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Fair Value of Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2013
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012 are summarized below (dollars in thousands):
December 31, 2013: |  |  |  | Fair Value Measurements Using:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Fixed maturity securities – available-for-sale: |  |  |  |  |  |  |  |
Corporate securities |  | $ | 12,110,755 |  |  | $ | 68,934 |  |  | $ | 10,696,532 |  |  | $ | 1,345,289 |
Canadian and Canadian provincial governments |  | 3,381,025 |  |  | — |  |  | 3,381,025 |  |  | — |
Residential mortgage-backed securities |  | 989,643 |  |  | — |  |  | 836,138 |  |  | 153,505 |
Asset-backed securities |  | 894,832 |  |  | — |  |  | 422,984 |  |  | 471,848 |
Commercial mortgage-backed securities |  | 1,388,946 |  |  | — |  |  | 1,287,161 |  |  | 101,785 |
U.S. government and agencies securities |  | 501,351 |  |  | 396,092 |  |  | 64,340 |  |  | 40,919 |
State and political subdivision securities |  | 320,820 |  |  | — |  |  | 277,044 |  |  | 43,776 |
Other foreign government, supranational and foreign government-sponsored enterprises |  | 1,886,764 |  |  | 304,487 |  |  | 1,544,280 |  |  | 37,997 |
Total fixed maturity securities – available-for-sale |  | 21,474,136 |  |  | 769,513 |  |  | 18,509,504 |  |  | 2,195,119 |
Funds withheld at interest – embedded derivatives |  | (176,270 | ) |  | — |  |  | — |  |  | (176,270 | )
Cash equivalents |  | 371,345 |  |  | 371,345 |  |  | — |  |  | — |
Short-term investments |  | 111,572 |  |  | 105,649 |  |  | 5,923 |  |  | — |
Other invested assets: |  |  |  |  |  |  |  |
Non-redeemable preferred stock |  | 81,854 |  |  | 74,220 |  |  | 2,672 |  |  | 4,962 |
Other equity securities |  | 323,877 |  |  | 323,877 |  |  | — |  |  | — |
Derivatives: |  |  |  |  |  |  |  |
Interest rate swaps |  | 9,904 |  |  | — |  |  | 9,904 |  |  | — |
Financial futures |  | 2,554 |  |  | — |  |  | 2,554 |  |  | — |
CPI swaps |  | (309 | ) |  | — |  |  | (309 | ) |  | — |
Credit default swaps |  | 7,926 |  |  | — |  |  | 7,926 |  |  | — |
Equity options |  | 33,869 |  |  | — |  |  | 33,869 |  |  | — |
Foreign currency swaps |  | 21,283 |  |  | — |  |  | 21,283 |  |  | — |
FVO contractholder-directed unit-linked investments |  | 138,892 |  |  | 132,643 |  |  | 6,249 |  |  | — |
Other |  | 9,142 |  |  | 9,142 |  |  | — |  |  | — |
Total other invested assets |  | 628,992 |  |  | 539,882 |  |  | 84,148 |  |  | 4,962 |
Total |  | $ | 22,409,775 |  |  | $ | 1,786,389 |  |  | $ | 18,599,575 |  |  | $ | 2,023,811 |
Liabilities: |  |  |  |  |  |  |  |
Interest sensitive contract liabilities – embedded derivatives |  | $ | 868,725 |  |  | $ | — |  |  | $ | — |  |  | $ | 868,725 |
Other liabilities: |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |
Interest rate swaps |  | 3,828 |  |  | — |  |  | 3,828 |  |  | — |
Foreign currency forwards |  | 12,772 |  |  | — |  |  | 12,772 |  |  | — |
Credit default swaps |  | (356 | ) |  | — |  |  | (356 | ) |  | — |
Equity options |  | (33 | ) |  | — |  |  | (33 | ) |  | — |
Total |  | $ | 884,936 |  |  | $ | — |  |  | $ | 16,211 |  |  | $ | 868,725 |
December 31, 2012: |  |  |  | Fair Value Measurements Using:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Fixed maturity securities – available-for-sale: |  |  |  |  |  |  |  |
Corporate securities |  | $ | 12,380,071 |  |  | $ | 43,544 |  |  | $ | 10,667,964 |  |  | $ | 1,668,563 |
Canadian and Canadian provincial governments |  | 4,049,334 |  |  | — |  |  | 4,049,334 |  |  | — |
Residential mortgage-backed securities |  | 1,042,064 |  |  | — |  |  | 948,133 |  |  | 93,931 |
