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Revision to Prior Year Information
 3 Months Ended
Mar. 31, 2019
Prior Period Adjustment [Abstract]  
Revision to Prior Year Information REVISION TO PRIOR YEAR INFORMATION

Revisions to 2018 Consolidated Financial Statements

In 2018, the Company identified an error in the calculation of reserves for certain individual life products that impacted several line items within previously issued consolidated financial statements. Prior period amounts have been revised in the financial statements and related disclosures to correct this error as shown below. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly or annual financial statements.

Management assessed the materiality of the misstatement described above on prior period financial statements in accordance with SEC SAB No. 99, Materiality, codified in ASC 250-10, Accounting Changes and Error Corrections ("ASC 250"), and concluded that these misstatements were not material to any prior annual or interim periods. Accordingly, in accordance with ASC 250 (SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), the consolidated financial statements as of and for the three months ended March 31, 2018 have been revised.

The following are selected line items from the consolidated financial statements illustrating the effects of these revisions:

Consolidated Statements of Operations and Comprehensive Income (Loss)
 
Three Months Ended March 31, 2018
 
As Previously Reported
 
Revision
 
As Revised
 
(in thousands)
REVENUES
 
 
 
 
 
Policy charges and fee income
$
125,896

 
$
3,259

 
$
129,155

TOTAL REVENUES
185,453

 
3,259

 
188,712

BENEFITS AND EXPENSES
 
 
 
 
 
Policyholders' benefits
48,955

 
2,781

 
51,736

Amortization of deferred policy acquisition costs
26,604

 
(459
)
 
26,145

TOTAL BENEFITS AND EXPENSES
177,147

 
2,322

 
179,469

INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE
8,306

 
937

 
9,243

Income tax expense (benefit)
(2,448
)
 
(251
)
 
(2,699
)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE
10,754

 
1,188

 
11,942

NET INCOME (LOSS)
$
10,116

 
$
1,188

 
$
11,304

COMPREHENSIVE INCOME (LOSS)
$
(105,158
)
 
$
1,188

 
$
(103,970
)

Consolidated Statements of Equity
 
Retained Earnings
 
Total Equity
 
As Previously Reported
 
Revision
 
As Revised
 
As Previously Reported
 
Revision
 
As Revised
 
(in thousands)
Balance, December 31, 2017
$
1,511,698

 
$
14,612

 
$
1,526,310

 
$
2,820,636

 
$
14,612

 
$
2,835,248

Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
10,116

 
1,188

 
11,304

 
10,116

 
1,188

 
11,304

Total comprehensive income (loss)
 
 
 
 
 
 
(105,158
)
 
1,188

 
(103,970
)
Balance, March 31, 2018
$
1,499,351

 
$
15,800

 
$
1,515,151

 
$
2,727,375

 
$
15,800

 
$
2,743,175


Consolidated Statements of Cash Flows
 
Three Months Ended March 31, 2018
 
As Previously Reported
 
Revision
 
As Revised
 
(in thousands)
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
 
 
 
 
 
Net income (loss)
$
10,116

 
$
1,188

 
$
11,304

Policy charges and fee income
(24,173
)
 
476

 
(23,697
)
Future policy benefits
511,380

 
(2,968
)
 
508,412

Reinsurance recoverables
(430,215
)
 
5,748

 
(424,467
)
Deferred policy acquisition costs
(45,184
)
 
(458
)
 
(45,642
)
Income taxes
(2,651
)
 
(251
)
 
(2,902
)
Other, net
(93,619
)
 
(3,735
)
 
(97,354
)
Cash flows from (used in) operating activities
(7,769
)
 
0

 
(7,769
)