Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014 and December 31, 2013 are summarized below (dollars in thousands):



December 31, 2014:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	14,885,583		$	115,822	$	13,459,334		$	1,310,427
Canadian and Canadian provincial governments	3,865,265			—		3,865,265			—
Residential mortgage-backed securities	1,037,896			—		849,802			188,094
Asset-backed securities	1,069,586			—		496,626			572,960
Commercial mortgage-backed securities	1,532,591			—		1,445,845			86,746
U.S. government and agencies securities	525,851			437,129		60,193			28,529
State and political subdivision securities	426,076			—		383,365			42,711
Other foreign government, supranational and foreign government-sponsored enterprises	2,138,124			285,995		1,832,466			19,663
Total fixed maturity securities – available-for-sale	25,480,972			838,946		22,392,896			2,249,130
Funds withheld at interest – embedded derivatives	22,094			—		—			22,094
Cash equivalents	899,846			899,846		—			—
Short-term investments	45,190			21,536		23,654			—
Other invested assets:
Non-redeemable preferred stock	99,363			91,450		9			7,904
Other equity securities	27,497			27,497		—			—
Derivatives:
Interest rate swaps	84,578			—		84,578			—
Interest rate options	18,195			—		18,195			—
CPI swaps	(561		)	—		(561		)	—
Credit default swaps	8,606			—		8,606			—
Equity options	35,242			—		35,242			—
Foreign currency swaps	70,906			—		70,906			—
FVO contractholder-directed unit-linked investments	140,344			134,749		5,595			—
Other	6,420			6,420		—			—
Total other invested assets	490,590			260,116		222,570			7,904
Other assets - longevity swaps	7,727			—		—			7,727
Total	$	26,946,419		$	2,020,444	$	22,639,120		$	2,286,855
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,085,166		$	—	$	—		$	1,085,166
Other liabilities:
Derivatives:
Interest rate swaps	12,957			—		12,957			—
Foreign currency forwards	15,011			—		15,011			—
Credit default swaps	419			—		419			—
Forward purchase commitments	13,370			—		13,370			—
Mortality swaps	797			—		—			797
Total	$	1,127,720		$	—	$	41,757		$	1,085,963



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			—
Interest rate options	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

Fair Value Inputs, Assets, Quantitative Information [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, 2014 and 2013 (dollars in thousands):



December 31, 2014:			Valuation	Unobservable	Range
	Fair Value		Technique(s)	Input	(Weighted Average)
Assets:
State and political subdivision securities	$	4,994	Market comparable securities	Liquidity premium	1	%
Corporate securities	205,392		Market comparable securities	Liquidity premium	0-2% (1%)
U.S. Government and agencies securities	28,530		Market comparable securities	Liquidity premium	0-1% (1%)
Funds withheld at interest- embedded derivatives	22,094		Total return swap	Mortality	0-100% (2%)
				Lapse	0-35% (7%)
				Withdrawal	0-5% (3%)
				CVA	0-5% (1%)
				Crediting rate	2-4% (3%)
Longevity swaps	7,727		Discounted cash flow	Mortality	0-100% (2%)
				Mortality improvement	(10%)-10% (3%)

Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	925,887		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	159,279		Discounted cash flow	Mortality	0-100% (2%)
				Lapse	0-25% (8%)
				Withdrawal	0-7% (3%)
				CVA	0-5% (1%)
				Long-term volatility	0-27% (11%)
Mortality swaps	797		Discounted cash flow	Mortality	0-100% (1%)



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%)
					CVA	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%)
					CVA	0-1% (1%)
					Long-term volatility	0-27% (10%)

Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block]



December 31, 2014:			Valuation	Unobservable	Range
	Fair Value		Technique(s)	Input	(Weighted Average)
Assets:
State and political subdivision securities	$	4,994	Market comparable securities	Liquidity premium	1	%
Corporate securities	205,392		Market comparable securities	Liquidity premium	0-2% (1%)
U.S. Government and agencies securities	28,530		Market comparable securities	Liquidity premium	0-1% (1%)
Funds withheld at interest- embedded derivatives	22,094		Total return swap	Mortality	0-100% (2%)
				Lapse	0-35% (7%)
				Withdrawal	0-5% (3%)
				CVA	0-5% (1%)
				Crediting rate	2-4% (3%)
Longevity swaps	7,727		Discounted cash flow	Mortality	0-100% (2%)
				Mortality improvement	(10%)-10% (3%)

Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	925,887		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	159,279		Discounted cash flow	Mortality	0-100% (2%)
				Lapse	0-25% (8%)
				Withdrawal	0-7% (3%)
				CVA	0-5% (1%)
				Long-term volatility	0-27% (11%)
Mortality swaps	797		Discounted cash flow	Mortality	0-100% (1%)



