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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating activities    
Net income $ 234,865 $ 80,885
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Interest sensitive and index product benefits 942,046 891,735
Amortization of deferred sales inducements 178,535 96,020
Annuity product charges (105,729) (92,175)
Change in fair value of embedded derivatives (969,181) 399,143
Change in traditional life and accident and health insurance reserves 1,455 122
Policy acquisition costs deferred (200,044) (221,909)
Amortization of deferred policy acquisition costs 255,688 139,225
Provision for depreciation and other amortization 1,704 1,961
Amortization of discounts and premiums on investments 9,332 8,644
Realized (gains) losses on investments and net OTTI losses recognized in operations 41,382 (5,121)
Distributions from equity method investments 126 328
Change in fair value of derivatives 318,639 (653,939)
Deferred income taxes (4,918) (40,965)
Loss on extinguishment of debt 0 428
Share-based compensation 6,046 4,154
Change in accrued investment income (18,542) (18,709)
Change in income taxes recoverable/payable (65,598) 10,522
Change in other assets (1,362) 433
Change in other policy funds and contract claims (9,167) (14,824)
Change in collateral held for derivatives (729,744) 289,258
Change in other liabilities (23,097) (36,848)
Other (6,023) (6,960)
Net cash provided by (used in) operating activities (143,587) 831,408
Sales, maturities, or repayments of investments:    
Fixed maturity securities - available for sale 2,375,054 970,752
Mortgage loans on real estate 139,144 185,406
Derivative instruments 849,096 750,345
Other investments 155,662 7,183
Acquisitions of investments:    
Fixed maturity securities - available for sale (3,478,355) (2,680,972)
Mortgage loans on real estate (266,352) (257,050)
Derivative instruments (427,166) (320,583)
Other investments (41,696) (6,950)
Purchases of property, furniture and equipment (2,774) (2,494)
Net cash used in investing activities (697,387) (1,354,363)
Financing activities    
Receipts credited to annuity and single premium universal life policyholder account balances 2,216,333 2,243,180
Coinsurance deposits (36,715) 30,938
Return of annuity policyholder account balances (1,499,286) (1,401,086)
Financing fees incurred and deferred 0 (5,823)
Proceeds from issuance of notes payable 0 499,650
Repayment of loan payable 0 (100,000)
Net proceeds from amounts due under repurchase agreements 0 61,673
Proceeds from issuance of common stock 7,504 4,618
Change in checks in excess of cash balance (21,185) (26,548)
Net cash provided by financing activities 666,651 1,306,602
Increase (decrease) in cash and cash equivalents (174,323) 783,647
Cash and cash equivalents at beginning of period 1,434,045 791,266
Cash and cash equivalents at end of period 1,259,722 1,574,913
Cash paid during period for interest:    
Interest expense 20,149 22,739
Cash paid during period for income taxes:    
Income taxes 127,566 71,526
Non-cash operating activity:    
Deferral of sales inducements $ 93,138 $ 128,092