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Revision to Prior Year Information
 6 Months Ended
Jun. 30, 2020
Prior Period Adjustment [Abstract]  
Revision to Prior Year Information REVISION TO PRIOR YEAR INFORMATION

Revision to 2019 Consolidated Financial Statements

The Company identified an error in the presentation of certain cash flow activity related to policyholders' account balances that impacted several line items within previously issued Consolidated Statements of Cash Flows. While these items affect the cash flows from operating and financing activities, they had no impact on the net increase (decrease) in cash and cash equivalents for the previously reported periods. Prior period amounts have been revised in the financial statements to correct this error as shown below.

Management assessed the materiality of the misstatement described above on prior period financial statements in accordance with SEC Staff Accounting Bulletin ("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 for the six months ended June 30, 2019, which are presented herein, have been revised. Similarly, impacted prior periods presented within the Quarterly Report on Form 10-Q for the period ended September 30, 2020 and Annual Report on Form 10-K for the year ended December 31, 2020 will be revised.

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

Consolidated Statements of Cash Flows

Six Months Ended June 30, 2019

As Previously Reported

Revision

As Revised

(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:








Policy charges and fee income
$
(135,809
)

$
102,924


$
(32,885
)
Cash flows from (used in) operating activities
(41,058
)

102,924


61,866

CASH FLOWS FROM FINANCING ACTIVITIES:





Policyholders' account withdrawals
(1,712,728
)

(65,099
)

(1,777,827
)
Other, net
0


(37,825
)

(37,825
)
Cash flows from (used in) financing activities
446,736


(102,924
)

343,812