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v3.22.1

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2022 | Mar. 31, 2021
CASH FROM OPERATING ACTIVITIES: |  |
Net income to common stockholders | $ 590,638 | $ 229,525
Adjustments to reconcile net income to net cash from operating activities: |  |
Net investment gains | (366,265) | (34,839)
Depreciation and amortization | 24,631 | 33,543
Noncontrolling interests | 2,392 | 2,191
Investment funds | (52,012) | (38,935)
Stock incentive plans | 11,438 | 11,817
Change in: |  |
Arbitrage trading account | (7,215) | (16,108)
Premiums and fees receivable | (69,704) | (96,290)
Reinsurance accounts | (2,643) | (105,589)
Deferred policy acquisition costs | (39,220) | (38,577)
Income taxes | 123,763 | 47,372
Reserves for losses and loss expenses | 316,065 | 303,305
Unearned premiums | 167,522 | 219,920
Other | (221,708) | (206,345)
Net cash from operating activities | 477,682 | 310,990
CASH FROM (USED IN) INVESTING ACTIVITIES: |  |
Proceeds from sale of fixed maturity securities | 408,221 | 1,115,114
Proceeds from sale of equity securities | 9,227 | 57,457
(Contributions) distributions from investment funds | (13,423) | 36,236
Proceeds from maturities and prepayments of fixed maturity securities | 1,440,457 | 1,623,357
Purchase of fixed maturity securities | (2,200,214) | (4,118,161)
Purchase of equity securities | (100,356) | (69,181)
Real estate sold | 28,141 | 9,787
Change in loans receivable | 332 | 9,256
Net purchases of property, furniture and equipment | (9,114) | (10,872)
Change in balances due to security brokers | 98,058 | 151,776
Cash received in connection with business disposition | 906,789 | 0
Payment for business purchased net of cash acquired | (49,572) | 0
Other | 17 | 0
Net cash from (used in) investing activities | 518,563 | (1,195,231)
CASH (USED IN) FROM FINANCING ACTIVITIES: |  |
Repayment of senior notes and other debt | (426,503) | (110,000)
Net payments for stock options exercised | (327) | (525)
Net proceeds from issuance of debt | 1,186 | 691,213
Cash dividends to common stockholders | (22,983) | (21,285)
Purchase of common treasury shares | 0 | (29,683)
Other, net | (2,703) | (1,503)
Net cash (used in) from financing activities | (451,330) | 528,217
Net impact on cash due to change in foreign exchange rates | 1,083 | (1,431)
Net change in cash and cash equivalents | 545,998 | (357,455)
Cash and cash equivalents at beginning of period | 1,568,843 | 2,372,366
Cash and cash equivalents at end of period | $ 2,114,841 | $ 2,014,911

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