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Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
REVENUES    
Premiums [1] $ 76,656 $ 69,505
Policy charges and fee income [1] 386,491 89,180
Net investment income 349,450 179,300
Asset administration fees 64,202 79,232
Other income (loss) [1] 244,847 (327,083)
Realized Investment gains (losses), net (120,679) [1] 353,281 [2]
Net change in value of market risk benefits, net of related hedging gain (loss) [2] 20,202 (437,868)
TOTAL REVENUES 1,021,169 5,547
BENEFITS AND EXPENSES    
Policyholders' benefits 105,182 [1] 185,409
Change in estimates of liability for future policy benefits(1) (4,402) (2,847)
Interest credited to policyholders’ account balances [1] 160,222 112,019
Amortization of deferred policy acquisition costs [1] 137,495 125,075
General, administrative and other expenses [1] 286,647 266,950
TOTAL BENEFITS AND EXPENSES 685,144 686,606
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total 336,025 (681,059)
Income tax expense (benefit) 56,239 [1] (198,848)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 279,786 (482,211)
Equity in earnings of operating joint venture, net of taxes (107) 4
NET INCOME (LOSS) [2] 279,679 (482,207)
Other comprehensive income (loss), before tax:    
Foreign currency translation adjustments 2,666 (1,670)
Net unrealized investment gains (losses) [1] 382,101 (934,523)
Interest rate remeasurement of future policy benefits (38,224) 118,713
Gain (loss) from changes in non-performance risk on market risk benefits 180,423 902,052
Total 526,966 84,572
Less: Income tax expense (benefit) related to other comprehensive income (loss) [1] 110,262 18,013
Other comprehensive income (loss), net of taxes 416,704 66,559
Comprehensive income (loss) $ 696,383 $ (415,648)
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[2] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.