XML 59 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operations:    
Net income $ 119.9 $ 110.6
Charges (credits) to reconcile net income to net cash (used for) provided from operations:    
Net realized and unrealized investment gains (75.2) (58.6)
Deferred income tax expense 25.8 26.3
Net (income) loss from discontinued operations (0.5) 9.3
Gain on sale of subsidiary - Essentia (23.0) 0
Excess of FV of aquired net assets over cost - American Fuji (6.9) 0
Undistributed equity in earnings from unconsolidated affiliates, net of tax (9.2) (10.2)
Other operating items:    
Net change in loss and loss adjustment expense reserves (86.2) (172.0)
Net change in reinsurance recoverable on paid and unpaid losses 20.1 43.7
Net change in unearned insurance and reinsurance premiums 146.1 215.3
Net change in variable annuity benefit guarantee liabilities (189.9) (220.0)
Net change in variable annuity benefit derivative instruments 22.5 116.1
Net change in deferred acquisition costs 4.5 (10.0)
Net change in funds held by ceding companies 25.2 (0.6)
Net change in ceded unearned premiums (52.4) (54.4)
Net change in funds held under reinsurance treaties 23.7 1.3
Net change in insurance and reinsurance premiums receivable (179.7) (242.1)
Net change in ceded reinsurance payable 75.7 51.2
Net change in other assets and liabilities, net (24.7) (78.1)
Net cash used for operations - continuing operations (184.2) (272.2)
Net cash used for operations - discontinued operations (40.7) (61.1)
Net cash used for operations (224.9) (333.3)
Cash flows from investing activities:    
Net change in short-term investments 26.3 (88.1)
Sales of fixed maturity and convertible fixed maturity investments 1,962.9 2,450.2
Maturities, calls and paydowns of fixed maturity and convertible fixed maturity investments 176.3 194.9
Sales of common equity securities 181.9 22.2
Distributions and redemptions of other long-term investments 20.9 11.1
Sales of consolidated and unconsolidated affiliates, net of cash sold 31.3 0
Funding of operational cash flows for discontinued operations (40.7) (61.1)
Purchases of other long-term investments (17.4) (6.1)
Purchases of common equity securities (143.3) (98.7)
Purchases of fixed maturity and convertible fixed maturity investments (1,742.5) (1,737.1)
Purchases of consolidated and unconsolidated affiliates, net of cash acquired (9.2) 0
Net change in unsettled investment purchases and sales (80.8) 67.1
Net acquisitions of property and equipment (3.5) (0.6)
Net cash provided from investing activities - continuing operations 362.2 753.8
Net cash provided from investing activities - discontinued operations 40.7 61.1
Net cash provided from investing activities 402.9 814.9
Cash flows from financing activities:    
Draw down of revolving line of credit 80.0 0
Repayment of revolving line of credit (155.0) 0
Payments on capital lease obligation (1.8) (1.2)
Cash dividends paid to the Company’s common shareholders (6.2) 0
Cash dividends paid to OneBeacon Ltd.’s non-controlling common shareholders (5.0) (5.0)
Common shares repurchased (79.0) (485.8)
Net cash used for financing activities - continuing operations (167.0) (492.0)
Net cash (used for) provided from financing activities - discontinued operations 0 0
Net cash used for financing activities (167.0) (492.0)
Effect of exchange rate changes on cash (0.6) (1.7)
Net change in cash during the period 10.4 (12.1)
Cash reclassified from assets held for sale (cash sold of $0 and $3.5) 0 5.5
Cash balances at beginning of period (excludes restricted cash balances of $249.8 and $453.5) 212.6 251.9
Cash balances at end of period (excludes restricted cash balances of $188.5 and $360.1) 223.0 245.3
Supplemental cash flows information:    
Interest paid (12.9) (12.8)
Net income tax payments to national governments $ (2.2) $ (8.7)