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Investments (Tables)
 9 Months Ended
Sep. 30, 2019
Investments [Abstract]  
Schedule of Fixed Maturity Securities
At September 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)
September 30, 2019
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
United States Government full faith and credit
$
11,832

 
$
511

 
$
—

 
$
12,343

United States Government sponsored agencies
663,662

 
33,420

 
(2,052
)
 
695,030

United States municipalities, states and territories
4,053,836

 
464,539

 
(714
)
 
4,517,661

Foreign government obligations
186,979

 
20,441

 
—

 
207,420

Corporate securities
30,042,589

 
2,959,486

 
(104,948
)
 
32,897,127

Residential mortgage backed securities
1,434,116

 
124,648

 
(1,608
)
 
1,557,156

Commercial mortgage backed securities
5,564,871

 
279,881

 
(5,242
)
 
5,839,510

Other asset backed securities
6,212,671

 
107,933

 
(192,467
)
 
6,128,137

 
$
48,170,556

 
$
3,990,859

 
$
(307,031
)
 
$
51,854,384

 
 
 
 
 
 
 
 
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 September 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
$
404,010

 
$
409,265

Due after one year through five years
5,612,668

 
5,824,616

Due after five years through ten years
10,399,862

 
11,063,045

Due after ten years through twenty years
10,051,773

 
11,398,510

Due after twenty years
8,490,585

 
9,634,145

 
34,958,898

 
38,329,581

Residential mortgage backed securities
1,434,116

 
1,557,156

Commercial mortgage backed securities
5,564,871

 
5,839,510

Other asset backed securities
6,212,671

 
6,128,137

 
$
48,170,556

 
$
51,854,384
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:
 
September 30, 2019
 
December 31, 2018
 
(Dollars in thousands)
Net unrealized gains (losses) on available for sale fixed maturity securities
$
3,683,828

 
$
(207,463
)
Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements
(1,637,819
)
 
112,571

Deferred income tax valuation allowance reversal
22,534

 
22,534

Deferred income tax benefit (expense)
(429,114
)
 
19,926

Net unrealized gains (losses) reported as accumulated other comprehensive income (loss)
$
1,639,429

 
$
(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:
 
 
September 30, 2019
 
December 31, 2018
NAIC
Designation
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
 
(Dollars in thousands)
1
 
$
27,657,160

 
$
30,351,227

 
$
26,588,352

 
$
26,921,843

2
 
19,171,556

 
20,232,420

 
17,901,161

 
17,528,072

3
 
1,179,714

 
1,145,174

 
1,396,650

 
1,269,242

4
 
126,833

 
101,830

 
173,987

 
137,991

5
 
29,759

 
16,920

 
23,836

 
19,453

6
 
5,534

 
6,813

 
47,204

 
47,126

 
 
$
48,170,556

 
$
51,854,384

 
$
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 886 and 2,715 securities, respectively) have been in a continuous unrealized loss position, at September 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)
September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
 
 
 
 
United States Government sponsored agencies
$
119,718

 
$
(282
)
 
$
203,230

 
$
(1,770
)
 
$
322,948

 
$
(2,052
)
United States municipalities, states and territories
97,111

 
(668
)
 
3,116

 
(46
)
 
100,227

 
(714
)
Corporate securities:
 
 
 
 
 
 
 
 
 
 
 
Finance, insurance and real estate
330,617

 
(3,576
)
 
144,633

 
(2,095
)
 
475,250

 
(5,671
)
Manufacturing, construction and mining
135,697

 
(1,003
)
 
56,550

 
(3,921
)
 
192,247

 
(4,924
)
Utilities and related sectors
56,274

 
(2,272
)
 
50,072

 
(4,928
)
 
106,346

 
(7,200
)
Wholesale/retail trade
18,356

 
(293
)
 
121,902

 
(13,234
)
 
140,258

 
(13,527
)
Services, media and other
188,946

 
(10,486
)
 
424,760

 
(63,140
)
 
613,706

 
(73,626
)
Residential mortgage backed securities
116,116

 
(614
)
 
11,918

 
(994
)
 
128,034

 
(1,608
)
Commercial mortgage backed securities
239,503

 
(1,355
)
 
203,268

 
(3,887
)
 
442,771

 
(5,242
)
Other asset backed securities
1,739,759

 
(48,538
)
 
2,386,760

 
(143,929
)
 
4,126,519

 
(192,467
)
 
$
3,042,097

 
$
(69,087
)
 
$
3,606,209

 
$
(237,944
)
 
$
6,648,306

 
$
(307,031
)
 
 
 
 
 
 
 
 
 
 
 
 
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 nine months ended September 30, 2019 and 2018 are as follows:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
 
(Dollars in thousands)
Fixed maturity securities held for investment carried at amortized cost
$
—

 
$
2,947

 
$
—

 
$
(5,519
)
 
 
 
 
 
 
 
 
Fixed maturity securities available for sale carried at fair value
$
990,481

 
$
(311,954
)
 
$
3,891,291

 
$
(2,122,555
)
 
 
 
 
 
 
 
 
Adjustment for effect on other balance sheet accounts:
 
 
 
 
 
 
 
Deferred policy acquisition costs and deferred sales inducements
(245,044
)
 
172,566

 
(1,750,390
)
 
1,132,853

Deferred income tax asset/liability
(155,992
)
 
