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Investments (Tables) | 6 Months Ended
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Jun. 30, 2012
Investments Abstract |
Summary of Investments |
|  | June 30, 2012 |  | December 31, 2011 |
Fixed maturity securities, available-for-sale | $ | 17,244,192 |  | $ | 16,200,950 |
Mortgage loans on real estate |  | 1,157,049 |  |  | 991,731 |
Policy loans |  | 1,250,238 |  |  | 1,260,400 |
Funds withheld at interest |  | 5,457,888 |  |  | 5,410,424 |
Short-term investments |  | 49,981 |  |  | 88,566 |
Investment receivable |  | 5,406,898 |  |  | -- |
Other invested assets |  | 940,605 |  |  | 1,012,541 |
Cash and cash equivalents |  | 957,341 |  |  | 962,870 |
| Total cash and invested assets | $ | 32,464,192 |  | $ | 25,927,482 |
Investment Income |
Investment Income, Net of Related Expenses
Major categories of investment income, net of related expenses consist of the following (dollars in thousands):
| Three months ended |  |  | Six months ended
| June 30, |  |  | June 30,
| 2012 |  | 2011 |  |  | 2012 |  | 2011
Fixed maturity securities available-for-sale | $ | 193,388 |  | $ | 191,030 |  |  | $ | 384,806 |  | $ | 375,591
Mortgage loans on real estate |  | 16,000 |  |  | 13,593 |  |  |  | 30,966 |  |  | 27,328
Policy loans |  | 16,334 |  |  | 16,724 |  |  |  | 33,117 |  |  | 33,095
Funds withheld at interest |  | 62,992 |  |  | 111,700 |  |  |  | 178,006 |  |  | 264,760
Short-term investments |  | 781 |  |  | 883 |  |  |  | 1,769 |  |  | 1,808
Investment receivable |  | 36,752 |  |  | - |  |  |  | 36,752 |  |  | -
Other invested assets |  | 11,356 |  |  | 10,512 |  |  |  | 22,679 |  |  | 20,210
Investment revenue |  | 337,603 |  |  | 344,442 |  |  |  | 688,095 |  |  | 722,792
Investment expense |  | (9,269) |  |  | (7,006) |  |  |  | (18,821) |  |  | (14,316)
Investment income, net of related expenses | $ | 328,334 |  | $ | 337,436 |  |  | $ | 669,274 |  | $ | 708,476
Gain Loss On Investments |
Investment Related Gains (Losses), Net |  |  |  |  |  |  |  |  |  |
Investment related gains (losses), net consist of the following (dollars in thousands): |  |  |  |  |  |  |
|  |  | Three months ended |  |  | Six months ended
|  |  | June 30, |  |  | June 30,
|  |  | 2012 |  | 2011 |  |  | 2012 |  | 2011
Fixed maturity and equity securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
| Other-than-temporary impairment losses on fixed maturities | $ | (1,959) |  | $ | (5,582) |  |  | $ | (9,566) |  | $ | (7,138)
| Portion of loss recognized in accumulated other |  |  |  |  |  |  |  |  |  |  |  |
|  | comprehensive income (before taxes) |  | 162 |  |  | 292 |  |  |  | (7,059) |  |  | 292
| Net other-than-temporary impairment losses on fixed |  |  |  |  |  |  |  |  |  |  |  |
|  | maturities recognized in earnings |  | (1,797) |  |  | (5,290) |  |  |  | (16,625) |  |  | (6,846)
| Impairment losses on equity securities |  | (2,186) |  |  | (3,680) |  |  |  | (3,025) |  |  | (3,680)
| Gain on investment activity |  | 26,593 |  |  | 28,208 |  |  |  | 48,905 |  |  | 57,584
| Loss on investment activity |  | (8,918) |  |  | (6,653) |  |  |  | (16,422) |  |  | (13,567)
Other impairment losses and change in mortgage loan provision |  | 1,762 |  |  | (3,186) |  |  |  | (4,081) |  |  | (2,610)
Derivatives and other, net |  | 8,347 |  |  | 17,989 |  |  |  | 58,569 |  |  | 120,127
