| A. | Financial Highlights | |||||||
| Non-GAAP Financial Measures | ||||||||
| B. | Product Summary | |||||||
| C. | Investment Summary | |||||||
| D. | ||||||||
| E. | ||||||||
| June 30, 2021 | December 31, 2020 (a) | ||||||||||
| Assets | |||||||||||
| Investments: | |||||||||||
| Fixed maturity securities, available for sale, at fair value | $ | 46,659,256 | $ | 47,538,893 | |||||||
| Mortgage loans on real estate | 4,299,945 | 4,165,489 | |||||||||
| Real estate | 258,237 | — | |||||||||
| Derivative instruments | 1,459,965 | 1,310,954 | |||||||||
| Other investments | 962,305 | 590,078 | |||||||||
| Total investments | 53,639,708 | 53,605,414 | |||||||||
| Cash and cash equivalents | 11,524,265 | 9,095,522 | |||||||||
| Coinsurance deposits | 4,441,950 | 4,844,927 | |||||||||
| Accrued investment income | 397,393 | 398,082 | |||||||||
| Deferred policy acquisition costs | 2,310,931 | 2,225,199 | |||||||||
| Deferred sales inducements | 1,466,217 | 1,448,375 | |||||||||
| Income taxes recoverable | 41,019 | 862 | |||||||||
| Other assets | 60,816 | 70,198 | |||||||||
| Total assets | $ | 73,882,299 | $ | 71,688,579 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Liabilities: | |||||||||||
| Policy benefit reserves | $ | 64,555,597 | $ | 62,352,882 | |||||||
| Other policy funds and contract claims | 233,987 | 240,904 | |||||||||
| Notes payable | 495,955 | 495,668 | |||||||||
| Subordinated debentures | 78,264 | 78,112 | |||||||||
| Deferred income taxes | 483,631 | 504,000 | |||||||||
| Other liabilities | 1,739,130 | 1,668,025 | |||||||||
| Total liabilities | 67,586,564 | 65,339,591 | |||||||||
| Stockholders' equity: | |||||||||||
| Preferred stock, Series A | 16 | 16 | |||||||||
| Preferred stock, Series B | 12 | 12 | |||||||||
| Common stock | 92,554 | 95,721 | |||||||||
| Additional paid-in capital | 1,604,535 | 1,681,127 | |||||||||
| Accumulated other comprehensive income | 2,023,911 | 2,203,557 | |||||||||
| Retained earnings | 2,574,707 | 2,368,555 | |||||||||
| Total stockholders' equity | 6,295,735 | 6,348,988 | |||||||||
| Total liabilities and stockholders' equity | $ | 73,882,299 | $ | 71,688,579 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Premiums and other considerations | $ | 14,595 | $ | 11,032 | $ | 27,808 | $ | 18,696 | |||||||||||||||
| Annuity product charges | 63,759 | 63,438 | 123,841 | 122,987 | |||||||||||||||||||
| Net investment income | 499,320 | 543,704 | 996,510 | 1,117,022 | |||||||||||||||||||
| Change in fair value of derivatives | 500,880 | 327,662 | 897,185 | (614,212) | |||||||||||||||||||
| Net realized losses on investments | (3,114) | (25,888) | (7,697) | (46,224) | |||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | (2,024) | |||||||||||||||||||
| Total revenues | 1,075,440 | 919,948 | 2,037,647 | 596,245 | |||||||||||||||||||
| Benefits and expenses: | |||||||||||||||||||||||
| Insurance policy benefits and change in future policy benefits | 15,828 | 13,331 | 32,252 | 23,403 | |||||||||||||||||||
| Interest sensitive and index product benefits | 812,981 | 240,992 | 1,289,576 | 641,211 | |||||||||||||||||||
| Amortization of deferred sales inducements | (12,520) | (75,178) | 110,455 | (1,587) | |||||||||||||||||||
| Change in fair value of embedded derivatives | 273,713 | 1,126,935 | (8,700) | (123,126) | |||||||||||||||||||
| Interest expense on notes payable | 6,394 | 6,388 | 12,787 | 12,773 | |||||||||||||||||||
| Interest expense on subordinated debentures | 1,326 | 1,321 | 2,652 | 2,909 | |||||||||||||||||||
| Amortization of deferred policy acquisition costs | (16,906) | (119,889) | 186,917 | 813 | |||||||||||||||||||
| Other operating costs and expenses | 65,050 | 41,951 | 120,915 | 85,577 | |||||||||||||||||||
| Total benefits and expenses | 1,145,866 | 1,235,851 | 1,746,854 | 641,973 | |||||||||||||||||||
| Income (loss) before income taxes | (70,426) | (315,903) | 290,793 | (45,728) | |||||||||||||||||||
| Income tax expense (benefit) | (15,732) | (68,474) | 62,803 | (41,246) | |||||||||||||||||||
| Net income (loss) | (54,694) | (247,429) | 227,990 | (4,482) | |||||||||||||||||||
| Less: Preferred stock dividends | 10,919 | 5,950 | 21,838 | 12,561 | |||||||||||||||||||
| Net income (loss) available to common stockholders | $ | (65,613) | $ | (253,379) | $ | 206,152 | $ | (17,043) | |||||||||||||||
| Earnings (loss) per common share | $ | (0.69) | $ | (2.76) | $ | 2.16 | $ | (0.19) | |||||||||||||||
| Earnings (loss) per common share - assuming dilution | $ | (0.69) | $ | (2.76) | $ | 2.15 | $ | (0.19) | |||||||||||||||
| Weighted average common shares outstanding (in thousands): | |||||||||||||||||||||||
| Earnings (loss) per common share | 94,801 | 91,803 | 95,265 | 91,724 | |||||||||||||||||||
| Earnings (loss) per common share - assuming dilution | 95,379 | 92,027 | 95,795 | 92,024 | |||||||||||||||||||
| Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | |||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Traditional life insurance premiums | $ | 708 | $ | 706 | $ | 701 | $ | 708 | $ | 722 | |||||||||||||||||||
