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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Operating activities    
Net income $ 26,991 $ 146,144
Adjustments to reconcile net income to net cash provided by operating activities:    
Interest sensitive and index product benefits 684,966 556,171
Amortization of deferred sales inducements 56,015 149,367
Annuity product charges (54,519) (44,992)
Change in fair value of embedded derivatives 173,554 (45,137)
Change in traditional life and accident and health insurance reserves 1,323 9,487
Policy acquisition costs deferred (199,978) (205,519)
Amortization of deferred policy acquisition costs 74,278 215,500
Provision for depreciation and other amortization 5,398 9,356
Amortization of discounts and premiums on investments (2,424) 9,546
Realized gains/losses on investments and net OTTI losses recognized in operations 4,443 (20,262)
Change in fair value of derivatives (319,853) (438,002)
Deferred income taxes (42,918) 38,781
Loss on extinguishment of debt 10,551 589
Share-based compensation 620 3,011
Change in accrued investment income (2,400) (25,859)
Change in income taxes recoverable/payable (37,087) (8,483)
Change in other assets (80) (296)
Change in other policy funds and contract claims (30,857) (20,425)
Change in collateral held for derivatives 81,341 164,269
Change in other liabilities (32,286) 475
Other (1,697) (2,457)
Net cash provided by operating activities 395,381 491,264
Sales, maturities, or repayments of investments:    
Fixed maturity securities - available for sale 939,430 2,292,959
Equity securities - available for sale 0 44,829
Mortgage loans on real estate 217,785 266,539
Derivative instruments 532,867 409,050
Other investments 13,245 11,737
Acquisition of investments:    
Fixed maturity securities - available for sale (1,993,092) (4,962,314)
Mortgage loans on real estate (193,731) (228,735)
Derivative instruments (227,024) (190,997)
Other investments (5,598) (19,594)
Purchases of property, furniture and equipment (622) (288)
Net cash used in investing activities (716,740) (2,376,814)
Financing activities    
Receipts credited to annuity and single premium universal life policyholder account balances 1,950,707 2,033,484
Coinsurance deposits 14,113 15,960
Return of annuity policyholder account balances (944,679) (829,047)
Financing fees incurred and deferred (100) (1,153)
Proceeds from notes payable 0 15,000
Repayment of notes payable (119,677) (28,243)
Net proceeds from settlement of notes hedges and warrants 10,401 0
Proceeds from amounts due under repurchase agreements 0 160,436
Excess tax benefits realized from share-based compensation plans 3,776 380
Proceeds from issuance of common stock 8,041 12,284
Change in checks in excess of cash balance (34,219) (15,207)
Net cash provided by financing activities 888,363 1,363,894
Increase (decrease) in cash and cash equivalents 567,004 (521,656)
Cash and cash equivalents at beginning of period 897,529 1,268,545
Cash and cash equivalents at end of period 1,464,533 746,889
Cash paid during period for interest:    
Interest expense 22,097 12,595
Cash paid during period for income taxes:    
Income taxes 68,423 47,700
Non-cash operating activity:    
Deferral of sales inducements 155,957 164,931
Non-cash investing and financing activities:    
Real estate acquired in satisfaction of mortgage loans 10,007 844
Common stock issued in extinguishment of debt $ 56,292 $ 3,367