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CONSOLIDATED CONDENSED STATEMENTS OF INCOME (USD $)
In Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues        
Premiums and policy fees $ 712,472 $ 675,205 $ 1,374,728 $ 1,300,040
Reinsurance ceded (356,603) (372,925) (681,020) (672,839)
Net of reinsurance ceded 355,869 302,280 693,708 627,201
Net investment income 434,425 408,548 861,736 806,736
Realized investment (losses) gains:        
Derivative financial instruments (35,045) (119,346) (47,909) (143,823)
All other investments 64,454 68,729 74,995 118,366
Other-than-temporary impairment losses (15,564) (36,554) (31,585) (58,409)
Portion of loss recognized in other comprehensive income (before taxes) 6,129 19,785 16,487 29,771
Net impairment losses recognized in earnings (9,435) (16,769) (15,098) (28,638)
Other income 56,107 25,205 99,970 47,762
Total revenues 866,375 668,647 1,667,402 1,427,604
Benefits and expenses        
Benefits and settlement expenses, net of reinsurance ceded: (three months: 2011 - $357,948; 2010 - $360,933; six months: 2011 - $671,945; 2010 - $665,075) 548,650 522,174 1,082,510 1,026,472
Amortization of deferred policy acquisition costs and value of business acquired 75,682 17,950 145,621 93,395
Other operating expenses, net of reinsurance ceded: (three months: 2011 - $49,988; 2010 - $52,613; six months: 2011 - $96,263; 2010 - $96,909) 93,448 66,354 181,953 134,095
Total benefits and expenses 717,780 606,478 1,410,084 1,253,962
Income before income tax 148,595 62,169 257,318 173,642
Income tax expense 51,546 21,555 89,511 56,851
Net income $ 97,049 $ 40,614 $ 167,807 $ 116,791