7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2015-12-31 2014-12-31 2013-12-31 2013-09-30 2013-06-30 2013-03-31 2012-12-31 2012-09-30 2012-06-30 2012-03-31 2011-12-31 2009-12-31 2008-12-31 
      
    		                                            
      cash from operating activities:
    		                                            
      net income to common stockholders
    		511,032,000 401,289,000 417,571,000 576,101,000 365,634,000 371,909,000 442,471,000 397,339,000 333,586,000 356,308,000 294,126,000 382,223,000 228,879,000 179,322,000 590,638,000 294,430,000 261,297,000 237,238,000 229,525,000 312,150,000 151,678,000 71,260,000 -4,418,000 119,306,000 165,207,000 216,709,000 180,722,000 132,357,000 161,920,000 180,076,000 166,396,000 109,745,000 110,711,000 130,379,000 136,974,000 115,957,000 116,615,000 165,489,000 100,947,000 108,838,000 135,318,000 117,926,000   
      adjustments to reconcile net income to net cash from operating activities:
    		                                            
      net investment (gains) losses
    		-78,960,000                -19,501,000 -24,064,000 -34,839,000                          
      depreciation and amortization
    		-9,069,000 -13,969,000 -9,786,000 -13,645,000 -11,931,000 -64,278,000 -80,784,000 -24,155,000 -3,606,000 -2,837,000 9,737,000 9,835,000 8,799,000 12,607,000 24,631,000 28,352,000 30,733,000 37,054,000 33,543,000 38,870,000 32,130,000 39,002,000 25,063,000 71,380,000 -9,282,000 23,865,000 27,424,000 54,567,000 20,169,000 27,345,000 29,027,000 19,755,000 25,421,000 23,041,000 29,432,000 29,707,000 20,910,000 38,330,000 17,942,000 24,935,000 22,212,000 30,680,000 -53,888,000 -57,871,000 
      noncontrolling interests
    		938,000 -580,000 -222,000 -758,000 -320,000 -24,000 -436,000 1,624,000 -156,000 -584,000 1,603,000 -239,000 1,595,000 144,000 2,392,000 -127,000 6,021,000 440,000 2,191,000 340,000 687,000 396,000 892,000 487,000 -56,000 718,000 892,000 3,915,000 2,523,000 702,000 1,177,000 133,000 240,000 5,009,000 1,214,000 -830,000 -17,000 10,000 61,000 66,000 -86,000 28,000   
      investment funds
    		-5,422,000 -27,268,000 -27,023,000 12,359,000 -4,741,000 -25,476,000 29,349,000 -11,299,000 -4,451,000 1,187,000 -2,180,000 -23,180,000 -36,045,000 -33,862,000 -52,012,000 -50,477,000 -69,292,000 -61,311,000 -38,935,000 -52,993,000 -18,235,000 57,551,000 -40,576,000 8,090,000 -19,033,000 -46,840,000 -11,411,000 -15,274,000 -41,005,000 -12,716,000 -40,354,000 -11,390,000 18,853,000 -19,413,000 -15,242,000 -22,123,000 -10,934,000 -26,891,000 13,119,000 -35,619,000 -27,624,000 17,041,000   
      stock incentive plans
    		13,135,000 15,064,000 12,423,000 14,062,000 13,463,000 13,877,000 12,979,000 13,204,000 12,711,000 13,292,000 11,793,000 13,164,000 12,089,000 12,720,000 11,438,000 10,194,000 13,364,000 11,305,000 11,817,000 11,816,000 12,111,000 14,048,000 11,683,000 10,834,000 11,100,000 12,512,000 14,828,000 8,063,000 8,806,000 10,288,000 9,434,000 8,071,000 6,519,000 5,621,000 5,768,000 7,406,000 4,989,000 5,693,000 5,243,000 8,380,000 7,447,000 7,448,000 5,369,000 5,801,000 
      change in:
    		                                            
