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Investments (Tables)
 3 Months Ended
Mar. 31, 2019
Investments [Abstract]  
Schedule of Fixed Maturity Securities
At March 31, 2019 and December 31, 2018, the amortized cost and fair value of fixed maturity securities were as follows:
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(Dollars in thousands)
March 31, 2019
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
United States Government full faith and credit
$
11,707

 
$
138

 
$
(144
)
 
$
11,701

United States Government sponsored agencies
1,208,461

 
18,707

 
(39,828
)
 
1,187,340

United States municipalities, states and territories
3,861,080

 
317,345

 
(3,579
)
 
4,174,846

Foreign government obligations
226,233

 
10,960

 
(1,651
)
 
235,542

Corporate securities
29,025,709

 
1,312,764

 
(324,276
)
 
30,014,197

Residential mortgage backed securities
1,116,718

 
86,066

 
(1,452
)
 
1,201,332

Commercial mortgage backed securities
5,493,082

 
90,317

 
(39,887
)
 
5,543,512

Other asset backed securities
5,784,060

 
54,300

 
(169,723
)
 
5,668,637

 
$
46,727,050

 
$
1,890,597

 
$
(580,540
)
 
$
48,037,107

 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
United States Government full faith and credit
$
11,872

 
$
102

 
$
(322
)
 
$
11,652

United States Government sponsored agencies
1,208,468

 
13,095

 
(83,034
)
 
1,138,529

United States municipalities, states and territories
3,880,703

 
261,222

 
(15,658
)
 
4,126,267

Foreign government obligations
226,860

 
7,573

 
(4,159
)
 
230,274

Corporate securities
28,483,138

 
727,105

 
(838,729
)
 
28,371,514

Residential mortgage backed securities
1,134,623

 
71,661

 
(4,125
)
 
1,202,159

Commercial mortgage backed securities
5,492,271

 
21,558

 
(134,826
)
 
5,379,003

Other asset backed securities
5,693,255

 
41,308

 
(270,234
)
 
5,464,329

 
$
46,131,190

 
$
1,143,624

 
$
(1,351,087
)
 
$
45,923,727
Schedule of Fixed Maturity Securities by Contractual Maturity Date
The amortized cost and fair value of fixed maturity securities at March 31, 2019, by contractual maturity, are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. All of our mortgage and other asset backed securities provide for periodic payments throughout their lives and are shown below as separate lines.
 
Available for sale
 
Amortized
Cost
 
Fair Value
 
(Dollars in thousands)
Due in one year or less
$
372,763

 
$
375,768

Due after one year through five years
5,629,851

 
5,733,881

Due after five years through ten years
10,015,444

 
10,199,974

Due after ten years through twenty years
9,853,081

 
10,534,563

Due after twenty years
8,462,051

 
8,779,440

 
34,333,190

 
35,623,626

Residential mortgage backed securities
1,116,718

 
1,201,332

Commercial mortgage backed securities
5,493,082

 
5,543,512

Other asset backed securities
5,784,060

 
5,668,637

 
$
46,727,050

 
$
48,037,107
Schedule of Components of Net Unrealized Gains (Losses) on Available for Sale Fixed Maturity Securities Reported as Separate Component of Stockholders' Equity
Net unrealized gains (losses) on available for sale fixed maturity securities reported as a separate component of stockholders' equity were comprised of the following:
 
March 31, 2019
 
December 31, 2018
 
(Dollars in thousands)
Net unrealized gains (losses) on available for sale fixed maturity securities
$
1,310,057

 
$
(207,463
)
Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements
(688,330
)
 
112,571

Deferred income tax valuation allowance reversal
22,534

 
22,534

Deferred income tax benefit (expense)
(130,564
)
 
19,926

Net unrealized gains (losses) reported as accumulated other comprehensive income (loss)
$
513,697

 
$
(52,432
)
Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation
The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated:
 
 
March 31, 2019
 
December 31, 2018
NAIC
Designation
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
 
(Dollars in thousands)
1
 
$
26,735,031

 
$
27,929,128

 
$
26,588,352

 
$
26,921,843

2
 
18,402,270

 
18,615,641

 
17,901,161

 
17,528,072

3
 
1,346,654

 
1,275,240

 
1,396,650

 
1,269,242

4
 
172,012

 
147,717

 
173,987

 
137,991

5
 
5,061

 
5,017

 
23,836

 
19,453

6
 
66,022

 
64,364

 
47,204

 
47,126

 
 
