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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Operating activities    
Net income $ 202,325 $ 21,401
Adjustments to reconcile net income to net cash provided by operating activities:    
Interest sensitive and index product benefits 889,810 527,961
Amortization of deferred sales inducements 183,992 50,359
Annuity product charges (71,443) (65,176)
Change in fair value of embedded derivatives (8,913) 466,278
Change in traditional life and accident and health insurance reserves (3,925) 27,850
Policy acquisition costs deferred (313,560) (287,285)
Amortization of deferred policy acquisition costs 265,534 105,086
Provision for depreciation and other amortization 14,285 13,969
Amortization of discounts and premiums on investments 7,920 (75,596)
Realized gains/losses on investments and net OTTI losses recognized in operations (17,963) 13,470
Change in fair value of derivatives (631,030) (269,404)
Deferred income taxes 9,965 (41,469)
Share-based compensation 5,942 4,907
Change in accrued investment income (45,721) (47,938)
Change in income taxes payable 23,040 9,856
Change in other assets (36) (5,354)
Change in other policy funds and contract claims (24,327) 56,568
Change in collateral held for derivatives 115,666 324,596
Change in other liabilities 5,474 3,442
Other (2,611) (3,873)
Net cash provided by operating activities 604,424 829,648
Sales, maturities, or repayments of investments:    
Fixed maturity securities - available for sale 2,955,734 1,942,533
Fixed maturity securities - held for investment 0 2,618,207
Equity securities - available for sale 44,829 7,604
Mortgage loans on real estate 402,233 341,771
Derivative instruments 662,336 276,227
Other investments 18,244 25,901
Acquisition of investments:    
Fixed maturity securities - available for sale (6,691,800) (4,987,848)
Mortgage loans on real estate (383,074) (280,749)
Derivative instruments (302,135) (280,407)
Other investments (24,302) (83,779)
Purchases of property, furniture and equipment (621) (378)
Net cash used in investing activities (3,318,556) (420,918)
Financing activities    
Receipts credited to annuity policyholder account balances 3,073,490 2,738,553
Coinsurance deposits 20,355 (16,364)
Return of annuity policyholder account balances (1,226,967) (1,134,943)
Financing fees incurred and deferred (9,045) 0
Proceeds from notes payable 415,000 0
Repayment of notes payable (43,243) 0
Repayments of subordinated debentures 0 (270)
Proceeds from amounts due under repurchase agreements 148,180 0
Excess tax benefits realized from share-based compensation plans 1,993 624
Proceeds from issuance of common stock 25,900 4,055
Change in checks in excess of cash balance (25,145) (7,903)
Net cash provided by financing activities 2,380,518 1,583,752
Increase (decrease) in cash and cash equivalents (333,614) 1,992,482
Cash and cash equivalents at beginning of period 1,268,545 404,952
Cash and cash equivalents at end of period 934,931 2,397,434
Cash paid during period for:    
Interest expense 19,136 20,858
Income taxes 72,900 41,938
Non-cash operating activity:    
Deferral of sales inducements (250,322) 220,784
Non-cash investing activity:    
Real estate acquired in satisfaction of mortgage loans 6,285 14,932
Non-cash financing activities:    
Conversion of subordinated debentures 0 20,770
Common stock issued in extinguishment of debt 3,367 0
Warrants to be settled in cash $ 41,878 $ 0