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Unaudited Interim Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
REVENUES        
Premiums $ 17,334 $ 842,597 $ 36,161 $ 848,087
Policy charges and fee income 553,097 526,019 1,090,403 675,525
Net investment income 104,108 84,820 206,357 117,830
Asset administration fees and other income 105,869 101,695 204,671 129,026
Realized investment gains (losses), net:        
Other-than-temporary impairments on fixed maturity securities (2,073) 0 (4,733) (3,755)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) (100) 0 (95) 1,818
Other realized investment gains (losses), net (1,504,901) (2,447,694) (1,492,761) (2,459,999)
Total realized investment gains (losses), net (1,507,074) (2,447,694) (1,497,589) (2,461,936)
Total revenues (726,666) (892,563) 40,003 (691,468)
BENEFITS AND EXPENSES        
Policyholders’ benefits 49,422 539,603 66,195 563,279
Interest credited to policyholders’ account balances (125,315) 55,141 (89,932) 186,800
Amortization of deferred policy acquisition costs (371,567) 77,865 (306,175) 285,341
General, administrative and other expenses 282,218 542,453 551,611 609,232
Total benefits and expenses (165,242) 1,215,062 221,699 1,644,652
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (561,424) (2,107,625) (181,696) (2,336,120)
Income tax expense (benefit) (160,841) (791,395) (43,471) (877,225)
NET INCOME (LOSS) (400,583) (1,316,230) (138,225) (1,458,895)
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments 53 (11) 64 17
Net unrealized investment gains (losses):        
Unrealized investment gains (losses) for the period 182,283 357,485 233,617 382,987
Reclassification adjustment for (gains) losses included in net income (1,270) (87,081) 1,743 (84,935)
Net unrealized investment gains (losses) 181,013 270,404 235,360 298,052
Other comprehensive income (loss), before tax: 181,066 270,393 235,424 298,069
Less: Income tax expense (benefit) related to:        
Foreign currency translation adjustments 18 (4) 22 6
Net unrealized investment gains (losses) 63,354 94,642 82,376 104,318
Total 63,372 94,638 82,398 104,324
Other comprehensive income (loss), net of tax 117,694 175,755 153,026 193,745
COMPREHENSIVE INCOME (LOSS) $ (282,889) $ (1,140,475) $ 14,801 $ (1,265,150)