[July 25, 2016] |
|
Everest Re Group Reports Second Quarter 2016 Results; 8% Growth in Premium; 95% Combined Ratio
Everest Re Group, Ltd. (NYSE:RE) today reported second quarter 2016 net
income of $155.7 million, or $3.67 per diluted common share, compared to
net income of $209.1 million, or $4.68 per diluted common share, for the
second quarter of 2015. After-tax operating income1,
excluding realized capital gains and losses, was $134.2 million, or
$3.17 per diluted common share, for the second quarter of 2016, compared
to after-tax operating income1 of $224.5 million, or $5.03
per diluted common share, for the same period last year.
For the six months ended June 30, 2016, net income was $327.4 million,
or $7.68 per diluted common share, compared to $532.0 million, or $11.88
per diluted common share, for the first six months of 2015. After-tax
operating income1, excluding realized capital gains and
losses, was $356.9 million, or $8.37 per diluted common share, compared
to $554.4 million or $12.38 per diluted common share, for the same
period in 2015.
Commenting on the Company's results, President and Chief Executive
Officer, Dominic J. Addesso said, "Everest's six month annualized
operating return on equity of 9.4% is an excellent result given the
number of catastrophe loss events, the impact of foreign currency
movements around the world, and the continued low interest rate
environment. It remains a challenging environment but the strategic
actions we have taken to position Everest for continued success are
borne out by these results."
Operating highlights for the second quarter of 2016 included the
following:
-
Gross written premiums for the quarter were $1.4 billion, an increase
of 8% compared to the second quarter of 2015. Eliminating the
unfavorable effects of foreign currency fluctuations, premiums were
actually up 10% for the quarter. Worldwide, reinsurance premiums were
up 1%, on a constant dollar basis, and insurance premiums were up 32%,
quarter over quarter.
-
The combined ratio for the quarter was 95.1% compared to 88.0% in the
second quarter of 2015. Excluding catastrophe losses, reinstatement
premiums, and prior period loss development, the current quarter
attritional combined ratio was 86.1% compared to 85.9% in the same
period last year.
-
Catastrophe losses, net of reinsurance, amounted to $123.8 million in
the quarter, with current quarter catastrophe losses for the Fort
McMurray, Canada wildfires, Ecuador earthquake, and Texas hailstorms
totaling $149.1 million, offset by reserve releases on several 2011
events. The net impact of these losses, after reinstatement premiums
and taxes was $105.4 million.
-
Net investment income for the quarter was $132.7 million, including
income of $23.0 million on limited partnership investments.
-
Net after-tax realized and unrealized capital gains amounted to $21.5
million and $122.9 million, respectively, for the quarter.
-
Cash flow from operations was $307.3 million compared to $181.1
million for the same period in 2015.
-
Through the first six months, the annualized after-tax operating
income¹ return on average adjusted shareholders' equity² was 9.4%.
-
During the quarter, the Company repurchased 544,728 of its common
shares at an average price of $184.37 and a total cost of $100.4
million. The repurchases were made pursuant to a share repurchase
authorization, provided by the Company's Board of Directors, under
which there remains 3.1 million shares available.
-
Shareholders' equity ended the quarter at $8.0 billion, up 5% compared
to year end 2015. Book value per share increased 7% from $178.21 at
December 31, 2015 to $190.66 at June 30, 2016.
This news release contains forward-looking statements within the
meaning of the U.S. federal securities laws. We intend these
forward-looking statements to be covered by the safe harbor provisions
for forward-looking statements in the U.S. Federal securities laws.