Total investment related gains (losses), net | $ | 23,801 |  | $ | 27,388 |  |  | $ | 67,321 |  | $ | 151,008
RollForward Of Cumulative Credit Loss Component Of OTTI Income Loss |
| Three months ended June 30,
| 2012 |  | 2011
Balance, beginning of period | $ | 62,236 |  | $ | 47,949
Initial impairments - credit loss OTTI recognized on securities not previously impaired |  | 60 |  |  | 1,473
Additional impairments - credit loss OTTI recognized on securities previously impaired |  | 161 |  |  | 3,780
Credit loss OTTI previously recognized on securities impaired to fair value during the period |  | (8,288) |  |  | --
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period |  | (8,266) |  |  | (718)
Balance, end of period | $ | 45,903 |  | $ | 52,484
| Six months ended June 30,
| 2012 |  | 2011
Balance, beginning of period | $ | 63,947 |  | $ | 47,291
Initial impairments - credit loss OTTI recognized on securities not previously impaired |  | 1,962 |  |  | 1,473
Additional impairments - credit loss OTTI recognized on securities previously impaired |  | 8,881 |  |  | 4,438
Credit loss OTTI previously recognized on securities impaired to fair value during the period |  | (19,669) |  |  | --
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period |  | (9,218) |  |  | (718)
Balance, end of period | $ | 45,903 |  | $ | 52,484
Available For Sale Securities |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Other-than-
|  |  |  |  |  |  |  |  |  |  |  | Estimated |  |  |  |  | temporary
June 30, 2012: | Amortized |  | Unrealized |  | Unrealized |  | Fair |  | % of |  | impairments
|  |  | Cost |  | Gains |  | Losses |  | Value |  | Total |  | in AOCI
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate securities | $ | 7,675,473 |  | $ | 792,051 |  | $ | 65,615 |  | $ | 8,401,909 |  | 48.7 | % |  | $ | --
| Canadian and Canadian provincial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | governments |  | 2,579,161 |  |  | 1,350,301 |  |  | 88 |  |  | 3,929,374 |  | 22.8 |  |  |  | --
| Residential mortgage-backed securities |  | 1,007,793 |  |  | 78,727 |  |  | 7,958 |  |  | 1,078,562 |  | 6.3 |  |  |  | (520)
| Asset-backed securities |  | 469,616 |  |  | 12,746 |  |  | 41,311 |  |  | 441,051 |  | 2.6 |  |  |  | (3,521)
| Commercial mortgage-backed securities |  | 1,308,668 |  |  | 107,284 |  |  | 67,905 |  |  | 1,348,047 |  | 7.8 |  |  |  | (6,119)
| U.S. government and agencies |  | 218,164 |  |  | 31,761 |  |  | 11 |  |  | 249,914 |  | 1.4 |  |  |  | --
| State and political subdivisions |  | 204,108 |  |  | 34,066 |  |  | 8,398 |  |  | 229,776 |  | 1.3 |  |  |  | --
| Other foreign government, supranational and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | foreign government-sponsored enterprises |  | 1,494,182 |  |  | 73,916 |  |  | 2,539 |  |  | 1,565,559 |  | 9.1 |  |  |  | --
|  | Total fixed maturity securities | $ | 14,957,165 |  | $ | 2,480,852 |  | $ | 193,825 |  | $ | 17,244,192 |  | 100.0 | % |  | $ | (10,160)
Non-redeemable preferred stock | $ | 73,265 |  | $ | 5,170 |  | $ | 2,465 |  | $ | 75,970 |  | 95.9 | % |  |  |
Other equity securities |  | 2,235 |  |  | 1,001 |  |  | 9 |  |  | 3,227 |  | 4.1 |  |  |  |
|  | Total equity securities | $ | 75,500 |  | $ | 6,171 |  | $ | 2,474 |  | $ | 79,197 |  | 100.0 | % |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Other-than-