      arbitrage trading account
    		-6,587,000 -19,445,000 -13,525,000 86,024,000 -14,299,000 65,806,000 -14,793,000 -12,814,000 -11,068,000 -15,452,000 -14,879,000 -13,902,000 -12,318,000 -19,856,000 -7,215,000 -44,036,000 -85,093,000 -123,412,000 -16,108,000 -27,456,000 -14,329,000 -28,613,000 2,455,000 -6,131,000 -5,625,000 -7,044,000 -7,753,000 -4,298,000 -6,924,000 -8,368,000 497,000 -3,016,000 -52,598,000 -10,075,000 -1,839,000 -2,895,000 4,485,000 931,000 -820,000 1,411,000 -2,946,000    
      premiums and fees receivable
    		114,822,000 -318,483,000 -43,844,000 127,396,000 20,813,000 -264,507,000 -68,133,000 5,878,000 -67,207,000 -239,389,000 -33,460,000 -20,389,000 36,310,000 -214,388,000 -69,704,000 697,000 -43,374,000 -225,428,000 -96,290,000 2,018,000 28,567,000 -107,034,000 -97,169,000 17,716,000 16,904,000 -67,321,000 -156,450,000 63,534,000 45,485,000 -78,340,000 -74,492,000 38,599,000 21,145,000 23,633,000 1,193,000 -86,585,000 -76,268,000 -35,953,000 -53,620,000 -42,106,000 -97,077,000 -11,057,000   
      reinsurance accounts
    		96,743,000 -90,815,000 -42,956,000 -116,964,000 3,471,000 71,000 81,684,000 -111,407,000 47,766,000 -157,630,000 -84,746,000 -78,854,000 -76,103,000 -108,707,000 -2,643,000 -178,518,000 -76,684,000 -72,853,000 -105,589,000 -109,129,000 -85,547,000 -75,745,000 -43,104,000 -49,539,000 -3,678,000 -92,409,000 -20,272,000 -50,989,000 -37,158,000 23,239,000 -100,379,000 30,342,000 -46,412,000 -2,400,000 -101,416,000 -33,408,000 -34,039,000 -126,381,000 -44,405,000 -29,325,000 -16,857,000    
      deferred policy acquisition costs
    		-13,326,000 -38,748,000 -26,822,000 3,243,000 -16,621,000 -49,489,000 -28,283,000 -6,117,000 -24,856,000 -44,687,000 -23,727,000 3,880,000 -15,163,000 -38,341,000 -39,220,000 -13,532,000 -36,006,000 -33,548,000 -38,577,000 5,264,000 -12,477,000 -5,339,000 -26,139,000 10,480,000 -6,905,000 -5,900,000 -17,732,000 15,254,000 3,686,000 -4,301,000 -6,851,000 10,356,000 1,298,000 -495,000 -17,590,000 -10,431,000 -23,608,000 -3,813,000 -13,206,000 -10,154,000 -11,483,000 1,793,000   
      income taxes
    		43,471,000 -106,462,000 134,962,000  -10,874,000 -92,353,000 120,052,000  55,425,000 -82,636,000 76,933,000  -54,506,000 -180,488,000 123,763,000  -10,369,000 -118,577,000 47,372,000  -66,342,000 21,887,000 -12,500,000  -19,208,000 -33,421,000 36,180,000  -60,876,000 -89,574,000 50,505,000    21,246,000 -69,113,000 22,471,000        
      reserves for losses and loss expenses
    		254,194,000 523,414,000 544,204,000 305,099,000 550,100,000 459,347,000 393,176,000 426,101,000 374,806,000 490,020,000 424,149,000 458,575,000 437,468,000 472,146,000 316,065,000 471,180,000 459,140,000 402,149,000 303,305,000 296,772,000 353,492,000 325,491,000 200,294,000 168,800,000 92,473,000 231,201,000 119,780,000 108,903,000 106,530,000 3,519,000 120,063,000 34,831,000 99,075,000 30,736,000 119,741,000 136,956,000 84,569,000 190,770,000 64,018,000 104,532,000 47,443,000 75,365,000   
