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Investments (Tables)
 6 Months Ended
Jun. 30, 2019
Investments [Abstract]  
Schedule of Fixed Maturity Securities
At June 30, 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)
June 30, 2019
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
United States Government full faith and credit
$
11,705

 
$
319

 
$
(1
)
 
$
12,023

United States Government sponsored agencies
1,203,539

 
27,405

 
(16,335
)
 
1,214,609

United States municipalities, states and territories
3,911,329

 
389,185

 
(552
)
 
4,299,962

Foreign government obligations
216,161

 
17,681

 
(747
)
 
233,095

Corporate securities
29,278,295

 
2,172,133

 
(138,165
)
 
31,312,263

Residential mortgage backed securities
1,232,918

 
107,510

 
(1,482
)
 
1,338,946

Commercial mortgage backed securities
5,483,813

 
202,501

 
(12,324
)
 
5,673,990

Other asset backed securities
6,140,196

 
79,266

 
(133,047
)
 
6,086,415

 
$
47,477,956

 
$
2,996,000

 
$
(302,653
)
 
$
50,171,303

 
 
 
 
 
 
 
 
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 June 30, 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
$
306,324

 
$
309,641

Due after one year through five years
5,806,384

 
6,000,221

Due after five years through ten years
10,032,375

 
10,529,772

Due after ten years through twenty years
9,994,917

 
11,017,627

Due after twenty years
8,481,029

 
9,214,691

 
34,621,029

 
37,071,952

Residential mortgage backed securities
1,232,918

 
1,338,946

Commercial mortgage backed securities
5,483,813

 
5,673,990

Other asset backed securities
6,140,196

 
6,086,415

 
$
47,477,956

 
$
50,171,303
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:
 
June 30, 2019
 
December 31, 2018
 
(Dollars in thousands)
Net unrealized gains (losses) on available for sale fixed maturity securities
$
2,693,347

 
$
(207,463
)
Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements
(1,392,780
)
 
112,571

Deferred income tax valuation allowance reversal
22,534

 
22,534

Deferred income tax benefit (expense)
(273,117
)
 
19,926

Net unrealized gains (losses) reported as accumulated other comprehensive income (loss)
$
1,049,984

 
$
(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:
 
 
June 30, 2019
 
December 31, 2018
NAIC
Designation
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
 
(Dollars in thousands)
1
 
$
27,355,251

 
$
29,363,924

 
$
26,588,352

 
$
26,921,843

2
 
18,674,100

 
19,421,029

 
17,901,161

 
17,528,072

3
 
1,250,071

 
1,213,115

 
1,396,650

 
1,269,242

4
 
193,004

 
166,568

 
173,987

 
137,991

5
 
—

 
—

 
23,836

 
19,453

6
 
5,530

 
6,667

 
47,204

 
47,126

 
 
$
47,477,956

 
$
50,171,303

 
$
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 1,013 and 2,715 securities, respectively) have been in a continuous unrealized loss position, at June 30, 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)
June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
 
 
 
 
United States Government full faith and credit
$
—

 
$
—

 
$
506

 
$
(1
)
 
$
506

 
$
(1
)
United States Government sponsored agencies
—

 
—

 
974,206

 
(16,335
)
 
974,206

 
(16,335
)
United States municipalities, states and territories
7,395

 
(5
)
 
40,288

 
(547
)
 
47,683

 
(552
)
Foreign government obligations
9,959

 
(15
)
 
13,516

 
(732
)
 
23,475

 
(747
)
Corporate securities:
 
 
 
 
 
 
 
 
 
 
 
Finance, insurance and real estate
58,054

 
(2,368
)
 
441,853

 
(11,284
)
 
499,907

 
(13,652
)
Manufacturing, construction and mining
25,582

 
(727
)
 
390,348

 
(12,700
)
 
415,930

 
(13,427
)
Utilities and related sectors
116,124

 
(3,090
)
 
349,620

 
(11,198
)
 
465,744

 
(14,288
)
Wholesale/retail trade
9,887

 
(207
)
 
187,029

 
(15,976
)
 
196,916

 
(16,183
)
Services, media and other
156,628

 
(8,957
)
 
1,009,524

 
(71,658
)
 
1,166,152

 
(80,615
)
Residential mortgage backed securities
73,568

 
(524
)
 
10,927

 
(958
)
 
84,495

 
(1,482
)
Commercial mortgage backed securities
1,499

 
(46
)
 
702,389

 
(12,278
)
 
703,888

 
(12,324
)
Other asset backed securities
2,466,293

 
(64,695
)
 
1,490,289

 
(68,352
)
 
3,956,582

 
(133,047
)
 
$
2,924,989

 
$
(80,634
)
 
$
5,610,495

 
$
(222,019
)
 
$
8,535,484

 
$
(302,653
)
 
 
 
 
 
 
 
 
 
 
 
 
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 and six months ended June 30, 2019 and 2018 are as follows:
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
 
(Dollars in thousands)
Fixed maturity securities held for investment carried at amortized cost
$
—

 
$
(1,445
)
 
