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Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2015
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 September 30, 2015 and December 31, 2014 are summarized below (dollars in thousands):
September 30, 2015: |  |  |  | Fair Value Measurements Using:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Fixed maturity securities – available-for-sale: |  |  |  |  |  |  |  |
Corporate securities |  | $ | 16,173,447 |  |  | $ | 214,549 |  |  | $ | 14,711,208 |  |  | $ | 1,247,690 |
Canadian and Canadian provincial governments |  | 3,542,726 |  |  | — |  |  | 3,542,726 |  |  | — |
Residential mortgage-backed securities |  | 1,283,460 |  |  | — |  |  | 913,793 |  |  | 369,667 |
Asset-backed securities |  | 1,061,372 |  |  | — |  |  | 457,169 |  |  | 604,203 |
Commercial mortgage-backed securities |  | 1,491,951 |  |  | — |  |  | 1,419,308 |  |  | 72,643 |
U.S. government and agencies |  | 1,317,218 |  |  | 1,162,453 |  |  | 127,445 |  |  | 27,320 |
State and political subdivisions |  | 501,503 |  |  | — |  |  | 462,509 |  |  | 38,994 |
Other foreign government supranational and foreign government-sponsored enterprises |  | 2,040,111 |  |  | 261,105 |  |  | 1,764,392 |  |  | 14,614 |
Total fixed maturity securities – available-for-sale |  | 27,411,788 |  |  | 1,638,107 |  |  | 23,398,550 |  |  | 2,375,131 |
Funds withheld at interest – embedded derivatives |  | (49,498 | ) |  | — |  |  | — |  |  | (49,498 | )
Cash equivalents |  | 822,184 |  |  | 822,184 |  |  | — |  |  | — |
Short-term investments |  | 11,829 |  |  | 4,422 |  |  | 7,407 |  |  | — |
Other invested assets: |  |  |  |  |  |  |  |
Non-redeemable preferred stock |  | 84,709 |  |  | 72,717 |  |  | — |  |  | 11,992 |
Other equity securities |  | 25,665 |  |  | 25,665 |  |  | — |  |  | — |
Derivatives: |  |  |  |  |  |  |  |
Interest rate swaps |  | 86,504 |  |  | — |  |  | 86,504 |  |  | — |
Foreign currency forwards |  | 343 |  |  | — |  |  | 343 |  |  | — |
CPI swaps |  | (268 | ) |  | — |  |  | (268 | ) |  | — |
Credit default swaps |  | 1,088 |  |  | — |  |  | 1,088 |  |  | — |
Equity options |  | 60,032 |  |  | — |  |  | 60,032 |  |  | — |
Foreign currency swaps |  | 127,819 |  |  | — |  |  | 127,819 |  |  | — |
FVO contractholder-directed unit-linked investments |  | 129,511 |  |  | 125,609 |  |  | 3,902 |  |  | — |
Other |  | 8,289 |  |  | 8,289 |  |  | — |  |  | — |
Total other invested assets |  | 523,692 |  |  | 232,280 |  |  | 279,420 |  |  | 11,992 |
Other assets – longevity swaps |  | 13,298 |  |  | — |  |  | — |  |  | 13,298 |
Total |  | $ | 28,733,293 |  |  | $ | 2,696,993 |  |  | $ | 23,685,377 |  |  | $ | 2,350,923 |
Liabilities: |  |  |  |  |  |  |  |
Interest sensitive contract liabilities – embedded derivatives |  | $ | 1,106,410 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,106,410 |
Other liabilities: |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |
Interest rate swaps |  | 25,241 |  |  | — |  |  | 25,241 |  |  | — |
Foreign currency forwards |  | 6,675 |  |  | — |  |  | 6,675 |  |  | — |
Credit default swaps |  | 3,080 |  |  | — |  |  | 3,080 |  |  | — |
Foreign currency swaps |  | 1,761 |  |  | — |  |  | 1,761 |  |  | — |
Mortality swaps |  | 2,196 |  |  | — |  |  | — |  |  | 2,196 |
Total |  | $ | 1,145,363 |  |  | $ | — |  |  | $ | 36,757 |  |  | $ | 1,108,606 |
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 |  | 525,851 |  |  | 437,129 |  |  | 60,193 |  |  | 28,529 |
State and political subdivisions |  | 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 |
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 September 30, 2015 and December 31, 2014 (dollars in thousands):
September 30, 2015: |  |  |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
| Fair Value |  |  |
Assets: |  |  |  |  |  |  |  |
State and political subdivision securities |  | $ | 4,898 |  |  | Market comparable securities |  | Liquidity premium |  | 1 | %
Corporate securities |  | 186,499 |  |  | Market comparable securities |  | Liquidity premium |  | 0-2% (1%) |
