Price | -0.00 | EPS | 219 | |
Shares | 0 | P/E | -0 | |
MCap | -0 | P/FCF | -0 | |
Net Debt | -276 | EBIT | 57 | |
TEV | -276 | TEV/EBIT | -5 | TTM 2018-09-30, in MM, except price, ratios |
10-Q | 2018-09-30 | Filed 2018-11-14 |
10-Q | 2018-06-30 | Filed 2018-08-14 |
10-Q | 2018-03-31 | Filed 2018-05-14 |
10-K | 2017-12-31 | Filed 2018-03-29 |
10-Q | 2017-09-30 | Filed 2017-11-14 |
10-Q | 2017-06-30 | Filed 2017-08-14 |
10-Q | 2017-03-31 | Filed 2017-05-12 |
10-K | 2016-12-31 | Filed 2017-03-30 |
10-Q | 2016-09-30 | Filed 2016-11-14 |
10-Q | 2016-06-30 | Filed 2016-08-12 |
10-Q | 2016-03-31 | Filed 2016-05-13 |
10-K | 2015-12-31 | Filed 2016-04-15 |
10-Q | 2015-09-30 | Filed 2015-11-12 |
10-Q | 2015-06-30 | Filed 2015-08-13 |
10-Q | 2015-03-31 | Filed 2015-05-15 |
10-K | 2014-12-31 | Filed 2015-04-15 |
10-Q | 2014-09-30 | Filed 2014-11-14 |
10-Q | 2014-06-30 | Filed 2014-08-13 |
10-Q | 2014-03-31 | Filed 2014-05-14 |
10-K | 2013-12-31 | Filed 2014-03-27 |
10-Q | 2013-09-30 | Filed 2013-11-13 |
10-Q | 2013-06-30 | Filed 2013-08-13 |
10-Q | 2013-03-31 | Filed 2013-05-13 |
10-K | 2012-12-31 | Filed 2013-03-28 |
10-Q | 2012-09-30 | Filed 2012-11-13 |
10-Q | 2012-06-30 | Filed 2012-08-13 |
10-Q | 2012-03-31 | Filed 2012-05-11 |
10-K | 2011-12-31 | Filed 2012-03-29 |
10-Q | 2011-09-30 | Filed 2011-11-14 |
10-Q | 2011-06-30 | Filed 2011-08-12 |
10-Q | 2011-03-31 | Filed 2011-05-12 |
10-K | 2010-12-31 | Filed 2011-03-25 |
10-Q | 2010-09-30 | Filed 2010-11-12 |
10-Q | 2010-06-30 | Filed 2010-08-12 |
10-Q | 2010-03-31 | Filed 2010-05-13 |
10-K | 2009-12-31 | Filed 2010-03-25 |
8-K | 2018-12-06 |
Part I. Financial Information |
Item 1. Financial Statements |
Note 1. Summary of Significant Accounting Policies |
Note 2. Fair Value of Financial Instruments |
Note 3. Investments |
Note 4. Voba, Dac, and Dsi |
Note 5. Variable Contracts Containing Guaranteed Benefits |
Note 6. Income Taxes |
Note 7. Aoci |
Note 8. Stockholder's Equity and Statutory Accounting Principles |
Note 9. Reinsurance |
Note 10. Related Party Transactions |
Note 11. Commitments and Contingencies |
Note 12. Segment Information |
Item 2. Management's Narrative Analysis of Results of Operations |
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
Item 4. Controls and Procedures |
Part II Other Information |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. Defaults Upon Senior Securities |
Item 4. Mine Safety Disclosures |
Item 5. Other Information |
Item 6. Exhibits |
EX-31.1 | talic-ex311_8.htm |
EX-31.2 | talic-ex312_7.htm |
EX-32.1 | talic-ex321_6.htm |
EX-32.2 | talic-ex322_9.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2018
Commission File No. 33-26322
TRANSAMERICA ADVISORS LIFE
INSURANCE COMPANY
(Exact name of Registrant as specified in its charter)
Arkansas |
| 91-1325756 |
(State or other jurisdiction of incorporation or organization) |
| (I.R.S. Employer Identification No.) |
4333 Edgewood Road, NE
Cedar Rapids, Iowa 52499-0001
(Address of Principal Executive Offices)
(800) 346-3677
(Registrant’s telephone no. including area code)
Securities registered pursuant to Section 12(b) or 12(g) of the Act: None
Former name, former address and former fiscal year, if changed since last report: Not Applicable
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
| ☐ |
|
| Accelerated filer |
| ☐ |
|
|
|
|
|
|
|
|
Non-accelerated filer |
| ☒ |
|
| Smaller reporting company |
| ☐ |
Emerging growth company |
| ☐ |
|
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common 250,000
REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) and (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT.