|  |  |  |  |  |  |  |  |  |  |  | Estimated |  |  |  |  | temporary
December 31, 2011: | Amortized |  | Unrealized |  | Unrealized |  | Fair |  | % of |  | impairments
|  |  | Cost |  | Gains |  | Losses |  | Value |  | Total |  | in AOCI
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate securities | $ | 6,931,958 |  | $ | 654,519 |  | $ | 125,371 |  | $ | 7,461,106 |  | 46.0 | % |  | $ | --
| Canadian and Canadian provincial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | governments |  | 2,507,802 |  |  | 1,362,160 |  |  | 29 |  |  | 3,869,933 |  | 23.9 |  |  |  | --
| Residential mortgage-backed securities |  | 1,167,265 |  |  | 76,393 |  |  | 16,424 |  |  | 1,227,234 |  | 7.6 |  |  |  | (1,042)
| Asset-backed securities |  | 443,974 |  |  | 11,692 |  |  | 53,675 |  |  | 401,991 |  | 2.5 |  |  |  | (5,256)
| Commercial mortgage-backed securities |  | 1,233,958 |  |  | 87,750 |  |  | 79,489 |  |  | 1,242,219 |  | 7.7 |  |  |  | (12,225)
| U.S. government and agencies |  | 341,087 |  |  | 32,976 |  |  | 61 |  |  | 374,002 |  | 2.3 |  |  |  | --
| State and political subdivisions |  | 184,308 |  |  | 24,419 |  |  | 3,341 |  |  | 205,386 |  | 1.3 |  |  |  | --
| Other foreign government, supranational and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | foreign government-sponsored enterprises |  | 1,372,528 |  |  | 50,127 |  |  | 3,576 |  |  | 1,419,079 |  | 8.7 |  |  |  | --
|  | Total fixed maturity securities | $ | 14,182,880 |  | $ | 2,300,036 |  | $ | 281,966 |  | $ | 16,200,950 |  | 100.0 | % |  | $ | (18,523)
Non-redeemable preferred stock | $ | 82,488 |  | $ | 4,677 |  | $ | 8,982 |  | $ | 78,183 |  | 68.6 | % |  |  |
Other equity securities |  | 35,352 |  |  | 1,903 |  |  | 1,538 |  |  | 35,717 |  | 31.4 |  |  |  |
|  | Total equity securities | $ | 117,840 |  | $ | 6,580 |  | $ | 10,520 |  | $ | 113,900 |  | 100.0 | % |  |  |
Investments Classified By Contractual Maturity Date |
|  |  | Amortized |  | Fair |
|  |  | Cost |  | Value |
Available-for-sale: |  |  |  |  |  |
| Due in one year or less | $ | 153,228 |  | $ | 155,606 |
| Due after one year through five years |  | 2,734,890 |  |  | 2,866,290 |
| Due after five year through ten years |  | 4,269,704 |  |  | 4,695,994 |
| Due after ten years |  | 5,013,266 |  |  | 6,658,641 |
| Asset and mortgage-backed securities |  | 2,786,077 |  |  | 2,867,661 |
|  | Total | $ | 14,957,165 |  | $ | 17,244,192 |
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings |
June 30, 2012: |  |  |  |  | Estimated |  |  |  |  |  |
|  |  | Amortized Cost |  |  | Fair Value |  | % of Total |  |  |  |
Finance | $ | 2,618,913 |  | $ | 2,762,847 |  | 32.9 | % |  |  |
Industrial |  | 3,834,519 |  |  | 4,257,907 |  | 50.7 |  |  |  |
Utility |  | 1,213,333 |  |  | 1,372,024 |  | 16.3 |  |  |  |
Other |  | 8,708 |  |  | 9,131 |  | 0.1 |  |  |  |
| Total | $ | 7,675,473 |  | $ | 8,401,909 |  | 100.0 | % |  |  |
December 31, 2011: |  |  |  |  | Estimated |  |  |  |  |  |
|  |  | Amortized Cost |  |  | Fair Value |  | % of Total |  |  |  |
Finance | $ | 2,411,175 |  | $ | 2,442,149 |  | 32.7 | % |  |  |
Industrial |  | 3,402,099 |  |  | 3,760,187 |  | 50.4 |  |  |  |
Utility |  | 1,115,384 |  |  | 1,255,090 |  | 16.9 |  |  |  |
Other |  | 3,300 |  |  | 3,680 |  | - |  |  |  |
| Total | $ | 6,931,958 |  | $ | 7,461,106 |  | 100.0 | % |  |  |
