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v3.23.3

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended
--- | ---
Sep. 30, 2023 | Sep. 30, 2022
CASH FROM OPERATING ACTIVITIES: |  |
Net income to common stockholders | $ 984,020 | $ 998,839
Adjustments to reconcile net income to net cash from operating activities: |  |
Net investment gains | (39,239) | (127,299)
Depreciation and amortization | 3,294 | 46,037
Noncontrolling interests | 863 | 4,131
Investment funds | (5,444) | (121,919)
Stock incentive plans | 37,796 | 36,247
Change in: |  |
Arbitrage trading account | (41,399) | (39,389)
Premiums and fees receivable | (340,056) | (247,782)
Reinsurance accounts | (194,610) | (187,453)
Deferred policy acquisition costs | (93,270) | (92,724)
Income taxes | 49,722 | (111,231)
Reserves for losses and loss expenses | 1,288,975 | 1,225,679
Unearned premiums | 608,300 | 551,894
Other | (27,790) | (161,727)
Net cash from operating activities | 2,231,162 | 1,773,303
CASH USED IN INVESTING ACTIVITIES: |  |
Proceeds from sale of fixed maturity securities | 877,019 | 1,638,049
Proceeds from sale of equity securities | 161,470 | 20,057
Distributions from (contributions to) investment funds | 8,385 | (72,925)
Proceeds from maturities and prepayments of fixed maturity securities | 2,654,140 | 3,916,331
Purchase of fixed maturity securities | (5,091,866) | (7,694,663)
Purchase of equity securities | (63,815) | (340,158)
Real estate additions | (15,158) | (18,670)
Change in loans receivable | 12,796 | 2,066
Net purchases of property, furniture and equipment | (42,127) | (35,270)
Change in balances due to security brokers | 8,224 | 177,457
Cash received in connection with business disposition | 94,076 | 906,789
Payment for business purchased net of cash acquired | 0 | (49,572)
Other | 320 | 94
Net cash used in investing activities | (1,396,536) | (1,550,415)
CASH USED IN FINANCING ACTIVITIES: |  |
Repayment of senior notes and other debt | (1,954) | (426,503)
Net proceeds from issuance of debt | 1,100 | 2,181
Cash dividends to common stockholders | (186,921) | (182,147)
Purchase of common treasury shares | (430,536) | (6,570)
Other, net | (20,545) | (21,808)
Net cash used in financing activities | (638,856) | (634,847)
Net impact on cash due to change in foreign exchange rates | 959 | (26,134)
Net change in cash and cash equivalents | 196,728 | (438,093)
Cash and cash equivalents at beginning of period | 1,449,346 | 1,568,843
Cash and cash equivalents at end of period | $ 1,646,074 | $ 1,130,750

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