XML 117 R44.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
The differences between the change in fair value of derivatives for each quarter primarily correspond to the performance of the indices upon which our call options are based. The comparability of net income is impacted by the application of fair value accounting to our fixed index annuity business as follows:
 
Quarter Ended
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
(Dollars in thousands)
2019
$
118,491

 
$
78,397

 
$
196,396

 
$
(100,305
)
2018
(61,794
)
 
(23,593
)
 
427

 
28,298


Unaudited quarterly results of operations are summarized below.
 
Quarter Ended
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
(Dollars in thousands, except per share data)
2019
 
 
 
 
 
 
 
Premiums and product charges
$
58,376

 
$
64,826

 
$
68,799

 
$
71,568

Net investment income
558,438

 
570,568

 
590,412

 
588,217

Change in fair value of derivatives
384,469

 
76,045

 
(20,042
)
 
466,434

Net realized gains (losses) on investments, excluding OTTI losses
(563
)
 
(3,832
)
 
4,328

 
7,029

Net OTTI losses recognized in operations
—

 
(1,213
)
 
(101
)
 
(17,412
)
Loss on extinguishment of debt
—

 
—

 
—

 
(2,001
)
Total revenues
1,000,720

 
706,394

 
643,396

 
1,113,835

Net income (loss)
(30,010
)
 
18,590

 
37,360

 
220,150

Earnings (loss) per common share
(0.33
)
 
0.20

 
0.41

 
2.41

Earnings (loss) per common share - assuming dilution
(0.33
)
 
0.20

 
0.41

 
2.40

 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
Premiums and product charges
$
59,776

 
$
60,763

 
$
65,605

 
$
64,824

Net investment income
510,784

 
533,282

 
549,391

 
554,355

Change in fair value of derivatives
(451,083
)
 
132,205

 
595,311

 
(1,054,281
)
Net realized gains (losses) on investments, excluding OTTI losses
302

 
(38,381
)
 
(2,196
)
 
3,097

Net OTTI losses recognized in operations
(907
)
 
(2,396
)
 
(14,373
)
 
(18,980
)
Total revenues
118,872

 
685,473

 
1,193,738

 
(450,985
)
Net income
140,962

 
93,903

 
169,328

 
53,823

Earnings per common share
1.57

 
1.04

 
1.87

 
0.59

Earnings per common share - assuming dilution
1.55

 
1.03

 
1.85

 
0.59