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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
OPERATING ACTIVITIES    
Net income $ 354,742 $ 102,320
Adjustments to reconcile net income to net cash provided by operating activities    
Net realized investment gains (10) (6,051)
Other-than-temporary impairments 6,968 0
Accretion of premiums, discounts and loan origination fees (2,547) (4,736)
Net capitalized interest on policy loans and mortgage loans (18,397) (20,555)
Depreciation 30,621 25,783
Interest credited to policyholders’ account balances 264,921 176,276
Charges to policyholders’ account balances (149,394) (142,477)
Deferred federal income tax expense 61,314 9,613
Equity in earnings of unconsolidated affiliates (57,250) (5,876)
Distributions from equity method investments 64,224 371
Changes in    
Policyholder liabilities 120,652 205,125
Deferred policy acquisition costs (23,939) (37,082)
Reinsurance recoverables (9,677) (17,543)
Premiums due and other receivables (18,313) (46,680)
Prepaid reinsurance premiums 2,627 7,835
Accrued investment income (8,945) (3,559)
Current tax receivable/payable 10,223 43,453
Liability for retirement benefits (1,969) (2,479)
Fair value of option securities (89,608) (7,534)
Fair value of equity securities (273,437) (23,992)
Other, net (31,034) 1,911
Net cash provided by operating activities 231,772 254,123
Proceeds from sale/maturity/prepayment of    
Held-to-maturity securities 299,968 395,053
Available-for-sale securities 164,925 277,143
Equity securities 149,397 24,369
Investment real estate 6,713 11,577
Mortgage loans 405,768 219,153
Policy loans 22,873 28,747
Other invested assets 41,262 50,238
Disposals of property and equipment 69 0
Distributions from unconsolidated affiliates 37,309 10,105
Payment for the purchase/origination of    
Held-to-maturity securities (647,367) (780,263)
Available-for-sale securities (355,920) (317,902)
Equity securities (18,280) (36,894)
Investment real estate (19,520) (23,640)
Mortgage loans (283,312) (561,586)
Policy loans (12,033) (12,886)
Other invested assets (38,768) (46,212)
Additions to property and equipment (9,494) (8,825)
Contributions to unconsolidated affiliates (111,620) (56,907)
Change in short-term investments (390,423) 355,880
Change in collateral held for derivatives 83,169 (1,532)
Other, net 1,397 (5,739)
Net cash used in investing activities (673,887) (480,121)
FINANCING ACTIVITIES    
Policyholders’ account deposits 1,288,581 973,556
Policyholders’ account withdrawals (776,888) (636,727)
Change in notes payable 21,614 (728)
Dividends to stockholders (44,145) (44,136)
Payments to noncontrolling interest (2,376) (570)
Net cash provided by financing activities 486,786 291,395
NET INCREASE IN CASH AND CASH EQUIVALENTS 44,671 65,397
Beginning of the period 268,164 375,837
End of the period $ 312,835 $ 441,234