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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 395,217 $ 508,003 $ 779,668
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Policy charges and fee income 113,501 (8,770) (72,375)
Interest credited to policyholders’ account balances 301,220 374,211 368,315
Realized investment (gains) losses, net (758,449) 208,538 (114,067)
Depreciation, Depletion and Amortization, Nonproduction (70,104) (68,070) (62,723)
Change in:      
Future policy benefits 1,816,665 1,534,228 1,440,542
Reinsurance recoverables (1,764,242) (1,559,165) (1,330,796)
Accrued investment income 12,709 (9,525) (2,174)
Net payables to/receivables from parent and affiliates (9,851) 20,299 18,037
Deferred policy acquisition costs 311,273 43,168 (194,907)
Income taxes (45,147) (36,879) 65,900
Derivatives, net (198,861) 60,517 155,556
Other, net (110,850) 76,374 26,716
Cash flows from (used in) operating activities (6,919) 1,142,929 1,077,692
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 1,371,000 813,721 907,665
Short-term investments 260,027 823,112 409,804
Policy loans 137,778 135,449 121,644
Ceded policy loans (8,989) (9,129) (9,753)
Commercial mortgage and other loans 209,263 219,379 113,073
Other long-term investments 12,479 15,633 5,361
Equity securities, available-for-sale 34,618 5,760 17,854
Trading account assets 1,595 1,500 1,375
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (2,465,763) (1,719,015) (1,340,010)
Short-term investments (241,827) (755,145) (514,524)
Policy loans (120,628) (110,165) (114,037)
Ceded policy loans 18,054 13,850 10,960
Commercial mortgage and other loans (312,898) (196,538) (320,155)
Other long-term investments (32,307) (49,004) (47,096)
Equity securities, available-for-sale (5,000) (31,063) (45,101)
Trading account assets 0 (19,001) (32,060)
Notes receivable from parent and affiliates, net 20,463 35,350 (7,831)
Derivatives, net 20,954 (12,164) (11,329)
Other, net (261) (584) 616
Cash flows from (used in) investing activities (1,101,442) (838,054) (853,544)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Policyholders’ account deposits 4,289,697 3,839,784 2,966,388
Ceded policyholders’ account deposits (2,430,570) (1,109,311) (672,242)
Policyholders’ account withdrawals (2,505,219) (2,134,373) (1,730,977)
Ceded policyholders’ account withdrawals 1,072,151 50,016 46,690
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities 103,463 (25,002) (19,449)
Dividend to parent 0 (430,000) (748,000)
Contributed capital 405,321 0 0
Contributed (distributed) capital - parent/child asset transfers 1,676 (18,739) (17,306)
Net change in financing arrangements (maturities 90 days or less) 0 0 (2,900)
Proceeds from the issuance of debt (maturities longer than 90 days) 0 412,000 418,000
Repayments of debt (maturities longer than 90 days) (125,000) (739,000) (571,000)
Drafts outstanding 22,713 5,084 14,357
Cash flows from (used in) financing activities 834,232 (149,541) (316,439)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (274,129) 155,334 (92,291)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 370,286 214,952 307,243
CASH AND CASH EQUIVALENTS, END OF YEAR 96,157 370,286 214,952
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid/(received) (28,772) 26,237 129,430
Interest paid $ 16,263 $ 53,122 $ 62,664