Asset-backed securities |  | 691,555 |  |  | — |  |  | 459,164 |  |  | 232,391 |
Commercial mortgage-backed securities |  | 1,698,903 |  |  | — |  |  | 1,531,897 |  |  | 167,006 |
U.S. government and agencies securities |  | 265,190 |  |  | 192,780 |  |  | 67,872 |  |  | 4,538 |
State and political subdivision securities |  | 302,498 |  |  | — |  |  | 259,286 |  |  | 43,212 |
Other foreign government, supranational and foreign government-sponsored enterprises |  | 1,861,999 |  |  | 297,025 |  |  | 1,536,694 |  |  | 28,280 |
Total fixed maturity securities – available-for-sale |  | 22,291,614 |  |  | 533,349 |  |  | 19,520,344 |  |  | 2,237,921 |
Funds withheld at interest – embedded derivatives |  | (243,177 | ) |  | — |  |  | — |  |  | (243,177 | )
Cash equivalents |  | 575,864 |  |  | 575,864 |  |  | — |  |  | — |
Short-term investments |  | 239,131 |  |  | 178,923 |  |  | 38,177 |  |  | 22,031 |
Other invested assets: |  |  |  |  |  |  |  |
Non-redeemable preferred stock |  | 74,841 |  |  | 64,268 |  |  | 10,573 |  |  | — |
Other equity securities |  | 147,859 |  |  | 147,859 |  |  | — |  |  | — |
Derivatives: |  |  |  |  |  |  |  |
Interest rate swaps |  | 104,972 |  |  | — |  |  | 104,972 |  |  | — |
Foreign currency forwards |  | 1,017 |  |  | — |  |  | 1,017 |  |  | — |
CPI swaps |  | 1,446 |  |  | — |  |  | 1,446 |  |  | — |
Credit default swaps |  | (1,741 | ) |  | — |  |  | (1,741 | ) |  | — |
Equity options |  | 62,514 |  |  | — |  |  | 62,514 |  |  | — |
Collateral |  | 17,002 |  |  | 1,323 |  |  | 15,679 |  |  | — |
Other |  | 11,951 |  |  | 11,951 |  |  | — |  |  | — |
Total other invested assets |  | 419,861 |  |  | 225,401 |  |  | 194,460 |  |  | — |
Total |  | $ | 23,283,293 |  |  | $ | 1,513,537 |  |  | $ | 19,752,981 |  |  | $ | 2,016,775 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest sensitive contract liabilities – embedded derivatives |  | $ | 912,361 |  |  | $ | — |  |  | $ | — |  |  | $ | 912,361 |
Other liabilities: |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |
Interest rate swaps |  | 196 |  |  | — |  |  | 196 |  |  | — |
Foreign currency forwards |  | 2,105 |  |  | — |  |  | 2,105 |  |  | — |
Credit default swaps |  | 1,953 |  |  | — |  |  | 1,953 |  |  | — |
Foreign currency swaps |  | 27,398 |  |  | — |  |  | 27,398 |  |  | — |
Total |  | $ | 944,013 |  |  | $ | — |  |  | $ | 31,652 |  |  | $ | 912,361 |
Fair Value Unobservable Input Measurements [Table Text Block] | The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed by the Company, which does not include unobservable Level 3 asset and liability measurements provided by third parties, as of December 31, 2013 and 2012 (dollars in thousands):
December 31, 2013: |  | Valuation |  | Unobservable |  | Range
|  | Fair Value |  | Technique(s) |  | Input |  | (Weighted Average)
Assets: |  |  |  |  |  |  |  |
State and political subdivision securities |  | $ | 29,024 |  |  | Market comparable securities |  | Liquidity premium |  | 1 | %
Corporate securities |  | 312,887 |  |  | Market comparable securities |  | Liquidity premium |  | 0-2% (1%) |
U.S. Government and agencies securities |  | 37,539 |  |  | Market comparable securities |  | Liquidity premium |  | 0-1% (1%) |
Funds withheld at interest- embedded derivatives |  | (176,270 | ) |  | Total return swap |  | Mortality |  | 0-100% (2%) |
|  |  |  |  |  | Lapse |  | 0-35% (7%) |
|  |  |  |  |  | Withdrawal |  | 0-5% (3%) |
|  |  |  |  |  | Own Credit |  | 0-1% (1%) |
|  |  |  |  |  | Crediting rate |  | 2-4% (3%) |
Liabilities: |  |  |  |  |  |  |  |
Interest sensitive contract liabilities- embedded derivatives- indexed annuities |  | 838,670 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |
|  |  |  |  |  | Lapse |  | 0-35% (7%) |
|  |  |  |  |  | Withdrawal |  | 0-5% (3%) |
|  |  |  |  |  | Option budget projection |  | 2-4% (3%) |
Interest sensitive contract liabilities- embedded derivatives- variable annuities |  | 30,055 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |
|  |  |  |  |  | Lapse |  | 0-25% (6%) |
|  |  |  |  |  | Withdrawal |  | 0-7% (3%) |
|  |  |  |  |  | Own Credit |  | 0-1% (1%) |
|  |  |  |  |  | Long-term volatility |  | 0-27% (10%) |
December 31, 2012: |  | Valuation |  | Unobservable |  | Range
|  | Fair Value |  | Technique(s) |  | Input |  | (Weighted Average)
Assets: |  |  |  |  |  |  |  |
State and political subdivision securities |  | $ | 5,451 |  |  | Market comparable securities |  | Liquidity premium |  | 1 | %
Corporate securities |  | 450,177 |  |  | Market comparable securities |  | Liquidity premium |  | 0-2% (1%) |
Short-term investments |  | 22,031 |  |  | Market comparable securities |  | Liquidity premium |  | 1 | %
Funds withheld at interest- embedded derivatives |  | (243,177 | ) |  | Total return swap |  | Mortality |  | 0-100% (1%) |
|  |  |  |  |  | Lapse |  | 0-35% (6%) |
|  |  |  |  |  | Withdrawal |  | 0-5% (3%) |
|  |  |  |  |  | Own Credit |  | 0-1% (1%) |
|  |  |  |  |  | Crediting rate |  | 2-4% (3%) |
Liabilities: |  |  |  |  |  |  |  |
Interest sensitive contract liabilities- embedded derivatives- indexed annuities |  | 740,256 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (1%) |
|  |  |  |  |  | Lapse |  | 0-35% (6%) |
|  |  |  |  |  | Withdrawal |  | 0-5% (3%) |
|  |  |  |  |  | Option budget projection |  | 2-4% (3%) |
Interest sensitive contract liabilities- embedded derivatives- variable annuities |  | 172,105 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |
|  |  |  |  |  | Lapse |  | 0-25% (5%) |
|  |  |  |  |  | Withdrawal |  | 0-7% (3%) |
|  |  |  |  |  | Own Credit |  | 0-1% (1%) |
|  |  |  |  |  | Long-term volatility |  | 0-27% (14%) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Level Transfers [Table Text Block] | The following tables present the transfers between Level 1 and Level 2 during the years ended December 31, 2013 and 2012 (dollars in thousands):
|  | Twelve months ended December 31,
|  | 2013 |  | 2012
|  | Transfers from Level 1 to Level 2 |  | Transfers from Level 2 to Level 1 |  | Transfers from Level 1 to Level 2 |  | Transfers from Level 2 to Level 1
Fixed maturity securities - available-for-sale: |  |  |  |  |  |  |  |
Corporate securities |  | $ | — |  |  | $ | 30,599 |  |  | $ | 14,773 |  |  | $ | 4 |
U.S. government and agencies securities |  | — |  |  | — |  |  | — |  |  | 11,152 |
State and political subdivision securities |  | — |  |  | — |  |  | 12,794 |  |  | — |
Other foreign government, supranational and foreign government-sponsored enterprises |  | — |  |  | — |  |  | 3,222 |  |  | — |
Total fixed maturity securities |  | — |  |  | 30,599 |  |  | 30,789 |  |  | 11,156 |
Non-redeemable preferred stock |  | — |  |  | — |  |  | 9,646 |  |  | 11,068 |
Total |  | $ | — |  |  | $ | 30,599 |  |  | $ | 40,435 |  |  | $ | 22,224 |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block] | The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the year ended December 31, 2013, as well as the portion of gains or losses included in income for the year ended December 31, 2013 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2013 (dollars in thousands):
For the year ended December 31, 2013: |  | Fixed maturity securities - available-for-sale
