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Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 are summarized below (dollars in thousands):
March 31, 2018: |  |  |  | Fair Value Measurements Using:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Fixed maturity securities – available-for-sale: |  |  |  |  |  |  |  |
Corporate |  | $ | 23,520,469 |  |  | $ | — |  |  | $ | 22,221,205 |  |  | $ | 1,299,264 |
Canadian government |  | 4,097,854 |  |  | — |  |  | 3,525,107 |  |  | 572,747 |
RMBS |  | 1,787,148 |  |  | — |  |  | 1,666,534 |  |  | 120,614 |
ABS |  | 1,734,722 |  |  | — |  |  | 1,604,016 |  |  | 130,706 |
CMBS |  | 1,281,933 |  |  | — |  |  | 1,280,049 |  |  | 1,884 |
U.S. government |  | 1,436,114 |  |  | 1,313,806 |  |  | 101,255 |  |  | 21,053 |
State and political subdivisions |  | 713,513 |  |  | — |  |  | 671,637 |  |  | 41,876 |
Other foreign government |  | 3,373,507 |  |  | — |  |  | 3,368,503 |  |  | 5,004 |
Total fixed maturity securities – available-for-sale |  | 37,945,260 |  |  | 1,313,806 |  |  | 34,438,306 |  |  | 2,193,148 |
Equity securities |  | 103,983 |  |  | 67,831 |  |  | — |  |  | 36,152 |
Funds withheld at interest – embedded derivatives |  | 135,805 |  |  | — |  |  | — |  |  | 135,805 |
Cash equivalents |  | 538,761 |  |  | 538,761 |  |  | — |  |  | — |
Short-term investments |  | 58,499 |  |  | 67 |  |  | 55,215 |  |  | 3,217 |
Other invested assets: |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |
Interest rate swaps |  | 40,812 |  |  | — |  |  | 40,812 |  |  | — |
Foreign currency forwards |  | 6,932 |  |  | — |  |  | 6,932 |  |  | — |
CPI swaps |  | (99 | ) |  | — |  |  | (99 | ) |  | — |
Credit default swaps |  | 5,465 |  |  | — |  |  | 5,465 |  |  | — |
Equity options |  | 27,140 |  |  | — |  |  | 27,140 |  |  | — |
Foreign currency swaps |  | 51,945 |  |  | — |  |  | 51,945 |  |  | — |
FVO contractholder-directed unit-linked investments |  | 221,512 |  |  | 221,043 |  |  | 469 |  |  | — |
Total other invested assets |  | 353,707 |  |  | 221,043 |  |  | 132,664 |  |  | — |
Other assets - longevity swaps |  | 44,011 |  |  | — |  |  | — |  |  | 44,011 |
Total |  | $ | 39,180,026 |  |  | $ | 2,141,508 |  |  | $ | 34,626,185 |  |  | $ | 2,412,333 |
Liabilities: |  |  |  |  |  |  |  |
Interest sensitive contract liabilities – embedded derivatives |  | $ | 964,795 |  |  | $ | — |  |  | $ | — |  |  | $ | 964,795 |
Other liabilities: |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |
Interest rate swaps |  | 11,752 |  |  | — |  |  | 11,752 |  |  | — |
Foreign currency forwards |  | (345 | ) |  | — |  |  | (345 | ) |  | — |
CPI swaps |  | 201 |  |  | — |  |  | 201 |  |  | — |
Credit default swaps |  | (756 | ) |  | — |  |  | (756 | ) |  | — |
Equity options |  | (6,818 | ) |  | — |  |  | (6,818 | ) |  | — |
Foreign currency swaps |  | 1,003 |  |  | — |  |  | 1,003 |  |  | — |
Mortality swaps |  | 1,683 |  |  | — |  |  | — |  |  | 1,683 |
Total |  | $ | 971,515 |  |  | $ | — |  |  | $ | 5,037 |  |  | $ | 966,478 |
December 31, 2017: |  |  |  | Fair Value Measurements Using:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Fixed maturity securities – available-for-sale: |  |  |  |  |  |  |  |
Corporate |  | $ | 23,210,968 |  |  | $ | — |  |  | $ | 21,873,696 |  |  | $ | 1,337,272 |
Canadian government |  | 4,220,076 |  |  | — |  |  | 3,626,134 |  |  | 593,942 |
RMBS |  | 1,719,880 |  |  | — |  |  | 1,611,998 |  |  | 107,882 |
ABS |  | 1,648,362 |  |  | — |  |  | 1,524,888 |  |  | 123,474 |
CMBS |  | 1,303,387 |  |  | — |  |  | 1,300,153 |  |  | 3,234 |
U.S. government |  | 1,943,592 |  |  | 1,818,006 |  |  | 103,075 |  |  | 22,511 |
State and political subdivisions |  | 703,428 |  |  | — |  |  | 662,225 |  |  | 41,203 |
