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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 304,257 $ 303,844
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Net (gains) losses on investments and other financial instruments 3,997 (5,349)
Purchases of mortgage loans held for sale (613,469) (64,508)
Proceeds from sales of mortgage loans held for sale 178,853 0
Proceeds from repayments of mortgage loans held for sale 6,879 8,165
Loss on extinguishment of debt 4,275 0
Amortization of other acquired intangible assets 0 2,741
Depreciation, other amortization, and other impairments, net 34,272 30,093
Deferred income tax provision 78,899 79,869
Change in:    
Accrued investment income (1,824) (2,557)
Accounts and notes receivable (13,845) (18,126)
Reinsurance recoverable (5,155) 2,654
Deferred policy acquisition costs 152 (812)
Prepaid federal income tax (87,416) (66,952)
Other assets 12,445 24,712
Unearned premiums (19,302) (24,813)
Reserve for losses and LAE (12,678) (47,409)
Reinsurance funds withheld 5,285 2,287
Other liabilities (31,863) (34,590)
Net cash provided by (used in) operating activities (156,238) 189,249
Proceeds from sales of:    
Fixed-maturities available for sale 300,023 230,081
Trading securities 0 9,122
Equity securities 14,507 45,295
Proceeds from redemptions of:    
Fixed-maturities available for sale 429,889 250,764
Trading securities 10,553 1,310
Purchases of:    
Fixed-maturities available for sale (752,250) (581,433)
Equity securities (9,101) (4,426)
Sales, redemptions and (purchases) of:    
Short-term investments, net (66,661) (30,438)
Other assets and other invested assets, net 1,231 (195)
Additions to property and equipment (2,624) (10,113)
Net cash provided by (used in) investing activities (74,433) (90,033)
Cash flows from financing activities    
Dividends and dividend equivalents paid (78,070) (75,201)
Issuance of common stock 887 1,514
Repurchases of common stock (100,033) (20,009)
Issuance of senior notes, net 616,745 0
Redemption of senior notes (527,079) 0
Change in secured borrowings, net (with terms three months or less) (69,717) (12,635)
Proceeds from secured borrowings (with terms greater than three months) 552,681 54,580
Repayments of secured borrowings (with terms greater than three months) (168,742) (41,092)
Credit facility commitment fees paid (282) (474)
Net cash provided by (used in) financing activities 226,390 (93,317)
Increase (decrease) in cash and restricted cash (4,281) 5,899
Cash and restricted cash, beginning of period 20,065 56,560
Cash and restricted cash, end of period $ 15,784 $ 62,459