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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities    
Net income (loss) $ 227,990 $ (4,482)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Interest sensitive and index product benefits 1,289,576 641,211
Amortization of deferred sales inducements 110,455 (1,587)
Annuity product charges (123,841) (122,987)
Change in fair value of embedded derivatives (8,700) (123,126)
Change in traditional life and accident and health insurance reserves 11,340 3,322
Policy acquisition costs deferred (180,158) (123,861)
Amortization of deferred policy acquisition costs 186,917 813
Provision for depreciation and other amortization 2,771 2,485
Amortization of discounts and premiums on investments 15,444 17,645
Realized gains/losses on investments 7,697 46,224
Distributions from equity method investments 9,934 0
Change in fair value of derivatives (897,185) 614,212
Deferred income taxes 27,386 (7,132)
Loss on extinguishment of debt 0 2,024
Share-based compensation 13,156 4,394
Change in accrued investment income 689 22,536
Change in income taxes recoverable/payable (40,157) (36,391)
Change in other assets 233 3,055
Change in other policy funds and contract claims (9,728) (15,222)
Change in collateral held for derivatives 156,410 (727,069)
Change in collateral held for securities lending 0 (494,280)
Change in other liabilities (149,371) (36,407)
Other (26,614) 6,727
Net cash provided by (used in) operating activities 624,244 (327,896)
Sales, maturities, or repayments of investments:    
Fixed maturity securities, available for sale 2,533,134 2,413,147
Mortgage loans on real estate 265,375 129,531
Derivative instruments 1,169,965 430,662
Other investments 5,582 3,013
Acquisitions of investments:    
Fixed maturity securities, available for sale (2,102,899) (1,137,134)
Mortgage loans on real estate (398,515) (654,936)
Real estate acquired (258,237) 0
Derivative instruments (363,423) (389,877)
Other investments (390,678) (4,936)
Purchases of property, furniture and equipment (9,788) (11,624)
Net cash provided by investing activities 450,516 777,846
Financing activities    
Receipts credited to annuity policyholder account balances 3,585,604 1,248,172
Coinsurance deposits 497,397 204,759
Return of annuity policyholder account balances (2,614,942) (1,971,344)
Repayment of subordinated debentures 0 (81,450)
Acquisition of treasury stock (98,075) 0
Proceeds from issuance of preferred stock, net 0 290,260
Proceeds from issuance of common stock, net 5,160 1,706
Change in checks in excess of cash balance 677 (14,249)
Preferred stock dividends (21,838) (12,561)
Net cash provided by (used in) financing activities 1,353,983 (334,707)
Increase in cash and cash equivalents 2,428,743 115,243
Cash and cash equivalents at beginning of period 9,095,522 2,293,392
Cash and cash equivalents at end of period 11,524,265 2,408,635
Cash paid during period for interest:    
Interest expense 15,000 16,427
Cash paid during period for income taxes:    
Income taxes 75,574 (161)
Non-cash operating activity:    
Deferral of sales inducements $ 49,662 $ 47,262