| Life contingent immediate annuity considerations | 13,887 | 12,507 | 9,578 | 9,699 | 10,310 | ||||||||||||||||||||||||
| Surrender charges | 18,057 | 19,481 | 17,009 | 16,447 | 19,390 | ||||||||||||||||||||||||
| Lifetime income benefit rider fees | 45,702 | 40,601 | 48,954 | 45,830 | 44,048 | ||||||||||||||||||||||||
| Net investment income | 499,320 | 497,190 | 521,725 | 543,331 | 543,704 | ||||||||||||||||||||||||
| Change in fair value of derivatives | 500,880 | 396,305 | 443,867 | 205,011 | 327,662 | ||||||||||||||||||||||||
| Net realized losses on investments | (3,114) | (4,583) | (12,135) | (22,321) | (25,888) | ||||||||||||||||||||||||
| Total revenues | 1,075,440 | 962,207 | 1,029,699 | 798,705 | 919,948 | ||||||||||||||||||||||||
| Benefits and expenses: | |||||||||||||||||||||||||||||
Traditional life insurance policy benefits and change in future policy benefits | 502 | 1,049 | 1,091 | 655 | 702 | ||||||||||||||||||||||||
Life contingent immediate annuity benefits and change in future policy benefits | 15,326 | 15,375 | 11,975 | 12,618 | 12,629 | ||||||||||||||||||||||||
| Interest sensitive and index product benefits (a) | 812,981 | 476,595 | 325,912 | 576,147 | 240,992 | ||||||||||||||||||||||||
| Amortization of deferred sales inducements (b)(d) | (12,520) | 122,975 | 22,768 | 416,983 | (75,178) | ||||||||||||||||||||||||
| Change in fair value of embedded derivatives (c)(d) | 273,713 | (282,413) | 568,836 | (1,732,497) | 1,126,935 | ||||||||||||||||||||||||
| Interest expense on notes payable | 6,394 | 6,393 | 6,391 | 6,388 | 6,388 | ||||||||||||||||||||||||
| Interest expense on subordinated debentures | 1,326 | 1,326 | 1,325 | 1,323 | 1,321 | ||||||||||||||||||||||||
| Amortization of deferred policy acquisition costs (b)(d) | (16,906) | 203,823 | 26,145 | 622,596 | (119,889) | ||||||||||||||||||||||||
| Other operating costs and expenses | 65,050 | 55,865 | 55,321 | 42,738 | 41,951 | ||||||||||||||||||||||||
| Total benefits and expenses | 1,145,866 | 600,988 | 1,019,764 | (53,049) | 1,235,851 | ||||||||||||||||||||||||
| Income (loss) before income taxes | (70,426) | 361,219 | 9,935 | 851,754 | (315,903) | ||||||||||||||||||||||||
| Income tax expense (benefit) | (15,732) | 78,535 | 1,193 | 184,554 | (68,474) | ||||||||||||||||||||||||
| Net income (loss) (a)(b)(c)(d) | (54,694) | 282,684 | 8,742 | 667,200 | (247,429) | ||||||||||||||||||||||||
| Less: Preferred stock dividends | 10,919 | 10,919 | 15,004 | 5,950 | 5,950 | ||||||||||||||||||||||||
| Net income (loss) available to common stockholders (a)(b)(c)(d) | $ | (65,613) | $ | 271,765 | $ | (6,262) | $ | 661,250 | $ | (253,379) | |||||||||||||||||||
| Earnings (loss) per common share | $ | (0.69) | $ | 2.84 | $ | (0.07) | $ | 7.20 | $ | (2.76) | |||||||||||||||||||
| Earnings (loss) per common share - assuming dilution (a)(b)(c)(d) | $ | (0.69) | $ | 2.82 | $ | (0.07) | $ | 7.17 | $ | (2.76) | |||||||||||||||||||
| Weighted average common shares outstanding (thousands): | |||||||||||||||||||||||||||||
| Earnings (loss) per common share | 94,801 | 95,735 | 92,904 | 91,861 | 91,803 | ||||||||||||||||||||||||
| Earnings (loss) per common share - assuming dilution | 95,379 | 96,216 | 93,352 | 92,163 | 92,027 | ||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Net income (loss) available to common stockholders | $ | (65,613) | $ | (253,379) | $ | 206,152 | $ | (17,043) | |||||||||||||||
| Adjustments to arrive at non-GAAP operating income available to common stockholders: (a) | |||||||||||||||||||||||
| Net realized gains/losses on financial assets, including credit losses | 2,912 | 18,492 | 6,428 | 34,841 | |||||||||||||||||||
| Change in fair value of derivatives and embedded derivatives - fixed index annuities | 200,767 | 423,590 | (96,867) | 303,136 | |||||||||||||||||||
| Change in fair value of derivatives - interest rate caps and swap | — | — | — | (848) | |||||||||||||||||||
| Income taxes | (44,278) | (95,599) | 19,516 | (72,897) | |||||||||||||||||||
| Non-GAAP operating income available to common stockholders | 93,788 | 93,104 | 135,229 | 247,189 | |||||||||||||||||||
| Impact of notable items (b) | — | — | — | (30,778) | |||||||||||||||||||
| Non-GAAP operating income available to common stockholders, excluding notable items | $ | 93,788 | $ | 93,104 | $ | 135,229 | $ | 216,411 | |||||||||||||||
| Per common share - assuming dilution: | |||||||||||||||||||||||
| Net income (loss) available to common stockholders | $ | (0.69) | $ | (2.76) | $ | 2.15 | $ | (0.19) | |||||||||||||||
| Adjustments to arrive at non-GAAP operating income available to common stockholders: | |||||||||||||||||||||||
| Anti-dilutive effect of net loss | — | 0.01 | — | — | |||||||||||||||||||
| Net realized gains/losses on financial assets, including credit losses | 0.03 | 0.20 | 0.07 | 0.38 | |||||||||||||||||||
| Change in fair value of derivatives and embedded derivatives - fixed index annuities | 2.10 | 4.60 | (1.01) | 3.30 | |||||||||||||||||||
| Change in fair value of derivatives - interest rate caps and swap | — | — | — | (0.01) | |||||||||||||||||||
