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CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Premiums and policy fees $ 935,928 $ 862,906 $ 1,819,341 $ 1,718,485
Reinsurance ceded (391,864) (344,208) (737,488) (663,263)
Net of reinsurance ceded 544,064 518,698 1,081,853 1,055,222
Net investment income 578,414 475,722 1,067,832 950,431
Realized investment gains (losses):        
Derivative financial instruments 17,060 (63,794) 63,886 (124,694)
All other investments (49,643) 53,535 (137,194) 76,376
Other-than-temporary impairment losses (10) (33) (701) (128)
Portion recognized in other comprehensive income (before taxes) 5 (2,752) (2,949) (7,858)
Net impairment losses recognized in earnings (5) (2,785) (3,650) (7,986)
Other income 79,754 82,087 160,428 161,470
Total revenues 1,169,644 1,063,463 2,233,155 2,110,819
Benefits and expenses        
Benefits and settlement expenses, net of reinsurance ceded: (three months: 2018 - $295,777; 2017 - $284,405; six months: 2018 - $641,603; 2017 - $545,805) 860,860 711,644 1,647,209 1,461,094
Amortization of deferred policy acquisition costs and value of business acquired 52,630 23,454 110,703 44,238
Other operating expenses, net of reinsurance ceded: (three months: 2018 - $52,558; 2017 - $54,132; six months: 2018 - $96,627; 2017 - $105,893) 195,260 195,079 392,413 385,557
Total benefits and expenses 1,108,750 930,177 2,150,325 1,890,889
Income before income tax 60,894 133,286 82,830 219,930
Income tax expense 8,626 43,654 12,287 71,959
Net income $ 52,268 $ 89,632 $ 70,543 $ 147,971