Sovereign Fixed Maturity Holdings By Country [Table Text Block] |
June 30, 2012: |  |  |  |  | Estimated |  |  |  |
|  |  |  | Amortized Cost |  |  | Fair Value |  | % of Total |  |
Australia | $ | 475,097 |  | $ | 490,913 |  | 37.2 | % |
Japan |  | 214,420 |  |  | 220,390 |  | 16.7 |  |
United Kingdom |  | 124,547 |  |  | 136,672 |  | 10.3 |  |
South Africa |  | 66,353 |  |  | 68,691 |  | 5.2 |  |
New Zealand |  | 52,684 |  |  | 53,231 |  | 4.0 |  |
Cayman Islands |  | 48,133 |  |  | 53,013 |  | 4.0 |  |
Germany |  | 40,406 |  |  | 42,863 |  | 3.2 |  |
Other |  | 236,277 |  |  | 256,300 |  | 19.4 |  |
|  | Total | $ | 1,257,917 |  | $ | 1,322,073 |  | 100.0 | % |
December 31, 2011: |  |  |  |  | Estimated |  |  |  |
|  |  |  | Amortized Cost |  |  | Fair Value |  | % of Total |  |
Australia | $ | 437,713 |  | $ | 446,694 |  | 39.1 | % |
Japan |  | 214,994 |  |  | 219,276 |  | 19.2 |  |
United Kingdom |  | 118,618 |  |  | 130,106 |  | 11.4 |  |
Germany |  | 72,926 |  |  | 75,741 |  | 6.6 |  |
New Zealand |  | 51,547 |  |  | 51,544 |  | 4.5 |  |
South Africa |  | 37,624 |  |  | 38,528 |  | 3.4 |  |
South Korea |  | 30,592 |  |  | 32,025 |  | 2.8 |  |
Other |  | 139,927 |  |  | 148,792 |  | 13.0 |  |
|  | Total | $ | 1,103,941 |  | $ | 1,142,706 |  | 100.0 | % |
Non Sovereign Fixed Maturity And Equity Securities In European Peripheral Region [Table Text Block] |
June 30, 2012: |  |  |  |  | Estimated |  |  |  |
|  |  |  |  | Amortized Cost |  |  | Fair Value |  | % of Total |  |
Financial institutions: |  |  |  |  |  |  |  |  |
| Ireland | $ | 3,477 |  | $ | 3,864 |  | 6.1 | % |
| Spain |  | 23,486 |  |  | 20,865 |  | 32.9 |  |
|  | Total financial institutions |  | 26,963 |  |  | 24,729 |  | 39.0 |  |
Other: |  |  |  |  |  |  |  |  |
| Ireland |  | 12,476 |  |  | 13,042 |  | 20.6 |  |
| Italy |  | 3,544 |  |  | 3,438 |  | 5.4 |  |
| Spain |  | 24,420 |  |  | 22,148 |  | 35.0 |  |
|  | Total other |  | 40,440 |  |  | 38,628 |  | 61.0 |  |
|  |  | Total | $ | 67,403 |  | $ | 63,357 |  | 100.0 | % |
December 31, 2011: |  |  |  |  | Estimated |  |  |  |
|  |  |  |  | Amortized Cost |  |  | Fair Value |  | % of Total |  |
Financial institutions: |  |  |  |  |  |  |  |  |
| Ireland | $ | 4,084 |  | $ | 4,397 |  | 5.9 | % |
| Spain |  | 25,565 |  |  | 20,378 |  | 27.6 |  |
|  | Total financial institutions |  | 29,649 |  |  | 24,775 |  | 33.5 |  |
Other: |  |  |  |  |  |  |  |  |
| Ireland |  | 12,474 |  |  | 13,149 |  | 17.8 |  |
| Italy |  | 2,898 |  |  | 2,808 |  | 3.8 |  |
| Spain |  | 34,459 |  |  | 33,137 |  | 44.9 |  |
|  | Total other |  | 49,831 |  |  | 49,094 |  | 66.5 |  |
|  |  | Total | $ | 79,480 |  | $ | 73,869 |  | 100.0 | % |
Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures |
|  | June 30, 2012 |  | December 31, 2011
|  | Gross |  |  |  |  | Gross |  |  |
|  | Unrealized |  |  |  |  | Unrealized |  |  |
|  | Losses |  | % of Total |  | Losses |  | % of Total
Less than 20% | $ | 77,198 |  | 39.3 | % |  | $ | 131,155 |  | 44.8 | %
20% or more for less than six months |  | 6,739 |  | 3.4 |  |  |  | 51,503 |  | 17.6 |
20% or more for six months or greater |  | 112,362 |  | 57.3 |  |  |  | 109,828 |  | 37.6 |
| Total | $ | 196,299 |  | 100.0 | % |  | $ | 292,486 |  | 100.0 | %
Fair Value And Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosures |
|  |  | Less than 12 months |  | 12 months or greater |  | Total
