Media:
 
Dane
 
Lopes
 
Investors: Jon
 
Levenson
 
Group Head of Marketing
 
&
 
Communications
 
Head of Investor
 
Relations
 
Everest Global
 
Services,
 
Inc.
 
Everest Global Services, Inc.
 
203.388.3977
 
908.604.3169
 
 
 
For Immediate Release
 
 
Everest Re Group Reports Fourth Quarter and Full Year
 
2020 Results:
Full Year
 
Net Income of $514 Million
15% Growth in Full Year
 
Gross Written Premium with Underlying Profit Improvement
 
11.4% Year
 
on Year
 
Growth in Book Value
 
Per Share Inclusive of Dividends
 
HAMILTON,
 
Bermuda
 
--
 
(BUSINESS
 
WIRE)
 
–
 
February
 
8,
 
2021
 
–
 
Everest
 
Re
 
Group,
 
Ltd.
(“Everest”
 
or the
 
“Company”)
 
today reported its 2020 fourth quarter and year end results.
 
Fourth Quarter 2020 Highlights
●
 
Net income of $64 million equal to $1.59 per share
●
 
Net operating loss of $(44) million, $(1.12) per common share
●
 
Gross written premium growth of 13%
●
 
Attritional combined ratio of 86.3%, a 4 point improvement year over year
●
 
Pre-tax net
 
catastrophe losses
 
of $70
 
million, Covid-19
 
Pandemic (“Pandemic”)
 
losses of
$76 million, and a prior year reserve strengthening of $400 million
 
 
 
 
 
 
 
 
 
 
 
 
 
2
 
Full Year
 
2020 Highlights
●
 
Net income of $514 million, $12.78 per diluted common share
 
●
 
Net operating income of $300 million, $7.46 per diluted common share
●
 
Growth in diluted book value per share of 11.4% inclusive of dividends
●
 
Gross written premium growth of 15%
●
 
Attritional combined ratio of 87.5%, ~ 1 point improvement year over year
●
 
2020 cash flow from operations of $2.9 billion
 
The
 
following
 
table
 
summarizes
 
the
 
Company’s
 
net
 
income
 
and
 
related
 
financial
 
metrics
 
and
provides
 
details
 
on
 
shareholders’
 
equity
 
and
 
book
 
value
 
per
 
share.
 
Net income and operating income
Q4
Full Year
Q4
Full Year
All values in USD millions except for per share amounts and percentages
2020
2020
2019
2019
Everest Re Group
Net income
 
63.6
 
 
514.2
 
 
217.6
 
 
1,009.5
 
Net operating income (loss)
 
(44.2)
 
300.1
 
 
130.8
 
 
872.4
 
Net income per diluted common share
 
1.59
 
 
12.78
 
 
5.32
 
 
24.70
 
Net operating income (loss) per diluted common share
 
(1.12)
 
7.46
 
 
3.20
 
 
21.34
 
Net income annualized return on average equity
2.8%
5.8%
10.0%
12.0%
Net operating income annualized return on average equity
-2.0%
3.4%
6.0%
10.3%
Year
 
end equity and book value
Shareholders' equity
9,726.2
9,132.9
Book value per share
243.25
223.85
Growth in bvps adjusted for dividends
11.4%
18.7%
Notes
1/ Refer to the reconciliation of net income to net operating income found later in this release
 
 
 
 
 
 
 
 
 
 
 
3
 
 
 
Everest
 
Re
 
Group
 
President
 
&
 
CEO
 
Juan
 
C.
 
Andrade
 
commented:
 
“We
 
are
 
relentlessly
 
executing
 
our
strategies
 
from
 
a
 
position
 
of
 
strength
 
in
 
this
 
robust
 
market
 
as
 
evidenced
 
by
 
2020
 
growth
 
in
 
gross
 
written
premiums
 
of
 
15%
 
and
 
net
 
written
 
premiums
 
of
 
17%
 
and
 
improvement
 
in
 
underlying
 
underwriting
profitability.
 
Our
 
attritional
 
combined
 
ratio
 
improved
 
approximately
 
one
 
point
 
to
 
87.5%
 
versus
 
the
 
prior
year,
 
with our
 
Insurance segment
 
improving 2.3
 
points to
 
94.2%.
 
