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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 97,872 $ 72,469
Adjustments to reconcile net income to cash provided by (used in) operating activities:    
Change in future policy benefits and other policy liabilities 122,881 63,975
Deferral of policy acquisition costs (142,297) (112,160)
Amortization of deferred policy acquisition costs 66,105 70,311
Change in income taxes 25,497 15,481
Realized investment (gains) losses (1,766) 10,030
Accretion and amortization of investments 1,112 489
Depreciation and amortization 5,408 3,940
Change in reinsurance recoverables (67,301) 8,306
Change in agent balances, due premiums and other receivables (3,725) 274
Trading securities sold, matured, or called (acquired), net (18,923) (2,024)
Share-based compensation 11,653 11,161
Change in other operating assets and liabilities, net 22,942 (10,730)
Net cash provided by (used in) operating activities 119,458 131,522
Available-for-sale investments sold, matured or called:    
Fixed-maturity securities — sold 10,810 25,392
Fixed-maturity securities — matured or called 94,576 116,525
Available-for-sale investments acquired:    
Fixed-maturity securities (247,253) (132,681)
Short-term investments 50,902  
Equity securities — acquired (291) (59)
Purchases of property and equipment and other investing activities, net (10,182) (9,921)
Cash collateral received (returned) on loaned securities, net 15,036 173
Sales (purchases) of short-term investments using securities lending collateral, net (15,036) (173)
Net cash provided by (used in) investing activities (203,242) (744)
Cash flows from financing activities:    
Dividends paid (18,620) (16,530)
Common stock repurchased   (90,063)
Tax withholdings on share-based compensation (5,966) (5,614)
Finance leases (66) (67)
Net cash provided by (used in) financing activities (24,652) (112,274)
Effect of foreign exchange rate changes on cash 811 (2,295)
Change in cash and cash equivalents (107,625) 16,209
Cash and cash equivalents, beginning of period 547,569 256,876
Cash and cash equivalents, end of period $ 439,944 $ 273,085