Assurant 2014 Annual Report Download - page 94

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ASSURANT, INC. – 2014 Form 10-KF-6
Consolidated Statements of Cash Flows
YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012
(in thousands)
Years Ended December 31,
2014 2013 2012
Operating activities
Net income $ 470,907 $ 488,907 $ 483,705
Adjustments to reconcile net income to net cash provided by operating
activities:
Change in reinsurance recoverable (471,232) 444,639 (730,274)
Change in premiums and accounts receivable (292,241) (210,997) (185,273)
Change in deferred acquisition costs and value of business acquired (227,628) (337,060) (358,637)
Change in other intangible assets (13,801) (56,997) (43,957)
Change in accrued investment income 2,409 1,839 4,832
Change in insurance policy reserves and expenses 828,591 166,839 1,356,403
Change in accounts payable and other liabilities 266,648 181,374 33,775
Change in commissions payable 84,920 106,424 79,378
Change in reinsurance balances payable 49,940 6,214 (27,077)
Change in funds withheld under reinsurance 57,095 18,209 (4,286)
Change in securities classifi ed as trading (23,782) (10,606) (2,874)
Change in income taxes 62,087 171,311 (5,800)
Change in tax valuation allowance 1,690 3,383 2,937
Change in inventory associated with mobile business (85,742) (34,682) (5,809)
Amortization of deferred gain on disposal of businesses 1,506 (16,310) (18,413)
Depreciation and amortization 132,217 124,851 124,387
Net realized gains on investments (60,783) (34,525) (64,353)
Loss on extinguishment of debt — 964 —
Loss on business classifi ed as held for sale 21,526 — —
Stock based compensation expense 49,354 50,004 37,589
Income from real estate joint ventures (17,826) (5,573) (35,023)
Change in tax benefi t from share-based payment arrangements (14,900) 1,112 (1,728)
Other intangible asset impairment 5,019 3,323 26,458
Premium stabilization programs(4) (381,158) — —
Other (51,000) (35,082) 13,738
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 393,816 $ 1,027,561 $ 679,698
Investing activities
Sales of:
Fixed maturity securities available for sale 1,887,983 2,582,731 2,197,475
Equity securities available for sale 109,233 236,730 120,729
Other invested assets 74,257 49,456 103,834
Property and equipment and other 172 1,422 2,375
Subsidiary, net of cash transferred(1) — — 1,364
Maturities, calls, prepayments, and scheduled redemption of:
Fixed maturity securities available for sale 791,528 882,159 999,591
Commercial mortgage loans on real estate 165,452 217,377 126,768
Purchases of:
Fixed maturity securities available for sale (2,472,494) (3,396,588) (3,729,316)
Equity securities available for sale (132,748) (215,881) (186,962)
Commercial mortgage loans on real estate (156,390) (194,468) (126,578)
Other invested assets (41,653) (57,001) (41,640)
Property and equipment and other (83,603) (52,326) (56,457)
Subsidiary, net of cash transferred(1) (149,194) (181,865) (3,500)
Equity interest(2) (24,614) (91,420) —
Change in short-term investments 93,571 (173,603) 140,309
Change in policy loans 3,169 1,031 1,345
Change in collateral held/pledged under securities agreements (780) (492) 780
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 63,889 (392,738) (449,883)