Despite the
 
$511
 
million Pandemic
 
loss
provision
 
and
 
a
 
$400
 
million
 
prior
 
accident
 
year
 
reserve
 
strengthening,
 
we
 
delivered
 
$300
 
million
 
in
operating
 
income
 
and
 
$514
 
million
 
in
 
net
 
income
 
providing
 
a
 
return
 
on
 
equity
 
of
 
5.8%.
 
Everest’s
investment
 
income
 
remained
 
resilient
 
at
 
$642
 
million
 
despite
 
the
 
Pandemic’s
 
impact
 
on
 
financial
 
markets
and the sharp decline in interest rates.
 
Our total shareholders’ equity grew to a record $9.7 billion from $9.1
billion during the year,
 
representing net book value per share growth
 
of 11.4% including dividends.
 
Everest
has a strong capital position bolstered by the $1.0 billion senior notes offering and a leading
 
global franchise
with great momentum entering 2021.”
 
The
 
following
 
information
 
summarizes
 
the
 
Company’s
 
underwriting
 
results,
 
on
 
a
 
consolidated
 
basis
 
and
also by segment – Reinsurance and Insurance, with selected commentary on results by segment.
 
 
Underwriting information - Everest Re Group
Q4
Full Year
Q4
Full Year
Year on year
change
All values in USD millions except for percentages
2020
2020
2019
2019
Q4
Full Year
Gross written premium
 
2,750.5
 
 
10,482.4
 
 
2,436.3
 
 
9,133.4
 
12.9%
14.8%
Net written premium
 
2,449.3
 
 
9,117.0
 
 
2,120.2
 
 
7,824.4
 
15.5%
16.5%
Combined ratio
109.1%
102.9%
101.5%
95.5%
7.6 pts
7.4 pts
Attritional combined ratio
86.3%
87.5%
90.3%
88.4%
-4.0 pts
-0.9 pts
Pre-tax net catastrophe losses
 
70.0
 
 
425.0
 
 
225.0
 
 
575.5
 
Pre-tax net covid losses
 
76.1
 
 
511.1
 
 
-
 
 
-
 
Pre-tax net prior year reserve development
 
400.0
 
 
401.4
 
 
(19.2)
 
(93.6)
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts, catastrophe losses, and reinstatement premiums
 
 
Reinsurance segment
●
 
The
 
reinsurance
 
segment
 
achieved
 
strong
 
growth
 
with
 
gross
 
written
 
premiums
 
up
 
12%
 
for
 
the
quarter and 15% for
 
the year,
 
driven by new business
 
opportunities, growth with existing
 
customers,
and improved rates and terms and conditions.
 
 
 
 
 
 
 
 
 
 
 
4
 
 
●
 
The
 
combined
 
ratio
 
for
 
the
 
quarter
 
and
 
full
 
year
 
2020
 
reflected
 
the
 
impact
 
of
 
catastrophe
 
losses,
Covid-19 pandemic losses, and a reserve adjustment in the amount of $400 million.
●
 
We
 
have
 
a
 
more
 
profitable
 
portfolio
 
driven
 
by
 
the
 
consistent
 
execution
 
of
 
our
 
underwriting
initiatives.
 
 
 
Underwriting information - Reinsurance segment
Q4
Full Year
Q4
Full Year
Year on year change
All values in USD millions except for percentages
2020
2020
2019
2019
Q4
Full Year
Gross written premium
 
1,878.6
 
 
7,281.7
 
 
1,677.6
 
 
6,355.9
 
12.0%
14.6%
Net written premium
 
1,793.5
 
 
6,767.6
 
 
1,519.3
 
 
5,732.3
 
18.0%
18.1%
Combined ratio
112.4%
103.0%
103.9%
95.4%
8.5 pts
7.6 pts
Attritional combined ratio
83.9%
85.2%
87.4%
85.5%
-3.5 pts
-0.3 pts
Pre-tax net catastrophe losses
 
60.0
 
 
357.0
 
 
225.0
 
 
574.8
 
Pre-tax net covid losses
 
56.1
 
 
407.1
 
 
-
 
 
-
 
Pre-tax net prior year reserve development
 
400.0
 
 
396.9
 
 
(2.7)
 
(77.2)
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts, catastrophe losses, and reinstatement premiums
 
 
Insurance segment
●
 
The Company’s
 
insurance segment achieved strong
 
growth with gross written
 
premiums up 15% for
the
 
quarter
 
and
 
15%
 
for
 
the
 
year,
 
driven
 
primarily
 
by
 
new
 
business
 
opportunities,
 
strong
 
renewal
retention, and
 
rate improvement.
 
