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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Operating activities    
Net income $ 21,401 $ 36,549
Adjustments to reconcile net income to net cash provided by operating activities:    
Interest sensitive and index product benefits 527,961 621,317
Amortization of deferred sales inducements 50,359 22,892
Annuity product charges (65,176) (57,259)
Change in fair value of embedded derivatives 466,278 (138,225)
Increase in traditional life and accident and health insurance reserves 27,850 70,612
Policy acquisition costs deferred (287,285) (342,299)
Amortization of deferred policy acquisition costs 105,086 65,155
Provision for depreciation and other amortization 13,969 14,113
Amortization of discounts and premiums on investments (75,596) (115,340)
Realized gains on investments and net OTTI losses recognized 13,470 37,030
Change in fair value of derivatives (269,404) 205,264
Deferred income taxes (41,469) (78,920)
Share-based compensation 4,907 5,591
Change in accrued investment income (47,938) (45,147)
Change in income taxes recoverable/payable 9,856 (11,902)
Change in other assets (5,354) 4,375
Change in other policy funds and contract claims 56,568 152,508
Change in collateral held for derivatives 324,596 (284,870)
Change in other liabilities 3,442 (61,921)
Other (3,873) 516
Net cash provided by operating activities 829,648 100,039
Sales, maturities, or repayments of investments:    
Fixed Maturities - Available for Sale 1,942,533 3,433,977
Fixed maturity securities - held for investment 2,618,207 0
Equity securities - available for sale 7,604 2,958
Mortgage loans on real estate 341,771 133,560
Derivative instruments 276,227 432,411
Other investments 25,901 91
Acquisition of investments:    
Fixed maturity securities - available for sale (4,987,848) (3,685,523)
Fixed maturity securities - held for investment 0 (1,940,163)
Mortgage loans on real estate (280,749) (413,536)
Derivative instruments (280,407) (295,099)
Other investments (83,779) (77,189)
Purchases of property, furniture and equipment (378) (4,643)
Net cash provided by (used in) investing activities (420,918) (2,413,156)
Financing activities    
Receipts credited to annuity policyholder account balances 2,878,818 3,718,010
Coinsurance deposits (16,364) (80,932)
Return of annuity policyholder account balances (1,275,208) (1,357,892)
Financing fees incurred and deferred 0 (1,566)
Early Repayment of Subordinated Debt (270) 0
Acquisition of common stock 0 13
Excess tax benefits realized from share-based compensation plans 624 1,060
Proceeds from issuance of common stock 4,055 4,461
Change in checks in excess of cash balance (7,903) 4,537
Net cash provided by financing activities 1,583,752 2,287,665
Increase in cash and cash equivalents 1,992,482 (25,452)
Cash and cash equivalents at beginning of period 404,952 597,766
Cash and cash equivalents at end of period 2,397,434 572,314
Cash paid during period for:    
Interest expense 20,858 22,129
Income taxes 41,938 108,800
Non-cash operating activity:    
Deferral of sales inducements 220,784 281,376
Non-cash investing activity:    
Real estate acquired in satisfaction of mortgage loans 14,932 17,358
Mortgage loan on real estate sold 0 1,215
Non-cash financing activities:    
Conversion of subordinated debentures $ 20,770 $ 0