U.S. government and agencies securities |  | 27,320 |  |  | Market comparable securities |  | Liquidity premium |  | 0-1% (1%) |
Funds withheld at interest- embedded derivatives |  | (49,498 | ) |  | Total return swap |  | Mortality |  | 0-100% (2%) |
|  |  |  |  |  | Lapse |  | 0-35% (6%) |
|  |  |  |  |  | Withdrawal |  | 0-5% (3%) |
|  |  |  |  |  | CVA |  | 0-5% (1%) |
|  |  |  |  |  | Crediting rate |  | 2-4% (3%) |
Longevity swaps |  | 13,298 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |
|  |  |  |  |  | Mortality improvement |  | (10%)-10% (3%) |
Liabilities: |  |  |  |  |  |  |  |
Interest sensitive contract liabilities- embedded derivatives- indexed annuities |  | 877,503 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |
|  |  |  |  |  | Lapse |  | 0-35% (6%) |
|  |  |  |  |  | Withdrawal |  | 0-5% (3%) |
|  |  |  |  |  | Option budget projection |  | 2-4% (3%) |
Interest sensitive contract liabilities- embedded derivatives- variable annuities |  | 228,907 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |
|  |  |  |  |  | Lapse |  | 0-25% (8%) |
|  |  |  |  |  | Withdrawal |  | 0-7% (3%) |
|  |  |  |  |  | CVA |  | 0-5% (1%) |
|  |  |  |  |  | Long-term volatility |  | 0-27% (14%) |
Mortality swaps |  | 2,196 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (1%) |
| December 31, 2014: |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range (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%) |
Fair Value Inputs, Liabilities, 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 September 30, 2015 and December 31, 2014 (dollars in thousands):
September 30, 2015: |  |  |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
| Fair Value |  |  |
Assets: |  |  |  |  |  |  |  |
State and political subdivision securities |  | $ | 4,898 |  |  | Market comparable securities |  | Liquidity premium |  | 1 | %
Corporate securities |  | 186,499 |  |  | Market comparable securities |  | Liquidity premium |  | 0-2% (1%) |
U.S. government and agencies securities |  | 27,320 |  |  | Market comparable securities |  | Liquidity premium |  | 0-1% (1%) |
Funds withheld at interest- embedded derivatives |  | (49,498 | ) |  | Total return swap |  | Mortality |  | 0-100% (2%) |
|  |  |  |  |  | Lapse |  | 0-35% (6%) |
|  |  |  |  |  | Withdrawal |  | 0-5% (3%) |
|  |  |  |  |  | CVA |  | 0-5% (1%) |
|  |  |  |  |  | Crediting rate |  | 2-4% (3%) |
Longevity swaps |  | 13,298 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |
|  |  |  |  |  | Mortality improvement |  | (10%)-10% (3%) |
Liabilities: |  |  |  |  |  |  |  |
Interest sensitive contract liabilities- embedded derivatives- indexed annuities |  | 877,503 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |
|  |  |  |  |  | Lapse |  | 0-35% (6%) |
|  |  |  |  |  | Withdrawal |  | 0-5% (3%) |
|  |  |  |  |  | Option budget projection |  | 2-4% (3%) |
Interest sensitive contract liabilities- embedded derivatives- variable annuities |  | 228,907 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |
|  |  |  |  |  | Lapse |  | 0-25% (8%) |
|  |  |  |  |  | Withdrawal |  | 0-7% (3%) |
|  |  |  |  |  | CVA |  | 0-5% (1%) |
|  |  |  |  |  | Long-term volatility |  | 0-27% (14%) |
Mortality swaps |  | 2,196 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (1%) |
| December 31, 2014: |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range (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%) |
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 three and nine months ended September 30, 2015 and 2014 (dollars in thousands):
|  | 2015 |  | 2014
|  | 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
Three months ended September 30: |  |  |  |  |  |  |  |
Fixed maturity securities - available-for-sale: |  |  |  |  |  |  |  |
Corporate securities |  | $ | — |  |  | $ | 47,199 |  |  | $ | — |  |  | $ | 5,888 |
Nine months ended September 30: |  |  |  |  |  |  |  |
Fixed maturity securities - available-for-sale: |  |  |  |  |  |  |  |
Corporate securities |  | $ | 625 |  |  | $ | 84,195 |  |  | $ | — |  |  | $ | 15,946 |
