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STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues        
Policy charge revenue $ 37,860 $ 42,745 $ 74,899 $ 85,461
Net investment income 27,614 28,416 54,066 57,943
Net realized investment gains (losses)        
Other-than-temporary impairment losses on securities (1,015) (1,764) (4,563) (1,764)
Portion of other-than-temporary impairments previously recognized in other comprehensive income (loss)   (102) (121) (102)
Net other-than-temporary impairment losses on securities recognized in income (1,015) (1,866) (4,684) (1,866)
Net realized investment gains, excluding other-than-temporary impairment losses on securities 1,072 720 4,607 863
Net realized investment gains (losses) 57 (1,146) (77) (1,003)
Net derivative losses (6,665) (13,291) (3,294) (34,213)
Total Revenues 58,866 56,724 125,594 108,188
Benefits and Expenses        
Interest credited to policyholder liabilities 13,953 13,546 27,983 26,292
Policy benefits (net of reinsurance recoveries: 2016 - $420; $1,207; 2015 - $1,456; $2,032) 21,859 24,526 64,913 37,831
Amortization (accretion) of deferred policy acquisition costs (500) 5,189 442 3,838
Amortization of value of business acquired 7,611 6,779 12,991 11,633
Insurance expenses and taxes 10,242 11,639 20,168 22,896
Total Benefits and Expenses 53,165 61,679 126,497 102,490
Income (Loss) Before Taxes 5,701 (4,955) (903) 5,698
Income Tax Expense (Benefit) 0 0 0 0
Net Income (Loss) $ 5,701 $ (4,955) $ (903) $ 5,698