XML 12 R7.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING ACTIVITIES    
Net income (loss) $ (220,597) $ 256,867
Adjustments to reconcile net income to net cash provided by operating activities:    
Net realized investment gains (4,148) (2,947)
Investment credit loss 44,678 0
Accretion of premiums, discounts and loan origination fees 1,845 (2,099)
Net capitalized interest on policy loans and mortgage loans (6,351) (10,094)
Depreciation 12,614 13,840
Interest credited to policyholders’ account balances (4,323) 141,234
Charges to policyholders’ account balances (79,605) (74,248)
Deferred federal income tax expense (benefit) (86,171) 53,597
Equity in earnings of unconsolidated affiliates (15,707) (40,460)
Distributions from unconsolidated affiliates 27,246 23,607
Changes in:    
Policyholder liabilities (4,203) 45,592
Deferred policy acquisition costs (1,672) (6,631)
Reinsurance recoverables 6,207 7,575
Premiums due and other receivables (35,858) 1,395
Prepaid reinsurance premiums 5,862 1,525
Accrued investment income 8,604 2,808
Current tax receivable/payable 22,392 17,059
Liability for retirement benefits (2,879) (984)
Fair value of option securities 108,095 (66,483)
Fair value of equity securities 332,575 (206,377)
Other, net 3,447 12,893
Net cash provided by operating activities 112,051 167,669
Proceeds from sale/maturity/prepayment of:    
Held-to-maturity securities 360,849 85,182
Available-for-sale securities 274,697 74,411
Equity securities 27,620 56,466
Investment real estate 964 1,752
Mortgage loans 105,964 271,430
Policy loans 12,414 12,787
Other invested assets 32,609 10,364
Distributions from unconsolidated affiliates 11,711 40,233
Payment for the purchase/origination of:    
Held-to-maturity securities (345,112) (244,869)
Available-for-sale securities (250,954) (105,772)
Equity securities (34,350) (18,280)
Investment real estate (3,361) (8,999)
Mortgage loans (166,933) (106,108)
Policy loans (6,520) (5,920)
Other invested assets (10,192) (17,355)
Additions to property and equipment (5,354) (3,204)
Contributions to unconsolidated affiliates (82,065) (45,599)
Change in short-term investments 6,439 (519,999)
Change in collateral held for derivatives (128,078) 67,523
Other, net 4,400 373
Net cash used in investing activities (195,252) (455,584)
FINANCING ACTIVITIES    
Policyholders’ account deposits 294,297 743,275
Policyholders’ account withdrawals (310,921) (368,810)
Change in notes payable (1,054) (473)
Dividends to stockholders (22,047) (22,101)
Payments to noncontrolling interest (323) (419)
Net cash provided by (used in) financing activities (40,048) 351,472
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (123,249) 63,557
Cash and cash equivalents at beginning of the period 452,001 268,164
Cash and cash equivalents at end of the period $ 328,752 $ 331,721