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 three and nine months ended September 30, 2015, as well as the portion of gains or losses included in income for the three and nine months ended September 30, 2015 attributable to unrealized gains or losses related to those assets and liabilities still held at September 30, 2015 (dollars in thousands):
For the three months ended September 30, 2015: |  | Fixed maturity securities - available-for-sale
|  | Corporate securities |  | Residential mortgage- backed securities |  | Asset-backed securities |  | Commercial mortgage- backed securities |  | U.S. government and agencies |  | State and political subdivisions
Fair value, beginning of period |  | $ | 1,237,317 |  |  | $ | 298,376 |  |  | $ | 580,510 |  |  | $ | 77,819 |  |  | $ | 27,359 |  |  | $ | 40,186 |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | (891 | ) |  | (378 | ) |  | 1,609 |  |  | 896 |  |  | (92 | ) |  | 7 |
Investment related gains (losses), net |  | (35 | ) |  | (143 | ) |  | 265 |  |  | (466 | ) |  | (37 | ) |  | (5 | )
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  | (1,125 | ) |  | 829 |  |  | (3,924 | ) |  | (1,265 | ) |  | 200 |  |  | (1,164 | )
Purchases(1) |  | 66,137 |  |  | 86,748 |  |  | 57,120 |  |  | — |  |  | 157 |  |  | — |
Sales(1) |  | — |  |  | (271 | ) |  | (174 | ) |  | (3,197 | ) |  | — |  |  | — |
Settlements(1) |  | (47,248 | ) |  | (12,263 | ) |  | (26,776 | ) |  | (1,144 | ) |  | (267 | ) |  | (30 | )
Transfers into Level 3 |  | 3,050 |  |  | 453 |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | (9,515 | ) |  | (3,684 | ) |  | (4,427 | ) |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 1,247,690 |  |  | $ | 369,667 |  |  | $ | 604,203 |  |  | $ | 72,643 |  |  | $ | 27,320 |  |  | $ | 38,994 |
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 |  | $ | (841 | ) |  | $ | (378 | ) |  | $ | 373 |  |  | $ | 841 |  |  | $ | (92 | ) |  | $ | 7 |
Investment related gains (losses), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
For the three months ended September 30, 2015 (continued): |  | Fixed maturity securities available-for-sale |  |  |  |  |  |  |  |  |  |
|  | Other foreign government, supranational and foreign government-sponsored enterprises |  | Funds withheld at interest- embedded derivatives |  | Other invested assets - non-redeemable preferred stock |  | Other assets longevity swaps |  | Interest sensitive contract liabilities embedded derivatives |  | Other liabilities mortality swaps
Fair value, beginning of period |  | $ | 14,657 |  |  | $ | (3,329 | ) |  | $ | 12,388 |  |  | $ | 10,853 |  |  | $ | (1,069,154 | ) |  | $ | (1,754 | )
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment related gains (losses), net |  | — |  |  | (46,169 | ) |  | — |  |  | — |  |  | (95,373 | ) |  | — |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | 50,245 |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  | 273 |  |  | — |  |  | (396 | ) |  | 41 |  |  | — |  |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | 2,404 |  |  | — |  |  | (442 | )
Purchases(1) |  | — |  |  | — |  |  | — |  |  | — |  |  | (9,333 | ) |  | — |
Sales(1) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements(1) |  | (316 | ) |  | — |  |  | — |  |  | — |  |  | 17,205 |  |  | — |
Transfers into Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 14,614 |  |  | $ | (49,498 | ) |  | $ | 11,992 |  |  | $ | 13,298 |  |  | $ | (1,106,410 | ) |  | $ | (2,196 | )
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 |  | — |  |  | (46,169 | ) |  | — |  |  | — |  |  | (97,696 | ) |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | 2,404 |  |  | — |  |  | (442 | )
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | 33,040 |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
For the nine months ended September 30, 2015: |  | Fixed maturity securities - available-for-sale
|  | Corporate securities |  | Residential mortgage- backed securities |  | Asset-backed securities |  | Commercial mortgage- backed securities |  | U.S. government and agencies |  | State and political subdivisions