| Income taxes | (0.46) | (1.04) | 0.20 | (0.79) | |||||||||||||||||||
| Non-GAAP operating income available to common stockholders | 0.98 | 1.01 | 1.41 | 2.69 | |||||||||||||||||||
| Impact of notable items | — | — | — | (0.33) | |||||||||||||||||||
| Non-GAAP operating income available to common stockholders, excluding notable items | $ | 0.98 | $ | 1.01 | $ | 1.41 | $ | 2.36 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Notable items impacting non-GAAP operating income available to common stockholders: | |||||||||||||||||||||||
| Tax benefit related to the CARES Act | $ | — | $ | — | $ | — | $ | (30,778) | |||||||||||||||
| Total notable items (b) | $ | — | $ | — | $ | — | $ | (30,778) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Net realized gains/losses on financial assets, including credit losses: | |||||||||||||||||||||||
| Net realized gains/losses on financial assets, including credit losses | $ | 2,862 | $ | 25,276 | $ | 7,589 | $ | 46,933 | |||||||||||||||
| Amortization of DAC and DSI and accretion of LIBR reserves | 50 | (6,784) | (1,161) | (12,092) | |||||||||||||||||||
| Income taxes | (626) | (3,995) | (1,382) | (7,526) | |||||||||||||||||||
| $ | 2,286 | $ | 14,497 | $ | 5,046 | $ | 27,315 | ||||||||||||||||
| Change in fair value of derivatives and embedded derivatives: | |||||||||||||||||||||||
| Fixed index annuities | $ | 331,268 | $ | 713,446 | $ | (162,531) | $ | 503,555 | |||||||||||||||
| Interest rate caps and swap | — | — | — | (848) | |||||||||||||||||||
| Amortization of DAC and DSI | (130,501) | (289,856) | 65,664 | (200,419) | |||||||||||||||||||
| Income taxes | (43,652) | (91,604) | 20,898 | (65,371) | |||||||||||||||||||
| $ | 157,115 | $ | 331,986 | $ | (75,969) | $ | 236,917 | ||||||||||||||||
| Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | |||||||||||||||||||||||||
| Net income (loss) available to common stockholders | $ | (65,613) | $ | 271,765 | $ | (6,262) | $ | 661,250 | $ | (253,379) | |||||||||||||||||||
| Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders: (a) | |||||||||||||||||||||||||||||
| Net realized gains/losses on financial assets, including credit losses | 2,912 | 3,516 | 9,369 | 15,145 | 18,492 | ||||||||||||||||||||||||
Change in fair value of derivatives and embedded derivatives - fixed index annuities | 200,767 | (297,634) | 90,616 | (1,176,909) | 423,590 | ||||||||||||||||||||||||
| Income taxes | (44,278) | 63,794 | (21,996) | 250,701 | (95,599) | ||||||||||||||||||||||||
| Non-GAAP operating income (loss) available to common stockholders (b)(c) | 93,788 | 41,441 | 71,727 | (249,813) | 93,104 | ||||||||||||||||||||||||
| Impact of notable items (d) | — | — | — | 340,895 | — | ||||||||||||||||||||||||
| Non-GAAP operating income available to common stockholders, excluding notable items | $ | 93,788 | $ | 41,441 | $ | 71,727 | $ | 91,082 | $ | 93,104 | |||||||||||||||||||
| Per common share - assuming dilution: | |||||||||||||||||||||||||||||
| Net income (loss) available to common stockholders | $ | (0.69) | $ | 2.82 | $ | (0.07) | $ | 7.17 | $ | (2.76) | |||||||||||||||||||
| Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders: | |||||||||||||||||||||||||||||
| Anti-dilutive effect of net loss | — | — | — | — | 0.01 | ||||||||||||||||||||||||
| Anti-dilutive effect of operating loss | — | — | — | 0.01 | — | ||||||||||||||||||||||||
| Net realized gains/losses on financial assets, including credit losses | 0.03 | 0.04 | 0.10 | 0.16 | 0.20 | ||||||||||||||||||||||||
Change in fair value of derivatives and embedded derivatives - fixed index annuities | 2.10 | (3.09) | 0.97 | (12.77) | 4.60 | ||||||||||||||||||||||||
| Income taxes | (0.46) | 0.66 | (0.23) | 2.71 | (1.04) | ||||||||||||||||||||||||
| Non-GAAP operating income (loss) available to common stockholders (b)(c) | 0.98 | 0.43 | 0.77 | (2.72) | 1.01 | ||||||||||||||||||||||||
| Impact of notable items | — | — | — | 3.70 | — | ||||||||||||||||||||||||
| Non-GAAP operating income available to common stockholders, excluding notable items | $ | 0.98 | $ | 0.43 | $ | 0.77 | $ | 0.98 | $ | 1.01 | |||||||||||||||||||
| Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | |||||||||||||||||||||||||
| Notable items impacting non-GAAP operating income (loss) available to common stockholders: | |||||||||||||||||||||||||||||
| Impact of actuarial assumption updates (c)(d) | $ | — | $ | — | $ | — | $ | 340,895 | $ | — | |||||||||||||||||||
| Total notable items (b) | $ | — | $ | — | $ | — | $ | 340,895 | $ | — | |||||||||||||||||||
| Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | |||||||||||||||||||||||||
| Net realized losses on investments | $ | 3,114 | $ | 4,583 | $ | 12,135 | $ | 22,321 | $ | 25,888 | |||||||||||||||||||
| Change in fair value of derivatives | 57,555 | (211,387) | (416,450) | (203,088) | (413,489) | ||||||||||||||||||||||||
| Increase (decrease) in total revenues | 60,669 | (206,804) | (404,315) | (180,767) | (387,601) | ||||||||||||||||||||||||
