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Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 257,222 $ 179,596
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income (71,478) (96,734) [1]
Interest credited to policyholders’ account balances 173,729 174,314
Realized investment (gains) losses, net (8,117) 61,301
Amortization and other non-cash items (51,884) (68,773)
Change in:    
Future policy benefits 1,941,962 1,987,943
Reinsurance recoverables (1,813,912) (2,146,635)
Accrued investment income (1,003) (1,544)
Net payables to/receivables from parent and affiliates (167,262) (55,072)
Deferred policy acquisition costs (416,334) (214,346)
Income taxes (188,785) (138,753)
Derivatives, net 46,727 136,937
Other, net (5,744) (7,552)
Cash flows from (used in) operating activities (304,879) (189,318)
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 254,708 604,255
Equity securities 198 21,656
Policy loans 127,219 116,157
Ceded policy loans (9,783) (9,001)
Short-term investments 174,584 50,342
Commercial mortgage and other loans 97,201 92,710
Other invested assets 7,299 14,415
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (603,729) (751,200)
Fixed maturities, trading (13,418) (15,235)
Equity securities (6) (110)
Policy loans (103,923) (129,878)
Ceded policy loans 17,639 14,334
Short-term investments (371,508) (50,794)
Commercial mortgage and other loans (86,716) (117,743)
Other invested assets (48,390) (48,504)
Notes receivable from parent and affiliates, net (87) 12,136
Derivatives, net (928) (1,173)
Other, net 1,673 (4,902)
Cash flows from (used in) investing activities (557,967) (202,535)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Policyholders’ account deposits 3,611,907 4,119,950
Ceded policyholders’ account deposits (2,642,461) (2,694,445)
Policyholders’ account withdrawals (2,487,346) (2,701,808) [1]
Ceded policyholders’ account withdrawals 2,048,783 1,839,709
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities (4,798) (3,304)
Contributed capital 400,000 0
Contributed (distributed) capital - parent/child asset transfers (2,458) 1,443
Net change in all other financing arrangements (maturities 90 days or less) 1,452 0
Drafts outstanding 8,363 15,312
Other, net (83) (53,256) [1]
Cash flows from (used in) financing activities 933,359 523,601
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 70,513 131,748
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 563,199 275,525
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 633,712 $ 407,273
[1] Prior period amounts have been revised to correct an error. See Note 11 for details.