Fair value, beginning of period |  | $ | 1,310,427 |  |  | $ | 188,094 |  |  | $ | 572,960 |  |  | $ | 86,746 |  |  | $ | 28,529 |  |  | $ | 42,711 |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | (2,745 | ) |  | (674 | ) |  | 4,539 |  |  | 2,167 |  |  | 1 |  |  | 22 |
Investment related gains (losses), net |  | (606 | ) |  | (208 | ) |  | 621 |  |  | (1,149 | ) |  | (154 | ) |  | (14 | )
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  | (11,958 | ) |  | 61 |  |  | (593 | ) |  | (1,961 | ) |  | (183 | ) |  | (2,619 | )
Purchases(1) |  | 180,019 |  |  | 217,055 |  |  | 142,292 |  |  | 42 |  |  | 432 |  |  | — |
Sales(1) |  | (3,949 | ) |  | (985 | ) |  | (9,145 | ) |  | (6,153 | ) |  | — |  |  | — |
Settlements(1) |  | (210,544 | ) |  | (26,599 | ) |  | (94,649 | ) |  | (7,157 | ) |  | (1,305 | ) |  | (271 | )
Transfers into Level 3 |  | 3,463 |  |  | 2,853 |  |  | 9,055 |  |  | 12,828 |  |  | — |  |  | — |
Transfers out of Level 3 |  | (16,417 | ) |  | (9,930 | ) |  | (20,877 | ) |  | (12,720 | ) |  | — |  |  | (835 | )
Fair value, end of period |  | $ | 1,247,690 |  |  | $ | 369,667 |  |  | $ | 604,203 |  |  | $ | 72,643 |  |  | $ | 27,320 |  |  | $ | 38,994 |
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 |  | $ | (2,641 | ) |  | $ | (675 | ) |  | $ | 2,478 |  |  | $ | 2,070 |  |  | $ | 1 |  |  | $ | 22 |
Investment related gains (losses), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
For the nine months ended September 30, 2015 (continued): |  | Fixed maturity securities available-for-sale |  |  |  |  |  |  |  |  |  |
|  | Other foreign government, supranational and foreign government-sponsored enterprises |  | Funds withheld at interest- embedded derivatives |  | Other invested assets - non-redeemable preferred stock |  | Other assets longevity swaps |  | Interest sensitive contract liabilities embedded derivatives |  | Other liabilities mortality swaps
Fair value, beginning of period |  | $ | 19,663 |  |  | $ | 22,094 |  |  | $ | 7,904 |  |  | $ | 7,727 |  |  | $ | (1,085,166 | ) |  | $ | (797 | )
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment related gains (losses), net |  | — |  |  | (71,592 | ) |  | — |  |  | — |  |  | (69,628 | ) |  | — |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | 28,999 |  |  | — |
Included in other comprehensive income |  | 223 |  |  | — |  |  | (412 | ) |  | (565 | ) |  | — |  |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | 6,136 |  |  | — |  |  | (1,399 | )
Purchases(1) |  | — |  |  | — |  |  | 4,529 |  |  | — |  |  | (34,901 | ) |  | — |
Sales(1) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements(1) |  | (939 | ) |  | — |  |  | — |  |  | — |  |  | 54,286 |  |  | — |
Transfers into Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | (4,333 | ) |  | — |  |  | (29 | ) |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 14,614 |  |  | $ | (49,498 | ) |  | $ | 11,992 |  |  | $ | 13,298 |  |  | $ | (1,106,410 | ) |  | $ | (2,196 | )
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 |  | — |  |  | (71,592 | ) |  | — |  |  | — |  |  | (77,338 | ) |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | 6,136 |  |  | — |  |  | (1,399 | )
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | (25,288 | ) |  | — |
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 three and nine months ended September 30, 2014, as well as the portion of gains or losses included in income for the three and nine months ended September 30, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at September 30, 2014 (dollars in thousands):
For the three months ended September 30, 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 |  | State and political subdivision securities
Fair value, beginning of period |  | $ | 1,287,940 |  |  | $ | 185,547 |  |  | $ | 556,160 |  |  | $ | 97,914 |  |  | $ | 32,994 |  |  | $ | 45,767 |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | (1,332 | ) |  | (122 | ) |  | 1,919 |  |  | 523 |  |  | (134 | ) |  | 9 |
Investment related gains (losses), net |  | (107 | ) |  | 37 |  |  | 740 |  |  | 7 |  |  | (63 | ) |  | (4 | )
