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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income (loss) $ 926,799 $ 227,990
Adjustments to reconcile net income to net cash provided by operating activities:    
Interest sensitive and index product benefits 607,517 1,289,576
Amortization of deferred sales inducements 233,991 110,455
Annuity product charges (107,869) (123,841)
Change in fair value of embedded derivatives (2,279,633) (8,700)
Change in traditional life and accident and health insurance reserves (16,585) 11,340
Policy acquisition costs deferred (104,913) (180,158)
Amortization of deferred policy acquisition costs 367,780 186,917
Provision for depreciation and other amortization 10,264 2,771
Amortization of discounts and premiums on investments (4,711) 15,444
Realized gains/losses on investments 46,399 7,697
Distributions from equity method investments 2,204 9,934
Change in fair value of derivatives 983,700 (897,185)
Deferred income taxes 245,118 27,386
Share-based compensation 6,420 13,156
Change in accrued investment income (47,442) 689
Change in income taxes recoverable/payable 31,345 (40,157)
Change in other assets (29,655) 233
Change in other policy funds and contract claims 293,303 (9,728)
Change in collateral held for derivatives (1,051,808) 156,410
Change in funds withheld from reinsurers 213,493 0
Change in other liabilities 84,036 (149,371)
Other (97,383) (26,614)
Net cash provided by operating activities 312,370 624,244
Sales, maturities, or repayments of investments:    
Fixed maturity securities, available for sale 3,456,943 2,533,134
Mortgage loans on real estate 1,082,235 265,375
Derivative instruments 373,481 1,169,965
Other investments 354,056 5,582
Acquisitions of investments:    
Fixed maturity securities, available for sale (4,883,166) (2,102,899)
Mortgage loans on real estate (1,664,966) (398,515)
Real estate investments acquired (361,820) (258,237)
Derivative instruments (393,783) (363,423)
Other investments (589,861) (390,678)
Purchases of property, furniture and equipment (8,327) (9,788)
Net cash provided by (used in) investing activities (2,635,208) 450,516
Financing activities    
Receipts credited to annuity policyholder account balances 1,666,306 3,585,604
Coinsurance deposits 45,108 497,397
Return of annuity policyholder account balances (2,449,267) (2,614,942)
Acquisition of treasury stock (368,380) (98,075)
Proceeds from issuance of common stock, net 252,842 5,160
Change in checks in excess of cash balance (23,690) 677
Dividends paid on preferred stock (21,838) (21,838)
Net cash provided by (used in) financing activities (898,919) 1,353,983
Increase (decrease) in cash and cash equivalents (3,221,757) 2,428,743
Cash and cash equivalents at beginning of period 4,508,982 9,095,522
Cash and cash equivalents at end of period 1,287,225 11,524,265
Cash paid during period for interest:    
Interest expense 15,000 15,000
Income taxes 0 75,574
Income tax refunds received 16,877 0
Non-cash operating activity:    
Deferral of sales inducements $ 46,688 $ 49,662