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%)
					CVA	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%)
					CVA	0-1% (1%)
					Long-term volatility	0-27% (10%)

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, 2014 and 2013 (dollars in thousands):



	2014				2013
	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	$	6,000	$	22,537	$	—	$	30,599

Fair Value, Assets 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, 2014, as well as the portion of gains or losses included in income for the year ended December 31, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2014 (dollars in thousands):



For the year ended December 31, 2014:	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
Fair value, beginning of period	$	1,345,289		$	153,505		$	471,848		$	101,785		$	40,919		$	43,776
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(4,828		)	(93		)	7,929			1,892			(483		)	39
Investment related gains (losses), net	(1,984		)	(244		)	2,131			103			(401		)	(17		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(3,100		)	1,748			1,665			1,099			1,052			3,282
Purchases⁽¹⁾	356,706			54,412			191,662			6,180			581			—
Sales⁽¹⁾	(54,386		)	(744		)	(22,923		)	(14,626		)	—			—
Settlements⁽¹⁾	(273,392		)	(34,727		)	(54,175		)	(3,599		)	(13,139		)	(738		)
Transfers into Level 3	13,180			15,981			11,614			5,712			—			—
Transfers out of Level 3	(67,058		)	(1,744		)	(36,791		)	(11,800		)	—			(3,631		)
Fair value, end of period	$	1,310,427		$	188,094		$	572,960		$	86,746		$	28,529		$	42,711
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	$	(4,686	)	$	(97	)	$	5,306		$	1,949		$	(480	)	$	39
Investment related gains (losses), net	—			—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—



For the year ended December 31, 2014 (continued):	Fixed maturity securities - available-for-sale
		Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest-embedded derivative			Other invested assets - non- redeemable preferred stock			Other assets - longevity derivatives			Interest sensitive contract liabilities embedded derivative			Other liabilities - mortality derivatives
Fair value, beginning of period		$	37,997		$	(176,270	)	$	4,962		$	—		$	(868,725	)	$	—
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses		(5		)	—			—			—			—			—
Investment related gains (losses), net		—			198,364			—			—			(129,224		)	—
Claims & other policy benefits		—			—			—			—			—			—
Interest credited		—			—			—			—			—			—
Policy acquisition costs and other insurance expenses		—			—			—			—			(104,843		)	—
Included in other comprehensive income		(59		)	—			(96		)	(361		)	—			—
Other revenue		—			—			—			8,088			—			(797		)
Purchases⁽¹⁾		—			—			8,000			—			(56,234		)	—
Sales⁽¹⁾		—			—			—			—			—			—
Settlements⁽¹⁾		(1,210		)	—			—			—			—			—
Transfers into Level 3		9,482			—			—			—			73,860			—
Transfers out of Level 3		(26,542		)	—			(4,962		)	—			—			—
Fair value, end of period		$	19,663		$	22,094		$	7,904		$	7,727		$	(1,085,166	)	$	(797	)
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		$	(5	)	$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net		—			—			—			—			(134,254		)	—
Other revenue		—			—			—			8,088			—			(797		)
Claims & other policy benefits		—			—			—			—			—			—
Interest credited		—			198,365			—			—			(178,704		)	—
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, 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
Fair value, beginning of period	$	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		)	—
Fair value, end of period	$	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
Fair value, beginning of period		$	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		—			—			—			—		—
Fair value, end of period		$	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
Fair value, beginning of period	$	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		)
Fair value, end of period	$	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	—			—			—			—			—			—



	Fixed maturity securities - available-for-sale
For the year ended December 31, 2012 (continued):	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
Fair value, beginning of period	$	—		$	(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		)	—			—
Fair value, end of period	$	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.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]



For the year ended December 31, 2014:	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
Fair value, beginning of period	$	1,345,289		$	153,505		$	471,848		$	101,785		$	40,919		$	43,776
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(4,828		)	(93		)	7,929			1,892			(483		)	39
Investment related gains (losses), net	(1,984		)	(244		)	2,131			103			(401		)	(17		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(3,100		)	1,748			1,665			1,099			1,052			3,282
Purchases⁽¹⁾	356,706			54,412			191,662			6,180			581			—
Sales⁽¹⁾	(54,386		)	(744		)	(22,923		)	(14,626		)	—			—
Settlements⁽¹⁾	(273,392		)	(34,727		)	(54,175		)	(3,599		)	(13,139		)	(738		)
Transfers into Level 3	13,180			15,981			11,614			5,712			—			—
Transfers out of Level 3	(67,058		)	(1,744		)	(36,791		)	(11,800		)	—			(3,631		)
Fair value, end of period	$	1,310,427		$	188,094		$	572,960		$	86,746		$	28,529		$	42,711
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	$	(4,686	)	$	(97	)	$	5,306		$	1,949		$	(480	)	$	39
Investment related gains (losses), net	—			—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—



