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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income $ 566,223 $ 282,684
Adjustments to reconcile net income to net cash provided by operating activities:    
Interest sensitive and index product benefits 372,662 476,595
Amortization of deferred sales inducements 143,545 122,975
Annuity product charges (52,355) (60,082)
Change in fair value of embedded derivatives (1,393,649) (282,413)
Change in traditional life and accident and health insurance reserves (12,779) 5,374
Policy acquisition costs deferred (56,569) (97,004)
Amortization of deferred policy acquisition costs 225,426 203,823
Provision for depreciation and other amortization 2,250 1,518
Amortization of discounts and premiums on investments (258) 8,097
Realized gains/losses on investments 13,127 4,583
Distributions from equity method investments 0 7,631
Change in fair value of derivatives 477,519 (396,305)
Deferred income taxes 155,050 58,514
Share-based compensation 5,596 4,296
Change in accrued investment income (38,805) (12,030)
Change in income taxes recoverable/payable 519 20,461
Change in other assets (21,480) (1,166)
Change in other policy funds and contract claims 197,191 (7,571)
Change in collateral held for derivatives (584,969) 236,558
Change in funds withheld from reinsurers 80,767 0
Change in other liabilities 96,591 (92,813)
Other (75,670) (11,844)
Net cash provided by operating activities 99,932 471,881
Sales, maturities, or repayments of investments:    
Fixed maturity securities, available for sale 1,779,328 1,116,965
Mortgage loans on real estate 536,216 105,378
Derivative instruments 280,510 400,322
Other investments 26,376 4,189
Acquisitions of investments:    
Fixed maturity securities, available for sale (3,924,643) (757,301)
Mortgage loans on real estate (585,867) (228,049)
Real estate investments acquired (168,088) 0
Derivative instruments (185,486) (165,390)
Other investments (202,160) (351,661)
Purchases of property, furniture and equipment (2,424) (3,724)
Net cash provided by (used in) investing activities (2,446,238) 120,729
Financing activities    
Receipts credited to annuity policyholder account balances 888,488 2,420,777
Coinsurance deposits 10,757 218,987
Return of annuity policyholder account balances (1,198,638) (1,250,244)
Acquisition of treasury stock (179,396) (2,998)
Proceeds from issuance of common stock, net 251,538 5,006
Change in checks in excess of cash balance 9,393 18,384
Dividends paid on preferred stock (10,919) (10,919)
Net cash provided by (used in) financing activities (228,777) 1,398,993
Increase (decrease) in cash and cash equivalents (2,575,083) 1,991,603
Cash and cash equivalents at beginning of period 4,508,982 9,095,522
Cash and cash equivalents at end of period 1,933,899 11,087,125
Cash paid during period for interest:    
Interest expense 1,250 1,250
Cash paid during period for income taxes:    
Income tax refunds received 0 (440)
Non-cash operating activity:    
Deferral of sales inducements $ 23,446 $ 24,850