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Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
NET INCOME (LOSS) $ (989,327) $ 1,682,716 $ (83,504)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Policy charges and fee income (813) (2,686) (766)
Realized investment (gains) losses, net 2,681,320 (884,073) 805,400
Depreciation and amortization 865 7,905 32,812
Interest credited to policyholders’ account balances 161,209 249,175 30,280
Change in:      
Future policy benefits 1,110,089 1,095,204 982,792
Accrued investment income (11,829) (2,564) (2,327)
Net receivables from/payables to parent and affiliates 1,463 (3,163) 4,165
Deferred sales inducements (790) (2,885) (1,551)
Deferred policy acquisition costs (139,774) 216,799 (291,532)
Income taxes (438,541) 204,634 763,227
Reinsurance recoverables, net (3,524) (33,703) 2,708
Derivatives, net (193,119) 131,874 (1,364,754)
Other, net (1) [1] 38,037 167,939 91,600
Cash flows from (used in) operating activities 2,215,266 2,827,172 968,550
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 852,596 2,534,470 1,145,369
Fixed maturities, trading 149 99,656 1,739
Equity securities 8,807 7,896 3,306
Commercial mortgage and other loans 265,657 143,331 198,584
Policy loans 1,439 675 1,276
Other invested assets 27,065 29,103 72,667
Short-term investments 1,109,061 984,409 1,949,758
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (3,538,800) (2,230,936) (1,528,065)
Fixed maturities, trading (54,862) (231,316) (15,964)
Equity securities (52,244) (14,221) (3,048)
Commercial mortgage and other loans (382,407) (125,007) (348,520)
Policy loans (295) (187) (366)
Other invested assets (169,863) (167,930) (7,668)
Short-term investments (1,406,312) (311,277) (1,713,877)
Notes receivable from parent and affiliates, net (15,442) 3,518 2,717
Derivatives, net (18,334) 1,073 4,948
Other, net 0 (69) 254
Cash flows from (used in) investing activities (3,373,785) 723,188 (236,890)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Policyholders’ account deposits 4,012,627 3,150,952 2,623,534
Ceded policyholders' account deposits (16,068) (47,449) (24,191)
Policyholders’ account withdrawals (3,320,216) (2,727,850) (2,589,770)
Ceded policyholders' account withdrawals 35,566 30,341 24,111
Cash collateral for loaned securities (384) (16,999) (5,967)
Repayments of debt (maturities longer than 90 days) (274,569) (43,734) 0
Net increase/(decrease) in short-term borrowing 7,916 0 (28,101)
Drafts outstanding (7,503) (7,026) 10,624
Distribution to parent (977,500) (1,025,000) (950,000)
Other, net (9,721) 0 0
Cash flows from (used in) financing activities (549,852) (686,765) (939,760)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,708,371) 2,863,595 (208,100)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 4,503,534 1,639,939 1,848,039
CASH AND CASH EQUIVALENTS, END OF YEAR 2,795,163 4,503,534 1,639,939
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid (refund) 147,441 (43,130) 437,872
Interest paid $ 26,719 $ 33,901 $ 34,217
[1]
Prior period amounts have been reclassified to conform to current period presentation.