●
 
The combined
 
ratio for
 
the quarter
 
and full
 
year 2020
 
reflected the
 
impact of
 
catastrophe losses
 
and
Covid-19 pandemic losses.
 
●
 
We
 
achieved
 
record
 
renewal
 
rate
 
increases
 
of
 
+21%
 
in
 
the
 
fourth
 
quarter
 
excluding
 
workers
compensation, and up 14% including workers compensation where we are seeing rates flatten.
 
 
 
 
 
 
 
 
 
 
5
 
 
 
Underwriting information - Insurance segment
Q4
Full Year
Q4
Full Year
Year on year change
All values in USD millions except for percentages
2020
2020
2019
2019
Q4
Full Year
Gross written premium
 
871.9
 
 
3,200.6
 
 
758.7
 
 
2,777.5
 
14.9%
15.2%
Net written premium
 
655.8
 
 
2,349.4
 
 
600.9
 
 
2,092.2
 
9.1%
12.3%
Combined ratio
99.0%
102.6%
95.1%
95.8%
3.9 pts
6.8 pts
Attritional combined ratio
93.8%
94.2%
98.1%
96.5%
-4.3 pts
-2.3 pts
Pre-tax net catastrophe losses
 
10.0
 
 
68.0
 
 
0.0
 
 
0.7
 
Pre-tax net covid losses
 
20.0
 
 
104.0
 
 
-
 
 
-
 
Pre-tax net prior year reserve development
 
-
 
 
4.6
 
 
(16.4)
 
(16.4)
Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts, catastrophe losses, and reinstatement premiums
 
 
Investments and capital
●
 
Net
 
investment
 
income
 
of
 
$222
 
million
 
for
 
the
 
quarter
 
and
 
$647
 
million
 
for
 
the
 
year,
 
including
limited partnership gains of $91 million for the quarter and $113 million for the year
●
 
Total invested assets and cash of $25.5 billion at December 31, 2020, 23% growth year over year
●
 
Shareholders’ equity increased to a record $9.7 billion at December 31, 2020
●
 
Book
 
value
 
per
 
diluted
 
share
 
at
 
December
 
31,
 
2020
 
of
 
$243.25,
 
up
 
11.4%
 
on
 
a
 
dividend
 
adjusted
basis since year end 2019
●
 
Common share dividends declared and paid of $1.55 per share, equal to $62 million for the quarter
●
 
The Company repurchased no common shares in the quarter
 
 
 
This news release contains forward-looking statements within the meaning of the
 
U.S. federal securities
laws.
 
We
 
intend these forward-looking statements to be covered by the safe harbor provisions
 
for forward-
looking statements in the U.S. Federal securities laws.
 
These statements involve risks and uncertainties that
could cause actual results to differ materially from those contained in forward
 
-looking statements made on
behalf of the Company.
 
These risks and uncertainties include the impact of general economic conditions
and conditions affecting the insurance and reinsurance industry,
 
the adequacy of our reserves, our ability to
assess underwriting risk, trends in rates for property and casualty insurance and reinsurance,
 
 
 
 
 
 
 
 
 
6
 
competition, investment market and investment income fluctuations, trends in insured and paid losses,
catastrophes, pandemic, regulatory and legal uncertainties and other factors described in our latest Annual
Report on Form 10-K.
 
The Company undertakes no obligation to publicly update or revise any forward-
looking statements, whether as a result of new information, future events or otherwise.
 
About Everest Re Group, Ltd.
 
Everest Re Group, Ltd.
 
(“Everest”) is a leading
 
global provider of reinsurance
 
and insurance, operating for
close
 
to
 
50
 
years
 
through
 
subsidiaries
 
in
 
the
 
U.S.,
 
Europe,
 
Singapore,
 
Canada,
 
Bermuda,
 
and
 
other
territories.
 
