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Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
REVENUES        
Premiums $ 23,482 $ 18,007 $ 39,119 $ 33,252
Policy charges and fee income 530,033 523,196 1,070,798 1,036,821
Net investment income 101,486 103,220 204,906 201,697
Asset administration fees 102,365 93,727 201,052 183,151
Other income 15,013 13,167 32,230 26,574
Realized investment gains (losses), net:        
Other-than-temporary impairments on fixed maturity securities (382) (363) (415) (363)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income 10 236 32 236
Other realized investment gains (losses), net (170,284) 31,795 (111,248) 117,326
Total realized investment gains (losses), net (170,656) 31,668 (111,631) 117,199
TOTAL REVENUES 601,723 782,985 1,436,474 1,598,694
BENEFITS AND EXPENSES        
Policyholders’ benefits 57,266 72,131 115,667 157,166
Interest credited to policyholders’ account balances 48,243 83,776 165,720 163,579
Amortization of deferred policy acquisition costs (13,691) 84,352 289,060 146,588
General, administrative and other expenses 273,770 243,023 532,316 485,084
TOTAL BENEFITS AND EXPENSES 365,588 483,282 1,102,763 952,417
INCOME FROM OPERATIONS BEFORE INCOME TAXES 236,135 299,703 333,711 646,277
Income tax expense 21,706 50,634 35,052 118,038
NET INCOME 214,429 249,069 298,659 528,239
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments 182 (34) (338) (36)
Net unrealized investment gains (losses):        
Unrealized investment gains (losses) for the period (205,640) 77,811 (123,909) 170,185
Reclassification adjustment for (gains) losses included in net income (1,930) (4,648) (4,044) (5,920)
Net unrealized investment gains (losses) (207,570) 73,163 (127,953) 164,265
Other comprehensive income (loss), before tax (207,388) 73,129 (128,291) 164,229
Less: Income tax expense (benefit) related to:        
Foreign currency translation adjustments 64 (13) (118) (13)
Net unrealized investment gains (losses) (72,448) 25,607 (44,582) 57,493
Total (72,384) 25,594 (44,700) 57,480
Other comprehensive income (loss), net of tax: (135,004) 47,535 (83,591) 106,749
COMPREHENSIVE INCOME (LOSS) $ 79,425 $ 296,604 $ 215,068 $ 634,988