These statements involve risks and uncertainties that could cause actual
results to differ materially from those contained in forward-looking
statements made on behalf of the Company. These risks and
uncertainties include the impact of general economic conditions and
conditions affecting the insurance and reinsurance industry, the
adequacy of our reserves, our ability to assess underwriting risk,
trends in rates for property and casualty insurance and reinsurance,
competition, investment market fluctuations, trends in insured and paid
losses, catastrophes, regulatory and legal uncertainties and other
factors described in our latest Annual Report on Form 10-K. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Everest Re Group, Ltd. is a Bermuda holding company that operates
through the following subsidiaries: Everest Reinsurance Company provides
reinsurance to property and casualty insurers in both the U.S. and
international markets. Everest Reinsurance (Bermuda), Ltd., including
through its branch in the United Kingdom, provides reinsurance and
insurance to worldwide property and casualty markets and reinsurance to
life insurers. Everest Reinsurance Company (Ireland), Limited provides
reinsurance to non-life insurers in Europe. Everest National Insurance
Company and Everest Security Insurance Company provide property and
casualty insurance to policyholders in the U.S. Everest Indemnity
Insurance Company offers excess and surplus lines insurance in the U.S.
Everest Insurance Company of Canada provides property and casualty
insurance to policyholders in Canada. The Company also operates within
the Lloyd's insurance market through Syndicate 2786. In addition,
through Mt. Logan Re, Ltd., the Company manages segregated accounts,
capitalized by the Company and third party investors, that provide
reinsurance for property catastrophe risks. Additional information on
Everest Re Group companies can be found at the Group's web site at www.everestregroup.com.
A conference call discussing the second quarter results will be held at
10:30 a.m. Eastern Time on July 26, 2016. The call will be available on
the Internet through the Company's web site or at www.streetevents.com.
Recipients are encouraged to visit the Company's web site to view
supplemental financial information on the Company's results. The
supplemental information is located at www.everestregroup.com
in the "Financial Reports" section of the "Investor Center". The
supplemental financial information may also be obtained by contacting
the Company directly.
_____________________________________
1The Company generally uses after-tax operating income
(loss), a non-GAAP financial measure, to evaluate its performance.
After-tax operating income (loss) consists of net income (loss)
excluding after-tax net realized capital gains (losses) as the following
reconciliation displays:
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
(Dollars in thousands, except per share amounts)
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Diluted
|
|
|
|
|
|
Per Diluted
|
|
|
|
|
|
Per Diluted
|
|
|
|
|
|
|
Per Diluted
|
|
|
|
|
|
|
Common
|
|
|
|
|
|
Common
|
|
|
|
|
|
Common
|
|
|
|
|
|
|
Common
|
|
|
|
Amount
|
|
|
Share
|
|
|
Amount
|
|
|
Share
|
|
|
Amount
|
|
|
Share
|
|
|
|
Amount
|
|
|
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
155,692
|
|
|
$
|
3.67
|
|
|
$
|
209,057
|
|
|
|
$
|
4.68
|
|
|
|
$
|
327,378
|
|
|
|
$
|
7.68
|
|
|
|
|
$
|
532,035
|
|
|
|
$
|
11.88
|
|
After-tax net realized capital gains (losses)
|
|
|
|
21,462
|
|
|
|
0.51
|
|
|
|
(15,448
|
)
|
|
|
|
(0.35
|
)
|
|
|
|
(29,517
|
)
|
|
|
|
(0.69
|
)
|
|
|
|
|
(22,344
|
)
|
|
|
|
(0.50
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
After-tax operating income (loss)
|
|
|
$
|
134,230
|
|
|
$
|
3.17
|
|
|
$
|
224,505
|
|
|
|
$
|
5.03
|
|
|
|
$
|
356,895
|
|
|
|
$
|
8.37
|
|
|
|
|
$
|
554,379
|
|
|
|
$
|
12.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Some amounts may not reconcile due to rounding.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Although net realized capital gains (losses) are an integral part of the
Company's insurance operations, the determination of net realized
capital gains (losses) is independent of the insurance underwriting
process. The Company believes that the level of net realized capital
gains (losses) for any particular period is not indicative of the
performance of the underlying business in that particular period.
Providing only a GAAP presentation of net income (loss) makes it more
difficult for users of the financial information to evaluate the
Company's success or failure in its basic business, and may lead to
incorrect or misleading assumptions and conclusions. The Company
understands that the equity analysts who follow the Company focus on
after-tax operating income (loss) in their analyses for the reasons
discussed above. The Company provides after-tax operating income (loss)
to investors so that they have what management believes to be a useful
supplement to GAAP information concerning the Company's performance.
