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CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Premiums and policy fees $ 862,906 $ 853,351 $ 1,718,485 $ 1,701,720
Reinsurance ceded (344,208) (340,594) (663,263) (655,468)
Net of reinsurance ceded 518,698 512,757 1,055,222 1,046,252
Net investment income 475,722 458,783 950,431 907,012
Realized investment gains (losses):        
Derivative financial instruments (63,794) 43,548 (124,694) 75,456
All other investments 53,535 88,783 76,376 170,492
Other-than-temporary impairment losses (33) (5,527) (128) (8,296)
Portion recognized in other comprehensive income (before taxes) (2,752) 4,560 (7,858) 4,712
Net impairment losses recognized in earnings (2,785) (967) (7,986) (3,584)
Other income 82,087 71,938 161,470 139,116
Total revenues 1,063,463 1,174,842 2,110,819 2,334,744
Benefits and expenses        
Benefits and settlement expenses, net of reinsurance ceded: (three months: 2017 - $284,405; 2016 - $274,911; six months: 2017 - $545,805; 2016 - $574,179) 711,644 712,647 1,461,094 1,425,668
Amortization of deferred policy acquisition costs and value of business acquired 23,454 21,064 44,238 52,105
Other operating expenses, net of reinsurance ceded: (three months: 2017 - $54,132; 2016 - $51,664; six months: 2017 - $105,893; 2016 - $100,890) 195,079 180,551 385,557 361,412
Total benefits and expenses 930,177 914,262 1,890,889 1,839,185
Income before income tax 133,286 260,580 219,930 495,559
Income tax expense 43,654 87,787 71,959 164,149
Net income $ 89,632 $ 172,793 $ 147,971 $ 331,410