| Amortization of deferred sales inducements | 52,074 | (69,788) | 22,785 | (303,710) | 115,511 | ||||||||||||||||||||||||
| Change in fair value of embedded derivatives | (273,713) | 282,413 | (568,836) | 1,732,497 | (1,126,935) | ||||||||||||||||||||||||
| Interest sensitive and index product benefits (a) | 227 | (145) | 761 | 1,298 | 612 | ||||||||||||||||||||||||
| Amortization of deferred policy acquisition costs | 78,402 | (125,166) | 40,990 | (449,088) | 181,129 | ||||||||||||||||||||||||
| Increase (decrease) in total benefits and expenses | (143,010) | 87,314 | (504,300) | 980,997 | (829,683) | ||||||||||||||||||||||||
| Increase in income (loss) before income taxes | 203,679 | (294,118) | 99,985 | (1,161,764) | 442,082 | ||||||||||||||||||||||||
| Increase (decrease) in income tax expense (benefit) | 44,278 | (63,794) | 21,996 | (250,701) | 95,599 | ||||||||||||||||||||||||
| Increase (decrease) in net income (loss) available to common stockholders | $ | 159,401 | $ | (230,324) | $ | 77,989 | $ | (911,063) | $ | 346,483 | |||||||||||||||||||
| Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | |||||||||||||||||||||||||
| Capitalization: | |||||||||||||||||||||||||||||
| Notes payable | $ | 500,000 | $ | 500,000 | $ | 500,000 | $ | 500,000 | $ | 500,000 | |||||||||||||||||||
| Subordinated debentures payable to subsidiary trusts | 78,264 | 78,187 | 78,112 | 78,037 | 77,964 | ||||||||||||||||||||||||
Total debt | 578,264 | 578,187 | 578,112 | 578,037 | 577,964 | ||||||||||||||||||||||||
Total stockholders’ equity (a) | 6,295,735 | 5,928,760 | 6,348,988 | 5,918,216 | 4,919,689 | ||||||||||||||||||||||||
Total capitalization (a) | 6,873,999 | 6,506,947 | 6,927,100 | 6,496,253 | 5,497,653 | ||||||||||||||||||||||||
| Accumulated other comprehensive income (AOCI) (a) | (2,023,911) | (1,505,260) | (2,203,557) | (1,911,593) | (1,577,469) | ||||||||||||||||||||||||
Total capitalization excluding AOCI (b) | $ | 4,850,088 | $ | 5,001,687 | $ | 4,723,543 | $ | 4,584,660 | $ | 3,920,184 | |||||||||||||||||||
Total stockholders’ equity (a) | $ | 6,295,735 | $ | 5,928,760 | $ | 6,348,988 | $ | 5,918,216 | $ | 4,919,689 | |||||||||||||||||||
| Equity available to preferred stockholders (c) | (700,000) | (700,000) | (700,000) | (700,000) | (700,000) | ||||||||||||||||||||||||
Total common stockholders' equity (a)(d) | 5,595,735 | 5,228,760 | 5,648,988 | 5,218,216 | 4,219,689 | ||||||||||||||||||||||||
| Accumulated other comprehensive income (a) | (2,023,911) | (1,505,260) | (2,203,557) | (1,911,593) | (1,577,469) | ||||||||||||||||||||||||
Total common stockholders’ equity excluding AOCI (d) | 3,571,824 | 3,723,500 | 3,445,431 | 3,306,623 | 2,642,220 | ||||||||||||||||||||||||
Net impact of fair value accounting for derivatives and embedded derivatives | (242,423) | (399,538) | (166,453) | (237,099) | 685,839 | ||||||||||||||||||||||||
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (d) | $ | 3,329,401 | $ | 3,323,962 | $ | 3,278,978 | $ | 3,069,524 | $ | 3,328,059 | |||||||||||||||||||
| Common shares outstanding | 92,553,825 | 95,482,733 | 95,720,622 | 91,931,837 | 91,595,066 | ||||||||||||||||||||||||
Book Value per Common Share: (e) | |||||||||||||||||||||||||||||
| Book value per common share (a) | $ | 60.46 | $ | 54.76 | $ | 59.02 | $ | 56.76 | $ | 46.07 | |||||||||||||||||||
| Book value per common share excluding AOCI (d) | $ | 38.59 | $ | 39.00 | $ | 35.99 | $ | 35.97 | $ | 28.85 | |||||||||||||||||||
| Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (d) | $ | 35.97 | $ | 34.81 | $ | 34.26 | $ | 33.39 | $ | 36.33 | |||||||||||||||||||
Debt-to-Capital Ratios: (f) | |||||||||||||||||||||||||||||
| Senior debt / Total capitalization | 10.3 | % | 10.0 | % | 10.6 | % | 10.9 | % | 12.8 | % | |||||||||||||||||||
| Total debt / Total capitalization | 11.9 | % | 11.6 | % | 12.2 | % | 12.6 | % | 14.7 | % | |||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | ||||||||||||||||||||||||||||||||
| 3.54% | 4.24% | Average yield on invested assets | 3.51% | 3.58% | 3.88% | 4.10% | 4.12% | |||||||||||||||||||||||||||||||
| 1.57% | 1.73% | Aggregate cost of money | 1.56% | 1.58% | 1.63% | 1.66% | 1.73% | |||||||||||||||||||||||||||||||
| 1.97% | 2.51% | Aggregate investment spread | 1.95% | 2.00% | 2.25% | 2.44% | 2.39% | |||||||||||||||||||||||||||||||
| Impact of: | ||||||||||||||||||||||||||||||||||||||
| 0.11% | 0.04% | Investment yield - additional prepayment income | 0.10% | 0.11% | 0.11% | 0.10% | 0.03% | |||||||||||||||||||||||||||||||
| 0.03% | 0.02% | Cost of money effect of over (under) hedging | 0.04% | 0.02% | 0.01% | 0.03% | (0.01)% | |||||||||||||||||||||||||||||||
| $56,352,021 | $52,762,227 | Weighted average investments | $56,991,393 | $55,712,648 | $53,836,378 | $53,024,798 | $52,901,215 | |||||||||||||||||||||||||||||||
| 57,144,563 | 52,963,914 | Ending investments | 57,144,563 | 56,838,224 | 54,587,072 | 53,085,683 | 52,963,914 | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | ||||||||||||||||||||||||||||||||
Included in interest sensitive and index product benefits: | ||||||||||||||||||||||||||||||||||||||
