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Investments (Tables) | 9 Months Ended
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Sep. 30, 2013
Investments [Abstract] |
Available For Sale Securities | The following tables provide information relating to investments in fixed maturity and equity securities by sector as of September 30, 2013 and December 31, 2012 (dollars in thousands):
September 30, 2013: |  | Amortized |  | Unrealized |  | Unrealized |  | Estimated Fair |  | % of |  | Other-than- temporary impairments
|  | Cost |  | Gains |  | Losses |  | Value |  | Total |  | in AOCI
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  | $ | 11,505,673 |  |  | $ | 637,691 |  |  | $ | 208,802 |  |  | $ | 11,934,562 |  |  | 56.1 | % |  | $ | — |
Canadian and Canadian provincial governments |  | 2,719,147 |  |  | 785,840 |  |  | 13,831 |  |  | 3,491,156 |  |  | 16.4 |  |  | — |
Residential mortgage-backed securities |  | 922,581 |  |  | 44,948 |  |  | 15,691 |  |  | 951,838 |  |  | 4.5 |  |  | (300 | )
Asset-backed securities |  | 883,495 |  |  | 19,264 |  |  | 17,481 |  |  | 885,278 |  |  | 4.1 |  |  | (2,259 | )
Commercial mortgage-backed securities |  | 1,371,473 |  |  | 102,207 |  |  | 20,566 |  |  | 1,453,114 |  |  | 6.8 |  |  | (1,609 | )
U.S. government and agencies |  | 413,254 |  |  | 20,412 |  |  | 2,819 |  |  | 430,847 |  |  | 2.0 |  |  | — |
State and political subdivisions |  | 288,757 |  |  | 22,626 |  |  | 13,654 |  |  | 297,729 |  |  | 1.4 |  |  | — |
Other foreign government, supranational and foreign government-sponsored enterprises |  | 1,812,970 |  |  | 50,246 |  |  | 18,632 |  |  | 1,844,584 |  |  | 8.7 |  |  | — |
Total fixed maturity securities |  | $ | 19,917,350 |  |  | $ | 1,683,234 |  |  | $ | 311,476 |  |  | $ | 21,289,108 |  |  | 100.0 | % |  | $ | (4,168 | )
Non-redeemable preferred stock |  | $ | 80,985 |  |  | $ | 5,187 |  |  | $ | 3,333 |  |  | $ | 82,839 |  |  | 56.4 | % |  |
Other equity securities |  | 68,123 |  |  | — |  |  | 4,052 |  |  | 64,071 |  |  | 43.6 |  |  |
Total equity securities |  | $ | 149,108 |  |  | $ | 5,187 |  |  | $ | 7,385 |  |  | $ | 146,910 |  |  | 100.0 | % |  |
December 31, 2012: |  | Amortized |  | Unrealized |  | Unrealized |  | Estimated Fair |  | % of |  | Other-than- temporary impairments
|  | Cost |  | Gains |  | Losses |  | Value |  | Total |  | in AOCI
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  | $ | 11,333,431 |  |  | $ | 1,085,973 |  |  | $ | 39,333 |  |  | $ | 12,380,071 |  |  | 55.5 | % |  | $ | — |
Canadian and Canadian provincial governments |  | 2,676,777 |  |  | 1,372,731 |  |  | 174 |  |  | 4,049,334 |  |  | 18.2 |  |  | — |
Residential mortgage-backed securities |  | 969,267 |  |  | 76,520 |  |  | 3,723 |  |  | 1,042,064 |  |  | 4.7 |  |  | (241 | )
Asset-backed securities |  | 700,455 |  |  | 19,898 |  |  | 28,798 |  |  | 691,555 |  |  | 3.1 |  |  | (2,259 | )
Commercial mortgage-backed securities |  | 1,608,376 |  |  | 142,369 |  |  | 51,842 |  |  | 1,698,903 |  |  | 7.6 |  |  | (6,125 | )
U.S. government and agencies |  | 231,256 |  |  | 33,958 |  |  | 24 |  |  | 265,190 |  |  | 1.2 |  |  | — |
State and political subdivisions |  | 270,086 |  |  | 38,058 |  |  | 5,646 |  |  | 302,498 |  |  | 1.4 |  |  | — |
Other foreign government, supranational and foreign government-sponsored enterprises |  | 1,769,784 |  |  | 94,929 |  |  | 2,714 |  |  | 1,861,999 |  |  | 8.3 |  |  | — |
Total fixed maturity securities |  | $ | 19,559,432 |  |  | $ | 2,864,436 |  |  | $ | 132,254 |  |  | $ | 22,291,614 |  |  | 100.0 | % |  | $ | (8,625 | )
Non-redeemable preferred stock |  | $ | 68,469 |  |  | $ | 6,542 |  |  | $ | 170 |  |  | $ | 74,841 |  |  | 33.6 | % |  |
Other equity securities |  | 148,577 |  |  | 416 |  |  | 1,134 |  |  | 147,859 |  |  | 66.4 |  |  |
