XML 100 R21.htm IDEA: XBRL DOCUMENT

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2014

15. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The unaudited quarterly results of operations for the years ended December 31, 2014 and 2013 are summarized in the table below:

	Three months ended
		March 31		June 30		September 30		December 31
2014	(in thousands)
Total revenues	$	311,249	$	309,786	$	308,006	$	311,187
Total benefits and expenses		216,896		242,370		197,204		324,387
Income (loss) from operations before income taxes and cumulative effect of accounting change		94,353		67,416		110,802		(13,200)
Net income	$	77,498	$	57,431	$	96,037	$	19,801

	Three months ended
		March 31		June 30		September 30		December 31
	(in thousands)
2013
Total revenues	$	290,576	$	283,524	$	250,028	$	286,154
Total benefits and expenses		93,190		96,720		(332,523)		72,431
Income from operations before income taxes and cumulative effect of accounting change		197,386		186,804		582,551		213,723
Net income	$	147,388	$	143,670	$	400,296	$	156,738

Results for the fourth quarter of 2014 include a pre-tax expense of $8 million related to an out of period adjustment recorded by the Company primarily due to additional DAC amortization related to the overstatement of reinsured reserves in prior periods. Results for the fourth quarter of 2013 include a pre-tax expense of $22 million related to an out of period adjustment recorded by the Company primarily due to additional DAC amortization related to the overstatement of reinsured reserves in the third quarter of 2013. The overstatement resulted from the use of incorrect data inputs to calculate the impact of the market's perception of our own non-performance risk on the reserves for certain annuities with guaranteed benefits. This item impacted only the third and fourth quarters of 2013 and had no impact to full year 2013 reported results. Management has evaluated the impact of all out of period adjustments, both individually and in the aggregate, and concluded that they are not material to the current quarter or to any previously reported quarterly or annual financial statements.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details