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v3.22.2

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2022 | Jun. 30, 2021
CASH FROM OPERATING ACTIVITIES: |  |
Net income to common stockholders | $ 769,960 | $ 466,763
Adjustments to reconcile net income to net cash from operating activities: |  |
Net investment gains | (194,710) | (58,903)
Depreciation and amortization | 37,238 | 70,597
Noncontrolling interests | 2,536 | 2,631
Investment funds | (85,874) | (100,246)
Stock incentive plans | 24,158 | 23,122
Change in: |  |
Arbitrage trading account | (27,071) | (139,520)
Premiums and fees receivable | (284,092) | (321,718)
Reinsurance accounts | (111,350) | (178,442)
Deferred policy acquisition costs | (77,561) | (72,125)
Income taxes | (56,725) | (71,205)
Reserves for losses and loss expenses | 788,211 | 705,454
Unearned premiums | 409,450 | 473,395
Other | (188,517) | (103,994)
Net cash from operating activities | 1,005,653 | 695,809
CASH USED IN INVESTING ACTIVITIES: |  |
Proceeds from sale of fixed maturity securities | 909,295 | 1,474,054
Proceeds from sale of equity securities | 19,842 | 98,765
(Contributions to) distributions from investment funds | (142,801) | 88,363
Proceeds from maturities and prepayments of fixed maturity securities | 2,655,789 | 3,156,861
Purchase of fixed maturity securities | (4,860,991) | (6,266,934)
Purchase of equity securities | (271,296) | (143,836)
Real estate (purchased) sold | (5,974) | 202,115
Change in loans receivable | 1,200 | (28,510)
Net purchases of property, furniture and equipment | (22,028) | (48,273)
Change in balances due to security brokers | 69,801 | 65,751
Cash received in connection with business disposition | 906,789 | 0
Payment for business purchased net of cash acquired | (49,572) | 0
Other | 37 | 2
Net cash used in investing activities | (789,909) | (1,401,642)
CASH (USED IN) FROM FINANCING ACTIVITIES: |  |
Repayment of senior notes and other debt | (426,503) | (505,230)
Net proceeds from issuance of debt | 192 | 686,893
Cash dividends to common stockholders | (22,983) | (21,285)
Purchase of common treasury shares | 0 | (29,683)
Other, net | (1,400) | (6,725)
Net cash (used in) from financing activities | (450,694) | 123,970
Net impact on cash due to change in foreign exchange rates | (17,290) | (304)
Net change in cash and cash equivalents | (252,240) | (582,167)
Cash and cash equivalents at beginning of period | 1,568,843 | 2,372,366
Cash and cash equivalents at end of period | $ 1,316,603 | $ 1,790,199

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