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Unaudited Interim Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
REVENUES        
Premiums $ 8,110 $ 10,791 $ 17,302 $ 18,933
Policy charges and fee income 191,409 203,696 382,792 405,363
Net investment income 34,056 41,458 71,645 85,959
Asset administration fees and other income 54,716 58,036 108,759 115,146
Realized investment gains (losses), net:        
Other-than-temporary impairments on fixed maturity securities (19) 0 (44) 0
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) 8 0 24 0
Other realized investment gains (losses), net (9,145) (4,195) 4,339 (4,366)
Total realized investment gains (losses), net (9,156) (4,195) 4,319 (4,366)
Total revenues 279,135 309,786 584,817 621,035
BENEFITS AND EXPENSES        
Policyholders’ benefits 11,657 27,973 23,646 56,916
Interest credited to policyholders’ account balances 16,268 54,358 107,898 102,327
Amortization of deferred policy acquisition costs 7,327 62,155 148,387 101,138
General, administrative and other expenses 87,634 97,884 174,706 198,885
Total benefits and expenses 122,886 242,370 454,637 459,266
INCOME FROM OPERATIONS BEFORE INCOME TAXES 156,249 67,416 130,180 161,769
Income tax expense 24,335 9,985 19,568 26,840
NET INCOME 131,914 57,431 110,612 134,929
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments 19 (3) (40) (4)
Unrealized investment gains (losses) for the period (38,033) 16,305 (23,240) 36,495
Reclassification adjustment for (gains) included in net income (3,042) (71) (4,904) (877)
Net unrealized investment gains (losses) (41,075) 16,234 (28,144) 35,618
Other comprehensive income (loss), before tax: (41,056) 16,231 (28,184) 35,614
Less: Income tax expense (benefit) related to other comprehensive income (loss)        
Foreign currency translation adjustments 7 (1) (14) (2)
Net unrealized investment gains (losses) (14,335) 5,682 (9,809) 12,467
Total (14,328) 5,681 (9,823) 12,465
Other comprehensive income (loss), net of taxes (26,728) 10,550 (18,361) 23,149
COMPREHENSIVE INCOME $ 105,186 $ 67,981 $ 92,251 $ 158,078