|  |  |  |  |  | Gross |  |  |  |  | Gross |  |  |  |  | Gross
June 30, 2012: | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
|  |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate securities | $ | 397,287 |  | $ | 12,765 |  | $ | 299,074 |  | $ | 41,570 |  | $ | 696,361 |  | $ | 54,335
| Canadian and Canadian provincial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | governments |  | 10,573 |  |  | 88 |  |  | -- |  |  | -- |  |  | 10,573 |  |  | 88
| Residential mortgage-backed securities |  | 36,106 |  |  | 425 |  |  | 54,545 |  |  | 6,573 |  |  | 90,651 |  |  | 6,998
| Asset-backed securities |  | 59,722 |  |  | 938 |  |  | 101,011 |  |  | 24,734 |  |  | 160,733 |  |  | 25,672
| Commercial mortgage-backed securities |  | 129,450 |  |  | 2,590 |  |  | 73,130 |  |  | 12,757 |  |  | 202,580 |  |  | 15,347
| U.S. government and agencies |  | 4,004 |  |  | 11 |  |  | -- |  |  | -- |  |  | 4,004 |  |  | 11
| State and political subdivisions |  | 24,191 |  |  | 2,532 |  |  | 18,688 |  |  | 5,866 |  |  | 42,879 |  |  | 8,398
| Other foreign government, supranational and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | foreign government-sponsored enterprises |  | 79,976 |  |  | 465 |  |  | 33,620 |  |  | 1,449 |  |  | 113,596 |  |  | 1,914
|  | Total investment grade securities |  | 741,309 |  |  | 19,814 |  |  | 580,068 |  |  | 92,949 |  |  | 1,321,377 |  |  | 112,763
Non-investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate securities |  | 135,253 |  |  | 4,001 |  |  | 49,063 |  |  | 7,279 |  |  | 184,316 |  |  | 11,280
| Residential mortgage-backed securities |  | 2,025 |  |  | 178 |  |  | 9,858 |  |  | 782 |  |  | 11,883 |  |  | 960
| Asset-backed securities |  | 7 |  |  | 18 |  |  | 19,374 |  |  | 15,621 |  |  | 19,381 |  |  | 15,639
| Commercial mortgage-backed securities |  | 12,483 |  |  | 1,218 |  |  | 73,062 |  |  | 51,340 |  |  | 85,545 |  |  | 52,558
| Other foreign government, supranational and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | foreign government-sponsored enterprises |  | 11,779 |  |  | 625 |  |  | -- |  |  | -- |  |  | 11,779 |  |  | 625
|  | Total non-investment grade securities |  | 161,547 |  |  | 6,040 |  |  | 151,357 |  |  | 75,022 |  |  | 312,904 |  |  | 81,062
|  | Total fixed maturity securities | $ | 902,856 |  | $ | 25,854 |  | $ | 731,425 |  | $ | 167,971 |  | $ | 1,634,281 |  | $ | 193,825
| Non-redeemable preferred stock | $ | 1,743 |  | $ | 245 |  | $ | 17,280 |  | $ | 2,220 |  | $ | 19,023 |  | $ | 2,465
| Other equity securities |  | -- |  |  | -- |  |  | 309 |  |  | 9 |  |  | 309 |  |  | 9
|  | Total equity securities | $ | 1,743 |  | $ | 245 |  | $ | 17,589 |  | $ | 2,229 |  | $ | 19,332 |  | $ | 2,474
|  |  | Less than 12 months |  | 12 months or greater |  | Total
|  |  |  |  |  | Gross |  |  |  |  | Gross |  |  |  |  | Gross
December 31, 2011: | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
|  |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate securities | $ | 790,758 |  | $ | 40,180 |  | $ | 286,244 |  | $ | 63,117 |  | $ | 1,077,002 |  | $ | 103,297
| Canadian and Canadian provincial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | governments |  | 3,094 |  |  | 29 |  |  | -- |  |  | -- |  |  | 3,094 |  |  | 29
| Residential mortgage-backed securities |  | 128,622 |  |  | 3,549 |  |  | 58,388 |  |  | 10,382 |  |  | 187,010 |  |  | 13,931
