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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, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
REVENUES        
Premiums $ 2,358 $ 14,151 $ 28,769 $ 36,969
Policy charges and fee income 110,629 106,926 398,489 405,085
Net investment income 95,256 86,186 294,068 245,750
Asset administration fees 4,136 3,727 11,754 10,744
Other income 21,242 21,763 57,197 57,137
Realized investment gains (losses), net:        
Other-than-temporary impairments on fixed maturity securities (2,296) (1,226) (5,080) (1,877)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income 0 0 (379) 0
Other realized investment gains (losses), net 41,880 (48,197) (55,842) (133,478)
Total realized investment gains (losses), net 39,584 (49,423) (61,301) (135,355)
TOTAL REVENUES 273,205 183,330 728,976 620,330
BENEFITS AND EXPENSES        
Policyholders’ benefits 45,890 9,823 131,659 102,000
Interest credited to policyholders’ account balances 79,407 44,709 174,314 128,062
Amortization of deferred policy acquisition costs 31,167 14,738 92,018 103,199
General, administrative and other expenses 78,104 97,490 206,612 237,949
TOTAL BENEFITS AND EXPENSES 234,568 166,760 604,603 571,210
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 38,637 16,570 124,373 49,120
Income tax expense (benefit) (6,341) (2,760) (57,806) (18,471)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 44,978 19,330 182,179 67,591
Equity in earnings of operating joint venture, net of taxes (1,605) (605) (2,583) (1,336)
NET INCOME (LOSS) 43,373 18,725 179,596 66,255
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments (1,027) (5,789) 5,980 (12,379)
Net unrealized investment gains (losses) 101,103 (32,729) 444,702 (259,783)
Total 100,076 (38,518) 450,682 (272,162)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 21,147 (8,093) 93,292 (57,156)
Other comprehensive income (loss), net of taxes 78,929 (30,425) 357,390 (215,006)
Comprehensive income (loss) $ 122,302 $ (11,700) $ 536,986 $ (148,751)