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CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Premiums and policy fees $ 855,088 $ 834,544 $ 2,583,813 $ 2,545,287
Reinsurance ceded (325,120) (322,229) (984,094) (969,161)
Net of reinsurance ceded 529,968 512,315 1,599,719 1,576,126
Net investment income 507,914 482,729 1,522,098 1,446,306
Realized investment gains (losses):        
Derivative financial instruments (82,341) 116 (260,407) (156,749)
All other investments 18,150 24,152 94,708 194,663
Other-than-temporary impairment losses (366) (1,898) (3,124) (10,194)
Portion recognized in other comprehensive income (before taxes) 93 (1,410) (7,765) 3,302
Net impairment losses recognized in earnings (273) (3,308) (10,889) (6,892)
Other income 110,970 107,642 331,523 313,506
Total revenues 1,084,388 1,123,646 3,276,752 3,366,960
Benefits and expenses        
Benefits and settlement expenses, net of reinsurance ceded: (three months: 2017 - $256,703; 2016 - $279,109; nine months: 2017 - $806,314; 2016 - $855,276) 743,934 733,051 2,205,937 2,161,293
Amortization of deferred policy acquisition costs and value of business acquired 3,991 43,392 47,612 94,899
Other operating expenses, net of reinsurance ceded: (three months: 2017 - $57,293; 2016 - $49,073; nine months: 2017 - $161,615; 2016 - $148,334) 225,613 214,124 674,236 637,186
Total benefits and expenses 973,538 990,567 2,927,785 2,893,378
Income before income tax 110,850 133,079 348,967 473,582
Income tax expense 28,308 39,785 106,743 152,820
Net income $ 82,542 $ 93,294 $ 242,224 $ 320,762