| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net Income (Loss) Attributable to Parent | |||||||||||
320,100 | -5,700 | 144,900 | 73,044 | 74,479 | 177,949 | 112,143 | 116,911 | 191,164 | 152,198 | 403,072 | -242,119 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
64,730 | 58,791 | 55,343 | 53,258 | 47,838 | 28,054 | 30,587 | 36,974 | 40,657 | 40,735 | 35,692 | 27,037 |
Realized Investment Gains (Losses) | |||||||||||
222,800 | -133,500 | 83,700 | -34,255 | -83,807 | 81,184 | -11,422 | 66,380 | 58,397 | 57,089 | 346,444 | -550,520 |
Bond amortization, net | |||||||||||
- | - | - | - | - | 18,918 | 12,529 | 6,757 | 4,615 | 1,062 | 6,655 | 12,263 |
Excess tax benefits related to share-based compensation | |||||||||||
- | - | - | - | - | 148 | 202 | 86 | 56 | 132 | 5 | 121 |
Increase in premiums receivable | |||||||||||
49,832 | 80,979 | 14,908 | 22,531 | 41,512 | 23,934 | 20,688 | 56,588 | 7,819 | 4,192 | -17,138 | 28,314 |
Decrease in reinsurance recoverables | |||||||||||
-142,314 | 164,739 | 43,043 | -998 | 89 | - | - | - | - | - | - | - |
Gain on sale of fixed assets | |||||||||||
0 | 0 | 3,078 | 0 | 0 | - | - | - | - | - | - | - |
Changes in current and deferred income taxes | |||||||||||
-72,545 | 13,898 | 3,010 | 2,130 | 35,287 | -8,343 | -3,451 | 83 | -45,431 | -11,399 | -150,850 | 247,812 |
Increase in deferred policy acquisition costs | |||||||||||
18,035 | 16,980 | -2,675 | -936 | 4,560 | 2,736 | 8,556 | 14,480 | 851 | -5,287 | -24,139 | 9,800 |
Increase in loss and loss adjustment expense reserves | |||||||||||
91,843 | 318,799 | 220,365 | 143,560 | 36,214 | 52,813 | 2,861 | -50,844 | 48,926 | 19,129 | 80,174 | 29,593 |
Increase in unearned premiums | |||||||||||
119,366 | 134,254 | 27,490 | 25,124 | 42,552 | 46,271 | 33,098 | 77,002 | 10,048 | -11,161 | -35,111 | -58,719 |
Increase in accounts payable and accrued expenses | |||||||||||
26,493 | 6,586 | -4,178 | -10,586 | -35,086 | 31,019 | 30,367 | 1,197 | -9,985 | -9,054 | 15,757 | -30,816 |
Decrease in trading securities in nature, net of realized gains and losses | |||||||||||
- | - | - | - | - | - | - | - | - | - | -3,209 | -3,463 |
Share-based compensation | |||||||||||
123 | 145 | 60 | 142 | 142 | 4,112 | 974 | 370 | 899 | 812 | 763 | 652 |
(Decrease) increase in other payables | |||||||||||
- | - | - | - | - | -10,988 | 12,135 | 2,545 | -4,142 | -23,186 | -2,742 | -11,969 |
Other, net | |||||||||||
-27,163 | 13,663 | 42,462 | -4,392 | 21,773 | -1,954 | -10,317 | -6,181 | -4,113 | 4,231 | -3,774 | -5,485 |
Net cash provided by operating activities | |||||||||||
519,678 | 383,434 | 341,405 | 291,678 | 190,271 | 246,535 | 209,804 | 148,062 | 158,525 | 91,781 | 189,025 | 64,601 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Fixed maturity securities available for sale in nature: | |||||||||||
Purchases | |||||||||||
491,795 | 706,224 | 734,397 | 1,077,638 | 965,701 | 542,494 | 831,796 | 590,562 | 379,963 | 432,869 | 430,692 | 673,231 |
Sales | |||||||||||
136,560 | 189,306 | 100,709 | 396,766 | 260,946 | 209,680 | 228,116 | 139,860 | 217,535 | 204,543 | 238,308 | 550,687 |
Calls or maturities | |||||||||||
316,860 | 334,626 | 575,735 | 647,059 | 386,644 | 330,637 | 343,628 | 528,886 | 418,616 | 285,454 | 218,037 | 235,846 |