Everest offers
 
property,
 
casualty,
 
and specialty
 
products through
 
its various
 
operating affiliates
 
located in
key markets around the world.
 
Everest common stock (NYSE:RE) is a component of the S&P 500 index.
 
Additional
 
information
 
about
 
Everest,
 
our
 
people,
 
and
 
our
 
products
 
can
 
be
 
found
 
on
 
our
 
website
 
at
www.everestre.com
. All issuing companies may not do business in all jurisdictions.
 
A conference call discussing the second quarter
 
results will be held at 8:00 a.m. Eastern Time
 
on February 9,
2021.
 
The call
 
will be
 
available
 
on the
 
Internet
 
through
 
the Company’s
 
web site
 
at everestre.com/investors.
 
Recipients are encouraged
 
to visit the Company’s
 
web site to view
 
supplemental
 
financial information
 
on the
Company’s results.
 
The supplemental
 
information
 
is located at
www.everestre.com
 
in the “Investors/Financial
Reports/Quarterly Reports”
 
section
 
of
 
the
 
website.
 
The
 
supplemental financial
 
information
 
may
 
also
 
be
obtained
 
by contacting
 
the Company
 
directly.
 
_______________________________________________
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
 
 
The Company
 
generally uses
 
after-tax operating
 
income (loss),
 
a non-GAAP
 
financial measure,
 
to evaluate
its
 
performance.
 
After-tax
 
operating
 
income
 
(loss)
 
consists
 
of
 
net
 
income
 
(loss)
 
excluding
 
after-tax
 
net
realized
 
capital
 
gains
 
(losses)
 
and
 
after-tax
 
net
 
foreign
 
exchange
 
income
 
(expense)
 
as
 
the
 
following
reconciliation displays:
 
 
Three Months Ended
Twelve Months Ended
December 31,
December 31,
(Dollars in thousands, except per share amounts)
2020
2019
2020
2019
(unaudited)
(unaudited)
Per Diluted
Per Diluted
Per Diluted
Per Diluted
Common
Common
Common
Common
Amount
Share
Amount
Share
Amount
Share
Amount
Share
Net income (loss)
$63,601
$1.59
$217,644
$5.32
$514,151
$12.78
$1,009,461
$24.70
After-tax net realized capital gains (losses)
149,950
3.74
61,052
1.49
217,017
-
5.39
150,808
3.69
After-tax net foreign exchange income (expense)
(42,165)
(1.05)
25,763
0.63
(2,932)
(0.07)
(13,767)
(0.34)
After-tax operating income (loss)
$(44,184)
$(1.12)
$130,828
$3.20
$300,066
$7.46
$872,420
$21.34
(Some amounts may not reconcile due to rounding.)
 
 
Although net
 
realized capital
 
gains (losses)
 
and net
 
foreign exchange
 
income (expense)
 
are an
 
integral part
of the
 
Company’s
 
insurance operations,
 
the determination
 
of net
 
realized capital
 
gains (losses)
 
and foreign
exchange
 
income (expense)
 
is independent
 
of the
 
insurance underwriting
 
process.
 
The Company
 
believes
that
 
the
 
level
 
of
 
net
 
realized
 
capital
 
gains
 
(losses)
 
and
 
net
 
foreign
 
exchange
 
income
 
(expense)
 
for
 
any
particular
 
period
 
is
 
not
 
indicative
 
of
 
the
 
performance
 
of
 
the
 
underlying
 
business
 
in
 
that
 
particular
 
period.
 
Providing only
 
a GAAP
 
presentation of
 
net income
 
(loss) makes
 
it more
 
difficult for
 
users of
 
the financial
information to
 
evaluate the
 
Company’s
 
success or
 
failure in
 
its basic
 
business and
 
may lead
 
to incorrect
 
or
misleading assumptions and conclusions.
 
The Company understands that the equity analysts who follow the
Company focus
 
on after-tax
 
operating income
 
(loss) in
 
their analyses
 
for the
 
reasons discussed
 
above.
 
The
Company
 
provides
 
after-tax
 
operating
 
income
 
(loss)
 
to
 
investors
 
so
 
that
 
they
 
have
 
what
 
management
believes to be a useful supplement to GAAP information concerning the Company’s performance.
 
