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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net income (loss) $ (4,482) $ (11,420)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Interest sensitive and index product benefits 641,211 387,777
Amortization of deferred sales inducements (1,587) 53,094
Annuity product charges (122,987) (113,666)
Change in fair value of embedded derivatives (123,126) 1,093,885
Change in traditional life and accident and health insurance reserves 3,322 (2,889)
Policy acquisition costs deferred (123,861) (236,076)
Amortization of deferred policy acquisition costs 813 75,078
Provision for depreciation and other amortization 2,485 1,916
Amortization of discounts and premiums on investments 17,645 12,734
Realized gains/losses on investments 46,224 4,395
Realized gains/losses on investments   5,608
Distributions from equity method investments 0 753
Change in fair value of derivatives 614,212 (460,326)
Deferred income taxes (7,132) (11,207)
Loss on extinguishment of debt 2,024 0
Share-based compensation 4,394 7,360
Change in accrued investment income 22,536 (11,935)
Change in income taxes recoverable/payable (36,391) (21,547)
Change in other assets 3,055 (4,868)
Change in other policy funds and contract claims (15,222) (10,605)
Change in collateral held for derivatives (727,069) 680,208
Change in collateral held for securities lending (494,280) 441,908
Change in other liabilities (36,407) 1,306
Other 6,727 (5,854)
Net cash provided by (used in) operating activities (327,896) 1,871,234
Sales, maturities, or repayments of investments:    
Fixed maturity securities, available for sale 2,413,147 859,767
Mortgage loans on real estate 129,531 136,035
Derivative instruments 430,662 238,557
Other investments 3,013 3,407
Acquisitions of investments:    
Fixed maturity securities, available for sale (1,137,134) (2,199,848)
Mortgage loans on real estate (654,936) (276,385)
Derivative instruments (389,877) (419,798)
Other investments (4,936) (291,519)
Purchases of property, furniture and equipment (11,624) (1,400)
Net cash provided by (used in) investing activities 777,846 (1,951,184)
Financing activities    
Receipts credited to annuity policyholder account balances 1,248,172 2,732,241
Coinsurance deposits 204,759 59,190
Return of annuity policyholder account balances (1,971,344) (1,726,013)
Repayment of subordinated debentures (81,450) 0
Net proceeds from amounts due under repurchase agreements 0 (109,298)
Proceeds from issuance of preferred stock, net 290,260 0
Proceeds from issuance of common stock, net 1,706 18
Change in checks in excess of cash balance (14,249) (4,617)
Preferred stock dividends (12,561) 0
Net cash provided by (used in) financing activities (334,707) 951,521
Increase in cash and cash equivalents 115,243 871,571
Cash and cash equivalents at beginning of period 2,293,392 344,396
Cash and cash equivalents at end of period 2,408,635 1,215,967
Cash paid during period for interest:    
Interest expense 16,427 22,513
Cash paid (received) during period for income taxes:    
Income taxes (161)  
Income taxes   28,193
Non-cash operating activity:    
Deferral of sales inducements $ 47,262 $ 93,991