American National (ANG-PB) 10-Q 8 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014
Document Information [Line Items]	'	'
Entity Registrant Name	'AMERICAN EQUITY INVESTMENT LIFE HOLDING CO	'
Entity Central Index Key	'0001039828	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Current Fiscal Year End Date	'--12-31	'
Entity Well-known Seasoned Issuer	'Yes	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	74,330,895

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fixed maturity securities:	'	'
Available for sale, at fair value (amortized cost: 2014 - $27,255,625; 2013 - $26,527,730)	$28,315,473	$26,610,447
Held for investment, at amortized cost (fair value: 2014 - $64,920; 2013 - $60,840)	76,298	76,255
Equity securities, available for sale, at fair value (cost: 2014 - $7,505; 2013 - $7,503)	7,767	7,778
Mortgage loans on real estate	2,584,583	2,581,082
Derivative instruments	790,396	856,050
Other investments	213,706	215,042
Total investments	31,988,223	30,346,654
Cash and cash equivalents	679,172	897,529
Coinsurance deposits	3,028,367	2,999,618
Accrued investment income	322,818	301,641
Deferred policy acquisition costs	2,210,694	2,426,652
Deferred sales inducements	1,713,246	1,875,880
Deferred income taxes	189,956	301,856
Other assets	412,020	471,669
Total assets	40,544,496	39,621,499
Liabilities:	'	'
Policy benefit reserves	36,731,438	35,789,655
Other policy funds and contract claims	402,895	418,033
Notes payable	521,758	549,958
Subordinated debentures	246,097	246,050
Income taxes payable	18,062	10,153
Other liabilities	969,297	1,222,963
Total liabilities	38,889,547	38,236,812
Stockholders' equity:	'	'
Preferred stock, par value $1 per share, 2,000,000 shares authorized, 2014 and 2013 - no shares issued and outstanding	0	0
Common stock, par value $1 per share, 200,000,000 shares authorized; issued and outstanding: 2014 - 72,390,229 shares (excluding 4,527,167 treasury shares); 2013 - 70,535,404 shares (excluding 4,876,735 treasury shares)	72,390	70,535
Additional paid-in capital	542,003	550,400
Unallocated common stock held by ESOP; 2014 - 58,618 shares; 2013 - 58,618 shares	-313	-631
Accumulated other comprehensive income	332,435	46,196
Retained earnings	708,434	718,187
Total stockholders' equity	1,654,949	1,384,687
Total liabilities and stockholders' equity	$40,544,496	$39,621,499

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Fixed maturity securities:	'	'
Available for sale, at fair value, amortized cost	$27,255,625	$26,527,730
Held for investment, at amortized cost, fair value	64,920	60,840
Equity securities, available for sale, at fair value, cost	$7,505	$7,503
Stockholders' equity:	'	'
Preferred stock, par value (dollars per share)	$1	$1
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (dollars per share)	$1	$1
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	72,390,229	70,535,404
Common stock, shares outstanding	72,390,229	70,535,404
Common stock, shares held in treasury	4,527,167	4,876,735
Unallocated common stock, shares held by ESOP	58,618	58,618

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Premiums and other considerations	$7,331	$13,084
Annuity product charges	25,272	21,481
Net investment income	370,005	329,690
Change in fair value of derivatives	48,493	373,962
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses	-714	10,585
OTTI losses on investments:	'	'
Total OTTI losses	0	-2,189
Portion of OTTI losses recognized from other comprehensive income	-905	-1,048
Net OTTI losses recognized in operations	-905	-3,237
Loss on extinguishment of debt	-3,977	0
Total revenues	445,505	745,565
Benefits and expenses:	'	'
Insurance policy benefits and change in future policy benefits	10,095	14,760
Interest sensitive and index product benefits	317,192	223,170
Amortization of deferred sales inducements	666	28,831
Change in fair value of embedded derivatives	92,619	363,272
Interest expense on notes payable	10,264	7,248
Interest expense on subordinated debentures	3,008	3,009
Amortization of deferred policy acquisition costs	7,194	46,230
Other operating costs and expenses	19,085	19,520
Total benefits and expenses	460,123	706,040
Income (loss) before income taxes	-14,618	39,525
Income tax expense (benefit)	-4,865	13,494
Net income (loss)	($9,753)	$26,031
Earnings (loss) per common share	($0.13)	$0.41
Earnings (loss) per common share - assuming dilution	($0.13)	$0.38
Weighted average common shares outstanding: earnings per common share	72,518,574	63,313,568
Weighted average common shares outstanding: earnings per common share - assuming dilution	79,615,779	68,705,913

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net income (loss)	($9,753)	$26,031
Other comprehensive income (loss):	'	'
Change in net unrealized investment gains/losses (1)	440,688	-41,463
Noncredit component of OTTI losses (1)	408	347
Reclassification of unrealized investment gains/losses to net income (1)	-730	2,433
Other comprehensive income (loss) before income tax	440,366	-38,683
Income tax effect related to other comprehensive income (loss)	-154,127	13,539
Other comprehensive income (loss)	286,239	-25,144
Comprehensive income	$276,486	$887

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Stockholders' Equity (USD $)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Unallocated Common Stock Held By ESOP [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]
In Thousands, unless otherwise specified
Stockholders' equity at beginning of period at Dec. 31, 2012	$1,720,237	$61,751	$496,715	($2,583)	$686,807	$477,547
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Net income (loss)	26,031	'	'	'	'	26,031
Other comprehensive income (loss)	-25,144	'	'	'	-25,144	'
Allocation of common stock by ESOP, including excess income tax benefits	375	'	58	317	'	'
Share-based compensation, including excess income tax benefits	1,488	'	1,488	'	'	'
Issuance of common stock under compensation plans, including excess income tax benefits	7,242	1,033	6,209	'	'	'
Stockholders' equity at end of period at Mar. 31, 2013	1,730,229	62,784	504,470	-2,266	661,663	503,578
Stockholders' equity at beginning of period at Dec. 31, 2013	1,384,687	70,535	550,400	-631	46,196	718,187
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Net income (loss)	-9,753	'	'	'	'	-9,753
Other comprehensive income (loss)	286,239	'	'	'	286,239	'
Allocation of common stock by ESOP, including excess income tax benefits	682	'	364	318	'	'
Share-based compensation, including excess income tax benefits	2,578	'	2,578	'	'	'
Issuance of common stock under compensation plans, including excess income tax benefits	6,639	908	5,731	'	'	'
Extinguishment of convertible senior notes, net of tax, including shares of common stock issued upon conversion	-16,123	947	-17,070	'	'	'
Stockholders' equity at end of period at Mar. 31, 2014	$1,654,949	$72,390	$542,003	($313)	$332,435	$708,434

Consolidated_Statements_of_Cha1

Consolidated Statements of Changes in Stockholders' Equity (Parentheticals)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Shares of common stock allocated by ESOP, including excess income tax benefits	29,309	29,430
Shares of common stock issued under compensation plans, including excess income tax benefits	908,032	1,033,370
Shares of common stock issued upon extinguishment of convertible senior notes	946,793	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating activities	'	'
Net income (loss)	($9,753)	$26,031
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	'	'
Interest sensitive and index product benefits	317,192	223,170
Amortization of deferred sales inducements	666	28,831
Annuity product charges	-25,272	-21,481
Change in fair value of embedded derivatives	92,619	363,272
Change in traditional life and accident and health insurance reserves	-91	3,041
Policy acquisition costs deferred	-93,333	-94,638
Amortization of deferred policy acquisition costs	7,194	46,230
Provision for depreciation and other amortization	3,000	4,607
Amortization of discounts and premiums on investments	-2,829	-6,296
Realized gains/losses on investments and net OTTI losses recognized in operations	1,619	-7,348
Change in fair value of derivatives	-48,493	-373,962
Deferred income taxes	-37,360	-2,451
Loss on extinguishment of debt, net of tax	3,977	0
Share-based compensation	37	1,290
Change in accrued investment income	-21,177	-36,508
Change in income taxes payable	7,909	5,438
Change in other assets	-339	1,315
Change in other policy funds and contract claims	-17,288	-8,451
Change in collateral held for derivatives	-98,351	224,755
Change in other liabilities	-30,056	-6,215
Other	-1,708	-1,014
Net cash provided by operating activities	48,163	369,616
Sales, maturities, or repayments of investments:	'	'
Fixed maturity securities - available for sale	208,747	937,343
Mortgage loans on real estate	84,735	125,998
Derivative instruments	241,098	146,918
Other investments	8,942	5,371
Acquisition of investments:	'	'
Fixed maturity securities - available for sale	-974,244	-2,308,052
Mortgage loans on real estate	-90,056	-95,147
Derivative instruments	-103,330	-82,448
Other investments	-2,259	-199
Purchases of property, furniture and equipment	-200	-78
Net cash used in investing activities	-626,567	-1,270,294
Financing activities	'	'
Receipts credited to annuity and single premium universal life policyholder account balances	915,631	914,936
Coinsurance deposits	-2,609	5,641
Return of annuity policyholder account balances	-475,280	-402,185
Financing fees incurred and deferred	-100	0
Repayment of notes payable	-54,583	0
Excess tax benefits realized from share-based compensation plans	3,087	305
Proceeds from issuance of common stock	6,093	7,103
Change in checks in excess of cash balance	-32,192	-11,570
Net cash provided by financing activities	360,047	514,230
Decrease in cash and cash equivalents	-218,357	-386,448
Cash and cash equivalents at beginning of period	897,529	1,268,545
Cash and cash equivalents at end of period	679,172	882,097
Cash paid during period for:	'	'
Interest expense	17,993	6,470
Income taxes	21,500	10,200
Non-cash operating activity:	'	'
Deferral of sales inducements	72,687	73,898
Non-cash investing activity:	'	'
Real estate acquired in satisfaction of mortgage loans	1,713	844
Non-cash financing activities:	'	'
Common stock issued in extinguishment of debt	$23,177	$0

Significant_Accounting_Policie

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	Significant Accounting Policies
	Consolidation and Basis of Presentation
	The accompanying consolidated financial statements of American Equity Investment Life Holding Company (“we”, “us” or “our”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. The consolidated financial statements reflect all adjustments, consisting only of normal recurring items, which are necessary to present fairly our financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for the three month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ended December 31, 2014. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements requires the use of management estimates. For further information related to a description of areas of judgment and estimates and other information necessary to understand our financial position and results of operations, refer to the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2013.
	As previously reported in the notes to audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013, we identified certain classification errors related to the presentation of premiums and other considerations, insurance policy benefits and change in future policy benefits and interest sensitive and index product benefits related to life contingent immediate annuities in our audited consolidated statements of operations. Consistent with that presentation, we have revised the unaudited consolidated statements of operations for the three months ended March 31, 2013. The changes resulted in increases to premiums and other considerations of $10.4 million and insurance policy benefits and change in future policy benefits of $13.0 million, as well as decreases to interest sensitive and index product benefits of $2.6 million for the three months ended March 31, 2013. These changes had no impact on the consolidated balance sheets, net income or stockholders' equity.
	Reclassifications have been made to prior period unaudited consolidated financial statements to conform to the March 31, 2014 presentation.
	Adopted Accounting Pronouncements
	There were no accounting pronouncements that were adopted during the current period.
	New Accounting Pronouncements
	There are currently no accounting standards updates with effective dates after March 31, 2014 that will significantly affect our consolidated financial statements.

Fair_Values_of_Financial_Instr

Fair Values of Financial Instruments	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Values of Financial Instruments	'
	Fair Values of Financial Instruments
	The following sets forth a comparison of the carrying amounts and fair values of our financial instruments:
		March 31, 2014						December 31, 2013
		Carrying			Fair Value			Carrying		Fair Value
		Amount						Amount
		(Dollars in thousands)
	Assets
	Fixed maturity securities:
	Available for sale	$	28,315,473		$	28,315,473		$	26,610,447	$	26,610,447
	Held for investment	76,298			64,920			76,255		60,840
	Equity securities, available for sale	7,767			7,767			7,778		7,778
	Mortgage loans on real estate	2,584,583			2,616,777			2,581,082		2,615,410
	Derivative instruments	790,396			790,396			856,050		856,050
	Other investments	193,114			195,888			192,198		193,343
	Cash and cash equivalents	679,172			679,172			897,529		897,529
	Coinsurance deposits	3,028,367			2,707,325			2,999,618		2,669,432
	Interest rate caps	4,926			4,926			6,103		6,103
	Interest rate swap	—			—			712		712
	2015 notes hedges	86,640			86,640			107,041		107,041
	Counterparty collateral	275,558			275,558			315,824		315,824
	Liabilities
	Policy benefit reserves	36,395,040			30,382,940			35,453,166		29,670,827
	Single premium immediate annuity (SPIA) benefit reserves	402,549			415,757			417,625		430,835
	Notes payable	521,758			611,384			549,958		699,435
	Subordinated debentures	246,097			239,126			246,050		234,959
	2015 notes embedded conversion derivative	86,640			86,640			107,041		107,041
	Interest rate swap	690			690			—		—
	Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The objective of a fair value measurement is to determine that price for each financial instrument at each measurement date. We meet this objective using various methods of valuation that include market, income and cost approaches.
	We categorize our financial instruments into three levels of fair value hierarchy based on the priority of inputs used in determining fair value. The hierarchy defines the highest priority inputs (Level 1) as quoted prices in active markets for identical assets or liabilities. The lowest priority inputs (Level 3) are our own assumptions about what a market participant would use in determining fair value such as estimated future cash flows. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. We categorize financial assets and liabilities recorded at fair value in the consolidated balance sheets as follows:
	Level 1—	Quoted prices are available in active markets for identical financial instruments as of the reporting date. We do not adjust the quoted price for these financial instruments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.
	Level 2—	Quoted prices in active markets for similar financial instruments, quoted prices for identical or similar financial instruments in markets that are not active; and models and other valuation methodologies using inputs other than quoted prices that are observable.
	Level 3—	Models and other valuation methodologies using significant inputs that are unobservable for financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in Level 3 are securities for which no market activity or data exists and for which we used discounted expected future cash flows with our own assumptions about what a market participant would use in determining fair value.
	Transfers of securities among the levels occur at times and depend on the type of inputs used to determine fair value of each security. There were no transfers between levels during any period presented.
	Our assets and liabilities which are measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 are presented below based on the fair value hierarchy levels:
		Total			Quoted			Significant		Significant
		Fair Value			Prices in			Other		Unobservable
					Active			Observable		Inputs
					Markets			Inputs		(Level 3)
					(Level 1)			(Level 2)
		(Dollars in thousands)
	March 31, 2014
	Assets
	Fixed maturity securities:
	Available for sale:
	United States Government full faith and credit	$	43,300		$	4,841		$	38,459	$	—
	United States Government sponsored agencies	1,299,454			—			1,299,454		—
	United States municipalities, states and territories	3,437,313			—			3,437,313		—
	Foreign government obligations	144,023			—			144,023		—
	Corporate securities	18,441,187			37			18,441,150		—
	Residential mortgage backed securities	1,928,555			—			1,927,475		1,080
	Commercial mortgage backed securities	1,976,589			—			1,976,589		—
	Other asset backed securities	1,045,052			369			1,044,683		—
	Equity securities, available for sale: finance, insurance and real estate	7,767			—			7,767		—
	Derivative instruments	790,396			—			790,396		—
	Cash and cash equivalents	679,172			679,172			—		—
	Interest rate caps	4,926			—			4,926		—
	2015 notes hedges	86,640			—			86,640		—
	Counterparty collateral	275,558			—			275,558		—
		$	30,159,932		$	684,419		$	29,474,433	$	1,080
	Liabilities
	2015 notes embedded conversion derivative	$	86,640		$	—		$	86,640	$	—
	Interest rate swap	690			—			690		—
	Fixed index annuities - embedded derivatives	4,755,913			—			—		4,755,913
	$	4,843,243		$	—		$	87,330	$	4,755,913
December 31, 2013
Assets
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	42,925		$	4,805		$	38,120	$	—
United States Government sponsored agencies	1,194,289			—			1,194,289		—
United States municipalities, states and territories	3,306,743			—			3,306,743		—
Foreign government obligations	91,557			—			91,557		—
Corporate securities	17,233,037			20			17,233,017		—
Residential mortgage backed securities	1,971,960			—			1,970,584		1,376
Commercial mortgage backed securities	1,735,460			—			1,735,460		—
Other asset backed securities	1,034,476			359			1,034,117		—
Equity securities, available for sale: finance, insurance and real estate	7,778			—			7,778		—
Derivative instruments	856,050			—			856,050		—
Cash and cash equivalents	897,529			897,529			—		—
Interest rate caps	6,103			—			6,103		—
Interest rate swap	712			—			712		—
2015 notes hedges	107,041			—			107,041		—
Counterparty collateral	315,824			—			315,824		—
	$	28,801,484		$	902,713		$	27,897,395	$	1,376
Liabilities
2015 notes embedded conversion derivative	$	107,041		$	—		$	107,041	$	—
Fixed index annuities - embedded derivatives	4,406,163			—			—		4,406,163
	$	4,513,204		$	—		$	107,041	$	4,406,163
The following methods and assumptions were used in estimating the fair values of financial instruments during the periods presented in these consolidated financial statements.
Fixed maturity securities and equity securities
The fair values of fixed maturity securities and equity securities in an active and orderly market are determined by utilizing independent pricing services. The independent pricing services incorporate a variety of observable market data in their valuation techniques, including:
•	reported trading prices,
•	benchmark yields,
•	broker-dealer quotes,
•	benchmark securities,
•	bids and offers,
•	credit ratings,
•	relative credit information, and
•	other reference data.
The independent pricing services also take into account perceived market movements and sector news, as well as a security's terms and conditions, including any features specific to that issue that may influence risk and marketability. Depending on the security, the priority of the use of observable market inputs may change as some observable market inputs may not be relevant or additional inputs may be necessary.
The independent pricing services provide quoted market prices when available. Quoted prices are not always available due to market inactivity. When quoted market prices are not available, the third parties use yield data and other factors relating to instruments or securities with similar characteristics to determine fair value for securities that are not actively traded. We generally obtain one value from our primary external pricing service. In situations where a price is not available from this service, we may obtain further quotes or prices from additional parties as needed. In addition, for our callable United States Government sponsored agencies, we obtain multiple broker quotes and take the average of the broker prices received. Market indices of similar rated asset class spreads are considered for valuations and broker indications of similar securities are compared. Inputs used by the broker include market information, such as yield data and other factors relating to instruments or securities with similar characteristics. Valuations and quotes obtained from third party commercial pricing services are non-binding and do not represent quotes on which one may execute the disposition of the assets.
We validate external valuations at least quarterly through a combination of procedures that include the evaluation of methodologies used by the pricing services, analytical reviews and performance analysis of the prices against trends, and maintenance of a securities watch list. Additionally, as needed we utilize discounted cash flow models or perform independent valuations on a case-by-case basis using inputs and assumptions similar to those used by the pricing services. Although we do identify differences from time to time as a result of these validation procedures, we did not make any significant adjustments as of March 31, 2014 and December 31, 2013.
Mortgage loans on real estate
Mortgage loans on real estate are not measured at fair value on a recurring basis. The fair values of mortgage loans on real estate are calculated using discounted expected cash flows using current competitive market interest rates currently being offered for similar loans. The fair values of impaired mortgage loans on real estate that we have considered to be collateral dependent are based on the fair value of the real estate collateral (based on appraised values) less estimated costs to sell. The inputs utilized to determine fair value of all mortgage loans are unobservable market data (competitive market interest rates and appraised property values); therefore, fair value of mortgage loans falls into Level 3 in the fair value hierarchy.
Derivative instruments
The fair values of derivative instruments, primarily call options, are based upon the amount of cash that we will receive to settle each derivative instrument on the reporting date. These amounts are determined by our investment team using industry accepted valuation models and are adjusted for the nonperformance risk of each counterparty net of any collateral held. Inputs include market volatility and risk free interest rates and are used in income valuation techniques in arriving at a fair value for each option contract. The nonperformance risk for each counterparty is based upon its credit default swap rate. We have no performance obligations related to the call options purchased to fund our fixed index annuity policy liabilities.
Other investments
None of the financial instruments included in other investments are measured at fair value on a recurring basis. Financial instruments included in other investments are policy loans, equity method investments and company owned life insurance (COLI). We have not attempted to determine the fair values associated with our policy loans, as we believe any differences between carrying value and the fair values afforded these instruments are immaterial to our consolidated financial position and, accordingly, the cost to provide such disclosure does not justify the benefit to be derived. The fair values of our equity method investments qualify as Level 3 fair values and were determined by calculating the present value of future cash flows discounted by a risk free rate, a risk spread and a liquidity discount. The risk spread and liquidity discount are rates determined by our investment professionals and are unobservable market inputs. The fair value of our COLI approximates the cash surrender value of the policies and falls within Level 2 of the fair value hierarchy.
Cash and cash equivalents
Amounts reported in the consolidated balance sheets for these instruments are reported at their historical cost which approximates fair value due to the nature of the assets assigned to this category.
Interest rate caps and swap
The fair values of our pay fixed/receive variable interest rate caps and interest rate swap are obtained from third parties and are determined by discounting expected future cash flows using projected LIBOR rates for the term of the caps and swap.
2015 notes hedges
The fair value of these call options has been determined by a third party who applies market observable data such as our common stock price, its dividend yield and its volatility, as well as the time to expiration of the call options to determine a fair value of the buy side of these options.
Counterparty collateral
Amounts reported in other assets of the consolidated balance sheets for these instruments are reported at their historical cost which approximates fair value due to the nature of the assets assigned to this category.
Policy benefit reserves, coinsurance deposits and SPIA benefit reserves
The fair values of the liabilities under contracts not involving significant mortality or morbidity risks (principally deferred annuities), are stated at the cost we would incur to extinguish the liability (i.e., the cash surrender value) as these contracts are generally issued without an annuitization date. The coinsurance deposits related to the annuity benefit reserves have fair values determined in a similar fashion. For period-certain annuity benefit contracts, the fair value is determined by discounting the benefits at the interest rates currently in effect for newly purchased immediate annuity contracts. We are not required to and have not estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value. Policy benefit reserves, coinsurance deposits and SPIA benefit reserves are not measured at fair value on a recurring basis. All of the fair values presented within these categories fall within Level 3 of the fair value hierarchy as most of the inputs are unobservable market data.
Notes payable
The fair values of our senior unsecured notes and convertible senior notes are based upon pricing matrices developed by a third party pricing service when quoted market prices are not available and are categorized as Level 2 within the fair value hierarchy. Notes payable are not remeasured at fair value on a recurring basis.
Subordinated debentures
Fair values for subordinated debentures are estimated using discounted cash flow calculations based principally on observable inputs including our incremental borrowing rates, which reflect our credit rating, for similar types of borrowings with maturities consistent with those remaining for the debt being valued. These fair values are categorized as Level 2 within the fair value hierarchy. Subordinated debentures are not measured at fair value on a recurring basis.
2015 notes embedded conversion derivative
The fair value of this embedded derivative is determined by pricing the call options that hedge this potential liability. The terms of the conversion option are identical to the 2015 notes hedges and the method of determining fair value of the call options is based upon observable market data.
Fixed index annuities - embedded derivatives
We estimate the fair value of the embedded derivative component of our fixed index annuity policy benefit reserves at each valuation date by (i) projecting policy contract values and minimum guaranteed contract values over the expected lives of the contracts and (ii) discounting the excess of the projected contract value amounts at the applicable risk free interest rates adjusted for our nonperformance risk related to those liabilities. The projections of policy contract values are based on our best estimate assumptions for future policy growth and future policy decrements. Our best estimate assumptions for future policy growth include assumptions for the expected index credit on the next policy anniversary date which are derived from the fair values of the underlying call options purchased to fund such index credits and the expected costs of annual call options we will purchase in the future to fund index credits beyond the next policy anniversary. The projections of minimum guaranteed contract values include the same best estimate assumptions for policy decrements as were used to project policy contract values.
The following tables provide a reconciliation of the beginning and ending balances for our Level 3 assets and liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs for the three months ended March 31, 2014 and 2013:
	Three Months Ended
	March 31,
	2014			2013
	(Dollars in thousands)
Available for sale securities
Beginning balance	$	1,376		$	1,812
Principal returned	(78		)	(368		)
Accretion of discount	(27		)	129
Total gains (losses) (realized/unrealized):
Included in other comprehensive income (loss)	(191		)	151
Included in operations	—			—
Ending balance	$	1,080		$	1,724
The Level 3 assets included in the table above are not material to our financial position, results of operations or cash flows, and it is management's opinion that the sensitivity of the inputs used in determining the fair value of these assets is not material as well.
	Three Months Ended
	March 31,
	2014			2013
	(Dollars in thousands)
Fixed index annuities - embedded derivatives
Beginning balance	$	4,406,163		$	3,337,556
Premiums less benefits	371,953			246,722
Change in fair value, net	(22,203		)	264,624
Ending balance	$	4,755,913		$	3,848,902
Change in unrealized gains (losses), net for each period in our embedded derivatives are included in change in fair value of embedded derivatives in the unaudited consolidated statements of operations.
Certain derivatives embedded in our fixed index annuity contracts are our most significant financial instrument measured at fair value that are categorized as Level 3 in the fair value hierarchy. The contractual obligations for future annual index credits within our fixed index annuity contracts are treated as a "series of embedded derivatives" over the expected life of the applicable contracts. We estimate the fair value of these embedded derivatives at each valuation date by the method described above under fixed index annuities - embedded derivatives. The projections of minimum guaranteed contract values include the same best estimate assumptions for policy decrements as were used to project policy contract values.
The most sensitive assumption in determining policy liabilities for fixed index annuities is the rates used to discount the excess projected contract values. As indicated above, the discount rate reflects our nonperformance risk. If the discount rates used to discount the excess projected contract values at March 31, 2014, were to increase by 100 basis points, the fair value of the embedded derivatives would decrease by $316.1 million recorded through operations as a decrease in the change in fair value of embedded derivatives and there would be a corresponding decrease of $192.0 million to our combined balance for deferred policy acquisition costs and deferred sales inducements recorded through operations as an increase in amortization of deferred policy acquisition costs and deferred sales inducements. A decrease by 100 basis points in the discount rate used to discount the excess projected contract values would increase the fair value of the embedded derivatives by $351.6 million recorded through operations as an increase in the change in fair value of embedded derivatives and there would be a corresponding increase of $208.7 million to our combined balance for deferred policy acquisition costs and deferred sales inducements recorded through operations as a decrease in amortization of deferred policy acquisition costs and deferred sales inducements.