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  | (13,424 | ) |  | (462 | ) |  | (1,116 | ) |  | (2,248 | ) |  | (115 | ) |  | 431 |
Purchases (1) |  | 180,319 |  |  | 16,395 |  |  | 24,152 |  |  | 6,180 |  |  | 167 |  |  | — |
Sales(1) |  | (590 | ) |  | — |  |  | (2,053 | ) |  | — |  |  | — |  |  | — |
Settlements(1) |  | (76,968 | ) |  | (16,104 | ) |  | (30,104 | ) |  | (1,315 | ) |  | (2,461 | ) |  | (66 | )
Transfers into Level 3 |  | 3,327 |  |  | 2,211 |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | (2,161 | ) |  | — |  |  | (5,066 | ) |  | (5,542 | ) |  | — |  |  | (3,632 | )
Fair value, end of period |  | $ | 1,377,004 |  |  | $ | 187,502 |  |  | $ | 544,632 |  |  | $ | 95,519 |  |  | $ | 30,388 |  |  | $ | 42,505 |
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 |  | $ | (1,335 | ) |  | $ | (121 | ) |  | $ | 1,689 |  |  | $ | 523 |  |  | $ | (134 | ) |  | $ | 9 |
Investment related gains (losses), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | Fixed maturity securities available-for-sale |  |  |  |  |  |  |  |
For the three months ended September 30, 2014 (continued): |  | Other foreign government, supranational and foreign government-sponsored enterprises |  | Funds withheld at interest- embedded derivative |  | Other assets longevity swaps |  | Interest sensitive contract liabilities embedded derivatives |  | Other liabilities mortality swaps
Fair value, beginning of period |  | $ | 10,888 |  |  | $ | (20,194 | ) |  | $ | — |  |  | $ | (940,236 | ) |  | $ | — |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment related gains (losses), net |  | — |  |  | 56,811 |  |  | — |  |  | (47,479 | ) |  | — |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | (35,651 | ) |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  | (72 | ) |  | — |  |  | (92 | ) |  | — |  |  | — |
Other revenues |  | — |  |  | — |  |  | 4,499 |  |  | — |  |  | (320 | )
Purchases(1) |  | — |  |  | — |  |  | — |  |  | (11,912 | ) |  | — |
Sales(1) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements(1) |  | (304 | ) |  | — |  |  | — |  |  | 17,351 |  |  | — |
Transfers into Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 10,512 |  |  | $ | 36,617 |  |  | $ | 4,407 |  |  | $ | (1,017,927 | ) |  | $ | (320 | )
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 |  | — |  |  | 56,811 |  |  | — |  |  | (48,677 | ) |  | — |
Other revenues |  | — |  |  | — |  |  | 4,499 |  |  | — |  |  | (320 | )
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | (53,001 | ) |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
For the nine months ended September 30, 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 |  | 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 |  | (3,718 | ) |  | (24 | ) |  | 6,031 |  |  | 1,342 |  |  | (416 | ) |  | 31 |
Investment related gains (losses), net |  | (101 | ) |  | 174 |  |  | 1,987 |  |  | 99 |  |  | (313 | ) |  | (12 | )
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  | (4,888 | ) |  | 2,793 |  |  | 4,898 |  |  | 2,426 |  |  | 762 |  |  | 2,875 |
Purchases(1) |  | 312,380 |  |  | 48,543 |  |  | 148,260 |  |  | 6,180 |  |  | 460 |  |  | — |
Sales(1) |  | (48,266 | ) |  | (744 | ) |  | (22,923 | ) |  | (14,626 | ) |  | — |  |  | — |
Settlements(1) |  | (177,914 | ) |  | (28,676 | ) |  | (42,737 | ) |  | (1,858 | ) |  | (11,024 | ) |  | (532 | )
Transfers into Level 3 |  | 10,257 |  |  | 13,675 |  |  | 11,614 |  |  | 5,712 |  |  | — |  |  | — |
Transfers out of Level 3 |  | (56,035 | ) |  | (1,744 | ) |  | (34,346 | ) |  | (5,541 | ) |  | — |  |  | (3,633 | )
Fair value, end of period |  | $ | 1,377,004 |  |  | $ | 187,502 |  |  | $ | 544,632 |  |  | $ | 95,519 |  |  | $ | 30,388 |  |  | $ | 42,505 |
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 |  | $ | (3,671 | ) |  | $ | (28 | ) |  | $ | 3,694 |  |  | $ | 1,398 |  |  | $ | (416 | ) |  | $ | 31 |
Investment related gains (losses), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
For the nine months ended September 30, 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 swaps |  | Interest sensitive contract liabilities embedded derivatives |  | Other liabilities mortality swaps