      unearned premiums
    		88,120,000 309,464,000 113,060,000 -83,928,000 147,007,000 337,457,000 84,952,000 9,235,000 209,737,000 310,572,000 87,991,000 -85,304,000 142,444,000 241,928,000 167,522,000 78,969,000 234,263,000 253,475,000 219,920,000 8,729,000 147,990,000 95,444,000 163,793,000 -35,309,000 82,654,000 118,826,000 135,184,000 -92,594,000 5,268,000 54,841,000 116,627,000 -55,835,000 -67,695,000 -40,194,000 93,423,000 95,702,000 174,229,000 -4,922,000 96,006,000 73,468,000 115,434,000 -26,182,000   
      other
    		130,769,000 101,319,000 -297,870,000 9,610,000 190,983,000 70,477,000 -200,219,000 42,252,000 111,981,000 139,236,000 -279,007,000 181,605,000 26,790,000 33,191,000 -221,708,000 29,375,000 164,086,000 102,351,000 -206,345,000 84,752,000 66,347,000 96,818,000 -204,878,000 -1,402,000 89,312,000 46,993,000 -154,409,000 55,062,000 37,072,000 102,317,000 -243,221,000 84,096,000 85,391,000 -9,768,000 83,728,000 71,535,000 -148,321,000 121,873,000 -26,170,000 1,779,000 10,446,000 9,711,000 -527,000  
      net cash from operating activities
    		1,139,860,000 703,807,000 743,817,000 810,033,000 1,240,770,000 881,330,000 746,235,000 698,076,000 1,077,093,000 708,746,000 445,323,000 795,301,000 767,650,000 527,971,000 477,682,000 659,593,000 828,585,000 384,819,000 310,990,000 479,741,000 557,094,000 427,281,000 152,570,000 348,749,000 392,398,000 324,316,000 78,330,000 277,675,000 223,162,000   260,969,000 160,061,000 193,103,000 312,763,000 198,820,000 115,112,000 222,109,000 140,938,000 238,649,000 73,762,000 185,036,000 -36,698,000 -258,510,000 
      capex
    		-16,943,000 -20,593,000 -16,201,000 0 -13,202,000 -24,133,000 -54,335,000 0 -16,407,000 -14,188,000 -11,532,000 0 -13,242,000 -12,914,000 -9,114,000 0 -5,285,000 -37,401,000 -10,872,000 0 -8,041,000 -8,369,000 -14,637,000 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 
      free cash flows
    		1,122,917,000 683,214,000 727,616,000 810,033,000 1,227,568,000 857,197,000 691,900,000 698,076,000 1,060,686,000 694,558,000 433,791,000 795,301,000 754,408,000 515,057,000 468,568,000 659,593,000 823,300,000 347,418,000 300,118,000 479,741,000 549,053,000 418,912,000 137,933,000 348,749,000 392,398,000 324,316,000 78,330,000 277,675,000 223,162,000   260,969,000 160,061,000 193,103,000 312,763,000 198,820,000 115,112,000 222,109,000 140,938,000 238,649,000 73,762,000 185,036,000 -36,698,000 -258,510,000 
      cash from investing activities:
    		                                            