TABLE OF CONTENTS
2 | |
2 | |
2 | |
4 | |
5 | |
6 | |
7 | |
9 | |
9 | |
12 | |
20 | |
Note 4. Value of Business Acquired, Deferred Policy Acquisition Costs and Deferred Sales Inducements | 32 |
33 | |
34 | |
36 | |
Note 8. Stockholder’s Equity and Statutory Accounting Principles | 38 |
39 | |
39 | |
41 | |
42 | |
Item 2. Management’s Narrative Analysis of Results of Operations | 44 |
Item 3. Quantitative and Qualitative Disclosures About Market Risk | 61 |
61 | |
61 | |
61 | |
61 | |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 62 |
62 | |
62 | |
62 | |
62 | |
63 | |
64 | |
|
|
1
TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF TRANSAMERICA CORPORATION)
|
|
|
|
|
|
|
|
|
|
|
|
| September 30, |
|
| December 31, |
| ||||
(dollars in thousands, except share data) |
| 2018 |
|
| 2017 |
| ||||
|
| (unaudited) |
|
|
|
| ||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
|
|
|
|
|
|
|
Fixed maturity available-for-sale securities, at estimated fair value |
|
|
|
|
|
|
|
|
|
|
(amortized cost: 2018 - $1,173,737; 2017 - $1,418,128) |
| $ |
| 1,224,520 |
|
| $ |
| 1,548,638 |
|
Equity available-for-sale securities, at estimated fair value |
|
|
|
|
|
|
|
|
|
|
(cost: 2018 - $0; 2017 - $25,473) |
|
|
| - |
|
|
|
| 28,497 |
|
Equity securities, at estimated fair value |
|
|
|
|
|
|
|
|
|
|
(cost: 2018 - $25,473; 2017 - $0) |
|
|
| 27,687 |
|
|
|
| - |
|
Limited partnerships |
|
|
| 1,184 |
|
|
|
| 1,375 |
|
Mortgage loans on real estate |
|
|
| 26,013 |
|
|
|
| 24,962 |
|
Policy loans |
|
|
| 590,689 |
|
|
|
| 608,183 |
|
Derivative assets |
|
|
| 10,788 |
|
|
|
| 8,212 |
|
Total investments |
|
|
| 1,880,881 |
|
|
|
| 2,219,867 |
|
Cash and cash equivalents |
|
|
| 276,020 |
|
|
|
| 270,307 |
|
Accrued investment income |
|
|
| 27,907 |
|
|
|
| 33,303 |
|
Deferred policy acquisition costs |
|
|
| 27,836 |
|
|
|
| 30,207 |
|
Deferred sales inducements |
|
|
| 6,325 |
|
|
|
| 6,867 |
|
Value of business acquired |
|
|
| 209,360 |
|
|
|
| 201,299 |
|
Goodwill |
|
|
| 2,800 |
|
|
|
| 2,800 |
|
Income tax asset |
|
|
| 1,483 |
|
|
|
| - |
|
Reinsurance receivables |
|
|
| 1,090 |
|
|
|
| 239 |
|
Receivable for investments sold - net |
|
|
| 292 |
|
|
|
| - |
|
Other assets |
|
|
| 38,746 |
|
|
|
| 37,777 |
|
Recoverable of ceded guaranteed minimum income benefit embedded derivatives, at fair value |
|
|
| 9,321 |
|
|
|
| 25,325 |
|
Separate Accounts assets |
|
|
| 5,561,785 |
|
|
|
| 5,793,834 |
|
Total Assets |
| $ |
| 8,043,846 |
|
| $ |
| 8,621,825 |
|
See Notes to Financial Statements
2
TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF TRANSAMERICA CORPORATION)
|
|
|
|
|
|
|
|
|
|
|
|
| September 30, |
|
| December 31, |
| ||||
(dollars in thousands, except share data) |
| 2018 |
|
| 2017 |
| ||||
|
| (unaudited) |
|
|
|
| ||||
LIABILITIES AND STOCKHOLDER’S EQUITY |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Policyholder liabilities and accruals |
|
|
|
|
|
|
|
|
|
|
Policyholder account balances |
| $ |
| 1,006,666 |
|
| $ |
| 1,041,903 |
|
Future policy benefits |
|
|
| 388,515 |
|
|
|
| 411,654 |
|
Claims and claims settlement expenses |
|
|
| 36,960 |
|
|
|
| 37,679 |
|
Total policyholder liabilities and accruals |
|
|
| 1,432,141 |
|
|
|
| 1,491,236 |
|
