Statement of Cash Flows |
|
|
|
| Years ended February 29/28 |
2008 |
2007 |
|
| |
(in thousands of dollars) |
|
 |
|
|
|
| |
Cash Flows from (to) Operating Activities: |
|
|
|
|
|
| |
Net income (loss) after surplus
distribution |
$ 34,875 |
$ 8,736 |
|
| |
Non-cash items: |
|
|
|
| |
Amortization of property and equipment
and deferred development costs |
6,770 |
5,948 |
|
| |
Amortization of bond discount and premium |
(244) |
5,611 |
|
| |
Gain on sale of investments |
(39,342) |
(49,839) |
|
| |
Write-down of investments |
9,010 |
1,058 |
|
|
|
|
|
|
| |
|
11,069 |
(28,486) |
|
|
|
|
|
|
|
|
|
|
|
| |
Net change in non-cash balances: |
|
|
|
| |
Due from other insurance companies |
(3,867) |
(3) |
|
| |
Accounts receivable |
(9,443) |
(14,238) |
|
| |
Deferred policy acquisition costs |
5,492 |
11,674 |
|
| |
Reinsurers’ share of unearned premiums and unpaid claims |
(24,603) |
(3,767) |
|
| |
Due to other insurance companies |
14,080 |
169 |
|
| |
Accounts payable and accrued liabilities |
12,720 |
(1,344) |
|
| |
Unearned premiums |
16,061 |
18,102 |
|
| |
Provision for employee current benefits |
266 |
1,084 |
|
| |
Provision for employee future benefits |
22,108 |
14,728 |
|
| |
Provision for unpaid claims |
89,929 |
97,361 |
|
|
|
|
|
|
| |
|
123,743 |
123,766 |
|
|
|
|
|
|
| |
|
133,812 |
95,280 |
|
|
|
|
|
|
| |
Cash Flows from (to) Investing Activities: |
|
|
|
|
Acquisition of property and equipment net of proceeds from disposals |
(7,683) |
(3,612) |
|
|
Purchase of investments |
(1,140,658) |
(1,008,986) |
|
|
Proceeds from sale of investments |
1,095,777 |
891,394 |
|
|
Deferred development costs incurred |
(7,571) |
(7,750) |
|
|
|
|
|
|
|
|
(60,135) |
(128,514) |
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in Cash and Short-Term Investments |
73,677 |
(33,234) |
|
|
Cash and short-term investments beginning of year |
57,100 |
90,334 |
|
|
|
|
|
|
| |
|
|
|
|
| |
Cash and Short-Term Investments end of year (Note
4) |
$ 130,777 |
$ 57,100 |
|
|
|
| |
The accompanying notes are an integral part of these financial statements. |
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