XML 20 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities    
Net income (loss) $ 137,842 $ (37,553)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Interest sensitive and index product benefits 1,392,763 487,735
Amortization of deferred sales inducements 110,727 127,396
Annuity product charges (144,106) (125,304)
Change in fair value of embedded derivatives 628,845 694,564
Change in traditional life and accident and health insurance reserves 170 8,977
Policy acquisition costs deferred (312,355) (423,525)
Amortization of deferred policy acquisition costs 162,248 198,486
Provision for depreciation and other amortization 2,793 3,000
Amortization of discounts and premiums on investments 11,079 (2,258)
Realized gains (losses) on investments and net OTTI losses recognized in operations (6,236) 2,439
Change in fair value of derivatives (1,016,714) (70,002)
Deferred income taxes (38,998) (66,895)
Loss on extinguishment of debt 18,817 0
Share-based compensation 5,414 4,849
Change in accrued investment income (41,409) (43,892)
Change in income taxes recoverable/payable 407 16,947
Change in other assets 31 1,930
Change in other policy funds and contract claims (19,941) (27,627)
Change in collateral held for derivatives 446,920 254,210
Change in other liabilities (62,487) (48,608)
Other (11,016) (10,363)
Net cash provided by operating activities 1,264,794 944,506
Sales, maturities, or repayments of investments:    
Fixed maturity securities - available for sale 1,333,829 1,853,281
Mortgage loans on real estate 240,245 302,262
Derivative instruments 1,150,793 147,887
Other investments 9,373 12,928
Acquisitions of investments:    
Fixed maturity securities - available for sale (3,755,011) (5,065,873)
Mortgage loans on real estate (370,229) (284,186)
Derivative instruments (494,226) (444,360)
Other investments (18,654) (9,778)
Purchases of property, furniture and equipment (3,894) (872)
Net cash used in investing activities (1,907,774) (3,488,711)
Financing activities    
Receipts credited to annuity and single premium universal life policyholder account balances 3,151,516 5,712,759
Coinsurance deposits 30,892 (1,180,827)
Return of annuity policyholder account balances (2,048,967) (1,806,895)
Financing fees incurred and deferred (5,609) (1,456)
Proceeds from issuance of notes payable 499,650 0
Repayment of notes payable (413,252) 0
Repayment of loan payable (100,000) 0
Proceeds from issuance of loan payable 0 100,000
Net proceeds from amounts due under repurchase agreements 23,542 0
Excess tax benefits realized from share-based compensation plans 0 487
Proceeds from issuance of common stock 8,291 138,660
Change in checks in excess of cash balance (8,687) (3,458)
Net cash provided by financing activities 1,137,376 2,959,270
Increase in cash and cash equivalents 494,396 415,065
Cash and cash equivalents at beginning of period 791,266 397,749
Cash and cash equivalents at end of period 1,285,662 812,814
Cash paid during period for interest:    
Interest expense 39,583 35,764
Cash paid during period for income taxes:    
Income taxes 109,581 29,961
Non-cash operating activity:    
Deferral of sales inducements 175,076 270,991
Non-cash financing activity:    
Common stock issued to settle warrants that have expired $ 0 $ 93