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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows - operating activities    
Premiums collected $ 674,170 $ 598,443
Policyholder benefits paid (404,086) (419,736)
Policy acquisition and other operating expenses paid (253,101) (218,464)
Income taxes paid (12,696) (8,719)
Investment income collected 204,186 277,178
Interest expense paid (6,948) (6,537)
Other 5,711 (4,691)
Net cash provided by operating activities 207,236 217,474
Fixed maturity securities    
Purchases (845,967) (1,044,002)
Sales 651,058 360,246
Maturities, paydowns, calls and redemptions 645,946 577,425
Equity securities    
Purchases (10,510) (8,578)
Sales and repayments 20,989 8,493
Limited partnership interests    
Purchases (42,388) (84,444)
Sales 36,108 11,754
Change in short-term and other investments, net (99,702) (4,700)
Acquisition of businesses, net of cash acquired (421,174) 0
Net cash provided by (used in) investing activities (65,640) (183,806)
Cash flows - financing activities    
Dividends paid to shareholders (35,477) (35,016)
Principal borrowings on Bank Credit Facility 135,000 0
Acquisition of treasury stock 0 (86)
Proceeds from exercise of stock options 1,105 3,191
Withholding tax payments on RSUs tendered (3,560) (2,190)
Annuity contracts: variable, fixed and FHLB funding agreements    
Deposits 519,636 326,003
Benefits, withdrawals and net transfers to Separate Account (variable annuity) assets (313,653) (333,473)
Principal repayment on FHLB funding agreements (275,000) 0
Life policy accounts    
Deposits 7,143 5,618
Withdrawals and surrenders (2,682) (3,766)
Change in deposit asset on reinsurance, net (130,740) 0
Change in book overdrafts (15,925) 4,855
Net cash used in financing activities (114,153) (34,864)
Net increase (decrease) in cash 27,443 (1,196)
Cash at beginning of period 11,906 7,627
Cash at end of period $ 39,349 $ 6,431