XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net earnings $ 57,176 $ 93,883
Adjustments to reconcile net earnings to net cash from operating activities:    
Universal life and annuity contract interest 119,625 200,500
Surrender charges and other policy revenues (21,219) (25,608)
Realized (gains) losses on investments (12,660) (3,702)
Accretion/amortization of discounts and premiums, investments 1,580 1,798
Depreciation and amortization 8,892 8,501
Increase (decrease) in estimated credit losses on investments 2,930 0
(Increase) decrease in value of equity securities 3,107 (2,639)
(Increase) decrease in value of derivatives 34,866 (63,127)
(Increase) decrease in deferred policy acquisition and sales inducement costs, and value of business acquired 75,604 53,837
(Increase) decrease in accrued investment income (32) 3,837
(Increase) decrease in other assets 8,746 1,831
Increase (decrease) in liabilities for future policy benefits (5,288) 6,960
Increase (decrease) in other policyholder liabilities 8,785 (19,847)
Increase (decrease) in Federal income tax liability (4,550) 6,486
Increase (decrease) in deferred Federal income tax 5,224 (17,502)
Increase (decrease) in other liabilities (3,391) (1,045)
Net cash provided by operating activities 279,395 244,163
Proceeds from sales of:    
Debt securities available for sale 0 80,528
Other investments 5,786 29,960
Proceeds from maturities, redemptions, and prepayments of:    
Debt securities held to maturity 619,984 486,344
Debt securities available for sale 240,398 189,944
Other investments 9,753 5,911
Derivatives, index options 84,778 28,457
Purchases of:    
Debt securities held to maturity (318,138) (161,617)
Debt securities available for sale (181,162) (127,811)
Equity securities (1,019) (977)
Derivatives, index options (51,318) (57,443)
Other investments (23,268) (7,314)
Property, equipment, and other productive assets (7,223) (4,364)
Payment to acquire businesses, net of cash acquired 0 (189,121)
Principal payments on mortgage loans 6,022 22,384
Cost of mortgage loans acquired (41,530) (47,744)
Decrease (increase) in policy loans 4,294 2,580
Net cash provided by (used in) investing activities 347,357 249,717
Cash flows from financing activities:    
Deposits to account balances for universal life and annuity contracts 348,583 292,551
Return of account balances on universal life and annuity contracts (721,496) (747,260)
Borrowings under line of credit agreement 0 75,000
Principal payments on line of credit borrowings 0 (75,000)
Principal payments under finance lease obligation (280) (295)
Net cash provided by (used in) financing activities (373,193) (455,004)
Effect of foreign exchange (59) 657
Net increase (decrease) in cash, cash equivalents, and restricted cash 253,500 39,533
Cash, cash equivalents, and restricted cash at beginning of period 253,525 131,976
Cash, cash equivalents and restricted cash at end of period 507,025 171,509
Cash paid (received) during the period for:    
Interest 56 252
Income taxes 13,229 34,758
Noncash operating activities:    
Net deferral and amortization of sales inducements (12,755) (13,501)
Noncash investing and financing activities:    
Contingent consideration to acquire businesses $ 0 $ 3,700