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Income Tax (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Pre-tax income for the years ended December 31, 2014, 2013 and 2012 consists of the following (dollars in thousands):

		2014				2013				2012
Pre-tax income - U.S.		$	768,857			$	473,223			$	644,219
Pre-tax income - foreign		239,676				162,031				275,004
Total pre-tax income		$	1,008,533			$	635,254			$	919,223

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income tax expense for the years ended December 31, 2014, 2013 and 2012 consists of the following (dollars in thousands):

		2014				2013				2012
Current income tax expense (benefit):
U.S.		$	18,495			$	(48,831	)		$	52,378
Foreign		135,260				34,470				36,840
Total current		153,755				(14,361		)		89,218
Deferred income tax expense (benefit):
U.S.		242,694				226,771				183,929
Foreign		(71,963		)		4,007				14,183
Total deferred		170,731				230,778				198,112
Total provision for income taxes		$	324,486			$	216,417			$	287,330

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Provision for income tax expense differed from the amounts computed by applying the U.S. federal income tax statutory rate of 35% to pre-tax income as a result of the following for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands):

		2014				2013				2012
Tax provision at U.S. statutory rate		$	352,987			$	222,339			$	321,728
Increase (decrease) in income taxes resulting from:
Foreign tax rate differing from U.S. tax rate		(12,483		)		(8,032		)		(14,705		)
Differences in tax basis in foreign jurisdictions		(8,256		)		(26,484		)		(21,086		)
Deferred tax valuation allowance		2,076				26,507				635
Amounts related to tax audit contingencies		(9,083		)		9,034				2,260
Corporate rate changes - Canada		—				(414		)		1,374
Corporate rate changes - other		280				(1,184		)		(1,070		)
Subpart F		6,132				8,255				13,571
Foreign tax credits		(1,045		)		(1,786		)		(7,808		)
Return to provision adjustments		(8,123		)		(12,465		)		(7,351		)
Other, net		2,001				647				(218		)
Total provision for income taxes		$	324,486			$	216,417			$	287,330
Effective tax rate		32.2		%		34.1		%		31.3		%

Schedule Of Income Tax Expense Benefit Intraperiod Tax Allocation [Table Text Block]

Total income taxes for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands):

		2014				2013				2012
Provision for income taxes		$	324,486			$	216,417			$	287,330
Income tax from OCI and additional paid-in-capital:
Net unrealized holding gain (loss) on debt and equity securities recognized for financial reporting purposes		348,697				(467,454		)		246,682
Exercise of stock options		3,011				(3,125		)		(2,902		)
Foreign currency translation		22,998				12,330				(921		)
Unrealized pension and post retirement		(14,770		)		7,640				(2,779		)
Total income taxes provided		$	684,422			$	(234,192	)		$	527,410

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to significant portions of the deferred income tax asset and liabilities at December 31, 2014 and 2013, are presented in the following tables (dollars in thousands):

		2014				2013
Deferred income tax assets:
Nondeductible accruals		$	118,389			$	106,587
Differences between tax and financial reporting amounts concerning certain reinsurance transactions		64,445				59,942
Differences in the tax basis of cash and invested assets		—				2,106
Investment income differences		56,176				108,462
Deferred acquisition costs capitalized for tax		92,832				90,187
Net operating loss carryforward		170,965				252,192
Capital loss and tax credit carryforwards		26,365				2,356
Subtotal		529,172				621,832
Valuation allowance		(112,005		)		(102,228		)
Total deferred income tax assets		417,167				519,604
Deferred income tax liabilities:
Deferred acquisition costs capitalized for financial reporting		961,170				1,066,351
Differences between tax and financial reporting amounts concerning certain reinsurance transactions		1,044,097				906,197
Differences in the tax basis of cash and invested assets		667,601				310,332
Investment income differences		8,187				12,959
Differences in foreign currency translation		64,115				19,704
Total deferred income tax liabilities		2,745,170				2,315,543
Net deferred income tax liabilities		$	2,328,003			$	1,795,939
Balance sheet presentation of net deferred income tax liabilities:
Included in other assets		$	37,814			$	41,638
Included in deferred income taxes		2,365,817				1,837,577
Net deferred income tax liabilities		$	2,328,003			$	1,795,939

Summary of Income Tax Contingencies [Table Text Block]

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012, is as follows (dollars in thousands):

		Total Unrecognized Tax Benefits
		2014				2013				2012
Beginning balance, January 1		$	279,801			$	245,636			$	194,260
Additions for tax positions of prior years		17,431				41,228				47,438
Reductions for tax positions of prior years		(26,001		)		(10,401		)		—
Additions for tax positions of current year		3,430				3,338				3,938
Ending balance, December 31		$	274,661			$	279,801			$	245,636

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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