Organization, Consolidation and Presentation of Financial Statements (Tables)

3 Months Ended

Mar. 31, 2024

The following are selected line items from the Unaudited Interim Consolidated Financial Statements illustrating the effects of these adjustments:

Unaudited Interim Consolidated Statements of Financial Position


	March 31, 2024
	As Previously Reported		Adjustment		As Restated
	(in thousands)
ASSETS
Reinsurance recoverables	$	41,060,869	$	63,663	$	41,124,532
Income tax assets	1,896,793		13,001		1,909,794
TOTAL ASSETS	$	222,134,363	$	76,664	$	222,211,027
LIABILITIES AND EQUITY
LIABILITIES
Policyholders' account balances	$	57,677,780	$	86,378	$	57,764,158
Future policy benefits	23,362,318		49,799		23,412,117
Other liabilities	8,361,698		47,466		8,409,164
Total liabilities	218,428,690		183,643		218,612,333
EQUITY
Retained earnings / (accumulated deficit)	(968,394)		(106,979)		(1,075,373)
Total equity	3,705,673		(106,979)		3,598,694
TOTAL LIABILITIES AND EQUITY	$	222,134,363	$	76,664	$	222,211,027

Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss)


	Three Months Ended March 31, 2024
	As Previously Reported		Adjustment		As Restated
	(in thousands)
REVENUES
Policy charges and fee income	$	2,928,745	$	(19,540)	$	2,909,205
Realized investment gains (losses), net	108,643		(85,643)		23,000
TOTAL REVENUES	3,996,598		(105,183)		3,891,415
BENEFITS AND EXPENSES
Policyholders’ benefits	4,091,801		14,607		4,106,408
Interest credited to policyholders’ account balances	224,258		292		224,550
General, administrative and other expenses	308,280		(102)		308,178
TOTAL BENEFITS AND EXPENSES	4,481,319		14,797		4,496,116
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE	(484,721)		(119,980)		(604,701)
Income tax expense (benefit)	(50,616)		(13,001)		(63,617)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE	(434,105)		(106,979)		(541,084)
NET INCOME (LOSS)	$	(434,262)	$	(106,979)	$	(541,241)

Unaudited Interim Consolidated Statements of Equity


	Retained Earnings						Total Equity
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
	(in thousands)
Balance, December 31, 2023	$	(532,951)	$	0	$	(532,951)	$	4,521,425	$	0	$	4,521,425
Comprehensive income (loss):
Net income (loss)	(435,443)		(106,979)		(542,422)		(434,262)		(106,979)		(541,241)
Total comprehensive income (loss)	0		0		0		(846,784)		(106,979)		(953,763)
Balance, March 31, 2024	$	(968,394)	$	(106,979)	$	(1,075,373)	$	3,705,673	$	(106,979)	$	3,598,694

Unaudited Interim Consolidated Statements of Cash Flows


	Three Months Ended March 31, 2024
	As Previously Reported		Adjustment		As Restated
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(434,262)	$	(106,979)	$	(541,241)
Policy charges and fee income	(3,067,235)		659,787		(2,407,448)
Interest credited to policyholders’ account balances	224,258		292		224,550
Realized investment (gains) losses, net	(108,643)		85,643		(23,000)
Change in:
Future policy benefits and other insurance liabilities	709,006		49,799		758,805
Reinsurance recoverables	415,037		(635,293)		(220,256)
Income taxes	(51,422)		(13,001)		(64,423)
Other, net	3,474,569		32,180		3,506,749
Cash flows from (used in) operating activities	618,197		72,428		690,625
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Ceded policy loans	(175,584)		22,738		(152,846)
Payments for the purchase/origination of:
Ceded policy loans	46,827		(20,152)		26,675
Cash flows from (used in) investing activities	(3,214,369)		2,586		(3,211,783)
CASH FLOWS FROM FINANCING ACTIVITIES:
Ceded policyholders’ account deposits	(278,292)		(78,113)		(356,405)
Ceded policyholders’ account withdrawals	236,285		3,099		239,384
Cash flows from (used in) financing activities	2,814,138		(75,014)		2,739,124