Lancashire Holdings Cash Flow Statement

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

Millions USD. 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	293.4	321.3	321.5	-15.5	-62.2
Depreciation & Amortization	7.3	6.3	4.3	3.1	3.3
Other Amortization	3	1.2	0.2	-	-
Gain (Loss) on Sale of Investments	-59.5	-23.1	-57.3	127.7	-0.4
Stock-Based Compensation	23.5	19	15.2	8.6	11.1
Change in Insurance Reserves / Liabilities	210.5	316.9	220.4	239.7	285.6
Change in Other Net Operating Assets	-21.3	52.9	14.5	-5.8	-4.9
Other Operating Activities	-141.7	-112.1	-66.2	-39.4	7.4
Operating Cash Flow	322.3	573.8	441.9	323.8	243.8
Operating Cash Flow Growth	-43.83%	29.85%	36.47%	32.81%	201.36%
Capital Expenditures	-2.3	-1.5	-9.6	-0.7	-0.7
Purchase / Sale of Intangible Assets	-69.3	-17.1	-10.3	-14.5	-3.4
Investment in Securities	-223.4	-376.1	-135.7	-229.7	-225.4
Other Investing Activities	161.4	142.8	101.3	50	42.7
Investing Cash Flow	-133.6	-251.9	-54.3	-194.9	-186.8
Long-Term Debt Issued	-	-	-	-	445.4
Total Debt Repaid	-6	-4	-3.8	-3.6	-343.6
Net Debt Issued (Repaid)	-6	-4	-3.8	-3.6	101.8
Repurchases of Common Stock	-	-	-	-23.3	-6.9
Common Dividends Paid	-54.4	-54	-35.8	-36.2	-36.4
Other Financing Activities	-30.9	-27.9	-26.3	-27.7	-25.7
Financing Cash Flow	-333.4	-386.1	-185.4	-90.8	32.8
Foreign Exchange Rate Adjustments	16.1	-8.4	5.9	-7	-4.5
Miscellaneous Cash Flow Adjustments	5.7	-	-	-	-
Net Cash Flow	-122.9	-72.6	208.1	31.1	85.3
Free Cash Flow	320	572.3	432.3	323.1	243.1
Free Cash Flow Growth	-44.09%	32.39%	33.80%	32.91%	200.49%
Free Cash Flow Margin	20.48%	39.39%	35.91%	40.77%	32.69%
Free Cash Flow Per Share	1.28	2.32	1.77	1.33	1.00
Cash Interest Paid	25.8	25.8	25.8	25.8	20.8
Cash Income Tax Paid	20.9	7.7	1.9	2.1	3.2
Levered Free Cash Flow	-85.48	349.55	370.39	-97.81	5.3
Unlevered Free Cash Flow	-68.48	366.49	387.45	-81.19	24.24
Change in Working Capital	189.2	369.8	234.9	233.9	280.7

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