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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, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
REVENUES        
Premiums $ 14,903 $ 17,077 $ 22,818 $ 22,834
Policy charges and fee income 169,004 (116,167) 298,159 11,835
Net investment income 81,649 91,041 159,564 180,656
Asset administration fees 3,544 4,390 7,017 8,577
Other income 16,078 14,148 35,374 30,125
Realized investment gains (losses), net:        
Other-than-temporary impairments on fixed maturity securities (57) (1,479) (651) (5,891)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income 0 358 0 366
Other realized investment gains (losses), net (36,833) 277,711 (85,281) 249,536
Total realized investment gains (losses), net (36,890) 276,590 (85,932) 244,011
TOTAL REVENUES 248,288 287,079 437,000 498,038
BENEFITS AND EXPENSES        
Policyholders’ benefits 40,441 (181,098) 92,177 (113,179)
Interest credited to policyholders’ account balances 42,555 45,967 83,353 90,727
Amortization of deferred policy acquisition costs 62,316 41,183 88,461 57,455
General, administrative and other expenses 79,669 49,585 140,459 106,404
TOTAL BENEFITS AND EXPENSES 224,981 (44,363) 404,450 141,407
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 23,307 331,442 32,550 356,631
Income tax expense (benefit) (13,012) (9,610) (15,711) (30,438)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 36,319 341,052 48,261 387,069
Equity in earnings of operating joint venture, net of taxes (93) 0 (731) 0
NET INCOME (LOSS) 36,226 341,052 47,530 387,069
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments (5,667) 126 (6,590) 149
Net unrealized investment gains (losses) (82,003) 102,113 (227,054) 129,316
Total (87,670) 102,239 (233,644) 129,465
Less: Income tax expense (benefit) related to other comprehensive income (loss) (18,363) 35,783 (49,063) 45,312
Other comprehensive income (loss), net of tax (69,307) 66,456 (184,581) 84,153
COMPREHENSIVE INCOME (LOSS) $ (33,081) $ 407,508 $ (137,051) $ 471,222