29,270

 
(449,040
)
 
207,837

 
(401,036
)
 
201,836

 
(2,199,430
)
 
1,340,690

Change in net unrealized gains/losses on investments carried at fair value
$
589,445

 
$
(110,118
)
 
$
1,691,861

 
$
(781,865
)
Net Realized Gains (Losses) on Investments, Excluding Net OTTI Losses Net realized gains (losses) on investments, excluding net OTTI losses for the three and nine months ended September 30, 2019 and 2018, are as follows:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
 
(Dollars in thousands)
Available for sale fixed maturity securities:
 
 
 
 
 
 
 
Gross realized gains
$
6,164

 
$
505

 
$
12,590

 
$
2,845

Gross realized losses
(1,586
)
 
(1,913
)
 
(5,667
)
 
(43,648
)
 
4,578

 
(1,408
)
 
6,923

 
(40,803
)
Other investments:
 
 
 
 
 
 
 
Gross realized gains
—

 
—

 
7,296

 
—

Gross realized losses
—

 
—

 
(14,446
)
 
—

 
—

 
—

 
(7,150
)
 
—

Mortgage loans on real estate:
 
 
 
 
 
 
 
Increase (decrease) in allowance for credit losses
(250
)
 
(1,255
)
 
160

 
(785
)
Recovery of specific allowance
—

 
467

 
—

 
1,189

Gain on sale of mortgage loans
—

 
—

 
—

 
124

 
(250
)
 
(788
)
 
160

 
528

 
$
4,328

 
$
(2,196
)
 
$
(67
)
 
$
(40,275
)
Other Than Temporary Impairment by Asset Type
The following table summarizes other than temporary impairments for the three and nine months ended September 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 September 30, 2019
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Residential mortgage backed securities
1

 
$
(101
)
 
$
—

 
$
(101
)
 
 
 
 
 
 
 
 
Three months ended September 30, 2018
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Corporate securities:
 
 


 
 
 
 
Capital goods
1

 
$
(719
)
 
$
—

 
$
(719
)
Consumer discretionary
6

 
(5,968
)
 
—

 
(5,968
)
Energy
2

 
(1,212
)
 
—

 
(1,212
)
Financials
5

 
(3,495
)
 
—

 
(3,495
)
Information technology
1

 
(550
)
 
—

 
(550
)
Telecommunications
2

 
(249
)
 
—

 
(249
)
Transportation
1

 
(178
)
 
—

 
(178
)
Utilities
1

 
(94
)
 
—

 
(94
)
Commercial mortgage backed securities
1

 
(1,908
)
 
—

 
(1,908
)
 
20

 
$
(14,373
)
 
$
—

 
$
(14,373
)
 
 
 
 
 
 
 
 
Nine months ended September 30, 2019
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Residential mortgage backed securities
3

 
$
(101
)
 
$
(215
)
 
$
(316
)
Commercial mortgage backed securities
1

 
(349
)
 
—

 
(349
)
Other asset backed securities
1

 
(649
)
 
—

 
(649
)
 
5

 
$
(1,099
)
 
$
(215
)
 
$
(1,314
)
 
 
 
 
 
 
 
 
Nine months ended September 30, 2018
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Corporate securities:
 
 


 
 
 
 
Capital goods
1

 
$
(719
)
 
$
—

 
$
(719
)
Consumer discretionary
7

 
(6,875
)
 
—

 
(6,875
)
Energy
2

 
(1,212
)
 
—

 
(1,212
)
Financials
5

 
(3,495
)
 
—

 
(3,495
)
Information technology
1

 
(550
)
 
—

 
(550
)
Telecommunications
2

 
(249
)
 
—

 
(249
)
Transportation
1

 
(178
)
 
—

 
(178
)
Utilities
1

 
(94
)
 
—

 
(94
)
Residential mortgage backed securities
3

 
(63
)
 
(295
)
 
(358
)
Commercial mortgage backed securities
1

 
(1,908
)
 
—

 
(1,908
)
Other asset backed securities
1

 
(682
)
 
(1,356
)
 
(2,038
)
 
25

 
$
(16,025
)
 
$
(1,651
)
 
$
(17,676
)
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 
 September 30,
 
Nine Months Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
 
(Dollars in thousands)
Cumulative credit loss at beginning of period
$
(165,651
)
 
$
(156,469
)
 
$
(175,398
)
 
$
(157,066
)
Additions for the amount related to credit losses for which OTTI has not previously been recognized
—

 
(14,373
)
 
(998
)
 
(16,025
)
Additional credit losses on securities for which OTTI has previously been recognized
(101
)
 
—

 
(316
)
 
(1,651
)
Accumulated losses on securities that were disposed of during the period
10,775

 
—

 
21,735

 
3,900

Cumulative credit loss at end of period
$
(154,977
)
 
$
(170,842
)
 
$
(154,977
)
 
$
(170,842
)
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 September 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)
September 30, 2019
 
 
 
 
 
 
 
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Corporate securities
$
28,728

 
$
(3,700
)
 
$
10,088

 
$
35,116

Residential mortgage backed securities
198,959

 
(151,562
)
 
180,704

 
228,101

Commercial mortgage backed securities
12,867

 
—

 
271

 
13,138

Other asset backed securities
977

 
—

 
326

 
1,303

 
$
241,531

 
$
(155,262
)
 
$
191,389

 
$
277,658

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