Total equity securities |  | $ | 217,046 |  |  | $ | 6,958 |  |  | $ | 1,304 |  |  | $ | 222,700 |  |  | 100.0 | % |  |
Investments Classified By Contractual Maturity Date | At September 30, 2013, the contractual maturities of investments in fixed maturity securities were as follows (dollars in thousands):
|  | Amortized Cost |  | Fair Value
Available-for-sale: |  |  |  |
Due in one year or less |  | $ | 416,152 |  |  | $ | 421,874 |
Due after one year through five years |  | 3,712,227 |  |  | 3,890,251 |
Due after five years through ten years |  | 6,800,712 |  |  | 7,027,350 |
Due after ten years |  | 5,810,710 |  |  | 6,659,403 |
Asset and mortgage-backed securities |  | 3,177,549 |  |  | 3,290,230 |
Total |  | $ | 19,917,350 |  |  | $ | 21,289,108 |
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block] | The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of September 30, 2013 and December 31, 2012 (dollars in thousands):
September 30, 2013: |  |  |  | Estimated |  |
|  | Amortized Cost |  | Fair Value |  | % of Total
Finance |  | $ | 3,728,120 |  |  | $ | 3,870,583 |  |  | 32.4 | %
Industrial |  | 5,926,283 |  |  | 6,125,796 |  |  | 51.3 |
Utility |  | 1,829,273 |  |  | 1,916,477 |  |  | 16.1 |
Other |  | 21,997 |  |  | 21,706 |  |  | 0.2 |
Total |  | $ | 11,505,673 |  |  | $ | 11,934,562 |  |  | 100.0 | %
December 31, 2012: |  |  |  | Estimated |  |
|  | Amortized Cost |  | Fair Value |  | % of Total
Finance |  | $ | 3,619,455 |  |  | $ | 3,900,152 |  |  | 31.5 | %
Industrial |  | 5,881,967 |  |  | 6,443,846 |  |  | 52.0 |
Utility |  | 1,799,658 |  |  | 2,002,611 |  |  | 16.2 |
Other |  | 32,351 |  |  | 33,462 |  |  | 0.3 |
Total |  | $ | 11,333,431 |  |  | $ | 12,380,071 |  |  | 100.0 | %
RollForward Of Cumulative Credit Loss Component Of OTTI Income Loss | The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in AOCI, and the corresponding changes in such amounts (dollars in thousands):
|  | Three months ended September 30,
|  | 2013 |  | 2012
Balance, beginning of period |  | $ | 13,324 |  |  | $ | 45,903 |
Initial impairments - credit loss OTTI recognized on securities not previously impaired |  | — |  |  | — |
Additional impairments - credit loss OTTI recognized on securities previously impaired |  | 134 |  |  | 1,306 |
Credit loss OTTI previously recognized on securities impaired to fair value during the period |  | — |  |  | (2,622 | )
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period |  | (1,762 | ) |  | (20,725 | )
Balance, end of period |  | $ | 11,696 |  |  | $ | 23,862 |
|  | Nine months ended September 30,
|  | 2013 |  | 2012
Balance, beginning of period |  | $ | 16,675 |  |  | $ | 63,947 |
Initial impairments - credit loss OTTI recognized on securities not previously impaired |  | — |  |  | 1,962 |
Additional impairments - credit loss OTTI recognized on securities previously impaired |  | 134 |  |  | 10,187 |
Credit loss OTTI previously recognized on securities impaired to fair value during the period |  | (1,449 | ) |  | (22,291 | )
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period |  | (3,664 | ) |  | (29,943 | )
Balance, end of period |  | $ | 11,696 |  |  | $ | 23,862 |
Accounting for Certain Loans and Debt Securities Acquired in Transfer Disclosure [Text Block] | The following tables present information on the Company’s purchased credit impaired securities, which are included in fixed maturity securities available-for-sale (dollars in thousands):
|  | September 30, 2013 |  | December 31, 2012
Outstanding principal and interest balance(1) |  | $ | 186,379 |  |  | $ | 108,831 |
Carrying value, including accrued interest(2) |  | $ | 135,862 |  |  | $ | 84,765 |
(1) | Represents the contractually required payments which is the sum of contractual principal, whether or not currently due, and accrued interest.
