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Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

	March 31, 2013								December 31, 2012
	Carrying Amount				Fair Value				Carrying Amount				Fair Value
	(Dollars in thousands)
Assets
Fixed maturity securities:
Available for sale	$	25,609,218			$	25,609,218			$	24,172,136			$	24,172,136
Held for investment	76,129				62,173				76,088				61,521
Equity securities, available for sale	55,215				55,215				53,422				53,422
Mortgage loans on real estate	2,591,897				2,831,426				2,623,940				2,848,235
Derivative instruments	719,683				719,683				415,258				415,258
Other investments	164,950				164,725				163,193				163,517
Cash and cash equivalents	882,097				882,097				1,268,545				1,268,545
Coinsurance deposits	2,941,816				2,699,973				2,910,701				2,678,232
Interest rate caps	3,724				3,724				3,247				3,247
2015 notes hedges	71,203				71,203				43,105				43,105
Liabilities
Policy benefit reserves	32,610,449				26,941,764				31,452,496				26,264,831
Single premium immediate annuity (SPIA) benefit reserves	446,967				461,429				455,167				469,768
Notes payable	313,043				476,786				309,869				422,175
Subordinated debentures	245,913				224,659				245,869				218,283
2015 notes embedded derivatives	71,203				71,203				43,105				43,105
Interest rate swap	3,528				3,528				4,261				4,261

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	Total Fair Value				Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
March 31, 2013
Assets
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	4,616			$	4,616			$	—			$	—
United States Government sponsored agencies	1,857,377				—				1,857,377				—
United States municipalities, states and territories	3,657,164				—				3,657,164				—
Foreign government obligations	100,460				—				100,460				—
Corporate securities	15,550,966				25,814				15,525,152				—
Residential mortgage backed securities	2,668,454				—				2,666,730				1,724
Commercial mortgage backed securities	748,601				—				748,601				—
Other asset backed securities	1,021,580				380				1,021,200				—
Equity securities, available for sale: finance, insurance and real estate	55,215				37,744				17,471				—
Derivative instruments	719,683				—				719,683				—
Cash and cash equivalents	882,097				882,097				—				—
Interest rate caps	3,724				—				3,724				—
2015 notes hedges	71,203				—				71,203				—
	$	27,341,140			$	950,651			$	26,388,765			$	1,724
Liabilities
2015 notes embedded derivatives	$	71,203			$	—			$	71,203			$	—
Interest rate swap	3,528				—				3,528				—
Fixed index annuities - embedded derivatives	3,848,902				—				—				3,848,902
	$	3,923,633			$	—			$	74,731			$	3,848,902
December 31, 2012
Assets
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	5,154			$	5,154			$	—			$	—
United States Government sponsored agencies	1,772,025				—				1,772,025				—
United States municipalities, states and territories	3,578,323				—				3,578,323				—
Foreign government obligations	105,259				—				105,259				—
Corporate securities	14,466,772				33,131				14,433,641				—
Residential mortgage backed securities	2,888,113				—				2,886,301				1,812
Commercial mortgage backed securities	357,982				—				357,982				—
Other asset backed securities	998,508				378				998,130				—
Equity securities, available for sale: finance, insurance and real estate	53,422				36,928				16,494				—
Derivative instruments	415,258				—				415,258				—
Cash and cash equivalents	1,268,545				1,268,545				—				—
Interest rate caps	3,247				—				3,247				—
2015 notes hedges	43,105				—				43,105				—
	$	25,955,713			$	1,344,136			$	24,609,765			$	1,812
Liabilities
2015 notes embedded derivatives	$	43,105			$	—			$	43,105			$	—
Interest rate swap	4,261				—				4,261				—
Fixed index annuities - embedded derivatives	3,337,556				—				—				3,337,556
	$	3,384,922			$	—			$	47,366			$	3,337,556

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Three Months Ended March 31,
	2013				2012
	(Dollars in thousands)
Available for sale securities
Beginning balance	$	1,812			$	2,098
Principal returned	(368		)		(41		)
Accretion of discount	129				26
Total gains (losses) (realized/unrealized):
Included in other comprehensive income (loss)	151				102
Included in operations	—				(158		)
Ending balance	$	1,724			$	2,027

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Three Months Ended March 31,
	2013				2012
	(Dollars in thousands)
Fixed index annuities - embedded derivatives
Beginning balance	$	3,337,556			$	2,530,496
Premiums less benefits	246,722				84,226
Change in unrealized gains, net	264,624				306,315
Ending balance	$	3,848,902			$	2,921,037

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.

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