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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Derivative Instruments [Abstract]

Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value

					June 30, 2012										December 31, 2011
						Notional		Carrying Value/Fair Value								Notional		Carrying Value/Fair Value
						Amount			Assets			Liabilities				Amount			Assets			Liabilities
Derivatives not designated as
	hedging instruments:
	Interest rate swaps(1)				$	2,875,588		$	344,157		$	188,142			$	2,748,317		$	184,842		$	18,702
	Financial futures(1)					245,481			--			--				277,814			--			--
	Foreign currency forwards(1)					44,400			3,275			--				24,400			4,560			--
	Consumer price index swaps(1)					101,455			388			--				101,069			766			--
	Credit default swaps(1)					644,500			990			7,812				649,500			1,313			10,949
	Equity options(1)					710,461			94,300			--				510,073			90,106			--
	Synthetic guaranteed investment contracts
		("GICs")(1)				1,003,914			--			--				--			--			--
	Embedded derivatives in:
		Modified coinsurance or funds
			withheld arrangements(2)			--			--			375,337				--			--			361,456
		Indexed annuity products(3)				--			4,416			733,655				--			4,945			751,523
		Variable annuity products(3)				--			--			205,272				--			--			276,718
	Total non-hedging derivatives					5,625,799			447,526			1,510,218				4,311,173			286,532			1,419,348
Derivatives designated as
	hedging instruments:
	Interest rate swaps(1)					56,465			1,044			325				56,250			133			960
	Foreign currency swaps(1)					646,653			236			23,390				621,578			286			23,996
	Total hedging derivatives					703,118			1,280			23,715				677,828			419			24,956
Total derivatives					$	6,328,917		$	448,806		$	1,533,933			$	4,989,001		$	286,951		$	1,444,304
(1)		Carried on the Company’s condensed consolidated balance sheets in other invested assets or other liabilities, at fair value.
(2)		Embedded liability is included on the condensed consolidated balance sheets with the host contract in funds withheld at interest, at fair value.
(3)		Embedded liability is included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. Embedded asset is included on the condensed consolidated balance sheets in reinsurance ceded receivables.

Net Derivatives Gains Losses Recognized On Fair Value Derivatives And Related Hedged Items

Type of Fair Value Hedge			Hedged Item			Gains (Losses) Recognized for Derivatives			Gains (Losses) Recognized for Hedged Items			Ineffectiveness Recognized in Investment Related Gains (Losses)
For the three months ended June 30, 2011:
Interest rate swaps			Fixed rate fixed maturities		$	(489)		$	694		$	205
For the six months ended June 30, 2011:
Interest rate swaps			Fixed rate fixed maturities		$	(266)		$	596		$	330

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Three months ended			Six months ended
	June 30, 2012			June 30, 2012
Accumulated other comprehensive income (loss), balance beginning of period	$	(862)		$	(828)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges		464			787
Amounts reclassified to investment related gains (losses), net		--			--
Amounts reclassified to investment income		(321)			(678)
Accumulated other comprehensive income (loss), balance end of period	$	(719)		$	(719)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

Derivatives in Cash Flow Hedging Relationships		Amount of Gains (Losses) Deferred in AOCI on Derivatives			Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)						Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives
		(Effective Portion)			(Effective Portion)						(Ineffective Portion and Amounts Excluded from Effectiveness Testing)
					Investment Related Gains (Losses)			Investment Income			Investment Related Gains (Losses)			Investment Income
For the three months ended June 30, 2012:
Interest rate swaps		$	464		$	--		$	321		$	27		$	--
For the six months ended June 30, 2012:
Interest rate swaps		$	787		$	--		$	678		$	3		$	--

Derivatives Hedging Instruments In Net Investment Hedging Relationships

			Derivative Gains (Losses) Deferred in AOCI
			For the three months ended						For the six months ended
Type of NIFO Hedge (1) (2)			2012			2011			2012				2011
Foreign currency swaps			$	6,642		$	(9,916)		$	(4,003)		$	(25,020)
(1)	There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented.
(2)	There was no ineffectiveness recognized for the Company's hedges of net investments in foreign operations.