2Adjusted shareholders' equity excludes net after-tax
unrealized (appreciation) depreciation of investments
|
|
|
|
|
|
|
|
|
|
|
|
|
EVEREST RE GROUP, LTD.
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
AND COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
(Dollars in thousands, except per share amounts)
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums earned
|
|
|
$
|
1,288,860
|
|
|
|
$
|
1,285,255
|
|
|
|
$
|
2,507,727
|
|
|
|
$
|
2,557,743
|
|
Net investment income
|
|
|
|
132,737
|
|
|
|
|
124,990
|
|
|
|
|
235,261
|
|
|
|
|
247,556
|
|
Net realized capital gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
Other-than-temporary impairments on fixed maturity securities
|
|
|
|
(1,470
|
)
|
|
|
|
(16,238
|
)
|
|
|
|
(30,263
|
)
|
|
|
|
(42,256
|
)
|
Other-than-temporary impairments on fixed maturity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
transferred to other comprehensive income (loss)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Other net realized capital gains (losses)
|
|
|
|
34,128
|
|
|
|
|
(7,940
|
)
|
|
|
|
(11,338
|
)
|
|
|
|
7,573
|
|
Total net realized capital gains (losses)
|
|
|
|
32,658
|
|
|
|
|
(24,178
|
)
|
|
|
|
(41,601
|
)
|
|
|
|
(34,683
|
)
|
Net derivative gain (loss)
|
|
|
|
1,996
|
|
|
|
|
6,445
|
|
|
|
|
(1,024
|
)
|
|
|
|
6,203
|
|
Other income (expense)
|
|
|
|
(28,367
|
)
|
|
|
|
(2,064
|
)
|
|
|
|
(30,433
|
)
|
|
|
|
49,217
|
|
Total revenues
|
|
|
|
1,427,884
|
|
|
|
|
1,390,448
|
|
|
|
|
2,669,930
|
|
|
|
|
2,826,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLAIMS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Incurred losses and loss adjustment expenses
|
|
|
|
857,816
|
|
|
|
|
778,184
|
|
|
|
|
1,558,565
|
|
|
|
|
1,493,339
|
|
Commission, brokerage, taxes and fees
|
|
|
|
295,502
|
|
|
|
|
290,520
|
|
|
|
|
570,508
|
|
|
|
|
573,614
|
|
Other underwriting expenses
|
|
|
|
72,077
|
|
|
|
|
61,902
|
|
|
|
|
144,187
|
|
|
|
|
120,643
|
|
Corporate expenses
|
|
|
|
7,117
|
|
|
|
|
5,925
|
|
|
|
|
15,003
|
|
|
|
|
11,388
|
|
Interest, fees and bond issue cost amortization expense
|
|
|
|
9,073
|
|
|
|
|
9,026
|
|
|
|
|
18,301
|
|
|
|
|
18,016
|
|
Total claims and expenses
|
|
|
|
1,241,585
|
|
|
|
|
1,145,557
|
|
|
|
|
2,306,564
|
|
|
|
|
2,217,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE TAXES
|
|
|
|
186,299
|
|
|
|
|
244,891
|
|
|
|
|
363,366
|
|
|
|
|
609,036
|
|
Income tax expense (benefit)
|
|
|
|
30,607
|
|
|
|
|
35,834
|
|
|
|
|
35,988
|
|
|
|
|
77,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
|
$
|
155,692
|
|
|
|
$
|
209,057
|
|
|
|
$
|
327,378
|
|
|
|
$
|
532,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized appreciation (depreciation) ("URA(D)") on securities
arising during the period
|
|
|
|
124,356
|
|
|
|
|
(136,481
|
)
|
|
|
|
267,318
|
|
|
|
|
(53,276
|
)
|
Reclassification adjustment for realized losses (gains) included in
net income (loss)
|
|
|
|
(1,448
|
)
|
|
|
|
12,747
|
|
|
|
|
30,933
|
|
|
|
|
34,930
|
|
Total URA(D) on securities arising during the period