(2) | Estimated fair value plus accrued interest.
Schedule Of Certain Loans Acquired In Transfer Accounted For As Available For Sale Debt Securities At Acquisition Date [Table Text Block] | The following table presents information about purchased credit impaired investments acquired during the periods, as of their acquisition dates (dollars in thousands).
| Nine months ended September 30,
| 2013 |  | 2012
Contractually required payments (including interest) | $ | 126,869 |  |  | $ | 50,268 |
Cash flows expected to be collected(1) | 101,205 |  |  | 42,316 |
Fair value of investments acquired | 66,880 |  |  | 30,853 |
(1) | Represents undiscounted principal and interest cash flow expectations at the date of acquisition.
Schedule Of Certain Loans Acquired In Transfer Accounted For As Available For Sale Debt Securities Accretable Yield [Table Text Block] | The following table presents activity for the accretable yield on purchased credit impaired securities for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Balance, beginning of period | $ | 66,269 |  |  | $ | — |  |  | $ | 39,239 |  |  | $ | — |
Investments purchased | 4,374 |  |  | 11,463 |  |  | 34,325 |  |  | 11,463 |
Accretion | (1,952 | ) |  | (6 | ) |  | (5,774 | ) |  | (6 | )
Disposals | — |  |  | — |  |  | (832 | ) |  | — |
Reclassification from nonaccretable difference | 1,388 |  |  | — |  |  | 3,121 |  |  | — |
Balance, end of period | $ | 70,079 |  |  | $ | 11,457 |  |  | $ | 70,079 |  |  | $ | 11,457 |
Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures | The following table presents the total gross unrealized losses for the 1,397 and 567 fixed maturity and equity securities as of September 30, 2013 and December 31, 2012, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands):
|  | September 30, 2013 |  | December 31, 2012
|  | Gross Unrealized Losses |  | % of Total |  | Gross Unrealized Losses |  | % of Total
Less than 20% |  | $ | 286,594 |  |  | 89.9 | % |  | $ | 54,951 |  |  | 41.2 | %
20% or more for less than six months |  | 6,325 |  |  | 2.0 |  |  | 734 |  |  | 0.5 |
20% or more for six months or greater |  | 25,942 |  |  | 8.1 |  |  | 77,873 |  |  | 58.3 |
Total |  | $ | 318,861 |  |  | 100.0 | % |  | $ | 133,558 |  |  | 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
September 30, 2013: |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  | $ | 3,158,429 |  |  | $ | 168,659 |  |  | $ | 130,027 |  |  | $ | 20,031 |  |  | $ | 3,288,456 |  |  | $ | 188,690 |
Canadian and Canadian provincial governments |  | 140,648 |  |  | 12,530 |  |  | 6,898 |  |  | 1,301 |  |  | 147,546 |  |  | 13,831 |
Residential mortgage-backed securities |  | 207,602 |  |  | 11,909 |  |  | 18,997 |  |  | 2,257 |  |  | 226,599 |  |  | 14,166 |
Asset-backed securities |  | 270,863 |  |  | 4,602 |  |  | 53,786 |  |  | 5,571 |  |  | 324,649 |  |  | 10,173 |
Commercial mortgage-backed securities |  | 188,153 |  |  | 6,565 |  |  | 22,435 |  |  | 5,968 |  |  | 210,588 |  |  | 12,533 |
U.S. government and agencies |  | 72,032 |  |  | 2,658 |  |  | 3,958 |  |  | 161 |  |  | 75,990 |  |  | 2,819 |