| $ | 1,060,028 | $ | 376,815 | Index credits | $ | 714,291 | $ | 345,737 | $ | 195,927 | $ | 174,747 | $ | 97,875 | ||||||||||||||||||||||||
| 119,114 | 95,541 | Interest credited | 62,637 | 56,477 | 49,551 | 47,376 | 46,594 | |||||||||||||||||||||||||||||||
Included in change in fair value of derivatives: | ||||||||||||||||||||||||||||||||||||||
| (1,069,593) | (382,278) | Proceeds received at option expiration | (720,474) | (349,119) | (197,921) | (178,405) | (97,015) | |||||||||||||||||||||||||||||||
| 326,354 | 369,871 | Pro rata amortization of option cost | 162,124 | 164,230 | 170,505 | 176,481 | 182,841 | |||||||||||||||||||||||||||||||
| $ | 435,903 | $ | 459,949 | Cost of money for deferred annuities | $ | 218,578 | $ | 217,325 | $ | 218,062 | $ | 220,199 | $ | 230,295 | ||||||||||||||||||||||||
| $ | 55,578,458 | $ | 53,244,580 | Weighted average liability balance outstanding | $ | 56,221,809 | $ | 54,935,106 | $ | 53,531,441 | $ | 53,059,376 | $ | 53,214,255 | ||||||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | ||||||||||||||||||||||||||||||||
| $ | 54,056,725 | $ | 53,233,898 | Account balances at beginning of period | $ | 55,813,480 | $ | 54,056,725 | $ | 53,006,150 | $ | 53,112,600 | $ | 53,315,909 | ||||||||||||||||||||||||
| 3,578,854 | 1,224,778 | Net deposits | 1,161,125 | 2,417,729 | 1,830,816 | 557,675 | 543,026 | |||||||||||||||||||||||||||||||
| 49,663 | 47,262 | Premium bonuses | 24,813 | 24,850 | 25,143 | 21,205 | 22,710 | |||||||||||||||||||||||||||||||
| 1,179,142 | 472,356 | Fixed interest credited and index credits | 776,928 | 402,214 | 245,478 | 222,123 | 144,469 | |||||||||||||||||||||||||||||||
| (37,538) | (39,095) | Surrender charges | (18,057) | (19,481) | (17,009) | (16,447) | (19,390) | |||||||||||||||||||||||||||||||
| (86,303) | (83,892) | Lifetime income benefit rider fees | (45,702) | (40,601) | (48,954) | (45,830) | (44,048) | |||||||||||||||||||||||||||||||
| (2,110,405) | (1,742,707) | Surrenders, withdrawals, deaths, etc. | (1,082,449) | (1,027,956) | (984,899) | (845,176) | (850,076) | |||||||||||||||||||||||||||||||
| $ | 56,630,138 | $ | 53,112,600 | Account balances at end of period | $ | 56,630,138 | $ | 55,813,480 | $ | 54,056,725 | $ | 53,006,150 | $ | 53,112,600 | ||||||||||||||||||||||||
| $ | 2,007,394 | $ | 1,467,811 | Lifetime income benefit rider reserves, excluding unrealized gain/loss adjustment | $ | 2,007,394 | $ | 1,973,223 | $ | 1,900,487 | $ | 1,821,169 | $ | 1,467,811 | ||||||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | ||||||||||||||||||||||||||||||||
| American Equity Life: | ||||||||||||||||||||||||||||||||||||||
| $ | 1,219,600 | $ | 1,058,962 | Fixed index annuities | $ | 702,605 | $ | 516,995 | $ | 500,495 | $ | 432,602 | $ | 472,899 | ||||||||||||||||||||||||
| 3,823 | 4,647 | Annual reset fixed rate annuities | 1,656 | 2,167 | 1,664 | 1,817 | 2,316 | |||||||||||||||||||||||||||||||
| 834,866 | 452 | Multi-year fixed rate annuities | 47,674 | 787,192 | 394,999 | 531 | 83 | |||||||||||||||||||||||||||||||
| 29,389 | 15,482 | Single premium immediate annuities | 15,430 | 13,959 | 7,774 | 10,205 | 10,084 | |||||||||||||||||||||||||||||||
| 2,087,678 | 1,079,543 | 767,365 | 1,320,313 | 904,932 | 445,155 | 485,382 | ||||||||||||||||||||||||||||||||
| Eagle Life: | ||||||||||||||||||||||||||||||||||||||
| 333,356 | 178,873 | Fixed index annuities | 184,520 | 148,836 | 106,170 | 60,476 | 72,371 | |||||||||||||||||||||||||||||||
| 337 | 58 | Annual reset fixed rate annuities | 175 | 162 | — | 39 | 17 | |||||||||||||||||||||||||||||||
| 1,193,622 | 5,180 | Multi-year fixed rate annuities | 228,197 | 965,425 | 833,765 | 68,206 | 1,031 | |||||||||||||||||||||||||||||||
| 1,527,315 | 184,111 | 412,892 | 1,114,423 | 939,935 | 128,721 | 73,419 | ||||||||||||||||||||||||||||||||
| Consolidated: | ||||||||||||||||||||||||||||||||||||||
| 1,552,956 | 1,237,835 | Fixed index annuities | 887,125 | 665,831 | 606,665 | 493,078 | 545,270 | |||||||||||||||||||||||||||||||
| 4,160 | 4,705 | Annual reset fixed rate annuities | 1,831 | 2,329 | 1,664 | 1,856 | 2,333 | |||||||||||||||||||||||||||||||
| 2,028,488 | 5,632 | Multi-year fixed rate annuities | 275,871 | 1,752,617 | 1,228,764 | 68,737 | 1,114 | |||||||||||||||||||||||||||||||
| 29,389 | 15,482 | Single premium immediate annuities | 15,430 | 13,959 | 7,774 | 10,205 | 10,084 | |||||||||||||||||||||||||||||||
| 3,614,993 | 1,263,654 | Total before coinsurance ceded | 1,180,257 | 2,434,736 | 1,844,867 | 573,876 | 558,801 | |||||||||||||||||||||||||||||||
| 6,750 | 23,394 | Coinsurance ceded | 3,702 | 3,048 | 6,277 | 5,996 | 5,691 | |||||||||||||||||||||||||||||||
| $ | 3,608,243 | $ | 1,240,260 | Net after coinsurance ceded | $ | 1,176,555 | $ | 2,431,688 | $ | 1,838,590 | $ | 567,880 | $ | 553,110 | ||||||||||||||||||||||||
| Surrender Charge | Net Account Value | |||||||||||||||||||||||||||||||
| Product Type | Avg. Years At Issue | Avg. Years Remaining | Avg. % Remaining | Dollars in Thousands | % | |||||||||||||||||||||||||||
