XML 40 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Operating activities    
Net income (loss) $ (9,753) $ 26,031
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Interest sensitive and index product benefits 317,192 223,170
Amortization of deferred sales inducements 666 28,831
Annuity product charges (25,272) (21,481)
Change in fair value of embedded derivatives 92,619 363,272
Change in traditional life and accident and health insurance reserves (91) 3,041
Policy acquisition costs deferred (93,333) (94,638)
Amortization of deferred policy acquisition costs 7,194 46,230
Provision for depreciation and other amortization 3,000 4,607
Amortization of discounts and premiums on investments (2,829) (6,296)
Realized gains/losses on investments and net OTTI losses recognized in operations 1,619 (7,348)
Change in fair value of derivatives (48,493) (373,962)
Deferred income taxes (37,360) (2,451)
Loss on extinguishment of debt, net of tax 3,977 0
Share-based compensation 37 1,290
Change in accrued investment income (21,177) (36,508)
Change in income taxes payable 7,909 5,438
Change in other assets (339) 1,315
Change in other policy funds and contract claims (17,288) (8,451)
Change in collateral held for derivatives (98,351) 224,755
Change in other liabilities (30,056) (6,215)
Other (1,708) (1,014)
Net cash provided by operating activities 48,163 369,616
Sales, maturities, or repayments of investments:    
Fixed maturity securities - available for sale 208,747 937,343
Mortgage loans on real estate 84,735 125,998
Derivative instruments 241,098 146,918
Other investments 8,942 5,371
Acquisition of investments:    
Fixed maturity securities - available for sale (974,244) (2,308,052)
Mortgage loans on real estate (90,056) (95,147)
Derivative instruments (103,330) (82,448)
Other investments (2,259) (199)
Purchases of property, furniture and equipment (200) (78)
Net cash used in investing activities (626,567) (1,270,294)
Financing activities    
Receipts credited to annuity and single premium universal life policyholder account balances 915,631 914,936
Coinsurance deposits (2,609) 5,641
Return of annuity policyholder account balances (475,280) (402,185)
Financing fees incurred and deferred (100) 0
Repayment of notes payable (54,583) 0
Excess tax benefits realized from share-based compensation plans 3,087 305
Proceeds from issuance of common stock 6,093 7,103
Change in checks in excess of cash balance (32,192) (11,570)
Net cash provided by financing activities 360,047 514,230
Decrease in cash and cash equivalents (218,357) (386,448)
Cash and cash equivalents at beginning of period 897,529 1,268,545
Cash and cash equivalents at end of period 679,172 882,097
Cash paid during period for:    
Interest expense 17,993 6,470
Income taxes 21,500 10,200
Non-cash operating activity:    
Deferral of sales inducements 72,687 73,898
Non-cash investing activity:    
Real estate acquired in satisfaction of mortgage loans 1,713 844
Non-cash financing activities:    
Common stock issued in extinguishment of debt $ 23,177 $ 0