For the year ended December 31, 2014 (continued):	Fixed maturity securities - available-for-sale
		Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest-embedded derivative			Other invested assets - non- redeemable preferred stock			Other assets - longevity derivatives			Interest sensitive contract liabilities embedded derivative			Other liabilities - mortality derivatives
Fair value, beginning of period		$	37,997		$	(176,270	)	$	4,962		$	—		$	(868,725	)	$	—
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses		(5		)	—			—			—			—			—
Investment related gains (losses), net		—			198,364			—			—			(129,224		)	—
Claims & other policy benefits		—			—			—			—			—			—
Interest credited		—			—			—			—			—			—
Policy acquisition costs and other insurance expenses		—			—			—			—			(104,843		)	—
Included in other comprehensive income		(59		)	—			(96		)	(361		)	—			—
Other revenue		—			—			—			8,088			—			(797		)
Purchases⁽¹⁾		—			—			8,000			—			(56,234		)	—
Sales⁽¹⁾		—			—			—			—			—			—
Settlements⁽¹⁾		(1,210		)	—			—			—			—			—
Transfers into Level 3		9,482			—			—			—			73,860			—
Transfers out of Level 3		(26,542		)	—			(4,962		)	—			—			—
Fair value, end of period		$	19,663		$	22,094		$	7,904		$	7,727		$	(1,085,166	)	$	(797	)
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		$	(5	)	$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net		—			—			—			—			(134,254		)	—
Other revenue		—			—			—			8,088			—			(797		)
Claims & other policy benefits		—			—			—			—			—			—
Interest credited		—			198,365			—			—			(178,704		)	—
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.



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
Fair value, beginning of period	$	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		)	—
Fair value, end of period	$	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
Fair value, beginning of period		$	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		—			—			—			—		—
Fair value, end of period		$	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.



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
Fair value, beginning of period	$	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		)
Fair value, end of period	$	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	—			—			—			—			—			—



	Fixed maturity securities - available-for-sale
For the year ended December 31, 2012 (continued):	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
Fair value, beginning of period	$	—		$	(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		)	—			—
Fair value, end of period	$	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.

Fair Value Assets Measured On Nonrecurring Basis [Text Block]

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods presented; they are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3).



	Carrying Value After Measurement				Net Investment Gains (Losses)
	At December 31,					Years ended December 31,
(dollars in thousands)	2014		2013			2014			2013
Mortgage loans⁽¹⁾	$	9,500	$	10,330		$	521		$	710
Limited partnership interests⁽²⁾	19,282		8,952			(6,305		)	(2,663		)
Real estate investments⁽³⁾	—		10,508			—			(2,164		)

(1)

Mortgage loans — The impaired mortgage loans presented above were written down to their estimated fair values at the date the impairments were recognized and are reported as losses above. Subsequent improvements in estimated fair value on previously impaired loans recorded through a reduction in the previously established valuation allowance are reported as gains above. Nonrecurring fair value adjustments on mortgage loans are based on the fair value of underlying collateral or discounted cash flows.

(2)

Limited partnership interests — The impaired limited partnership interests presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency.


(3)	Real estate investments — The impaired real estate investments presented above were written down to their estimated fair value at the date of impairment and are reported as losses above. The impairments were based on third-party appraisal values obtained and reviewed by the Company.

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, 2014 and December 31, 2013 (dollars in thousands).This table excludes any payables or receivables for collateral under repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.



			Estimated Fair		Fair Value Measurement Using:
December 31, 2014	Carrying Value		Value		Level 1		Level 2		Level 3
Assets:
Mortgage loans on real estate	$	2,712,238	$	2,803,942	$	—	$	—	$	2,803,942
Policy loans	1,284,284		1,284,284		—		1,284,284		—
Funds withheld at interest⁽¹⁾	5,897,202		6,367,165		—		—		6,367,165
Cash and cash equivalents⁽²⁾	745,823		745,823		745,823		—		—
Short-term investments⁽²⁾	52,504		52,504		52,504		—		—
Other invested assets⁽²⁾	465,720		518,261		4,674		35,446		478,141
Accrued investment income	261,096		261,096		—		261,096		—
Liabilities:
Interest-sensitive contract liabilities⁽¹⁾	$	9,623,596	$	9,666,240	$	—	$	—	$	9,666,240
Long-term debt	2,314,293		2,518,399		—		—		2,518,399
Collateral finance and securitization notes	782,701		674,984		—		—		674,984

December 31, 2013
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 and securitization notes	484,752		374,984		—		—		374,984


(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.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details