Investments

Investments	3 Months Ended
	Mar. 31, 2014
Investments [Abstract]	'
Investments	'
	Investments
	At March 31, 2014 and December 31, 2013, the amortized cost and fair value of fixed maturity securities and equity securities were as follows:
		Amortized				Gross				Gross				Fair Value
		Cost				Unrealized				Unrealized
						Gains				Losses
		(Dollars in thousands)
	31-Mar-14
	Fixed maturity securities:
	Available for sale:
	United States Government full faith and credit	$	44,185			$	325			$	(1,210	)		$	43,300
	United States Government sponsored agencies	1,358,426				8,276				(67,248		)		1,299,454
	United States municipalities, states and territories	3,186,473				265,511				(14,671		)		3,437,313
	Foreign government obligations	136,116				10,379				(2,472		)		144,023
	Corporate securities	17,662,806				1,006,794				(228,413		)		18,441,187
	Residential mortgage backed securities	1,831,161				120,106				(22,712		)		1,928,555
	Commercial mortgage backed securities	2,003,425				17,671				(44,507		)		1,976,589
	Other asset backed securities	1,033,033				30,254				(18,235		)		1,045,052
		$	27,255,625			$	1,459,316			$	(399,468	)		$	28,315,473
	Held for investment:
	Corporate security	$	76,298			$	—			$	(11,378	)		$	64,920
	Equity securities, available for sale:
	Finance, insurance, and real estate	$	7,505			$	262			$	—			$	7,767
	December 31, 2013
	Fixed maturity securities:
	Available for sale:
	United States Government full faith and credit	$	44,852			$	367			$	(2,294	)		$	42,925
	United States Government sponsored agencies	1,313,776				1,875				(121,362		)		1,194,289
	United States municipalities, states and territories	3,181,032				164,785				(39,074		)		3,306,743
	Foreign government obligations	86,112				8,907				(3,462		)		91,557
	Corporate securities	17,142,118				606,948				(516,029		)		17,233,037
	Residential mortgage backed securities	1,895,913				119,230				(43,183		)		1,971,960
	Commercial mortgage backed securities	1,821,988				3,287				(89,815		)		1,735,460
	Other asset backed securities	1,041,939				23,300				(30,763		)		1,034,476
		$	26,527,730			$	928,699			$	(845,982	)		$	26,610,447
	Held for investment:
	Corporate security	$	76,255			$	—			$	(15,415	)		$	60,840
	Equity securities, available for sale:
	Finance, insurance, and real estate	$	7,503			$	275			$	—			$	7,778
	At March 31, 2014, 31% of our fixed income securities have call features, of which 0.5% ($0.1 billion) were subject to call redemption and another 5% ($1.2 billion) will become subject to call redemption during the next twelve months. Of the $1.2 billion subject to call redemption during the next twelve months, $0.5 billion of U.S. Government agency securities were called during April 2014.
	The amortized cost and fair value of fixed maturity securities at March 31, 2014, 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								Held for investment
		Amortized				Fair Value				Amortized				Fair Value
		Cost								Cost
		(Dollars in thousands)
	Due in one year or less	$	38,837			$	39,547			$	—			$	—
	Due after one year through five years	985,636				1,113,705				—				—
	Due after five years through ten years	8,171,938				8,264,244				—				—
	Due after ten years through twenty years	6,588,518				6,838,801				—				—
	Due after twenty years	6,603,077				7,108,980				76,298				64,920
		22,388,006				23,365,277				76,298				64,920
	Residential mortgage backed securities	1,831,161				1,928,555				—				—
	Commercial mortgage backed securities	2,003,425				1,976,589				—				—
	Other asset backed securities	1,033,033				1,045,052				—				—
		$	27,255,625			$	28,315,473			$	76,298			$	64,920
	Net unrealized gains on available for sale fixed maturity securities and equity securities reported as a separate component of stockholders' equity were comprised of the following:
		March 31,				December 31,
		2014				2013
		(Dollars in thousands)
	Net unrealized gains on available for sale fixed maturity securities and equity securities	$	1,060,110			$	82,992
	Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements	(583,340		)		(46,588		)
	Deferred income tax valuation allowance reversal	22,534				22,534
	Deferred income tax benefit	(166,869		)		(12,742		)
	Net unrealized gains reported as accumulated other comprehensive income	$	332,435			$	46,196
The National Association of Insurance Commissioners (“NAIC”) assigns designations to fixed maturity securities. These designations range from Class 1 (highest quality) to Class 6 (lowest quality). In general, securities are assigned a designation based upon the ratings they are given by the Nationally Recognized Statistical Rating Organizations (“NRSRO’s”). The NAIC designations are utilized by insurers in preparing their annual statutory statements. NAIC Class 1 and 2 designations are considered “investment grade” while NAIC Class 3 through 6 designations are considered “non-investment grade.” Based on the NAIC designations, we had 98% of our fixed maturity portfolio rated investment grade at March 31, 2014 and December 31, 2013.
The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated:
		March 31, 2014								December 31, 2013
NAIC		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Designation
		(Dollars in thousands)
1		$	16,990,834			$	17,755,174			$	16,394,654			$	16,531,250
2		9,755,720				10,059,679				9,630,251				9,598,399
3		519,452				505,434				502,822				474,165
4		64,256				58,988				74,493				66,078
5		—				—				—				—
6		1,661				1,118				1,765				1,395
		$	27,331,923			$	28,380,393			$	26,603,985			$	26,671,287
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 665 and 1,047 securities, respectively) have been in a continuous unrealized loss position, at March 31, 2014 and December 31, 2013:
	Less than 12 months								12 months or more								Total
	Fair Value				Unrealized				Fair Value				Unrealized				Fair Value				Unrealized
					Losses								Losses								Losses
	(Dollars in thousands)
March 31, 2014
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	33,386			$	(1,210	)		$	—			$	—			$	33,386			$	(1,210	)
United States Government sponsored agencies	618,888				(58,157		)		340,909				(9,091		)		959,797				(67,248		)
United States municipalities, states and territories	288,578				(14,671		)		—				—				288,578				(14,671		)
Foreign government obligations	77,271				(2,472		)		—				—				77,271				(2,472		)
Corporate securities:
Finance, insurance and real estate	1,126,695				(40,893		)		139,455				(9,454		)		1,266,150				(50,347		)
Manufacturing, construction and mining	2,267,589				(76,780		)		131,419				(14,578		)		2,399,008				(91,358		)
Utilities and related sectors	933,917				(40,959		)		101,402				(9,215		)		1,035,319				(50,174		)
Wholesale/retail trade	204,346				(11,286		)		13,850				(840		)		218,196				(12,126		)
Services, media and other	566,481				(17,716		)		97,230				(6,692		)		663,711				(24,408		)
Residential mortgage backed securities	385,500				(22,132		)		1,080				(580		)		386,580				(22,712		)
Commercial mortgage backed securities	1,169,178				(43,622		)		27,135				(885		)		1,196,313				(44,507		)
Other asset backed securities	318,187				(14,745		)		45,652				(3,490		)		363,839				(18,235		)
	$	7,990,016			$	(344,643	)		$	898,132			$	(54,825	)		$	8,888,148			$	(399,468	)
Held for investment:
Corporate security:
Insurance	$	—			$	—			$	64,920			$	(11,378	)		$	64,920			$	(11,378	)
December 31, 2013
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	32,969			$	(2,294	)		$	—			$	—			$	32,969			$	(2,294	)
United States Government sponsored agencies	692,320				(88,671		)		467,309				(32,691		)		1,159,629				(121,362		)
United States municipalities, states and territories	614,056				(39,074		)		—				—				614,056				(39,074		)
Foreign government obligations	26,298				(3,462		)		—				—				26,298				(3,462		)
Corporate securities:
Finance, insurance and real estate	1,690,846				(92,426		)		153,037				(12,873		)		1,843,883				(105,299		)
Manufacturing, construction and mining	3,370,775				(191,245		)		93,608				(16,088		)		3,464,383				(207,333		)
Utilities and related sectors	1,829,868				(102,758		)		83,550				(11,547		)		1,913,418				(114,305		)
Wholesale/retail trade	428,407				(25,189		)		17,687				(1,992		)		446,094				(27,181		)
Services, media and other	834,699				(51,508		)		107,242				(10,403		)		941,941				(61,911		)
Residential mortgage backed securities	309,599				(41,080		)		31,739				(2,103		)		341,338				(43,183		)
Commercial mortgage backed securities	1,450,143				(83,814		)		51,099				(6,001		)		1,501,242				(89,815		)
Other asset backed securities	356,018				(20,426		)		92,372				(10,337		)		448,390				(30,763		)
	$	11,635,998			$	(741,947	)		$	1,097,643			$	(104,035	)		$	12,733,641			$	(845,982	)
Held for investment:
Corporate security:
Insurance	$	—			$	—			$	60,840			$	(15,415	)		$	60,840			$	(15,415	)
The following is a description of the factors causing the temporary unrealized losses by investment category as of March 31, 2014:
United States Government full faith and credit and sponsored agencies: These securities are relatively long in duration; however, they are callable in less than 12 months making the value of such securities sensitive to changes in market interest rates. The timing of when some of these securities were purchased gave rise to unrealized losses at March 31, 2014.
United States municipalities, states and territories: These securities are relatively long in duration and their fair values are sensitive to changes in market interest rates. The timing of the purchase of these securities have resulted in unrealized losses.
Foreign government obligations: The unrealized losses on these securities are due to wider spreads on the announcement of increased capital expenditures with resulting higher leverage and greater supply.
Corporate securities: The unrealized losses in these securities are due partially to the timing of purchases. These securities carry yields less than those available at March 31, 2014. In addition, a small number of securities have seen their credit spreads remain wide due to issuer or industry specific news while some financial and industrial sector credit spreads remain wide due to continued economic uncertainty and concerns of economic instability.
Residential mortgage backed securities: At March 31, 2014, we had no exposure to sub-prime residential mortgage backed securities. All of our residential mortgage backed securities are pools of first-lien residential mortgage loans. Substantially all of the securities that we own are in the most senior tranche of the securitization in which they are structured and are not subordinated to any other tranche. Our "Alt-A" residential mortgage backed securities are comprised of 36 securities with a total amortized cost basis of $301.1 million and a fair value of $324.2 million. Despite recent improvements in the capital markets, the fair values of RMBS with weaker borrower characteristics continue at prices below amortized cost. These RMBS prices will likely remain below our cost basis until the housing market is able to absorb current and future foreclosures.
Commercial mortgage backed securities: The unrealized losses in these securities are due partially to the timing of purchases. A number of purchases were at yields lower than what could be executed at the end of this quarter due to the increase in the treasury yield since the time of purchase. Yield spreads for commercial mortgage backed securities have narrowed but remain attractive.
Other asset backed securities: The unrealized losses in these securities are predominantly assigned to financial sector capital trust securities which have longer maturity dates and have declined in price due to prolonged stress in the financial sector. No securities in an unrealized loss position are rated below investment grade.
Approximately 93% and 95% of the unrealized losses on fixed maturity securities shown in the above table for March 31, 2014 and December 31, 2013, respectively, are on securities that are rated investment grade, defined as being the highest two NAIC designations. All of the securities with unrealized losses are current with respect to the payment of principal and interest.
Changes in net unrealized gains on investments for the three months ended March 31, 2014 and 2013 are as follows:
	Three Months Ended
	March 31,
	2014				2013
	(Dollars in thousands)
Fixed maturity securities held for investment carried at amortized cost	$	4,037			$	611
Investments carried at fair value:
Fixed maturity securities, available for sale	$	977,131			$	(119,070	)
Equity securities, available for sale	(13		)		2,219
	977,118				(116,851		)
Adjustment for effect on other balance sheet accounts:
Deferred policy acquisition costs and deferred sales inducements	(536,752		)		78,168
Deferred income tax asset/liability	(154,127		)		13,539
	(690,879		)		91,707
Change in net unrealized gains on investments carried at fair value	$	286,239			$	(25,144	)
Proceeds from sales of available for sale securities for the three months ended March 31, 2014 and 2013 were $56.1 million and $380.4 million, respectively. Scheduled principal repayments, calls and tenders for available for sale securities for the three months ended March 31, 2014 and 2013 were $152.7 million and $556.9 million, respectively.
Realized gains and losses on sales are determined on the basis of specific identification of investments based on the trade date. Net realized gains (losses) on investments, excluding net OTTI losses for the three months ended March 31, 2014 and 2013, are as follows:
	Three Months Ended
	March 31,
	2014				2013
	(Dollars in thousands)
Available for sale fixed maturity securities:
Gross realized gains	$	184			$	13,015
Gross realized losses	(691		)		(2,187		)
	(507		)		10,828
Other investments:
Gain on sale of real estate	756				589
Loss on sale of real estate	—				(466		)
Impairment losses on real estate	(799		)		—
	(43		)		123
Mortgage loans on real estate:
Increase in allowance for credit losses	(164		)		(366		)
	$	(714	)		$	10,585
Losses on available for sale fixed maturity securities were realized primarily due to strategies in place to reposition the fixed maturity security portfolio that result in improved net investment income, risk or duration profiles as they pertain to our asset liability management.
We review and analyze all investments on an ongoing basis for changes in market interest rates and credit deterioration. This review process includes analyzing our ability to recover the amortized cost basis of each investment that has a fair value that is materially lower than its amortized cost and requires a high degree of management judgment and involves uncertainty. The evaluation of securities for other than temporary impairments is a quantitative and qualitative process, which is subject to risks and uncertainties.
We have a policy and process in place to identify securities that could potentially have impairments that are other than temporary. This process involves monitoring market events and other items that could impact issuers. The evaluation includes but is not limited to such factors as:
•	the length of time and the extent to which the fair value has been less than amortized cost or cost;
•	whether the issuer is current on all payments and all contractual payments have been made as agreed;
•	the remaining payment terms and the financial condition and near-term prospects of the issuer;
•	the lack of ability to refinance due to liquidity problems in the credit market;
•	the fair value of any underlying collateral;
•	the existence of any credit protection available;
•	our intent to sell and whether it is more likely than not we would be required to sell prior to recovery for debt securities;
•	our assessment in the case of equity securities including perpetual preferred stocks with credit deterioration that the security cannot recover to cost in a reasonable period of time;
•	our intent and ability to retain equity securities for a period of time sufficient to allow for recovery;
•	consideration of rating agency actions; and
•	changes in estimated cash flows of mortgage and asset backed securities.
We determine whether other than temporary impairment losses should be recognized for debt and equity securities by assessing all facts and circumstances surrounding each security. Where the decline in fair value of debt securities is attributable to changes in market interest rates or to factors such as market volatility, liquidity and spread widening, and we anticipate recovery of all contractual or expected cash flows, we do not consider these investments to be other than temporarily impaired because we do not intend to sell these investments and it is not more likely than not we will be required to sell these investments before a recovery of amortized cost, which may be maturity. For equity securities, we recognize an impairment charge in the period in which we do not have the intent and ability to hold the securities until recovery of cost or we determine that the security will not recover to book value within a reasonable period of time. We determine what constitutes a reasonable period of time on a security-by-security basis by considering all the evidence available to us, including the magnitude of any unrealized loss and its duration. In any event, this period does not exceed 18 months from the date of impairment for perpetual preferred securities for which there is evidence of deterioration in credit of the issuer and common equity securities. For perpetual preferred securities absent evidence of a deterioration in credit of the issuer we apply an impairment model, including an anticipated recovery period, similar to a debt security.
Other than temporary impairment losses on equity securities are recognized in operations. If we intend to sell a debt security or if it is more likely than not that we will be required to sell a debt security before recovery of its amortized cost basis, other than temporary impairment has occurred and the difference between amortized cost and fair value will be recognized as a loss in operations.
If we do not intend to sell and it is not more likely than not we will be required to sell the debt security but also do not expect to recover the entire amortized cost basis of the security, an impairment loss would be recognized in operations in the amount of the expected credit loss. We determine the amount of expected credit loss by calculating the present value of the cash flows expected to be collected discounted at each security's acquisition yield based on our consideration of whether the security was of high credit quality at the time of acquisition. The difference between the present value of expected future cash flows and the amortized cost basis of the security is the amount of credit loss recognized in operations. The remaining amount of the other than temporary impairment is recognized in other comprehensive income (loss).
The determination of the credit loss component of a mortgage backed security is based on a number of factors. The primary consideration in this evaluation process is the issuer's ability to meet current and future interest and principal payments as contractually stated at time of purchase. Our review of these securities includes an analysis of the cash flow modeling under various default scenarios considering independent third party benchmarks, the seniority of the specific tranche within the structure of the security, the composition of the collateral and the actual default, loss severity and prepayment experience exhibited. With the input of third party assumptions for default projections, loss severity and prepayment expectations, we evaluate the cash flow projections to determine whether the security is performing in accordance with its contractual obligation.
We utilize the models from a leading structured product software specialist serving institutional investors. These models incorporate each security's seniority and cash flow structure. In circumstances where the analysis implies a potential for principal loss at some point in the future, we use the "best estimate" cash flow projection discounted at the security's effective yield at acquisition to determine the amount of our potential credit loss associated with this security. The discounted expected future cash flows equates to our expected recovery value. Any shortfall of the expected recovery when compared to the amortized cost of the security will be recorded as the credit loss component of other than temporary impairment.
The cash flow modeling is performed on a security-by-security basis and incorporates actual cash flows on the residential mortgage backed securities through the current period, as well as the projection of remaining cash flows using a number of assumptions including default rates, prepayment rates and loss severity rates. The default curves we use are tailored to the Prime or Alt-A residential mortgage backed securities that we own, which assume lower default rates and loss severity for Prime securities versus Alt-A securities. These default curves are scaled higher or lower depending on factors such as current underlying mortgage loan performance, rating agency loss projections, loan to value ratios, geographic diversity, as well as other appropriate considerations.
The following table presents the range of significant assumptions used to determine the credit loss component of other than temporary impairments we have recognized on residential mortgage backed securities for the three months ended March 31, 2014 and 2013, which are all senior level tranches within the structure of the securities:
				Discount Rate						Default Rate						Loss Severity
Sector		Vintage		Min			Max			Min			Max			Min			Max
Three months ended March 31, 2014
Prime		2006		6.5	%		7.4	%		11	%		12	%		50	%		50	%
Three months ended March 31, 2013
Prime		2003		5.1	%		5.1	%		2	%		2	%		30	%		30	%
		2005		6.5	%		7.7	%		8	%		17	%		50	%		50	%
		2006		6	%		6.9	%		9	%		16	%		50	%		50	%
		2007		6.5	%		6.7	%		14	%		25	%		40	%		60	%
		2008		6.6	%		6.6	%		16	%		16	%		45	%		45	%
Alt-A		2005		5.6	%		8.7	%		15	%		25	%		5	%		65	%
		2007		6.2	%		6.9	%		38	%		52	%		60	%		65	%
The determination of the credit loss component of a corporate bond (including redeemable preferred stocks) is based on the underlying financial performance of the issuer and their ability to meet their contractual obligations. Considerations in our evaluation include, but are not limited to, credit rating changes, financial statement and ratio analysis, changes in management, significant changes in credit spreads, breaches of financial covenants and a review of the economic outlook for the industry and markets in which they trade. In circumstances where an issuer appears unlikely to meet its future obligation, or the security's price decline is deemed other than temporary, an estimate of credit loss is determined. Credit loss is calculated using default probabilities as derived from the credit default swaps markets in conjunction with recovery rates derived from independent third party analysis or a best estimate of credit loss. This credit loss rate is then incorporated into a present value calculation based on an expected principal loss in the future discounted at the yield at the date of purchase and compared to amortized cost to determine the amount of credit loss associated with the security.
In addition, for debt securities which we do not intend to sell and it is not more likely than not we will be required to sell, but our intent changes due to changes or events that could not have been reasonably anticipated, an other than temporary impairment charge is recognized. Once an impairment charge has been recorded, we then continue to review the other than temporarily impaired securities for appropriate valuation on an ongoing basis. Unrealized losses may be recognized in future periods through a charge to earnings, should we later conclude that the decline in fair value below amortized cost is other than temporary pursuant to our accounting policy described above. The use of different methodologies and assumptions to determine the fair value of investments and the timing and amount of impairments may have a material effect on the amounts presented in our consolidated financial statements.
The following table summarizes other than temporary impairments for the three months ended March 31, 2014 and 2013, by asset type:
	Number			Total OTTI				Portion of OTTI				Net OTTI
	of			Losses				Losses				Losses
	Securities							Recognized				Recognized in
								from Other				Operations
								Comprehensive
								Income
				(Dollars in thousands)
Three months ended March 31, 2014
Fixed maturity securities, available for sale:
Residential mortgage backed securities	2			$	—			$	(905	)		$	(905	)
Three months ended March 31, 2013
Fixed maturity securities, available for sale:
Corporate securities:
Industrial	1			$	(1,761	)		$	—			$	(1,761	)
Residential mortgage backed securities	5			—				(1,048		)		(1,048		)
Equity security, available for sale:
Industrial	1			(428		)		—				(428		)
	7			$	(2,189	)		$	(1,048	)		$	(3,237	)
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
	March 31,
	2014				2013
	(Dollars in thousands)
Cumulative credit loss at beginning of period	$	(125,960	)		$	(134,027	)
Credit losses on securities for which OTTI has not previously been recognized	—				(1,761		)
Additional credit losses on securities for which OTTI has previously been recognized	(905		)		(1,048		)
Accumulated losses on securities that were disposed of during the period	—				7,023
Cumulative credit loss at end of period	$	(126,865	)		$	(129,813	)
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 (loss), by major type of security, for securities that are part of our investment portfolio at March 31, 2014 and December 31, 2013:
	Amortized Cost				OTTI				Change in Fair				Fair Value
					Recognized in				Value Since
					Other				OTTI was
					Comprehensive				Recognized
					Income
	(Dollars in thousands)
March 31, 2014
Fixed maturity securities, available for sale:
Corporate securities	$	—			$	—			$	38			$	38
Residential mortgage backed securities	653,399				(175,429		)		210,802				688,772
	$	653,399			$	(175,429	)		$	210,840			$	688,810
December 31, 2013
Fixed maturity securities, available for sale:
Corporate securities	$	—			$	—			$	20			$	20
Residential mortgage backed securities	679,265				(176,334		)		216,061				718,992
	$	679,265			$	(176,334	)		$	216,081			$	719,012

