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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, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
REVENUES        
Premiums $ 12,417 $ 14,903 $ 26,411 $ 22,818
Policy charges and fee income 148,671 169,004 287,860 298,159
Net investment income 105,562 81,649 198,812 159,564
Asset administration fees 3,961 3,544 7,618 7,017
Other income 14,998 16,078 35,955 35,374
Realized investment gains (losses), net:        
Other-than-temporary impairments on fixed maturity securities 0 (57) (2,784) (651)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income 0 0 (379) 0
Other realized investment gains (losses), net (52,250) (36,833) (97,722) (85,281)
Total realized investment gains (losses), net (52,250) (36,890) (100,885) (85,932)
TOTAL REVENUES 233,359 248,288 455,771 437,000
BENEFITS AND EXPENSES        
Policyholders’ benefits 46,291 40,441 85,769 92,177
Interest credited to policyholders’ account balances 50,710 42,555 94,907 83,353
Amortization of deferred policy acquisition costs 41,672 62,316 60,851 88,461
General, administrative and other expenses 80,564 79,669 128,508 140,459
TOTAL BENEFITS AND EXPENSES 219,237 224,981 370,035 404,450
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 14,122 23,307 85,736 32,550
Income tax expense (benefit) (34,585) (13,012) (51,465) (15,711)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 48,707 36,319 137,201 48,261
Equity in earnings of operating joint venture, net of taxes (272) (93) (978) (731)
NET INCOME (LOSS) 48,435 36,226 136,223 47,530
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments 958 (5,667) 7,007 (6,590)
Net unrealized investment gains (losses) 183,514 (82,003) 343,599 (227,054)
Total 184,472 (87,670) 350,606 (233,644)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 38,512 (18,363) 72,145 (49,063)
Other comprehensive income (loss), net of taxes 145,960 (69,307) 278,461 (184,581)
Comprehensive income (loss) $ 194,395 $ (33,081) $ 414,684 $ (137,051)