      proceeds from sale of fixed maturity securities
    		345,903,000 238,598,000 290,625,000 622,123,000 599,440,000 663,099,000 426,084,000 134,176,000 253,133,000 194,486,000 429,400,000 -840,101,000 728,754,000 501,074,000 408,221,000 210,290,000 157,795,000 358,940,000 1,115,114,000 306,629,000 331,593,000 1,620,101,000 1,574,232,000 751,583,000 21,609,000 346,453,000 973,626,000 683,507,000 68,088,000 769,546,000 2,004,008,000 622,916,000 86,489,000 453,350,000 335,663,000 92,306,000 463,388,000 288,700,000 178,974,000 75,768,000 295,134,000    
      proceeds from sale of equity securities
    		160,348,000 10,264,000 132,663,000 42,925,000 34,868,000 169,511,000 83,987,000 157,382,000 63,554,000 87,983,000 9,933,000 62,262,000 215,000 10,615,000 9,227,000 26,614,000 1,601,000 41,308,000 57,457,000 47,913,000 -272,000 61,811,000 5,311,000 39,254,000 1,606,000 1,341,000 37,762,000 48,601,000 165,184,000 131,255,000 152,949,000 -7,945,000 3,323,000 45,158,000 155,427,000 28,721,000 38,248,000 176,371,000 162,965,000 37,699,000 32,575,000    
      distributions from investment funds
    		62,483,000 23,126,000 16,295,000  -5,478,000 -10,227,000 31,238,000          36,529,000 52,127,000 36,236,000                          
      proceeds from maturities and prepayments of fixed maturity securities
    		1,542,283,000 1,279,148,000 1,198,698,000 1,407,246,000 1,349,551,000 1,165,445,000 968,330,000 852,763,000 829,321,000 868,511,000 956,308,000 974,848,000 1,260,542,000 1,215,332,000 1,440,457,000 1,394,668,000 1,515,701,000 1,533,504,000 1,623,357,000 987,685,000 1,017,250,000 803,670,000 1,055,722,000 655,716,000 787,492,000 803,977,000 686,795,000 718,731,000 651,919,000 1,207,894,000 97,911,000 271,704,000 718,587,000 473,491,000 683,429,000 893,525,000 667,711,000 631,354,000 736,790,000 514,314,000 408,647,000 506,393,000 -885,812,000  
      purchase of fixed maturity securities
    		-2,615,839,000 -1,742,621,000 -2,486,160,000 -2,191,324,000 -2,973,839,000 -1,937,453,000 -2,266,087,000 -1,572,897,000 -2,258,399,000 -1,147,360,000 -1,686,107,000 -342,017,000 -2,833,672,000 -2,660,777,000 -2,200,214,000 -2,274,488,000 -2,175,326,000 -2,148,773,000 -4,118,161,000 -1,477,162,000 -1,884,765,000 -1,591,588,000 -2,598,076,000 -1,499,778,000 -1,219,857,000 -1,104,984,000 -1,528,267,000 -1,490,252,000 -1,124,600,000 -1,977,218,000 -2,085,683,000 -1,067,575,000 -1,193,688,000 -999,931,000 -984,003,000 -1,317,823,000 -896,378,000 -1,106,680,000 -851,904,000 -785,830,000 -872,588,000    
      purchase of equity securities
    		-217,077,000 -64,887,000 -56,564,000 -21,075,000 -6,032,000 -74,751,000 -105,599,000 -16,639,000 -1,330,000 -2,956,000 -59,529,000 -324,000 -68,862,000 -170,940,000 -100,356,000 -124,221,000 -196,588,000 -74,655,000 -69,181,000 -175,191,000 -42,249,000 -331,000 -35,260,000 -106,673,000 -24,456,000 -6,535,000 -35,314,000 1,449,000 0 -42,840,000 -44,219,000 8,228,000 -2,601,000 28,272,000 -73,289,000 -76,054,000 -35,486,000 -66,501,000 -33,739,000 -116,099,000 -68,652,000    
      real estate purchased
    		3,635,000 -1,165,000 -14,785,000 181,000 -22,210,000                -12,227,000 -5,929,000 -24,249,000 29,786,000 -58,765,000 -64,872,000 -52,901,000 -59,654,000 -35,389,000 -82,420,000 -336,601,000   -60,073,000 -33,889,000 -3,089,000 -10,301,000 -185,038,000 -55,873,000 -9,864,000 -5,611,000    
      change in loans receivable
    		-6,638,000 112,973,000 -3,694,000 -37,268,000 -25,307,000 -120,091,000 -28,150,000 -42,515,000 -971,000 13,155,000 612,000 -85,278,000 866,000 868,000 332,000 343,000 746,000 -37,766,000 9,256,000 265,000 239,000 -1,914,000 2,877,000 325,000 3,016,000 866,000 -726,000 1,141,000 1,965,000 -18,368,000 2,058,000 13,170,000 21,288,000 68,382,000 -52,502,000 6,551,000 -53,405,000 -18,055,000 -44,835,000 32,048,000 -93,934,000 20,373,000   
      net purchases of property, furniture and equipment
    		-16,943,000 -20,593,000 -16,201,000  -13,202,000 -24,133,000 -54,335,000  -16,407,000 -14,188,000 -11,532,000  -13,242,000 -12,914,000 -9,114,000  -5,285,000 -37,401,000 -10,872,000  -8,041,000 -8,369,000 -14,637,000                      
      change in balances due to security brokers
    		114,221,000 -69,056,000 14,705,000  -42,911,000 95,310,000 70,120,000  -91,752,000 113,574,000 -13,598,000  107,656,000 -28,257,000 98,058,000  45,001,000 -86,025,000 151,776,000  60,943,000 9,996,000 -34,378,000  35,524,000 41,107,000 -22,011,000  -41,040,000 -11,859,000 58,500,000      43,325,000  40,644,000 22,554,000 16,146,000    
      net cash from investing activities
    		-627,624,000 -234,213,000 -924,418,000 -87,064,000 -1,105,120,000 -87,196,000 -905,109,000 -565,428,000 -1,235,345,000    -760,506,000 -1,308,472,000 518,563,000      -520,848,000 855,486,000 30,822,000 -232,921,000 -254,567,000 20,826,000 41,791,000 -187,781,000 -310,039,000 -84,940,000 -131,484,000 -341,837,000 -589,450,000  -4,342,000 -515,095,000 143,432,000 -361,785,000 101,696,000 -236,385,000 -278,594,000 -120,801,000 584,699,000 216,490,000 
      cash from financing activities:
    		                                            