| Asset-backed securities |  | 101,263 |  |  | 3,592 |  |  | 93,910 |  |  | 29,036 |  |  | 195,173 |  |  | 32,628
| Commercial mortgage-backed securities |  | 109,455 |  |  | 3,538 |  |  | 58,979 |  |  | 22,001 |  |  | 168,434 |  |  | 25,539
| U.S. government and agencies |  | 1,764 |  |  | 61 |  |  | -- |  |  | -- |  |  | 1,764 |  |  | 61
| State and political subdivisions |  | 21,045 |  |  | 1,845 |  |  | 12,273 |  |  | 1,268 |  |  | 33,318 |  |  | 3,113
| Other foreign government, supranational and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | foreign government-sponsored enterprises |  | 148,416 |  |  | 1,085 |  |  | 16,588 |  |  | 2,491 |  |  | 165,004 |  |  | 3,576
|  | Total investment grade securities |  | 1,304,417 |  |  | 53,879 |  |  | 526,382 |  |  | 128,295 |  |  | 1,830,799 |  |  | 182,174
Non-investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate securities |  | 212,795 |  |  | 10,852 |  |  | 47,310 |  |  | 11,222 |  |  | 260,105 |  |  | 22,074
| Residential mortgage-backed securities |  | 23,199 |  |  | 712 |  |  | 10,459 |  |  | 1,781 |  |  | 33,658 |  |  | 2,493
| Asset-backed securities |  | 2,363 |  |  | 940 |  |  | 21,275 |  |  | 20,107 |  |  | 23,638 |  |  | 21,047
| Commercial mortgage-backed securities |  | 34,918 |  |  | 7,220 |  |  | 62,357 |  |  | 46,730 |  |  | 97,275 |  |  | 53,950
| State and political subdivisions |  | 4,000 |  |  | 228 |  |  | -- |  |  | -- |  |  | 4,000 |  |  | 228
|  | Total non-investment grade securities |  | 277,275 |  |  | 19,952 |  |  | 141,401 |  |  | 79,840 |  |  | 418,676 |  |  | 99,792
|  | Total fixed maturity securities | $ | 1,581,692 |  | $ | 73,831 |  | $ | 667,783 |  | $ | 208,135 |  | $ | 2,249,475 |  | $ | 281,966
| Non-redeemable preferred stock | $ | 19,516 |  | $ | 4,478 |  | $ | 15,694 |  | $ | 4,504 |  | $ | 35,210 |  | $ | 8,982
| Other equity securities |  | 1,662 |  |  | 602 |  |  | 5,905 |  |  | 936 |  |  | 7,567 |  |  | 1,538
|  | Total equity securities | $ | 21,178 |  | $ | 5,080 |  | $ | 21,599 |  | $ | 5,440 |  | $ | 42,777 |  | $ | 10,520
Mortgage Loan Internal Credit Risk Grade |
Internal credit risk grade: | June 30, 2012 |  | December 31, 2011 |  |  |
| High investment grade | $ | 306,845 |  | $ | 252,333 |  |  |
| Investment grade |  | 656,968 |  |  | 526,608 |  |  |
| Average |  | 92,668 |  |  | 105,177 |  |  |
| Watch list |  | 95,727 |  |  | 91,037 |  |  |
| In or near default |  | 15,852 |  |  | 28,369 |  |  |
|  | Total | $ | 1,168,060 |  | $ | 1,003,524 |  |  |
Schedule Of Analysis Of Past Due Financing Receivables |
|  |  | June 30, 2012 |  | December 31, 2011 |  |  |
31-60 days past due | $ | 18,211 |  | $ | 21,800 |  |  |
61-90 days past due |  | 3,610 |  |  | -- |  |  |
Greater than 90 days |  | 14,367 |  |  | 20,316 |  |  |
| Total past due |  | 36,188 |  |  | 42,116 |  |  |
Current |  | 1,131,872 |  |  | 961,408 |  |  |
|  | Total | $ | 1,168,060 |  | $ | 1,003,524 |  |  |
Recorded Investment And Allowance For Credit Losses |
The following table presents the recorded investment in mortgage loans, by method of evaluation of credit loss, and the related valuation allowances, by type of credit loss, at (dollars in thousands):
|  |  | June 30, 2012 |  | December 31, 2011 |  |  |
Mortgage loans: |  |  |  |  |  |  |  |
| Evaluated individually for credit losses | $ | 47,808 |  | $ | 60,904 |  |  |
