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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net earnings $ 180,681 $ 92,312 $ 131,616
Adjustments to reconcile net earnings to cash provided by operating activities:      
Universal life and annuity contract interest 213,184 206,250 295,330
Surrender charges and other policy revenues (26,315) (26,623) (32,909)
Realized (gains) losses on investments (14,950) (21,071) (6,241)
Accretion/amortization of discounts and premiums, investments 1,846 3,371 2,264
Depreciation and amortization 13,001 11,903 11,677
Increase (decrease) in estimated credit losses on investments 501 (2,027) 0
(Increase) decrease in value of debt securities trading (11,331) 0 0
(Increase) decrease in value of equity securities (6,369) 937 (4,051)
(Increase) decrease in value of derivative options (120,717) (14,754) (123,207)
(Increase) decrease in deferred policy acquisition and sales inducement costs, and value of business acquired (25,594) 82,897 69,176
(Increase) decrease in accrued investment income 3,929 4,975 9,157
(Increase) decrease in reinsurance recoverable 169,313 728 (7,512)
(Increase) decrease in cost of reinsurance 13,154 0 0
(Increase) decrease in other assets (6,017) (620) (5,236)
Increase (decrease) in liabilities for future policy benefits 114,873 14,138 13,758
(Decrease) increase in other policyholder liabilities (4,142) 10,873 (21,955)
(Decrease) increase in Federal income tax liability 12,739 (14,156) 21,580
Increase (decrease) in deferred Federal income tax 3,746 20,031 (25,294)
Increase (decrease) in funds withheld liability (212,324) 0 0
(Decrease) increase in other liabilities (22,383) 3,907 876
Net cash provided by (used in) operating activities 276,825 373,071 329,029
Proceeds from sales of:      
Debt securities available-for-sale 1,221,308 0 87,298
Other investments 38,975 9,198 30,082
Proceeds from maturities, redemptions, and prepayments of:      
Debt securities held-to-maturity 0 960,360 700,759
Debt securities available-for-sale 1,520,734 334,397 295,026
Debt securities trading 61,313 0 0
Other investments 22,597 13,715 6,263
Derivatives, index options 197,877 106,451 52,768
Purchases of:      
Debt securities held-to-maturity 0 (544,092) (257,928)
Debt securities available-for-sale (1,382,318) (297,998) (187,570)
Debt securities trading (1,140,965) 0 0
Equity securities (15,265) (1,395) (1,342)
Derivatives, index options (47,383) (62,568) (77,381)
Other investments (57,153) (52,944) (7,315)
Property, equipment, and other productive assets (9,977) (12,106) (2,844)
Payment to acquire businesses, net of cash acquired 0 0 (189,121)
Principal payments on mortgage loans 28,847 14,814 47,755
Cost of mortgage loans acquired (183,601) (80,220) (121,420)
(Increase) decrease in policy loans 2,797 5,925 2,844
Payments For Proceeds From Funds Withheld (77,191) 0 0
Net cash provided by investing activities 180,595 393,537 377,874
Cash flows from financing activities:      
Dividends on common stock (1,272) (1,273) (1,273)
Deposits to account balances for universal life and annuity contracts 610,357 501,867 405,236
Return of account balances on universal life and annuity contracts (932,531) (939,309) (989,980)
Borrowings under line of credit agreement 0 0 75,000
Principal payments on line of credit borrowings 0 0 (75,000)
Principal payments under finance lease obligation (389) (378) 0
Net cash provided by (used in) financing activities (323,835) (439,093) (586,017)
Effect of foreign exchange (20) 19 663
Net increase (decrease) in cash, cash equivalents, and restricted cash 133,565 327,534 121,549
Cash, cash equivalents, and restricted cash at beginning of year 581,059 253,525 131,976
Cash, cash equivalents, and restricted cash at end of year 714,624 581,059 253,525
Cash paid during the year for:      
Interest 75 75 271
Income taxes 30,043 13,980 37,153
Noncash operating activities:      
Net deferral and amortization of sales inducements 4,355 (12,464) (17,195)
Establishment of funds withheld liability (see Note 5) 0 1,697,591 0
Deferred cost of reinsurance (see Note 5) 0 102,840 0
Noncash investing activities:      
Contingent consideration to acquire businesses 0 0 3,700
Exchange of debt securities available-for-sale for equity securities 0 0 2,452
Exchange of debt securities available-for-sale 0 0 782
Exchange of debt securities trading 4,800 0 0
Right of use asset obtained in exchange for finance lease liability $ 1,422 $ 0 $ 0