State and political subdivisions |  | 95,935 |  |  | 8,776 |  |  | 14,981 |  |  | 4,878 |  |  | 110,916 |  |  | 13,654 |
Other foreign government, supranational and foreign government-sponsored enterprises |  | 644,427 |  |  | 17,479 |  |  | 10,589 |  |  | 1,153 |  |  | 655,016 |  |  | 18,632 |
Total investment grade securities |  | 4,778,089 |  |  | 233,178 |  |  | 261,671 |  |  | 41,320 |  |  | 5,039,760 |  |  | 274,498 |
Non-investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  | 311,613 |  |  | 12,155 |  |  | 42,024 |  |  | 7,957 |  |  | 353,637 |  |  | 20,112 |
Residential mortgage-backed securities |  | 53,633 |  |  | 1,068 |  |  | 2,254 |  |  | 457 |  |  | 55,887 |  |  | 1,525 |
Asset-backed securities |  | 29,043 |  |  | 467 |  |  | 30,901 |  |  | 6,841 |  |  | 59,944 |  |  | 7,308 |
Commercial mortgage-backed securities |  | 971 |  |  | 25 |  |  | 10,905 |  |  | 8,008 |  |  | 11,876 |  |  | 8,033 |
Total non-investment grade securities |  | 395,260 |  |  | 13,715 |  |  | 86,084 |  |  | 23,263 |  |  | 481,344 |  |  | 36,978 |
Total fixed maturity securities |  | $ | 5,173,349 |  |  | $ | 246,893 |  |  | $ | 347,755 |  |  | $ | 64,583 |  |  | $ | 5,521,104 |  |  | $ | 311,476 |
Non-redeemable preferred stock |  | $ | 42,338 |  |  | $ | 3,331 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 42,339 |  |  | $ | 3,333 |
Other equity securities |  | 47,151 |  |  | 2,619 |  |  | 17,028 |  |  | 1,433 |  |  | 64,179 |  |  | 4,052 |
Total equity securities |  | $ | 89,489 |  |  | $ | 5,950 |  |  | $ | 17,029 |  |  | $ | 1,435 |  |  | $ | 106,518 |  |  | $ | 7,385 |
|  | Less than 12 months |  | 12 months or greater |  | Total
|  |  |  | Gross |  |  |  | Gross |  |  |  | Gross
December 31, 2012: |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  | $ | 786,203 |  |  | $ | 13,276 |  |  | $ | 108,187 |  |  | $ | 17,386 |  |  | $ | 894,390 |  |  | $ | 30,662 |
Canadian and Canadian provincial governments |  | 12,349 |  |  | 174 |  |  | — |  |  | — |  |  | 12,349 |  |  | 174 |
Residential mortgage-backed securities |  | 22,288 |  |  | 97 |  |  | 19,394 |  |  | 3,199 |  |  | 41,682 |  |  | 3,296 |
Asset-backed securities |  | 59,119 |  |  | 449 |  |  | 96,179 |  |  | 9,508 |  |  | 155,298 |  |  | 9,957 |
Commercial mortgage-backed securities |  | 89,507 |  |  | 797 |  |  | 29,181 |  |  | 7,974 |  |  | 118,688 |  |  | 8,771 |
U.S. government and agencies |  | 7,272 |  |  | 24 |  |  | — |  |  | — |  |  | 7,272 |  |  | 24 |
State and political subdivisions |  | 20,602 |  |  | 1,514 |  |  | 11,736 |  |  | 4,132 |  |  | 32,338 |  |  | 5,646 |
Other foreign government, supranational and foreign government-sponsored enterprises |  | 244,817 |  |  | 1,953 |  |  | 7,435 |  |  | 761 |  |  | 252,252 |  |  | 2,714 |
Total investment grade securities |  | 1,242,157 |  |  | 18,284 |  |  | 272,112 |  |  | 42,960 |  |  | 1,514,269 |  |  | 61,244 |
Non-investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  | 181,168 |  |  | 3,170 |  |  | 39,123 |  |  | 5,501 |  |  | 220,291 |  |  | 8,671 |
Residential mortgage-backed securities |  | 15,199 |  |  | 80 |  |  | 2,633 |  |  | 347 |  |  | 17,832 |  |  | 427 |