Mortgage_Loans_on_Real_Estate

Mortgage Loans on Real Estate	3 Months Ended
	Mar. 31, 2014
Mortgage Loans on Real Estate [Abstract]	'
Mortgage Loans on Real Estate	'
	Mortgage Loans on Real Estate
	Our mortgage loan portfolio, summarized in the following table, totaled $2.6 billion at both March 31, 2014 and December 31, 2013, with commitments outstanding of $54.3 million at March 31, 2014.
		March 31, 2014				December 31, 2013
		(Dollars in thousands)
	Principal outstanding	$	2,610,380			$	2,607,698
	Loan loss allowance	(25,262		)		(26,047		)
	Deferred prepayment fees	(535		)		(569		)
	Carrying value	$	2,584,583			$	2,581,082
	The portfolio consists of commercial mortgage loans collateralized by the related properties and diversified as to property type, location and loan size. Our mortgage lending policies establish limits on the amount that can be loaned to one borrower and other criteria to attempt to reduce the risk of default. The mortgage loan portfolio is summarized by geographic region and property type as follows:
		March 31, 2014							December 31, 2013
		Principal				Percent			Principal				Percent
		(Dollars in thousands)
	Geographic distribution
	East	$	793,717			30.4	%		$	765,717			29.4	%
	Middle Atlantic	152,712				5.9	%		156,489				6	%
	Mountain	343,166				13.1	%		356,246				13.7	%
	New England	20,977				0.8	%		21,324				0.8	%
	Pacific	313,896				12	%		317,431				12.2	%
	South Atlantic	488,622				18.7	%		483,852				18.5	%
	West North Central	343,660				13.2	%		351,794				13.5	%
	West South Central	153,630				5.9	%		154,845				5.9	%
		$	2,610,380			100	%		$	2,607,698			100	%
	Property type distribution
	Office	$	557,029			21.3	%		$	590,414			22.6	%
	Medical Office	122,807				4.7	%		125,703				4.8	%
	Retail	729,056				27.9	%		711,364				27.3	%
	Industrial/Warehouse	690,442				26.5	%		673,449				25.8	%
	Hotel	47,138				1.8	%		61,574				2.4	%
	Apartment	313,330				12	%		291,823				11.2	%
	Mixed use/other	150,578				5.8	%		153,371				5.9	%
		$	2,610,380			100	%		$	2,607,698			100	%
	We evaluate our mortgage loan portfolio for the establishment of a loan loss reserve by specific identification of impaired loans and the measurement of an estimated loss for each individual loan identified. A mortgage loan is impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. If we determine that the value of any specific mortgage loan is impaired, the carrying amount of the mortgage loan will be reduced to its fair value, based upon the present value of expected future cash flows from the loan discounted at the loan's effective interest rate, or the fair value of the underlying collateral less estimated costs to sell. In addition, we analyze the mortgage loan portfolio for the need of a general loan allowance for probable losses on all other loans. The amount of the general loan allowance is based upon management's evaluation of the collectability of the loan portfolio, historical loss experience, delinquencies, credit concentrations, underwriting standards and national and local economic conditions.
	Our financing receivables currently consist of one portfolio segment which is our commercial mortgage loan portfolio. These are mortgage loans with collateral consisting of commercial real estate and borrowers consisting mostly of limited liability partnerships or limited liability corporations.
	We have a population of mortgage loans that we have been carrying with workout terms (e.g. interest only periods, period of suspended payments, etc.) and a population of mortgage loans that have been in a delinquent status (i.e. more than 60 days past due). It is from this population that we have been recognizing some impairment loss due to nonpayment and, in some cases, eventual satisfaction of the loan by taking ownership of the collateral real estate. In most cases the fair value of the collateral less estimated costs to sell such collateral has been less than the outstanding principal amount of the mortgage loan.
	We rate the mortgage loans in our portfolio based on factors such as historical operating performance, loan to value ratio and economic outlook, among others. We calculate a loss factor to apply to each rating based on historical losses we have recognized in our mortgage loan portfolio. We apply the loss factors to the total principal outstanding within each rating category to determine an appropriate estimate of general loan loss allowance.
	The following tables present a rollforward of our specific and general valuation allowances for mortgage loans on real estate:
		Three Months Ended								Three Months Ended
		31-Mar-14								31-Mar-13
		Specific Allowance				General Allowance				Specific Allowance				General Allowance
		(Dollars in thousands)
	Beginning allowance balance	$	(16,847	)		$	(9,200	)		$	(23,134	)		$	(11,100	)
	Charge-offs	949				—				1,569				—
	Recoveries	—				—				—				—
	Provision for credit losses	(564		)		400				(1,066		)		700
	Ending allowance balance	$	(16,462	)		$	(8,800	)		$	(22,631	)		$	(10,400	)
	The specific allowance represents the total credit loss allowances on loans which are individually evaluated for impairment. The general allowance is the group of loans discussed above which are collectively evaluated for impairment. The following table presents the total outstanding principal of loans evaluated for impairment by basis of impairment method:
		March 31, 2014				December 31, 2013
		(Dollars in thousands)
	Individually evaluated for impairment	$	42,986			$	47,018
	Collectively evaluated for impairment	2,567,394				2,560,680
	Total loans evaluated for impairment	$	2,610,380			$	2,607,698
	Charge-offs include allowances that have been established on loans that were satisfied by taking ownership of the collateral. When the property is taken it is recorded at its fair value as a component of other investments and the mortgage loan is recorded as fully paid, with any allowance for credit loss that has been established charged off. Fair value of the real estate is determined by third party appraisal. There could be other situations that develop where we have established a larger specific loan loss allowance than is needed based on increases in the fair value of collateral supporting collateral dependent loans, or improvements in the financial position of a borrower so that a loan would become reliant on cash flows from debt service instead of dependent upon sale of the collateral. Charge-offs of the allowance would be recognized in those situations as well. We define collateral dependent loans as those mortgage loans for which we will depend on the value of the collateral real estate to satisfy the outstanding principal of the loan.
	During the three months ended March 31, 2014, one mortgage loan was satisfied by taking ownership of the real estate serving as collateral compared to one mortgage loan for the same period in 2013. The following table summarizes the activity in the real estate owned which was obtained in satisfaction of mortgage loans on real estate:
		Three Months Ended
		March 31,
		2014				2013
		(Dollars in thousands)
	Real estate owned at beginning of period	$	22,844			$	33,172
	Real estate acquired in satisfaction of mortgage loans	1,713				844
	Sales	(3,030		)		(5,080		)
	Impairments	(799		)		—
	Depreciation	(136		)		(172		)
	Real estate owned at end of period	$	20,592			$	28,764
We analyze credit risk of our mortgage loans by analyzing all available evidence on loans that are delinquent and loans that are in a workout period.
	March 31, 2014				December 31, 2013
	(Dollars in thousands)
Credit Exposure--By Payment Activity
Performing	$	2,591,196			$	2,593,276
In workout	7,956				6,248
Delinquent	—				—
Collateral dependent	11,228				8,174
	$	2,610,380			$	2,607,698
The loans that are categorized as "in workout" consist of loans that we have agreed to lower or no mortgage payments for a period of time while the borrowers address cash flow and/or operational issues. The key features of these workouts have been determined on a loan-by-loan basis. Most of these loans are in a period of low cash flow due to tenants vacating their space or tenants requesting rent relief during difficult economic periods. Generally, we have allowed the borrower a six month interest only period and in some cases a twelve month period of interest only. Interest only workout loans are expected to return to their regular debt service payments after the interest only period. Interest only loans that are not fully amortizing will have a larger balance at their balloon date than originally contracted. Fully amortizing loans that are in interest only periods will have larger debt service payments for their remaining term due to lost principal payments during the interest only period. In limited circumstances we have allowed borrowers to pay the principal portion of their loan payment into an escrow account that can be used for capital and tenant improvements for a period of not more than twelve months. In these situations new loan amortization schedules are calculated based on the principal not collected during this twelve month workout period and larger payments are collected for the remaining term of each loan. In all cases, the original interest rate and maturity date have not been modified, and we have not forgiven any principal amounts.
Mortgage loans are considered delinquent when they become 60 days past due. When loans become 90 days past due, become collateral dependent or enter a period with no debt service payments required we place them on non-accrual status and discontinue recognizing interest income. If payments are received on a delinquent loan, interest income is recognized to the extent it would have been recognized if normal principal and interest would have been received timely. If payments are received to bring a delinquent loan back to current we will resume accruing interest income on that loan. Outstanding principal of loans in a non-accrual status at March 31, 2014 and December 31, 2013 totaled $11.2 million and $8.2 million, respectively.
All of our commercial mortgage loans depend on the cash flow of the borrower to be at a sufficient level to service the principal and interest payments as they come due. In general, cash inflows of the borrowers are generated by collecting monthly rent from tenants occupying space within the borrowers' properties. Our borrowers face collateral risks such as tenants going out of business, tenants struggling to make rent payments as they become due, and tenants canceling leases and moving to other locations. We have a number of loans where the real estate is occupied by a single tenant. Our borrowers sometimes face both a reduction in cash flow on their mortgage property as well as a reduction in the fair value of the real estate collateral. If borrowers are unable to replace lost rent revenue and increases in the fair value of their property do not materialize we could potentially incur more losses than what we have allowed for in our specific and general loan loss allowances.
Aging of financing receivables is summarized in the following table, with loans in a "workout" period as of the reporting date considered current if payments are current in accordance with agreed upon terms:
	30 - 59 Days				60 - 89 Days				90 Days and Over				Total Past Due			Current		Collateral Dependent Receivables		Total Financing Receivables
	(Dollars in thousands)
Commercial Mortgage Loans
31-Mar-14	$	—			$	—			$	—			$	—		$	2,599,152	$	11,228	$	2,610,380
31-Dec-13	$	—			$	—			$	—			$	—		$	2,599,524	$	8,174	$	2,607,698
Financing receivables summarized in the following table represent all loans that we are either not currently collecting or those we feel it is probable we will not collect all amounts due according to the contractual terms of the loan agreements (all loans that we have worked with the borrower to alleviate short-term cash flow issues, loans delinquent for more than 60 days at the reporting date, loans we have determined to be collateral dependent and loans that we have recorded specific impairments on that we feel may continue to have performance issues).
	Recorded Investment				Unpaid Principal Balance				Related Allowance
	(Dollars in thousands)
March 31, 2014
Mortgage loans with an allowance	$	26,524			$	42,986			$	(16,462	)
Mortgage loans with no related allowance	4,353				4,353				—
	$	30,877			$	47,339			$	(16,462	)
December 31, 2013
Mortgage loans with an allowance	$	30,171			$	47,018			$	(16,847	)
Mortgage loans with no related allowance	3,264				3,264				—
	$	33,435			$	50,282			$	(16,847	)
	Average Recorded Investment				Interest Income Recognized
	(Dollars in thousands)
Three months ended March 31, 2014
Mortgage loans with an allowance	$	29,884			$	508
Mortgage loans with no related allowance	3,456				351
	$	33,340			$	859
Three months ended March 31, 2013
Mortgage loans with an allowance	$	28,384			$	331
Mortgage loans with no related allowance	20,505				284
	$	48,889			$	615
A Troubled Debt Restructuring ("TDR") is a situation where we have granted a concession to a borrower for economic or legal reasons related to the borrower's financial difficulties that we would not otherwise consider. A mortgage loan that has been granted new terms, including workout terms as described previously, would be considered a TDR if it meets conditions that would indicate a borrower is experiencing financial difficulty and the new terms constitute a concession on our part. We analyze all loans where we have agreed to workout terms and all loans that we have refinanced to determine if they meet the definition of a TDR. We consider the following factors in determining whether or not a borrower is experiencing financial difficulty:
•	borrower is in default,
•	borrower has declared bankruptcy,
•	there is growing concern about the borrower's ability to continue as a going concern,
•	borrower has insufficient cash flows to service debt,
•	borrower's inability to obtain funds from other sources, and
•	there is a breach of financial covenants by the borrower.
If the borrower is determined to be in financial difficulty, we consider the following conditions to determine if the borrower was granted a concession:
•	assets used to satisfy debt are less than our recorded investment,
•	interest rate is modified,
•	maturity date extension at an interest rate less than market rate,
•	capitalization of interest,
•	delaying principal and/or interest for a period of three months or more, and
•	partial forgiveness of the balance or charge-off.
Mortgage loan workouts, refinances or restructures that are classified as TDRs are individually evaluated and measured for impairment. A summary of mortgage loans on commercial real estate with outstanding principal at March 31, 2014 and December 31, 2013 that we determined to be TDRs are as follows:
Geographic Region		Number of TDRs		Principal Balance Outstanding				Specific Loan Loss Allowance				Net Carrying Amount
				(Dollars in thousands)
March 31, 2014
Mountain		2		$	7,871			$	(893	)		$	6,978
South Atlantic		7		13,841				(4,177		)		9,664
East North Central		1		2,219				(467		)		1,752
West North Central		1		1,921				(475		)		1,446
West South Central		1		1,714				(255		)		1,459
		12		$	27,566			$	(6,267	)		$	21,299
December 31, 2013
East		1		$	3,712			$	(949	)		$	2,763
Mountain		7		22,140				(329		)		21,811
South Atlantic		7		13,930				(4,177		)		9,753
East North Central		1		2,219				(467		)		1,752
West North Central		1		1,938				(475		)		1,463
West South Central		1		1,714				(256		)		1,458
		18		$	45,653			$	(6,653	)		$	39,000