Other foreign government |  | 3,401,127 |  |  | — |  |  | 3,396,035 |  |  | 5,092 |
Total fixed maturity securities – available-for-sale |  | 38,150,820 |  |  | 1,818,006 |  |  | 34,098,204 |  |  | 2,234,610 |
Equity securities: |  |  |  |  |  |  |  |
Non-redeemable preferred stock |  | 39,806 |  |  | 39,806 |  |  | — |  |  | — |
Other equity securities |  | 60,346 |  |  | 60,346 |  |  | — |  |  | — |
Funds withheld at interest – embedded derivatives |  | 122,194 |  |  | — |  |  | — |  |  | 122,194 |
Cash equivalents |  | 356,788 |  |  | 354,071 |  |  | 2,717 |  |  | — |
Short-term investments |  | 50,746 |  |  | — |  |  | 47,650 |  |  | 3,096 |
Other invested assets: |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |
Interest rate swaps |  | 51,359 |  |  | — |  |  | 51,359 |  |  | — |
Foreign currency forwards |  | 730 |  |  | — |  |  | 730 |  |  | — |
CPI swaps |  | (221 | ) |  | — |  |  | (221 | ) |  | — |
Credit default swaps |  | 5,908 |  |  | — |  |  | 5,908 |  |  | — |
Equity options |  | 16,932 |  |  | — |  |  | 16,932 |  |  | — |
Foreign currency swaps |  | 62,905 |  |  | — |  |  | 62,905 |  |  | — |
FVO contractholder-directed unit-linked investments |  | 218,541 |  |  | 217,618 |  |  | 923 |  |  | — |
Total other invested assets |  | 356,154 |  |  | 217,618 |  |  | 138,536 |  |  | — |
Other assets - longevity swaps |  | 40,659 |  |  | — |  |  | — |  |  | 40,659 |
Total |  | $ | 39,177,513 |  |  | $ | 2,489,847 |  |  | $ | 34,287,107 |  |  | $ | 2,400,559 |
Liabilities: |  |  |  |  |  |  |  |
Interest sensitive contract liabilities – embedded derivatives |  | $ | 1,014,228 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,014,228 |
Other liabilities: |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |
Interest rate swaps |  | 14,311 |  |  | — |  |  | 14,311 |  |  | — |
Foreign currency forwards |  | 7,213 |  |  | — |  |  | 7,213 |  |  | — |
CPI swaps |  | 1,939 |  |  | — |  |  | 1,939 |  |  | — |
Credit default swaps |  | (760 | ) |  | — |  |  | (760 | ) |  | — |
Equity options |  | (6,339 | ) |  | — |  |  | (6,339 | ) |  | — |
Foreign currency swaps |  | 6,194 |  |  | — |  |  | 6,194 |  |  | — |
Mortality swaps |  | 1,683 |  |  | — |  |  | — |  |  | 1,683 |
Total |  | $ | 1,038,469 |  |  | $ | — |  |  | $ | 22,558 |  |  | $ | 1,015,911 |
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 months ended March 31, 2017 (dollars in thousands):
|  | 2017
|  | Transfers from Level 1 to Level 2 |  | Transfers from Level 2 to Level 1
Fixed maturity securities - available-for-sale: |  |  |  |
Corporate |  | $ | — |  |  | $ | 38,675 |
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 internally by the Company as of March 31, 2018 and December 31, 2017 (dollars in thousands):
| Estimated Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
March 31, 2018 |  | December 31, 2017 |  |  |  | March 31, 2018 |  | December 31, 2017
Assets: |  |  |  |  |  |  |  |  |  |  |
Corporate | $183,680 |  | $173,579 |  | Market comparable securities |  | Liquidity premium |  | 0-2% (1%) |  |  | 0-2% (1%) |
|  |  |  |  |  |  | EBITDA Multiple |  | 5.9X - 7.5X (6.6X) |  |  | — |
U.S. government | 21,053 |  |  | 22,511 |  |  | Market comparable securities |  | Liquidity premium |  | 0-1% (1%) |  |  | 0-1% (1%) |
State and political subdivisions | 4,452 |  |  | 4,616 |  |  | Market comparable securities |  | Liquidity premium |  | 1 | % |  | 1 | %
Equity securities | 25,987 |  |  | — |  |  | Market comparable securities |  | Liquidity premium |  | 3% |  |  | — |
|  |  |  |  |  |  | EBITDA Multiple |  | 6.9X - 13.1X (8.0X) |  |  | — |
Funds withheld at interest- embedded derivatives | 135,805 |  |  | 122,194 |  |  | Total return swap |  | Mortality |  | 0-100% (2%) |  |  | 0-100% (2%) |
