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FY2025
12 months to Dec 31, 2025
|
|
|---|---|
| Cash flows from operating activities | |
| Net (loss) income | |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |
| Non-cash revenues, expenses, gains and losses included in net (loss) income: | |
| Profits interest distribution expenses | |
| Net realized gains on investments | |
| Net unrealized gains on investments | |
| Earnings from equity method investments | |
| Share-based compensation expenses | |
| Depreciation and amortization | |
| Deferred income tax (benefit) expense | |
| Net gain on commutation | |
| Net foreign exchange losses (gains) | |
| Net accretion of discount on fixed maturity securities and short-term investments | |
| Other, net | |
| Changes in operating assets and liabilities: | |
| Premiums receivable | |
| Ceded unearned premiums | |
| Reinsurance recoverables on unpaid losses and LAE | |
| Other reinsurance recoverables | |
| Deferred acquisition costs | |
| Unpaid losses and loss adjustment expenses | |
| Unearned premiums | |
| Payables to reinsurers | |
| Deferred ceding commissions | |
| Funds held under reinsurance | |
| Other assets, accounts payable and other liabilities | |
| Net cash provided by operating activities | |
| Cash flows from investing activities | |
| Proceeds from sales of: | |
| Equity securities | |
| Fixed maturity securities | |
| Equity method investments | |
| Other investments | |
| Maturities of fixed maturity securities | |
| Payments for purchases of: | |
| Equity securities | |
| Fixed maturity securities | |
| Equity method investments | |
| Net change in short-term investments | |
| Purchases of subsidiaries, net of cash acquired | |
| Capitalized technology development expenditures | |
| Other, net | |
| Net cash used in investing activities | |
| Cash flows from financing activities | |
| Issuance of common shares, net of issuance costs | |
| Issuance of convertible preference shares, net of issuance costs | |
| Credit facility borrowings | |
| Credit facility repayment | |
| Issuance of debt, net of issuance costs | |
| Payment of debt | |
| Acquisition of non-controlling interests in subsidiaries | |
| Dividends paid to non-controlling interests | |
| Net cash provided by financing activities | |
| Net increase in cash, cash equivalents and restricted cash | |
| Effect of foreign currency rate changes on cash, cash equivalents and restricted cash | |
| Cash, cash equivalents and restricted cash at beginning of year | |
| Cash, cash equivalents and restricted cash at end of year | |
| Supplemental cash flows information | |
| Interest on debt paid | |
| Income taxes paid | |
| Reconciliation to Consolidated Balance Sheets: | |
| Cash and cash equivalents | |
| Restricted cash and cash equivalents |
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