XML 21 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net income $ 458,016 $ 174,645 $ 83,243
Adjustments to reconcile net income to net cash provided by operating activities:      
Interest sensitive and index product benefits 1,610,835 2,023,668 725,472
Amortization of deferred sales inducements 222,201 176,612 251,166
Annuity product charges (224,488) (200,494) (173,579)
Change in fair value of embedded derivatives (1,389,491) 919,735 543,465
Change in traditional life and accident and health insurance reserves (163) (33) 12,724
Policy acquisition costs deferred (388,222) (406,641) (543,325)
Amortization of deferred policy acquisition costs 327,991 255,964 374,012
Provision for depreciation and other amortization 3,474 3,948 3,879
Amortization of discounts and premiums on investments 19,204 15,431 1,070
Loss on extinguishment of debt 0 18,817 0
Realized gains (losses) on investments and net OTTI losses recognized in operations 73,834 (5,879) 11,155
Change in fair value of derivatives 777,575 (1,678,956) (165,727)
Distributions from equity method investments 1,270 1,454 2,064
Deferred income taxes (12,563) (46,730) (10,408)
Share-based compensation 11,097 6,464 6,692
Change in accrued investment income (39,721) (31,235) (35,669)
Change in income taxes recoverable/payable (60,822) 45,759 18,125
Change in other assets (844) 448 1,812
Change in other policy funds and contract claims (19,029) (23,101) (34,411)
Change in collateral held for derivatives (1,296,629) 772,181 414,655
Change in other liabilities (17,318) (84,416) (55,940)
Other (13,022) (13,794) (14,089)
Net cash provided by operating activities 43,185 1,923,847 1,416,386
Sales, maturities, or repayments of investments:      
Fixed maturity securities - available for sale 3,870,415 1,911,991 2,746,510
Mortgage loans on real estate 298,100 351,255 383,763
Derivative instruments 1,446,948 1,697,948 284,470
Other investments 358,372 9,117 11,981
Acquisitions of investments:      
Fixed maturity securities - available for sale (6,852,481) (5,026,640) (6,883,895)
Mortgage loans on real estate (575,367) (535,249) (428,833)
Derivative instruments (864,717) (691,428) (602,349)
Other investments (85,318) (305,575) (11,559)
Purchases of property, furniture and equipment (4,283) (4,809) (1,197)
Net cash used in investing activities (2,408,331) (2,593,390) (4,501,109)
Financing activities      
Receipts credited to annuity policyholder account balances 4,381,150 4,152,264 7,092,348
Coinsurance deposits (23,838) (6,597) (1,317,555)
Return of annuity policyholder account balances (3,159,700) (2,809,486) (2,535,669)
Financing fees incurred and deferred 0 (5,817) (1,456)
Proceeds from issuance of notes payable 0 499,650 0
Repayment of notes payable 0 (413,252) 0
Repayment of loan payable 0 (100,000) 0
Proceeds from issuance of loan payable 0 0 100,000
Net proceeds from amounts due under repurchase agreements 109,298 0 0
Excess tax benefits realized from share-based compensation plans     527
Proceeds from issuance of common stock 9,681 14,028 139,654
Change in checks in excess of cash balance (15,829) 4,680 21,501
Dividends paid (25,265) (23,148) (21,110)
Net cash provided by (used in) financing activities 1,275,497 1,312,322 3,478,240
Increase (decrease) in cash and cash equivalents (1,089,649) 642,779 393,517
Cash and cash equivalents at beginning of year 1,434,045 791,266 397,749
Cash and cash equivalents at end of year 344,396 1,434,045 791,266
Cash paid during the year for interest:      
Interest expense 39,575 55,445 39,647
Cash paid during the year for income taxes:      
Income taxes 181,202 142,627 39,066
Non-cash operating activity:      
Deferral of sales inducements 179,465 216,172 353,966
Non-cash financing activity:      
Common stock issued to settle warrants that have expired $ 0 $ 0 $ 93