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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues:    
Premiums and other considerations $ 7,664 $ 5,410
Annuity product charges 59,549 52,966
Net investment income 573,318 558,438
Change in fair value of derivatives (941,874) 384,469
Net realized gains (losses) on investments, excluding credit losses on fixed maturity securities, available for sale 11,035 (563)
Credit losses on fixed maturity securities, available for sale (31,371) 0
Loss on extinguishment of debt (2,024) 0
Total revenues (323,703) 1,000,720
Benefits and expenses:    
Insurance policy benefits and change in future policy benefits 10,072 9,299
Interest sensitive and index product benefits 400,219 136,674
Amortization of deferred sales inducements 73,591 33,309
Change in fair value of embedded derivatives (1,250,061) 766,323
Interest expense on notes payable 6,385 6,379
Interest expense on subordinated debentures 1,588 4,088
Amortization of deferred policy acquisition costs 120,702 45,132
Other operating costs and expenses 43,626 38,979
Total benefits and expenses (593,878) 1,040,183
Income (loss) before income taxes 270,175 (39,463)
Income tax expense (benefit) 27,228 (9,453)
Net income (loss) 242,947 (30,010)
Less: Preferred stock dividends 6,611 0
Net income (loss) available to common stockholders $ 236,336 $ (30,010)
Earnings (loss) per common share $ 2.58 $ (0.33)
Earnings (loss) per common share - assuming dilution $ 2.57 $ (0.33)
Weighted average common shares outstanding: earnings (loss) per common share 91,644,315 90,883,254
Weighted average common shares outstanding: earnings (loss) per common share - assuming dilution 92,021,079 91,743,759