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CONSOLIDATED CONDENSED STATEMENTS OF INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenues        
Premiums and policy fees $ 851,802 $ 756,331 $ 1,667,698 $ 1,483,178
Reinsurance ceded (342,968) (390,490) (670,681) (725,840)
Net of reinsurance ceded 508,834 365,841 997,017 757,338
Net investment income 550,816 466,220 1,088,979 923,854
Realized investment gains (losses):        
Derivative financial instruments (89,926) 143,881 (195,276) 151,266
All other investments 80,148 (109,978) 152,262 (114,123)
Other-than-temporary impairment losses (461) (1,789) (884) (3,129)
Portion recognized in other comprehensive income (before taxes) (999) (2,211) (2,167) (5,455)
Net impairment losses recognized in earnings (1,460) (4,000) (3,051) (8,584)
Other income 106,931 94,392 205,970 179,419
Total revenues 1,155,343 956,356 2,245,901 1,889,170
Benefits and expenses        
Benefits and settlement expenses, net of reinsurance ceded: (three months: 2014 - $328,555; 2013 - $370,752; six months: 2014 - $633,387; 2013 - $678,058) 747,816 557,866 1,476,335 1,139,746
Amortization of deferred policy acquisition costs and value of business acquired 51,531 74,946 107,113 127,185
Other operating expenses, net of reinsurance ceded: (three months: 2014 - $46,545; 2013 - $50,406; six months: 2014 - $90,311; 2013 - $91,395) 193,786 166,531 375,038 347,599
Total benefits and expenses 993,133 799,343 1,958,486 1,614,530
Income before income tax 162,210 157,013 287,415 274,640
Income tax expense 54,233 53,814 95,799 93,150
Net income $ 107,977 $ 103,199 $ 191,616 $ 181,490
Net income - basic (in dollars per share) $ 1.35 $ 1.30 $ 2.40 $ 2.29
Net income - diluted (in dollars per share) $ 1.33 $ 1.27 $ 2.36 $ 2.24
Cash dividends paid per share (in dollars per share) $ 0.24 $ 0.20 $ 0.44 $ 0.38
Average shares outstanding - basic (in shares) 79,979,153 79,404,770 79,794,831 79,272,814
Average shares outstanding - diluted (in shares) 81,446,277 81,087,238 81,160,800 80,898,042