|  |  |  |  |  |  | Lapse |  | 0-35% (9%) |  |  | 0-35% (9%) |
|  |  |  |  |  |  | Withdrawal |  | 0-5% (3%) |  |  | 0-5% (3%) |
|  |  |  |  |  |  | CVA |  | 0-5% (1%) |  |  | 0-5% (1%) |
|  |  |  |  |  |  | Crediting rate |  | 2-4% (2%) |  |  | 2-4% (2%) |
Longevity swaps | 44,011 |  |  | 40,659 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |  |  | 0-100% (2%) |
|  |  |  |  |  |  | Mortality improvement |  | (10%)-10% (3%) |  |  | (10%)-10% (3%) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest sensitive contract liabilities- embedded derivatives- indexed annuities | 827,109 |  |  | 861,758 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |  |  | 0-100% (2%) |
|  |  |  |  |  |  | Lapse |  | 0-35% (9%) |  |  | 0-35% (9%) |
|  |  |  |  |  |  | Withdrawal |  | 0-5% (3%) |  |  | 0-5% (3%) |
|  |  |  |  |  |  | Option budget projection |  | 2-4% (2%) |  |  | 2-4% (2%) |
Interest sensitive contract liabilities- embedded derivatives- variable annuities | 137,686 |  |  | 152,470 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (1%) |  |  | 0-100% (1%) |
|  |  |  |  |  |  | Lapse |  | 0-25% (5%) |  |  | 0-25% (5%) |
|  |  |  |  |  |  | Withdrawal |  | 0-7% (4%) |  |  | 0-7% (3%) |
|  |  |  |  |  |  | CVA |  | 0-5% (1%) |  |  | 0-5% (1%) |
|  |  |  |  |  |  | Long-term volatility |  | 0-27% (13%) |  |  | 0-27% (8%) |
Mortality swaps | 1,683 |  |  | 1,683 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (1%) |  |  | 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 internally by the Company as of March 31, 2018 and December 31, 2017 (dollars in thousands):
| Estimated Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
March 31, 2018 |  | December 31, 2017 |  |  |  | March 31, 2018 |  | December 31, 2017
Assets: |  |  |  |  |  |  |  |  |  |  |
Corporate | $183,680 |  | $173,579 |  | Market comparable securities |  | Liquidity premium |  | 0-2% (1%) |  |  | 0-2% (1%) |
|  |  |  |  |  |  | EBITDA Multiple |  | 5.9X - 7.5X (6.6X) |  |  | — |
U.S. government | 21,053 |  |  | 22,511 |  |  | Market comparable securities |  | Liquidity premium |  | 0-1% (1%) |  |  | 0-1% (1%) |
State and political subdivisions | 4,452 |  |  | 4,616 |  |  | Market comparable securities |  | Liquidity premium |  | 1 | % |  | 1 | %
Equity securities | 25,987 |  |  | — |  |  | Market comparable securities |  | Liquidity premium |  | 3% |  |  | — |
|  |  |  |  |  |  | EBITDA Multiple |  | 6.9X - 13.1X (8.0X) |  |  | — |
Funds withheld at interest- embedded derivatives | 135,805 |  |  | 122,194 |  |  | Total return swap |  | Mortality |  | 0-100% (2%) |  |  | 0-100% (2%) |
|  |  |  |  |  |  | Lapse |  | 0-35% (9%) |  |  | 0-35% (9%) |
|  |  |  |  |  |  | Withdrawal |  | 0-5% (3%) |  |  | 0-5% (3%) |
|  |  |  |  |  |  | CVA |  | 0-5% (1%) |  |  | 0-5% (1%) |
|  |  |  |  |  |  | Crediting rate |  | 2-4% (2%) |  |  | 2-4% (2%) |
Longevity swaps | 44,011 |  |  | 40,659 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |  |  | 0-100% (2%) |
|  |  |  |  |  |  | Mortality improvement |  | (10%)-10% (3%) |  |  | (10%)-10% (3%) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest sensitive contract liabilities- embedded derivatives- indexed annuities | 827,109 |  |  | 861,758 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |  |  | 0-100% (2%) |
|  |  |  |  |  |  | Lapse |  | 0-35% (9%) |  |  | 0-35% (9%) |
|  |  |  |  |  |  | Withdrawal |  | 0-5% (3%) |  |  | 0-5% (3%) |
|  |  |  |  |  |  | Option budget projection |  | 2-4% (2%) |  |  | 2-4% (2%) |
Interest sensitive contract liabilities- embedded derivatives- variable annuities | 137,686 |  |  | 152,470 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (1%) |  |  | 0-100% (1%) |
