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v3.22.2.2

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended
--- | ---
Sep. 30, 2022 | Sep. 30, 2021
CASH FROM OPERATING ACTIVITIES: |  |
Net income to common stockholders | $ 998,839 | $ 728,060
Adjustments to reconcile net income to net cash from operating activities: |  |
Net investment gains | (127,299) | (78,404)
Depreciation and amortization | 46,037 | 101,330
Noncontrolling interests | 4,131 | 8,652
Investment funds | (121,919) | (169,538)
Stock incentive plans | 36,247 | 36,486
Change in: |  |
Arbitrage trading account | (39,389) | (224,613)
Premiums and fees receivable | (247,782) | (365,092)
Reinsurance accounts | (187,453) | (255,126)
Deferred policy acquisition costs | (92,724) | (108,131)
Income taxes | (111,231) | (81,574)
Reserves for losses and loss expenses | 1,225,679 | 1,164,594
Unearned premiums | 551,894 | 707,658
Other | (161,727) | 60,092
Net cash from operating activities | 1,773,303 | 1,524,394
CASH USED IN INVESTING ACTIVITIES: |  |
Proceeds from sale of fixed maturity securities | 1,638,049 | 1,631,849
Proceeds from sale of equity securities | 20,057 | 100,366
(Contributions to) distributions from investment funds | (72,925) | 124,892
Proceeds from maturities and prepayments of fixed maturity securities | 3,916,331 | 4,672,562
Purchase of fixed maturity securities | (7,694,663) | (8,442,260)
Purchase of equity securities | (340,158) | (340,424)
Real estate (purchased) sold | (18,670) | 182,998
Change in loans receivable | 2,066 | (27,764)
Net purchases of property, furniture and equipment | (35,270) | (53,558)
Change in balances due to security brokers | 177,457 | 110,752
Cash received in connection with business disposition | 906,789 | 0
Payment for business purchased net of cash acquired | (49,572) | 0
Other | 94 | 14
Net cash used in investing activities | (1,550,415) | (2,040,573)
CASH (USED IN) FROM FINANCING ACTIVITIES: |  |
Repayment of senior notes and other debt | (426,503) | (503,914)
Net proceeds from issuance of debt | 2,181 | 1,032,404
Cash dividends to common stockholders | (182,147) | (156,107)
Purchase of common treasury shares | (6,570) | (122,426)
Other, net | (21,808) | (27,941)
Net cash (used in) from financing activities | (634,847) | 222,016
Net impact on cash due to change in foreign exchange rates | (26,134) | (9,174)
Net change in cash and cash equivalents | (438,093) | (303,337)
Cash and cash equivalents at beginning of period | 1,568,843 | 2,372,366
Cash and cash equivalents at end of period | $ 1,130,750 | $ 2,069,029

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