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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Revenues:    
Premiums and other considerations $ 7,331 $ 13,084
Annuity product charges 25,272 21,481
Net investment income 370,005 329,690
Change in fair value of derivatives 48,493 373,962
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses (714) 10,585
OTTI losses on investments:    
Total OTTI losses 0 (2,189)
Portion of OTTI losses recognized from other comprehensive income (905) (1,048)
Net OTTI losses recognized in operations (905) (3,237)
Loss on extinguishment of debt (3,977) 0
Total revenues 445,505 745,565
Benefits and expenses:    
Insurance policy benefits and change in future policy benefits 10,095 14,760
Interest sensitive and index product benefits 317,192 223,170
Amortization of deferred sales inducements 666 28,831
Change in fair value of embedded derivatives 92,619 363,272
Interest expense on notes payable 10,264 7,248
Interest expense on subordinated debentures 3,008 3,009
Amortization of deferred policy acquisition costs 7,194 46,230
Other operating costs and expenses 19,085 19,520
Total benefits and expenses 460,123 706,040
Income (loss) before income taxes (14,618) 39,525
Income tax expense (benefit) (4,865) 13,494
Net income (loss) $ (9,753) $ 26,031
Earnings (loss) per common share $ (0.13) $ 0.41
Earnings (loss) per common share - assuming dilution $ (0.13) $ 0.38
Weighted average common shares outstanding: earnings per common share 72,518,574 63,313,568
Weighted average common shares outstanding: earnings per common share - assuming dilution 79,615,779 68,705,913