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Investments (Tables)
 6 Months Ended
Jun. 30, 2022
Investments [Abstract]  
Schedule of Fixed Maturity Securities
At June 30, 2022 and December 31, 2021, the amortized cost and fair value of fixed maturity securities were as follows:
Amortized
Cost (1)		Gross
Unrealized
Gains		Gross
Unrealized
Losses (2)		Allowance for Credit LossesFair Value
(Dollars in thousands)
June 30, 2022
Fixed maturity securities, available for sale:
U.S. Government and agencies$178,840 $8,766 $(1,115)$— $186,491 
States, municipalities and territories4,598,477 124,362 (330,161)(1,834)4,390,844 
Foreign corporate securities and foreign governments1,010,706 20,888 (61,711)— 969,883 
Corporate securities32,126,999 349,020 (2,646,478)(3,743)29,825,798 
Residential mortgage backed securities1,425,997 27,669 (61,349)(610)1,391,707 
Commercial mortgage backed securities4,442,850 1,804 (256,262)— 4,188,392 
Other asset backed securities4,684,158 1,070 (314,568)— 4,370,660 
$48,468,027 $533,579 $(3,671,644)$(6,187)$45,323,775 
December 31, 2021
Fixed maturity securities, available for sale:
U.S. Government and agencies$1,046,029 $32,841 $(124)$— $1,078,746 
States, municipalities and territories3,495,563 437,456 (3,042)(2,776)3,927,201 
Foreign corporate securities and foreign governments380,646 22,742 (843)— 402,545 
Corporate securities31,084,629 3,614,047 (38,442)— 34,660,234 
Residential mortgage backed securities1,056,778 70,434 (2,093)(70)1,125,049 
Commercial mortgage backed securities4,708,878 149,152 (17,719)— 4,840,311 
Other asset backed securities5,226,660 95,304 (50,107)— 5,271,857 
$46,999,183 $4,421,976 $(112,370)$(2,846)$51,305,943 
(1)Amortized cost excludes accrued interest receivable of $440.6 million and $400.7 million as of June 30, 2022 and December 31, 2021, respectively.
(2)Gross unrealized losses are net of allowance for credit losses.
Schedule of Fixed Maturity Securities by Contractual Maturity Date
The amortized cost and fair value of fixed maturity securities at June 30, 2022, 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$1,686,367 $1,686,971 
Due after one year through five years7,352,839 7,220,079 
Due after five years through ten years6,868,184 6,538,477 
Due after ten years through twenty years11,135,170 10,777,240 
Due after twenty years10,872,462 9,150,249 
37,915,022 35,373,016 
Residential mortgage backed securities1,425,997 1,391,707 
Commercial mortgage backed securities4,442,850 4,188,392 
Other asset backed securities4,684,158 4,370,660 
$48,468,027 $45,323,775 
Schedule of Net Unrealized Gains (Losses) on Available for Sale Fixed Maturity Securities Reported as Separate Component of Stockholders' Equity
Net unrealized gains (losses) on available for sale fixed maturity securities reported as a separate component of stockholders' equity were comprised of the following:
June 30, 2022December 31, 2021
(Dollars in thousands)
Net unrealized gains (losses) on available for sale fixed maturity securities$(3,148,156)$4,309,606 
Adjustments for assumed changes in amortization of deferred policy acquisition costs, deferred sales inducements and policy benefit reserves1,363,110 (1,993,869)
Deferred income tax valuation allowance reversal22,534 22,534 
Deferred income tax expense374,544 (489,482)
Net unrealized gains (losses) reported as accumulated other comprehensive income (loss)$(1,387,968)$1,848,789 
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, 2022December 31, 2021
NAIC
Designation		Amortized
Cost (a)		Fair
Value (a)		Amortized
Cost		Fair
Value
(Dollars in thousands)
1$26,879,226 $25,453,818 $26,157,531 $28,785,839 
218,180,556 16,967,885 19,758,594 21,396,020 
3706,018 630,715 909,311 941,210 
4124,688 117,336 133,070 147,160 
556,931 40,995 16,496 15,357 
634,570 27,334 24,181 20,357 
$45,981,989 $43,238,083 $46,999,183 $51,305,943 
(a)Excludes fixed maturity securities related to reinsurance business ceded under a modified coinsurance agreement with a fair value of $2,085,692 and an amortized cost of $2,486,038.
