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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows - operating activities    
Net income $ 85,524 $ 151,442
Adjustments to reconcile net income to net cash provided by operating activities    
Net investment (gains) losses 12,833 (151,594)
Amortization of premiums and accretion of discounts on fixed maturity securities, net 4,904 1,023
Depreciation and intangible asset amortization 17,547 9,751
Share-based compensation expense 4,578 5,666
Other expense - goodwill impairment 0 28,025
Changes in:    
Accrued investment income (5,476) 41,994
Insurance liabilities 97,952 40,180
Premium receivables 4,068 (9,671)
Deferred policy acquisitions (2,546) 501
Reinsurance recoverables 3,265 11,837
Income tax liabilities (3,419) 34,845
Other operating assets and liabilities 44,282 56,194
Other 4,312 (12,957)
Net cash provided by operating activities 267,824 207,236
Fixed maturity securities    
Purchases (1,093,888) (845,967)
Sales 352,766 651,058
Maturities, paydowns, calls and redemptions 525,310 645,946
Equity securities    
Purchases (23,170) (10,510)
Sales and repayments 12,368 20,989
Limited partnership interests    
Purchases (59,958) (42,388)
Sales 14,594 36,108
Change in short-term and other investments, net (96,890) (99,702)
Acquisition of businesses, net of cash acquired 0 (421,174)
Net cash used in investing activities (368,868) (65,640)
Cash flows - financing activities    
Dividends paid to shareholders (37,196) (35,477)
Principal borrowings on Bank Credit Facility 0 135,000
FHLB borrowings 4,000 0
Acquisition of treasury stock (2,145) 0
Proceeds from exercise of stock options 2,402 1,105
Withholding tax payments on RSUs tendered (1,954) (3,560)
Annuity contracts: variable, fixed and FHLB funding agreements    
Deposits 462,207 519,636
Benefits, withdrawals and net transfers to Separate Account (variable annuity) assets (284,439) (313,653)
Principal repayment on FHLB funding agreements 0 (275,000)
Life policy accounts    
Deposits 6,775 7,143
Withdrawals and surrenders (2,912) (2,682)
Change in deposit asset on reinsurance (14,797) (130,740)
Change in book overdrafts 9,070 (15,925)
Net cash provided by (used in) financing activities 141,011 (114,153)
Net increase in cash 39,967 27,443
Cash at beginning of period 25,508 11,906
Cash at end of period $ 65,475 $ 39,349