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Derivative Instruments Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
We recognize all derivative instruments as assets or liabilities in the consolidated balance sheets at fair value. None of our derivatives qualify for hedge accounting, thus, any change in the fair value of the derivatives is recognized immediately in the consolidated statements of operations. The fair value of our derivative instruments, including derivative instruments embedded in fixed index annuity contracts, presented in the consolidated balance sheets are as follows:
 
December 31,
 
2012
 
2011
 
(Dollars in thousands)
Assets
 
 
 
Derivative instruments
 
 
 
Call options
$
415,258

 
$
273,314

Other assets
 
 
 
2015 notes hedges
43,105

 
45,593

Interest rate caps
3,247

 
—

 
$
461,610

 
$
318,907

Liabilities
 
 
 
Policy benefit reserves—annuity products
 
 
 
Fixed index annuities—embedded derivatives
$
3,337,556

 
$
2,530,496

Other liabilities
 
 
 
2015 notes embedded derivative
43,105

 
45,593

Interest rate swaps
4,261

 
—

 
$
3,384,922

 
$
2,576,089
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
The change in fair value of derivatives included in the consolidated statements of operations are as follows:
 
Year Ended December 31,
 
2012
 
2011
 
2010
 
(Dollars in thousands)
Change in fair value of derivatives:
 
 
 
 
 
Call options
$
228,610

 
$
(93,582
)
 
$
141,803

2015 notes hedges (see note 9)
(2,488
)
 
(21,002
)
 
29,595

Interest rate swaps
(4,261
)
 
(144
)
 
(2,536
)
Interest rate caps
(723
)
 
—

 
—

 
$
221,138

 
$
(114,728
)
 
$
168,862

Change in fair value of embedded derivatives:
 
 
 
 
 
2015 notes embedded derivative (see note 9)
$
(2,488
)
 
$
(21,002
)
 
$
29,595

Fixed index annuities—embedded derivatives
289,387

 
(84,192
)
 
101,355

 
$
286,899

 
$
(105,194
)
 
$
130,950
Schedule of Derivative Instruments [Table Text Block]
The notional amount and fair value of our call options by counterparty and each counterparty's current credit rating are as follows:
 
 
 
 
 
 
December 31,
 
 
 
 
 
 
2012
 
2011
Counterparty
 
Credit Rating (S&P)
 
Credit Rating (Moody's)
 
Notional
Amount
 
Fair Value
 
Notional
Amount
 
Fair Value
 
 
 
 
 
 
(Dollars in thousands)
Bank of America
 
A
 
A3
 
$
568,786

 
$
16,533

 
$
2,340,213

 
$
43,481

Barclays
 
A+
 
A2
 
3,463,777

 
103,929

 
2,419,339

 
60,903

BNP Paribas
 
A+
 
A2
 
2,207,097

 
60,301

 
2,533,301

 
48,293

Citibank, N.A.
 
A
 
A3
 
2,878,588

 
67,592

 
—

 
—

Credit Suisse
 
A+
 
A1
 
936,625

 
21,518

 
1,423,802

 
27,464

Deutsche Bank
 
A+
 
A2
 
886,688

 
20,787

 
384,420

 
7,697

HSBC
 
AA-
 
Aa3
 
295,520

 
6,539

 
348,674

 
4,557

J.P. Morgan
 
A+
 
Aa3
 
735,016

 
21,940

 
2,109,019

 
27,961

Morgan Stanley
 
A
 
Baa1
 
1,590,505

 
40,113

 
244,180

 
7,375

UBS
 
A
 
A2
 
—

 
—

 
39,147

 
240

Wells Fargo (Wachovia)
 
AA-
 
Aa3
 
$
2,060,903

 
$
56,006

 
$
2,227,235

 
$
45,343

 
 
 
 
 
 
$
15,623,505

 
$
415,258

 
$
14,069,330

 
$
273,314
Schedule of Interest Rate Derivatives [Table Text Block]
Details regarding the interest rate swap are as follows:
 
 
 
 
 
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
2012
 
2011
Maturity Date
 
Notional Amount
 
Receive Rate
 
Pay Rate
 
Counterparty
 
Fair Value
 
Fair Value
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
March 15, 2021
 
$
85,500

 
*LIBOR
 
2.415
%
 
SunTrust
 
$
(4,261
)
 
$
—

___________________________________
* - three month London Interbank Offered Rate
Details regarding the interest rate caps are as follows:
 
 
 
 
 
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
2012
 
2011
Maturity Date
 
Notional Amount
 
Floating Rate
 
Cap Rate
 
Counterparty
 
Fair Value
 
Fair Value
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
July 7, 2021
 
$
40,000

 
*LIBOR
 
2.50
%
 
SunTrust
 
$
1,634

 
$
—

July 8, 2021
 
12,000

 
*LIBOR
 
2.50
%
 
SunTrust
 
490

 
—

July 29, 2021
 
27,000

 
*LIBOR
 
2.50
%
 
SunTrust
 
1,123

 
—

 
 
$
79,000

 
 
 
 
 
 
 
$
3,247

 
$
—