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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Revenues:        
Traditional life and accident and health insurance premiums $ 3,300 $ 3,126 $ 9,770 $ 9,331
Annuity product charges 23,875 20,405 65,176 57,259
Net investment income 318,594 305,502 965,763 894,508
Change in fair value of derivatives 161,090 (333,621) 269,404 (206,997)
Net realized gains on investments, excluding other than temporary impairment (OTTI) losses (1,238) (17,292) (7,925) (19,339)
OTTI losses on investments:        
Total OTTI losses 0 (5,133) (2,156) (10,346)
Portion of OTTI losses recognized in other comprehensive income (1,686) (3,758) (3,389) (7,345)
Net OTTI losses recognized in operations (1,686) (8,891) (5,545) (17,691)
Total revenues 503,935 (30,771) 1,296,643 717,071
Benefits and expenses:        
Insurance policy benefits and change in future policy benefits 1,865 1,888 6,232 6,282
Interest sensitive and index product benefits 246,105 223,232 527,961 621,317
Amortization of deferred sales inducements 7,709 (28,065) 50,359 22,892
Change in fair value of embedded derivatives 188,201 (205,565) 466,278 (138,225)
Interest expense on notes payable 7,141 7,984 21,208 23,723
Interest expense on subordinated debentures 3,235 3,488 10,384 10,435
Interest expense on amounts due under repurchase agreements 0 0 0 5
Amortization of deferred policy acquisition costs 25,954 (28,930) 105,086 65,155
Other operating costs and expenses 36,170 15,903 76,785 50,011
Total benefits and expenses 516,380 (10,065) 1,264,293 661,595
Income (loss) before income taxes (12,445) (20,706) 32,350 55,476
Income tax expense (benefit) (4,616) (7,638) 10,949 18,927
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ (7,829) $ (13,068) $ 21,401 $ 36,549
Earnings per common share $ (0.13) $ (0.22) $ 0.35 $ 0.62
Earnings per common share - assuming dilution $ (0.13) $ (0.22) $ 0.34 $ 0.59
Earnings per common share 62,504,421 59,595,846 60,722,625 59,428,844
Earnings per common share - assuming dilution 65,261,926 62,698,427 65,232,085 62,783,275