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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
1 Months Ended 11 Months Ended 12 Months Ended
Jan. 31, 2015
Dec. 31, 2015
Dec. 31, 2017
Dec. 31, 2016
Revenues        
Premiums and policy fees   $ 3,008,050 $ 3,477,419 $ 3,407,931
Reinsurance ceded   (1,154,978) (1,360,735) (1,314,716)
Net of reinsurance ceded   1,853,072 2,116,684 2,093,215
Net investment income   1,632,948 2,051,588 1,942,456
Realized investment gains (losses):        
Derivative financial instruments   29,997 (305,828) (40,288)
All other investments   (166,886) 121,428 90,659
Other-than-temporary impairment losses   (28,659) (3,962) (32,075)
Portion recognized in other comprehensive income (before taxes)   1,666 (7,780) 14,327
Net impairment losses recognized in earnings   (26,993) (11,742) (17,748)
Other income   388,531 446,662 415,653
Total revenues   3,710,669 4,418,792 4,483,947
Benefits and expenses        
Benefits and settlement expenses, net of reinsurance ceded: (Successor 2017 - $1,242,797; Successor 2016 - $1,181,960; 2015 - $1,025,596); (Predecessor 2015 - $87,674)   2,539,943 2,957,270 2,880,435
Amortization of deferred policy acquisition costs and value of business acquired   94,056 78,221 149,064
Other operating expenses, net of reinsurance ceded: (Successor 2017 - $222,963; Successor 2016 - $207,197; 2015 - $191,346); (Predecessor 2015 - $35,036)   676,828 948,244 860,451
Total benefits and expenses   3,310,827 3,983,735 3,889,950
Income before income tax $ 1,182 399,842 435,057 593,997
Income tax (benefit) expense        
Current   1,471 26,252 (46,719)
Deferred   130,072 (697,727) 247,687
Total income tax (benefit) expense   131,543 (671,475) 200,968
Net income   $ 268,299 $ 1,106,532 $ 393,029
Predecessor        
Revenues        
Premiums and policy fees 261,866      
Reinsurance ceded (89,956)      
Net of reinsurance ceded 171,910      
Net investment income 175,180      
Realized investment gains (losses):        
Derivative financial instruments (123,274)      
All other investments 81,153      
Other-than-temporary impairment losses (636)      
Portion recognized in other comprehensive income (before taxes) 155      
Net impairment losses recognized in earnings (481)      
Other income 36,421      
Total revenues 340,909      
Benefits and expenses        
Benefits and settlement expenses, net of reinsurance ceded: (Successor 2017 - $1,242,797; Successor 2016 - $1,181,960; 2015 - $1,025,596); (Predecessor 2015 - $87,674) 267,287      
Amortization of deferred policy acquisition costs and value of business acquired 4,072      
Other operating expenses, net of reinsurance ceded: (Successor 2017 - $222,963; Successor 2016 - $207,197; 2015 - $191,346); (Predecessor 2015 - $35,036) 68,368      
Total benefits and expenses 339,727      
Income before income tax 1,182      
Income tax (benefit) expense        
Current (31,118)      
Deferred 30,791      
Total income tax (benefit) expense (327)      
Net income $ 1,509      
Net income - basic (in dollars per share) $ 0.02      
Net income - diluted (in dollars per share) 0.02      
Cash dividends paid per share (in dollars per share) $ 0      
Average shares outstanding - basic (in shares) 80,452,848      
Average shares outstanding - diluted (in shares) 81,759,287