| Fixed Index Annuities | 12.6 | 6.0 | 9.6% | $ | 51,385,857 | 90.7 | % | |||||||||||||||||||||||||
| Annual Reset Fixed Rate Annuities | 8.8 | 2.5 | 4.8% | 1,404,922 | 2.5 | % | ||||||||||||||||||||||||||
| Multi-Year Fixed Rate Annuities | 3.9 | 2.9 | 8.4% | 3,839,359 | 6.8 | % | ||||||||||||||||||||||||||
| Total | 12.0 | 5.7 | 9.4% | $ | 56,630,138 | 100.0 | % | |||||||||||||||||||||||||
| Surrender Charge Percentages: | Fixed Annuities Account Value | Fixed Index Annuities Account Value | |||||||||
| No surrender charge | $ | 868,177 | $ | 3,247,984 | |||||||
| 0.0% < 2.0% | 23,222 | 762,507 | |||||||||
| 2.0% < 3.0% | 60,396 | 2,973,108 | |||||||||
| 3.0% < 4.0% | 87,053 | 2,297,534 | |||||||||
| 4.0% < 5.0% | 105,067 | 2,414,801 | |||||||||
| 5.0% < 6.0% | 90,957 | 2,779,431 | |||||||||
| 6.0% < 7.0% | 51,880 | 2,841,897 | |||||||||
| 7.0% < 8.0% | 57,271 | 3,745,345 | |||||||||
| 8.0% < 9.0% | 61,158 | 3,596,109 | |||||||||
| 9.0% < 10.0% | 3,418,114 | 3,471,007 | |||||||||
| 10.0% or greater | 420,986 | 23,256,134 | |||||||||
| $ | 5,244,281 | $ | 51,385,857 | ||||||||
| Surrender Charge Expiration By Year: | Fixed and Fixed Index Annuities Account Value | Weighted Average Surrender Charge | |||||||||
| Out of Surrender Charge | $ | 4,116,161 | 0.00 | % | |||||||
| 2021 | 617,148 | 2.77 | % | ||||||||
| 2022 | 1,584,961 | 3.04 | % | ||||||||
| 2023 | 4,879,266 | 4.97 | % | ||||||||
| 2024 | 6,234,060 | 6.06 | % | ||||||||
| 2025 | 6,190,943 | 6.72 | % | ||||||||
| 2026 | 5,905,338 | 8.53 | % | ||||||||
| 2027 | 4,368,969 | 10.23 | % | ||||||||
| 2028 | 4,672,067 | 11.27 | % | ||||||||
| 2029 | 5,917,422 | 12.67 | % | ||||||||
| 2030 | 3,934,688 | 14.62 | % | ||||||||
| 2031 | 3,836,507 | 15.95 | % | ||||||||
| 2032 | 1,965,637 | 17.69 | % | ||||||||
| 2033 | 1,136,036 | 18.22 | % | ||||||||
| 2034 | 716,311 | 18.68 | % | ||||||||
| 2035 | 339,938 | 19.18 | % | ||||||||
| 2036 | 155,185 | 19.74 | % | ||||||||
| 2037 | 59,501 | 20.00 | % | ||||||||
| $ | 56,630,138 | 9.38 | % | ||||||||
| Credited Rate vs. Ultimate Minimum Guaranteed Rate Differential: | Fixed Annuities Account Value | Fixed Index Annuities Account Value | |||||||||
| No differential | $ | 978,718 | $ | 1,174,031 | |||||||
| › 0.00% - 0.25% | 45,864 | 135,475 | |||||||||
| › 0.25% - 0.50% | 229,188 | 6,647 | |||||||||
| › 0.50% - 1.00% | 9,153 | 1,095 | |||||||||
| › 1.00% - 1.50% | 10,998 | — | |||||||||
| 1.00% ultimate guarantee - 2.13% wtd avg interest rate (a) | 3,716,931 | 1,102,168 | |||||||||
| 1.50% ultimate guarantee - 1.08% wtd avg interest rate (a) | 135,477 | 3,052,600 | |||||||||
| 1.75% ultimate guarantee - 1.72% wtd avg interest rate (a) | 48,616 | 507,653 | |||||||||
| 2.00% ultimate guarantee - 1.85% wtd avg interest rate (a) | 69,336 | — | |||||||||
| 2.25% ultimate guarantee - 1.64% wtd avg interest rate (a) | — | 641,376 | |||||||||
| 3.00% ultimate guarantee - 1.95% wtd avg interest rate (a) | — | 1,303,391 | |||||||||
| Allocated to index strategies (see tables that follow) | — | 43,461,421 | |||||||||
| $ | 5,244,281 | $ | 51,385,857 | ||||||||
| Annual Monthly Average and Point-to-Point with Caps | |||||||||||||||||||||||||||||
| Minimum Guaranteed Cap | |||||||||||||||||||||||||||||
| 1% | 3% | 4% | 7% | 8% + | |||||||||||||||||||||||||
| Current Cap | |||||||||||||||||||||||||||||
| At minimum | $ | 1,273 | $ | 100,565 | $ | 4,932,913 | $ | 58,112 | $ | 130,834 | |||||||||||||||||||
| 1.75% - 3% | 8,951,323 | — | — | — | — | ||||||||||||||||||||||||
| 3% - 4% | 338,626 | 2,058 | — | — | — | ||||||||||||||||||||||||
| 4% - 5% | 1,760,633 | 208,598 | 1,009,494 | — | — | ||||||||||||||||||||||||
| 5% - 6% | 693,286 | 185,423 | 28,041 | — | — | ||||||||||||||||||||||||
| 6% - 7% | 1,116 | — | 741 | — | — | ||||||||||||||||||||||||
| >= 7% | 9,550 | 8,660 | 615 | 4,769 | — | ||||||||||||||||||||||||
| Annual Monthly Average and Point-to-Point with Participation Rates | |||||||||||||||||||||||
| Minimum Guaranteed Participation Rate | |||||||||||||||||||||||
| 10% | 20% - 25% | 35% | 50% + | ||||||||||||||||||||
| Current Participation Rate | |||||||||||||||||||||||
| At minimum | $ | 252,030 | $ | 457,082 | $ | 83,979 | $ | 88,543 | |||||||||||||||
| < 20% | 1,599,918 | — | — | — | |||||||||||||||||||
| 20% - 40% | 3,872,612 | 252,766 | 5,965 | — | |||||||||||||||||||
| 40% - 60% | 1,293,438 | 28,723 | 44,382 | — | |||||||||||||||||||
| 60% - 100% | 1,006,567 | — | — | — | |||||||||||||||||||
| > 100% | 754,602 | — | — | — | |||||||||||||||||||
| S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0% | |||||
| Current Cap | |||||
| At minimum | $ | 1,918,300 | |||
| 1.10% - 1.30% | 6,179,584 | ||||
| 1.40% - 1.60% | 2,006,652 | ||||
| 1.70% - 2.00% | 299,836 | ||||
| >= 2.10% | 12,790 | ||||
| Volatility Control Index | |||||
| Current Asset Fee | |||||
| At Maximum | $ | — | |||
| 0.75% - 1.75% | 360,092 | ||||
| 2.00% - 2.75% | 177,105 | ||||
| 3.00% - 3.50% | 1,063,320 | ||||
| 3.75% - 5.25% | 3,164,913 | ||||
| June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
| Carrying Amount | Percent | Carrying Amount | Percent | ||||||||||||||||||||
