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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net income $ 155,607 $ 159,682
Adjustments to reconcile net income to net cash provided by operating activities:    
Realized investment (gains) losses 50,527 112,124
Amortization of DAC and VOBA 110,498 43,621
Capitalization of DAC (223,686) (133,799)
Depreciation and amortization expense 33,785 30,765
Deferred income tax 3,065 62,327
Accrued income tax 103,092 16,754
Interest credited to universal life and investment products 389,009 326,949
Policy fees assessed on universal life and investment products (748,474) (666,174)
Change in reinsurance receivables 111,242 77,594
Change in accrued investment income and other receivables (34,198) 9,326
Change in policy liabilities and other policyholders’ funds of traditional life and health products (270,188) (163,476)
Trading securities:    
Maturities and principal reductions of investments 117,994 77,697
Sale of investments 118,370 136,007
Cost of investments acquired (206,741) (193,774)
Other net change in trading securities 13,791 12,504
Amortization of premiums and accretion of discounts on investments and mortgage loans 150,402 219,097
Change in other liabilities 37,809 60,499
Other, net 8,256 (117,697)
Net cash (used in) provided by operating activities (79,840) 70,026
Cash flows from investing activities    
Maturities and principal reductions of investments, available-for-sale 592,514 349,663
Sale of investments, available-for-sale 1,417,304 860,182
Cost of investments acquired, available-for-sale (2,126,627) (1,465,086)
Change in investments, held-to-maturity 39,000 21,000
Mortgage loans:    
New lendings (811,103) (745,445)
Repayments 494,729 373,836
Change in investment real estate, net 615 1,546
Change in policy loans, net 25,361 15,431
Change in other long-term investments, net (225,809) (6,063)
Change in short-term investments, net (101,662) (41,417)
Net unsettled security transactions 141,791 11,312
Purchase of property, equipment, and intangibles (6,956) (15,709)
Cash received from reinsurance transaction 20,669 0
Net cash used in investing activities (540,174) (640,750)
Cash flows from financing activities    
Borrowings under line of credit arrangements, debt, and subordinated debt 655,000 305,000
Principal payments on line of credit arrangement, debt, and subordinated debt (348,684) (283,998)
Issuance (repayment) of non-recourse funding obligations (77,000) (21,000)
Secured financing liabilities (913,210) (357,596)
Dividends to shareowner (140,000) (143,848)
Investment product deposits and change in universal life deposits 2,933,610 2,240,760
Investment product withdrawals (1,551,086) (1,111,905)
Other financing activities, net (194) 0
Net cash provided by financing activities 558,436 627,413
Change in cash (61,578) 56,689
Cash at beginning of period 252,310 348,182
Cash at end of period $ 190,732 $ 404,871