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Unaudited Interim Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
REVENUES        
Premiums $ 12,506 $ 13,679 $ 48,242 $ 48,008
Policy charges and fee income 527,152 550,592 1,559,874 1,653,225
Net investment income 149,367 103,164 406,408 300,035
Asset administration fees and other income 120,927 93,320 345,520 291,460
Realized investment gains (losses), net:        
Other-than-temporary impairments on fixed maturity securities (769) (2,523) (2,626) (2,960)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) 0 0 (168) 0
Other realized investment gains (losses), net (536,498) 67,796 (2,770,907) 636,782
Total realized investment gains (losses), net (537,267) 65,273 (2,773,701) 633,822
Total revenues 272,685 826,028 (413,657) 2,926,550
BENEFITS AND EXPENSES        
Policyholders’ benefits 69,833 49,931 125,673 113,624
Interest credited to policyholders’ account balances 56,947 82,313 100,729 213,903
Amortization of deferred policy acquisition costs 137,157 190,632 167,198 514,457
Commission expense 220,828 192,951 672,110 644,628
General, administrative and other expenses 74,008 46,038 193,981 132,199
Total benefits and expenses 558,773 561,865 1,259,691 1,618,811
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (286,088) 264,163 (1,673,348) 1,307,739
Income tax expense (benefit) (58,576) (148,073) (377,042) 57,278
NET INCOME (LOSS) (227,512) 412,236 (1,296,306) 1,250,461
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments (228) (64) (244) (1,192)
Net unrealized investment gains (losses) 628,916 (149,116) 1,336,746 (383,434)
Total 628,688 (149,180) 1,336,502 (384,626)
Less: Income tax expense (benefit) related to other comprehensive income (loss)        
Less: Income tax expense (benefit) related to other comprehensive income (loss) 132,024 (31,328) 280,666 (80,773)
Other comprehensive income (loss), net of tax 496,664 (117,852) 1,055,836 (303,853)
Comprehensive income (loss) $ 269,152 $ 294,384 $ (240,470) $ 946,608