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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, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUES        
Premiums $ 22,544 $ 12,417 $ 37,415 $ 26,411
Policy charges and fee income 161,085 148,671 301,004 287,860
Net investment income 83,462 105,562 163,043 198,812
Asset administration fees 4,302 3,961 8,690 7,618
Other income 14,892 14,998 23,728 35,955
Realized investment gains (losses), net (80,231) (52,250) 9,664 (100,885)
TOTAL REVENUES 206,054 233,359 543,544 455,771
BENEFITS AND EXPENSES        
Policyholders’ benefits 86,253 46,291 172,176 85,769
Interest credited to policyholders’ account balances 66,417 50,710 121,463 94,907
Amortization of deferred policy acquisition costs 13,638 41,672 62,947 60,851
General, administrative and other expenses 59,118 80,564 135,032 128,508
TOTAL BENEFITS AND EXPENSES 225,426 219,237 491,618 370,035
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE (19,372) 14,122 51,926 85,736
Income tax expense (benefit) (29,417) (34,585) (56,518) (51,465)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 10,045 48,707 108,444 137,201
Equity in earnings of operating joint venture, net of taxes (513) (272) (1,300) (978)
NET INCOME (LOSS) 9,532 48,435 107,144 136,223
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments 16,514 958 (3,888) 7,007
Net unrealized investment gains (losses) 325,293 183,514 191,027 343,599
Total 341,807 184,472 187,139 350,606
Less: Income tax expense (benefit) related to other comprehensive income (loss) 68,391 38,512 40,104 72,145
Other comprehensive income (loss), net of taxes 273,416 145,960 147,035 278,461
Comprehensive income (loss) $ 282,948 $ 194,395 $ 254,179 $ 414,684