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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Insurance premiums and contract charges earned $ 239,681 $ 206,820 $ 657,562 $ 615,428
Net investment income 93,071 99,083 279,329 288,048
Net investment gains (losses) (2,156) 2,803 151,594 1,884
Other income 3,822 2,612 10,624 7,704
Total revenues 334,418 311,318 1,099,109 913,064
Benefits, losses and expenses        
Benefits, claims and settlement expenses 154,191 161,846 446,267 473,686
Interest credited 53,576 52,124 160,092 153,229
Operating expenses 61,414 50,989 169,637 149,376
DAC unlocking and amortization expense 26,344 26,066 82,965 79,357
Intangible asset amortization expense 3,781 0 4,863 0
Interest expense 4,608 3,253 11,223 9,717
Other expense - goodwill impairment 0 0 28,025 0
Total benefits, losses and expenses 303,914 294,278 903,072 865,365
Income before income taxes 30,504 17,040 196,037 47,699
Income tax expense 5,050 4,512 44,595 9,099
Net income $ 25,454 $ 12,528 $ 151,442 $ 38,600
Net income per share        
Basic (in usd per share) $ 0.61 $ 0.30 $ 3.63 $ 0.93
Diluted (in usd per share) $ 0.60 $ 0.30 $ 3.61 $ 0.93
Weighted average number of shares and equivalent shares        
Basic (in shares) 41,785 41,683 41,715 41,586
Diluted (in shares) 42,030 41,850 41,911 41,727
Net investment gains (losses)        
Total other-than-temporary impairment losses on securities $ (5) $ (70) $ (276) $ (1,357)
Portion of losses recognized in other comprehensive income (loss) 0 0 0 0
Net other-than-temporary impairment losses on securities recognized in earnings (5) (70) (276) (1,357)
Sales and other, net 608 (1,331) 147,513 2,661
Change in fair value - equity securities 1,081 2,000 8,029 (4,342)
Change in fair value and gains (losses) realized on settlements - derivatives (3,840) 2,204 (3,672) 4,922
Net investment gains (losses) $ (2,156) $ 2,803 $ 151,594 $ 1,884