|
|
|
|
122,908
|
|
|
|
|
(123,734
|
)
|
|
|
|
298,251
|
|
|
|
|
(18,346
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
|
5,050
|
|
|
|
|
54,337
|
|
|
|
|
14,823
|
|
|
|
|
(48,003
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit plan actuarial net gain (loss) for the period
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Reclassification adjustment for amortization of net (gain) loss
included in net income (loss)
|
|
|
|
1,341
|
|
|
|
|
1,609
|
|
|
|
|
2,681
|
|
|
|
|
3,213
|
|
Total benefit plan net gain (loss) for the period
|
|
|
|
1,341
|
|
|
|
|
1,609
|
|
|
|
|
2,681
|
|
|
|
|
3,213
|
|
Total other comprehensive income (loss), net of tax
|
|
|
|
129,299
|
|
|
|
|
(67,788
|
)
|
|
|
|
315,755
|
|
|
|
|
(63,136
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME (LOSS)
|
|
|
$
|
284,991
|
|
|
|
$
|
141,269
|
|
|
|
$
|
643,133
|
|
|
|
$
|
468,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
3.70
|
|
|
|
$
|
4.72
|
|
|
|
$
|
7.73
|
|
|
|
$
|
11.99
|
|
Diluted
|
|
|
|
3.67
|
|
|
|
|
4.68
|
|
|
|
|
7.68
|
|
|
|
|
11.88
|
|
Dividends declared
|
|
|
|
1.15
|
|
|
|
|
0.95
|
|
|
|
|
2.30
|
|
|
|
|
1.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EVEREST RE GROUP, LTD.
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
December 31,
|
(Dollars and share amounts in thousands, except par value per share)
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
(unaudited)
|
ASSETS:
|
|
|
|
|
|
|
Fixed maturities - available for sale, at market value
|
|
|
$
|
14,058,965
|
|
|
|
$
|
13,357,294
|
|
(amortized cost: 2016, $13,631,263; 2015, $13,276,206)
|
|
|
|
|
|
|
Fixed maturities - available for sale, at fair value
|
|
|
|
-
|
|
|
|
|
2,102
|
|
Equity securities - available for sale, at market value (cost: 2016,
$124,699; 2015, $122,271)
|
|
|
|
118,740
|
|
|
|
|
108,940
|
|
Equity securities - available for sale, at fair value
|
|
|
|
1,104,430
|
|
|
|
|
1,337,733
|
|
Short-term investments
|
|
|
|
531,511
|
|
|
|
|
799,684
|
|
Other invested assets (cost: 2016, $1,216,171; 2015, $786,994)
|
|
|
|
1,216,171
|
|
|
|
|
786,994
|
|
Cash
|
|
|
|
429,287
|
|
|
|
|
283,658
|
|
Total investments and cash
|
|
|
|
17,459,104
|
|
|
|
|
16,676,405
|
|
Accrued investment income
|
|
|
|
96,772
|
|
|
|
|
100,942
|
|
Premiums receivable
|
|
|
|
1,461,563
|
|
|
|
|
1,483,090
|
|
Reinsurance receivables
|
|
|
|
950,323
|
|
|
|
|
894,037
|
|
Funds held by reinsureds
|
|
|
|
242,033
|
|
|
|
|
278,673
|
|
Deferred acquisition costs
|
|
|
|
319,781
|
|
|
|
|
372,351
|
|
Prepaid reinsurance premiums
|
|
|
|
219,050
|
|
|
|
|
164,971
|
|
Income taxes
|
|
|
|
195,094
|
|
|
|
|
258,541
|
|
Other assets
|
|
|
|
338,455
|
|
|
|
|
316,408
|
|
TOTAL ASSETS
|
|
|
$
|
21,282,175
|
|
|
|
$
|
20,545,418
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
|
Reserve for losses and loss adjustment expenses
|
|
|
$
|
10,263,267
|
|
|
|
$
|
9,951,798
|
|
Future policy benefit reserve
|
|
|
|
57,827
|
|
|
|
|
58,910
|
|
Unearned premium reserve
|
|
|
|
1,495,838
|
|
|
|
|
1,613,390
|
|
