XML 121 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES      
Net income $ 631,777 $ 160,422 $ 495,607
Adjustments to reconcile net income to net cash provided by operating activities      
Net realized investment gains (37,719) (18,174)  
Net realized investment gains     (104,595)
Other-than-temporary impairments 6,968 1,243 13,386
Accretion of premiums, discounts and loan origination fees (4,394) (6,163) (2,008)
Net capitalized interest on policy loans and mortgage loans (34,081) (39,262) (32,551)
Depreciation 53,160 52,049 53,937
Interest credited to policyholders’ account balances 511,999 315,684 415,190
Charges to policyholders’ account balances (305,256) (285,549) (248,526)
Deferred federal income tax expense (benefit) 78,385 (22,599) (142,096)
Equity in earnings of unconsolidated affiliates (103,501) (21,281) (86,674)
Distributions from unconsolidated affiliates 111,848 21,453 21,541
Changes in      
Policyholder liabilities 145,396 288,065 320,743
Deferred policy acquisition costs (12,749) (71,497) (81,484)
Reinsurance recoverables 15,645 (8,886) (16,880)
Premiums due and other receivables 3,780 (31,360) (19,445)
Prepaid reinsurance premiums 8,952 10,003 (599)
Accrued investment income (12,227) (960) (7,347)
Current tax receivable/payable 18,893 35,315 17,252
Liability for retirement benefits (8,454) (69,762) (14,127)
Fair value of option securities (144,978) 54,951 (90,357)
Fair value of equity securities (422,535) 107,188 0
Other, net 5,503 24,630 4,958
Net cash provided by operating activities 506,412 495,510 495,925
Proceeds from sale/maturity/prepayment of      
Held-to-maturity securities 864,481 629,359 893,977
Available-for-sale securities 500,724 451,292 489,902
Equity securities 294,798 214,737 137,780
Investment real estate 66,725 11,577 67,227
Mortgage loans 837,732 812,239 811,049
Policy loans 48,079 52,606 42,580
Other invested assets 120,455 118,846 80,901
Disposals of property and equipment 69 0 554
Distributions from unconsolidated affiliates 91,325 58,287 102,000
Payment for the purchase/origination of      
Held-to-maturity securities (1,468,253) (1,349,008) (1,215,311)
Available-for-sale securities (528,495) (680,477)  
Available-for-sale securities     (737,651)
Equity securities (49,016) (79,514) (108,054)
Investment real estate (24,163) (71,732) (33,844)
Mortgage loans (784,408) (1,173,189) (1,194,672)
Policy loans (27,722) (26,147) (23,325)
Other invested assets (109,074) (75,233) (47,134)
Additions to property and equipment (21,402) (17,670) (24,395)
Contributions to unconsolidated affiliates (262,569) (151,261) (27,869)
Change in short-term investments (190,511) 452,005 (466,539)
Change in collateral held for derivatives 107,133 (68,565) 89,981
Other, net 10,369 7,087 18,030
Net cash used in investing activities (523,723) (884,761) (1,144,813)
FINANCING ACTIVITIES      
Policyholders’ account deposits 1,770,646 1,717,153 2,095,734
Policyholders’ account withdrawals (1,481,234) (1,345,498) (1,271,128)
Change in notes payable 20,034 505 1,377
Dividends to stockholders (88,243) (88,228) (88,335)
Payments to noncontrolling interest (20,055) (2,354) (2,261)
Net cash provided by financing activities 201,148 281,578 735,387
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 183,837 (107,673) 86,499
Beginning of the period 268,164 375,837 289,338
End of the period $ 452,001 $ 268,164 $ 375,837