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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net earnings $ 101,144 $ 180,681 $ 92,312
Adjustments to reconcile net earnings to cash provided by operating activities:      
Universal life and annuity contract interest 15,678 213,184 206,250
Surrender charges and other policy revenues (19,166) (26,315) (26,623)
Realized (gains) losses on investments (6,355) (14,950) (21,071)
Accretion/amortization of discounts and premiums, investments (4,547) 1,846 3,371
Depreciation and amortization 14,330 13,001 11,903
Increase (decrease) in estimated credit losses on investments 588 501 (2,027)
(Increase) decrease in value of debt securities trading 214,935 (11,331) 0
(Increase) decrease in value of equity securities 2,731 (6,369) 937
(Increase) decrease in value of derivative options 86,866 (120,717) (14,754)
(Increase) decrease in deferred policy acquisition and sales inducement costs, and value of business acquired 74,561 (25,594) 82,897
(Increase) decrease in accrued investment income (7,856) 3,929 4,975
(Increase) decrease in reinsurance recoverable 121,607 169,313 728
(Increase) decrease in cost of reinsurance 11,358 13,154 0
(Increase) decrease in other assets (2,097) (6,017) (620)
Increase (decrease) in liabilities for future policy benefits 112,712 114,873 14,138
(Decrease) increase in other policyholder liabilities 40,741 (4,142) 10,873
(Decrease) increase in Federal income tax liability (8,839) 12,739 (14,156)
Increase (decrease) in deferred Federal income tax 9,061 3,746 20,031
Increase (decrease) in funds withheld liability (395,354) (212,324) 0
(Decrease) increase in other liabilities (3,558) (22,383) 3,907
Net cash provided by operating activities 358,540 276,825 373,071
Proceeds from sales of:      
Debt securities available-for-sale 39,254 1,221,308 0
Debt securities trading 21,253 15,734 0
Other investments 5,999 23,241 9,198
Proceeds from maturities, redemptions, and prepayments of:      
Debt securities held-to-maturity 0 0 960,360
Debt securities available-for-sale 1,073,194 1,520,734 334,397
Debt securities trading 89,848 61,313 0
Other investments 27,373 22,597 13,715
Derivatives, index options 46,563 197,877 106,451
Purchases of:      
Debt securities held-to-maturity 0 0 (544,092)
Debt securities available-for-sale (939,820) (1,382,318) (297,998)
Debt securities trading (310,144) (1,140,965) 0
Equity securities (1,013) (15,265) (1,395)
Derivatives, index options (53,996) (47,383) (62,568)
Other investments (145,391) (57,153) (52,944)
Property, equipment, and other productive assets (1,594) (9,977) (12,106)
Net change in short-term investments (3,937) 0 0
Principal payments on mortgage loans 26,804 28,847 14,814
Cost of mortgage loans acquired (47,402) (183,601) (80,220)
(Increase) decrease in policy loans (18) 2,797 5,925
Other (increases) decreases to funds withheld 97 (77,191) 0
Net cash provided by (used in) investing activities (172,930) 180,595 393,537
Cash flows from financing activities:      
Dividends on common stock (1,274) (1,272) (1,273)
Deposits to account balances for universal life and annuity contracts 287,799 610,357 501,867
Return of account balances on universal life and annuity contracts (891,666) (932,531) (939,309)
Principal payments under finance lease obligation (338) (389) (378)
Net cash provided by (used in) financing activities (605,479) (323,835) (439,093)
Effect of foreign exchange 515 (20) 19
Net increase (decrease) in cash, cash equivalents, and restricted cash (419,354) 133,565 327,534
Cash, cash equivalents, and restricted cash at beginning of year 714,624 581,059 253,525
Cash, cash equivalents, and restricted cash at end of year 295,270 714,624 581,059
Cash paid during the year for:      
Interest 75 75 75
Income taxes 24,712 30,043 13,980
Noncash operating activities:      
Net deferral and amortization of sales inducements (9,992) 4,355 (12,464)
Establishment of funds withheld liability (see Note 5) 243,123 0 1,697,591
Deferred cost of reinsurance (see Note 5) 0 0 102,840
Deferred gain on reinsurance (see Note 5) 30,811 0 0
Noncash investing activities:      
Exchange of debt securities trading 0 4,800 0
Right of use asset obtained in exchange for finance lease liability $ 0 $ 1,422 $ 0