XML 75 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues:      
Premiums and other considerations $ 23,534 $ 26,480 $ 34,228
Annuity product charges 240,035 224,488 200,494
Net investment income 2,307,635 2,147,812 1,991,997
Change in fair value of derivatives 906,906 (777,848) 1,677,871
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses 6,962 (37,178) 10,509
OTTI losses on investments:      
Total OTTI losses (18,511) (35,005) (2,758)
Portion of OTTI losses recognized from other comprehensive income (215) (1,651) (1,872)
Net OTTI losses recognized in operations (18,726) (36,656) (4,630)
Loss on extinguishment of debt (2,001) 0 (18,817)
Total revenues 3,464,345 1,547,098 3,891,652
Benefits and expenses:      
Insurance policy benefits and change in future policy benefits 35,418 39,530 43,219
Interest sensitive and index product benefits 1,287,576 1,610,835 2,023,668
Amortization of deferred sales inducements 88,585 222,201 176,612
Change in fair value of embedded derivatives 1,454,042 (1,389,491) 919,735
Interest expense on notes and loan payable 25,525 25,498 30,368
Interest expense on subordinated debentures 15,764 15,491 14,124
Amortization of deferred policy acquisition costs 87,717 327,991 255,964
Other operating costs and expenses 154,153 129,301 111,691
Total benefits and expenses 3,148,780 981,356 3,575,381
Income before income taxes 315,565 565,742 316,271
Income tax expense 69,475 107,726 141,626
Net income $ 246,090 $ 458,016 $ 174,645
Earnings per common share $ 2.70 $ 5.07 $ 1.96
Earnings per common share - assuming dilution $ 2.68 $ 5.01 $ 1.93
Weighted average common shares outstanding: earnings per common share 91,139,453 90,347,915 88,982,442
Weighted average common shares outstanding: earnings per common share - assuming dilution 91,782,242 91,422,585 90,311,008