Funds held under reinsurance treaties
|
|
|
|
23,373
|
|
|
|
|
13,544
|
|
Commission reserves
|
|
|
|
85,670
|
|
|
|
|
60,098
|
|
Other net payable to reinsurers
|
|
|
|
224,380
|
|
|
|
|
173,087
|
|
Losses in course of payment
|
|
|
|
124,703
|
|
|
|
|
112,170
|
|
4.868% Senior notes due 6/1/2044
|
|
|
|
396,654
|
|
|
|
|
396,594
|
|
6.6% Long term notes due 5/1/2067
|
|
|
|
236,413
|
|
|
|
|
236,364
|
|
Accrued interest on debt and borrowings
|
|
|
|
3,537
|
|
|
|
|
3,537
|
|
Equity index put option liability
|
|
|
|
41,729
|
|
|
|
|
40,705
|
|
Unsettled securities payable
|
|
|
|
86,003
|
|
|
|
|
15,314
|
|
Other liabilities
|
|
|
|
257,313
|
|
|
|
|
261,322
|
|
Total liabilities
|
|
|
|
13,296,707
|
|
|
|
|
12,936,833
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
Preferred shares, par value: $0.01; 50,000 shares authorized;
|
|
|
|
|
|
|
no shares issued and outstanding
|
|
|
|
-
|
|
|
|
|
-
|
|
Common shares, par value: $0.01; 200,000 shares authorized; (2016)
68,805
|
|
|
|
|
|
|
and (2015) 68,606 outstanding before treasury shares
|
|
|
|
688
|
|
|
|
|
686
|
|
Additional paid-in capital
|
|
|
|
2,120,581
|
|
|
|
|
2,103,638
|
|
Accumulated other comprehensive income (loss), net of deferred
income tax expense
|
|
|
|
(benefit) of $57,700 at 2016 and ($15,863) at 2015
|
|
|
|
84,000
|
|
|
|
|
(231,755
|
)
|
Treasury shares, at cost; 26,921 shares (2016) and 25,912 shares
(2015)
|
|
|
|
(3,072,313
|
)
|
|
|
|
(2,885,956
|
)
|
Retained earnings
|
|
|
|
8,852,512
|
|
|
|
|
8,621,972
|
|
Total shareholders' equity
|
|
|
|
7,985,468
|
|
|
|
|
7,608,585
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
$
|
21,282,175
|
|
|
|
$
|
20,545,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EVEREST RE GROUP, LTD.
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
(Dollars in thousands)
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
(unaudited)
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
327,378
|
|
|
|
$
|
532,035
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Decrease (increase) in premiums receivable
|
|
|
|
20,168
|
|
|
|
|
(56,849
|
)
|
Decrease (increase) in funds held by reinsureds, net
|
|
|
|
45,656
|
|
|
|
|
(6,755
|
)
|
Decrease (increase) in reinsurance receivables
|
|
|
|
(68,284
|
)
|
|
|
|
(49,185
|
)
|
Decrease (increase) in income taxes
|
|
|
|
(10,424
|
)
|
|
|
|
(20,898
|
)
|
Decrease (increase) in prepaid reinsurance premiums
|
|
|
|
(51,243
|
)
|
|
|
|
(39,563
|
)
|
Increase (decrease) in reserve for losses and loss adjustment
expenses
|
|
|
|
352,147
|
|
|
|
|
113,567
|
|
Increase (decrease) in future policy benefit reserve
|
|
|
|
(1,083
|
)
|
|
|
|
(364
|
)
|
Increase (decrease) in unearned premiums
|
|
|
|
(119,315
|
)
|
|
|
|
(160,849
|
)
|
Increase (decrease) in other net payable to reinsurers
|
|
|
|
46,508
|
|
|
|
|
16,712
|
|
Increase (decrease) in losses in course of payment
|
|
|
|
11,188
|
|
|
|
|
95,003
|
|
Change in equity adjustments in limited partnerships
|
|
|
|
(16,518
|
)
|
|
|
|
(12,840
|
)
|
Distribution of limited partnership income