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 3,862 and 1,427 securities, respectively) have been in a continuous unrealized loss position, at June 30, 2022 and December 31, 2021:
Less than 12 months12 months or moreTotal
Fair ValueUnrealized
Losses (1)		Fair ValueUnrealized
Losses (1)		Fair ValueUnrealized
Losses (1)
(Dollars in thousands)
June 30, 2022
Fixed maturity securities, available for sale:
U.S. Government and agencies$39,342 $(1,115)$— $— $39,342 $(1,115)
States, municipalities and territories2,492,772 (329,239)20,104 (2,756)2,512,876 (331,995)
Foreign corporate securities and foreign governments539,487 (59,797)3,376 (1,914)542,863 (61,711)
Corporate securities20,887,402 (2,624,093)66,655 (26,128)20,954,057 (2,650,221)
Residential mortgage backed securities882,665 (58,688)32,265 (3,271)914,930 (61,959)
Commercial mortgage backed securities3,888,178 (247,155)70,629 (9,107)3,958,807 (256,262)
Other asset backed securities2,751,314 (151,508)1,544,074 (163,060)4,295,388 (314,568)
$31,481,160 $(3,471,595)$1,737,103 $(206,236)$33,218,263 $(3,677,831)
December 31, 2021
Fixed maturity securities, available for sale:
U.S. Government and agencies$760,977 $(124)$— $— $760,977 $(124)
States, municipalities and territories168,942 (2,468)15,711 (3,350)184,653 (5,818)
Foreign corporate securities and foreign governments42,861 (843)— — 42,861 (843)
Corporate securities2,375,603 (30,070)116,819 (8,372)2,492,422 (38,442)
Residential mortgage backed securities250,964 (1,408)26,917 (755)277,881 (2,163)
Commercial mortgage backed securities784,464 (5,500)142,224 (12,219)926,688 (17,719)
Other asset backed securities1,351,324 (11,345)1,771,182 (38,762)3,122,506 (50,107)
$5,735,135 $(51,758)$2,072,853 $(63,458)$7,807,988 $(115,216)
(1)Unrealized losses have not been reduced to reflect the allowance for credit losses of $6.2 million and $2.8 million as of June 30, 2022 and December 31, 2021, respectively.
Schedule of Changes in Net Unrealized Gains/Losses on Investments
Changes in net unrealized gains/losses on investments for the three and six months ended June 30, 2022 and 2021 are as follows:
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,
2022202120222021
(Dollars in thousands)
Fixed maturity securities available for sale carried at fair value$(3,443,391)$1,186,175 $(7,457,762)$(475,186)
Adjustment for effect on other balance sheet accounts:
Deferred policy acquisition costs, deferred sales inducements and policy benefit reserves1,605,700 (529,656)3,356,979 247,785 
Deferred income tax asset/liability386,017 (137,868)864,026 47,755 
1,991,717 (667,524)4,221,005 295,540 
Change in net unrealized gains/losses on investments carried at fair value$(1,451,674)$518,651 $(3,236,757)$(179,646)
Net Realized Gains (Losses) on Investments
Net realized losses on investments for the three and six months ended June 30, 2022 and 2021, are as follows:
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,
2022202120222021
(Dollars in thousands)
Available for sale fixed maturity securities:
Gross realized gains$507 $4,062 $3,972 $6,429 
Gross realized losses(24,053)(7,951)(26,059)(16,147)
Net credit loss (provision) release(5,498)1,260 (12,854)(177)
(29,044)(2,629)(34,941)(9,895)
Mortgage loans on real estate:
Decrease (increase) in allowance for credit losses(3,348)1,933 (8,593)4,448 
Recovery of specific allowance229 — 229 — 
Loss on sale of mortgage loans(1,109)(2,418)(3,094)(2,250)
(4,228)(485)(11,458)2,198 
$(33,272)$(3,114)$(46,399)$(7,697)
Rollforward of Allowance for Credit Loss
The following table provides a rollforward of the allowance for credit loss:
Three Months Ended June 30, 2022
States, Municipalities and
Territories		Corporate SecuritiesResidential Mortgage Backed SecuritiesTotal
(Dollars in thousands)
Beginning balance $2,009 $3,825 $743 $6,577 
Additions for credit losses not previously recorded— — 295 295 
Change in allowance on securities with previous allowance(175)(82)— (257)
Reduction for securities sold during the period— — (428)(428)
Recoveries of amounts previously written off— — — — 
Ending balance$1,834 $3,743 $610 $6,187 
Three Months Ended June 30, 2021
States, Municipalities and
Territories		Corporate SecuritiesResidential Mortgage Backed SecuritiesTotal
(Dollars in thousands)
Beginning balance$2,791 $55,715 $1,192 $59,698 
Additions for credit losses not previously recorded— — — — 
Change in allowance on securities with previous allowance556 (402)22 176 
Reduction for securities sold during the period— (44,248)— (44,248)
Recoveries of amounts previously written off— (342)(1,094)(1,436)
Ending balance$3,347 $10,723 $120 $14,190 
Six Months Ended June 30, 2022
States, Municipalities and
Territories		Corporate SecuritiesResidential Mortgage Backed SecuritiesTotal
(Dollars in thousands)
Beginning balance$2,776 $— $70 $2,846 
Additions for credit losses not previously recorded— 3,825 631 4,456 
Change in allowance on securities with previous allowance(942)(82)337 (687)
Reduction for securities sold during the period— — (428)(428)
Recoveries of amounts previously written off— — — — 
Ending balance$1,834 $3,743 $610 $6,187 
Six Months Ended June 30, 2021
States, Municipalities and
Territories		Corporate SecuritiesResidential Mortgage Backed SecuritiesTotal
(Dollars in thousands)
Beginning balance$2,844 $60,193 $1,734 $64,771 
Additions for credit losses not previously recorded— 705 111 816 
Change in allowance on securities with previous allowance503 925 (631)797 
Reduction for securities sold during the period— (50,758)— (50,758)
Recoveries of amounts previously written off— (342)(1,094)(1,436)
Ending balance$3,347 $10,723 $120 $14,190