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Consolidated Statements of Cash Flows (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Operating activities  
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest$ 36,549$ 33,895
Adjustments to reconcile net income to net cash provided by operating activities:  
Interest sensitive and index product benefits621,317584,842
Amortization of deferred sales inducements22,89221,516
Annuity product charges(57,259)(52,673)
Change in fair value of embedded derivatives(138,225)(11,513)
Increase in traditional life and accident and health insurance reserves70,61220,777
Policy acquisition costs deferred(342,299)(260,837)
Amortization of deferred policy acquisition costs65,15573,980
Provision for depreciation and other amortization14,1137,391
Amortization of discounts and premiums on investments(115,340)(188,044)
Realized gains on investments and net OTTI losses recognized37,030(14,233)
Change in fair value of derivatives205,26430,876
Deferred income taxes(78,920)(100,804)
Loss on extinguishment of debt0292
Share-based compensation5,5916,624
Change in accrued investment income(45,147)(34,854)
Change in income taxes recoverable/payable(11,902)95,924
Change in other assets4,375(10,061)
Change in other policy funds and contract claims152,50864,545
Change in collateral held for derivatives(284,870)(157,791)
Change in other liabilities(61,921)25,439
Other516421
Net cash provided by operating activities100,039135,712
Sales, maturities, or repayments of investments:  
Fixed maturity securities - available for sale3,433,9773,084,551
Fixed maturity securities - held for investment01,585,267
Equity securities - available for sale2,95831,665
Mortgage loans on real estate133,560111,305
Derivative instruments432,411406,563
Other investments910
Acquisition of investments:  
Fixed maturity securities - available for sale(3,685,523)(5,620,989)
Fixed maturity securities - held for investment(1,940,163)(215,870)
Equity securities - available for sale0(10,125)
Mortgage loans on real estate(413,536)(203,606)
Derivative instruments(295,099)(241,962)
Short-term investments0(599,746)
Other investments(77,189)(533)
Purchases of property, furniture and equipment(4,643)(5,342)
Net cash used in investing activities(2,413,156)(1,678,822)
Financing activities  
Receipts credited to annuity policyholder account balances3,718,0103,114,235
Coinsurance deposits(80,932)(248,488)
Return of annuity policyholder account balances(1,357,892)(1,189,388)
Financing fees incurred and deferred(1,566)(6,742)
Proceeds from notes payable0200,000
Repayments of notes payable0(156,641)
Purchase of call spread - 2015 Notes Hedges0(37,000)
Acquisition of common stock(13)(50)
Excess tax benefits realized from share-based compensation plans1,060256
Proceeds from issuance of common stock4,4612,723
Proceeds from issuance of warrants015,600
Change in checks in excess of cash balance4,537(14,878)
Net cash provided by financing activities2,287,6651,679,627
Increase in cash and cash equivalents(25,452)136,517
Cash and cash equivalents at beginning of period597,766528,002
Cash and cash equivalents at end of period572,314664,519
Cash paid during period for:  
Interest expense22,12917,101
Income taxes108,800121,488
Income tax refunds received0100,000
Non-cash operating activity:  
Deferral of sales inducements281,376244,979
Non-cash investing activity:  
Real estate acquired in satisfaction of mortgage loans17,3587,408
Mortgage loan on real estate sold1,2150
Non-cash financing activities:  
Conversion of subordinated debentures$ 0$ 56