Asset-backed securities |  | 3,421 |  |  | 26 |  |  | 31,938 |  |  | 18,815 |  |  | 35,359 |  |  | 18,841 |
Commercial mortgage-backed securities |  | 3,317 |  |  | 764 |  |  | 68,405 |  |  | 42,307 |  |  | 71,722 |  |  | 43,071 |
Total non-investment grade securities |  | 203,105 |  |  | 4,040 |  |  | 142,099 |  |  | 66,970 |  |  | 345,204 |  |  | 71,010 |
Total fixed maturity securities |  | $ | 1,445,262 |  |  | $ | 22,324 |  |  | $ | 414,211 |  |  | $ | 109,930 |  |  | $ | 1,859,473 |  |  | $ | 132,254 |
Non-redeemable preferred stock |  | $ | 5,577 |  |  | $ | 52 |  |  | $ | 5,679 |  |  | $ | 118 |  |  | $ | 11,256 |  |  | $ | 170 |
Other equity securities |  | 85,374 |  |  | 1,134 |  |  | — |  |  | — |  |  | 85,374 |  |  | 1,134 |
Total equity securities |  | $ | 90,951 |  |  | $ | 1,186 |  |  | $ | 5,679 |  |  | $ | 118 |  |  | $ | 96,630 |  |  | $ | 1,304 |
Investment Income | Major categories of investment income, net of related expenses, consist of the following (dollars in thousands):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2013 |  | 2012 |  | 2013 |  | 2012
Fixed maturity securities available-for-sale |  | $ | 243,938 |  |  | $ | 221,212 |  |  | $ | 723,772 |  |  | $ | 633,110 |
Mortgage loans on real estate |  | 33,013 |  |  | 26,938 |  |  | 89,618 |  |  | 67,258 |
Policy loans |  | 15,743 |  |  | 16,519 |  |  | 49,103 |  |  | 49,637 |
Funds withheld at interest |  | 80,024 |  |  | 127,855 |  |  | 376,495 |  |  | 305,861 |
Short-term investments |  | 374 |  |  | 960 |  |  | 1,609 |  |  | 3,027 |
Investment receivable |  | — |  |  | — |  |  | — |  |  | — |
Other invested assets |  | 9,411 |  |  | 13,117 |  |  | 36,712 |  |  | 35,803 |
Investment revenue |  | 382,503 |  |  | 406,601 |  |  | 1,277,309 |  |  | 1,094,696 |
Investment expense |  | (13,137 | ) |  | (9,820 | ) |  | (38,578 | ) |  | (28,641 | )
Investment income, net of related expenses |  | $ | 369,366 |  |  | $ | 396,781 |  |  | $ | 1,238,731 |  |  | $ | 1,066,055 |
Gain Loss On Investments | Investment related gains (losses), net consist of the following (dollars in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Fixed maturities and equity securities available for sale: |  |  |  |  |  |  |
Other-than-temporary impairment losses on fixed maturities | $ | (391 | ) |  | $ | (1,996 | ) |  | $ | (10,396 | ) |  | $ | (11,562 | )
Portion of loss recognized in accumulated other comprehensive income (before taxes) | 59 |  |  | (559 | ) |  | (247 | ) |  | (7,618 | )
Net other-than-temporary impairment losses on fixed maturities recognized in earnings | (332 | ) |  | (2,555 | ) |  | (10,643 | ) |  | (19,180 | )
Impairment losses on equity securities | — |  |  | — |  |  | — |  |  | (3,025 | )
Gain on investment activity | 21,560 |  |  | 53,173 |  |  | 70,085 |  |  | 102,078 |
Loss on investment activity | (30,434 | ) |  | (6,668 | ) |  | (48,406 | ) |  | (23,090 | )
Other impairment losses and change in mortgage loan provision | 233 |  |  | (10,301 | ) |  | (1,268 | ) |  | (14,382 | )
Derivatives and other, net | (67,492 | ) |  | 42,404 |  |  | 56,381 |  |  | 100,973 |
Total investment related gains (losses), net | $ | (76,465 | ) |  | $ | 76,053 |  |  | $ | 66,149 |  |  | $ | 143,374 |