      repayment of senior notes and other debt
    		        0   0 0 0 -426,503,000  1,316,000 -395,230,000 -110,000,000  -301,293,000   -7,951,000    -4,501,000 0 0 -23,000 -1,882,000 -1,871,000 -1,789,000 22,697,000 -280,017,000 -206,280,000        
      cash dividends to common stockholders
    		-34,190,000 -223,837,000 -30,338,000 -220,439,000 -125,793,000 -157,501,000 -28,220,000 -314,535,000 0 -28,329,000 -158,592,000 -53,045,000 -159,164,000 0 -22,983,000 -199,629,000 -134,822,000 0 -21,285,000 -21,325,000 -21,402,000 -21,351,000 -20,069,000 -178,156,000 -111,733,000   -158,820,000 -18,258,000 -60,857,000 -17,016,000 -14,795,000 -140,705,000 -13,381,000 -27,093,000   -148,217,000 -24,688,000   -10,981,000 0  
      purchase of common treasury shares
    		-24,627,000 0 -49,202,000 -67,412,000 -12,480,000   -106,627,000 -2,917,000 -292,467,000 -135,152,000 -87,570,000    0 -92,743,000 0 -29,683,000 -34,498,000 -12,957,000 -96,281,000 -202,621,000     -17,951,000 0 0 -6,799,000 0 -2,230,000 -127,103,000 -8,008,000   -6,301,000 -73,016,000   -9,515,000   
      net cash from financing activities
    		-95,262,000 -231,714,000 -81,410,000 -290,546,000 -153,820,000 -378,416,000 -29,705,000  -22,846,000 -320,284,000 -295,726,000     -216,185,000 98,046,000 -404,247,000 528,217,000 -449,643,000 98,975,000 174,781,000 -221,956,000     -99,117,000 -22,666,000 -43,030,000 157,410,000 -7,769,000  -144,720,000 -34,887,000 47,987,000 -198,642,000 -145,823,000 -85,917,000 -37,573,000 366,505,000 -16,175,000 -152,572,000 -37,042,000 
      net impact on cash due to change in foreign exchange rates
    		2,516,000 26,440,000 7,473,000 -30,914,000 11,138,000 -4,501,000 -5,563,000 8,111,000 3,615,000 -5,500,000 2,844,000 1,380,000 -8,844,000 -18,373,000 1,083,000 4,979,000 -8,870,000 1,127,000 -1,431,000 16,585,000 5,400,000 8,266,000 -20,134,000 9,331,000 -8,111,000 -1,522,000 681,000 7,459,000 17,707,000 -56,828,000 241,000 -27,666,000 -15,674,000 -5,612,000 33,953,000 -18,365,000 -20,080,000 1,605,000 20,627,000 -34,878,000 8,992,000 -2,448,000   
      net change in cash and cash equivalents
    		419,490,000 264,320,000 -254,538,000  -7,032,000 411,217,000 -194,142,000  -177,484,000 581,201,000 -206,989,000  -185,853,000 -798,238,000 545,998,000  278,830,000 -224,712,000 -357,455,000  140,621,000 1,465,814,000 -58,698,000  -445,624,000 320,746,000 119,826,000  -91,836,000 -45,401,000 6,132,000    307,487,000 -286,653,000 39,822,000  177,344,000 -70,187,000 170,665,000    
      cash and cash equivalents at beginning of period
    		0 0 1,974,747,000  0 0 1,363,195,000  0 0 1,449,346,000  0 0 1,568,843,000                              
      cash and cash equivalents at end of period
    		419,490,000 264,320,000 1,720,209,000  -7,032,000 411,217,000 1,169,053,000  -177,484,000 581,201,000 1,242,357,000  -185,853,000 -798,238,000 2,114,841,000  278,830,000 -224,712,000 2,014,911,000  140,621,000 1,465,814,000 965,012,000  -445,624,000 320,746,000 937,428,000  -91,836,000 -45,401,000 956,603,000    307,487,000 -286,653,000 945,492,000  177,344,000 -70,187,000 1,082,407,000    
      net proceeds from issuance of debt
    		 -1,209,000 1,638,000      940,000 1,028,000 -868,000  1,989,000 -994,000 1,186,000 1,703,000 345,511,000 -4,320,000 691,213,000 -5,762,000 448,952,000 294,188,000 4,259,000     95,657,000 -1,933,000 19,046,000 181,792,000 7,165,000 -77,397,000 -2,601,000 -22,500,000   -6,350,000 11,597,000 9,729,000 354,315,000    
      net investment gains
    		  -16,355,000    -25,780,000 -7,803,000 42,425,000 -58,654,000 -23,010,000 -75,098,000 67,411,000 171,555,000 -366,265,000                 8,181,000 -20,672,000 -24,648,000 -43,869,000 -33,058,000 -19,969,000  -22,226,000 -24,286,000 -47,491,000    
      current income taxes
    		                                            