Payables for collateral under securities loaned, reverse repurchase agreements and derivatives |
|
|
| 204,553 |
|
|
|
| 248,561 |
|
Checks not yet presented for payment |
|
|
| 907 |
|
|
|
| 6,061 |
|
Derivative liabilities |
|
|
| 344 |
|
|
|
| 2,226 |
|
Income tax liability |
|
|
| 3,417 |
|
|
|
| 1,934 |
|
Affiliated payables - net |
|
|
| 9,566 |
|
|
|
| 6,148 |
|
Affiliated short-term note payable |
|
|
| - |
|
|
|
| 10,000 |
|
Reinsurance payables |
|
|
| 184 |
|
|
|
| 194 |
|
Payable for investments purchased - net |
|
|
| - |
|
|
|
| 93 |
|
Other liabilities |
|
|
| 14,327 |
|
|
|
| 18,097 |
|
Separate Accounts liabilities |
|
|
| 5,561,785 |
|
|
|
| 5,793,834 |
|
Total Liabilities |
|
|
| 7,227,224 |
|
|
|
| 7,578,384 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholder’s Equity |
|
|
|
|
|
|
|
|
|
|
Common stock ($10 par value; authorized 1,000,000 shares; |
|
|
|
|
|
|
|
|
|
|
issued and outstanding: 250,000 shares) |
|
|
| 2,500 |
|
|
|
| 2,500 |
|
Additional paid-in capital |
|
|
| 1,381,038 |
|
|
|
| 1,378,311 |
|
Accumulated other comprehensive income, net of taxes |
|
|
| 17,653 |
|
|
|
| 80,499 |
|
Retained Earnings (Deficit) |
|
|
| (584,569 | ) |
|
|
| (417,869 | ) |
Total Stockholder’s Equity |
|
|
| 816,622 |
|
|
|
| 1,043,441 |
|
Total Liabilities and Stockholder’s Equity |
| $ |
| 8,043,846 |
|
| $ |
| 8,621,825 |
|
See Notes to Financial Statements
3
TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF TRANSAMERICA CORPORATION)
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||||
|
| September 30, |
|
| September 30, |
| ||||||||||||
(dollars in thousands) |
| 2018 |
| 2017 |
|
| 2018 |
| 2017 |
| ||||||||
|
| (unaudited) |
|
| (unaudited) |
| ||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policy charge revenue |
| $ |
| 35,978 |
| $ |
| 37,454 |
|
| $ |
| 109,365 |
| $ |
| 112,299 |
|
Net investment income (loss) |
|
|
| 22,364 |
|
|
| 27,427 |
|
|
|
| 68,863 |
|
|
| 81,788 |
|
Net realized investment gains (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized investment gains (losses), excluding other-than-temporary impairment losses on securities |
|
|
| 84 |
|
|
| 4,711 |
|
|
|
| 8,970 |
|
|
| 6,926 |
|
Net realized investment gains (losses) |
|
|
| 84 |
|
|
| 4,711 |
|
|
|
| 8,970 |
|
|
| 6,926 |
|
Net derivative gains (losses) |
|
|
| (15,168 | ) |
|
| (9,239 | ) |
|
|
| (41,644 | ) |
|
| (40,007 | ) |
Total Revenues |
|
|
| 43,258 |
|
|
| 60,353 |
|
|
|
| 145,554 |
|
|
| 161,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefits and Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest credited to policyholder liabilities |
|
|
| 12,661 |
|
|
| 13,207 |
|
|
|
| 40,835 |
|
|
| 39,560 |
|
Policy benefits (net of reinsurance recoveries: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 - $182; $3,035; 2017 - $212; $1,385) |
|
|
| (2,403 | ) |
|
| (963 | ) |
|
|
| 33,973 |
|
|
| 1,436 |
|
Amortization (accretion) of deferred policy acquisition costs |
|
|
| 1,200 |
|
|
| 1,139 |
|
|
|
| 2,404 |
|
|
| 2,876 |
|
Amortization (accretion) of value of business acquired |
|
|
| 1,809 |
|
|
| 11,295 |
|
|
|
| 11,236 |
|
|
| 16,513 |
|
Insurance, General and Administrative Expenses |
|
|
| 9,542 |
|
|
| 9,739 |
|
|
|
| 26,829 |
|
|
| 25,159 |
|
