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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities    
Net income $ 282,684 $ 242,947
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Interest sensitive and index product benefits 476,595 400,219
Amortization of deferred sales inducements 122,975 73,591
Annuity product charges (60,082) (59,549)
Change in fair value of embedded derivatives (282,413) (1,250,061)
Change in traditional life and accident and health insurance reserves 5,374 (38)
Policy acquisition costs deferred (97,004) (64,444)
Amortization of deferred policy acquisition costs 203,823 120,702
Provision for depreciation and other amortization 1,518 1,082
Amortization of discounts and premiums on investments 8,097 9,802
Realized gains/losses on investments 4,583 20,336
Distributions from equity method investments 7,631 0
Change in fair value of derivatives (396,305) 941,874
Deferred income taxes 58,514 71,427
Loss on extinguishment of debt 0 2,024
Share-based compensation 4,296 2,289
Change in accrued investment income (12,030) 159
Change in income taxes recoverable/payable 20,461 (46,753)
Change in other assets (1,166) 2,033
Change in other policy funds and contract claims (7,571) (9,488)
Change in collateral held for derivatives 236,558 (1,106,464)
Change in collateral held for securities lending 0 (489,047)
Change in other liabilities (92,813) (27,216)
Other (11,844) (125)
Net cash provided by (used in) operating activities 471,881 (1,164,700)
Sales, maturities, or repayments of investments:    
Fixed maturity securities, available for sale 1,116,965 1,916,960
Mortgage loans on real estate 105,378 83,584
Derivative instruments 400,322 320,953
Other investments 4,189 2,980
Acquisitions of investments:    
Fixed maturity securities, available for sale (757,301) (956,095)
Mortgage loans on real estate (228,049) (315,091)
Derivative instruments (165,390) (181,640)
Other investments (351,661) (5,249)
Purchases of property, furniture and equipment (3,724) (10,110)
Net cash provided by investing activities 120,729 856,292
Financing activities    
Receipts credited to annuity policyholder account balances 2,420,777 699,455
Coinsurance deposits 218,987 114,531
Return of annuity policyholder account balances (1,250,244) (1,025,021)
Repayment of subordinated debentures 0 (81,450)
Net proceeds from amounts due under repurchase agreements 0 186,105
Acquisition of treasury stock (2,998) 0
Proceeds from issuance of common stock, net 5,006 1,255
Change in checks in excess of cash balance 18,384 (40,149)
Preferred stock dividends (10,919) (6,611)
Net cash provided by (used in) financing activities 1,398,993 (151,885)
Increase (decrease) in cash and cash equivalents 1,991,603 (460,293)
Cash and cash equivalents at beginning of period 9,095,522 2,293,392
Cash and cash equivalents at end of period 11,087,125 1,833,099
Cash paid during period for interest:    
Interest expense 1,250 2,523
Cash paid during period for income taxes:    
Income taxes 0 11
Income tax refunds received (440) 0
Non-cash operating activity:    
Deferral of sales inducements $ 24,850 $ 24,552