Disclosure Of Real Estate Holdings By Property Type [Table Text Block] | The distribution of mortgage loans, gross of valuation allowances, by property type is as follows as of September 30, 2013 and December 31, 2012 (dollars in thousands):
|  | September 30, 2013 |  | December 31, 2012
|  | Recorded Investment |  | % of Total |  | Recorded Investment |  | % of Total
Apartment |  | $ | 290,678 |  |  | 11.7 | % |  | $ | 229,266 |  |  | 9.9 | %
Retail |  | 796,144 |  |  | 31.9 |  |  | 669,958 |  |  | 29.0 |
Office building |  | 854,870 |  |  | 34.2 |  |  | 825,406 |  |  | 35.7 |
Industrial |  | 444,186 |  |  | 17.8 |  |  | 455,682 |  |  | 19.7 |
Other commercial |  | 110,373 |  |  | 4.4 |  |  | 131,855 |  |  | 5.7 |
Total |  | $ | 2,496,251 |  |  | 100.0 | % |  | $ | 2,312,167 |  |  | 100.0 | %
Disclosure Of Real Estate Holdings By Geographical Region [Table Text Block] | As of September 30, 2013 and December 31, 2012, the Company’s mortgage loans, gross of valuation allowances, were distributed throughout the United States as follows (dollars in thousands):
|  | September 30, 2013 |  | December 31, 2012
|  | Recorded Investment |  | % of Total |  | Recorded Investment |  | % of Total
Pacific |  | $ | 658,054 |  |  | 26.4 | % |  | $ | 593,589 |  |  | 25.7 | %
South Atlantic |  | 581,781 |  |  | 23.3 |  |  | 477,068 |  |  | 20.5 |
Mountain |  | 260,794 |  |  | 10.4 |  |  | 233,174 |  |  | 10.1 |
Middle Atlantic |  | 269,602 |  |  | 10.8 |  |  | 300,475 |  |  | 13.0 |
West North Central |  | 181,937 |  |  | 7.3 |  |  | 168,063 |  |  | 7.3 |
East North Central |  | 239,997 |  |  | 9.6 |  |  | 224,122 |  |  | 9.7 |
West South Central |  | 155,061 |  |  | 6.2 |  |  | 161,451 |  |  | 7.0 |
East South Central |  | 67,155 |  |  | 2.7 |  |  | 62,789 |  |  | 2.7 |
New England |  | 81,870 |  |  | 3.3 |  |  | 91,436 |  |  | 4.0 |
Total |  | $ | 2,496,251 |  |  | 100.0 | % |  | $ | 2,312,167 |  |  | 100.0 | %
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block] | The maturities of the mortgage loans, gross of valuation allowances, as of September 30, 2013 and December 31, 2012 are as follows (dollars in thousands):
|  | September 30, 2013 |  | December 31, 2012
|  | Recorded Investment |  | % of Total |  | Recorded Investment |  | % of Total
Due within five years |  | $ | 1,024,065 |  |  | 41.0 | % |  | $ | 1,187,387 |  |  | 51.3 | %
Due after five years through ten years |  | 963,479 |  |  | 38.6 |  |  | 776,655 |  |  | 33.6 |
Due after ten years |  | 508,707 |  |  | 20.4 |  |  | 348,125 |  |  | 15.1 |
Total |  | $ | 2,496,251 |  |  | 100.0 | % |  | $ | 2,312,167 |  |  | 100.0 | %
Mortgage Loan Internal Credit Risk Grade [Table Text Block] | Information regarding the Company’s credit quality indicators for its recorded investment in mortgage loans, gross of valuation allowances, as of September 30, 2013 and December 31, 2012 is as follows (dollars in thousands):
|  | September 30, 2013 |  | December 31, 2012
Internal credit risk grade: |  | Recorded Investment |  | % of Total |  | Recorded Investment |  | % of Total