Changes In Estimated Fair Value Related To Embedded Derivatives

		Three months ended						Six months ended
		June 30,						June 30,
		2012			2011			2012			2011
Embedded derivatives in modco or funds withheld arrangements included
	in investment related gains	$	(4,453)		$	10,525		$	(13,881)		$	101,060
After the associated amortization of DAC and taxes, the related amounts included in net income			(2,598)			3,788			(665)			22,971
Embedded derivatives in variable annuity contracts included in investment related gains			(74,929)			(25,860)			71,446			6,794
After the associated amortization of DAC and taxes, the related amounts included in net income			(16,175)			(7,414)			(1,093)			1,387
Amounts related to embedded derivatives in equity-indexed annuities included
	in benefits and expenses		27,138			(32,077)			7,399			(73,348)
After the associated amortization of DAC and taxes, the related amounts included in net income			15,378			(13,192)			29,248			(49,842)

Derivative Instruments Gain Loss By Income Statement Location

Non-hedging Derivatives
A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s income statement for the three and six months ended June 30, 2012 and 2011 is as follows (dollars in thousands):
							Gain (Loss) for the Three Months Ended
							June 30,
Type of Non-hedging Derivative				Income Statement Location of Gain (Loss)			2012			2011
Interest rate swaps				Investment related gains (losses), net			$	73,342		$	25,343
Financial futures				Investment related gains (losses), net				11,074			(2,873)
Foreign currency forwards				Investment related gains (losses), net				516			595
CPI swaps				Investment related gains (losses), net				(1,431)			503
Credit default swaps				Investment related gains (losses), net				(4,795)			988
Equity options				Investment related gains (losses), net				3,367			3,919
Embedded derivatives in:
	Modified coinsurance or funds withheld
		arrangements		Investment related gains (losses), net				(4,453)			10,525
	Indexed annuity products			Policy acquisition costs and other insurance
					expenses			859			4,026
	Indexed annuity products			Interest credited				26,279			(36,101)
	Variable annuity products			Investment related gains (losses), net				(74,929)			(25,860)
Total non-hedging derivatives							$	29,829		$	(18,935)
							Gain (Loss) for the Six Months Ended
							June 30,
Type of Non-hedging Derivative				Income Statement Location of Gain (Loss)			2012			2011
Interest rate swaps				Investment related gains (losses), net			$	25,990		$	14,613
Financial futures				Investment related gains (losses), net				(6,335)			(14,296)
Foreign currency forwards				Investment related gains (losses), net				(1,093)			(260)
CPI swaps				Investment related gains (losses), net				(2,233)			1,315
Credit default swaps				Investment related gains (losses), net				7,019			1,880
Equity options				Investment related gains (losses), net				(34,616)			(650)
Embedded derivatives in:
	Modified coinsurance or funds withheld
		arrangements		Investment related gains (losses), net				(13,881)			101,060
	Indexed annuity products			Policy acquisition costs and other insurance
					expenses			(139)			12,119
	Indexed annuity products			Interest credited				7,538			(85,466)
	Variable annuity products			Investment related gains (losses), net				71,446			6,794
Total non-hedging derivatives							$	53,696		$	37,109

Credit Risk

			June 30, 2012			December 31, 2011
Estimated fair value of derivatives in net asset position			$	224,721		$	227,399
	Securities pledged to counterparties as collateral(1)			22,654			27,052
	Cash pledged from counterparties as collateral(2)			(226,384)			(241,480)
	Securities pledged from counterparties as collateral(3)			(31,404)			(997)
Net credit exposure			$	(10,413)		$	11,974
Margin account related to exchange-traded futures(2)			$	9,564		$	18,153
(1)		Consists of U.S. Treasury securities, included in other invested assets.
(2)		Included in cash and cash equivalents.
(3)		Consists of U.S. Treasury securities.

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This table presents the entity's net position for over-the-counter derivatives after considering the effect of netting agreements and presents the collateral that the entity holds or has posted in relation to over-the-counter derivatives at the reporting date.

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The location and amount of gains and losses reported in the statements of income on derivative instruments not designated or qualifying as hedging instruments, including embedded derivatives, by income statement location.

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The table presents the effects of derivatives in net investment hedging relationships on the consolidated statements of income and the consolidated statements of stockholders' equity.

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Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Topic 815

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Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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