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Unaudited Interim Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUES        
Premiums $ 5,129 $ 3,281 $ 10,323 $ 6,619
Policy charges and fee income 18,243 22,605 42,212 42,454
Net investment income 20,683 19,472 37,648 38,213
Asset administration fees 1,546 1,449 3,111 2,792
Other income 1,640 1,329 (309) 2,643
Realized investment gains (losses), net (7,512) (5,056) 5,553 (11,166)
TOTAL REVENUES 39,729 43,080 98,538 81,555
BENEFITS AND EXPENSES        
Policyholders’ benefits 13,443 10,351 30,129 20,328
Interest credited to policyholders’ account balances 11,987 10,005 22,178 19,058
Amortization of deferred policy acquisition costs 1,967 6,174 7,279 7,399
General, administrative and other expenses 10,395 6,858 20,769 13,956
TOTAL BENEFITS AND EXPENSES 37,792 33,388 80,355 60,741
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 1,937 9,692 18,183 20,814
Income tax expense (benefit) (8,425) (805) (6,724) (228)
NET INCOME (LOSS) 10,362 10,497 24,907 21,042
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments 42 4 41 4
Net unrealized investment gains (losses) 97,427 46,263 76,459 92,861
Total 97,469 46,267 76,500 92,865
Less: Income tax expense (benefit) related to other comprehensive income (loss) 20,470 9,715 16,066 19,501
Other comprehensive income (loss), net of taxes 76,999 36,552 60,434 73,364
Comprehensive income (loss) $ 87,361 $ 47,049 $ 85,341 $ 94,406