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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 603,119 $ 742,934 $ 600,671
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Net (gains) losses on investments and other financial instruments (10,241) 80,733 (15,603)
Purchases of mortgage loans held for sale (220,885) (3,890) 0
Proceeds from sales of mortgage loans held for sale 172,573 0 0
Proceeds from repayments of mortgage loans held for sale 17,064 393 0
Impairment of goodwill 9,802 0 0
Amortization of other acquired intangible assets 5,483 4,308 3,450
Depreciation, other amortization, and other impairments, net 73,632 72,267 72,020
Deferred income tax provision 165,001 206,925 161,793
Change in:      
Accrued investment income (5,690) (7,281) 1,235
Accounts and notes receivable (1,618) 4,210 (2,722)
Reinsurance recoverable (276) 42,263 5,306
Deferred policy acquisition costs (258) (2,143) 1,988
Prepaid federal income tax (153,952) (242,245) (143,234)
Other assets 37,960 65,744 65,071
Unearned premiums (46,083) (57,611) (119,701)
Reserve for losses and LAE (56,695) (401,799) (19,771)
Reinsurance funds withheld (21,503) (76,011) (50,477)
Other liabilities (37,999) (40,499) (2,914)
Net cash provided by (used in) operating activities 529,434 388,298 557,112
Proceeds from sales of:      
Fixed-maturities available for sale 331,880 399,371 735,340
Trading securities 9,123 8,868 7,952
Equity securities 67,953 8,004 36,748
Proceeds from redemptions of:      
Fixed-maturities available for sale 498,081 789,929 1,225,626
Trading securities 1,707 102,121 16,668
Purchases of:      
Fixed-maturities available for sale (933,264) (1,414,966) (1,980,155)
Equity securities (8,334) (24,637) (105,649)
Sales, redemptions and (purchases) of:      
Short-term investments, net (251,662) 150,694 68,083
Other assets and other invested assets, net (45) (6,887) 6,126
Additions to property and equipment (16,281) (17,672) (12,601)
Net cash provided by (used in) investing activities (300,842) (5,175) (1,862)
Cash flows from financing activities      
Dividends and dividend equivalents paid (145,908) (135,437) (103,298)
Issuance of common stock 1,755 1,341 1,382
Repurchases of common stock (133,314) (400,195) (399,100)
Credit facility commitment fees paid (904) (814) (3,325)
Change in secured borrowings, net (with terms three months or less) 38,229 102,983 13,565
Proceeds from secured borrowings (with terms greater than three months) 207,518 28,704 42,000
Repayments of secured borrowings (with terms greater than three months) (232,463) (75,765) (48,000)
Net cash provided by (used in) financing activities (265,087) (479,183) (496,776)
Increase (decrease) in cash and restricted cash (36,495) (96,060) 58,474
Cash and restricted cash, beginning of period 56,560 152,620 94,146
Cash and restricted cash, end of period 20,065 56,560 152,620
Supplemental disclosures of cash flow information      
Income taxes paid (Note 10) 153,974 243,500 143,973
Interest paid $ 86,532 $ 79,062 $ 78,704