|  |  |  |  |  |  | Lapse |  | 0-25% (5%) |  |  | 0-25% (5%) |
|  |  |  |  |  |  | Withdrawal |  | 0-7% (4%) |  |  | 0-7% (3%) |
|  |  |  |  |  |  | CVA |  | 0-5% (1%) |  |  | 0-5% (1%) |
|  |  |  |  |  |  | Long-term volatility |  | 0-27% (13%) |  |  | 0-27% (8%) |
Mortality swaps | 1,683 |  |  | 1,683 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (1%) |  |  | 0-100% (1%) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
For the three months ended March 31, 2018: |  | Fixed maturity securities - available-for-sale
|  | Corporate |  | Canadian government |  | RMBS |  | ABS
Fair value, beginning of period |  | $ | 1,337,272 |  |  | $ | 593,942 |  |  | $ | 107,882 |  |  | $ | 123,474 |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | (361 | ) |  | 3,444 |  |  | (92 | ) |  | 106 |
Investment related gains (losses), net |  | — |  |  | — |  |  | — |  |  | 2 |
Included in other comprehensive income |  | (32,852 | ) |  | (24,639 | ) |  | (1,110 | ) |  | 853 |
Purchases(1) |  | 100,170 |  |  | — |  |  | 20,916 |  |  | 11,000 |
Sales(1) |  | (6,180 | ) |  | — |  |  | — |  |  | — |
Settlements(1) |  | (75,146 | ) |  | — |  |  | (2,963 | ) |  | (2,739 | )
Transfers into Level 3 |  | 7,166 |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | (30,805 | ) |  | — |  |  | (4,019 | ) |  | (1,990 | )
Fair value, end of period |  | $ | 1,299,264 |  |  | $ | 572,747 |  |  | $ | 120,614 |  |  | $ | 130,706 |
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 |  | $ | (361 | ) |  | $ | 3,444 |  |  | $ | (92 | ) |  | $ | 106 |
For the three months ended March 31, 2018 (continued): |  | Fixed maturity securities - available-for-sale
|  | CMBS |  | U.S. government |  | State and political subdivisions |  | Other foreign government
Fair value, beginning of period |  | $ | 3,234 |  |  | $ | 22,511 |  |  | $ | 41,203 |  |  | $ | 5,092 |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | — |  |  | (110 | ) |  | 8 |  |  | — |
Included in other comprehensive income |  | (47 | ) |  | (340 | ) |  | 700 |  |  | (88 | )
Purchases(1) |  | — |  |  | 96 |  |  | — |  |  | — |
Settlements(1) |  | (1 | ) |  | (1,104 | ) |  | (35 | ) |  | — |
Transfers out of Level 3 |  | (1,302 | ) |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 1,884 |  |  | $ | 21,053 |  |  | $ | 41,876 |  |  | $ | 5,004 |
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 |  | $ | — |  |  | $ | (110 | ) |  | $ | 8 |  |  | $ | — |
For the three months ended March 31, 2018 (continued): |  | Equity securities |  | Funds withheld at interest- embedded derivatives |  | Short-term Investments |  | Other assets - longevity swaps |  | Interest sensitive contract liabilities embedded derivatives |  | Other liabilities - mortality swaps
Fair value, beginning of period |  | $ | — |  |  | $ | 122,194 |  |  | $ | 3,096 |  |  | $ | 40,659 |  |  | $ | (1,014,229 | ) |  | $ | (1,683 | )
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment related gains (losses), net |  | (2,677 | ) |  | 13,611 |  |  | — |  |  | — |  |  | 14,785 |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,351 |  |  | — |
Included in other comprehensive income |  | — |  |  | — |  |  | (25 | ) |  | 1,085 |  |  | — |  |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | 2,267 |  |  | — |  |  | — |
Purchases(1) |  | — |  |  | — |  |  | 146 |  |  | — |  |  | (8,508 | ) |  | — |
Sales(1) |  | (28 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements(1) |  | (48 | ) |  | — |  |  | — |  |  | — |  |  | 17,807 |  |  | — |
Transfers into Level 3 |  | 38,905 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 36,152 |  |  | $ | 135,805 |  |  | $ | 3,217 |  |  | $ | 44,011 |  |  | $ | (964,794 | ) |  | $ | (1,683 | )
