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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities      
Net income $ 1,693,300 $ 727,821 $ 629,709
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized (gains) losses (381,132) 387,550 (174,517)
Net impairment losses recognized in earnings 3,165 2,829 7,138
Equity in net income or loss of investments accounted for using the equity method and other income or loss (14,013) 36,694 (79,540)
Amortization of intangible assets 82,104 105,670 125,778
Share-based compensation 66,417 55,776 67,798
Changes in:      
Reserve for losses and loss adjustment expenses, net of unpaid losses and loss adjustment expenses recoverable 489,981 243,734 614,534
Unearned premiums, net of ceded unearned premiums 252,569 114,772 116,841
Premiums receivable (237,752) (211,296) (31,405)
Deferred acquisition costs, net (47,260) (37,847) (78,378)
Reinsurance balances payable 182,132 73,438 8,529
Other items, net (41,052) 60,181 (111,609)
Net cash provided by operating activities 2,048,459 1,559,322 1,094,878
Investing Activities      
Purchases of fixed maturity investments (30,053,777) (33,327,660) (36,806,913)
Purchases of equity securities (811,967) (1,001,149) (1,021,016)
Purchases of other investments (1,470,545) (2,014,622) (2,020,624)
Proceeds from the sale of fixed maturity investments 28,595,865 31,513,271 35,686,779
Proceeds from sales of equity securities 429,818 1,118,445 1,056,401
Proceeds from sales, redemptions and maturities of other investments 1,209,559 1,561,958 1,528,617
Proceeds from redemptions and maturities of fixed maturity investments 643,265 892,755 907,417
Net settlements of derivative instruments 59,982 44,699 (28,563)
Net (purchases) sales of short-term investments 39,833 485,473 (734,554)
Change in cash collateral related to securities lending (62,193) 180,883 12,540
Purchases of fixed assets (37,837) (29,809) (22,841)
Other (348,486) 21,736 90,875
Net cash provided by (used for) investing activities (1,806,483) (554,020) (1,351,882)
Financing Activities      
Proceeds from issuance of preferred shares, net 0 0 319,694
Redemption of preferred shares 0 (92,555) (230,000)
Purchases of common shares under share repurchase program (2,871) (282,762) 0
Proceeds from common shares issued, net 6,203 (7,608) (21,048)
Proceeds from borrowings 200,083 218,259 253,415
Repayments of borrowings (49,182) (576,401) (197,000)
Change in cash collateral related to securities lending 62,193 (180,883) (12,540)
Change in third party investment in non-redeemable noncontrolling interests (75,056) 0 0
Change in third party investment in redeemable noncontrolling interests (161,882) 0 0
Dividends paid to redeemable noncontrolling interests (12,515) (17,989) (17,989)
Other (6,023) (7,226) (51,896)
Preferred dividends paid (41,612) (41,645) (46,041)
Net cash provided by (used for) financing activities (80,662) (988,810) (3,405)
Effects of exchange rate changes on foreign currency cash and restricted cash 17,741 (19,133) 18,124
Increase (decrease) in cash and restricted cash 179,055 (2,641) (242,285)
Cash and restricted cash, beginning of year 724,643 727,284 969,569
Cash and restricted cash, end of year 903,698 724,643 727,284
Supplemental cash flow information      
Income taxes paid (received) 109,463 (980) 51,781
Interest paid $ 126,945 $ 119,775 $ 117,374