| Fixed maturity securities: | |||||||||||||||||||||||
| United States Government full faith and credit | $ | 38,879 | 0.1 | % | $ | 39,771 | 0.1 | % | |||||||||||||||
| United States Government sponsored agencies | 1,046,186 | 2.0 | % | 1,039,551 | 1.9 | % | |||||||||||||||||
| United States municipalities, states and territories | 3,700,225 | 6.9 | % | 3,776,131 | 7.0 | % | |||||||||||||||||
| Foreign government obligations | 197,330 | 0.4 | % | 202,706 | 0.4 | % | |||||||||||||||||
| Corporate securities | 31,455,817 | 58.6 | % | 31,156,827 | 58.1 | % | |||||||||||||||||
| Residential mortgage backed securities | 1,192,423 | 2.2 | % | 1,512,831 | 2.8 | % | |||||||||||||||||
| Commercial mortgage backed securities | 4,175,517 | 7.8 | % | 4,261,227 | 8.0 | % | |||||||||||||||||
| Other asset backed securities | 4,852,879 | 9.0 | % | 5,549,849 | 10.4 | % | |||||||||||||||||
| Total fixed maturity securities | 46,659,256 | 87.0 | % | 47,538,893 | 88.7 | % | |||||||||||||||||
| Mortgage loans on real estate | 4,299,945 | 8.0 | % | 4,165,489 | 7.8 | % | |||||||||||||||||
| Real estate | 258,237 | 0.5 | % | — | — | % | |||||||||||||||||
| Derivative instruments | 1,459,965 | 2.7 | % | 1,310,954 | 2.4 | % | |||||||||||||||||
| Other investments | 962,305 | 1.8 | % | 590,078 | 1.1 | % | |||||||||||||||||
| $ | 53,639,708 | 100.0 | % | $ | 53,605,414 | 100.0 | % | ||||||||||||||||
| NAIC Designation | Carrying Amount | Percent | Rating Agency Rating | Carrying Amount | Percent | |||||||||||||||||||||||||||
| 1 | $ | 25,937,900 | 55.6 | % | Aaa/Aa/A | $ | 27,097,912 | 58.1 | % | |||||||||||||||||||||||
| 2 | 19,387,062 | 41.6 | % | Baa | 18,570,085 | 39.8 | % | |||||||||||||||||||||||||
| 3 | 1,135,994 | 2.4 | % | Ba | 800,364 | 1.7 | % | |||||||||||||||||||||||||
| 4 | 147,401 | 0.3 | % | B | 82,971 | 0.2 | % | |||||||||||||||||||||||||
| 5 | 29,418 | 0.1 | % | Caa | 46,470 | 0.1 | % | |||||||||||||||||||||||||
| 6 | 21,481 | — | % | Ca and lower | 61,454 | 0.1 | % | |||||||||||||||||||||||||
| $ | 46,659,256 | 100.0 | % | $ | 46,659,256 | 100.0 | % | |||||||||||||||||||||||||
| General Description (a) | Amortized Cost | Allowance for Credit Losses | Amortized Cost, Net of Allowance | Net Unrealized Gains (Losses), Net of Allowance | Fair Value | |||||||||||||||||||||||||||
| Corporate securities - Public securities | $ | 69,739 | $ | (10,033) | $ | 59,706 | $ | 1,318 | $ | 61,024 | ||||||||||||||||||||||
| Corporate securities - Private placement securities | 103,189 | (690) | 102,499 | 1,652 | 104,151 | |||||||||||||||||||||||||||
| Residential mortgage backed securities | 6,739 | (120) | 6,619 | (69) | 6,550 | |||||||||||||||||||||||||||
| Commercial mortgage backed securities | 46,059 | — | 46,059 | (3,441) | 42,618 | |||||||||||||||||||||||||||
| Collateralized loan obligations | 9,989 | — | 9,989 | (1,113) | 8,876 | |||||||||||||||||||||||||||
| United States municipalities, states and territories | 19,044 | (3,347) | 15,697 | — | 15,697 | |||||||||||||||||||||||||||
| $ | 254,759 | $ | (14,190) | $ | 240,569 | $ | (1,653) | $ | 238,916 | |||||||||||||||||||||||
| June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
| Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
| Available for sale: | |||||||||||||||||||||||
| United States Government full faith and credit and sponsored agencies | $ | 1,046,316 | $ | 1,085,065 | $ | 1,032,936 | $ | 1,079,322 | |||||||||||||||
| United States municipalities, states and territories | 3,219,847 | 3,700,225 | 3,236,767 | 3,776,131 | |||||||||||||||||||
| Foreign government obligations | 177,087 | 197,330 | 177,062 | 202,706 | |||||||||||||||||||
| Corporate securities: | |||||||||||||||||||||||
| Capital goods | 2,301,510 | 2,664,988 | 2,295,927 | 2,721,465 | |||||||||||||||||||
| Consumer discretionary | 5,902,440 | 6,818,683 | 5,674,845 | 6,734,249 | |||||||||||||||||||
| Energy | 1,984,088 | 2,241,563 | 2,140,768 | 2,359,893 | |||||||||||||||||||
| Financials | 6,174,256 | 6,960,264 | 5,971,097 | 6,877,472 | |||||||||||||||||||
| Government non-guaranteed | 496,339 | 576,083 | 539,148 | 632,178 | |||||||||||||||||||
| Industrials | 377,724 | 423,507 | 276,352 | 319,823 | |||||||||||||||||||
| Information technology | 1,639,715 | 1,872,439 | 1,556,654 | 1,840,942 | |||||||||||||||||||
| Materials | 1,598,844 | 1,826,924 | 1,543,032 | 1,803,501 | |||||||||||||||||||
| Other | 292,504 | 340,499 | 315,628 | 370,204 | |||||||||||||||||||
| Telecommunications | 1,543,432 | 1,758,859 | 1,340,484 | 1,582,329 | |||||||||||||||||||
| Transportation | 1,334,560 | 1,481,455 | 1,362,858 | 1,511,499 | |||||||||||||||||||
| Utilities | 3,880,356 | 4,490,553 | 3,728,403 | 4,403,272 | |||||||||||||||||||
| Residential mortgage backed securities: | |||||||||||||||||||||||
| Government agency | 498,757 | 558,512 | 549,677 | 627,201 | |||||||||||||||||||
| Prime | 538,257 | 547,174 | 771,031 | 788,933 | |||||||||||||||||||
| Alt-A | 69,907 | 86,737 | 79,248 | 96,697 | |||||||||||||||||||
| Commercial mortgage backed securities: | |||||||||||||||||||||||