      deferred income taxes
    		                                     13,435,000 4,049,000 9,356,000 -13,600,000 17,808,000   
      cash flows used in investing activities:
    		                                            
      distributions from (contributions to) investment funds
    		        -4,578,000 5,445,000 7,518,000           -31,960,000 99,194,000        33,695,000  -215,914,000 -178,768,000 2,188,000 -37,928,000 -22,072,000 84,223,000 -29,383,000 -1,654,000 24,744,000    
      net additions to property, furniture and equipment
    		                       -58,655,000 9,002,000 -7,505,000 -3,299,000 -14,278,000 -5,878,000 -15,602,000 -14,102,000 -23,300,000 -11,161,000            
      change in balances due from security brokers
    		                                            
      cash received in connection with business disposition
    		       2,491,000 0   0 0 0 906,789,000             0                 
      payment for business purchased, net of cash acquired
    		                                2,000 -18,322,000 0 0 -38,556,000     -253,413,000   
      cash flows used in financing activities:
    		                                            
      net increase in cash and cash equivalents
    		                                           -52,387,000 
      cash and cash equivalents at beginning of year
    		                 0 2,372,366,000 0 0 0 1,023,710,000 0 0 0 817,602,000 0 0 0 950,471,000 0 0 0 0 0 905,670,000 0 0 0 911,742,000 0 -1,003,412,000 -820,065,000 
      cash and cash equivalents at end of year
    		                                            
      net investment losses
    		    8,085,000                -38,978,000 -77,885,000 177,174,000                      
      real estate (purchased) sold
    		      -30,697,000     -27,250,000 -12,696,000                                
      net proceeds (payments) from issuance of debt
    		      20,000                                      
      (contributions to) distributions from investment funds
    		            69,876,000              -13,874,000  1,491,000                
      cash flows (used in) from financing activities:
    		                                            
      net (payments) proceeds from issuance of debt
    		                                            
      net cash (used in) from financing activities
    		           -137,145,000 -184,153,000 636,000 -451,330,000          -575,344,000 -22,874,000 -976,000                  
      net decrease in cash and cash equivalents
    		                                            
      real estate additions
    		        -8,109,000                                    
      payment for business purchased net of cash acquired
    		            0 0 -49,572,000              0                
      cash (used in) from investing activities:
    		                                            
      real estate sold
    		          7,472,000    28,141,000 -16,112,000 -19,117,000 192,328,000 9,787,000                          
      net cash (used in) from investing activities
    		          -359,430,000     -948,573,000 -638,931,000 -206,411,000 -1,195,231,000                          
      net payments for stock options exercised
    		          -806,000    -327,000    -525,000    -3,321,000                      
      cash flows (used in) from investing activities:
    		                                            
      cash (used in) from financing activities:
    		                                            
      (contributions) distributions from investment funds
    		              -13,423,000                              
      cash flows from (used in) financing activities:
    		                                            
      repayment and redemption of debt
    		                                            
      cash flows from (used) in investing activities:
    		                                            
      net cash from (used) in investing activities
    		                                            
      net realized and unrealized gains on investments
    		                       22,988,000 -1,465,000 -73,573,000 -68,653,000 -14,059,000 -22,334,000 -69,631,000 -48,464,000              
      distributions (contributions) from investment funds
    		                                            
      contributions to investment funds
    		                                            
      cash (used in) from operating activities:
    		                                            
      net cash (used in) from operating activities
    		                              -20,035,000              
      payment for business purchased net of cash aquired
    		                                            