$
—

 
$
(8,466
)
Investments carried at fair value:
 
 
 
 
 
 
 
Fixed maturity securities, available for sale
$
1,383,290

 
$
(594,906
)
 
$
2,900,810

 
$
(1,810,601
)
 
1,383,290

 
(594,906
)
 
2,900,810

 
(1,810,601
)
Adjustment for effect on other balance sheet accounts:
 
 
 
 
 
 
 
Deferred policy acquisition costs and deferred sales inducements
(704,445
)
 
316,964

 
(1,505,346
)
 
960,287

Deferred income tax asset/liability
(142,558
)
 
58,366

 
(293,048
)
 
178,567

 
(847,003
)
 
375,330

 
(1,798,394
)
 
1,138,854

Change in net unrealized gains/losses on investments carried at fair value
$
536,287

 
$
(219,576
)
 
$
1,102,416

 
$
(671,747
)
Net Realized Gains (Losses) on Investments, Excluding Net OTTI Losses Net realized losses on investments, excluding net OTTI losses for the three and six months ended June 30, 2019 and 2018, are as follows:
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
 
(Dollars in thousands)
Available for sale fixed maturity securities:
 
 
 
 
 
 
 
Gross realized gains
$
5,255

 
$
958

 
$
6,426

 
$
2,340

Gross realized losses
(2,287
)
 
(39,633
)
 
(4,081
)
 
(41,735
)
 
2,968

 
(38,675
)
 
2,345

 
(39,395
)
Other investments:
 
 
 
 
 
 
 
Gross realized gains
7,296

 
—

 
7,296

 
—

Gross realized losses
(14,446
)
 
—

 
(14,446
)
 
—

 
(7,150
)
 
—

 
(7,150
)
 
—

Mortgage loans on real estate:
 
 
 
 
 
 
 
Decrease in allowance for credit losses
350

 
170

 
410

 
470

Recovery of specific allowance
—

 
—

 
—

 
722

Gain on sale of mortgage loans
—

 
124

 
—

 
124

 
350

 
294

 
410

 
1,316

 
$
(3,832
)
 
$
(38,381
)
 
$
(4,395
)
 
$
(38,079
)
Other Than Temporary Impairment by Asset Type he following table summarizes other than temporary impairments for the three and six months ended June 30, 2019 and 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 June 30, 2019
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Residential mortgage backed securities
2

 
$
—

 
$
(215
)
 
$
(215
)
Commercial mortgage backed securities
1

 
(349
)
 
—

 
(349
)
Other asset backed securities
1

 
(649
)
 
—

 
(649
)
 
4

 
$
(998
)
 
$
(215
)
 
$
(1,213
)
 
 
 
 
 
 
 
 
Three months ended June 30, 2018
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Residential mortgage backed securities
3

 
$
(63
)
 
$
(295
)
 
$
(358
)
Other asset backed securities
1

 
(682
)
 
(1,356
)
 
(2,038
)
 
4

 
$
(745
)
 
$
(1,651
)
 
$
(2,396
)
 
 
 
 
 
 
 
 
Six months ended June 30, 2019
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Residential mortgage backed securities
2

 
$
—

 
$
(215
)
 
$
(215
)
Commercial mortgage backed securities
1

 
(349
)
 
—

 
(349
)
Other asset backed securities
1

 
(649
)
 
—

 
(649
)
 
4

 
$
(998
)
 
$
(215
)
 
$
(1,213
)
 
 
 
 
 
 
 
 
Six months ended June 30, 2018
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Corporate securities:
 
 


 
 
 
 
Consumer discretionary
1

 
$
(907
)
 
$
—

 
$
(907
)
Residential mortgage backed securities
3

 
(63
)
 
(295
)
 
(358
)
Other asset backed securities
1

 
(682
)
 
(1,356
)
 
(2,038
)
 
5

 
$
(1,652
)
 
$
(1,651
)
 
$
(3,303
)
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 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
 
(Dollars in thousands)
Cumulative credit loss at beginning of period
$
(175,398
)
 
$
(154,073
)
 
$
(175,398
)
 
$
(157,066
)
Additions for the amount related to credit losses for which OTTI has not previously been recognized
(998
)
 
(745
)
 
(998
)
 
(1,652
)
Additional credit losses on securities for which OTTI has previously been recognized
(215
)
 
(1,651
)
 
(215
)
 
(1,651
)
Accumulated losses on securities that were disposed of during the period
10,960

 
—

 
10,960

 
3,900

Cumulative credit loss at end of period
$
(165,651
)
 
$
(156,469
)
 
$
(165,651
)
 
$
(156,469
)
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 June 30, 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)
June 30, 2019
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Corporate securities
$
28,669

 
$
(3,700
)
 
$
10,783

 
$
35,752

Residential mortgage backed securities
226,789

 
(167,631
)
 
198,330

 
257,488

Commercial mortgage backed securities
12,821

 
—

 
256

 
13,077

Other asset backed securities
977

 
—

 
—

 
977

 
$
269,256

 
$
(171,331
)
 
$
209,369

 
$
307,294

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