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Consolidated Statement of Operations and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
REVENUES      
Premiums $ 92,176 $ 28,544 $ 50,808
Policy charges and fee income 624,320 544,156 533,327
Net investment income 367,350 393,797 325,287
Asset administration fees 19,138 16,056 14,368
Other income 83,256 83,560 72,964
Realized investment gains (losses), net      
Total realized investment gains (losses), net (62,976) (116,749) (167,278)
TOTAL REVENUES 1,123,264 949,364 829,476
BENEFITS AND EXPENSES      
Policyholders’ benefits 298,149 153,074 149,499
Interest credited to policyholders’ account balances 233,375 187,229 171,993
Amortization of deferred policy acquisition costs 140,562 113,318 135,826
General, administrative and other expenses 383,043 336,959 314,371
TOTAL BENEFITS AND EXPENSES 1,055,129 790,580 771,689
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 68,135 158,784 57,787
Income tax expense (benefit) (130,248) (59,132) (52,641)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 198,383 217,916 110,428
Equity in earnings of operating joint venture, net of taxes (1,686) (917) (1,790)
NET INCOME (LOSS) 196,697 216,999 108,638
Other comprehensive income (loss), before tax:      
Foreign currency translation adjustments 599 9,572 (17,745)
Net unrealized investment gains (losses) 334,893 381,447 (259,981)
Total 335,492 391,019 (277,726)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 70,806 81,281 (55,174)
Other comprehensive income (loss), net of tax 264,686 309,738 (222,552)
Comprehensive income (loss) $ 461,383 $ 526,737 $ (113,914)