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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating activities      
Net income $ 253,283 $ 57,798 $ 86,248
Adjustments to reconcile net income to net cash provided by operating activities:      
Interest sensitive and index product benefits 1,272,867 808,479 775,097
Amortization of deferred sales inducements 253,113 87,157 71,781
Annuity product charges (103,591) (89,006) (76,189)
Change in fair value of embedded derivatives 133,968 286,899 (105,194)
Increase in traditional life and accident and health insurance reserves 14,997 35,758 76,880
Policy acquisition costs deferred (425,800) (403,411) (478,834)
Amortization of deferred policy acquisition costs 365,468 164,919 143,478
Provision for depreciation and other amortization 18,375 18,404 18,970
Amortization of discounts and premiums on investments 6,861 (69,828) (154,483)
Loss on extinguishment of debt 32,515 0 0
Realized gains/losses on investments and net OTTI losses recognized in operations (34,327) 21,386 52,617
Change in fair value of derivatives (1,076,015) (221,138) 112,608
Deferred income taxes 3,013 (52,336) (80,869)
Share-based compensation 10,476 6,552 9,339
Change in accrued investment income (39,808) (32,896) (61,292)
Change in income taxes recoverable/payable 5,397 13,197 (2,307)
Change in other assets 1,113 (7,090) 5,005
Change in other policy funds and contract claims (47,445) 55,158 177,734
Change in collateral held for derivatives 236,702 99,242 (215,775)
Change in other liabilities (11,435) 5,927 (77,082)
Other (7,059) (857) 59
Net cash provided by operating activities 862,668 784,314 277,791
Sales, maturities, or repayments of investments:      
Fixed maturity securities—available for sale 3,456,719 3,298,623 3,705,605
Fixed maturity securities—held for investment 0 2,618,207 219,372
Equity securities—available for sale 46,674 13,604 2,958
Mortgage loans on real estate 539,240 543,211 206,741
Derivative instruments 971,432 483,362 506,057
Other investments 24,050 33,601 2,274
Acquisitions of investments:      
Fixed maturity securities—available for sale (7,962,150) (8,266,692) (5,347,839)
Fixed maturity securities—held for investment 0 0 (1,940,163)
Mortgage loans on real estate (505,953) (386,507) (481,680)
Derivative instruments (419,345) (379,592) (395,938)
Other investments (29,015) (86,569) (77,955)
Purchases of property, furniture and equipment (948) (738) (5,265)
Net cash provided by (used in) investing activities (3,879,296) (2,129,490) (3,605,833)
Financing activities      
Receipts credited to annuity and single premium universal life policyholder account balances 4,160,346 3,782,275 4,784,511
Coinsurance deposits 25,729 4,885 (122,415)
Return of annuity policyholder account balances (1,763,913) (1,575,340) (1,494,554)
Financing fees incurred and deferred (11,942) 0 (1,566)
Proceeds from notes payable 415,000 0 0
Repayment of notes payable (234,154) 0 (46,251)
Net proceeds from settlement of notes hedge and warrants 22,170 0 0
Repayment of subordinated debentures 0 (1,141) 0
Acquisition of common stock 0 0 (484)
Excess tax benefits realized from share-based compensation plans 4,043 481 1,061
Proceeds from issuance of common stock 31,764 5,741 4,686
Change in checks in excess of cash balance 9,212 1,071 17,156
Dividends paid (12,643) (9,203) (6,916)
Net cash provided by (used in) financing activities 2,645,612 2,208,769 3,135,228
Increase (decrease) in cash and cash equivalents (371,016) 863,593 (192,814)
Cash and cash equivalents at beginning of year 1,268,545 404,952 597,766
Cash and cash equivalents at end of year 897,529 1,268,545 404,952
Cash paid during the year for:      
Interest expense 25,608 27,666 30,650
Income taxes 128,225 67,450 129,250
Income tax refunds received 0 512 466
Non-cash operating activity:      
Deferral of sales inducements 337,787 306,659 385,123
Non-cash investing activity:      
Real estate acquired in satisfaction of mortgage loans 8,217 26,324 20,978
Mortgage loan on real estate sold 0 0 1,215
Non-cash financing activities:      
Conversion of subordinated debentures 0 20,770 0
Common stock issued in extinguishment of debt $ 117,463 $ 0 $ 0