 
 
 
--Financial
 
Details
 
Follow--
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
 
EVEREST RE GROUP,
 
LTD.
CONSOLIDATED
 
STATEMENTS
 
OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
Three Months Ended
 
Twelve Months Ended
 
December 31,
December 31,
(Dollars in thousands, except per share amounts)
2020
2019
2020
2019
(unaudited)
(unaudited)
REVENUES:
Premiums earned
 
$2,396,483
$1,948,071
$8,681,513
$7,403,686
Net investment income
222,349
146,077
642,465
647,139
Net realized capital gains (losses):
Credit allowances on fixed maturity securities
17,896
-
(1,745)
-
Other-than-temporary impairments on fixed maturity securities
(5,495)
-
(20,899)
Other net realized capital gains (losses)
165,490
80,938
269,394
205,903
Total net realized capital gains (losses)
183,386
75,443
267,649
185,004
Other income (expense)
(40,819)
44,495
6,487
(4,660)
Total revenues
2,761,399
2,214,086
9,598,114
8,231,169
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses
 
1,976,771
1,407,794
6,550,837
4,922,898
Commission, brokerage, taxes and fees
513,080
450,226
1,873,250
1,703,726
Other underwriting expenses
 
125,372
118,923
511,237
440,899
Corporate expenses
11,934
10,344
41,118
32,966
Interest, fees and bond issue cost amortization expense
14,847
7,721
36,323
31,693
Total claims and expenses
2,642,004
1,995,008
9,012,765
7,132,182
INCOME (LOSS) BEFORE TAXES
119,395
219,078
585,349
1,098,987
Income tax expense (benefit)
55,794
1,434
71,198
89,526
NET INCOME (LOSS)
$63,601
$217,644
$514,151
$1,009,461
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising
during the period
87,375
(28,159)
423,210
496,430
Reclassification adjustment for realized losses (gains) included in net
income (loss)
(16,165)
(8,393)
(3,476)
(12,613)
Total URA(D) on securities arising during
 
the period
71,210
(36,552)
419,734
483,817
Foreign currency translation adjustments
55,937
29,235
86,327
14,030
Benefit plan actuarial net gain (loss) for the period
(5,615)
(12,591)
(5,615)
(12,591)
Reclassification adjustment for amortization of net (gain) loss included
in net income (loss)
1,768
1,788
6,300
5,453
Total benefit plan net gain (loss) for the period
(3,847)
(10,803)
685
(7,138)
Total other comprehensive income (loss), net of tax
123,300
(18,120)
506,746
490,709
COMPREHENSIVE INCOME (LOSS)
$186,901
$199,524
$1,020,897
$1,500,170
EARNINGS PER COMMON SHARE:
Basic
$1.59
$5.34
$12.81
$24.77
Diluted
1.59
5.32
12.78
24.70
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9
 
EVEREST RE GROUP,
 
LTD.
CONSOLIDATED
 
BALANCE SHEETS
December 31,
(Dollars and share amounts in thousands, except par value per share)
2020
 
2019
 
(unaudited)
ASSETS:
Fixed maturities - available for sale, at market value
$20,040,173
$16,824,944
(amortized cost: 2020, $19,225,068; 2019, $16,473,491, credit allowances: 2020,
($1,745); 2019, $0)
Fixed maturities - available for sale, at fair value
-
5,826
Equity securities, at fair value
1,472,236
931,457
Short-term investments (cost: 2020, $1,135,088; 2019, $414,639)
1,134,950
414,706
Other invested assets (cost: 2020, $2,012,581; 2019, $1,763,531)
2,012,581
1,763,531
Cash
801,651
808,036
Total investments and cash
25,461,591
20,748,500
Accrued investment income
141,304
116,804
Premiums receivable
2,680,562
2,259,088
Reinsurance receivables
 
