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Unaudited Interim Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUES        
Premiums $ 15,013 $ 18,471 $ 31,592 $ 35,736
Policy charges and fee income 455,682 524,788 952,551 1,032,722
Net investment income 158,426 131,972 281,463 257,041
Asset administration fees and other income 105,849 115,205 250,982 224,593
Realized investment gains (losses), net (3,375,764) (894,215) (4,133,455) (2,236,434)
Total revenues (2,640,794) (103,779) (2,616,867) (686,342)
BENEFITS AND EXPENSES        
Policyholders’ benefits (37,768) 47,890 204,761 55,840
Interest credited to policyholders’ account balances (33,254) 33,355 79,716 43,782
Amortization of deferred policy acquisition costs (194,304) 40,132 235,214 30,041
Commission expense 191,055 221,090 409,129 451,282
General, administrative and other expenses 51,771 61,810 130,883 119,973
Total benefits and expenses (22,500) 404,277 1,059,703 700,918
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (2,618,294) (508,056) (3,676,570) (1,387,260)
Income tax expense (benefit) (862,080) (339,286) (1,099,568) (318,466)
NET INCOME (LOSS) (1,756,214) (168,770) (2,577,002) (1,068,794)
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments 2 (116) (481) (16)
Net unrealized investment gains (losses) 247,379 423,402 1,527,467 707,830
Total 247,381 423,286 1,526,986 707,814
Less: Income tax expense (benefit) related to other comprehensive income (loss)        
Less: Income tax expense (benefit) related to other comprehensive income (loss) 51,949 88,891 320,666 148,642
Other comprehensive income (loss), net of taxes 195,432 334,395 1,206,320 559,172
Comprehensive income (loss) $ (1,560,782) $ 165,625 $ (1,370,682) $ (509,622)