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Unaudited Interim Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
REVENUES        
Premiums $ 11,277 $ 15,013 $ 27,039 $ 31,592
Policy charges and fee income 514,148 455,682 1,021,731 952,551
Net investment income 145,948 158,426 285,207 281,463
Asset management and service fees 106,050 91,640 [1] 209,571 189,489 [1]
Other income (loss) 259,283 14,209 [1] (514,009) 61,493 [1]
Realized investment gains (losses), net (836,964) (3,375,764) 2,292,172 (4,133,455)
TOTAL REVENUES 199,742 (2,640,794) 3,321,711 (2,616,867)
BENEFITS AND EXPENSES        
Policyholders’ benefits (3,611) (37,768) 26,017 204,761
Interest credited to policyholders’ account balances 21,259 (33,254) 169,169 79,716
Amortization of deferred policy acquisition costs 40,078 (194,304) 382,654 235,214
Commission expense 165,572 191,055 330,887 409,129
General, administrative and other expenses 75,695 51,771 128,471 130,883
TOTAL BENEFITS AND EXPENSES 298,993 (22,500) 1,037,198 1,059,703
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (99,251) (2,618,294) 2,284,513 (3,676,570)
Income tax expense (benefit) (24,651) (862,080) 469,300 (1,099,568)
NET INCOME (LOSS) (74,600) (1,756,214) 1,815,213 (2,577,002)
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments 17 2 66 (481)
Net unrealized investment gains (losses) 296,315 247,379 (1,492,209) 1,527,467
Total 296,332 247,381 (1,492,143) 1,526,986
Less: Income tax expense (benefit) related to other comprehensive income (loss)        
Less: Income tax expense (benefit) related to other comprehensive income (loss) 62,230 51,949 (313,350) 320,666
Other comprehensive income (loss), net of taxes 234,102 195,432 (1,178,793) 1,206,320
Comprehensive income (loss) $ 159,502 $ (1,560,782) $ 636,420 $ (1,370,682)
[1] Prior period amounts have been reclassified to conform to current period presentation.