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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net earnings $ 168,893 $ 238,063
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation and amortization 45,109 43,554
Change in the fair value of equity securities 138,777 (112,728)
Net realized capital (gains) losses 10,003 (12,931)
Change in allowance for credit losses on available for sale securities 582 (1,972)
(Increase) decrease in reinsurance recoverables, net of reinsurance payable 69,339 (6,669)
(Increase) decrease in premium balances receivable (69,795) (138,822)
(Increase) decrease in ceded unearned premiums (19,676) (34,049)
(Increase) decrease in deferred acquisition costs (49,901) (41,969)
(Increase) decrease in funds held under reinsurance agreements 128,177 8,951
Increase (decrease) in unearned premiums 206,882 192,735
Increase (decrease) in loss and loss adjustment expenses (41,268) 322,420
Change in unrealized foreign currency exchange rate losses (gains) 34,879 44,344
Other, net (111,098) (58,632)
Net adjustments 342,010 204,232
Net cash provided by operating activities 510,903 442,295
Cash flows from investing activities    
Purchases of debt securities (1,527,777) (1,401,010)
Purchases of equity securities (147,826) (746,350)
Sales of debt securities 778,330 1,197,630
Maturities and redemptions of debt securities 426,106 552,933
Sales of equity securities 276,605 262,690
Net (purchases) sales of short-term investments (163,620) 117,295
Net (purchases) sales and maturities of commercial mortgage loans 13,304 30,618
(Purchases) sales of property and equipment (14,249) (12,322)
Purchases of affiliates and subsidiaries, net of cash acquired 0 0
Other, net 56,101 101,159
Net cash (used in) provided by investing activities (303,026) 102,643
Cash flows from financing activities    
Treasury stock acquisitions (95,987) (63,192)
Increase (decrease) in other debt (24,820) (55,729)
Other, net (13,992) (8,938)
Net cash used in financing activities (134,799) (127,859)
Effect of foreign exchange rate changes on cash (7,988) (11,047)
Net increase in cash 65,090 406,032
Cash at beginning of period 927,966 791,442
Cash at end of period 993,056 1,197,474
Supplemental disclosures of cash flow information    
Interest paid 19,243 10,000
Income taxes paid $ 13,766 $ 22,599