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Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables)

3 Months Ended

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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This element represents the disclosure related to transfers of assets and liabilities between level 1 and level 2 for items measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition.

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Carrying amounts and estimated fair value of financial instruments.

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X

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258

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- References

No definition available.

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X

- Definition

Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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- Definition

Tabular disclosure of quantitative information about the inputs used in the fair value measurement of liabilities. This disclosure may include, but is not limited to, the fair value of the liability, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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