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STATEMENTS OF INCOME (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Revenues        
Policy charge revenue $ 46,486 $ 49,253 $ 140,774 $ 152,709
Net investment income 27,736 38,317 86,906 100,991
Net realized investment gains (losses)        
Other-than-temporary impairment losses on securities   (1,813)   (3,601)
Portion of other-than-temporary impairment losses recognized in other comprehensive income   1,813   3,572
Portion of other-than-temporary impairments previously recognized in other comprehensive income   (79) (216) (953)
Net other-than-temporary impairment losses on securities recognized in income   (79) (216) (982)
Net realized investment gains (losses), excluding other-than-temporary impairment losses on securities (9,610) 19,253 (24,571) 12,998
Net realized investment gains (losses) (9,610) 19,174 (24,787) 12,016
Total Revenues 64,612 106,744 202,893 265,716
Benefits and Expenses        
Interest credited to policyholder liabilities 17,091 18,502 51,444 55,488
Policy benefits (net of reinsurance recoveries: 2012 - $4,159; $9,031; 2011 - $3,852; $12,627) (9,404) 185,129 656 219,378
Reinsurance premium ceded 2,647 2,387 7,922 8,442
Amortization (accretion) of deferred policy acquisition costs 942 (14,186) (279) (12,258)
Amortization (accretion) of value of business acquired 7,288 (1,408) 7,802 8,491
Insurance expenses and taxes 12,374 12,262 37,526 41,427
Total Benefits and Expenses 30,938 202,686 105,071 320,968
Income (Loss) Before Taxes 33,674 (95,942) 97,822 (55,252)
Income Tax Expense (Benefit)        
Current 485 (136) 1,411 (1,802)
Deferred 9,961 (6,534) (64,323) (8,702)
Income Tax Expense (Benefit) 10,446 (6,670) (62,912) (10,504)
Net Income (Loss) $ 23,228 $ (89,272) $ 160,734 $ (44,748)