Lancashire Holdings Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	229.7	321.3	321.5	-15.5	-62.2	4.2
Depreciation & Amortization	7.7	6.3	4.3	3.1	3.3	3.3
Other Amortization	1.2	1.2	0.2	-	-	-
Gain (Loss) on Sale of Investments	-47.1	-23.1	-57.3	127.7	-0.4	-16.4
Stock-Based Compensation	20.8	19	15.2	8.6	11.1	12.3
Change in Insurance Reserves / Liabilities	315.4	316.9	220.4	239.7	285.6	84.5
Change in Other Net Operating Assets	14.3	52.9	14.5	-5.8	-4.9	26.7
Other Operating Activities	-126.6	-112.1	-66.2	-39.4	7.4	-23
Operating Cash Flow	412.5	573.8	441.9	323.8	243.8	80.9
Operating Cash Flow Growth	-12.75%	29.85%	36.47%	32.81%	201.36%	134.49%
Capital Expenditures	-1.3	-1.5	-9.6	-0.7	-0.7	-
Purchase / Sale of Intangible Assets	-17.4	-17.1	-10.3	-14.5	-3.4	-
Investment in Securities	-286.6	-376.1	-135.7	-229.7	-225.4	-300
Other Investing Activities	157.1	142.8	101.3	50	42.7	39.9
Investing Cash Flow	-148.2	-251.9	-54.3	-194.9	-186.8	-260.1
Long-Term Debt Issued	-	-	-	-	445.4	-
Total Debt Repaid	-5.2	-4	-3.8	-3.6	-343.6	-3.5
Net Debt Issued (Repaid)	-5.2	-4	-3.8	-3.6	101.8	-3.5
Issuance of Common Stock	-	-	-	-	-	340.3
Repurchases of Common Stock	-	-	-	-23.3	-6.9	-
Common Dividends Paid	-54.3	-54	-35.8	-36.2	-36.4	-32.3
Other Financing Activities	-30.4	-27.9	-26.3	-27.7	-25.7	-17.2
Financing Cash Flow	-330.4	-386.1	-185.4	-90.8	32.8	287.3
Foreign Exchange Rate Adjustments	21.1	-8.4	5.9	-7	-4.5	3.9
Net Cash Flow	-45	-72.6	208.1	31.1	85.3	112
Free Cash Flow	411.2	572.3	432.3	323.1	243.1	80.9
Free Cash Flow Growth	-11.72%	32.39%	33.80%	32.91%	200.49%	142.22%
Free Cash Flow Margin	26.92%	39.39%	35.91%	40.77%	32.69%	14.71%
Free Cash Flow Per Share	1.66	2.32	1.77	1.33	1.00	0.36
Cash Interest Paid	25.8	25.8	25.8	25.8	20.8	15.9
Cash Income Tax Paid	8	7.7	1.9	2.1	3.2	1.6
Levered Free Cash Flow	-41.4	349.55	370.39	-97.81	5.3	105.15
Unlevered Free Cash Flow	-23.96	366.49	387.45	-81.19	24.24	115.78
Change in Working Capital	329.7	369.8	234.9	233.9	280.7	111.2

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.