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Consolidated Statement of Operations and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
REVENUES      
Premiums $ 274,783 $ 203,676 $ 92,176
Policy charges and fee income 1,731,957 1,529,757 624,320
Net investment income 884,001 550,235 367,350
Asset administration fees 284,182 202,177 19,138
Other income (loss) (661,860) 267,208 83,256
Realized investment gains (losses), net 1,041,435 (5,295,406) (62,976)
TOTAL REVENUES 3,554,498 (2,542,353) 1,123,264
BENEFITS AND EXPENSES      
Policyholders’ benefits 609,392 655,910 298,149
Interest credited to policyholders’ account balances 517,488 (114,585) 233,375
Amortization of deferred policy acquisition costs 857,385 342,118 140,562
General, administrative and other expenses 1,154,229 (523,925) 383,043
TOTAL BENEFITS AND EXPENSES 3,138,494 359,518 1,055,129
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 416,004 (2,901,871) 68,135
Income tax expense (benefit) (882) (691,439) (130,248)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 416,886 (2,210,432) 198,383
Equity in earnings of operating joint venture, net of taxes (75,137) 702 (1,686)
Net income (loss) 341,749 (2,209,730) 196,697
Other comprehensive income (loss), before tax:      
Foreign currency translation adjustments (9,337) (3,891) 599
Net unrealized investment gains (losses) (2,430,238) (247,176) 334,893
Total (2,439,575) (251,067) 335,492
Less: Income tax expense (benefit) related to other comprehensive income (loss) (510,840) (52,374) 70,806
Other comprehensive income (loss), net of tax (1,928,735) (198,693) 264,686
Comprehensive income (loss) $ (1,586,986) $ (2,408,423) $ 461,383