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 |  | (2,705 | ) |  | 13,611 |  |  | — |  |  | — |  |  | 12,901 |  |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | 2,267 |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,544 |  |  | — |
For the three months ended March 31, 2017: |  | Fixed maturity securities - available-for-sale
|  | Corporate |  | Canadian governments |  | RMBS |  | ABS |  | CMBS |  | U.S. government
Fair value, beginning of period |  | $ | 1,272,253 |  |  | $ | 475,965 |  |  | $ | 160,291 |  |  | $ | 219,280 |  |  | $ | 21,145 |  |  | $ | 24,488 |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | (423 | ) |  | 3,070 |  |  | (245 | ) |  | 1,018 |  |  | 709 |  |  | (117 | )
Investment related gains (losses), net |  | (1,231 | ) |  | — |  |  | 365 |  |  | — |  |  | (595 | ) |  | — |
Included in other comprehensive income |  | 4,948 |  |  | 4,525 |  |  | 650 |  |  | 5,767 |  |  | (83 | ) |  | 52 |
Purchases(1) |  | 45,914 |  |  | — |  |  | 16,499 |  |  | 10,849 |  |  | — |  |  | 104 |
Sales(1) |  | — |  |  | — |  |  | (10,604 | ) |  | — |  |  | (3,720 | ) |  | — |
Settlements(1) |  | (71,470 | ) |  | — |  |  | (6,784 | ) |  | (18,154 | ) |  | (5,401 | ) |  | (1,053 | )
Transfers into Level 3 |  | 13,934 |  |  | — |  |  | 77 |  |  | 35,258 |  |  | — |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |  |  | (16,819 | ) |  | (45,582 | ) |  | (10,132 | ) |  | — |
Fair value, end of period |  | $ | 1,263,925 |  |  | $ | 483,560 |  |  | $ | 143,430 |  |  | $ | 208,436 |  |  | $ | 1,923 |  |  | $ | 23,474 |
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 |  | $ | (423 | ) |  | $ | 3,070 |  |  | $ | (91 | ) |  | $ | 161 |  |  | $ | — |  |  | $ | (117 | )
Investment related gains (losses), net |  | (1,293 | ) |  | — |  |  | (346 | ) |  | — |  |  | — |  |  | — |
For the three months ended March 31, 2017 (continued): |  | Fixed maturity securities available-for-sale |  |  |  |  |  |  |  |  |  |
|  | State and political subdivisions |  | Other foreign government |  | Funds withheld at interest- embedded derivatives |  | Short-term Investments |  | Other assets - longevity swaps |  | Interest sensitive contract liabilities embedded derivatives |  | Other liabilities - mortality swaps
Fair value, beginning of period |  | $ | 41,666 |  |  | $ | 12,869 |  |  | $ | (22,529 | ) |  | $ | 3,346 |  |  | $ | 26,958 |  |  | $ | (990,308 | ) |  | $ | (2,462 | )
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | (88 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment related gains (losses), net |  | — |  |  | — |  |  | 68,702 |  |  | — |  |  | — |  |  | 22,362 |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16,402 | ) |  | — |
Included in other comprehensive income |  | (843 | ) |  | (191 | ) |  | — |  |  | 33 |  |  | 347 |  |  | — |  |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,865 |  |  | — |  |  | (395 | )
Purchases(1) |  | — |  |  | — |  |  | — |  |  | 32 |  |  | — |  |  | (6,393 | ) |  | — |
Settlements(1) |  | (33 | ) |  | (334 | ) |  | — |  |  | (135 | ) |  | — |  |  | 17,811 |  |  | — |
Transfers out of Level 3 |  | (6,844 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 33,858 |  |  | $ | 12,344 |  |  | $ | 46,173 |  |  | $ | 3,276 |  |  | $ | 29,170 |  |  | $ | (972,930 | ) |  | $ | (2,857 | )
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 |  | $ | (88 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Investment related gains (losses), net |  | — |  |  | — |  |  | 68,702 |  |  | — |  |  | — |  |  | 20,300 |  |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,865 |  |  | — |  |  | (395 | )
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (34,214 | ) |  | — |
(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.