      proceeds from sale of real estate
    		                                0            
      cash distributed in connection with business
    		                                            
      net proceeds from stock options exercised
    		                                 2,000 0   -1,007,000 3,891,000 1,348,000 3,428,000 8,206,000 2,786,000 2,177,000 
      additions to real estate
    		                                            
      cash distributed in connection with business disposition
    		                                  0          
      net cash from business sold
    		                                            
      net proceeds from options exercised
    		                                            
      cash from (from) financing activities:
    		                                            
      net cash from (from) financing activities
    		                                            
      net cash from businesses sold
    		                                            
      cash flows from (used in) investing activities:
    		                                            
      net cash used investing activities
    		                                            
      net additions to real estate, furniture and equipment
    		                                  -5,979,000 -30,404,000 -13,042,000  -1,943,000 -5,321,000 -15,055,000    
      change in balances due to (from) security brokers
    		                                  -31,387,000          
      repayment of debt
    		                                        -1,684,000    
      other liabilities
    		                                        -36,928,000  -18,565,000 97,582,000 
      securities trading account
    		                                            
      investment in arbitrage funds
    		                                            
      trading account receivables from brokers and clearing organizations
    		                                            
      trading account securities sold but not yet purchased
    		                                            
      due from reinsurers
    		                                            
      accrued investment income
    		                                          2,593,000 -17,140,000 
      prepaid reinsurance premiums
    		                                            
      other assets
    		                                          -7,853,000 -2,901,000 
      due to reinsurers
    		                                            
      proceeds from sales, excluding trading account:
    		                                            
      fixed maturity securities
    		                                            
      equity securities
    		                                            
      return of capital from investment funds
    		                                            
      cost of purchases, excluding trading account:
    		                                            
      real estate
    		                                            
      bank deposits received
    		                                            
      repayments to federal home loan bank
    		                                            
      cash flows from operating activities:
    		                                            
      net income
    		                                          134,294,000 40,326,000 
      equity in undistributed (earnings) losses of subsidiaries
    		                                            
      tax payments received from subsidiaries
    		                                            
      federal income taxes provided by subsidiaries on a separate return basis
    		                                            
      federal income taxes
    		                                            
      proceeds from sales of fixed maturity securities
    		                                            
      proceeds from maturities and prepayments of
    		                                            
      proceeds from sales of equity securities
    		                                            
      cost of purchases of fixed maturity securities
    		                                            
      investment in funds
    		                                            
      investments in and advances to subsidiaries
    		                                            
      change in balance due to security broker
    		                                            
      net additions to real estate, furniture & equipment
    		                                            
      net proceeds from issuance of senior notes
    		                                            
      repayment of senior notes
    		                                            
      (repayments to) advances from federal home loan bank
    		                                            
      undistributed income and losses from investment funds
    		                                            
      trading account receivable from brokers and clearing organizations
    		                                            
      cost of purchases of equity securities
    		                                            
      adjustments to reconcile net income to net cash flows from operating activities:
    		                                            
      realized investment losses
    		                                            
      equity in undistributed income (losses) of investment funds
    		                                            
      distributions from partnerships and affiliates
    		                                            
      fixed maturity securities and loans receivable
    		                                            
      investments in partnerships and affiliates
    		                                            
      change in balances due to/from security brokers
    		                                            
      purchase of common shares
    		                                            
      advances from federal home loan bank
    		                                            
      net impact on cash due to foreign exchange rates
    		                                            
      supplemental disclosure of cash flow information:
    		                                            
      interest paid
    		                                            
      federal and foreign income taxes paid (received)
    		                                            
      adjustments to reconcile net income to net cash flows (used in) from operating activities:
    		                                            
