XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUES        
Premiums $ 85,140 $ 61,716 [1] $ 251,761 $ 185,545 [1]
Policy charges and fee income 346,481 369,946 [1] 1,096,508 857,881 [1]
Net investment income 460,864 210,762 1,203,389 582,190
Asset administration fees 56,754 68,554 177,744 219,576
Other income (loss) (63,555) (161,407) [1] 286,750 (795,129) [1]
Realized Investment gains (losses), net (468,256) 97,271 [1] (581,241) 810,771 [2]
Net change in value of market risk benefits, net of related hedging gain (loss) (247,471) (80,078) [1] (266,156) (1,235,415) [2]
TOTAL REVENUES 169,957 566,764 2,168,755 625,419
BENEFITS AND EXPENSES        
Policyholders' benefits 145,409 87,685 [1] 397,552 367,543 [1]
Change in estimates of liability for future policy benefits 6,565 (2,935) [1] 1,030 42,865 [1]
Interest credited to policyholders’ account balances 163,074 97,649 [1] 467,112 318,586 [1]
Amortization of deferred policy acquisition costs 132,242 128,420 [1] 398,884 384,384 [1]
General, administrative and other expenses 271,473 243,205 [1] 858,809 795,922 [1]
TOTAL BENEFITS AND EXPENSES 718,763 554,024 2,123,387 1,909,300
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total (548,806) 12,740 45,368 (1,283,881)
Income tax expense (benefit) (104,883) (7,660) [1] (8,318) (350,214) [1]
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE (443,923) 20,400 53,686 (933,667)
Equity in earnings of operating joint venture, net of taxes (404) (253) (736) (75,411)
NET INCOME (LOSS) (444,327) 20,147 52,950 (1,009,078) [2]
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments (2,835) (3,649) 431 (11,519)
Net unrealized investment gains (losses) (618,892) (790,108) [1] (500,018) (2,608,049) [1]
Interest rate remeasurement of future policy benefits 90,909 97,171 [1] 73,321 346,865 [1]
Gain (loss) from changes in non-performance risk on market risk benefits (429,966) (3,233) [1] (497,289) 1,786,353 [1]
Total (960,784) (699,819) (923,555) (486,350)
Less: Income tax expense (benefit) related to other comprehensive income (loss) (201,437) (146,711) [1] (194,021) (100,893) [1]
Other comprehensive income (loss), net of taxes (759,347) (553,108) (729,534) (385,457)
Comprehensive income (loss) $ (1,203,674) $ (532,961) $ (676,584) $ (1,394,535)
[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.