Total Benefits and Expenses |
|
|
| 22,809 |
|
|
| 34,417 |
|
|
|
| 115,277 |
|
|
| 85,544 |
|
Income (Loss) Before Taxes |
|
|
| 20,449 |
|
|
| 25,936 |
|
|
|
| 30,277 |
|
|
| 75,462 |
|
Income Tax Expense (Benefit) |
|
|
| - |
|
|
| - |
|
|
|
| - |
|
|
| 575 |
|
Net Income (Loss) |
| $ |
| 20,449 |
| $ |
| 25,936 |
|
| $ |
| 30,277 |
| $ |
| 74,887 |
|
See Notes to Financial Statements
4
TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF TRANSAMERICA CORPORATION)
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||||||||
|
| September 30, |
| September 30, |
| ||||||||||||||
(dollars in thousands) |
| 2018 |
|
| 2017 |
| 2018 |
|
| 2017 |
| ||||||||
|
| (unaudited) |
| (unaudited) |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Income (Loss) |
| $ |
| 20,449 |
|
| $ |
| 25,936 |
| $ |
| 30,277 |
|
| $ |
| 74,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gains (losses) on available-for-sale securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized holding gains (losses) arising during the period |
|
|
| (8,868 | ) |
|
|
| 1,592 |
|
|
| (66,678 | ) |
|
|
| 26,039 |
|
Reclassification adjustment for (gains) losses included in net income (loss) |
|
|
| (1,212 | ) |
|
|
| - |
|
|
| (13,572 | ) |
|
|
| (79 | ) |
|
|
|
| (10,080 | ) |
|
|
| 1,592 |
|
|
| (80,250 | ) |
|
|
| 25,960 |
|
Net unrealized gains (losses) on cash flow hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gains (losses) on cash flow hedges arising during the period |
|
|
| 66 |
|
|
|
| (1,803 | ) |
|
| (1,050 | ) |
|
|
| 888 |
|
Reclassification adjustment for (gains) losses included in net income (loss) |
|
|
| 165 |
|
|
|
| 63 |
|
|
| 1,562 |
|
|
|
| 683 |
|
|
|
|
| 231 |
|
|
|
| (1,740 | ) |
|
| 512 |
|
|
|
| 1,571 |
|
Net unrealized other-than-temporary impairments on securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in previously recognized unrealized other-than-temporary impairments |
|
|
| 591 |
|
|
|
| 407 |
|
|
| 524 |
|
|
|
| 1,076 |
|
|
|
|
| 591 |
|
|
|
| 407 |
|
|
| 524 |
|
|
|
| 1,076 |
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value of business acquired |
|
|
| 6,319 |
|
|
|
| (780 | ) |
|
| 19,391 |
|
|
|
| (4,739 | ) |
Total other comprehensive income (loss), net of taxes |
|
|
| (2,939 | ) |
|
|
| (521 | ) |
|
| (59,823 | ) |
|
|
| 23,868 |
|
Comprehensive Income (Loss) |
| $ |
| 17,510 |
|
| $ |
| 25,415 |
| $ |
| (29,546 | ) |
| $ |
| 98,755 |
|
See Notes to Financial Statements
5
TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF TRANSAMERICA CORPORATION)
STATEMENTS OF STOCKHOLDER’S EQUITY
|
| Nine Months Ended |
|
| Twelve Months Ended |
| ||||
|
| September 30, |
|
| December 31, |
| ||||
(dollars in thousands) |
| 2018 |
|
| 2017 |
| ||||
|
| (unaudited) |
|
|
|
|
|
| ||
Common Stock |
| $ |
| 2,500 |
|
| $ |
| 2,500 |
|
|
|
|
|
|
|
|
|
|
|
|
Additional Paid-in Capital |
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
| $ |
| 1,378,311 |
|
| $ |
| 1,425,816 |
|
Capital contributions from Transamerica Corporation |
|
|
| 2,727 |
|
|
|
| - |
|
Return of capital to Transamerica Corporation |
|
|
| - |
|
|
|
| (47,505 | ) |
Balance at end of period |
| $ |
| 1,381,038 |
|
| $ |
| 1,378,311 |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
| $ |
