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STATEMENTS OF INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Policy charge revenue $ 37,454 $ 38,242 $ 112,299 $ 113,141
Net investment income (loss) 27,427 29,224 81,788 83,290
Net realized investment gains (losses)        
Other-than-temporary impairment gains (losses) on securities       (4,563)
Portion of other-than-temporary impairments previously recognized in other comprehensive income (loss)       (121)
Net other-than-temporary impairment losses on securities recognized in income       (4,684)
Net realized investment gains (losses), excluding other-than-temporary impairment losses on securities 4,711 1,690 6,926 6,297
Net realized investment gains (losses) 4,711 1,690 6,926 1,613
Net derivative gains (losses) (9,239) (34,133) (40,007) (37,427)
Total Revenues 60,353 35,023 161,006 160,617
Benefits and Expenses        
Interest credited to policyholder liabilities 13,207 13,637 39,560 41,620
Policy benefits (net of reinsurance recoveries: 2017 - $212; $1,385; 2016 - $2,310; $3,517) (963) (5,767) 1,436 59,146
Amortization (accretion) of deferred policy acquisition costs 1,139 1,995 2,876 2,437
Amortization (accretion) of value of business acquired 11,295 14,018 16,513 27,009
Insurance, General and Administrative Expenses 9,739 8,131 25,159 28,299
Total Benefits and Expenses 34,417 32,014 85,544 158,511
Income (Loss) Before Taxes 25,936 3,009 75,462 2,106
Income Tax Expense (Benefit) 0 0 575 0
Net Income (Loss) $ 25,936 $ 3,009 $ 74,887 $ 2,106