XML 24 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net income $ 380,855 $ 662,718
Adjustments to reconcile net income to net cash provided by operating activities:    
Interest sensitive and index product benefits 2,106,590 1,217,358
Amortization of deferred sales inducements 93,283 415,396
Annuity product charges (182,321) (185,264)
Change in fair value of embedded derivatives (545,104) (1,855,623)
Change in traditional life and accident and health insurance reserves 19,487 6,507
Policy acquisition costs deferred (243,711) (178,251)
Amortization of deferred policy acquisition costs 185,329 623,409
Provision for depreciation and other amortization 3,985 3,857
Amortization of discounts and premiums on investments 18,438 37,110
Realized gains/losses on investments 2,764 68,545
Distributions from equity method investments 10,697 190
Change in fair value of derivatives (826,484) 409,201
Deferred income taxes (12,276) 171,265
Loss on extinguishment of debt 0 2,024
Share-based compensation 19,265 7,515
Change in accrued investment income (15,288) 20,179
Change in income taxes recoverable/payable 40,340 (35,202)
Change in other assets (2,003) 2,307
Change in other policy funds and contract claims (15,971) (18,951)
Change in collateral held for derivatives (170,371) (506,735)
Change in collateral held for securities lending 0 (494,368)
Change in other liabilities (141,230) (22,281)
Other (88,983) 4,325
Net cash provided by operating activities 637,291 355,231
Sales, maturities, or repayments of investments:    
Fixed maturity securities, available for sale 3,295,774 3,344,860
Mortgage loans on real estate 500,140 230,042
Derivative instruments 1,741,357 633,948
Other investments 12,008 3,238
Acquisitions of investments:    
Fixed maturity securities, available for sale (2,283,419) (2,279,427)
Mortgage loans on real estate (621,002) (723,154)
Real estate acquired (259,262) 0
Derivative instruments (547,006) (557,709)
Other investments (422,070) (10,616)
Purchases of property, furniture and equipment (15,060) (12,440)
Net cash provided by investing activities 1,401,460 628,742
Financing activities    
Receipts credited to annuity policyholder account balances 4,879,283 1,811,843
Coinsurance deposits 683,829 304,169
Return of annuity policyholder account balances (3,861,391) (2,922,187)
Repayment of subordinated debentures 0 (81,450)
Acquisition of treasury stock (99,415) 0
Proceeds from issuance of preferred stock, net 0 290,260
Proceeds from issuance of common stock, net 4,854 1,738
Change in checks in excess of cash balance (23,884) (6,595)
Preferred stock dividends (32,756) (18,511)
Net cash provided by (used in) financing activities 1,550,520 (620,733)
Increase in cash and cash equivalents 3,589,271 363,240
Cash and cash equivalents at beginning of period 9,095,522 2,293,392
Cash and cash equivalents at end of period 12,684,793 2,656,632
Cash paid during period for interest:    
Interest expense 15,000 17,677
Cash paid during period for income taxes:    
Income taxes 80,169 4,810
Non-cash operating activity:    
Deferral of sales inducements $ 71,683 $ 68,468