|  | Corporate securities |  | Residential mortgage-backed securities |  | Asset-backed securities |  | Commercial mortgage-backed securities |  | U.S. Government and agencies securities |  | State and political subdivision securities
Balance January 1, 2013 |  | $ | 1,668,563 |  |  | $ | 93,931 |  |  | $ | 232,391 |  |  | $ | 167,006 |  |  | $ | 4,538 |  |  | $ | 43,212 |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | (8,194 | ) |  | 19 |  |  | 6,430 |  |  | 1,917 |  |  | (156 | ) |  | 36 |
Investment related gains (losses), net |  | (1,078 | ) |  | (294 | ) |  | (1,131 | ) |  | (16,704 | ) |  | (175 | ) |  | (16 | )
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  | (44,299 | ) |  | 821 |  |  | 17,150 |  |  | 36,731 |  |  | (639 | ) |  | 222 |
Purchases(1) |  | 331,439 |  |  | 73,563 |  |  | 264,804 |  |  | 19,420 |  |  | 128 |  |  | — |
Sales(1) |  | (271,402 | ) |  | (7,146 | ) |  | (26,005 | ) |  | (83,974 | ) |  | — |  |  | — |
Settlements(1) |  | (285,586 | ) |  | (26,661 | ) |  | (20,872 | ) |  | (7,970 | ) |  | (2,633 | ) |  | (657 | )
Transfers into Level 3 |  | 33,776 |  |  | 24,727 |  |  | 9,031 |  |  | 4,081 |  |  | 44,394 |  |  | 979 |
Transfers out of Level 3 |  | (77,930 | ) |  | (5,455 | ) |  | (9,950 | ) |  | (18,722 | ) |  | (4,538 | ) |  | — |
Balance December 31, 2013 |  | $ | 1,345,289 |  |  | $ | 153,505 |  |  | $ | 471,848 |  |  | $ | 101,785 |  |  | $ | 40,919 |  |  | $ | 43,776 |
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | $ | (7,885 | ) |  | $ | 47 |  |  | $ | 6,425 |  |  | $ | 1,741 |  |  | $ | (156 | ) |  | $ | 36 |
Investment related gains (losses), net |  | (202 | ) |  | — |  |  | — |  |  | (10,243 | ) |  | — |  |  | — |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
For the year ended December 31, 2013 (continued): | Fixed maturity securities - available-for-sale |  |  |  |  |  |  |  |
|  | Other foreign government, supranational and foreign government-sponsored enterprises |  | Funds withheld at interest-embedded derivative |  | Short-term investments |  | Other invested assets - non- redeemable preferred stock |  | Interest sensitive contract liabilities embedded derivative
Balance January 1, 2013 |  | $ | 28,280 |  |  | $ | (243,177 | ) |  | $ | 22,031 |  |  | $ | — |  |  | $ | (912,361 | )
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | (305 | ) |  | — |  |  | (4 | ) |  | — |  |  | — |
Investment related gains (losses), net |  | — |  |  | 66,907 |  |  | — |  |  | — |  |  | 142,050 |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | (115,409 | )
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  | (1,570 | ) |  | — |  |  | (27 | ) |  | 323 |  |  | — |
Purchases(1) |  | — |  |  | — |  |  | — |  |  | — |  |  | (57,391 | )
Sales(1) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements(1) |  | (295 | ) |  | — |  |  | (22,000 | ) |  | — |  |  | 74,386 |
Transfers into Level 3 |  | 11,887 |  |  | — |  |  | — |  |  | 4,639 |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance December 31, 2013 |  | $ | 37,997 |  |  | $ | (176,270 | ) |  | $ | — |  |  | $ | 4,962 |  |  | $ | (868,725 | )
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | $ | (305 | ) |  | $ | — |  |  | $ | (4 | ) |  | $ | — |  |  | $ | — |
Investment related gains (losses), net |  | — |  |  | 66,907 |  |  | — |  |  | — |  |  | 138,683 |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | (189,794 | )
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
(1) | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the year ended December 31, 2012, as well as the portion of gains or losses included in income for the year ended December 31, 2012 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2012 (dollars in thousands).
