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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Premiums and other considerations $ 10,407 $ 5,152 $ 29,103 $ 14,688
Annuity product charges 62,277 63,647 185,264 177,313
Net investment income 543,331 590,412 1,660,353 1,719,418
Change in fair value of derivatives 205,011 (20,042) (409,201) 440,472
Net realized gains (losses) on investments (22,321) 4,328 (68,545) (67)
Total OTTI losses 0 (101) 0 (1,099)
Portion of OTTI losses recognized from other comprehensive income 0 0 0 (215)
Net OTTI losses recognized in operations 0 (101) 0 (1,314)
Loss on extinguishment of debt 0 0 (2,024) 0
Total revenues 798,705 643,396 1,394,950 2,350,510
Benefits and expenses:        
Insurance policy benefits and change in future policy benefits 13,273 7,627 36,676 23,865
Interest sensitive and index product benefits 576,147 500,285 1,217,358 888,062
Amortization of deferred sales inducements 416,983 (55,769) 415,396 (2,675)
Change in fair value of embedded derivatives (1,732,497) 212,278 (1,855,623) 1,306,163
Interest expense on notes payable 6,388 6,382 19,161 19,141
Interest expense on subordinated debentures 1,323 3,968 4,232 12,113
Amortization of deferred policy acquisition costs 622,596 (120,934) 623,409 (45,856)
Other operating costs and expenses 42,738 38,554 128,315 114,959
Total benefits and expenses (53,049) 592,391 588,924 2,315,772
Income before income taxes 851,754 51,005 806,026 34,738
Income tax expense 184,554 13,645 143,308 8,798
Net income 667,200 37,360 662,718 25,940
Less: Preferred stock dividends 5,950 0 18,511 0
Net income available to common stockholders $ 661,250 $ 37,360 $ 644,207 $ 25,940
Earnings per common share $ 7.20 $ 0.41 $ 7.02 $ 0.28
Earnings per common share - assuming dilution $ 7.17 $ 0.41 $ 7.00 $ 0.28
Weighted average common shares outstanding: earnings per common share 91,861,167 91,251,590 91,769,932 91,080,681
Weighted average common shares outstanding: earnings per common share - assuming dilution 92,163,272 91,710,557 92,070,735 91,747,862