|
|
|
|
41,296
|
|
|
|
|
18,332
|
|
Change in other assets and liabilities, net
|
|
|
|
17,012
|
|
|
|
|
32,728
|
|
Non-cash compensation expense
|
|
|
|
14,262
|
|
|
|
|
10,364
|
|
Amortization of bond premium (accrual of bond discount)
|
|
|
|
24,125
|
|
|
|
|
25,514
|
|
Amortization of underwriting discount on senior notes
|
|
|
|
2
|
|
|
|
|
2
|
|
Net realized capital (gains) losses
|
|
|
|
41,601
|
|
|
|
|
34,683
|
|
Net cash provided by (used in) operating activities
|
|
|
|
674,476
|
|
|
|
|
531,637
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Proceeds from fixed maturities matured/called - available for sale,
at market value
|
|
|
|
923,832
|
|
|
|
|
1,172,211
|
|
Proceeds from fixed maturities matured/called - available for sale,
at fair value
|
|
|
|
-
|
|
|
|
|
-
|
|
Proceeds from fixed maturities sold - available for sale, at market
value
|
|
|
|
594,764
|
|
|
|
|
731,673
|
|
Proceeds from fixed maturities sold - available for sale, at fair
value
|
|
|
|
1,587
|
|
|
|
|
1,613
|
|
Proceeds from equity securities sold - available for sale, at market
value
|
|
|
|
226
|
|
|
|
|
4,599
|
|
Proceeds from equity securities sold - available for sale, at fair
value
|
|
|
|
430,038
|
|
|
|
|
300,620
|
|
Distributions from other invested assets
|
|
|
|
2,261,682
|
|
|
|
|
27,705
|
|
Cost of fixed maturities acquired - available for sale, at market
value
|
|
|
|
(1,932,527
|
)
|
|
|
|
(2,448,121
|
)
|
Cost of fixed maturities acquired - available for sale, at fair value
|
|
|
|
-
|
|
|
|
|
(234
|
)
|
Cost of equity securities acquired - available for sale, at market
value
|
|
|
|
(2,393
|
)
|
|
|
|
(5,541
|
)
|
Cost of equity securities acquired - available for sale, at fair
value
|
|
|
|
(194,043
|
)
|
|
|
|
(317,650
|
)
|
Cost of other invested assets acquired
|
|
|
|
(2,711,306
|
)
|
|
|
|
(98,890
|
)
|
Net change in short-term investments
|
|
|
|
271,913
|
|
|
|
|
207,879
|
|
Net change in unsettled securities transactions
|
|
|
|
59,619
|
|
|
|
|
4,475
|
|
Net cash provided by (used in) investing activities
|
|
|
|
(296,608
|
)
|
|
|
|
(419,661
|
)
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Common shares issued during the period, net
|
|
|
|
2,683
|
|
|
|
|
5,468
|
|
Purchase of treasury shares
|
|
|
|
(186,357
|
)
|
|
|
|
(124,981
|
)
|
Dividends paid to shareholders
|
|
|
|
(96,838
|
)
|
|
|
|
(84,207
|
)
|
Net cash provided by (used in) financing activities
|
|
|
|
(280,512
|
)
|
|
|
|
(203,720
|
)
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
|
|
|
48,273
|
|
|
|
|
(6,829
|
)
|
|
|
|
|
|
|
|
Net increase (decrease) in cash
|
|
|
|
145,629
|
|
|
|
|
(98,573
|
)
|
Cash, beginning of period
|
|
|
|
283,658
|
|
|
|
|
437,474
|
|
Cash, end of period
|
|
|
$
|
429,287
|
|
|
|
$
|
338,901
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
|
|
|
Income taxes paid (recovered)
|
|
|
$
|
41,905
|
|
|
|
$
|
93,352
|
|
Interest paid
|
|
|
|
18,192
|
|
|
|
|
17,907
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160725006255/en/
[ Back To TMCnet.com's Homepage ]
|