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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net earnings $ 45,006 $ 657,652
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation and amortization 89,559 86,449
Change in the fair value of equity securities 639,000 (316,630)
Net realized capital (gains) loss (1,164) (25,873)
Change in allowance for credit losses on available for sale securities 8,177 (2,218)
(Increase) decrease in reinsurance recoverables, net of reinsurance payable 101,474 (6,506)
(Increase) decrease in premium balances receivable (168,584) (293,135)
(Increase) decrease in ceded unearned premiums (60,321) (86,384)
(Increase) decrease in deferred acquisition costs (59,893) (56,715)
(Increase) decrease in funds held under reinsurance agreements 212,820 (28,367)
Increase (decrease) in unearned premiums 346,042 345,023
Increase (decrease) in loss and loss adjustment expenses 36,045 533,845
Change in unrealized foreign currency exchange rate losses (gains) 152,425 28,014
Other, net (188,472) 104,027
Net adjustments 1,107,108 281,530
Net cash provided by operating activities 1,152,114 939,182
Cash flows from investing activities    
Purchases of debt securities (2,087,910) (3,955,811)
Purchases of equity securities (160,398) (897,758)
Sales of debt securities 1,001,030 2,366,976
Maturities and redemptions of debt securities 942,984 1,136,960
Sales of equity securities 327,976 350,913
Net (purchases) sales of short-term investments (481,774) 334,937
Net (purchases) sales and maturities of commercial mortgage loans 24,456 127,133
(Purchases) sales of property and equipment (38,018) (32,928)
Purchases of affiliates and subsidiaries, net of cash acquired 0 (57,881)
Other, net 11,100 26,340
Net cash used in investing activities (460,554) (601,119)
Cash flows from financing activities    
Repayment of senior notes (400,000) 0
Treasury stock acquisitions (95,987) (99,117)
Increase (decrease) in other debt (108,393) (105,512)
Other, net (44,759) (42,890)
Net cash used in financing activities (649,139) (247,519)
Effect of foreign exchange rate changes on cash (28,868) (10,527)
Net increase in cash 13,553 80,017
Cash at beginning of period 927,966 791,442
Cash at end of period 941,519 871,459
Supplemental disclosures of cash flow information    
Interest paid 56,316 46,116
Income taxes paid $ 157,336 $ 76,931