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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
OPERATING ACTIVITIES    
Net income $ 460,685 $ 278,161
Adjustments to reconcile net income to net cash provided by operating activities    
Net realized investment gains (31,943) (4,775)
Other-than-temporary impairments 6,968 0
Accretion of premiums, discounts and loan origination fees (3,862) (4,303)
Net capitalized interest on policy loans and mortgage loans (25,719) (29,250)
Depreciation 40,760 39,241
Interest credited to policyholders’ account balances 371,703 309,694
Charges to policyholders’ account balances (226,178) (213,317)
Deferred federal income tax expense 79,356 68,769
Equity in earnings of unconsolidated affiliates (102,325) (18,905)
Distributions from equity method investments 103,128 16,375
Changes in    
Policyholder liabilities 168,352 281,596
Deferred policy acquisition costs (22,391) (45,876)
Reinsurance recoverables (7,318) (41,536)
Premiums due and other receivables (15,989) (63,272)
Prepaid reinsurance premiums 2,483 7,587
Accrued investment income (3,030) 1,249
Current tax receivable/payable (5,335) 1,454
Liability for retirement benefits (2,956) (63,249)
Fair value of option securities (95,885) (58,396)
Fair value of equity securities (282,026) (150,487)
Other, net (13,282) 53,782
Net cash provided by operating activities 395,196 364,542
Proceeds from sale/maturity/prepayment of    
Held-to-maturity securities 502,141 492,160
Available-for-sale securities 329,489 348,149
Equity securities 178,817 164,413
Investment real estate 64,459 11,577
Mortgage loans 626,449 467,040
Policy loans 33,096 42,071
Other invested assets 53,350 84,846
Disposals of property and equipment 69 93
Distributions from unconsolidated affiliates 78,014 35,684
Payment for the purchase/origination of    
Held-to-maturity securities (1,121,049) (1,011,398)
Available-for-sale securities (458,635) (436,877)
Equity securities (49,016) (40,981)
Investment real estate (22,218) (35,583)
Mortgage loans (419,144) (834,877)
Policy loans (19,935) (18,268)
Other invested assets (46,221) (61,407)
Additions to property and equipment (16,094) (13,527)
Contributions to unconsolidated affiliates (194,846) (100,567)
Change in short-term investments (192,188) 441,544
Change in collateral held for derivatives 75,827 40,243
Other, net 3,857 (5,795)
Net cash used in investing activities (593,778) (431,460)
FINANCING ACTIVITIES    
Policyholders’ account deposits 1,559,231 1,378,325
Policyholders’ account withdrawals (1,126,580) (1,012,522)
Change in notes payable 21,080 45
Dividends to stockholders (66,195) (66,182)
Payments to noncontrolling interest (20,811) (1,810)
Net cash provided by financing activities 366,725 297,856
NET INCREASE IN CASH AND CASH EQUIVALENTS 168,143 230,938
Beginning of the period 268,164 375,837
End of the period $ 436,307 $ 606,775