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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net income $ 74,112 $ 75,414
Adjustments to reconcile net income to net cash provided by operating activities:    
Realized investment (gains) losses 13,185 54,868
Amortization of DAC and VOBA 57,981 20,519
Capitalization of DAC (99,246) (81,474)
Depreciation and amortization expense 16,763 15,474
Deferred income tax 20,965 29,133
Accrued income tax 69,790 6,737
Interest credited to universal life and investment products 178,238 160,239
Policy fees assessed on universal life and investment products (351,128) (335,883)
Change in reinsurance receivables (14,874) 15,219
Change in accrued investment income and other receivables (7,185) (9,368)
Change in policy liabilities and other policyholders’ funds of traditional life and health products (111,356) (94,234)
Trading securities:    
Maturities and principal reductions of investments 53,420 44,041
Sale of investments 67,298 85,382
Cost of investments acquired (129,346) (114,390)
Other net change in trading securities (10,901) 3,801
Amortization of premiums and accretion of discounts on investments and mortgage loans 73,529 142,613
Change in other liabilities 27,947 19,373
Other, net (21,303) 2,554
Net cash (used in) provided by operating activities (92,111) 40,018
Cash flows from investing activities    
Maturities and principal reductions of investments, available-for-sale 151,227 166,419
Sale of investments, available-for-sale 436,969 269,509
Cost of investments acquired, available-for-sale (674,513) (623,564)
Change in investments, held-to-maturity 18,000 11,000
Mortgage loans:    
New lendings (248,231) (373,108)
Repayments 206,111 177,142
Change in investment real estate, net 583 832
Change in policy loans, net 20,973 14,729
Change in other long-term investments, net (136,969) (33,832)
Change in short-term investments, net 187,652 31,859
Net unsettled security transactions 48,994 7,361
Purchase of property, equipment, and intangibles (2,244) (8,118)
Net cash provided by (used in) investing activities 8,552 (359,771)
Cash flows from financing activities    
Borrowings under line of credit arrangements and debt 375,000 255,000
Principal payments on line of credit arrangement and debt (211,412) (98,498)
Issuance (repayment) of non-recourse funding obligations (18,000) (11,000)
Secured financing liabilities (238,802) 29,504
Dividends to shareowner (140,000) (143,848)
Investment product deposits and change in universal life deposits 884,607 901,387
Investment product withdrawals (512,323) (551,597)
Other financing activities, net (97) 0
Net cash provided by financing activities 138,973 380,948
Change in cash 55,414 61,195
Cash at beginning of period 252,310 348,182
Cash at end of period $ 307,724 $ 409,377