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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income $ 671,460 $ 246,090 $ 458,016
Adjustments to reconcile net income to net cash provided by operating activities:      
Interest sensitive and index product benefits 1,543,270 1,287,576 1,610,835
Amortization of deferred sales inducements 438,164 88,585 222,201
Annuity product charges (251,227) (240,035) (224,488)
Change in fair value of embedded derivatives (1,286,787) 1,454,042 (1,389,491)
Change in traditional life and accident and health insurance reserves 8,694 (3,546) (163)
Policy acquisition costs deferred (255,154) (422,516) (388,222)
Amortization of deferred policy acquisition costs 649,554 87,717 327,991
Provision for depreciation and other amortization 5,199 4,068 3,474
Amortization of discounts and premiums on investments 57,437 25,846 19,204
Loss on extinguishment of debt 2,024 2,001 0
Realized gains/losses on investments 80,680 (6,962) 37,178
Realized gains/losses on investments   11,764 73,834
Change in fair value of derivatives (34,668) (906,201) 777,575
Distributions from equity method investments 1,968 2,753 1,270
Deferred income taxes 141,071 56,947 (12,563)
Share-based compensation 10,215 11,295 11,097
Change in accrued investment income 74,744 (4,097) (39,721)
Change in income taxes recoverable/payable (1,291) 26,966 (60,822)
Change in other assets (849) (5,607) (844)
Change in other policy funds and contract claims (21,865) (21,971) (19,029)
Change in collateral held for derivatives (72,413) 1,190,656 (1,296,629)
Change in collateral held for securities lending (495,039) 495,101 0
Change in other liabilities 38,995 (28,607) (17,318)
Other 804 (7,425) (13,022)
Net cash provided by operating activities 1,304,986 3,351,402 43,185
Sales, maturities, or repayments of investments:      
Fixed maturity securities - available for sale 8,291,316 3,266,821 3,870,415
Mortgage loans on real estate 378,812 294,356 298,100
Derivative instruments 860,520 657,885 1,446,948
Other investments 4,324 472,549 358,372
Acquisitions of investments:      
Fixed maturity securities - available for sale (2,429,114) (5,509,314) (6,852,481)
Mortgage loans on real estate (1,121,756) (799,037) (575,367)
Derivative instruments (730,333) (823,077) (864,717)
Other investments (105,925) (611,047) (85,318)
Purchases of property, furniture and equipment (13,240) (4,022) (4,283)
Net cash provided by (used in) investing activities 5,134,604 (3,054,886) (2,408,331)
Financing activities      
Receipts credited to annuity policyholder account balances 3,648,936 4,951,211 4,381,150
Coinsurance deposits 430,644 91,238 (23,838)
Return of annuity policyholder account balances (4,040,054) (3,584,960) (3,159,700)
Repayment of subordinated debentures (81,450) (88,160) 0
Net proceeds from (repayments of) amounts due under repurchase agreements 0 (109,298) 109,298
Proceeds from issuance of common stock 338,061 1,691 9,681
Acquisition of treasury stock (165,094) 0 0
Proceeds from issuance of preferred stock, net 290,260 388,893 0
Change in checks in excess of cash balance 3,611 29,169 (15,829)
Dividends paid on common stock (28,859) (27,304) (25,265)
Dividends paid on preferred stock (33,515) 0 0
Net cash provided by (used in) financing activities 362,540 1,652,480 1,275,497
Increase (decrease) in cash and cash equivalents 6,802,130 1,948,996 (1,089,649)
Cash and cash equivalents at beginning of year 2,293,392 344,396 1,434,045
Cash and cash equivalents at end of year 9,095,522 2,293,392 344,396
Cash paid during the year for interest:      
Interest expense 31,427 42,879 39,575
Cash paid during the year for income taxes:      
Income taxes 4,842 28,413 181,202
Non-cash operating activity:      
Deferral of sales inducements $ 93,610 $ 177,941 $ 179,465