Derivative_Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments	'
	Derivative Instruments
	We recognize all derivative instruments as assets or liabilities in the consolidated balance sheets at fair value. None of our derivatives qualify for hedge accounting, thus, any change in the fair value of the derivatives is recognized immediately in the consolidated statements of operations. The fair value of our derivative instruments, including derivative instruments embedded in fixed index annuity contracts and derivative instruments embedded in a convertible debt issue, presented in the consolidated balance sheets are as follows:
		March 31,				December 31,
		2014				2013
		(Dollars in thousands)
	Assets
	Derivative instruments
	Call options	$	790,396			$	856,050
	Other assets
	2015 notes hedges	86,640				107,041
	Interest rate caps	4,926				6,103
	Interest rate swap	—				712
		$	881,962			$	969,906
	Liabilities
	Policy benefit reserves - annuity products
	Fixed index annuities - embedded derivatives	$	4,755,913			$	4,406,163
	Other liabilities
	2015 notes embedded conversion derivative	86,640				107,041
	Interest rate swap	690				—
		$	4,843,243			$	4,513,204
	The changes in fair value of derivatives included in the unaudited consolidated statements of operations are as follows:
		Three Months Ended
		March 31,
		2014				2013
		(Dollars in thousands)
	Change in fair value of derivatives:
	Call options	$	71,473			$	344,654
	2015 notes hedges	(20,401		)		28,098
	Interest rate swap	(1,402		)		733
	Interest rate caps	(1,177		)		477
		$	48,493			$	373,962
	Change in fair value of embedded derivatives:
	2015 notes embedded conversion derivative	$	(20,401	)		$	28,098
	Fixed index annuities—embedded derivatives	113,020				335,174
		$	92,619			$	363,272
	We have fixed index annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index. When fixed index annuity deposits are received, a portion of the deposit is used to purchase derivatives consisting of call options on the applicable market indices to fund the index credits due to fixed index annuity policyholders. Substantially all such call options are one year options purchased to match the funding requirements of the underlying policies. The call options are marked to fair value with the change in fair value included as a component of revenues. The change in fair value of derivatives includes the gains or losses recognized at the expiration of the option term or upon early termination and the changes in fair value for open positions. On the respective anniversary dates of the index policies, the index used to compute the annual index credit is reset and we purchase new one-year call options to fund the next annual index credit. We manage the cost of these purchases through the terms of our fixed index annuities, which permit us to change caps, participation rates, and/or asset fees, subject to guaranteed minimums on each policy's anniversary date. By adjusting caps, participation rates, or asset fees, we can generally manage option costs except in cases where the contractual features would prevent further modifications.
	Our strategy attempts to mitigate any potential risk of loss under these agreements through a regular monitoring process which evaluates the program's effectiveness. We do not purchase call options that would require payment or collateral to another institution and our call options do not contain counterparty credit-risk-related contingent features. We are exposed to risk of loss in the event of nonperformance by the counterparties and, accordingly, we purchase our option contracts from multiple counterparties and evaluate the creditworthiness of all counterparties prior to purchase of the contracts. All of these options have been purchased from nationally recognized financial institutions with a Standard and Poor's credit rating of A- or higher at the time of purchase and the maximum credit exposure to any single counterparty is subject to concentration limits. We also have credit support agreements that allow us to request the counterparty to provide collateral to us when the fair value of our exposure to the counterparty exceeds specified amounts.
	The notional amount and fair value of our call options by counterparty and each counterparty's current credit rating are as follows:
							March 31, 2014							December 31, 2013
	Counterparty		Credit Rating		Credit Rating (Moody's)		Notional				Fair Value			Notional			Fair Value
			(S&P)				Amount							Amount
							(Dollars in thousands)
	Bank of America		A		A2		$	1,590,121			$	61,063		$	1,683,911		$	73,836
	Barclays		A		A2		1,927,994				61,753			2,396,839			113,513
	BNP Paribas		A+		A2		1,299,886				36,924			1,382,661			38,849
	Citibank, N.A.		A		A2		2,423,596				81,072			1,536,547			72,310
	Credit Suisse		A		A1		4,101,721				193,008			4,060,352			193,304
	Deutsche Bank		A		A2		838,142				35,175			747,587			41,074
	HSBC		AA-		A1		169,761				6,442			200,011			10,518
	J.P. Morgan		A+		Aa3		923,585				39,197			786,429			36,863
	Morgan Stanley		A-		Baa2		3,847,956				154,226			3,546,487			150,437
	Royal Bank of Canada		AA-		Aa3		871,208				31,084			714,941			25,140
	Wells Fargo		AA-		Aa3		2,287,890				90,452			2,221,874			100,206
							$	20,281,860			$	790,396		$	19,277,639		$	856,050
	As of March 31, 2014 and December 31, 2013, we held $679.6 million and $818.2 million, respectively, of cash and cash equivalents and other securities from counterparties for derivative collateral, which is included in other liabilities on our consolidated balance sheets. This derivative collateral limits the maximum amount of economic loss due to credit risk that we would incur if parties to the call options failed completely to perform according to the terms of the contracts to $114.5 million and $71.7 million at March 31, 2014 and December 31, 2013, respectively.
	The future annual index credits on our fixed index annuities are treated as a "series of embedded derivatives" over the expected life of the applicable contract. We do not purchase call options to fund the index liabilities which may arise after the next policy anniversary date. We must value both the call options and the related forward embedded options in the policies at fair value.
	We entered into an interest rate swap and interest rate caps to manage interest rate risk associated with the floating rate component on certain of our subordinated debentures. See Note 10 in our Annual Report on Form 10-K for the year ended December 31, 2013 for more information on our subordinated debentures. The terms of the interest rate swap provide that we pay a fixed rate of interest and receive a floating rate of interest. The terms of the interest rate caps limit the three month London Interbank Offered Rate ("LIBOR") to 2.50%. The interest rate swap and caps are not effective hedges under accounting guidance for derivative instruments and hedging activities. Therefore, we record the interest rate swap and caps at fair value and any net cash payments received or paid are included in the change in fair value of derivatives in the unaudited consolidated statements of operations.
	Details regarding the interest rate swap are as follows:
			Notional						Pay				March 31, 2014			December 31, 2013
	Maturity Date		Amount				Receive Rate		Rate			Counterparty	Fair Value			Fair Value
													(Dollars in thousands)
	15-Mar-21		$	85,500			LIBOR		2.415	%		SunTrust	$	(690	)	$	712
	Details regarding the interest rate caps are as follows:
		Notional						Cap				March 31, 2014			December 31, 2013
Maturity Date		Amount				Floating Rate		Rate			Counterparty	Fair Value			Fair Value
												(Dollars in thousands)
7-Jul-21		$	40,000			LIBOR		2.5	%		SunTrust	$	2,481		$	3,073
8-Jul-21		12,000				LIBOR		2.5	%		SunTrust	745			923
29-Jul-21		27,000				LIBOR		2.5	%		SunTrust	1,700			2,107
		$	79,000									$	4,926		$	6,103
The interest rate swap converts floating rates to fixed rates for seven years beginning March 2014. The interest rate caps have a forward starting date beginning in July 2014 and cap our interest rates for seven years. As of March 31, 2014, we held $4.0 million of cash and cash equivalents from the counterparty for derivative collateral related to the swap and caps, which is included in other liabilities on our consolidated balance sheets.
In September 2010, concurrently with the issuance of $200.0 million principal amount of 3.5% Convertible Senior Notes due September 15, 2015 (the "2015 notes"), we entered into hedge transactions (the "2015 notes hedges") with two counterparties whereby we have the option to receive the cash equivalent of the conversion spread on 16.0 million shares of our common stock based upon a strike price of $12.50 per share, subject to certain conversion rate adjustments in the 2015 notes. These options expire on September 15, 2015, and must be settled in cash. The 2015 notes hedges are accounted for as derivative assets and are included in other assets in our consolidated balance sheets. The 2015 notes embedded conversion derivative and the 2015 notes hedges are adjusted to fair value each reporting period and unrealized gains and losses are reflected in our unaudited consolidated statements of operations. At March 31, 2014, 2015 notes hedges are outstanding that were not settled with the partial unwind agreements whereby we have the option to receive the cash equivalent of the conversion spread on 7.5 million shares of our common stock based upon a strike price of $12.35 per share.
In separate transactions, we also sold warrants (the "2015 warrants") to two counterparties for the purchase of up to 16.0 million shares of our common stock at a price of $16.00 per share. We received $15.6 million in cash proceeds from the sale of the 2015 warrants, which was recorded as an increase in additional paid-in capital. The number of shares and strike price of the warrants are subject to adjustment based on dividends we pay subsequent to selling the warrants. The warrants expire on various dates from December 2015 through March 2016 and are intended to be settled in net shares. The total number of shares of common stock deliverable under the 2015 warrants is, however, currently limited to 11.7 million shares. Changes in the fair value of these warrants will not be recognized in our consolidated financial statements as long as the instruments remain classified as equity. At March 31, 2014, the remaining 2015 warrants that were not settled with the partial unwind agreements were dilutive as the average price of our common stock exceeded the $15.75 strike price of the 2015 warrants and the effect has been included in diluted earnings per share for the three months ended March 31, 2014. The warrants were not dilutive for the three months ended March 31, 2013.
Subsequent to March 31, 2014, we entered into three separate partial unwind agreements with the two counterparties to the 2015 notes hedges and the 2015 warrants to coincide with the extinguishment of a portion of our 2015 notes, see note 6, whereby we agreed to settle the related 2015 notes hedges and the 2015 warrants and received net cash from the counterparties totaling $7.2 million. Subsequent to the settlement of these unwind agreements and certain conversion rate adjustments due to dividends paid, 2015 notes hedges remain outstanding whereby we have the option to receive the cash equivalent of the conversion spread on 4.8 million shares of our common stock based upon a strike price of $12.35 per share and warrants remain outstanding for the purchase of up to 4.8 million shares of our common stock at a strike price of $15.75 per share.

Notes_Payable

Notes Payable	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Notes Payable	'
	Notes Payable
	The 5.25% Contingent Convertible Senior Notes due December 15, 2029 (the "2029 notes") are accounted for separately as a liability component and an equity component in the consolidated balance sheets. The carrying amount of the 2015 notes and the 2029 notes, the carrying amount of the equity component of the 2029 notes and the amount by which the if-converted value exceeds the outstanding principal for both the 2015 notes and the 2029 notes are as follows:
		March 31, 2014						December 31, 2013
		September 2015 Notes			December 2029 Notes			September 2015 Notes			December 2029 Notes
		(Dollars in thousands)
	Notes payable:
	Principal amount of liability component	$	91,951		$	37,032		$	91,951		$	68,373
	Unamortized discount	(5,712		)	(1,513		)	(6,623		)	(3,743		)
	Net carrying amount of liability component	$	86,239		$	35,519		$	85,328		$	64,630
	Additional paid-in capital:
	Carrying amount of equity component				$	4,983					$	15,586
	Amount by which the if-converted value exceeds principal	$	83,860		$	56,960		$	104,403		$	113,169
	The discount is being amortized over the expected lives of the notes, which is the maturity date of September 15, 2015 for the 2015 notes and the first put/call date of December 15, 2014 for the 2029 notes. The effective interest rates during the discount amortization periods are 8.9% and 11.9% on the 2015 notes and the 2029 notes, respectively. The interest cost recognized in operations for the convertible notes, inclusive of the coupon and amortization of the discount and debt issue costs, was $3.4 million and $7.2 million for the three months ended March 31, 2014 and 2013, respectively.
	We are required to include the dilutive effect of the 2029 notes in our diluted earnings per share calculation. Because these notes include a mandatory cash settlement feature for the principal amount, incremental dilutive shares will only exist when the fair value of our common stock at the end of the reporting period exceeds the conversion price per share of $9.57. At March 31, 2014 and 2013, the conversion premium of the 2029 notes was dilutive and the effect has been included in diluted earnings per share for the three months ended March 31, 2014 and 2013. The 2015 notes and the 2015 notes hedges are excluded from the dilutive effect in our diluted earnings per share calculation as they are currently to be settled only in cash.
	During the first quarter of 2014, we extinguished $31.3 million principal amount of our 2029 notes. Total consideration paid to holders of the 2029 notes consisted of $54.6 million in cash and and $23.2 million in shares of our common stock (946,793 shares). The carrying value of the 2029 notes at extinguishment was $29.9 million which resulted in a loss of $2.3 million on extinguishment of debt, net of income taxes.
	Subsequent to March 31, 2014, we extinguished $1.9 million principal amount of our 2029 notes for $4.5 million in cash. The carrying value of the 2029 notes at extinguishment was $1.8 million which resulted in a loss of $0.1 million, net of income taxes. In addition, we extinguished $32.5 million principal amount of our 2015 notes. Total consideration paid to holders of the 2015 notes consisted of $33.3 million in cash and $27.0 million in shares of our common stock (1,225,845 shares). The carrying value of the 2015 notes at extinguishment was $30.5 million which resulted in a loss of $2.6 million, net of income taxes.
	In 2013, we entered into a $140 million unsecured revolving line of credit agreement with five banks for which the revolving period is four years. The interest rate is floating at a rate based on our election that will be equal to the alternate base rate (as defined in the credit agreement) plus the applicable margin or the adjusted LIBOR rate (as defined in the credit agreement) plus the applicable margin. We also pay a commitment fee based on the available unused portion of the credit facility. The applicable margin and commitment fee rate are based on our credit rating and can change throughout the period of the credit facility. Based upon our current credit rating, the applicable margin is 1.00% for alternate base rate borrowings and 2.00% for adjusted LIBOR rate borrowings, and the commitment fee is 0.35%. Under this agreement, we are required to maintain a minimum risk-based capital ratio at our subsidiary, American Equity Investment Life Insurance Company ("American Equity Life"), of at least 275%, a maximum ratio of adjusted debt to total adjusted capital of 0.35, and a minimum level of statutory surplus at American Equity Life equal to the sum of 1) 80% of statutory surplus at September 30, 2013, 2) 50% of the statutory net income for each fiscal quarter ending after September 30, 2013, and 3) 50% of all capital contributed to American Equity Life after September 30, 2013. The agreement contains an accordion feature that allows us, on up to three occasions and subject to credit availability, to increase the credit facility by an additional $50 million in the aggregate. We also have the ability to extend the maturity date by an additional one year past the initial maturity date of November 22, 2017 with the consent of the extending banks. There are currently no guarantors of the credit facility, but certain of our subsidiaries must guarantee our obligations under the credit agreement if such subsidiaries guarantee other material amounts of our debt. No amounts were outstanding at March 31, 2014 and December 31, 2013.
	As part of our investment strategy, we enter into securities repurchase agreements (short-term collateralized borrowings). The maximum amount borrowed during the three months ended March 31, 2014 was $138.7 million. We had no borrowings under repurchase agreements during the three months ended March 31, 2013. When we do borrow cash on these repurchase agreements, we pledge collateral in the form of debt securities with fair values approximately equal to the amount due and we use the cash to purchase debt securities ahead of the time we collect the cash from selling annuity policies to avoid a lag between the investment of funds and the obligation to credit interest to policyholders. We earn investment income on the securities purchased with these borrowings at a rate in excess of the cost of these borrowings. Such borrowings averaged $27.5 million for the three months ended March 31, 2014. The weighted average interest rate on amounts due under repurchase agreements was 0.15% for the three months ended March 31, 2014.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	We are occasionally involved in litigation, both as a defendant and as a plaintiff. In addition, state regulatory bodies, such as state insurance departments, the SEC, FINRA, the Department of Labor, and other regulatory bodies regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, the Employee Retirement Income Security Act of 1974, as amended, and laws governing the activities of broker-dealers.
	In accordance with applicable accounting guidelines, we establish an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. As a litigation or regulatory matter is developing we, in conjunction with outside counsel, evaluate on an ongoing basis whether the matter presents a loss contingency that meets conditions indicating the need for accrual and/or disclosure, and if not the matter will continue to be monitored for further developments. If and when the loss contingency related to litigation or regulatory matters is deemed to be both probable and estimable, we will establish an accrued liability with respect to that matter and will continue to monitor the matter for further developments that may affect the amount of the accrued liability. In connection with the matter described below, we recorded an estimated litigation liability of $17.5 million during the third quarter of 2012. We increased our estimated litigation liability for this matter to $21.2 million during the fourth quarter of 2013 following the passage of the deadline for submission of claims by class members in the lawsuit and based upon information available at that time. However, we decreased the liability by $2.3 million in the first quarter of 2014 as additional information became available concerning the nature and magnitude of the claims received. In addition, during the first quarter of 2014, we paid $7.8 million in legal fees to the plaintiffs counsel. As a result of the $2.3 million decrease in the liability and the payment of legal fees, the estimated litigation liability at March 31, 2014 is $11.1 million.
	In recent years, companies in the life insurance and annuity business have faced litigation, including class action lawsuits, alleging improper product design, improper sales practices and similar claims. We were a defendant in a purported class action, McCormack, et al. v. American Equity Investment Life Insurance Company, et al., in the United States District Court for the Central District of California, Western Division and Anagnostis v. American Equity, et al., coordinated in the Central District, entitled, In Re: American Equity Annuity Practices and Sales Litigation (complaint filed September 7, 2005) (the "Los Angeles Case"), involving allegations of improper sales practices and similar claims as described below.
	The Los Angeles Case was a consolidated action involving several lawsuits filed by putative class members seeking class action status for a national class of purchasers of annuities issued by us. The allegations generally attacked the suitability of sales of deferred annuity products to persons over the age of 65. The plaintiffs sought rescission and injunctive relief including restitution and disgorgement of profits on behalf of all class members under California Business & Professions Code section 17200 et seq. and Racketeer Influenced and Corrupt Organizations Act; compensatory damages for breach of fiduciary duty and aiding and abetting of breach of fiduciary duty; unjust enrichment and constructive trust; and other pecuniary damages under California Civil Code section 1750 and California Welfare & Institutions Codes section 15600 et seq. On July 30, 2013, the parties entered into a settlement agreement and stipulated to certification of the case as a class action for settlement purposes only. Notice of the terms of the settlement was mailed to the members of the class on October 7, 2013 and settlement claim forms were due from members of the class on or before December 6, 2013. On January 27, 2014, a hearing was held regarding the fairness of the settlement. On January 29, 2014, the District Court signed a final order approving the settlement and finding the settlement is fair and represents a complete resolution of all claims asserted on behalf of the class. On January 30, 2014, a final judgment was entered dismissing the case on the merits and with prejudice. On February 28, 2014, a member of the class filed an appeal of the District Court's approval of the terms of the settlement agreement with the United States Court of Appeals for the Ninth Circuit. While review of the claim forms has been stayed due to the appeal and it is difficult to predict the amount of the liabilities that will ultimately result from the completion of the claims process, the $11.1 million litigation liability referred to above represents our best estimate of probable loss with respect to this litigation. In light of the inherent uncertainties involved in the matter described above, there can be no assurance that such litigation, or any other pending or future litigation, will not have a material adverse effect on our business, financial condition, or results of operations.
	In addition to our commitments to fund mortgage loans, we have unfunded commitments at March 31, 2014 to limited partnerships of $23.6 million and to secured bank loans of $12.8 million.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings (Loss) Per Share	'
	Earnings (Loss) Per Share
	The following table sets forth the computation of earnings (loss) per common share and earnings (loss) per common share - assuming dilution:
		Three Months Ended
		March 31,
		2014				2013
		(Dollars in thousands,
		except per share data)
	Numerator:
	Net income (loss) - numerator for earnings (loss) per common share	$	(9,753	)		$	26,031
	Denominator:
	Weighted average common shares outstanding (1)	72,518,574				63,313,568
	Effect of dilutive securities:
	Convertible senior notes	3,400,986				4,483,492
	2015 warrants	2,372,404				—
	Stock options and deferred compensation agreements	1,287,267				908,853
	Restricted stock units	36,548				—
	Denominator for earnings (loss) per common share - assuming dilution	79,615,779				68,705,913
	Earnings (loss) per common share	$	(0.13	)		$	0.41
	Earnings (loss) per common share - assuming dilution	$	(0.13	)		$	0.38
	-1	Weighted average common shares outstanding include shares vested under the NMO Deferred Compensation Plan and exclude unallocated shares held by the ESOP.
	Options to purchase shares of our common stock that were outstanding during the respective periods indicated but were not included in the computation of diluted earnings per share because the options' exercise price was greater than the average market price of the common shares are as follows:
	Period		Number of		Range of
			Shares		Exercise Prices
					Minimum		Maximum
	Three months ended March 31, 2014		1,277,650		$24.79		$24.79
	Three months ended March 31, 2013		3,200		$14.34		$14.62