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, as of March 31, 2018 and December 31, 2017 (dollars in thousands). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 in the Notes to Consolidated Financial Statements included in the Company’s 2017 Annual Report. 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.
March 31, 2018: |  | Carrying Value (1) |  | Estimated Fair Value |  | Fair Value Measurement Using:
Level 1 |  | Level 2 |  | Level 3 |  | NAV
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans on real estate |  | $ | 4,437,994 |  |  | $ | 4,411,472 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,411,472 |  |  | $ | — |
Policy loans |  | 1,346,930 |  |  | 1,346,930 |  |  | — |  |  | 1,346,930 |  |  | — |  |  | — |
Funds withheld at interest |  | 5,865,791 |  |  | 6,098,479 |  |  | — |  |  | — |  |  | 6,098,479 |  |  | — |
Cash and cash equivalents |  | 971,646 |  |  | 971,646 |  |  | 971,646 |  |  | — |  |  | — |  |  | — |
Short-term investments |  | 71,931 |  |  | 71,931 |  |  | 71,931 |  |  | — |  |  | — |  |  | — |
Other invested assets |  | 690,200 |  |  | 710,009 |  |  | 10,165 |  |  | 68,903 |  |  | 283,205 |  |  | 347,736 |
Accrued investment income |  | 408,338 |  |  | 408,338 |  |  | — |  |  | 408,338 |  |  | — |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities |  | $ | 13,169,951 |  |  | $ | 13,151,162 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,151,162 |  |  | $ | — |
Long-term debt |  | 2,788,240 |  |  | 2,916,200 |  |  | — |  |  | — |  |  | 2,916,200 |  |  | — |
Collateral finance and securitization notes |  | 753,393 |  |  | 692,696 |  |  | — |  |  | — |  |  | 692,696 |  |  | — |
December 31, 2017: |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans on real estate |  | $ | 4,400,533 |  |  | $ | 4,477,654 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,477,654 |  |  | $ | — |
Policy loans |  | 1,357,624 |  |  | 1,357,624 |  |  | — |  |  | 1,357,624 |  |  | — |  |  | — |
Funds withheld at interest |  | 5,955,092 |  |  | 6,275,623 |  |  | — |  |  | — |  |  | 6,275,623 |  |  | — |
Cash and cash equivalents |  | 946,736 |  |  | 946,736 |  |  | 946,736 |  |  | — |  |  | — |  |  | — |
Short-term investments |  | 42,558 |  |  | 42,558 |  |  | 42,558 |  |  | — |  |  | — |  |  | — |
Other invested assets |  | 651,792 |  |  | 679,377 |  |  | 28,540 |  |  | 67,778 |  |  | 247,934 |  |  | 335,125 |
Accrued investment income |  | 392,721 |  |  | 392,721 |  |  | — |  |  | 392,721 |  |  | — |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities |  | $ | 12,683,872 |  |  | $ | 12,917,243 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,917,243 |  |  | $ | — |
Long-term debt |  | 2,788,365 |  |  | 2,959,912 |  |  | — |  |  | — |  |  | 2,959,912 |  |  | — |
Collateral finance and securitization notes |  | 783,938 |  |  | 722,145 |  |  | — |  |  | — |  |  | 722,145 |  |  | — |
(1) |

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