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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net income $ 246,395 $ 155,607
Adjustments to reconcile net income to net cash used in operating activities:    
Realized investment (gains) losses 42,468 50,527
Amortization of DAC and VOBA 64,183 110,498
Capitalization of DAC (237,622) (223,686)
Depreciation and amortization expense 37,428 33,785
Deferred income tax (219,558) 3,065
Accrued income tax 29,290 103,092
Interest credited to universal life and investment products 593,993 389,009
Policy fees assessed on universal life and investment products (829,697) (748,474)
Change in reinsurance receivables 206,585 111,242
Change in accrued investment income and other receivables 41,677 (34,198)
Change in policy liabilities and other policyholders’ funds of traditional life and health products (352,132) (246,397)
Trading securities:    
Maturities and principal reductions of investments 54,501 117,994
Sale of investments 254,573 118,370
Cost of investments acquired (204,187) (206,741)
Other net change in trading securities (43,145) 13,791
Amortization of premiums and accretion of discounts on investments and mortgage loans 147,485 150,402
Change in other liabilities 241,895 37,809
Other, net (107,562) 8,256
Net cash used in operating activities (33,430) (56,049)
Cash flows from investing activities    
Maturities and principal reductions of investments, available-for-sale 923,494 592,514
Sale of investments, available-for-sale 2,033,618 1,417,304
Cost of investments acquired, available-for-sale (3,246,486) (2,126,627)
Change in investments, held-to-maturity 55,000 39,000
Mortgage loans:    
New lendings (476,310) (811,103)
Repayments 518,663 494,729
Change in investment real estate, net 178 615
Change in policy loans, net 30,778 25,361
Change in other long-term investments, net 62,301 (225,809)
Change in short-term investments, net (362,608) (101,662)
Net unsettled security transactions (263,560) 141,791
Purchase of property, equipment, and intangibles (17,262) (6,956)
Cash received from reinsurance transaction 0 20,669
Payment for business acquisition, net of cash acquired (731,457) 0
Net cash used in investing activities (1,473,651) (540,174)
Cash flows from financing activities    
Borrowings under line of credit arrangement, debt, and subordinated debt 600,000 655,000
Principal payments on line of credit arrangement, debt, and subordinated debt (9,325) (348,684)
Issuance (repayment) of non-recourse funding obligations (55,000) (77,000)
Secured financing liabilities (368,445) (913,210)
Dividends to shareowner 0 (140,000)
Capital contributions from parent 250,000 0
Deposits to universal life and investment contracts 3,309,880 2,959,133
Withdrawals from universal life and investment contracts (2,149,967) (1,600,400)
Other financing activities, net (485) (194)
Net cash provided by financing activities 1,576,658 534,645
Change in cash 69,577 (61,578)
Cash at beginning of period 173,714 252,310
Cash at end of period $ 243,291 $ 190,732