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FOR THE YEAR ENDED DECEMBER 31

2016 Consolidated Statement of Cash Flows
(in thousands of dollars) Notes 2016 2015
Operating activities:
Receipts:
Premiums collected   $ 1,964,243 $ 1,915,634
Interest received     80,741   87,193
Dividends received     38,988   37,287
      2,083,972   2,040,114
Payments:
Claims paid 7   1,329,476   1,261,972
Commissions and expenses paid     646,181   554,752
Premium taxes paid     69,557   66,166
Income taxes paid     11,869   38,012
      2,057,083   1,920,902
Net cash provided by operating activities     26,889   119,212
Investing activities:
Investments purchased     Loss: (2,460,994)   Loss: (3,392,190)
Investments sold, redeemed or matured     2,746,398   3,311,866
Commercial loans advanced     Loss: (65,938)   Loss: (5,517)
Commercial loans repaid     5,871   13,118
Other assets purchased     Loss: (92,267)   Loss: (45,331)
Business acquisitions     Loss: (15,916)   Loss: (1,300)
Net cash provided by (used in) investing activities     117,154   used in: (119,354)
Cash and cash equivalents, and restricted cash:
Net increase (decrease) during the year     144,043   Decrease: (142)
Balance, beginning of the year     89,010   89,152
Balance, end of the year   $ 233,053 $ 89,010
Cash   $ 188,821 $ 89,010
Cash equivalents     732  
Restricted cash     43,500  
Total cash and cash equivalents, and restricted cash   $ 233,053 $ 89,010

See accompanying notes.