| Evaluated collectively for credit losses |  | 1,120,252 |  |  | 942,620 |  |  |
|  | Mortgage loans, gross of valuation allowances |  | 1,168,060 |  |  | 1,003,524 |  |  |
Valuation allowances: |  |  |  |  |  |  |  |
| Specific for credit losses |  | 6,959 |  |  | 8,188 |  |  |
| Non-specifically identified credit losses |  | 4,052 |  |  | 3,605 |  |  |
|  | Total valuation allowances |  | 11,011 |  |  | 11,793 |  |  |
|  | Mortgage loans, net of valuation allowances | $ | 1,157,049 |  | $ | 991,731 |  |  |
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net |
|  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  |  | 2012 |  | 2011 |  | 2012 |  | 2011
Balance, beginning of period | $ | 14,650 |  | $ | 5,664 |  | $ | 11,793 |  | $ | 6,239
Charge-offs |  | (1,876) |  |  | (1,157) |  |  | (4,069) |  |  | (1,157)
Provision (release) |  | (1,763) |  |  | 3,185 |  |  | 3,287 |  |  | 2,610
Balance, end of period | $ | 11,011 |  | $ | 7,692 |  | $ | 11,011 |  | $ | 7,692
Impaired Financing Receivables Table |
|  | Unpaid Principal Balance |  | Recorded Investment |  | Related Allowance |  | Carrying Value
June 30, 2012: |  |  |  |  |  |  |  |  |  |  |
Impaired mortgage loans with no valuation allowance recorded | $ | 10,066 |  | $ | 9,523 |  | $ | -- |  | $ | 9,523
Impaired mortgage loans with valuation allowance recorded |  | 38,424 |  |  | 38,285 |  |  | 6,959 |  |  | 31,326
| Total impaired mortgage loans | $ | 48,490 |  | $ | 47,808 |  | $ | 6,959 |  | $ | 40,849
December 31, 2011: |  |  |  |  |  |  |  |  |  |  |
Impaired mortgage loans with no valuation allowance recorded | $ | 32,088 |  | $ | 31,496 |  | $ | -- |  | $ | 31,496
Impaired mortgage loans with valuation allowance recorded |  | 29,724 |  |  | 29,408 |  |  | 8,188 |  |  | 21,220
| Total impaired mortgage loans | $ | 61,812 |  | $ | 60,904 |  | $ | 8,188 |  | $ | 52,716
|  | Three Months Ended
|  | June 30, 2012 |  | June 30, 2011
|  | Average Investment(1) |  | Interest Income |  | Average Investment(1) |  | Interest Income
Impaired mortgage loans with no valuation allowance recorded | $ | 10,585 |  | $ | 28 |  | $ | 12,720 |  | $ | 51
Impaired mortgage loans with valuation allowance recorded |  | 41,747 |  |  | 410 |  |  | 23,908 |  |  | 209
| Total | $ | 52,332 |  | $ | 438 |  | $ | 36,628 |  | $ | 260
|  | Six Months Ended
|  | June 30, 2012 |  | June 30, 2011
| Average Investment(1) |  | Interest Income |  | Average Investment(1) |  | Interest Income
Impaired mortgage loans with no valuation allowance recorded | $ | 17,555 |  | $ | 197 |  | $ | 14,114 |  | $ | 93
Impaired mortgage loans with valuation allowance recorded |  | 37,634 |  |  | 718 |  |  | 22,187 |  |  | 453
| Total | $ | 55,189 |  | $ | 915 |  | $ | 36,301 |  | $ | 546
(1) | Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances.
Schedule Of Other Invested Assets [Table Text Block] |
|  |  | June 30, 2012 |  | December 31, 2011 |  |  |
Equity securities | $ | 79,197 |  | $ | 113,900 |  |  |
Limited partnerships and joint ventures |  | 300,385 |  |  | 251,315 |  |  |
Structured loans |  | 238,367 |  |  | 281,022 |  |  |
Derivatives |  | 250,460 |  |  | 257,050 |  |  |
Other |  | 72,196 |  |  | 109,254 |  |  |
| Total other invested assets | $ | 940,605 |  | $ | 1,012,541 |  |  |

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