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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Management fee received $ 3,209,511 $ 2,898,367 $ 2,420,192
Administrative services reimbursements received 814,106 776,150 721,928
Service agreement revenue received 24,751 26,346 26,018
Net investment income received 78,699 67,643 57,448
Commissions paid to agents (1,608,605) (1,443,296) (1,200,014)
Incentive compensation paid to agents (94,794) (94,864) (120,211)
Salaries and wages paid (264,406) (249,137) (226,036)
Pension contribution and employee benefits paid (115,260) (110,764) (169,762)
General operating expenses paid (316,643) (308,273) (293,857)
Administrative services expenses paid (836,702) (791,050) (730,129)
Contribution to charitable foundation (100,000) 0 0
Income taxes paid (104,000) (159,873) (104,372)
Net cash provided by operating activities 686,657 611,249 381,205
Purchase of investments:      
Available-for-sale securities (693,066) (473,647) (279,999)
Equity securities (36,926) (32,799) (35,480)
Other investments (50) (7,075) (88)
Proceeds from investments:      
Available-for-sale securities sales 205,965 205,159 160,614
Available-for-sale securities maturities/calls 188,569 196,641 76,617
Equity securities 34,339 35,894 24,458
Other investments 167 54 871
Purchase of fixed assets (115,692) (124,845) (92,647)
Loans to agents and others (35,505) (36,362) (20,525)
Collections on agent and other loans 12,871 10,068 8,614
Net cash used in investing activities (439,328) (226,912) (157,565)
Cash flows from financing activities      
Dividends paid to shareholders (254,275) (237,508) (221,675)
Net changes in cash collateral for securities lent 54,423 7,513 0
Net cash used in financing activities (199,852) (229,995) (221,675)
Net increase in cash, cash equivalents and restricted cash 47,477 154,342 1,965
Cash, cash equivalents and restricted cash, beginning of year 298,397 144,055 142,090
Cash, cash equivalents and restricted cash, end of year 345,874 298,397 144,055
Supplemental disclosure of noncash transactions      
Liability incurred to purchase fixed assets 26,361 15,254 0
Operating lease assets obtained in exchange for lease liabilities 4,000 7,871 5,866
Receipt of donated equipment $ 1,967 $ 0 $ 0