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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Revenues:    
Traditional life insurance premiums $ 2,698 $ 3,222
Annuity product charges 21,481 19,393
Net Investment Income 329,690 326,910
Change in fair value of derivatives 373,962 259,161
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses 10,585 (6,076)
OTTI losses on investments:    
Total OTTI losses (2,189) (1,781)
Portion of OTTI losses recognized from other comprehensive income (1,048) (1,100)
Net OTTI losses recognized in operations (3,237) (2,881)
Total revenues 735,179 599,729
Benefits and expenses:    
Insurance policy benefits and change in future policy benefits 1,735 2,117
Interest Sensitive And Index Product Benefits 225,809 139,123
Amortization of deferred sales inducements 28,831 16,710
Change in fair value of embedded derivatives 363,272 359,066
Interest expense on notes payable 7,248 6,995
Interest expense on subordinated debentures 3,009 3,586
Amortization of deferred policy acquisition costs 46,230 34,284
Other Cost and Expense, Operating 19,520 21,713
Total benefits and expenses 695,654 583,594
Income before income taxes 39,525 16,135
Income Tax Expense 13,494 5,664
Net Income $ 26,031 $ 10,471
Earnings Per Share, Basic $ 0.41 $ 0.18
Earnings Per Share, Diluted $ 0.38 $ 0.16
Weighted Average Number of Shares Outstanding, Basic 63,313,568 59,700,537
Weighted Average Number of Shares Outstanding, Diluted 68,705,913 65,930,309