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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FROM OPERATING ACTIVITIES:    
Net income to common stockholders $ 1,329,892 $ 1,180,014
Adjustments to reconcile net income to net cash from operating activities:    
Net investment (gains) losses (126,288) 40,818
Depreciation and (accretion) amortization (32,824) (156,993)
Noncontrolling interests 136 (780)
Investment funds (59,713) (868)
Stock incentive plans 40,622 40,319
Change in:    
Arbitrage trading account (39,557) 36,714
Premiums and fees receivable (247,505) (311,827)
Reinsurance accounts (37,028) 85,226
Deferred policy acquisition costs (78,896) (94,393)
Income taxes 71,971 16,825
Reserves for losses and loss expenses 1,321,812 1,402,623
Unearned premiums 510,644 569,416
Other (65,782) 61,241
Net cash from operating activities 2,587,484 2,868,335
CASH USED IN INVESTING ACTIVITIES:    
Proceeds from sale of fixed maturity securities 875,126 1,688,623
Proceeds from sale of equity securities 303,275 288,366
Distributions from investment funds 101,904 15,533
Proceeds from maturities and prepayments of fixed maturity securities 4,020,129 3,483,326
Purchase of fixed maturity securities (6,844,620) (7,177,379)
Purchase of equity securities (338,528) (186,382)
Real estate purchased (12,315) (66,813)
Change in loans receivable 102,641 (173,548)
Net purchases of property, furniture and equipment (53,737) (91,670)
Change in balances due to security brokers 59,870 122,519
Net cash used in investing activities (1,786,255) (2,097,425)
CASH USED IN FINANCING ACTIVITIES:    
Repayment of senior notes and other debt (1,724) (240)
Cash dividends to common stockholders (288,365) (311,514)
Purchase of common treasury shares (73,829) (236,243)
Other, net (44,468) (13,944)
Net cash used in financing activities (408,386) (561,941)
Net impact on cash due to change in foreign exchange rates 36,429 1,074
Net change in cash and cash equivalents 429,272 210,043
Cash and cash equivalents at beginning of period 1,974,747 1,363,195
Cash and cash equivalents at end of period $ 2,404,019 $ 1,573,238