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Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUES        
Premiums $ 14,151 $ 15,124 $ 36,969 $ 37,958
Policy charges and fee income 106,926 129,105 405,085 140,940
Net investment income 86,186 86,522 245,750 267,178
Asset administration fees 3,727 4,555 10,744 13,132
Other income 21,763 18,020 57,137 48,145
Realized investment gains (losses), net:        
Other-than-temporary impairments on fixed maturity securities (1,226) (143) (1,877) (6,034)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income 0 0 0 366
Other realized investment gains (losses), net (48,197) (275,043) (133,478) (25,507)
Total realized investment gains (losses), net (49,423) (275,186) (135,355) (31,175)
TOTAL REVENUES 183,330 (21,860) 620,330 476,178
BENEFITS AND EXPENSES        
Policyholders’ benefits 9,823 54,944 102,000 (58,235)
Interest credited to policyholders’ account balances 44,709 38,196 128,062 128,923
Amortization of deferred policy acquisition costs 14,738 19,313 103,199 76,768
General, administrative and other expenses 97,490 81,543 237,949 187,947
TOTAL BENEFITS AND EXPENSES 166,760 193,996 571,210 335,403
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 16,570 (215,856) 49,120 140,775
Income tax expense (benefit) (2,760) (38,660) (18,471) (69,098)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 19,330 (177,196) 67,591 209,873
Equity in earnings of operating joint venture, net of taxes (605) 0 (1,336) 0
NET INCOME (LOSS) 18,725 (177,196) 66,255 209,873
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments (5,789) 75 (12,379) 224
Net unrealized investment gains (losses) (32,729) (10,005) (259,783) 119,311
Total (38,518) (9,930) (272,162) 119,535
Less: Income tax expense (benefit) related to other comprehensive income (loss) (8,093) (3,475) (57,156) 41,837
Other comprehensive income (loss), net of tax (30,425) (6,455) (215,006) 77,698
COMPREHENSIVE INCOME (LOSS) $ (11,700) $ (183,651) $ (148,751) $ 287,571