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Unaudited Interim Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
REVENUES        
Premiums $ 7,887 $ 7,844 $ 25,189 $ 26,777
Policy charges and fee income 183,926 204,424 566,718 609,787
Net investment income 33,110 39,393 104,755 125,352
Asset administration fees and other income 38,192 57,268 146,951 172,414
Realized investment gains (losses), net:        
Other-than-temporary impairments on fixed maturity securities 0 0 (44) 0
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) 0 0 24 0
Other realized investment gains (losses), net 5,687 (923) 10,026 (5,289)
Total realized investment gains (losses), net 5,687 (923) 10,006 (5,289)
Total revenues 268,802 308,006 853,619 929,041
BENEFITS AND EXPENSES        
Policyholders’ benefits 37,953 42,818 61,599 99,734
Interest credited to policyholders’ account balances 110,894 26,546 218,792 128,873
Amortization of deferred policy acquisition costs 169,443 31,157 317,830 132,295
General, administrative and other expenses 70,291 96,683 244,997 295,568
Total benefits and expenses 388,581 197,204 843,218 656,470
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (119,779) 110,802 10,401 272,571
Income tax expense (benefit) (14,953) 14,765 4,615 41,605
NET INCOME (LOSS) (104,826) 96,037 5,786 230,966
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments 1 (29) (39) (33)
Unrealized investment gains (losses) for the period (6,027) (13,105) (29,267) 23,390
Reclassification adjustment for (gains) losses included in net income 252 (3,899) (4,652) (4,776)
Net unrealized investment gains (losses) (5,775) (17,004) (33,919) 18,614
Other comprehensive income (loss), before tax: (5,774) (17,033) (33,958) 18,581
Less: Income tax expense (benefit) related to other comprehensive income (loss)        
Foreign currency translation adjustments 0 (10) (14) (12)
Net unrealized investment gains (losses) (2,063) (5,951) (11,872) 6,516
Total (2,063) (5,961) (11,886) 6,504
Other comprehensive income (loss), net of taxes (3,711) (11,072) (22,072) 12,077
COMPREHENSIVE INCOME (LOSS) $ (108,537) $ 84,965 $ (16,286) $ 243,043