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Unaudited Interim Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUES        
Premiums $ 13,936 $ 12,506 $ 45,528 $ 48,242
Policy charges and fee income 489,440 527,152 1,441,991 1,559,874
Net investment income 144,669 149,367 426,132 406,408
Asset administration fees and other income 102,758 120,927 353,740 345,520
Realized investment gains (losses), net (245,974) (537,267) (4,379,429) (2,773,701)
Total revenues 504,829 272,685 (2,112,038) (413,657)
BENEFITS AND EXPENSES        
Policyholders’ benefits 43,824 69,833 248,585 125,673
Interest credited to policyholders’ account balances 81,284 56,947 161,000 100,729
Amortization of deferred policy acquisition costs 204,516 137,157 439,730 167,198
Commission expense 193,174 220,828 602,303 672,110
General, administrative and other expenses 29,604 74,008 160,487 193,981
Total benefits and expenses 552,402 558,773 1,612,105 1,259,691
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (47,573) (286,088) (3,724,143) (1,673,348)
Income tax expense (benefit) 134,587 (58,576) (964,981) (377,042)
NET INCOME (LOSS) (182,160) (227,512) (2,759,162) (1,296,306)
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments 327 (228) (154) (244)
Net unrealized investment gains (losses) 33,026 628,916 1,560,493 1,336,746
Total 33,353 628,688 1,560,339 1,336,502
Less: Income tax expense (benefit) related to other comprehensive income (loss)        
Less: Income tax expense (benefit) related to other comprehensive income (loss) 7,006 132,024 327,672 280,666
Other comprehensive income (loss), net of taxes 26,347 496,664 1,232,667 1,055,836
Comprehensive income (loss) $ (155,813) $ 269,152 $ (1,526,495) $ (240,470)