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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income $ 184,443 $ 18,343 $ 169,459
Net investment (gains) losses (153,340) 12,543 3,406
Amortization of premiums and accretion of discounts on fixed maturity securities, net 3,806 (10,095) (13,385)
Depreciation and intangible asset amortization 15,629 7,357 6,615
Share-based compensation expense 7,338 8,346 8,592
Other expense - goodwill impairment 28,025 0 0
Changes in:      
Accrued investment income 46,858 4,449 (3,404)
Insurance liabilities (96,802) 203,370 119,311
Premium receivables (5,031) (10,026) (12,917)
Deferred policy acquisition costs (1,274) (783) (7,967)
Reinsurance recoverables 22,006 (21,317) 11
Income tax liabilities 28,726 (3,383) (4,620)
Other operating assets and liabilities 53,406 (2,048) (1,692)
Other (6,217) (5,868) (6,823)
Net cash provided by operating activities 127,573 200,888 256,586
Fixed maturity securities      
Purchases (1,058,747) (1,428,889) (1,569,220)
Sales 805,887 625,527 500,760
Maturities, paydowns, calls and redemptions 799,526 737,535 927,665
Equity securities      
Purchases (15,583) (13,430) (32,312)
Sales and repayments 33,502 25,498 53,100
Limited partnership interests      
Purchases (129,389) (93,545) (103,200)
Sales 91,587 16,997 20,234
Change in short-term and other investments, net (49,325) (56,192) (25,691)
Acquisition of businesses, net of cash acquired (421,516) 0 0
Net cash provided by (used in) investing activities 55,942 (186,499) (228,664)
Cash flows from financing activities      
Dividends paid to shareholders (47,333) (46,689) (46,114)
Principal borrowings on senior revolving credit facility 135,000 0 0
FHLB borrowings 0 0 50,000
Acquisition of treasury stock 0 (5,088) (1,660)
Proceeds from exercise of stock options 1,730 3,627 4,190
Withholding tax payments on RSUs tendered (3,680) (3,165) (3,245)
Annuity contracts: variable, fixed and FHLB funding agreements      
Deposits 637,538 489,097 453,146
Benefits, withdrawals and net transfers to Separate Account (variable annuity) assets (419,001) (473,003) (411,061)
Principal repayment on FHLB funding agreements (305,005) 0 0
Transfer of Company 401(k) to a third-party provider 0 0 (77,898)
Life policy accounts      
Deposits 9,391 8,149 4,883
Withdrawals and surrenders (3,558) (4,910) (4,458)
Change in deposit asset on reinsurance, net (150,434) 0 0
Change in book overdrafts (24,561) 21,872 (4,748)
Net cash used in financing activities (169,913) (10,110) (36,965)
Net increase (decrease) in cash 13,602 4,279 (9,043)
Cash and restricted cash at beginning of period 11,906 7,627 16,670
Cash and restricted cash at end of period $ 25,508 $ 11,906 $ 7,627