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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
OPERATING ACTIVITIES      
Net income $ 160,422 $ 495,607 $ 182,667
Adjustments to reconcile net income to net cash provided by operating activities      
Net realized investment gains (18,174) (104,595) (46,607)
Other-than-temporary impairments 1,243 13,386 17,667
Accretion of premiums, discounts and loan origination fees (6,163) (2,008) (2,926)
Net capitalized interest on policy loans and mortgage loans (39,262) (32,551) (32,813)
Depreciation 52,049 53,937 45,278
Interest credited to policyholders’ account balances 315,684 415,190 331,770
Charges to policyholders’ account balances (285,549) (248,526) (306,880)
Deferred federal income tax expense (benefit) (22,599) (142,096) 93,082
Equity in earnings of unconsolidated affiliates (21,281) (86,674) (57,200)
Distributions from equity method investments 21,453 21,541 1,096
Policyholder liabilities 288,065 320,743 282,159
Change in deferred policy acquisition costs (71,497) (81,484) 1,152
Reinsurance recoverables (8,886) (16,880) 12,172
Premiums due and other receivables (31,360) (19,445) (11,691)
Prepaid reinsurance premiums 10,003 (599) 14,881
Accrued investment income (960) (7,347) (2,849)
Current tax receivable/payable 35,315 17,252 (57,332)
Liability for retirement benefits (69,762) (14,127) (53,979)
Fair value of option securities 54,951 (90,357) (28,401)
Fair value of equity securities 107,188 0 0
Other, net 24,630 4,958 20,331
Net cash provided by operating activities 495,510 495,925 401,577
INVESTING ACTIVITIES      
Held-to-maturity securities 629,359 893,977 491,478
Available-for-sale securities 451,292 489,902 348,317
Equity securities 214,737 137,780 111,194
Investment real estate 11,577 67,227 12,833
Mortgage loans 812,239 811,049 587,355
Policy loans 52,606 42,580 59,920
Other invested assets 118,846 80,901 30,743
Disposals of property and equipment 0 554 16,240
Distributions from unconsolidated affiliates 58,287 102,000 55,311
Held-to-maturity securities (1,349,008) (1,215,311) (156,453)
Available-for-sale securities (680,477) (737,651) (656,974)
Equity securities (79,514) (108,054) (26,154)
Investment real estate (71,732) (33,844) (45,631)
Mortgage loans (1,173,189) (1,194,672) (1,428,471)
Policy loans (26,147) (23,325) (25,480)
Other invested assets (75,233) (47,134) (67,571)
Additions to property and equipment (17,670) (24,395) (47,301)
Contributions to unconsolidated affiliates (151,261) (27,869) (135,208)
Change in short-term investments 452,005 (466,539) 268,386
Change in collateral held for derivatives (68,565) 89,981 24,349
Other, net 7,087 18,030 27,869
Net cash used in investing activities (884,761) (1,144,813) (555,248)
FINANCING ACTIVITIES      
Policyholders’ account deposits 1,717,153 2,095,734 1,528,107
Policyholders’ account withdrawals (1,345,498) (1,271,128) (1,313,394)
Change in notes payable 505 1,377 7,643
Dividends to stockholders (88,228) (88,335) (87,741)
Payments to noncontrolling interest (2,354) (2,261) (2,536)
Net cash provided by financing activities 281,578 735,387 132,079
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (107,673) 86,499 (21,592)
Beginning of the period 375,837 289,338 310,930
End of the period $ 268,164 $ 375,837 $ 289,338