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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net income $ 75,414 $ 115,348
Adjustments to reconcile net income to net cash provided by operating activities:    
Realized investment losses (gains) 54,868 (5,612)
Amortization of DAC and VOBA 20,519 30,746
Capitalization of DAC (81,474) (80,228)
Depreciation and amortization expense 15,474 13,829
Deferred income tax 29,133 111,312
Accrued income tax 6,737 (59,802)
Interest credited to universal life and investment products 160,239 156,748
Policy fees assessed on universal life and investment products (335,883) (314,612)
Change in reinsurance receivables 15,219 21,203
Change in accrued investment income and other receivables (9,368) (55,181)
Change in policy liabilities and other policyholders’ funds of traditional life and health products (94,234) (28,581)
Trading securities:    
Maturities and principal reductions of investments 44,041 23,280
Sale of investments 85,382 112,158
Cost of investments acquired (114,390) (131,030)
Other net change in trading securities 3,801 22,791
Amortization of premiums and accretion of discounts on investments and mortgage loans 142,613 97,131
Change in other liabilities 19,373 90,571
Other, net 2,554 (10,303)
Net cash provided by operating activities 40,018 109,768
Cash flows from investing activities    
Maturities and principal reductions of investments, available-for-sale 166,419 290,533
Sale of investments, available-for-sale 269,509 468,021
Cost of investments acquired, available-for-sale (623,564) (1,348,046)
Change in investments, held-to-maturity 11,000 (2,208,000)
Mortgage loans:    
New lendings (373,108) (271,230)
Repayments 177,142 226,869
Change in investment real estate, net 832 2,644
Change in policy loans, net 14,729 15,420
Change in other long-term investments, net (33,832) 7,648
Change in short-term investments, net 31,859 (199,246)
Net unsettled security transactions 7,361 123,117
Purchase of property, equipment, and intangibles (8,118) (3,649)
Amounts received from reinsurance transaction 0 325,800
Net cash used in investing activities (359,771) (2,570,119)
Cash flows from financing activities    
Borrowings under line of credit arrangements and debt 255,000 90,000
Principal payments on line of credit arrangement and debt (98,498) (127,888)
Issuance (repayment) of non-recourse funding obligations (11,000) 2,179,700
Secured financing liabilities 29,504 221,815
Dividends to shareowner (143,848) (89,343)
Investment product deposits and change in universal life deposits 901,387 697,099
Investment product withdrawals (551,597) (552,960)
Other financing activities, net 0 0
Net cash provided by financing activities 380,948 2,418,423
Change in cash 61,195 (41,928)
Cash at beginning of period 348,182 396,072
Cash at end of period $ 409,377 $ 354,144