BSM:BIHL Cash Flow Statement

Financials in millions BWP. Fiscal year is January - December.

Millions BWP. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	334.97	-106.13	775.3	442.58	388.02
Depreciation & Amortization	22.18	24.88	27.68	23.21	17.67
Other Amortization	-	-	-	11.08	10.51
Gain (Loss) on Sale of Investments	-	-	-	281.82	973.17
Stock-Based Compensation	-	-	-	16.07	11.1
Change in Accounts Receivable	-	-	-	-51.14	3.47
Reinsurance Recoverable	-	-	-	48.14	-1.6
Change in Insurance Reserves / Liabilities	-	-	-	92.13	-7.01
Change in Other Net Operating Assets	-	-	-	54.94	1,139
Other Operating Activities	126.05	596.45	-501.63	102.19	-240.56
Operating Cash Flow	483.2	515.19	301.35	649.46	1,965
Operating Cash Flow Growth	-6.21%	70.96%	-53.60%	-66.95%	42.03%
Capital Expenditures	-9.72	-8.21	-8.95	-6.65	-138.64
Purchase / Sale of Intangible Assets	-4.71	-2.45	-5.9	-5.2	-18.5
Investment in Securities	-	-	250	-	-1,720
Investing Cash Flow	-14.43	-10.66	235.15	23.46	-1,867
Short-Term Debt Issued	1,275	-	-	-	-
Total Debt Issued	1,275	-	-	-	-
Total Debt Repaid	-1,139	-6.43	-6.45	-5.78	-5.44
Net Debt Issued (Repaid)	136.7	-6.43	-6.45	-5.78	-5.44
Issuance of Common Stock	-	-	-	1.12	-
Common Dividends Paid	-264.93	-518.47	-760.18	-404.96	-194.76
Other Financing Activities	-0.01	-	-	-	-
Financing Cash Flow	-128.24	-524.9	-766.63	-409.63	-200.19
Net Cash Flow	340.52	-20.37	-230.13	263.29	-102.22
Free Cash Flow	473.47	506.98	292.4	642.81	1,826
Free Cash Flow Growth	-6.61%	73.38%	-54.51%	-64.80%	59.70%
Free Cash Flow Margin	16.08%	22.28%	9.08%	23.46%	53.94%
Free Cash Flow Per Share	1.65	1.81	1.03	2.28	6.58
Cash Interest Paid	1.73	0.71	0.76	1.08	0.54
Cash Income Tax Paid	102.41	126.68	228.35	109.85	83.83
Levered Free Cash Flow	18,973	-654.87	-1,529	-495.57	-825.46
Unlevered Free Cash Flow	18,974	-654.42	-1,529	-494.9	-825.12
Change in Working Capital	-	-	-	144.07	1,134

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.