High investment grade |  | $ | 1,556,974 |  |  | 62.4 | % |  | $ | 1,235,605 |  |  | 53.5 | %
Investment grade |  | 754,369 |  |  | 30.2 |  |  | 834,494 |  |  | 36.1 |
Average |  | 106,912 |  |  | 4.3 |  |  | 132,607 |  |  | 5.7 |
Watch list |  | 49,173 |  |  | 2.0 |  |  | 76,463 |  |  | 3.3 |
In or near default |  | 28,823 |  |  | 1.1 |  |  | 32,998 |  |  | 1.4 |
Total |  | $ | 2,496,251 |  |  | 100.0 | % |  | $ | 2,312,167 |  |  | 100.0 | %
Schedule Of Analysis Of Past Due Financing Receivables | The age analysis of the Company’s past due recorded investment in mortgage loans, gross of valuation allowances, as of September 30, 2013 and December 31, 2012 is as follows (dollars in thousands):
|  | September 30, 2013 |  | December 31, 2012
31-60 days past due |  | $ | — |  |  | $ | 7,504 |
61-90 days past due |  | — |  |  | — |
Greater than 90 days |  | 3,046 |  |  | 16,886 |
Total past due |  | 3,046 |  |  | 24,390 |
Current |  | 2,493,205 |  |  | 2,287,777 |
Total |  | $ | 2,496,251 |  |  | $ | 2,312,167 |
Recorded Investment And Allowance For Credit Losses | The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of September 30, 2013 and December 31, 2012 (dollars in thousands):
|  | September 30, 2013 |  | December 31, 2012
Mortgage loans: |  |  |  |
Individually measured for impairment |  | $ | 32,624 |  |  | $ | 39,956 |
Collectively measured for impairment |  | 2,463,627 |  |  | 2,272,211 |
Mortgage loans, gross of valuation allowances |  | 2,496,251 |  |  | 2,312,167 |
Valuation allowances: |  |  |  |
Individually measured for impairment |  | 4,691 |  |  | 6,980 |
Collectively measured for impairment |  | 2,978 |  |  | 4,600 |
Total valuation allowances |  | 7,669 |  |  | 11,580 |
Mortgage loans, net of valuation allowances |  | $ | 2,488,582 |  |  | $ | 2,300,587 |
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net | Information regarding the Company’s loan valuation allowances for mortgage loans for the three and nine months ended September 30, 2013 and 2012 is as follows (dollars in thousands):
|  | Three months ended September 30,
|  | 2013 |  | 2012
Balance, beginning of period |  | $ | 7,903 |  |  | $ | 11,011 |
Charge-offs |  | — |  |  | (526 | )
Provision (release) |  | (234 | ) |  | 2,848 |
Balance, end of period |  | $ | 7,669 |  |  | $ | 13,333 |
|  | Nine months ended September 30,
|  | 2013 |  | 2012
Balance, beginning of period |  | $ | 11,580 |  |  | $ | 11,793 |
Charge-offs |  | (2,148 | ) |  | (4,595 | )
Provision (release) |  | (1,763 | ) |  | 6,135 |
Balance, end of period |  | $ | 7,669 |  |  | $ | 13,333 |
Impaired Financing Receivables Table | Information regarding the portion of the Company’s mortgage loans that were impaired as of September 30, 2013 and December 31, 2012 is as follows (dollars in thousands):
|  | Unpaid Principal Balance |  | Recorded Investment |  | Related Allowance |  | Carrying Value
September 30, 2013: |  |  |  |  |  |  |  |
Impaired mortgage loans with no valuation allowance recorded |  | $ | 11,762 |  |  | $ | 11,157 |  |  | $ | — |  |  | $ | 11,157 |
Impaired mortgage loans with valuation allowance recorded |  | 21,536 |  |  | 21,467 |  |  | 4,691 |  |  | 16,776 |
