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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 246,090 $ 458,016 $ 174,645
Adjustments to reconcile net income to net cash provided by operating activities:      
Interest sensitive and index product benefits 1,287,576 1,610,835 2,023,668
Amortization of deferred sales inducements 88,585 222,201 176,612
Annuity product charges (240,035) (224,488) (200,494)
Change in fair value of embedded derivatives 1,454,042 (1,389,491) 919,735
Change in traditional life and accident and health insurance reserves (3,546) (163) (33)
Policy acquisition costs deferred (422,516) (388,222) (406,641)
Amortization of deferred policy acquisition costs 87,717 327,991 255,964
Provision for depreciation and other amortization 4,068 3,474 3,948
Amortization of discounts and premiums on investments 25,846 19,204 15,431
Loss on extinguishment of debt 2,001 0 18,817
Realized gains (losses) on investments and net OTTI losses recognized in operations 11,764 73,834 (5,879)
Change in fair value of derivatives (906,201) 777,575 (1,678,956)
Distributions from equity method investments 2,753 1,270 1,454
Deferred income taxes 56,947 (12,563) (46,730)
Share-based compensation 11,295 11,097 6,464
Change in accrued investment income (4,097) (39,721) (31,235)
Change in income taxes recoverable/payable 26,966 (60,822) 45,759
Change in other assets (5,607) (844) 448
Change in other policy funds and contract claims (21,971) (19,029) (23,101)
Change in collateral held for derivatives 1,190,656 (1,296,629) 772,181
Change in collateral held for securities lending 495,101 0 0
Change in other liabilities (28,607) (17,318) (84,416)
Other (7,425) (13,022) (13,794)
Net cash provided by operating activities 3,351,402 43,185 1,923,847
Sales, maturities, or repayments of investments:      
Fixed maturity securities - available for sale 3,266,821 3,870,415 1,911,991
Mortgage loans on real estate 294,356 298,100 351,255
Derivative instruments 657,885 1,446,948 1,697,948
Other investments 472,549 358,372 9,117
Acquisitions of investments:      
Fixed maturity securities - available for sale (5,509,314) (6,852,481) (5,026,640)
Mortgage loans on real estate (799,037) (575,367) (535,249)
Derivative instruments (823,077) (864,717) (691,428)
Other investments (611,047) (85,318) (305,575)
Purchases of property, furniture and equipment (4,022) (4,283) (4,809)
Net cash used in investing activities (3,054,886) (2,408,331) (2,593,390)
Financing activities      
Receipts credited to annuity policyholder account balances 4,951,211 4,381,150 4,152,264
Coinsurance deposits 91,238 (23,838) (6,597)
Return of annuity policyholder account balances (3,584,960) (3,159,700) (2,809,486)
Financing fees incurred and deferred 0 0 (5,817)
Proceeds from issuance of notes payable 0 0 499,650
Repayment of notes payable 0 0 (413,252)
Repayment of loan payable 0 0 (100,000)
Repayment of subordinated debentures (88,160) 0 0
Net proceeds from (repayments of) amounts due under repurchase agreements (109,298) 109,298 0
Proceeds from issuance of common stock, net 1,691 9,681 14,028
Proceeds from issuance of preferred stock, net 388,893 0 0
Change in checks in excess of cash balance 29,169 (15,829) 4,680
Dividends paid (27,304) (25,265) (23,148)
Net cash provided by (used in) financing activities 1,652,480 1,275,497 1,312,322
Increase (decrease) in cash and cash equivalents 1,948,996 (1,089,649) 642,779
Cash and cash equivalents at beginning of year 344,396 1,434,045 791,266
Cash and cash equivalents at end of year 2,293,392 344,396 1,434,045
Cash paid during the year for interest:      
Interest expense 42,879 39,575 55,445
Cash paid during the year for income taxes:      
Income taxes 28,413 181,202 142,627
Non-cash operating activity:      
Deferral of sales inducements $ 177,941 $ 179,465 $ 216,172