XML 21 R2.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
1 Months Ended 11 Months Ended 12 Months Ended
Jan. 31, 2015
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2014
Benefits and expenses        
Income before income tax $ 1,182 $ 399,842 $ 593,997 $ 583,289
Successor        
Revenues        
Premiums and policy fees   3,008,050 3,407,931  
Reinsurance ceded   (1,154,978) (1,314,716)  
Net of reinsurance ceded   1,853,072 2,093,215  
Net investment income   1,632,948 1,942,456  
Realized investment gains (losses):        
Derivative financial instruments   29,997 (40,288)  
All other investments   (166,886) 90,659  
Other-than-temporary impairment losses   (28,659) (32,075)  
Portion recognized in other comprehensive income (before taxes)   1,666 14,327  
Net impairment losses recognized in earnings   (26,993) (17,748)  
Other income   388,531 415,653  
Total revenues   3,710,669 4,483,947  
Benefits and expenses        
Benefits and settlement expenses, net of reinsurance ceded: (Successor 2016 - $1,181,960; 2015 - $1,025,596); (Predecessor 2015 - $87,674; 2014 - $1,226,307)   2,539,943 2,880,435  
Amortization of deferred policy acquisition costs and value of business acquired   94,056 149,064  
Other operating expenses, net of reinsurance ceded: (Successor 2016 - $207,197; 2015 - $191,346); (Predecessor 2015 - $35,036; 2014 - $196,923)   676,828 860,451  
Total benefits and expenses   3,310,827 3,889,950  
Income before income tax   399,842 593,997  
Income tax expense        
Current   1,471 (46,719)  
Deferred   130,072 247,687  
Total income tax expense   131,543 200,968  
Net income   $ 268,299 $ 393,029  
Predecessor        
Revenues        
Premiums and policy fees 261,866     3,297,768
Reinsurance ceded (89,956)     (1,373,597)
Net of reinsurance ceded 171,910     1,924,171
Net investment income 175,180     2,197,724
Realized investment gains (losses):        
Derivative financial instruments (123,274)     (346,878)
All other investments 81,153     205,402
Other-than-temporary impairment losses (636)     (2,589)
Portion recognized in other comprehensive income (before taxes) 155     (4,686)
Net impairment losses recognized in earnings (481)     (7,275)
Other income 36,421     430,428
Total revenues 340,909     4,403,572
Benefits and expenses        
Benefits and settlement expenses, net of reinsurance ceded: (Successor 2016 - $1,181,960; 2015 - $1,025,596); (Predecessor 2015 - $87,674; 2014 - $1,226,307) 267,287     2,791,610
Amortization of deferred policy acquisition costs and value of business acquired 4,072     257,309
Other operating expenses, net of reinsurance ceded: (Successor 2016 - $207,197; 2015 - $191,346); (Predecessor 2015 - $35,036; 2014 - $196,923) 68,368     771,364
Total benefits and expenses 339,727     3,820,283
Income before income tax 1,182     583,289
Income tax expense        
Current (31,118)     197,943
Deferred 30,791     471
Total income tax expense (327)     198,414
Net income $ 1,509     $ 384,875
Net income - basic (in dollars per share) $ 0.02     $ 4.81
Net income - diluted (in dollars per share) 0.02     4.73
Cash dividends paid per share (in dollars per share) $ 0     $ 0.92
Average shares outstanding - basic (in shares) 80,452,848     80,065,217
Average shares outstanding - diluted (in shares) 81,759,287     81,375,496