|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| Net income |
$ 1,538,210 |
$ 684,337 |
$ (132,743) |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Policy charges and fee income |
(113,831) |
(163,640) |
(127,683) |
| Interest credited to policyholders' account balances |
45,737 |
165,992 |
502,585 |
| Realized investment (gains) losses, net |
13,450 |
156,447 |
(262,083) |
| Amortization and other non-cash items |
(43,677) |
(56,322) |
(68,098) |
| Change in: |
|
|
|
| Future policy benefits and other insurance liabilities |
1,185,681 |
1,337,078 |
870,582 |
| Reinsurance recoverables |
(1,211,151) |
(1,117,361) |
(798,474) |
| Accrued investment income |
(4,286) |
(6,372) |
6,785 |
| Receivables from parents and affiliates |
(88,490) |
5,571 |
46,595 |
| Payables to parent and affiliates |
(23,110) |
(855) |
48,064 |
| Deferred policy acquisition costs |
(1,346,386) |
(1,210,728) |
(123,100) |
| Income taxes payable |
341,965 |
81,763 |
(412,217) |
| Deferred Sales Inducements |
(20,871) |
(199,005) |
(289,642) |
| Other, net |
(1,855) |
7,961 |
156,698 |
| Cash flows from (used in) operating activities |
317,606 |
(313,424) |
(678,859) |
| Proceeds from the sale/maturity/prepayment of: |
|
|
|
| Fixed maturities, available for sale |
1,570,701 |
1,019,890 |
1,069,922 |
| Short-term investments |
662,351 |
1,424,173 |
1,167,039 |
| Policy loans |
130,655 |
131,511 |
122,721 |
| Proceeds from policy loans ceded |
9,156 |
7,951 |
1,861 |
| Commercial mortgage and other loans |
207,340 |
149,621 |
82,098 |
| Other long-term investments |
12,933 |
11,557 |
10,612 |
| Equity securities, available for sale |
13,596 |
9,862 |
10,355 |
| Trading account assets, at fair value |
7,524 |
14,325 |
5,174 |
| Payments for the purchase/origination of: |
|
|
|
| Fixed maturities, available for sale |
(1,934,430) |
(1,646,619) |
(1,135,456) |
| Short-term investments |
(566,100) |
(1,253,361) |
(1,203,342) |
| Policy loans |
(101,357) |
(129,521) |
(102,230) |
| Payments from policy loans ceded |
(9,687) |
(16,320) |
(5,538) |
| Commercial mortgage and other loans |
(367,857) |
(239,086) |
(204,951) |
| Other long-term investments |
(84,859) |
(75,664) |
(70,641) |
| Equity securities, available for sale |
(10,574) |
(5,024) |
(8,528) |
| Trading account assets, at fair value |
(9,478) |
0 |
0 |
| Notes receivable from parent and affiliates, net |
4,641 |
5,714 |
6,842 |
| Other |
160 |
(1,885) |
2,757 |
| Cash flows used in investing activities |
(464,223) |
(576,138) |
(243,951) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| Policyholders' account deposits |
3,091,818 |
4,154,752 |
3,044,607 |
| Ceded policyholders' account deposits |
(413,181) |
(312,528) |
(117,916) |
| Policyholders' account withdrawals |
(2,399,425) |
(3,178,207) |
(2,555,035) |
| Ceded policyholders' account withdrawals |
47,114 |
31,419 |
8,824 |
| Net change in securities sold under agreements to repurchase and cash collateral for loaned securities |
36,799 |
(146,074) |
114,612 |
| Dividend to parent |
423,000 |
0 |
0 |
| Net increase in short term borrowing |
(155,100) |
29,000 |
129,000 |
| Capital asset transfer activity |
(3,374) |
(20,900) |
3,543 |
| Drafts outstanding |
239,000 |
453,000 |
277,000 |
| Net change in long-term borrowing |
21,100 |
3,786 |
(59,401) |
| Change in reinsurance recoverables |
0 |
0 |
0 |
| Cash flows from (used in) financing activities |
41,751 |
1,014,248 |
845,234 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(104,866) |
124,686 |
(77,576) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
412,109 |
287,423 |
364,999 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD |
307,243 |
412,109 |
287,423 |
| Income Taxes Paid |
(250,087) |
134,603 |
166,606 |
| Interest Paid |
$ 40,209 |
$ 43,717 |
$ 33,104 |