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

12 Months Ended

Dec. 31, 2012

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Impact of Adoption of New Accounting Principles on Financial Statements

Statements of Financial Position:
		December 31, 2011
		As Previously Reported (1)		Effect of Change		As Currently Reported (1)
		(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

• “As previously reported” column represents balances reported in the Annual Report on Form 10-K for the year ended December 31, 2011, originally filed with the U.S. Securities and Exchange commission (“SEC”) on March 9, 2012. “As currently reported” column was included in the 8-K filed with the SEC on November 28, 2012.

Statements of Operations and Comprehensive Income:
		Year Ended December 31, 2011
		As Previously Reported (1)		Effect of Change		As Currently Reported (1)
	(in thousands)
REVENUES
Total revenues	$	1,522,878	$	-	$	1,522,878
BENEFITS AND EXPENSES
Amortization of deferred policy acquisition costs		814,131		(98,043)		716,088
General, administrative and other expenses		437,457		4,605		442,062
Total benefits and expenses		1,933,934		(93,438)		1,840,496
INCOME FROM OPERATIONS BEFORE INCOME TAXES		(411,056)		93,438		(317,618)
Income tax expense		(198,766)		32,703		(166,063)
NET INCOME	$	(212,290)	$	60,735	$	(151,555)

• “As previously reported” column represents balances reported in the Annual Report on Form 10-K for the year ended December 31, 2011, originally filed with the SEC on March 9, 2012. “As currently reported” column was included in the 8-K filed with the SEC on November 28, 2012.

Statements of Operations and Comprehensive Income:
		Year Ended December 31, 2010
		As Previously Reported (1)		Effect of Change		As Currently Reported (1)
	(in thousands)
REVENUES
Total revenues	$	1,574,025	$	-	$	1,574,025
BENEFITS AND EXPENSES
Amortization of deferred policy acquisition costs		202,568		(23,899)		178,669
General, administrative and other expenses		413,466		35,885		449,351
Total benefits and expenses		1,028,743		11,986		1,040,729
INCOME FROM OPERATIONS BEFORE INCOME TAXES		545,282		(11,986)		533,296
		-		-		-
Income tax expense		123,701		(4,195)		119,506
NET INCOME	$	421,581	$	(7,791)	$	413,790

• “As previously reported” column represents balances reported in the Annual Report on Form 10-K for the year ended December 31, 2011, originally filed with the SEC on March 9, 2012. “As currently reported” column was included in the 8-K filed with the SEC on November 28, 2012.

Statements of Cash Flows:
		Year ended December 31, 2011
		As Previously Reported (1)		Effect of Change		As Currently Reported (1)
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	(212,290)	$	60,735	$	(151,555)
Change in:						-
Deferred policy acquisition costs		767,532		(93,438)		674,094
Income taxes		(186,985)		32,703		(154,282)
Cash flows from operating activities	$	795,330	$	-	$	795,330

• “As previously reported” column represents balances reported in the Annual Report on Form 10-K for the year ended December 31, 2011, originally filed with the SEC on March 9, 2012. “As currently reported” column was included in the 8-K filed with the SEC on November 28, 2012.

		Year ended December 31, 2010
		As Previously Reported (1)		Effect of Change		As Currently Reported (1)
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	421,581	$	(7,791)	$	413,790
Change in:
Deferred policy acquisition costs		(108,633)		11,986		(96,647)
Income taxes		336,553		(4,195)		332,358
Cash flows from operating activities	$	856,812	$	-	$	856,812

• “As previously reported” column represents balances reported in the Annual Report on Form 10-K for the year ended December 31, 2011, originally filed with the SEC on March 9, 2012. “As currently reported” column was included in the 8-K filed with the SEC on November 28, 2012.