Significant Accounting Policies and Pronouncements - Adoption of New Accounting Pronouncements - Impact of DAC Restatement (Tables)

6 Months Ended

Jun. 30, 2012

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Impact of Adoption of New Accounting Principles on Financial Statements

Unaudited Interim Statements of Financial Position:
		December 31, 2011
		As Previously Reported		Effect of Change		As Currently Reported
		(in thousands)
Deferred policy acquisition costs	$	757,183	$	(90,419)	$	666,764
Income taxes		70,425		32,253		102,678
TOTAL ASSETS		52,313,024		(58,166)		52,254,858
Total liabilities		51,234,281		-		51,234,281
Accumulated other comprehensive income (loss)		151,692		9,020		160,712
Retained earnings (accumulated deficit)		41,881		(67,186)		(25,305)
Total equity		1,078,743		(58,166)		1,020,577
TOTAL LIABILITIES AND EQUITY	$	52,313,024	$	(58,166)	$	52,254,858

Unaudited Interim Statements of Operations and Comprehensive Income:
		Three Months Ended June 30, 2011
		As Previously Reported		Effect of Change		As Currently Reported
	(in thousands)
REVENUES
Total revenues	$	402,919	$	-	$	402,919
BENEFITS AND EXPENSES
Amortization of deferred policy acquisition costs		132,096		(14,811)		117,285
General, administrative and other expenses		108,499		1,169		109,668
Total benefits and expenses		371,999		(13,642)		358,357
INCOME FROM OPERATIONS BEFORE INCOME TAXES		30,920		13,642		44,562
Income tax expense		5,863		4,047		9,910
NET INCOME	$	25,057	$	9,595	$	34,652	$
		Six Months Ended June 30, 2011
		As Previously Reported		Effect of Change		As Currently Reported
	(in thousands)
REVENUES
Total revenues	$	773,780	$	-	$	773,780
BENEFITS AND EXPENSES
Amortization of deferred policy acquisition costs		162,258		(22,785)		139,473
General, administrative and other expenses		214,792		2,296		217,088
Total benefits and expenses		589,130		(20,489)		568,641
INCOME FROM OPERATIONS BEFORE INCOME TAXES		184,650		20,489		205,139
Income tax expense		40,421		8,546		48,967
NET INCOME	$	144,229	$	11,943	$	156,172

Unaudited Interim Statement of Cash Flows:
		Six Months Ended June 30, 2011
		As Previously Reported		Effect of Change		As Currently Reported
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	144,229	$	11,943	$	156,172
Change in:
Deferred policy acquisition costs		134,658		(20,489)		114,169
Income taxes		42,411		8,546		50,957
Cash flows from operating activities	$	421,109	$	-	$	421,109

Future Adoption of New Accounting Pronouncements

In July 2012, the FASB issued amended guidance on testing indefinite-lived intangible assets for impairment. Under the amended guidance, an entity can first assess qualitative factors to determine whether an indefinite-lived intangible asset may be impaired. If the entity concludes that it is not likely that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. But if the entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the asset's fair value with its carrying amount in accordance with existing guidance. The entity may also bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. The entity will be able to resume performing the qualitative assessment in any subsequent period. The amended guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The Company is currently assessing the impact of this guidance on the Company's financial position, results of operations, and financial statement disclosures, but does not expect it to impact its financial position or results of operations.