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 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment related gains (losses), net |  | — |  |  | 212,887 |  |  | — |  |  | — |  |  | (76,323 | ) |  | — |
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | (86,775 | ) |  | — |
Policy acquisition costs and other insurance expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income |  | (40 | ) |  | — |  |  | — |  |  | (92 | ) |  | — |  |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | 4,499 |  |  | — |  |  | (320 | )
Purchases(1) |  | — |  |  | — |  |  | — |  |  | — |  |  | (41,321 | ) |  | — |
Sales(1) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements(1) |  | (903 | ) |  | — |  |  | — |  |  | — |  |  | 55,217 |  |  | — |
Transfers into Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | (26,542 | ) |  | — |  |  | (4,962 | ) |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 10,512 |  |  | $ | 36,617 |  |  | $ | — |  |  | $ | 4,407 |  |  | $ | (1,017,927 | ) |  | $ | (320 | )
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 |  | — |  |  | 212,887 |  |  | — |  |  | — |  |  | (78,834 | ) |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | 4,499 |  |  | — |  |  | (320 | )
Claims & other policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | (141,992 | ) |  | — |
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.
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | 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 September 30, |  | Three months ended September 30, |  | Nine months ended September 30,
(dollars in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  | 2015 |  | 2014
Mortgage loans(1) |  | $ | 11,750 |  |  | $ | 9,580 |  |  | $ | 67 |  |  | $ | 2,206 |  |  | $ | 106 |  |  | $ | 550 |
Limited partnership interests(2) |  | 12,550 |  |  | 19,282 |  |  | (924 | ) |  | (2,134 | ) |  | (5,433 | ) |  | (6,305 | )
(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.
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 September 30, 2015 and December 31, 2014 (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. In addition, the table excludes assets received prior to the effective date of the acquisition as described in Note 17 - “Subsequent Event”, as the carrying value of these assets equals the estimated fair value as of the date of the financial statements.
September 30, 2015: |  | Carrying Value |  | Estimated Fair Value |  | Fair Value Measurement Using:
Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |
Mortgage loans on real estate |  | $ | 3,170,002 |  |  | $ | 3,255,198 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,255,198 |
Policy loans |  | 1,444,009 |  |  | 1,444,009 |  |  | — |  |  | 1,444,009 |  |  | — |
Funds withheld at interest(1) |  | 5,723,581 |  |  | 6,089,263 |  |  | — |  |  | — |  |  | 6,089,263 |
Cash and cash equivalents(2) |  | 925,508 |  |  | 925,508 |  |  | 925,508 |  |  | — |  |  | — |
Short-term investments(2) |  | 46,371 |  |  | 46,371 |  |  | 46,371 |  |  | — |  |  | — |
Other invested assets(2) |  | 381,970 |  |  | 434,205 |  |  | 4,563 |  |  | 34,526 |  |  | 395,116 |
Accrued investment income |  | 342,088 |  |  | 342,088 |  |  | — |  |  | 342,088 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities(1) |  | $ | 9,807,740 |  |  | $ | 10,139,341 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,139,341 |
Long-term debt |  | 2,313,053 |  |  | 2,451,987 |  |  | — |  |  | — |  |  | 2,451,987 |
Collateral finance and securitization notes |  | 914,452 |  |  | 809,943 |  |  | — |  |  | — |  |  | 809,943 |
December 31, 2014: |  | Carrying Value |  | Estimated Fair Value |  | Fair Value Measurement Using:
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 |
(1) | Carrying values presented herein differ from those presented in the condensed 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 condensed 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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