For the year ended December 31, 2012: |  | Fixed maturity securities - available-for-sale
|  | Corporate securities |  | Residential mortgage-backed securities |  | Asset-backed securities |  | Commercial mortgage-backed securities |  | U.S. Government and agencies securities |  | State and political subdivision securities
Balance January 1, 2012 |  | $ | 974,169 |  |  | $ | 81,655 |  |  | $ | 193,492 |  |  | $ | 115,976 |  |  | $ | — |  |  | $ | 10,373 |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | (6,839 | ) |  | 431 |  |  | 1,214 |  |  | 2,032 |  |  | (89 | ) |  | 14 |
Investment related gains (losses), net |  | (2,884 | ) |  | (311 | ) |  | (516 | ) |  | (9,503 | ) |  | — |  |  | (16 | )
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  | 34,488 |  |  | 2,863 |  |  | 21,463 |  |  | 24,663 |  |  | (12 | ) |  | 4,491 |
Purchases(1) |  | 853,848 |  |  | 77,781 |  |  | 111,567 |  |  | 31,699 |  |  | 4,639 |  |  | — |
Sales(1) |  | (60,224 | ) |  | (48,828 | ) |  | (13,140 | ) |  | (14,060 | ) |  | — |  |  | — |
Settlements(1) |  | (144,667 | ) |  | (8,541 | ) |  | (16,235 | ) |  | (813 | ) |  | — |  |  | (413 | )
Transfers into Level 3 |  | 65,283 |  |  | 19,632 |  |  | 11,832 |  |  | 64,116 |  |  | — |  |  | 37,588 |
Transfers out of Level 3 |  | (44,611 | ) |  | (30,751 | ) |  | (77,286 | ) |  | (47,104 | ) |  | — |  |  | (8,825 | )
Balance December 31, 2012 |  | $ | 1,668,563 |  |  | $ | 93,931 |  |  | $ | 232,391 |  |  | $ | 167,006 |  |  | $ | 4,538 |  |  | $ | 43,212 |
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | $ | (6,852 | ) |  | $ | 295 |  |  | $ | 1,156 |  |  | $ | 2,032 |  |  | $ | (89 | ) |  | $ | 14 |
Investment related gains (losses), net |  | (1,329 | ) |  | (269 | ) |  | (849 | ) |  | (14,163 | ) |  | — |  |  | — |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
For the year ended December 31, 2012 (continued): | Fixed maturity securities - available-for-sale |  |  |  |  |  |  |  |  |  |
|  | Other foreign government, supranational and foreign government-sponsored enterprises |  | Funds withheld at interest-embedded derivative |  | Short-term investments |  | Other invested assets - other equity securities |  | Reinsurance ceded receivable - embedded derivative |  | Interest sensitive contract liabilities embedded derivative
Balance January 1, 2012 |  | $ | — |  |  | $ | (361,456 | ) |  | $ | — |  |  | $ | 11,489 |  |  | $ | 4,945 |  |  | $ | (1,028,241 | )
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | (44 | ) |  | — |  |  | (11 | ) |  | — |  |  | — |  |  | — |
Investment related gains (losses), net |  | — |  |  | 118,279 |  |  | — |  |  | 1,098 |  |  | — |  |  | 104,613 |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 770 |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (31,552 | )
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (449 | ) |  | — |
Included in other comprehensive income |  | (139 | ) |  | — |  |  | 28 |  |  | 843 |  |  | — |  |  | — |
Purchases(1) |  | 28,463 |  |  | — |  |  | 22,014 |  |  | 108 |  |  | — |  |  | (63,934 | )
Sales(1) |  | — |  |  | — |  |  | — |  |  | (3,788 | ) |  | — |  |  | — |
Settlements(1) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,496 | ) |  | 105,983 |
Transfers into Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |  |  | — |  |  | (9,750 | ) |  | — |  |  | — |
Balance December 31, 2012 |  | $ | 28,280 |  |  | $ | (243,177 | ) |  | $ | 22,031 |  |  | $ | — |  |  | $ | — |  |  | $ | (912,361 | )
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | $ | (44 | ) |  | $ | — |  |  | $ | (11 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |
Investment related gains (losses), net |  | — |  |  | 118,279 |  |  | — |  |  | (183 | ) |  | — |  |  | 97,216 |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 56 |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (129,828 | )
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (33 | ) |  | — |
(1) | The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the year ended December 31, 2011, as well as the portion of gains or losses included in income for the year ended December 31, 2011 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2011 (dollars in thousands).
