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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, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUES        
Premiums $ 89,965 $ 54,324 [1] $ 166,621 $ 123,829 [1]
Policy charges and fee income 363,536 398,755 [1] 750,027 487,935 [1]
Net investment income 393,075 192,128 742,525 371,428
Asset administration fees 56,788 71,790 120,990 151,022
Other income (loss) 105,458 (306,639) [1] 350,305 (633,722) [1]
Realized Investment gains (losses), net 7,694 360,219 [1] (112,985) 713,500 [2]
Net change in value of market risk benefits, net of related hedging gain (loss) (38,887) (717,469) [1] (18,685) (1,155,337) [2]
TOTAL REVENUES 977,629 53,108 1,998,798 58,655
BENEFITS AND EXPENSES        
Policyholders' benefits 146,961 94,449 [1] 252,143 279,858 [1]
Change in estimates of liability for future policy benefits (1,133) 48,647 [1] (5,535) 45,800 [1]
Interest credited to policyholders’ account balances 143,816 108,918 [1] 304,038 220,937 [1]
Amortization of deferred policy acquisition costs 129,147 130,889 [1] 266,642 255,964 [1]
General, administrative and other expenses 300,689 285,767 [1] 587,336 552,717 [1]
TOTAL BENEFITS AND EXPENSES 719,480 668,670 1,404,624 1,355,276
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total 258,149 (615,562) 594,174 (1,296,621)
Income tax expense (benefit) 40,326 (143,706) [1] 96,565 (342,554) [1]
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 217,823 (471,856) 497,609 (954,067)
Equity in earnings of operating joint venture, net of taxes (225) (75,162) (332) (75,158)
NET INCOME (LOSS) 217,598 (547,018) 497,277 (1,029,225) [2]
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments 600 (6,200) 3,266 (7,870)
Net unrealized investment gains (losses) (263,227) (883,418) [1] 118,874 (1,817,941) [1]
Interest rate remeasurement of future policy benefits 20,636 130,981 [1] (17,588) 249,694 [1]
Gain (loss) from changes in non-performance risk on market risk benefits (247,746) 887,534 [1] (67,323) 1,789,586 [1]
Total (489,737) 128,897 37,229 213,469
Less: Income tax expense (benefit) related to other comprehensive income (loss) (102,846) 27,805 [1] 7,416 45,818 [1]
Other comprehensive income (loss), net of taxes (386,891) 101,092 29,813 167,651
Comprehensive income (loss) $ (169,293) $ (445,926) $ 527,090 $ (861,574)
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[2] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.