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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Operating activities      
Net income (loss) $ 342,645 $ (155,891)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Interest sensitive and index product benefits 304,220 57,911  
Amortization of deferred sales inducements 54,214 46,601 $ 192,252
Annuity product charges (95,613) (62,591)  
Change in fair value of embedded derivatives 162,202 404,440  
Change in traditional life and accident and health insurance reserves (9,563) 1,720  
Policy acquisition costs deferred (191,814) (66,767)  
Amortization of deferred policy acquisition costs 77,337 68,235 279,700
Provision for depreciation and other amortization 3,350 3,025  
Amortization of discounts and premiums on investments 2,601 13,450  
Realized gains/losses on investments 94,050 27,787  
Distributions from equity method investments 24,601 0  
Change in fair value of derivatives (409,767) (45,890)  
Deferred income taxes 93,247 (40,895)  
Share-based compensation 1,946 9,904  
Change in accrued investment income 28,227 426  
Change in income taxes recoverable/payable 13,512 4,677  
Change in other assets (11,255) (34,940)  
Change in other policy funds and contract claims (7,645) (207,895)  
Change in market risk benefits, net (138,771) 192,253  
Change in collateral held for derivatives 390,978 184,088  
Change in funds withheld from reinsurers 256,921 342,602  
Change in other liabilities 58,489 145,648  
Other 25,894 (22,855)  
Net cash provided by operating activities 1,070,006 865,043  
Sales, maturities, or repayments of investments:      
Fixed maturity securities, available for sale 4,707,376 3,150,639  
Mortgage loans on real estate 442,126 279,348  
Derivative instruments 303,371 (132)  
Other investments 1,103,923 705,059  
Acquisitions of investments:      
Fixed maturity securities, available for sale (2,323,893) (2,039,525)  
Mortgage loans on real estate (191,028) (534,632)  
Real estate investments acquired (35,649) (120,907)  
Derivative instruments (203,551) (205,561)  
Other investments (459,826) (425,596)  
Purchases of property, furniture and equipment (4,631) (4,192)  
Net cash provided by investing activities 3,338,218 804,501  
Financing activities      
Receipts credited to annuity policyholder account balances 2,348,431 1,370,663  
Coinsurance deposits (91,042) (215,927)  
Return of annuity policyholder account balances (2,910,342) (1,601,547)  
Repayment of loan payable (1,875) (1,875)  
Acquisition of treasury stock 0 (293,193)  
Proceeds from issuance of common stock, net 264 (3,631)  
Change in checks in excess of cash balance (19,480) (54,932)  
Dividends paid on preferred stock (10,919) (10,919)  
Net cash used in financing activities (684,963) (811,361)  
Increase in cash and cash equivalents 3,723,261 858,183  
Cash and cash equivalents at beginning of period 9,772,586 1,919,669 1,919,669
Cash and cash equivalents at end of period 13,495,847 2,777,852 9,772,586
Cash paid during period for:      
Interest expense 6,358 5,803  
Income taxes 546 262,020  
Income tax refunds received 14,059 52,500  
Non-cash operating activity:      
Deferral of sales inducements $ 127,704 $ 45,267 $ 513,793