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
New Accounting Pronouncements, Policy	'
	Adopted Accounting Pronouncements
	There were no accounting pronouncements that were adopted during the current period.
Fair Values of Financial Instruments, Policy	'
	Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The objective of a fair value measurement is to determine that price for each financial instrument at each measurement date. We meet this objective using various methods of valuation that include market, income and cost approaches.
	We categorize our financial instruments into three levels of fair value hierarchy based on the priority of inputs used in determining fair value. The hierarchy defines the highest priority inputs (Level 1) as quoted prices in active markets for identical assets or liabilities. The lowest priority inputs (Level 3) are our own assumptions about what a market participant would use in determining fair value such as estimated future cash flows. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. We categorize financial assets and liabilities recorded at fair value in the consolidated balance sheets as follows:
	Level 1—	Quoted prices are available in active markets for identical financial instruments as of the reporting date. We do not adjust the quoted price for these financial instruments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.
	Level 2—	Quoted prices in active markets for similar financial instruments, quoted prices for identical or similar financial instruments in markets that are not active; and models and other valuation methodologies using inputs other than quoted prices that are observable.
	Level 3—	Models and other valuation methodologies using significant inputs that are unobservable for financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in Level 3 are securities for which no market activity or data exists and for which we used discounted expected future cash flows with our own assumptions about what a market participant would use in determining fair value.
Investments, Other Than Temporary Impairment, Policy	'
	We review and analyze all investments on an ongoing basis for changes in market interest rates and credit deterioration. This review process includes analyzing our ability to recover the amortized cost basis of each investment that has a fair value that is materially lower than its amortized cost and requires a high degree of management judgment and involves uncertainty. The evaluation of securities for other than temporary impairments is a quantitative and qualitative process, which is subject to risks and uncertainties.
	We have a policy and process in place to identify securities that could potentially have impairments that are other than temporary. This process involves monitoring market events and other items that could impact issuers. The evaluation includes but is not limited to such factors as:
	•	the length of time and the extent to which the fair value has been less than amortized cost or cost;
	•	whether the issuer is current on all payments and all contractual payments have been made as agreed;
	•	the remaining payment terms and the financial condition and near-term prospects of the issuer;
	•	the lack of ability to refinance due to liquidity problems in the credit market;
	•	the fair value of any underlying collateral;
	•	the existence of any credit protection available;
	•	our intent to sell and whether it is more likely than not we would be required to sell prior to recovery for debt securities;
	•	our assessment in the case of equity securities including perpetual preferred stocks with credit deterioration that the security cannot recover to cost in a reasonable period of time;
	•	our intent and ability to retain equity securities for a period of time sufficient to allow for recovery;
	•	consideration of rating agency actions; and
	•	changes in estimated cash flows of mortgage and asset backed securities.
	We determine whether other than temporary impairment losses should be recognized for debt and equity securities by assessing all facts and circumstances surrounding each security. Where the decline in fair value of debt securities is attributable to changes in market interest rates or to factors such as market volatility, liquidity and spread widening, and we anticipate recovery of all contractual or expected cash flows, we do not consider these investments to be other than temporarily impaired because we do not intend to sell these investments and it is not more likely than not we will be required to sell these investments before a recovery of amortized cost, which may be maturity. For equity securities, we recognize an impairment charge in the period in which we do not have the intent and ability to hold the securities until recovery of cost or we determine that the security will not recover to book value within a reasonable period of time. We determine what constitutes a reasonable period of time on a security-by-security basis by considering all the evidence available to us, including the magnitude of any unrealized loss and its duration. In any event, this period does not exceed 18 months from the date of impairment for perpetual preferred securities for which there is evidence of deterioration in credit of the issuer and common equity securities. For perpetual preferred securities absent evidence of a deterioration in credit of the issuer we apply an impairment model, including an anticipated recovery period, similar to a debt security.
	Other than temporary impairment losses on equity securities are recognized in operations. If we intend to sell a debt security or if it is more likely than not that we will be required to sell a debt security before recovery of its amortized cost basis, other than temporary impairment has occurred and the difference between amortized cost and fair value will be recognized as a loss in operations.
	If we do not intend to sell and it is not more likely than not we will be required to sell the debt security but also do not expect to recover the entire amortized cost basis of the security, an impairment loss would be recognized in operations in the amount of the expected credit loss. We determine the amount of expected credit loss by calculating the present value of the cash flows expected to be collected discounted at each security's acquisition yield based on our consideration of whether the security was of high credit quality at the time of acquisition. The difference between the present value of expected future cash flows and the amortized cost basis of the security is the amount of credit loss recognized in operations. The remaining amount of the other than temporary impairment is recognized in other comprehensive income (loss).
	The determination of the credit loss component of a mortgage backed security is based on a number of factors. The primary consideration in this evaluation process is the issuer's ability to meet current and future interest and principal payments as contractually stated at time of purchase. Our review of these securities includes an analysis of the cash flow modeling under various default scenarios considering independent third party benchmarks, the seniority of the specific tranche within the structure of the security, the composition of the collateral and the actual default, loss severity and prepayment experience exhibited. With the input of third party assumptions for default projections, loss severity and prepayment expectations, we evaluate the cash flow projections to determine whether the security is performing in accordance with its contractual obligation.
	We utilize the models from a leading structured product software specialist serving institutional investors. These models incorporate each security's seniority and cash flow structure. In circumstances where the analysis implies a potential for principal loss at some point in the future, we use the "best estimate" cash flow projection discounted at the security's effective yield at acquisition to determine the amount of our potential credit loss associated with this security. The discounted expected future cash flows equates to our expected recovery value. Any shortfall of the expected recovery when compared to the amortized cost of the security will be recorded as the credit loss component of other than temporary impairment.
	The cash flow modeling is performed on a security-by-security basis and incorporates actual cash flows on the residential mortgage backed securities through the current period, as well as the projection of remaining cash flows using a number of assumptions including default rates, prepayment rates and loss severity rates. The default curves we use are tailored to the Prime or Alt-A residential mortgage backed securities that we own, which assume lower default rates and loss severity for Prime securities versus Alt-A securities. These default curves are scaled higher or lower depending on factors such as current underlying mortgage loan performance, rating agency loss projections, loan to value ratios, geographic diversity, as well as other appropriate considerations.
	The determination of the credit loss component of a corporate bond (including redeemable preferred stocks) is based on the underlying financial performance of the issuer and their ability to meet their contractual obligations. Considerations in our evaluation include, but are not limited to, credit rating changes, financial statement and ratio analysis, changes in management, significant changes in credit spreads, breaches of financial covenants and a review of the economic outlook for the industry and markets in which they trade. In circumstances where an issuer appears unlikely to meet its future obligation, or the security's price decline is deemed other than temporary, an estimate of credit loss is determined. Credit loss is calculated using default probabilities as derived from the credit default swaps markets in conjunction with recovery rates derived from independent third party analysis or a best estimate of credit loss. This credit loss rate is then incorporated into a present value calculation based on an expected principal loss in the future discounted at the yield at the date of purchase and compared to amortized cost to determine the amount of credit loss associated with the security.
	In addition, for debt securities which we do not intend to sell and it is not more likely than not we will be required to sell, but our intent changes due to changes or events that could not have been reasonably anticipated, an other than temporary impairment charge is recognized. Once an impairment charge has been recorded, we then continue to review the other than temporarily impaired securities for appropriate valuation on an ongoing basis. Unrealized losses may be recognized in future periods through a charge to earnings, should we later conclude that the decline in fair value below amortized cost is other than temporary pursuant to our accounting policy described above. The use of different methodologies and assumptions to determine the fair value of investments and the timing and amount of impairments may have a material effect on the amounts presented in our consolidated financial statements.
Mortgage Loans on Real Estate, Allowance for Loan Losses, Policy	'
	We evaluate our mortgage loan portfolio for the establishment of a loan loss reserve by specific identification of impaired loans and the measurement of an estimated loss for each individual loan identified. A mortgage loan is impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. If we determine that the value of any specific mortgage loan is impaired, the carrying amount of the mortgage loan will be reduced to its fair value, based upon the present value of expected future cash flows from the loan discounted at the loan's effective interest rate, or the fair value of the underlying collateral less estimated costs to sell. In addition, we analyze the mortgage loan portfolio for the need of a general loan allowance for probable losses on all other loans. The amount of the general loan allowance is based upon management's evaluation of the collectability of the loan portfolio, historical loss experience, delinquencies, credit concentrations, underwriting standards and national and local economic conditions.
	Our financing receivables currently consist of one portfolio segment which is our commercial mortgage loan portfolio. These are mortgage loans with collateral consisting of commercial real estate and borrowers consisting mostly of limited liability partnerships or limited liability corporations.
	We have a population of mortgage loans that we have been carrying with workout terms (e.g. interest only periods, period of suspended payments, etc.) and a population of mortgage loans that have been in a delinquent status (i.e. more than 60 days past due). It is from this population that we have been recognizing some impairment loss due to nonpayment and, in some cases, eventual satisfaction of the loan by taking ownership of the collateral real estate. In most cases the fair value of the collateral less estimated costs to sell such collateral has been less than the outstanding principal amount of the mortgage loan.
	We rate the mortgage loans in our portfolio based on factors such as historical operating performance, loan to value ratio and economic outlook, among others. We calculate a loss factor to apply to each rating based on historical losses we have recognized in our mortgage loan portfolio. We apply the loss factors to the total principal outstanding within each rating category to determine an appropriate estimate of general loan loss allowance.
Mortgage Loans on Real Estate, Real Estate Acquired Through Foreclosure, Policy	'
	Charge-offs include allowances that have been established on loans that were satisfied by taking ownership of the collateral. When the property is taken it is recorded at its fair value as a component of other investments and the mortgage loan is recorded as fully paid, with any allowance for credit loss that has been established charged off. Fair value of the real estate is determined by third party appraisal. There could be other situations that develop where we have established a larger specific loan loss allowance than is needed based on increases in the fair value of collateral supporting collateral dependent loans, or improvements in the financial position of a borrower so that a loan would become reliant on cash flows from debt service instead of dependent upon sale of the collateral. Charge-offs of the allowance would be recognized in those situations as well. We define collateral dependent loans as those mortgage loans for which we will depend on the value of the collateral real estate to satisfy the outstanding principal of the loan.
Mortgage Loans on Real Estate, Non-Accrual Loan Status, Policy	'
	The loans that are categorized as "in workout" consist of loans that we have agreed to lower or no mortgage payments for a period of time while the borrowers address cash flow and/or operational issues. The key features of these workouts have been determined on a loan-by-loan basis. Most of these loans are in a period of low cash flow due to tenants vacating their space or tenants requesting rent relief during difficult economic periods. Generally, we have allowed the borrower a six month interest only period and in some cases a twelve month period of interest only. Interest only workout loans are expected to return to their regular debt service payments after the interest only period. Interest only loans that are not fully amortizing will have a larger balance at their balloon date than originally contracted. Fully amortizing loans that are in interest only periods will have larger debt service payments for their remaining term due to lost principal payments during the interest only period. In limited circumstances we have allowed borrowers to pay the principal portion of their loan payment into an escrow account that can be used for capital and tenant improvements for a period of not more than twelve months. In these situations new loan amortization schedules are calculated based on the principal not collected during this twelve month workout period and larger payments are collected for the remaining term of each loan. In all cases, the original interest rate and maturity date have not been modified, and we have not forgiven any principal amounts.
	Mortgage loans are considered delinquent when they become 60 days past due. When loans become 90 days past due, become collateral dependent or enter a period with no debt service payments required we place them on non-accrual status and discontinue recognizing interest income. If payments are received on a delinquent loan, interest income is recognized to the extent it would have been recognized if normal principal and interest would have been received timely. If payments are received to bring a delinquent loan back to current we will resume accruing interest income on that loan.
Mortgage Loans on Real Estate, Troubled Debt Restructuring, Policy	'
	A Troubled Debt Restructuring ("TDR") is a situation where we have granted a concession to a borrower for economic or legal reasons related to the borrower's financial difficulties that we would not otherwise consider. A mortgage loan that has been granted new terms, including workout terms as described previously, would be considered a TDR if it meets conditions that would indicate a borrower is experiencing financial difficulty and the new terms constitute a concession on our part. We analyze all loans where we have agreed to workout terms and all loans that we have refinanced to determine if they meet the definition of a TDR. We consider the following factors in determining whether or not a borrower is experiencing financial difficulty:
	•	borrower is in default,
	•	borrower has declared bankruptcy,
	•	there is growing concern about the borrower's ability to continue as a going concern,
	•	borrower has insufficient cash flows to service debt,
	•	borrower's inability to obtain funds from other sources, and
	•	there is a breach of financial covenants by the borrower.
	If the borrower is determined to be in financial difficulty, we consider the following conditions to determine if the borrower was granted a concession:
	•	assets used to satisfy debt are less than our recorded investment,
	•	interest rate is modified,
	•	maturity date extension at an interest rate less than market rate,
	•	capitalization of interest,
	•	delaying principal and/or interest for a period of three months or more, and
	•	partial forgiveness of the balance or charge-off.
	Mortgage loan workouts, refinances or restructures that are classified as TDRs are individually evaluated and measured for impairment.
Commitments and Contingencies, Policy	'
	In accordance with applicable accounting guidelines, we establish an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. As a litigation or regulatory matter is developing we, in conjunction with outside counsel, evaluate on an ongoing basis whether the matter presents a loss contingency that meets conditions indicating the need for accrual and/or disclosure, and if not the matter will continue to be monitored for further developments. If and when the loss contingency related to litigation or regulatory matters is deemed to be both probable and estimable, we will establish an accrued liability with respect to that matter and will continue to monitor the matter for further developments that may affect the amount of the accrued liability.