For the year ended December 31, 2011: |  | Fixed maturity securities - available-for-sale
|  | Corporate securities |  | Residential mortgage-backed securities |  | Asset-backed securities |  | Commercial mortgage-backed securities |  | State and political subdivision securities |  | Other foreign government, supranational and foreign government - sponsored enterprises
Balance January 1, 2011 |  | $ | 872,179 |  |  | $ | 183,291 |  |  | $ | 228,558 |  |  | $ | 147,556 |  |  | $ | 6,983 |  |  | $ | 6,736 |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | 218 |  |  | 836 |  |  | 1,686 |  |  | 2,321 |  |  | 361 |  |  | 2 |
Investment related gains (losses), net |  | 1,863 |  |  | (2,032 | ) |  | (10,236 | ) |  | (12,354 | ) |  | (15 | ) |  | — |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  | 21,011 |  |  | 4,580 |  |  | 3,902 |  |  | 8,060 |  |  | 3,390 |  |  | 4 |
Purchases(1) |  | 305,401 |  |  | 6,478 |  |  | 65,467 |  |  | 7,683 |  |  | 2,334 |  |  | — |
Sales(1) |  | (48,653 | ) |  | (21,178 | ) |  | (27,844 | ) |  | — |  |  | — |  |  | — |
Settlements(1) |  | (125,797 | ) |  | (16,672 | ) |  | (24,092 | ) |  | (3,548 | ) |  | (88 | ) |  | — |
Transfers into Level 3 |  | 80,302 |  |  | 30,159 |  |  | 45,984 |  |  | 76,955 |  |  | 48,469 |  |  | 20 |
Transfers out of Level 3 |  | (132,333 | ) |  | (103,807 | ) |  | (89,933 | ) |  | (110,697 | ) |  | (51,061 | ) |  | (6,762 | )
Balance December 31, 2011 |  | $ | 974,191 |  |  | $ | 81,655 |  |  | $ | 193,492 |  |  | $ | 115,976 |  |  | $ | 10,373 |  |  | $ | — |
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | $ | 162 |  |  | $ | 816 |  |  | $ | 1,595 |  |  | $ | 2,307 |  |  | $ | 361 |  |  | $ | — |
Investment related gains (losses), net |  | (1,223 | ) |  | (594 | ) |  | (5,058 | ) |  | (12,366 | ) |  | — |  |  | — |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
For the year ended December 31, 2011 (continued): |  | Funds withheld at interest- embedded derivative |  | Other invested assets- non- redeemable preferred stock |  | Other invested assets- other equity securities |  | Reinsurance ceded receivable- embedded derivative |  | Interest sensitive contract liabilities embedded derivative
Balance January 1, 2011 |  | $ | (274,220 | ) |  | $ | 420 |  |  | $ | 16,416 |  |  | $ | 75,431 |  |  | $ | (721,485 | )
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment related gains (losses), net |  | (87,236 | ) |  | — |  |  | 3,504 |  |  | — |  |  | (224,184 | )
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,230 | )
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | (88,255 | )
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | 9,421 |  |  | — |
Included in other comprehensive income |  | — |  |  | — |  |  | (4,663 | ) |  | — |  |  | — |
Purchases(1) |  | — |  |  | — |  |  | 797 |  |  | 6,201 |  |  | (71,505 | )
Sales(1) |  | — |  |  | (420 | ) |  | (4,565 | ) |  | — |  |  | — |
Settlements(1) |  | — |  |  | — |  |  | — |  |  | (86,108 | ) |  | 79,418 |
Transfers into Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance December 31, 2011 |  | $ | (361,456 | ) |  | $ | — |  |  | $ | 11,489 |  |  | $ | 4,945 |  |  | $ | (1,028,241 | )
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Investment related gains (losses), net |  | (87,236 | ) |  | — |  |  | — |  |  | — |  |  | (228,910 | )
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,346 | )
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | (167,673 | )
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | 18,589 |  |  | — |
(1) |
Fair Value Assets Measured On Nonrecurring Basis [Text Block] |
|  | Years Ended December 31,
