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Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
REVENUES    
Premiums $ 14,871 $ 13,994
Policy charges and fee income 139,919 139,189
Net investment income 79,581 93,250
Asset administration fees 4,388 3,657
Other income 8,836 20,957
Realized investment gains (losses), net 89,895 (48,635)
TOTAL REVENUES 337,490 222,412
BENEFITS AND EXPENSES    
Policyholders’ benefits 85,923 39,478
Interest credited to policyholders’ account balances 55,046 44,197
Amortization of deferred policy acquisition costs 49,309 19,179
General, administrative and other expenses 75,914 47,944
TOTAL BENEFITS AND EXPENSES 266,192 150,798
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 71,298 71,614
Income tax expense (benefit) (27,101) (16,880)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 98,399 88,494
Equity in earnings of operating joint venture, net of taxes (787) (706)
NET INCOME (LOSS) 97,612 87,788
Other comprehensive income (loss), before tax:    
Foreign currency translation adjustments (20,402) 6,049
Net unrealized investment gains (losses) (134,266) 160,085
Total (154,668) 166,134
Less: Income tax expense (benefit) related to other comprehensive income (loss) (28,287) 33,633
Other comprehensive income (loss), net of taxes (126,381) 132,501
Comprehensive income (loss) $ (28,769) $ 220,289