Fair_Values_of_Financial_Instr1

Fair Values of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Carrying Amounts and Fair Values of Financial Instruments	'
	The following sets forth a comparison of the carrying amounts and fair values of our financial instruments:
		March 31, 2014						December 31, 2013
		Carrying			Fair Value			Carrying		Fair Value
		Amount						Amount
		(Dollars in thousands)
	Assets
	Fixed maturity securities:
	Available for sale	$	28,315,473		$	28,315,473		$	26,610,447	$	26,610,447
	Held for investment	76,298			64,920			76,255		60,840
	Equity securities, available for sale	7,767			7,767			7,778		7,778
	Mortgage loans on real estate	2,584,583			2,616,777			2,581,082		2,615,410
	Derivative instruments	790,396			790,396			856,050		856,050
	Other investments	193,114			195,888			192,198		193,343
	Cash and cash equivalents	679,172			679,172			897,529		897,529
	Coinsurance deposits	3,028,367			2,707,325			2,999,618		2,669,432
	Interest rate caps	4,926			4,926			6,103		6,103
	Interest rate swap	—			—			712		712
	2015 notes hedges	86,640			86,640			107,041		107,041
	Counterparty collateral	275,558			275,558			315,824		315,824
	Liabilities
	Policy benefit reserves	36,395,040			30,382,940			35,453,166		29,670,827
	Single premium immediate annuity (SPIA) benefit reserves	402,549			415,757			417,625		430,835
	Notes payable	521,758			611,384			549,958		699,435
	Subordinated debentures	246,097			239,126			246,050		234,959
	2015 notes embedded conversion derivative	86,640			86,640			107,041		107,041
	Interest rate swap	690			690			—		—
Assets and Liabilities Measured at Fair Value on a Recurring Basis, By Fair Value Hierarchy Level	'
	Our assets and liabilities which are measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 are presented below based on the fair value hierarchy levels:
		Total			Quoted			Significant		Significant
		Fair Value			Prices in			Other		Unobservable
					Active			Observable		Inputs
					Markets			Inputs		(Level 3)
					(Level 1)			(Level 2)
		(Dollars in thousands)
	March 31, 2014
	Assets
	Fixed maturity securities:
	Available for sale:
	United States Government full faith and credit	$	43,300		$	4,841		$	38,459	$	—
	United States Government sponsored agencies	1,299,454			—			1,299,454		—
	United States municipalities, states and territories	3,437,313			—			3,437,313		—
	Foreign government obligations	144,023			—			144,023		—
	Corporate securities	18,441,187			37			18,441,150		—
	Residential mortgage backed securities	1,928,555			—			1,927,475		1,080
	Commercial mortgage backed securities	1,976,589			—			1,976,589		—
	Other asset backed securities	1,045,052			369			1,044,683		—
	Equity securities, available for sale: finance, insurance and real estate	7,767			—			7,767		—
	Derivative instruments	790,396			—			790,396		—
	Cash and cash equivalents	679,172			679,172			—		—
	Interest rate caps	4,926			—			4,926		—
	2015 notes hedges	86,640			—			86,640		—
	Counterparty collateral	275,558			—			275,558		—
		$	30,159,932		$	684,419		$	29,474,433	$	1,080
	Liabilities
	2015 notes embedded conversion derivative	$	86,640		$	—		$	86,640	$	—
	Interest rate swap	690			—			690		—
	Fixed index annuities - embedded derivatives	4,755,913			—			—		4,755,913
		$	4,843,243		$	—		$	87,330	$	4,755,913
	December 31, 2013
	Assets
	Fixed maturity securities:
	Available for sale:
	United States Government full faith and credit	$	42,925		$	4,805		$	38,120	$	—
	United States Government sponsored agencies	1,194,289			—			1,194,289		—
	United States municipalities, states and territories	3,306,743			—			3,306,743		—
	Foreign government obligations	91,557			—			91,557		—
	Corporate securities	17,233,037			20			17,233,017		—
	Residential mortgage backed securities	1,971,960			—			1,970,584		1,376
	Commercial mortgage backed securities	1,735,460			—			1,735,460		—
	Other asset backed securities	1,034,476			359			1,034,117		—
	Equity securities, available for sale: finance, insurance and real estate	7,778			—			7,778		—
	Derivative instruments	856,050			—			856,050		—
	Cash and cash equivalents	897,529			897,529			—		—
	Interest rate caps	6,103			—			6,103		—
	Interest rate swap	712			—			712		—
	2015 notes hedges	107,041			—			107,041		—
	Counterparty collateral	315,824			—			315,824		—
		$	28,801,484		$	902,713		$	27,897,395	$	1,376
	Liabilities
	2015 notes embedded conversion derivative	$	107,041		$	—		$	107,041	$	—
	Fixed index annuities - embedded derivatives	4,406,163			—			—		4,406,163
		$	4,513,204		$	—		$	107,041	$	4,406,163
Assets Measured at Fair Value on Recurring Basis, Level 3 Reconciliation	'
		Three Months Ended
		March 31,
		2014			2013
		(Dollars in thousands)
	Available for sale securities
	Beginning balance	$	1,376		$	1,812
	Principal returned	(78		)	(368		)
	Accretion of discount	(27		)	129
	Total gains (losses) (realized/unrealized):
	Included in other comprehensive income (loss)	(191		)	151
	Included in operations	—			—
	Ending balance	$	1,080		$	1,724
Liabilities Measured at Fair Value on Recurring Basis, Level 3 Reconciliation	'
		Three Months Ended
		March 31,
		2014			2013
		(Dollars in thousands)
	Fixed index annuities - embedded derivatives
	Beginning balance	$	4,406,163		$	3,337,556
	Premiums less benefits	371,953			246,722
	Change in fair value, net	(22,203		)	264,624
	Ending balance	$	4,755,913		$	3,848,902

Investments_Tables

Investments (Tables)	3 Months Ended
	Mar. 31, 2014
Investments [Abstract]	'
Schedule of Fixed Maturity and Equity Securities	'
	At March 31, 2014 and December 31, 2013, the amortized cost and fair value of fixed maturity securities and equity securities were as follows:
		Amortized				Gross				Gross				Fair Value
		Cost				Unrealized				Unrealized
						Gains				Losses
		(Dollars in thousands)
	31-Mar-14
	Fixed maturity securities:
	Available for sale:
	United States Government full faith and credit	$	44,185			$	325			$	(1,210	)		$	43,300
	United States Government sponsored agencies	1,358,426				8,276				(67,248		)		1,299,454
	United States municipalities, states and territories	3,186,473				265,511				(14,671		)		3,437,313
	Foreign government obligations	136,116				10,379				(2,472		)		144,023
	Corporate securities	17,662,806				1,006,794				(228,413		)		18,441,187
	Residential mortgage backed securities	1,831,161				120,106				(22,712		)		1,928,555
	Commercial mortgage backed securities	2,003,425				17,671				(44,507		)		1,976,589
	Other asset backed securities	1,033,033				30,254				(18,235		)		1,045,052
		$	27,255,625			$	1,459,316			$	(399,468	)		$	28,315,473
	Held for investment:
	Corporate security	$	76,298			$	—			$	(11,378	)		$	64,920
	Equity securities, available for sale:
	Finance, insurance, and real estate	$	7,505			$	262			$	—			$	7,767
	December 31, 2013
	Fixed maturity securities:
	Available for sale:
	United States Government full faith and credit	$	44,852			$	367			$	(2,294	)		$	42,925
	United States Government sponsored agencies	1,313,776				1,875				(121,362		)		1,194,289
	United States municipalities, states and territories	3,181,032				164,785				(39,074		)		3,306,743
	Foreign government obligations	86,112				8,907				(3,462		)		91,557
	Corporate securities	17,142,118				606,948				(516,029		)		17,233,037
	Residential mortgage backed securities	1,895,913				119,230				(43,183		)		1,971,960
	Commercial mortgage backed securities	1,821,988				3,287				(89,815		)		1,735,460
	Other asset backed securities	1,041,939				23,300				(30,763		)		1,034,476
		$	26,527,730			$	928,699			$	(845,982	)		$	26,610,447
	Held for investment:
	Corporate security	$	76,255			$	—			$	(15,415	)		$	60,840
	Equity securities, available for sale:
	Finance, insurance, and real estate	$	7,503			$	275			$	—			$	7,778
Schedule of Fixed Maturity Securities by Contractual Maturity Date	'
	The amortized cost and fair value of fixed maturity securities at March 31, 2014, 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								Held for investment
		Amortized				Fair Value				Amortized				Fair Value
		Cost								Cost
		(Dollars in thousands)
	Due in one year or less	$	38,837			$	39,547			$	—			$	—
	Due after one year through five years	985,636				1,113,705				—				—
	Due after five years through ten years	8,171,938				8,264,244				—				—
	Due after ten years through twenty years	6,588,518				6,838,801				—				—
	Due after twenty years	6,603,077				7,108,980				76,298				64,920
		22,388,006				23,365,277				76,298				64,920
	Residential mortgage backed securities	1,831,161				1,928,555				—				—
	Commercial mortgage backed securities	2,003,425				1,976,589				—				—
	Other asset backed securities	1,033,033				1,045,052				—				—
		$	27,255,625			$	28,315,473			$	76,298			$	64,920
Schedule of Components of Net Unrealized Gains on Available for Sale Fixed Maturity and Equity Securities Reported as Separate Component of Stockholders' Equity	'
	Net unrealized gains on available for sale fixed maturity securities and equity securities reported as a separate component of stockholders' equity were comprised of the following:
		March 31,				December 31,
		2014				2013
		(Dollars in thousands)
	Net unrealized gains on available for sale fixed maturity securities and equity securities	$	1,060,110			$	82,992
	Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements	(583,340		)		(46,588		)
	Deferred income tax valuation allowance reversal	22,534				22,534
	Deferred income tax benefit	(166,869		)		(12,742		)
	Net unrealized gains reported as accumulated other comprehensive income	$	332,435			$	46,196
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:
			March 31, 2014								December 31, 2013
	NAIC		Amortized Cost				Fair Value				Amortized Cost				Fair Value
	Designation
			(Dollars in thousands)
	1		$	16,990,834			$	17,755,174			$	16,394,654			$	16,531,250
	2		9,755,720				10,059,679				9,630,251				9,598,399
	3		519,452				505,434				502,822				474,165
	4		64,256				58,988				74,493				66,078
	5		—				—				—				—
	6		1,661				1,118				1,765				1,395
			$	27,331,923			$	28,380,393			$	26,603,985			$	26,671,287
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 665 and 1,047 securities, respectively) have been in a continuous unrealized loss position, at March 31, 2014 and December 31, 2013:
		Less than 12 months								12 months or more								Total
		Fair Value				Unrealized				Fair Value				Unrealized				Fair Value				Unrealized
						Losses								Losses								Losses
		(Dollars in thousands)
	March 31, 2014
	Fixed maturity securities:
	Available for sale:
	United States Government full faith and credit	$	33,386			$	(1,210	)		$	—			$	—			$	33,386			$	(1,210	)
	United States Government sponsored agencies	618,888				(58,157		)		340,909				(9,091		)		959,797				(67,248		)
	United States municipalities, states and territories	288,578				(14,671		)		—				—				288,578				(14,671		)
	Foreign government obligations	77,271				(2,472		)		—				—				77,271				(2,472		)
	Corporate securities:
	Finance, insurance and real estate	1,126,695				(40,893		)		139,455				(9,454		)		1,266,150				(50,347		)
	Manufacturing, construction and mining	2,267,589				(76,780		)		131,419				(14,578		)		2,399,008				(91,358		)
	Utilities and related sectors	933,917				(40,959		)		101,402				(9,215		)		1,035,319				(50,174		)
	Wholesale/retail trade	204,346				(11,286		)		13,850				(840		)		218,196				(12,126		)
	Services, media and other	566,481				(17,716		)		97,230				(6,692		)		663,711				(24,408		)
	Residential mortgage backed securities	385,500				(22,132		)		1,080				(580		)		386,580				(22,712		)
	Commercial mortgage backed securities	1,169,178				(43,622		)		27,135				(885		)		1,196,313				(44,507		)
	Other asset backed securities	318,187				(14,745		)		45,652				(3,490		)		363,839				(18,235		)
		$	7,990,016			$	(344,643	)		$	898,132			$	(54,825	)		$	8,888,148			$	(399,468	)
	Held for investment:
	Corporate security:
	Insurance	$	—			$	—			$	64,920			$	(11,378	)		$	64,920			$	(11,378	)
	December 31, 2013
	Fixed maturity securities:
	Available for sale:
	United States Government full faith and credit	$	32,969			$	(2,294	)		$	—			$	—			$	32,969			$	(2,294	)
	United States Government sponsored agencies	692,320				(88,671		)		467,309				(32,691		)		1,159,629				(121,362		)
	United States municipalities, states and territories	614,056				(39,074		)		—				—				614,056				(39,074		)
	Foreign government obligations	26,298				(3,462		)		—				—				26,298				(3,462		)
	Corporate securities:
	Finance, insurance and real estate	1,690,846				(92,426		)		153,037				(12,873		)		1,843,883				(105,299		)
	Manufacturing, construction and mining	3,370,775				(191,245		)		93,608				(16,088		)		3,464,383				(207,333		)
	Utilities and related sectors	1,829,868				(102,758		)		83,550				(11,547		)		1,913,418				(114,305		)
	Wholesale/retail trade	428,407				(25,189		)		17,687				(1,992		)		446,094				(27,181		)
	Services, media and other	834,699				(51,508		)		107,242				(10,403		)		941,941				(61,911		)
	Residential mortgage backed securities	309,599				(41,080		)		31,739				(2,103		)		341,338				(43,183		)
	Commercial mortgage backed securities	1,450,143				(83,814		)		51,099				(6,001		)		1,501,242				(89,815		)
	Other asset backed securities	356,018				(20,426		)		92,372				(10,337		)		448,390				(30,763		)
		$	11,635,998			$	(741,947	)		$	1,097,643			$	(104,035	)		$	12,733,641			$	(845,982	)
	Held for investment:
	Corporate security:
	Insurance	$	—			$	—			$	60,840			$	(15,415	)		$	60,840			$	(15,415	)
Schedule of Changes in Net Unrealized Gains/Losses on Investments	'
	Changes in net unrealized gains on investments for the three months ended March 31, 2014 and 2013 are as follows:
		Three Months Ended
		March 31,
		2014				2013
		(Dollars in thousands)
	Fixed maturity securities held for investment carried at amortized cost	$	4,037			$	611
	Investments carried at fair value:
	Fixed maturity securities, available for sale	$	977,131			$	(119,070	)
	Equity securities, available for sale	(13		)		2,219
		977,118				(116,851		)
	Adjustment for effect on other balance sheet accounts:
	Deferred policy acquisition costs and deferred sales inducements	(536,752		)		78,168
	Deferred income tax asset/liability	(154,127		)		13,539
		(690,879		)		91,707
	Change in net unrealized gains on investments carried at fair value	$	286,239			$	(25,144	)
Net Realized Gains (Losses) on Investments	'
	Net realized gains (losses) on investments, excluding net OTTI losses for the three months ended March 31, 2014 and 2013, are as follows:
		Three Months Ended
		March 31,
		2014				2013
		(Dollars in thousands)
	Available for sale fixed maturity securities:
	Gross realized gains	$	184			$	13,015
	Gross realized losses	(691		)		(2,187		)
		(507		)		10,828
	Other investments:
	Gain on sale of real estate	756				589
	Loss on sale of real estate	—				(466		)
	Impairment losses on real estate	(799		)		—
		(43		)		123
	Mortgage loans on real estate:
	Increase in allowance for credit losses	(164		)		(366		)
		$	(714	)		$	10,585
Significant Assumptions Used to Determine the Credit Loss Component of Other Than Temporary Impairment on Residential Mortgage Backed Securities	'
	The following table presents the range of significant assumptions used to determine the credit loss component of other than temporary impairments we have recognized on residential mortgage backed securities for the three months ended March 31, 2014 and 2013, which are all senior level tranches within the structure of the securities:
					Discount Rate						Default Rate						Loss Severity
	Sector		Vintage		Min			Max			Min			Max			Min			Max
	Three months ended March 31, 2014
	Prime		2006		6.5	%		7.4	%		11	%		12	%		50	%		50	%
	Three months ended March 31, 2013
	Prime		2003		5.1	%		5.1	%		2	%		2	%		30	%		30	%
			2005		6.5	%		7.7	%		8	%		17	%		50	%		50	%
			2006		6	%		6.9	%		9	%		16	%		50	%		50	%
			2007		6.5	%		6.7	%		14	%		25	%		40	%		60	%
			2008		6.6	%		6.6	%		16	%		16	%		45	%		45	%
	Alt-A		2005		5.6	%		8.7	%		15	%		25	%		5	%		65	%
			2007		6.2	%		6.9	%		38	%		52	%		60	%		65	%
Other Than Temporary Impairment by Asset Type	'
	The following table summarizes other than temporary impairments for the three months ended March 31, 2014 and 2013, by asset type:
		Number			Total OTTI				Portion of OTTI				Net OTTI
		of			Losses				Losses				Losses
		Securities							Recognized				Recognized in
									from Other				Operations
									Comprehensive
									Income
					(Dollars in thousands)
	Three months ended March 31, 2014
	Fixed maturity securities, available for sale:
	Residential mortgage backed securities	2			$	—			$	(905	)		$	(905	)
	Three months ended March 31, 2013
	Fixed maturity securities, available for sale:
	Corporate securities:
	Industrial	1			$	(1,761	)		$	—			$	(1,761	)
	Residential mortgage backed securities	5			—				(1,048		)		(1,048		)
	Equity security, available for sale:
	Industrial	1			(428		)		—				(428		)
		7			$	(2,189	)		$	(1,048	)		$	(3,237	)
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
		March 31,
		2014				2013
		(Dollars in thousands)
	Cumulative credit loss at beginning of period	$	(125,960	)		$	(134,027	)
	Credit losses on securities for which OTTI has not previously been recognized	—				(1,761		)
	Additional credit losses on securities for which OTTI has previously been recognized	(905		)		(1,048		)
	Accumulated losses on securities that were disposed of during the period	—				7,023
	Cumulative credit loss at end of period	$	(126,865	)		$	(129,813	)
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 (loss), by major type of security, for securities that are part of our investment portfolio at March 31, 2014 and December 31, 2013:
		Amortized Cost				OTTI				Change in Fair				Fair Value
						Recognized in				Value Since
						Other				OTTI was
						Comprehensive				Recognized
						Income
		(Dollars in thousands)
	March 31, 2014
	Fixed maturity securities, available for sale:
	Corporate securities	$	—			$	—			$	38			$	38
	Residential mortgage backed securities	653,399				(175,429		)		210,802				688,772
		$	653,399			$	(175,429	)		$	210,840			$	688,810
	December 31, 2013
	Fixed maturity securities, available for sale:
	Corporate securities	$	—			$	—			$	20			$	20
	Residential mortgage backed securities	679,265				(176,334		)		216,061				718,992
		$	679,265			$	(176,334	)		$	216,081			$	719,012