| 80,499 |
|
| $ |
| 55,350 |
|
Cumulative effect adjustment (a) |
|
|
| (3,023 | ) |
|
|
| - |
|
Adjusted balance at beginning of period |
|
|
| 77,476 |
|
|
|
| 55,350 |
|
Total other comprehensive income (loss), net of taxes |
|
|
| (59,823 | ) |
|
|
| 25,149 |
|
Balance at end of period |
| $ |
| 17,653 |
|
| $ |
| 80,499 |
|
|
|
|
|
|
|
|
|
|
|
|
Retained Earnings (Deficit) |
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
| $ |
| (417,869 | ) |
| $ |
| (377,274 | ) |
Cumulative effect adjustment (a) |
|
|
| 3,023 |
|
|
|
| - |
|
Adjusted balance at beginning of period |
|
|
| (414,846 | ) |
|
|
| (377,274 | ) |
Net income (loss) |
|
|
| 30,277 |
|
|
|
| 99,405 |
|
Cash dividend paid to Transamerica Corporation |
|
|
| (200,000 | ) |
|
|
| (140,000 | ) |
Balance at end of period |
| $ |
| (584,569 | ) |
| $ |
| (417,869 | ) |
|
|
|
|
|
|
|
|
|
|
|
Total Stockholder's Equity |
| $ |
| 816,622 |
|
| $ |
| 1,043,441 |
|
| (a) | See Notes to Financial Statements – Note 1, Summary of Significant Accounting Policies, Current Accounting Guidance, for discussion on the adjustment relating to Accounting Standards Update (“ASU”) 2016-01. |
See Notes to Financial Statements
6
TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF TRANSAMERICA CORPORATION)
|
| Nine Months Ended |
| ||||||||
|
| September 30, |
| ||||||||
(dollars in thousands) |
| 2018 |
|
|
| 2017 |
| ||||
|
| (unaudited) |
| ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
| $ |
| 30,277 |
|
|
| $ |
| 74,887 |
|
Adjustments to reconcile net income (loss) to net cash and cash equivalents provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Change in deferred policy acquisition costs |
|
|
| 2,371 |
|
|
|
|
| 2,859 |
|
Change in deferred sales inducements |
|
|
| 542 |
|
|
|
|
| 671 |
|
Change in value of business acquired |
|
|
| 11,236 |
|
|
|
|
| 16,513 |
|
Change in benefit reserves, net of change in ceded reinsurance recoverable |
|
|
| (7,901 | ) |
|
|
|
| (40,083 | ) |
Change in income tax accruals |
|
|
| - |
|
|
|
|
| 575 |
|
Change in claims and claims settlement expenses |
|
|
| (719 | ) |
|
|
|
| 6,324 |
|
Change in other operating assets and liabilities - net |
|
|
| (5,986 | ) |
|
|
|
| (8,366 | ) |
Change in checks not yet presented for payment |
|
|
| (5,154 | ) |
|
|
|
| 1,417 |
|
Amortization (accretion) of investments |
|
|
| (502 | ) |
|
|
|
| (929 | ) |
Interest credited to policyholder liabilities |
|
|
| 40,835 |
|
|
|
|
| 39,560 |
|
Net derivative (gains) losses |
|
|
| 41,644 |
|
|
|
|
| 40,007 |
|
Net realized investment (gains) losses |
|
|
| (8,970 | ) |
|
|
|
| (6,926 | ) |
Change in unrealized (gains) losses related to limited partnerships |
|
|
| (20 | ) |
|
|
|
| (2,999 | ) |
Change in unrealized (gains) losses related to equity securities |
|
|
| 809 |
|
|
|
|
| - |
|
Net cash and cash equivalents provided by/(used in) operating activities |
|
|
| 98,462 |
|
|
|
|
| 123,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Sales of available-for-sale securities and mortgage loans |
|
|
| 264,464 |
|
|
|
|
| 243,669 |
|
Maturities of available-for-sale securities and mortgage loans |
|
|
| 148,358 |
|
|
|
|
| 139,435 |
|
Purchases of available-for-sale securities and mortgage loans |
|
|
|