1,994,555
1,763,471
Funds held by reinsureds
716,655
489,901
Deferred acquisition costs
622,053
581,863
Prepaid reinsurance premiums
412,015
445,716
Income taxes
17,253
305,711
Other assets
742,369
612,997
TOTAL ASSETS
$32,788,357
$27,324,051
LIABILITIES:
Reserve for losses and loss adjustment expenses
16,398,997
13,611,313
Future policy benefit reserve
37,723
42,592
Unearned premium reserve
3,501,359
3,056,735
Funds held under reinsurance treaties
15,807
10,668
Other net payable to reinsurers
294,347
291,660
Losses in course of payment
127,971
51,950
Senior notes due 6/1/2044
397,194
397,074
Senior notes due 10/1/2050
979,524
-
Long term notes due 5/1/2067
223,674
236,758
Borrowings from FHLB
310,000
-
Accrued interest on debt and borrowings
10,460
2,878
Unsettled securities payable
206,693
30,650
Other liabilities
558,432
458,848
Total liabilities
23,062,181
18,191,126
SHAREHOLDERS' EQUITY:
Common shares, par value: $0.01; 200,000 shares authorized; (2020) 69,620
and (2019) 69,464 outstanding before treasury shares
696
694
Additional paid-in capital
2,245,301
2,219,660
Accumulated other comprehensive income (loss), net of deferred income tax expense
'(benefit) of $80,451 at 2020 and $30,996 at 2019
534,899
28,152
Treasury shares, at cost; 29,636 shares (2020) and 28,665 shares (2019)
(3,622,172)
(3,422,152)
Retained earnings
10,567,452
10,306,571
Total shareholders' equity
 
9,726,176
9,132,925
TOTAL LIABILITIES AND SHAREHOLDERS'
 
EQUITY
$32,788,357
$27,324,051
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10
 
EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS
 
OF CASH FLOWS
 
Twelve Months Ended
 
December 31,
(Dollars in thousands)
2020
2019
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$514,151
$1,009,461
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable
(387,123)
(62,018)
Decrease (increase) in funds held by reinsureds, net
(219,321)
(56,722)
Decrease (increase) in reinsurance receivables
(150,753)
67,444
Decrease (increase) in income taxes
239,883
237,479
Decrease (increase) in prepaid reinsurance premiums
55,334
(95,207)
Increase (decrease) in reserve for losses and loss adjustment expenses
2,627,813
402,380
Increase (decrease) in future policy benefit reserve
(4,869)
(4,186)
Increase (decrease) in unearned premiums
404,049
521,709
Increase (decrease) in other net payable to reinsurers
(24,163)
66,477
Increase (decrease) in losses in course of payment
74,759
(33,557)
Change in equity adjustments in limited partnerships
(103,772)
(108,332)
Distribution of limited partnership income
122,326
81,300
Change in other assets and liabilities, net
(95,968)
(54,176)
Non-cash compensation expense
 
39,209
34,018
Amortization of bond premium (accrual of bond discount)
49,673
30,936
Net realized capital (gains) losses
 
(267,649)
(185,004)
Net cash provided by (used in) operating activities
2,873,579
1,852,002
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called - available for sale, at market value
2,586,405
2,302,299
Proceeds from fixed maturities sold - available for sale, at market value
1,945,867
3,280,237
Proceeds from fixed maturities sold - available for sale, at fair value
4,907
2,917
Proceeds from equity securities sold, at fair value
376,347
283,965
Distributions from other invested assets
309,912
284,558
Cost of fixed maturities acquired - available for sale, at market value
(7,189,301)
(6,613,917)
Cost of fixed maturities acquired - available for sale, at fair value
-
(4,243)
Cost of equity securities acquired, at fair value
(637,082)
(329,417)
Cost of other invested assets acquired
(557,473)
(425,438)
Net change in short-term investments
(717,527)
(167,290)
Net change in unsettled securities transactions
194,574
(26,163)
Net cash provided by (used in) investing activities
(3,683,371)
(1,412,492)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued during the period for share-based compensation, net of expense
(13,566)
(3,134)
Purchase of treasury shares
(200,020)
(24,604)
Dividends paid to shareholders
(249,056)
(234,322)
Proceeds from issuance of senior notes
979,417
-
Cost of debt repurchase
(10,647)
-
FHLB advances (repayments)
310,000
-
Cost of shares withheld on settlements of share-based compensation awards
(15,908)
(13,627)
Net cash provided by (used in) financing activities
800,220
(275,687)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
3,187
(11,882)
Net increase (decrease) in cash
(6,385)
151,941
Cash, beginning of period
808,036
656,095
Cash, end of period
$801,651
$808,036
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)
$(169,748)
$(148,585)
Interest paid
 
33,570
31,689