Mortgage_Loans_on_Real_Estate_

Mortgage Loans on Real Estate (Tables)	3 Months Ended
	Mar. 31, 2014
Mortgage Loans on Real Estate [Abstract]	'
Summary of Mortgage Loan Portfolio	'
	Our mortgage loan portfolio, summarized in the following table, totaled $2.6 billion at both March 31, 2014 and December 31, 2013, with commitments outstanding of $54.3 million at March 31, 2014.
		March 31, 2014				December 31, 2013
		(Dollars in thousands)
	Principal outstanding	$	2,610,380			$	2,607,698
	Loan loss allowance	(25,262		)		(26,047		)
	Deferred prepayment fees	(535		)		(569		)
	Carrying value	$	2,584,583			$	2,581,082
Mortgage Loan Portfolio Summarized by Geographic Region and Property Type	'
	The mortgage loan portfolio is summarized by geographic region and property type as follows:
		March 31, 2014							December 31, 2013
		Principal				Percent			Principal				Percent
		(Dollars in thousands)
	Geographic distribution
	East	$	793,717			30.4	%		$	765,717			29.4	%
	Middle Atlantic	152,712				5.9	%		156,489				6	%
	Mountain	343,166				13.1	%		356,246				13.7	%
	New England	20,977				0.8	%		21,324				0.8	%
	Pacific	313,896				12	%		317,431				12.2	%
	South Atlantic	488,622				18.7	%		483,852				18.5	%
	West North Central	343,660				13.2	%		351,794				13.5	%
	West South Central	153,630				5.9	%		154,845				5.9	%
		$	2,610,380			100	%		$	2,607,698			100	%
	Property type distribution
	Office	$	557,029			21.3	%		$	590,414			22.6	%
	Medical Office	122,807				4.7	%		125,703				4.8	%
	Retail	729,056				27.9	%		711,364				27.3	%
	Industrial/Warehouse	690,442				26.5	%		673,449				25.8	%
	Hotel	47,138				1.8	%		61,574				2.4	%
	Apartment	313,330				12	%		291,823				11.2	%
	Mixed use/other	150,578				5.8	%		153,371				5.9	%
		$	2,610,380			100	%		$	2,607,698			100	%
Rollforward of Allowance for Credit Losses	'
	The following tables present a rollforward of our specific and general valuation allowances for mortgage loans on real estate:
		Three Months Ended								Three Months Ended
		31-Mar-14								31-Mar-13
		Specific Allowance				General Allowance				Specific Allowance				General Allowance
		(Dollars in thousands)
	Beginning allowance balance	$	(16,847	)		$	(9,200	)		$	(23,134	)		$	(11,100	)
	Charge-offs	949				—				1,569				—
	Recoveries	—				—				—				—
	Provision for credit losses	(564		)		400				(1,066		)		700
	Ending allowance balance	$	(16,462	)		$	(8,800	)		$	(22,631	)		$	(10,400	)
Impaired Mortgage Loans on Real Estate by Basis of Impairment	'
	The following table presents the total outstanding principal of loans evaluated for impairment by basis of impairment method:
		March 31, 2014				December 31, 2013
		(Dollars in thousands)
	Individually evaluated for impairment	$	42,986			$	47,018
	Collectively evaluated for impairment	2,567,394				2,560,680
	Total loans evaluated for impairment	$	2,610,380			$	2,607,698
Real Estate Acquired Via Foreclosure or Deed In Lieu	'
	The following table summarizes the activity in the real estate owned which was obtained in satisfaction of mortgage loans on real estate:
		Three Months Ended
		March 31,
		2014				2013
		(Dollars in thousands)
	Real estate owned at beginning of period	$	22,844			$	33,172
	Real estate acquired in satisfaction of mortgage loans	1,713				844
	Sales	(3,030		)		(5,080		)
	Impairments	(799		)		—
	Depreciation	(136		)		(172		)
	Real estate owned at end of period	$	20,592			$	28,764
Mortgage Loans By Credit Quality Indicator	'
	We analyze credit risk of our mortgage loans by analyzing all available evidence on loans that are delinquent and loans that are in a workout period.
		March 31, 2014				December 31, 2013
		(Dollars in thousands)
	Credit Exposure--By Payment Activity
	Performing	$	2,591,196			$	2,593,276
	In workout	7,956				6,248
	Delinquent	—				—
	Collateral dependent	11,228				8,174
		$	2,610,380			$	2,607,698
Aging of Financing Receivables	'
	Aging of financing receivables is summarized in the following table, with loans in a "workout" period as of the reporting date considered current if payments are current in accordance with agreed upon terms:
		30 - 59 Days				60 - 89 Days				90 Days and Over				Total Past Due			Current		Collateral Dependent Receivables		Total Financing Receivables
		(Dollars in thousands)
	Commercial Mortgage Loans
	31-Mar-14	$	—			$	—			$	—			$	—		$	2,599,152	$	11,228	$	2,610,380
	31-Dec-13	$	—			$	—			$	—			$	—		$	2,599,524	$	8,174	$	2,607,698
Impaired Financing Receivables	'
	Financing receivables summarized in the following table represent all loans that we are either not currently collecting or those we feel it is probable we will not collect all amounts due according to the contractual terms of the loan agreements (all loans that we have worked with the borrower to alleviate short-term cash flow issues, loans delinquent for more than 60 days at the reporting date, loans we have determined to be collateral dependent and loans that we have recorded specific impairments on that we feel may continue to have performance issues).
		Recorded Investment				Unpaid Principal Balance				Related Allowance
		(Dollars in thousands)
	March 31, 2014
	Mortgage loans with an allowance	$	26,524			$	42,986			$	(16,462	)
	Mortgage loans with no related allowance	4,353				4,353				—
		$	30,877			$	47,339			$	(16,462	)
	December 31, 2013
	Mortgage loans with an allowance	$	30,171			$	47,018			$	(16,847	)
	Mortgage loans with no related allowance	3,264				3,264				—
		$	33,435			$	50,282			$	(16,847	)
Troubled Debt Restructurings on Financing Receivables	'
	Mortgage loan workouts, refinances or restructures that are classified as TDRs are individually evaluated and measured for impairment. A summary of mortgage loans on commercial real estate with outstanding principal at March 31, 2014 and December 31, 2013 that we determined to be TDRs are as follows:
	Geographic Region		Number of TDRs		Principal Balance Outstanding				Specific Loan Loss Allowance				Net Carrying Amount
					(Dollars in thousands)
	March 31, 2014
	Mountain		2		$	7,871			$	(893	)		$	6,978
	South Atlantic		7		13,841				(4,177		)		9,664
	East North Central		1		2,219				(467		)		1,752
	West North Central		1		1,921				(475		)		1,446
	West South Central		1		1,714				(255		)		1,459
			12		$	27,566			$	(6,267	)		$	21,299
	December 31, 2013
	East		1		$	3,712			$	(949	)		$	2,763
	Mountain		7		22,140				(329		)		21,811
	South Atlantic		7		13,930				(4,177		)		9,753
	East North Central		1		2,219				(467		)		1,752
	West North Central		1		1,938				(475		)		1,463
	West South Central		1		1,714				(256		)		1,458
			18		$	45,653			$	(6,653	)		$	39,000

Derivative_Instruments_Tables

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Fair Value of Derivative Instruments as Presented in the Consolidated Balance Sheets	'
	The fair value of our derivative instruments, including derivative instruments embedded in fixed index annuity contracts and derivative instruments embedded in a convertible debt issue, presented in the consolidated balance sheets are as follows:
		March 31,				December 31,
		2014				2013
		(Dollars in thousands)
	Assets
	Derivative instruments
	Call options	$	790,396			$	856,050
	Other assets
	2015 notes hedges	86,640				107,041
	Interest rate caps	4,926				6,103
	Interest rate swap	—				712
		$	881,962			$	969,906
	Liabilities
	Policy benefit reserves - annuity products
	Fixed index annuities - embedded derivatives	$	4,755,913			$	4,406,163
	Other liabilities
	2015 notes embedded conversion derivative	86,640				107,041
	Interest rate swap	690				—
		$	4,843,243			$	4,513,204
Schedule of Changes in Fair Value of Derivative Instruments	'
	The changes in fair value of derivatives included in the unaudited consolidated statements of operations are as follows:
		Three Months Ended
		March 31,
		2014				2013
		(Dollars in thousands)
	Change in fair value of derivatives:
	Call options	$	71,473			$	344,654
	2015 notes hedges	(20,401		)		28,098
	Interest rate swap	(1,402		)		733
	Interest rate caps	(1,177		)		477
		$	48,493			$	373,962
	Change in fair value of embedded derivatives:
	2015 notes embedded conversion derivative	$	(20,401	)		$	28,098
	Fixed index annuities—embedded derivatives	113,020				335,174
		$	92,619			$	363,272
Schedule of Call Options by Counterparty	'
	The notional amount and fair value of our call options by counterparty and each counterparty's current credit rating are as follows:
							March 31, 2014							December 31, 2013
	Counterparty		Credit Rating		Credit Rating (Moody's)		Notional				Fair Value			Notional			Fair Value
			(S&P)				Amount							Amount
							(Dollars in thousands)
	Bank of America		A		A2		$	1,590,121			$	61,063		$	1,683,911		$	73,836
	Barclays		A		A2		1,927,994				61,753			2,396,839			113,513
	BNP Paribas		A+		A2		1,299,886				36,924			1,382,661			38,849
	Citibank, N.A.		A		A2		2,423,596				81,072			1,536,547			72,310
	Credit Suisse		A		A1		4,101,721				193,008			4,060,352			193,304
	Deutsche Bank		A		A2		838,142				35,175			747,587			41,074
	HSBC		AA-		A1		169,761				6,442			200,011			10,518
	J.P. Morgan		A+		Aa3		923,585				39,197			786,429			36,863
	Morgan Stanley		A-		Baa2		3,847,956				154,226			3,546,487			150,437
	Royal Bank of Canada		AA-		Aa3		871,208				31,084			714,941			25,140
	Wells Fargo		AA-		Aa3		2,287,890				90,452			2,221,874			100,206
							$	20,281,860			$	790,396		$	19,277,639		$	856,050
Schedule of Interest Rate Derivatives	'
	Details regarding the interest rate swap are as follows:
			Notional						Pay				March 31, 2014			December 31, 2013
	Maturity Date		Amount				Receive Rate		Rate			Counterparty	Fair Value			Fair Value
													(Dollars in thousands)
	15-Mar-21		$	85,500			LIBOR		2.415	%		SunTrust	$	(690	)	$	712
	Details regarding the interest rate caps are as follows:
			Notional						Cap				March 31, 2014			December 31, 2013
	Maturity Date		Amount				Floating Rate		Rate			Counterparty	Fair Value			Fair Value
													(Dollars in thousands)
	7-Jul-21		$	40,000			LIBOR		2.5	%		SunTrust	$	2,481		$	3,073
	8-Jul-21		12,000				LIBOR		2.5	%		SunTrust	745			923
	29-Jul-21		27,000				LIBOR		2.5	%		SunTrust	1,700			2,107
			$	79,000									$	4,926		$	6,103

Notes_Payable_Tables

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Liability and Equity Components of Convertible Senior Notes	'
	The 5.25% Contingent Convertible Senior Notes due December 15, 2029 (the "2029 notes") are accounted for separately as a liability component and an equity component in the consolidated balance sheets. The carrying amount of the 2015 notes and the 2029 notes, the carrying amount of the equity component of the 2029 notes and the amount by which the if-converted value exceeds the outstanding principal for both the 2015 notes and the 2029 notes are as follows:
		March 31, 2014						December 31, 2013
		September 2015 Notes			December 2029 Notes			September 2015 Notes			December 2029 Notes
		(Dollars in thousands)
	Notes payable:
	Principal amount of liability component	$	91,951		$	37,032		$	91,951		$	68,373
	Unamortized discount	(5,712		)	(1,513		)	(6,623		)	(3,743		)
	Net carrying amount of liability component	$	86,239		$	35,519		$	85,328		$	64,630
	Additional paid-in capital:
	Carrying amount of equity component				$	4,983					$	15,586
	Amount by which the if-converted value exceeds principal	$	83,860		$	56,960		$	104,403		$	113,169

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings (Loss) Per Share, Basic and Diluted	'
	The following table sets forth the computation of earnings (loss) per common share and earnings (loss) per common share - assuming dilution:
		Three Months Ended
		March 31,
		2014				2013
		(Dollars in thousands,
		except per share data)
	Numerator:
	Net income (loss) - numerator for earnings (loss) per common share	$	(9,753	)		$	26,031
	Denominator:
	Weighted average common shares outstanding (1)	72,518,574				63,313,568
	Effect of dilutive securities:
	Convertible senior notes	3,400,986				4,483,492
	2015 warrants	2,372,404				—
	Stock options and deferred compensation agreements	1,287,267				908,853
	Restricted stock units	36,548				—
	Denominator for earnings (loss) per common share - assuming dilution	79,615,779				68,705,913
	Earnings (loss) per common share	$	(0.13	)		$	0.41
	Earnings (loss) per common share - assuming dilution	$	(0.13	)		$	0.38
	-1	Weighted average common shares outstanding include shares vested under the NMO Deferred Compensation Plan and exclude unallocated shares held by the ESOP.
Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share	'
	Options to purchase shares of our common stock that were outstanding during the respective periods indicated but were not included in the computation of diluted earnings per share because the options' exercise price was greater than the average market price of the common shares are as follows:
	Period		Number of		Range of
			Shares		Exercise Prices
					Minimum		Maximum
	Three months ended March 31, 2014		1,277,650		$24.79		$24.79
	Three months ended March 31, 2013		3,200		$14.34		$14.62

Significant_Accounting_Policie2

Significant Accounting Policies (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Premiums and other considerations	$7,331	$13,084
Insurance policy benefits and change in future policy benefits	10,095	14,760
Interest sensitive and index product benefits	317,192	223,170
Restatement Adjustment [Member]	'	'
Premiums and other considerations	'	10,400
Insurance policy benefits and change in future policy benefits	'	13,000
Interest sensitive and index product benefits	'	($2,600)

Fair_Values_of_Financial_Instr2

Fair Values of Financial Instruments (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Assets, Level 1 to Level 2 transfers, amount	$0	'	$0
Liabilities, Level 1 to Level 2 transfers, amount	0	'	0
Assets, Level 2 to Level 1 transfers, amount	0	'	0
Liabilities, Level 2 to Level 1 transfers, amount	0	'	0
Assets, transfers into Level 3, amount	0	0	'
Liabilities, transfers into Level 3, amount	0	0	'
Assets, transfers out of Level 3, amount	0	0	'
Liabilities, transfers out of Level 3, amount	0	0	'
Other investments	213,706,000	'	215,042,000
Fair Value, Sensitivity, Increase in Discount Rate by 10 Percent [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Fair value, sensitivity, discount rate adjustment (basis points)	100	'	'
Fixed index annuities embedded derivative, adjustment due to change in discount rate	-316,100,000	'	'
Deferred policy scquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate	-192,000,000	'	'
Fair Value, Sensitivity, Decrease in Discount Rate by 10 Percent [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Fair value, sensitivity, discount rate adjustment (basis points)	100	'	'
Fixed index annuities embedded derivative, adjustment due to change in discount rate	351,600,000	'	'
Deferred policy scquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate	208,700,000	'	'
Fair Value, Measurements, Recurring [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Other investments	$0	'	'

Fair_Values_of_Financial_Instr3

Fair Values of Financial Instruments (Fair Values and Carrying Amounts of Financial Instruments) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Held for investment	$64,920	$60,840
Equity securities, available for sale	7,767	7,778
Mortgage loans on real estate	2,584,583	2,581,082
Other investments	213,706	215,042
Coinsurance deposits	3,028,367	2,999,618
Liabilities	'	'
Policy benefit reserves	36,731,438	35,789,655
Carrying Amount [Member]	'	'
Assets	'	'
Mortgage loans on real estate	2,584,583	2,581,082
Derivative instruments	790,396	856,050
Other investments	193,114	192,198
Cash and cash equivalents	679,172	897,529
Coinsurance deposits	3,028,367	2,999,618
Counterparty collateral	275,558	315,824
Liabilities	'	'
Policy benefit reserves	36,395,040	35,453,166
Single premium immediate annuity (SPIA) benefit reserves	402,549	417,625
Notes payable	521,758	549,958
Subordinated debentures	246,097	246,050
Carrying Amount [Member] | Interest Rate Caps [Member]	'	'
Assets	'	'
Derivative assets	4,926	6,103
Carrying Amount [Member] | Interest Rate Swap [Member]	'	'
Assets	'	'
Derivative assets	0	712
Liabilities	'	'
Interest rate swap	690	0
Carrying Amount [Member] | 2015 Notes Hedges [Member]	'	'
Assets	'	'
2015 notes hedges	86,640	107,041
Carrying Amount [Member] | 2015 Notes Embedded Conversion Derivative [Member]	'	'
Liabilities	'	'
2015 notes embedded conversion derivative	86,640	107,041
Carrying Amount [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	28,315,473	26,610,447
Held for investment	76,298	76,255
Carrying Amount [Member] | Equity Securities, Available For Sale [Member]	'	'
Assets	'	'
Equity securities, available for sale	7,767	7,778
Fair Value [Member]	'	'
Assets	'	'
Mortgage loans on real estate	2,616,777	2,615,410
Derivative instruments	790,396	856,050
Other investments	195,888	193,343
Cash and cash equivalents	679,172	897,529
Coinsurance deposits	2,707,325	2,669,432
Counterparty collateral	275,558	315,824
Liabilities	'	'
Policy benefit reserves	30,382,940	29,670,827
Single premium immediate annuity (SPIA) benefit reserves	415,757	430,835
Notes payable	611,384	699,435
Subordinated debentures	239,126	234,959
Fair Value [Member] | Interest Rate Caps [Member]	'	'
Assets	'	'
Derivative assets	4,926	6,103
Fair Value [Member] | Interest Rate Swap [Member]	'	'
Assets	'	'
Derivative assets	0	712
Liabilities	'	'
Interest rate swap	690	0
Fair Value [Member] | 2015 Notes Hedges [Member]	'	'
Assets	'	'
2015 notes hedges	86,640	107,041
Fair Value [Member] | 2015 Notes Embedded Conversion Derivative [Member]	'	'
Liabilities	'	'
2015 notes embedded conversion derivative	86,640	107,041
Fair Value [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	28,315,473	26,610,447
Held for investment	64,920	60,840
Fair Value [Member] | Equity Securities, Available For Sale [Member]	'	'
Assets	'	'
Equity securities, available for sale	$7,767	$7,778