      noncontrolling interest
    		                                            
      equity in undistributed losses of investment funds
    		                                            
      advances from (repayments to) federal home loan bank
    		                                            
      federal income taxes paid
    		                                            
      realized investment (gains) losses
    		                                            
      equity in undistributed (earnings) losses of investment funds
    		                                            
      change in balances due to/(from) security brokers
    		                                            
      change in repayment of debt
    		                                            
      change in bank deposits
    		                                            
      impact on cash due to foreign exchange rates
    		                                            
      federal and foreign income taxes paid
    		                                            
      net proceeds from issuance of junior subordinated debentures
    		                                            
      retirement of junior subordinated notes
    		                                            
      minority interest
    		                                            
      equity in undistributed earnings of partnerships and affiliates
    		                                            
      trading account securities and related accounts
    		                                            
      trading account receivables from broker and clearing organization
    		                                            
      maturities and prepayments of fixed maturity securities
    		                                            
      change in balances due to/from brokers
    		                                            
      proceeds from sale of business, net of cash divested
    		                                            
      stock repurchases
    		                                            
      net proceeds from issuance of senior notes and other debt
    		                                            
      cash dividends
    		                                            
      proceeds from (purchase of) minority shares
    		                                            
      changes in cash due to foreign exchange rates
    		                                            
      realized investment gains
    		                                            
      proceeds from issuance of senior notes
    		                                            
      cash flows from (used in) operating activities:
    		                                            
      equity in undistributed earnings of subsidiaries
    		                                            
      investments in affiliate
    		                                            
      cash from financing activities
    		                                            
      trading account receivables from broker and clearing organizations
    		                                            
      policyholders’ account balances
    		                                            
      net cash flows from operating activities
    		                                            
      maturities and prepayments of fixed maturities securities
    		                                            
      net cash flows used in investing activities
    		                                            
      receipts credited to policyholders’ account balances
    		                                            
      return of policyholders’ account balances
    		                                            
      change in cash due to foreign exchange rates
    		                                            
      equity in undistributed earnings of affiliates
    		                                            
      deferred policy acquisition cost
    		                                            
      investment in affiliates
    		                                            
      cash flows from financing activities:
    		                                            
      proceeds from (purchase of) minority interest
    		                                            
      net cash flows from financing activities
    		                                            
      cash received from partnerships and affiliates
    		                                            
      partnerships and affiliates
    		                                            
      proceeds from issuance of debt
    		                                            
      deposits and policyholders’ account balances received
    		                                            
      advances repaid
    		                                            
      proceeds from stock options exercised
    		                                            
      net income before change in accounting principle
    		                                            
      cumulative effect of change in accounting principle
    		                                            
      federal income taxes provided by subsidiaries on a separate return bases
    		                                            
      equity securities, trading
    		                                            
      cost of purchases fixed maturity securities
    		                                            
      equity securities trading account
    		                                            
      acquisitions
    		                                            
      proceeds from sale of subsidiary
    		                                            
      cost of minority interest acquired
    		                                            
      fixed and equity securities trading account
    		                                            
      investment in partnerships and affiliates
    		                                            
      equity in undistributed net income of subsidiaries
    		                                            
      change in federal income taxes
    		                                            
      employee stock benefit plan
    		                                            
      change in trading account securities
    		                                            
      cash flow used in investing activities:
    		                                            
      fixed maturity securities available for sale
    		                                            
      cash flows from financing activities
    		                                            
      common stock purchased
    		                                            
      increase in trading account securities
    		                                            
      cash flow provided by investing activities:
    		                                            
      cost of companies acquired
    		                                            
      net proceeds from stock offering
    		                                            
      purchase of treasury shares
    		                                            
      net proceeds from issuance of long-term debt
    		                                            
      retirement of senior notes
    		                                            
      proceeds from minority shareholders
    		                                            
      net increase in cash and invested cash
    		                                            
      cash and invested cash at beginning of year
    		                                            
      cash and invested cash at end of period
    		                                            
      other comprehensive income:
    		                                            
      change in unrealized foreign exchange gains
    		                                            
      unrealized holding gains on investment securities arising during the period, net of taxes
    		                                            
      reclassification adjustment for realized gains included in net income, net of taxes
    		                                            
      other comprehensive income
    		                                            
      comprehensive income
    		                                            
      increase in policyholders’ account balances
    		                                            
      change in unrealized foreign exchange losses
    		                                            
      adjustments to reconcile net income to cash from operating activities:
    		                                            
      other invested securities
    		                                            
      purchase of subsidiary
    		                                            
      repayment and repurchase of debt and trust preferred securities
    		                                            
      proceeds from minority shareholder
    		                                            
      net income before preferred dividends and extraordinary items
    		                                            
      proceeds from sale of assets to subsidiaries
    		                                            
      net cash provided (used) in investing activities
    		                                            
      net change in short-term debt
    		                                            
      cash dividends to preferred shareholders
    		                                            
      purchase of preferred stock
    		                                            
      retirement of long-term debt
    		                                            
      net cash provided (used) by financing activities
    		                                            
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.