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Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
REVENUES        
Premiums $ 44,862 $ 22,544 $ 89,267 $ 37,415
Policy charges and fee income 180,200 161,085 332,065 301,004
Net investment income 95,300 83,462 194,167 163,043
Asset administration fees 6,276 4,302 12,487 8,690
Other income 25,630 14,892 43,874 23,728
Realized investment gains (losses), net (122,502) (80,231) (45,894) 9,664
TOTAL REVENUES 229,766 206,054 625,966 543,544
BENEFITS AND EXPENSES        
Policyholders’ benefits 78,076 86,253 171,989 172,176
Interest credited to policyholders’ account balances 47,400 66,417 103,570 121,463
Amortization of deferred policy acquisition costs 35,115 13,638 86,955 62,947
General, administrative and other expenses 95,444 59,118 231,640 135,032
TOTAL BENEFITS AND EXPENSES 256,035 225,426 594,154 491,618
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE (26,269) (19,372) 31,812 51,926
Income tax expense (benefit) 6,993 (29,417) (38,316) (56,518)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE (33,262) 10,045 70,128 108,444
Equity in earnings of operating joint venture, net of taxes 168 (513) 155 (1,300)
NET INCOME (LOSS) (33,094) 9,532 70,283 107,144
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments 424 16,514 (4,781) (3,888)
Net unrealized investment gains (losses) 215,967 325,293 (134,235) 191,027
Total 216,391 341,807 (139,016) 187,139
Less: Income tax expense (benefit) related to other comprehensive income (loss) 45,396 68,391 (28,335) 40,104
Other comprehensive income (loss), net of taxes 170,995 273,416 (110,681) 147,035
Comprehensive income (loss) $ 137,901 $ 282,948 $ (40,398) $ 254,179