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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net income (loss) $ 242,947 $ (30,010)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Interest sensitive and index product benefits 400,219 136,674
Amortization of deferred sales inducements 73,591 33,309
Annuity product charges (59,549) (52,966)
Change in fair value of embedded derivatives (1,250,061) 766,323
Change in traditional life and accident and health insurance reserves (38) (425)
Policy acquisition costs deferred (64,444) (108,420)
Amortization of deferred policy acquisition costs 120,702 45,132
Provision for depreciation and other amortization 1,082 949
Amortization of discounts and premiums on investments 9,802 4,485
Realized gains (losses) on investments and net credit losses recognized in operations 20,336 563
Change in fair value of derivatives 941,874 (384,381)
Deferred income taxes 71,427 (11,309)
Loss on extinguishment of debt 2,024 0
Share-based compensation 2,289 4,205
Change in accrued investment income 159 (28,735)
Change in income taxes recoverable/payable (46,753) 1,856
Change in other assets 2,033 (5,001)
Change in other policy funds and contract claims (9,488) (6,059)
Change in collateral held for derivatives (1,106,464) 424,890
Change in collateral held for securities lending (489,047) 321,009
Change in other liabilities (27,216) 1,912
Other (125) (2,009)
Net cash provided by (used in) operating activities (1,164,700) 1,111,992
Sales, maturities, or repayments of investments:    
Fixed maturity securities, available for sale 1,916,960 286,855
Mortgage loans on real estate 83,584 57,599
Derivative instruments 320,953 55,500
Other investments 2,980 1,062
Acquisitions of investments:    
Fixed maturity securities, available for sale (956,095) (960,575)
Mortgage loans on real estate (315,091) (165,450)
Derivative instruments (181,640) (194,364)
Other investments (5,249) (5,021)
Purchases of property, furniture and equipment (10,110) (720)
Net cash provided by (used in) investing activities 856,292 (925,114)
Financing activities    
Receipts credited to annuity policyholder account balances 699,455 1,234,429
Coinsurance deposits 114,531 37,802
Return of annuity policyholder account balances (1,025,021) (817,739)
Repayment of subordinated debentures (81,450) 0
Net proceeds from amounts due under repurchase agreements 186,105 134,033
Proceeds from issuance of common stock, net 1,255 112
Change in checks in excess of cash balance (40,149) (4,021)
Preferred stock dividends (6,611) 0
Net cash provided by (used in) financing activities (151,885) 584,616
Increase (decrease) in cash and cash equivalents (460,293) 771,494
Cash and cash equivalents at beginning of period 2,293,392 344,396
Cash and cash equivalents at end of period 1,833,099 1,115,890
Cash paid during period for interest:    
Interest expense 2,523 5,792
Cash paid during period for income taxes:    
Income taxes 11 0
Non-cash operating activity:    
Deferral of sales inducements $ 24,552 $ 45,621