| Government agency | 393,427 | 439,822 | 398,141 | 447,726 | |||||||||||||||||||
| Non-agency | 3,584,388 | 3,735,695 | 3,721,509 | 3,813,501 | |||||||||||||||||||
| Other asset backed securities: | |||||||||||||||||||||||
| Auto | 227,504 | 234,719 | 258,286 | 266,065 | |||||||||||||||||||
| Energy | 7,198 | 8,506 | 7,301 | 8,946 | |||||||||||||||||||
| Financials | 4,441 | 4,303 | 4,441 | 3,911 | |||||||||||||||||||
| Industrials | 41,544 | 43,250 | 60,894 | 61,147 | |||||||||||||||||||
| Collateralized loan obligations | 3,535,477 | 3,486,402 | 4,255,839 | 4,112,318 | |||||||||||||||||||
| Military housing | 468,218 | 538,845 | 464,684 | 538,356 | |||||||||||||||||||
| Other | 513,952 | 536,854 | 541,724 | 559,106 | |||||||||||||||||||
| $ | 41,852,088 | $ | 46,659,256 | $ | 42,304,736 | $ | 47,538,893 | ||||||||||||||||
| June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
| Principal | Percent | Principal | Percent | ||||||||||||||||||||
| Geographic distribution: commercial mortgage loans | |||||||||||||||||||||||
| East | $ | 676,448 | 19.6 | % | $ | 699,741 | 19.5 | % | |||||||||||||||
| Middle Atlantic | 294,619 | 8.5 | % | 281,971 | 7.9 | % | |||||||||||||||||
| Mountain | 373,129 | 10.8 | % | 391,025 | 10.9 | % | |||||||||||||||||
| New England | 24,475 | 0.7 | % | 24,774 | 0.7 | % | |||||||||||||||||
| Pacific | 650,256 | 18.8 | % | 659,743 | 18.4 | % | |||||||||||||||||
| South Atlantic | 779,690 | 22.5 | % | 832,739 | 23.3 | % | |||||||||||||||||
| West North Central | 263,600 | 7.6 | % | 266,050 | 7.4 | % | |||||||||||||||||
| West South Central | 397,662 | 11.5 | % | 424,111 | 11.9 | % | |||||||||||||||||
| $ | 3,459,879 | 100.0 | % | $ | 3,580,154 | 100.0 | % | ||||||||||||||||
| Property type distribution: commercial mortgage loans | |||||||||||||||||||||||
| Office | $ | 292,968 | 8.5 | % | $ | 297,065 | 8.3 | % | |||||||||||||||
| Medical Office | 17,718 | 0.5 | % | 20,584 | 0.6 | % | |||||||||||||||||
| Retail | 1,116,376 | 32.3 | % | 1,187,484 | 33.2 | % | |||||||||||||||||
| Industrial/Warehouse | 911,293 | 26.3 | % | 929,325 | 25.9 | % | |||||||||||||||||
| Apartment | 948,161 | 27.4 | % | 939,084 | 26.2 | % | |||||||||||||||||
| Mixed use/Other | 173,363 | 5.0 | % | 206,612 | 5.8 | % | |||||||||||||||||
| $ | 3,459,879 | 100.0 | % | $ | 3,580,154 | 100.0 | % | ||||||||||||||||
| June 30, 2021 | |||||||||||||||||||||||
| Commercial | Agricultural | Residential | Total | ||||||||||||||||||||
| Credit exposure - by payment activity | |||||||||||||||||||||||
| Performing | $ | 3,459,879 | $ | 277,427 | $ | 565,053 | $ | 4,302,359 | |||||||||||||||
| In workout | — | — | — | — | |||||||||||||||||||
| Delinquent | — | — | 8,585 | 8,585 | |||||||||||||||||||
| Principal outstanding | 3,459,879 | 277,427 | 573,638 | 4,310,944 | |||||||||||||||||||
| Unamortized discounts and premiums, net | — | — | 16,212 | 16,212 | |||||||||||||||||||
| Deferred fees and costs, net | (1,409) | (708) | 1,487 | (630) | |||||||||||||||||||
| Amortized cost | 3,458,470 | 276,719 | 591,337 | 4,326,526 | |||||||||||||||||||
| Valuation allowance | (22,498) | (454) | (3,629) | (26,581) | |||||||||||||||||||
| Carrying value | $ | 3,435,972 | $ | 276,265 | $ | 587,708 | $ | 4,299,945 | |||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||
| Commercial | Agricultural | Residential | Total | ||||||||||||||||||||
| Credit exposure - by payment activity | |||||||||||||||||||||||
| Performing | $ | 3,580,154 | $ | 245,807 | $ | 366,047 | $ | 4,192,008 | |||||||||||||||
| In workout | — | — | — | — | |||||||||||||||||||
| Delinquent | — | — | 273 | 273 | |||||||||||||||||||
| Principal outstanding | 3,580,154 | 245,807 | 366,320 | 4,192,281 | |||||||||||||||||||
| Unamortized discounts and premiums, net | — | — | 5,212 | 5,212 | |||||||||||||||||||
| Deferred fees and costs, net | (1,266) | (634) | 925 | (975) | |||||||||||||||||||
| Amortized cost | 3,578,888 | 245,173 | 372,457 | 4,196,518 | |||||||||||||||||||
| Valuation allowance | (25,529) | (2,130) | (3,370) | (31,029) | |||||||||||||||||||
| Carrying value | $ | 3,553,359 | $ | 243,043 | $ | 369,087 | $ | 4,165,489 | |||||||||||||||
| High | Low | Close | Dividend Declared | ||||||||||||||||||||
| 2021 | |||||||||||||||||||||||
| First Quarter | $32.54 | $26.21 | $31.53 | $0.00 | |||||||||||||||||||
| Second Quarter | $33.68 | $29.18 | $32.32 | $0.00 | |||||||||||||||||||
| 2020 | |||||||||||||||||||||||
| First Quarter | $34.16 | $9.07 | $18.80 | $0.00 | |||||||||||||||||||
| Second Quarter | $27.09 | $14.76 | $24.71 | $0.00 | |||||||||||||||||||
| Third Quarter | $27.32 | $19.06 | $21.99 | $0.00 | |||||||||||||||||||
| Fourth Quarter | $34.25 | $22.37 | $27.66 | $0.32 | |||||||||||||||||||
| 2019 | |||||||||||||||||||||||
| First Quarter | $33.57 | $26.34 | $27.02 | $0.00 | |||||||||||||||||||
| Second Quarter | $30.91 | $25.84 | $27.16 | $0.00 | |||||||||||||||||||
| Third Quarter | $27.80 | $20.16 | $24.20 | $0.00 | |||||||||||||||||||
| Fourth Quarter | $30.96 | $21.75 | $29.93 | $0.30 | |||||||||||||||||||