$
46,727,050

 
$
48,037,107

 
$
46,131,190

 
$
45,923,727
Schedule of Gross Unrealized Losses on Investments, By Category and Length of Time
The following table shows our investments' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities (consisting of 1,471 and 2,715 securities, respectively) have been in a continuous unrealized loss position, at March 31, 2019 and December 31, 2018:
 
Less than 12 months
 
12 months or more
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
(Dollars in thousands)
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
 
 
 
 
United States Government full faith and credit
$
—

 
$
—

 
$
7,794

 
$
(144
)
 
$
7,794

 
$
(144
)
United States Government sponsored agencies
—

 
—

 
1,014,518

 
(39,828
)
 
1,014,518

 
(39,828
)
United States municipalities, states and territories
13,121

 
(48
)
 
130,540

 
(3,531
)
 
143,661

 
(3,579
)
Foreign government obligations
—

 
—

 
37,676

 
(1,651
)
 
37,676

 
(1,651
)
Corporate securities:
 
 
 
 
 
 
 
 
 
 
 
Finance, insurance and real estate
255,189

 
(11,742
)
 
1,304,783

 
(47,440
)
 
1,559,972

 
(59,182
)
Manufacturing, construction and mining
263,649

 
(5,570
)
 
879,477

 
(39,948
)
 
1,143,126

 
(45,518
)
Utilities and related sectors
186,483

 
(5,154
)
 
1,076,726

 
(34,703
)
 
1,263,209

 
(39,857
)
Wholesale/retail trade
117,766

 
(2,227
)
 
468,303

 
(30,444
)
 
586,069

 
(32,671
)
Services, media and other
436,745

 
(15,419
)
 
2,154,502

 
(131,629
)
 
2,591,247

 
(147,048
)
Residential mortgage backed securities
41,759

 
(485
)
 
14,201

 
(967
)
 
55,960

 
(1,452
)
Commercial mortgage backed securities
71,872

 
(514
)
 
1,611,230

 
(39,373
)
 
1,683,102

 
(39,887
)
Other asset backed securities
3,741,572

 
(144,987
)
 
445,355

 
(24,736
)
 
4,186,927

 
(169,723
)
 
$
5,128,156

 
$
(186,146
)
 
$
9,145,105

 
$
(394,394
)
 
$
14,273,261

 
$
(580,540
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
 
 
 
 
United States Government full faith and credit
$
543

 
$
(3
)
 
$
7,785

 
$
(319
)
 
$
8,328

 
$
(322
)
United States Government sponsored agencies
30,089

 
(949
)
 
953,421

 
(82,085
)
 
983,510

 
(83,034
)
United States municipalities, states and territories
340,103

 
(6,816
)
 
162,997

 
(8,842
)
 
503,100

 
(15,658
)
Foreign government obligations
98,511

 
(1,748
)
 
11,859

 
(2,411
)
 
110,370

 
(4,159
)
Corporate securities:
 
 
 
 
 
 
 
 
 
 
 
Finance, insurance and real estate
2,501,640

 
(87,220
)
 
884,870

 
(77,507
)
 
3,386,510

 
(164,727
)
Manufacturing, construction and mining
2,045,859

 
(84,972
)
 
349,738

 
(34,635
)
 
2,395,597

 
(119,607
)
Utilities and related sectors
2,313,271

 
(82,119
)
 
591,482

 
(45,838
)
 
2,904,753

 
(127,957
)
Wholesale/retail trade
1,032,603

 
(51,228
)
 
198,805

 
(26,326
)
 
1,231,408

 
(77,554
)
Services, media and other
4,618,477

 
(196,520
)
 
1,072,722

 
(152,364
)
 
5,691,199

 
(348,884
)
Residential mortgage backed securities
145,613

 
(2,638
)
 
22,689

 
(1,487
)
 
168,302

 
(4,125
)
Commercial mortgage backed securities
2,141,560

 
(37,150
)
 
2,090,835

 
(97,676
)
 
4,232,395

 
(134,826
)
Other asset backed securities
4,073,249

 
(252,265
)
 
271,994

 
(17,969
)
 
4,345,243

 
(270,234
)
 
$
19,341,518

 
$
(803,628
)
 
$
6,619,197

 
$
(547,459
)
 
