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Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 107,144 $ 136,223
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income (39,490) (32,885) [1]
Interest credited to policyholders’ account balances 121,463 94,907
Realized investment (gains) losses, net (9,664) 100,885
Amortization and other non-cash items (18,346) (52,217)
Change in:    
Future policy benefits 1,380,155 1,388,982
Reinsurance recoverables (1,236,738) (1,339,652)
Accrued investment income 9 (4,889)
Net payables to/receivables from parent and affiliates (156,618) (69,192)
Deferred policy acquisition costs (278,479) (133,641)
Income taxes (56,291) (93,244)
Derivatives, net 67,672 98,778
Other, net (59,424) (32,189)
Cash flows from (used in) operating activities (178,607) 61,866
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 150,587 179,330
Equity securities 192 21,656
Policy loans 86,793 78,129
Ceded policy loans (6,573) (6,285)
Short-term investments 99,606 369
Commercial mortgage and other loans 74,985 36,892
Other invested assets 4,706 10,206
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (369,432) (566,299)
Fixed maturities, trading 0 (6,015)
Equity securities (6) (110)
Policy loans (73,633) (81,818)
Ceded policy loans 12,948 8,112
Short-term investments (201,551) (463)
Commercial mortgage and other loans (41,429) (53,190)
Other invested assets (34,816) (34,855)
Notes receivable from parent and affiliates, net (5,254) 9,995
Derivatives, net (9,799) 729
Other, net 1,317 (3,404)
Cash flows from (used in) investing activities (311,359) (407,021)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Policyholders’ account deposits 2,454,899 2,702,683
Ceded policyholders’ account deposits (1,796,974) (1,784,740)
Policyholders’ account withdrawals (1,653,848) (1,777,827) [1]
Ceded policyholders’ account withdrawals 1,341,955 1,241,925
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities (4,829) (3,980)
Contributed capital 325,000 0
Contributed (distributed) capital - parent/child asset transfers (2,458) (5)
Net change in all other financing arrangements (maturities 90 days or less) (2,845) 0
Drafts outstanding (17,252) 3,581
Other, net (3,100) (37,825) [1]
Cash flows from (used in) financing activities 640,548 343,812
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 150,582 (1,343)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 563,199 416,840
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 713,781 $ 415,497
[1] Prior period amounts have been revised to correct an error. See Note 11 for details.