|  | 2013 |  | 2012
|  | Carrying Value Prior to Measurement |  | Estimated Fair Value After Measurement |  | Net Investment Gains (Losses) |  | Carrying Value Prior to Measurement |  | Estimated Fair Value After Measurement |  | Net Investment Gains (Losses)
Mortgage loans(1) |  | $ | 9,620 |  |  | $ | 10,330 |  |  | $ | 710 |  |  | $ | 24,295 |  |  | $ | 20,480 |  |  | $ | (3,815 | )
Limited partnership interests(2) |  | 11,615 |  |  | 8,952 |  |  | (2,663 | ) |  | 25,191 |  |  | 16,944 |  |  | (8,247 | )
Real estate investments(3) |  | 12,672 |  |  | 10,508 |  |  | (2,164 | ) |  | 6,593 |  |  | 4,500 |  |  | (2,093 | )
Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block] | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, at December 31, 2013 and December 31, 2012 (dollars in thousands):
|  |  |  | Estimated Fair |  | Fair Value Measurement Using:
December 31, 2013 |  | Carrying Value |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |
Mortgage loans on real estate |  | $ | 2,486,680 |  |  | $ | 2,489,721 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,489,721 |
Policy loans |  | 1,244,469 |  |  | 1,244,469 |  |  | — |  |  | 1,244,469 |  |  | — |
Funds withheld at interest(1) |  | 5,948,374 |  |  | 6,207,342 |  |  | — |  |  | — |  |  | 6,207,342 |
Cash and cash equivalents(2) |  | 552,302 |  |  | 552,302 |  |  | 552,302 |  |  | — |  |  | — |
Short-term investments(2) |  | 27,823 |  |  | 27,823 |  |  | 27,823 |  |  | — |  |  | — |
Other invested assets(2) |  | 491,545 |  |  | 534,442 |  |  | 5,070 |  |  | 33,886 |  |  | 495,486 |
Accrued investment income |  | 267,908 |  |  | 267,908 |  |  | — |  |  | 267,908 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities(1) |  | $ | 10,228,120 |  |  | $ | 9,989,514 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,989,514 |
Long-term debt |  | 2,214,350 |  |  | 2,333,023 |  |  | — |  |  | — |  |  | 2,333,023 |
Collateral finance facility |  | 484,752 |  |  | 374,984 |  |  | — |  |  | — |  |  | 374,984 |
December 31, 2012 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Mortgage loans on real estate |  | $ | 2,300,587 |  |  | $ | 2,426,688 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,426,688 |
Policy loans |  | 1,278,175 |  |  | 1,278,175 |  |  | — |  |  | 1,278,175 |  |  | — |
Funds withheld at interest(1) |  | 5,837,359 |  |  | 6,362,324 |  |  | — |  |  | — |  |  | 6,362,324 |
Cash and cash equivalents(2) |  | 684,028 |  |  | 684,028 |  |  | 684,028 |  |  | — |  |  | — |
Short-term investments(2) |  | 48,951 |  |  | 48,951 |  |  | 48,951 |  |  | — |  |  | — |
Other invested assets(2) |  | 596,336 |  |  | 626,358 |  |  | — |  |  | 32,250 |  |  | 594,108 |
Accrued investment income |  | 201,344 |  |  | 201,344 |  |  | — |  |  | 201,344 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities(1) |  | $ | 11,566,962 |  |  | $ | 11,926,339 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,926,339 |
Long-term debt |  | 1,815,253 |  |  | 2,014,062 |  |  | — |  |  | — |  |  | 2,014,062 |
Collateral finance facility |  | 652,010 |  |  | 456,050 |  |  | — |  |  | — |  |  | 456,050 |
(1) | Carrying values presented herein differ from those presented in the consolidated balance sheets because certain items within the respective financial statement caption are embedded derivatives and are measured at fair value on a recurring basis.
(2) | Carrying values presented herein differ from those presented in the consolidated balance sheets because certain items within the respective financial statement caption are measured at fair value on a recurring basis.

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