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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income $ 138,284 $ 74,112
Adjustments to reconcile net income to net cash used in operating activities:    
Realized investment (gains) losses (6,777) 13,185
Amortization of DAC and VOBA 30,400 57,981
Capitalization of DAC (95,994) (99,246)
Depreciation and amortization expense 18,737 16,763
Deferred income tax (59,652) 20,965
Accrued income tax 93,270 69,790
Interest credited to universal life and investment products 285,588 197,458
Policy fees assessed on universal life and investment products (407,380) (351,128)
Change in reinsurance receivables 104,176 (14,874)
Change in accrued investment income and other receivables (10,902) (7,185)
Change in policy liabilities and other policyholders’ funds of traditional life and health products (200,148) (121,289)
Trading securities:    
Maturities and principal reductions of investments 30,111 53,420
Sale of investments 142,370 67,298
Cost of investments acquired (149,133) (129,346)
Other net change in trading securities 1,662 (10,901)
Amortization of premiums and accretion of discounts on investments and mortgage loans 67,060 73,529
Change in other liabilities 17,380 27,947
Other, net (10,511) (21,303)
Net cash used in operating activities (11,459) (82,824)
Cash flows from investing activities    
Maturities and principal reductions of investments, available-for-sale 400,015 151,227
Sale of investments, available-for-sale 994,633 436,969
Cost of investments acquired, available-for-sale (1,332,657) (674,513)
Change in investments, held-to-maturity 25,000 18,000
Mortgage loans:    
New lendings (155,798) (248,231)
Repayments 170,322 206,111
Change in investment real estate, net 477 583
Change in policy loans, net 18,444 20,973
Change in other long-term investments, net (8,652) (136,969)
Change in short-term investments, net (6,655) 187,652
Net unsettled security transactions (36,814) 48,994
Purchase of property, equipment, and intangibles (5,542) (2,244)
Net cash provided by investing activities 62,773 8,552
Cash flows from financing activities    
Borrowings under line of credit arrangement, debt, and subordinated debt 0 375,000
Principal payments on line of credit arrangement, debt, and subordinated debt (9,325) (211,412)
Issuance (repayment) of non-recourse funding obligations (25,000) (18,000)
Secured financing liabilities (311,295) (238,802)
Dividends to shareowner 0 (140,000)
Investment product deposits and change in universal life deposits 1,380,615 892,365
Investment product withdrawals (979,532) (529,368)
Other financing activities, net (241) (97)
Net cash provided by financing activities 55,222 129,686
Change in cash 106,536 55,414
Cash at beginning of period 173,714 252,310
Cash at end of period $ 280,250 $ 307,724