Equity securities available for sale in nature: | |||||||||||
Purchases | |||||||||||
1,174,759 | 1,026,827 | 831,310 | 714,113 | 748,217 | 868,383 | 596,883 | 358,216 | 351,198 | 272,519 | 295,513 | 386,585 |
Sales | |||||||||||
1,088,701 | 954,755 | 679,571 | 696,138 | 805,417 | 745,058 | 872,997 | 277,272 | 325,562 | 240,764 | 337,018 | 282,650 |
Calls | |||||||||||
0 | 0 | 7,100 | 0 | 2,851 | 1,044 | 0 | 923 | 0 | 4,826 | 0 | 0 |
Changes in securities payable and receivable | |||||||||||
2,536 | -4,035 | 44,740 | -29,958 | 1,387 | -9,294 | -1,702 | -1,919 | 9,137 | -10,763 | -1,192 | 1,050 |
Change in short-term investments and purchased options | |||||||||||
240,391 | -45,747 | -73,005 | 191,530 | -187,492 | 56,530 | 20,005 | 58,949 | 93,737 | 12,815 | 48,718 | 68,002 |
Purchases of fixed assets | |||||||||||
40,088 | 27,959 | 19,443 | 16,979 | 20,112 | 26,037 | 18,671 | 15,177 | 18,079 | 28,886 | 36,336 | 48,513 |
Sale of fixed assets | |||||||||||
0 | 0 | 6,239 | 14 | 141 | 224 | 820 | 2,044 | 2,990 | 1,341 | 369 | 1,514 |
Business acquisition, net of cash acquired | |||||||||||
- | - | - | - | 7,771 | 0 | 0 | - | - | - | 115,488 | 0 |
Other, net | |||||||||||
-6,247 | -10,105 | -1,934 | -3,605 | -2,473 | -3,472 | -1,741 | -2,255 | -12,026 | -6,868 | -2,690 | -5,334 |
Net cash used in investing activities | |||||||||||
-401,201 | -222,436 | -185,597 | -226,720 | -81,682 | -194,035 | -18,351 | -69,745 | 124,615 | 33,100 | -31,697 | 34,654 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Dividends paid to shareholders | |||||||||||
139,071 | 138,478 | 137,886 | 137,201 | 136,386 | 135,496 | 134,776 | 134,105 | 132,142 | 129,863 | 127,617 | 127,011 |
Employee taxes paid with shares related to share-based compensation | |||||||||||
- | - | - | 3,292 | 0 | 148 | 202 | 86 | 56 | 132 | 5 | 121 |
Payment to retire senior notes | |||||||||||
- | - | - | - | - | - | - | - | 125,000 | 0 | 0 | -4,500 |
Payoff bank loan | |||||||||||
- | - | - | - | - | - | - | - | 18,000 | 0 | 0 | - |
Proceeds from stock options exercised | |||||||||||
701 | 358 | 2,162 | 1,632 | 2,111 | 6,247 | 1,446 | 2,492 | 1,951 | 733 | 393 | 1,286 |
Net proceeds from issuance of senior notes | |||||||||||
0 | 0 | 371,011 | 0 | 0 | - | - | - | - | - | - | - |
Payoff of principal on loan and credit facilities | |||||||||||
0 | 0 | 320,000 | 0 | 0 | - | - | - | - | - | - | - |
Proceeds from bank loan | |||||||||||
- | - | - | 30,000 | 0 | 100,000 | 50,000 | 0 | 20,000 | 0 | 120,000 | 18,000 |
Net cash used in financing activities | |||||||||||
-138,370 | -138,120 | -84,713 | -108,861 | -134,275 | -29,101 | -83,128 | -131,527 | -253,135 | -128,998 | -7,219 | -112,104 |
Net (decrease) increase in cash | |||||||||||
-19,893 | 22,878 | 71,095 | -43,903 | -25,686 | 23,399 | 108,325 | -53,210 | 30,005 | -4,117 | 150,109 | -12,849 |
SUPPLEMENTAL CASH FLOW DISCLOSURE | |||||||||||
Interest paid | |||||||||||
16,586 | 16,586 | 9,863 | 3,531 | 2,989 | 2,543 | 998 | 1,690 | 6,193 | 6,607 | 7,244 | 5,787 |
Income taxes paid, net | |||||||||||
-14,564 | -10,989 | 25,218 | -183 | 31,390 | 61,139 | 16,503 | 18,481 | 8,503 | 18,792 | 17,615 | 39,087 |
Net realized gains from sale of investments | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | -18,698 |