$
25,960,715

 
$
(1,351,087
)
Schedule of Changes in Net Unrealized Gains/Losses on Investments
Changes in net unrealized gains/losses on investments for the three months ended March 31, 2019 and 2018 are as follows:
 
Three Months Ended 
 March 31,
 
2019
 
2018
 
(Dollars in thousands)
Fixed maturity securities held for investment carried at amortized cost
$
—

 
$
(7,021
)
Investments carried at fair value:
 
 
 
Fixed maturity securities, available for sale
$
1,517,520

 
$
(1,215,695
)
 
1,517,520

 
(1,215,695
)
Adjustment for effect on other balance sheet accounts:
 
 
 
Deferred policy acquisition costs and deferred sales inducements
(800,901
)
 
643,323

Deferred income tax asset/liability
(150,490
)
 
120,201

 
(951,391
)
 
763,524

Change in net unrealized gains/losses on investments carried at fair value
$
566,129

 
$
(452,171
)
Net Realized Gains (Losses) on Investments, Excluding Net OTTI Losses
Net realized gains (losses) on investments, excluding net OTTI losses for the three months ended March 31, 2019 and 2018, are as follows:
 
Three Months Ended 
 March 31,
 
2019
 
2018
 
(Dollars in thousands)
Available for sale fixed maturity securities:
 
 
 
Gross realized gains
$
1,171

 
$
1,382

Gross realized losses
(1,794
)
 
(2,102
)
 
(623
)
 
(720
)
Mortgage loans on real estate:
 
 
 
Decrease in allowance for credit losses
60

 
300

Recovery of specific allowance
—

 
722

 
60

 
1,022

 
$
(563
)
 
$
302
Other Than Temporary Impairment by Asset Type
The following table summarizes other than temporary impairments for the three months ended March 31, 2018, by asset type:
 
Number
of
Securities
 
Total OTTI
Losses
 
Portion of OTTI
Losses
Recognized
in (from) Other
Comprehensive
Income
 
Net OTTI
Losses
Recognized in
Operations
 
 
 
(Dollars in thousands)
Three months ended March 31, 2018
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Corporate securities:
 
 


 
 
 
 
Consumer discretionary
1

 
$
(907
)
 
$
—

 
$
(907
)
Other Than Temporary Impairment, Credit Losses Recognized in Earnings
The cumulative portion of other than temporary impairments determined to be credit losses which have been recognized in operations for debt securities are summarized as follows:
 
Three Months Ended 
 March 31,
 
2019
 
2018
 
(Dollars in thousands)
Cumulative credit loss at beginning of period
$
(175,398
)
 
$
(157,066
)
Additions for the amount related to credit losses for which OTTI has not previously been recognized
—

 
(907
)
Additional credit losses on securities for which OTTI has previously been recognized
—

 
—

Accumulated losses on securities that were disposed of during the period
—

 
3,900

Cumulative credit loss at end of period
$
(175,398
)
 
$
(154,073
)
Schedule of Other Than Temporary Impairment Losses, Investments
The following table summarizes the cumulative noncredit portion of OTTI and the change in fair value since recognition of OTTI, both of which were recognized in other comprehensive income, by major type of security, for securities that are part of our investment portfolio at March 31, 2019 and December 31, 2018:
 
Amortized Cost
 
OTTI
Recognized in
Other
Comprehensive
Income (Loss)
 
Change in Fair
Value Since
OTTI was
Recognized
 
Fair Value
 
(Dollars in thousands)
March 31, 2019
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Corporate securities
$
69,725

 
$
(3,700
)
 
$
11,082

 
$
77,107

Residential mortgage backed securities
236,606

 
(167,846
)
 
199,952

 
268,712

Commercial mortgage backed securities
31,964

 
—

 
800

 
32,764

Other asset backed securities
1,642

 
—

 
(84
)
 
1,558

 
$
339,937

 
$
(171,546
)
 
$
211,750

 
$
380,141

December 31, 2018
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Corporate securities
$
69,580

 
$
(3,700
)
 
$
6,195

 
$
72,075

Residential mortgage backed securities
245,691

 
(167,846
)
 
199,191

 
277,036

Commercial mortgage backed securities
35,244

 
—

 
—

 
35,244

Other asset backed securities
1,692

 
—

 
326

 
2,018

 
$
352,207

 
$
(171,546
)
 
$
205,712

 
$
386,373