Total impaired mortgage loans |  | $ | 33,298 |  |  | $ | 32,624 |  |  | $ | 4,691 |  |  | $ | 27,933 |
December 31, 2012: |  |  |  |  |  |  |  |
Impaired mortgage loans with no valuation allowance recorded |  | $ | 13,039 |  |  | $ | 12,496 |  |  | $ | — |  |  | $ | 12,496 |
Impaired mortgage loans with valuation allowance recorded |  | 27,527 |  |  | 27,460 |  |  | 6,980 |  |  | 20,480 |
Total impaired mortgage loans |  | $ | 40,566 |  |  | $ | 39,956 |  |  | $ | 6,980 |  |  | $ | 32,976 |
The Company’s average investment in impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in thousands):
|  | Three months ended September 30,
|  | 2013 |  | 2012
|  | Average Investment(1) |  | Interest Income |  | Average Investment(1) |  | Interest Income
Impaired mortgage loans with no valuation allowance recorded |  | $ | 13,631 |  |  | $ | 349 |  |  | $ | 11,054 |  |  | $ | 109 |
Impaired mortgage loans with valuation allowance recorded |  | 21,490 |  |  | 266 |  |  | 35,047 |  |  | 461 |
Total |  | $ | 35,121 |  |  | $ | 615 |  |  | $ | 46,101 |  |  | $ | 570 |
|  | Nine months ended September 30,
|  | 2013 |  | 2012
|  | Average Investment(1) |  | Interest Income |  | Average Investment(1) |  | Interest Income
Impaired mortgage loans with no valuation allowance recorded |  | $ | 13,504 |  |  | $ | 533 |  |  | $ | 16,312 |  |  | $ | 305 |
Impaired mortgage loans with valuation allowance recorded |  | 24,337 |  |  | 801 |  |  | 36,178 |  |  | 1,180 |
Total |  | $ | 37,841 |  |  | $ | 1,334 |  |  | $ | 52,490 |  |  | $ | 1,485 |
(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] | Carrying values of these assets as of September 30, 2013 and December 31, 2012 are as follows (dollars in thousands):
|  | September 30, 2013 |  | December 31, 2012
Equity securities |  | $ | 146,910 |  |  | $ | 222,700 |
Limited partnerships and real estate joint ventures |  | 417,761 |  |  | 356,419 |
Structured loans |  | 245,404 |  |  | 306,497 |
Derivatives |  | 87,421 |  |  | 168,208 |
Other |  | 218,895 |  |  | 105,719 |
Total other invested assets |  | $ | 1,116,391 |  |  | $ | 1,159,543 |
Investments Transferred [Table Text Block] |
|  |  |  | Amortized Cost/ Recorded Investment |  | Estimated Fair Value
Fixed maturity securities - available for sale: |  |  |
| Corporate securities | $ | 2,585,095 |  |  | $ | 2,606,816 |
| Asset-backed securities | 137,251 |  |  | 138,918 |
| Commercial mortgage-backed securities | 703,313 |  |  | 704,065 |
| U.S. Government and agencies securities | 240,952 |  |  | 256,168 |
| State and political subdivision securities | 27,297 |  |  | 27,555 |
| Other foreign government, supranational, and |  |  |
|  | foreign government-sponsored enterprises | 56,776 |  |  | 55,437 |
|  |  | Total fixed maturity securities - available for sale | 3,750,684 |  |  | 3,788,959 |
Mortgage loans on real estate | 1,009,454 |  |  | 1,021,661 |
Short-term investments | 101,428 |  |  | 101,338 |
Cash and cash equivalents | 501,593 |  |  | 501,593 |
Accrued interest | 43,739 |  |  | 43,739 |
|  |  | Total | $ | 5,406,898 |  |  | $ | 5,457,290 |

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