Fair_Values_of_Financial_Instr4

Fair Values of Financial Instruments (Assets and Liabilities Measured on a Recurring Basis by Fair Value Hierarchy) (Details) (Fair Value, Measurements, Recurring [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Total Fair Value [Member]	'	'
Assets	'	'
Derivative assets	$790,396	$856,050
Cash and cash equivalents	679,172	897,529
Counterparty collateral	275,558	315,824
Assets	30,159,932	28,801,484
Liabilities	'	'
Fixed index annuities - embedded derivatives	4,755,913	4,406,163
Liabilities	4,843,243	4,513,204
Total Fair Value [Member] | Interest Rate Caps [Member]	'	'
Assets	'	'
Interest rate derivative assets	4,926	6,103
Total Fair Value [Member] | Interest Rate Swap [Member]	'	'
Assets	'	'
Interest rate derivative assets	'	712
Liabilities	'	'
Interest rate derivative liabilities	690	'
Total Fair Value [Member] | 2015 Notes Hedges [Member]	'	'
Assets	'	'
2015 notes hedges	86,640	107,041
Total Fair Value [Member] | 2015 Notes Embedded Conversion Derivative [Member]	'	'
Liabilities	'	'
2015 notes embedded conversion derivative	86,640	107,041
Total Fair Value [Member] | Equity Securities, Available For Sale [Member]	'	'
Assets	'	'
Available for sale securities	7,767	7,778
Total Fair Value [Member] | United States Government Full Faith and Credit [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	43,300	42,925
Total Fair Value [Member] | United States Government Sponsored Agencies [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	1,299,454	1,194,289
Total Fair Value [Member] | United States Municipalities, States and Territories [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	3,437,313	3,306,743
Total Fair Value [Member] | Foreign Government Obligations [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	144,023	91,557
Total Fair Value [Member] | Corporate Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	18,441,187	17,233,037
Total Fair Value [Member] | Residential Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	1,928,555	1,971,960
Total Fair Value [Member] | Commercial Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	1,976,589	1,735,460
Total Fair Value [Member] | Other Asset Backed Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	1,045,052	1,034,476
Quoted Prices in Active Markets (Level 1) [Member]	'	'
Assets	'	'
Derivative assets	0	0
Cash and cash equivalents	679,172	897,529
Counterparty collateral	0	0
Assets	684,419	902,713
Liabilities	'	'
Fixed index annuities - embedded derivatives	0	0
Liabilities	0	0
Quoted Prices in Active Markets (Level 1) [Member] | Interest Rate Caps [Member]	'	'
Assets	'	'
Interest rate derivative assets	0	0
Quoted Prices in Active Markets (Level 1) [Member] | Interest Rate Swap [Member]	'	'
Assets	'	'
Interest rate derivative assets	'	0
Liabilities	'	'
Interest rate derivative liabilities	0	'
Quoted Prices in Active Markets (Level 1) [Member] | 2015 Notes Hedges [Member]	'	'
Assets	'	'
2015 notes hedges	0	0
Quoted Prices in Active Markets (Level 1) [Member] | 2015 Notes Embedded Conversion Derivative [Member]	'	'
Liabilities	'	'
2015 notes embedded conversion derivative	0	0
Quoted Prices in Active Markets (Level 1) [Member] | Equity Securities, Available For Sale [Member]	'	'
Assets	'	'
Available for sale securities	0	0
Quoted Prices in Active Markets (Level 1) [Member] | United States Government Full Faith and Credit [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	4,841	4,805
Quoted Prices in Active Markets (Level 1) [Member] | United States Government Sponsored Agencies [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	0	0
Quoted Prices in Active Markets (Level 1) [Member] | United States Municipalities, States and Territories [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	0	0
Quoted Prices in Active Markets (Level 1) [Member] | Foreign Government Obligations [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	0	0
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	37	20
Quoted Prices in Active Markets (Level 1) [Member] | Residential Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	0	0
Quoted Prices in Active Markets (Level 1) [Member] | Commercial Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	0	0
Quoted Prices in Active Markets (Level 1) [Member] | Other Asset Backed Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	369	359
Significant Other Observable Inputs (Level 2) [Member]	'	'
Assets	'	'
Derivative assets	790,396	856,050
Cash and cash equivalents	0	0
Counterparty collateral	275,558	315,824
Assets	29,474,433	27,897,395
Liabilities	'	'
Fixed index annuities - embedded derivatives	0	0
Liabilities	87,330	107,041
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Caps [Member]	'	'
Assets	'	'
Interest rate derivative assets	4,926	6,103
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap [Member]	'	'
Assets	'	'
Interest rate derivative assets	'	712
Liabilities	'	'
Interest rate derivative liabilities	690	'
Significant Other Observable Inputs (Level 2) [Member] | 2015 Notes Hedges [Member]	'	'
Assets	'	'
2015 notes hedges	86,640	107,041
Significant Other Observable Inputs (Level 2) [Member] | 2015 Notes Embedded Conversion Derivative [Member]	'	'
Liabilities	'	'
2015 notes embedded conversion derivative	86,640	107,041
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, Available For Sale [Member]	'	'
Assets	'	'
Available for sale securities	7,767	7,778
Significant Other Observable Inputs (Level 2) [Member] | United States Government Full Faith and Credit [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	38,459	38,120
Significant Other Observable Inputs (Level 2) [Member] | United States Government Sponsored Agencies [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	1,299,454	1,194,289
Significant Other Observable Inputs (Level 2) [Member] | United States Municipalities, States and Territories [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	3,437,313	3,306,743
Significant Other Observable Inputs (Level 2) [Member] | Foreign Government Obligations [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	144,023	91,557
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	18,441,150	17,233,017
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	1,927,475	1,970,584
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	1,976,589	1,735,460
Significant Other Observable Inputs (Level 2) [Member] | Other Asset Backed Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	1,044,683	1,034,117
Significant Unobservable Inputs (Level 3) [Member]	'	'
Assets	'	'
Derivative assets	0	0
Cash and cash equivalents	0	0
Counterparty collateral	0	0
Assets	1,080	1,376
Liabilities	'	'
Fixed index annuities - embedded derivatives	4,755,913	4,406,163
Liabilities	4,755,913	4,406,163
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Caps [Member]	'	'
Assets	'	'
Interest rate derivative assets	0	0
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Swap [Member]	'	'
Assets	'	'
Interest rate derivative assets	'	0
Liabilities	'	'
Interest rate derivative liabilities	0	'
Significant Unobservable Inputs (Level 3) [Member] | 2015 Notes Hedges [Member]	'	'
Assets	'	'
2015 notes hedges	0	0
Significant Unobservable Inputs (Level 3) [Member] | 2015 Notes Embedded Conversion Derivative [Member]	'	'
Liabilities	'	'
2015 notes embedded conversion derivative	0	0
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, Available For Sale [Member]	'	'
Assets	'	'
Available for sale securities	0	0
Significant Unobservable Inputs (Level 3) [Member] | United States Government Full Faith and Credit [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	0	0
Significant Unobservable Inputs (Level 3) [Member] | United States Government Sponsored Agencies [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	0	0
Significant Unobservable Inputs (Level 3) [Member] | United States Municipalities, States and Territories [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	0	0
Significant Unobservable Inputs (Level 3) [Member] | Foreign Government Obligations [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	0	0
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	0	0
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	1,080	1,376
Significant Unobservable Inputs (Level 3) [Member] | Commercial Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	0	0
Significant Unobservable Inputs (Level 3) [Member] | Other Asset Backed Securities [Member] | Fixed Maturity Securities [Member]	'	'
Assets	'	'
Available for sale securities	$0	$0

Fair_Values_of_Financial_Instr5

Fair Values of Financial Instruments (Reconciliation of Beginning and Ending Balances of Level 3 Assets) (Details) (Fair Value, Measurements, Recurring [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Fair Value, Measurements, Recurring [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'
Beginning balance	$1,376	$1,812
Principal returned	-78	-368
Accretion of discount	-27	129
Total gains (losses) (realized/unrealized): included in other comprehensive income (loss)	-191	151
Total gains (losses) (realized/unrealized): included in operations	0	0
Ending balance	$1,080	$1,724

Fair_Values_of_Financial_Instr6

Fair Values of Financial Instruments (Reconciliation of Beginning and Ending Balances of Level 3 Liabilities) (Details) (Fair Value, Measurements, Recurring [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Fair Value, Measurements, Recurring [Member]	'	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'
Beginning balance	$4,406,163	$3,337,556
Premiums less benefits	371,953	246,722
Change in fair value, net	-22,203	264,624
Ending balance	$4,755,913	$3,848,902

Investments_Narrative_Details

Investments (Narrative) (Details) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

1 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Apr. 30, 2014

Securities

Securities

Fixed Maturity Securities [Member]

Fixed Maturity Securities [Member]

Other Asset Backed Securities [Member]

Residential Mortgage Backed Securities, Alt-A Sector [Member]

Available For Sale Securities [Member]

Available For Sale Securities [Member]

Available For Sale Securities [Member]

Available For Sale Securities [Member]

Available For Sale Securities [Member]

Available For Sale Securities [Member]

Available For Sale Securities [Member]

Available For Sale Securities [Member]

Subsequent Event [Member]

Investments, External Credit Rating, Non Investment Grade [Member]

Residential Mortgage Backed Securities [Member]

Fixed Maturity Securities [Member]

Fixed Maturity Securities [Member]

Residential Mortgage Backed Securities [Member]

Residential Mortgage Backed Securities [Member]

Other Asset Backed Securities [Member]

Other Asset Backed Securities [Member]

Securities

Securities

Fixed Maturity Securities [Member]

Fixed Maturity Securities [Member]

Fixed Maturity Securities [Member]

Fixed Maturity Securities [Member]

Investments [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed income securities with call features, percentage

31.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed income securities with call features, currently callable, percentage

0.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed income securities with call features, currently callable, amount

$100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed income securities with call features, callable during next 12 months, percentage

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed income securities with call features, callable during next 12 months, amount

1,200,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of fixed maturity portfolio rated investment grade based on NAIC designations

98.00%

'

98.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of individual securities with unrealized losses

665

'

1,047

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of unrealized losses on fixed maturity securities where securities are rated investment grade

93.00%

'

95.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment Holdings [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from calls of United States Government securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000,000

Available for sale securities, number of securities in unrealized loss positions

'

'

'

'

'

0

36

'

'

'

'

'

'

'

'

'

Available for sale securities, amortized cost

27,255,625,000

'

26,527,730,000

'

'

'

301,100,000

'

'

'

'

'

'

'

'

'

Available for sale securities, fair value

'

'

'

'

'

'

324,200,000

'

'

28,315,473,000

26,610,447,000

1,928,555,000

1,971,960,000

1,045,052,000

1,034,476,000

'

Proceeds from sales of available for sale securities

'

'

'

'

'

'

'

56,100,000

380,400,000

'

'

'

'

'

'

'

Scheduled principal repayments, calls and tenders for available for sale securities

$208,747,000

$937,343,000

'

$152,700,000

$556,900,000

'

'

'

'

'

'

'

'

'

'

'

Investments_Schedule_of_Amorti

Investments (Schedule of Amortized Cost and Fair Value of Fixed Maturity and Equity Securities) (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Investment Holdings [Line Items]	'	'
Held for investment, amortized cost	$76,298	$76,255
Held for investment	64,920	60,840
Fixed Maturity Securities [Member] | Available For Sale Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Available for sale, amortized cost	27,255,625	26,527,730
Available for sale, gross unrealized gains	1,459,316	928,699
Available for sale, gross unrealized losses	-399,468	-845,982
Available for sale securities, fair value	28,315,473	26,610,447
Equity Securities, Available For Sale [Member] | Available For Sale Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Available for sale, amortized cost	7,505	7,503
Available for sale, gross unrealized gains	262	275
Available for sale, gross unrealized losses	0	0
Available for sale securities, fair value	7,767	7,778
United States Government Full Faith and Credit [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Available for sale, amortized cost	44,185	44,852
Available for sale, gross unrealized gains	325	367
Available for sale, gross unrealized losses	-1,210	-2,294
Available for sale securities, fair value	43,300	42,925
United States Government Sponsored Agencies [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Available for sale, amortized cost	1,358,426	1,313,776
Available for sale, gross unrealized gains	8,276	1,875
Available for sale, gross unrealized losses	-67,248	-121,362
Available for sale securities, fair value	1,299,454	1,194,289
United States Municipalities, States and Territories [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Available for sale, amortized cost	3,186,473	3,181,032
Available for sale, gross unrealized gains	265,511	164,785
Available for sale, gross unrealized losses	-14,671	-39,074
Available for sale securities, fair value	3,437,313	3,306,743
Foreign Government Obligations [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Available for sale, amortized cost	136,116	86,112
Available for sale, gross unrealized gains	10,379	8,907
Available for sale, gross unrealized losses	-2,472	-3,462
Available for sale securities, fair value	144,023	91,557
Corporate Securities [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Available for sale, amortized cost	17,662,806	17,142,118
Available for sale, gross unrealized gains	1,006,794	606,948
Available for sale, gross unrealized losses	-228,413	-516,029
Available for sale securities, fair value	18,441,187	17,233,037
Corporate Securities [Member] | Fixed Maturity Securities [Member] | Held For Investment Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Held for investment, amortized cost	76,298	76,255
Held for investment, gross unrealized gains	0	0
Held for investment, gross unrealized losses	-11,378	-15,415
Held for investment	64,920	60,840
Residential Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Available for sale, amortized cost	1,831,161	1,895,913
Available for sale, gross unrealized gains	120,106	119,230
Available for sale, gross unrealized losses	-22,712	-43,183
Available for sale securities, fair value	1,928,555	1,971,960
Commercial Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Available for sale, amortized cost	2,003,425	1,821,988
Available for sale, gross unrealized gains	17,671	3,287
Available for sale, gross unrealized losses	-44,507	-89,815
Available for sale securities, fair value	1,976,589	1,735,460
Other Asset Backed Securities [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Available for sale, amortized cost	1,033,033	1,041,939
Available for sale, gross unrealized gains	30,254	23,300
Available for sale, gross unrealized losses	-18,235	-30,763
Available for sale securities, fair value	$1,045,052	$1,034,476

Investments_Fixed_Maturity_Sec

Investments (Fixed Maturity Securities by Contractual Maturity) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]	'	'
Available for sale securities, due in one year or less, amortized cost	$38,837	'
Available for sale securities, due after one year through five years, amortized cost	985,636	'
Available for sale securities, due after five years through ten years, amortized cost	8,171,938	'
Available for sale securities, due after ten years through twenty years, amortized cost	6,588,518	'
Available for sale securities, due after twenty years, amortized cost	6,603,077	'
Available for sale securities, securities with a single maturity date, amortized cost	22,388,006	'
Available for sale securities, amortized cost	27,255,625	'
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]	'	'
Available for sale securities, due in one year or less, fair value	39,547	'
Available for sale securities, due after one year through five years, fair value	1,113,705	'
Available for sale securities, due after five years through ten years, fair value	8,264,244	'
Available for sale securities, due after ten years through twenty years, fair value	6,838,801	'
Available for sale securities, due after twenty years, fair value	7,108,980	'
Available for sale securities, securities with a single maturity date	23,365,277	'
Available for sale securities, fair value	28,315,473	26,610,447
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract]	'	'
Held for investment securities, due in one year or less, amortized cost	0	'
Held for investment securities, due after one year through five years, amortized cost	0	'
Held for investment securities, due after five years through ten years, amortized cost	0	'
Held for investment securities, due after ten years through twenty years, amortized cost	0	'
Held for investment securities, due after twenty years, amortized cost	76,298	'
Held for investment securities, securities with a single maturity date, amortized cost	76,298	'
Held for investment, amortized cost	76,298	76,255
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract]	'	'
Held for investment securities, due in one year or less, fair value	0	'
Held for investment securities, due after one year through five years, fair value	0	'
Held for investment securities, due after five years through ten years, fair value	0	'
Held for investment securities, due after ten years through twenty years, fair value	0	'
Held for investment securities, due after twenty years, fair value	64,920	'
Held for investment securities, securities with a single maturity date, fair value	64,920	'
Held for investment	64,920	60,840
Residential Mortgage Backed Securities [Member]	'	'
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]	'	'
Available for sale securities, securities without a single maturity date, amortized cost	1,831,161	'
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]	'	'
Available for sale securities, securities without a single maturity date, fair value	1,928,555	'
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract]	'	'
Held for investment securities, securities without a single maturity date, amortized cost	0	'
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract]	'	'
Held for investment securities, securities without a single maturity date, fair value	0	'
Commercial Mortgage Backed Securities [Member]	'	'
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]	'	'
Available for sale securities, securities without a single maturity date, amortized cost	2,003,425	'
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]	'	'
Available for sale securities, securities without a single maturity date, fair value	1,976,589	'
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract]	'	'
Held for investment securities, securities without a single maturity date, amortized cost	0	'
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract]	'	'
Held for investment securities, securities without a single maturity date, fair value	0	'
Other Asset Backed Securities [Member]	'	'
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]	'	'
Available for sale securities, securities without a single maturity date, amortized cost	1,033,033	'
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]	'	'
Available for sale securities, securities without a single maturity date, fair value	1,045,052	'
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract]	'	'
Held for investment securities, securities without a single maturity date, amortized cost	0	'
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract]	'	'
Held for investment securities, securities without a single maturity date, fair value	$0	'

Investments_Net_Unrealized_Gai

Investments (Net Unrealized Gains on Available for Sale Fixed Maturity Securities and Equity Securities Reported as a Separate Component of Stockholders' Equity) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments [Abstract]	'	'
Net unrealized gains on available for sale fixed maturity securities and equity securities	$1,060,110	$82,992
Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements	-583,340	-46,588
Deferred income tax valuation allowance reversal	22,534	22,534
Deferred income tax benefit	-166,869	-12,742
Net unrealized gains reported as accumulated other comprehensive income	$332,435	$46,196

Investments_Schedule_of_Credit

Investments (Schedule of Credit Quality of Fixed Maturity Portfolio by NAIC Designation) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment Holdings [Line Items]	'	'
Amortized cost	$27,331,923	$26,603,985
Fair value	28,380,393	26,671,287
NAIC, Class 1 Designation [Member] | Investments, External Credit Rating, Investment Grade [Member]	'	'
Investment Holdings [Line Items]	'	'
Amortized cost	16,990,834	16,394,654
Fair value	17,755,174	16,531,250
NAIC, Class 2 Designation [Member] | Investments, External Credit Rating, Investment Grade [Member]	'	'
Investment Holdings [Line Items]	'	'
Amortized cost	9,755,720	9,630,251
Fair value	10,059,679	9,598,399
NAIC, Class 3 Designation [Member] | Investments, External Credit Rating, Non Investment Grade [Member]	'	'
Investment Holdings [Line Items]	'	'
Amortized cost	519,452	502,822
Fair value	505,434	474,165
NAIC, Class 4 Designation [Member] | Investments, External Credit Rating, Non Investment Grade [Member]	'	'
Investment Holdings [Line Items]	'	'
Amortized cost	64,256	74,493
Fair value	58,988	66,078
NAIC, Class 5 Designation [Member] | Investments, External Credit Rating, Non Investment Grade [Member]	'	'
Investment Holdings [Line Items]	'	'
Amortized cost	0	0
Fair value	0	0
NAIC, Class 6 Designation [Member] | Investments, External Credit Rating, Non Investment Grade [Member]	'	'
Investment Holdings [Line Items]	'	'
Amortized cost	1,661	1,765
Fair value	$1,118	$1,395

Investments_Gross_Unrealized_L

Investments (Gross Unrealized Losses and Fair Value by Investment Category) (Details) (Fixed Maturity Securities [Member], USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	$7,990,016	$11,635,998
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	-344,643	-741,947
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	898,132	1,097,643
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	-54,825	-104,035
Available for sale securities, continuous unrealized loss position, total, fair value	8,888,148	12,733,641
Available for sale securities, continuous unrealized loss position, total, unrealized losses	-399,468	-845,982
United States Government Full Faith and Credit [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	33,386	32,969
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	-1,210	-2,294
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	0	0
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	0	0
Available for sale securities, continuous unrealized loss position, total, fair value	33,386	32,969
Available for sale securities, continuous unrealized loss position, total, unrealized losses	-1,210	-2,294
United States Government Sponsored Agencies [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	618,888	692,320
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	-58,157	-88,671
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	340,909	467,309
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	-9,091	-32,691
Available for sale securities, continuous unrealized loss position, total, fair value	959,797	1,159,629
Available for sale securities, continuous unrealized loss position, total, unrealized losses	-67,248	-121,362
United States Municipalities, States and Territories [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	288,578	614,056
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	-14,671	-39,074
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	0	0
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	0	0
Available for sale securities, continuous unrealized loss position, total, fair value	288,578	614,056
Available for sale securities, continuous unrealized loss position, total, unrealized losses	-14,671	-39,074
Foreign Government Obligations [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	77,271	26,298
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	-2,472	-3,462
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	0	0
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	0	0
Available for sale securities, continuous unrealized loss position, total, fair value	77,271	26,298
Available for sale securities, continuous unrealized loss position, total, unrealized losses	-2,472	-3,462
Corporate Securities [Member] | Finance, Insurance and Real Estate [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	1,126,695	1,690,846
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	-40,893	-92,426
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	139,455	153,037
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	-9,454	-12,873
Available for sale securities, continuous unrealized loss position, total, fair value	1,266,150	1,843,883
Available for sale securities, continuous unrealized loss position, total, unrealized losses	-50,347	-105,299
Corporate Securities [Member] | Manufacturing, Construction and Mining [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	2,267,589	3,370,775
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	-76,780	-191,245
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	131,419	93,608
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	-14,578	-16,088
Available for sale securities, continuous unrealized loss position, total, fair value	2,399,008	3,464,383
Available for sale securities, continuous unrealized loss position, total, unrealized losses	-91,358	-207,333
Corporate Securities [Member] | Utilities and Related Sectors [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	933,917	1,829,868
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	-40,959	-102,758
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	101,402	83,550
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	-9,215	-11,547
Available for sale securities, continuous unrealized loss position, total, fair value	1,035,319	1,913,418
Available for sale securities, continuous unrealized loss position, total, unrealized losses	-50,174	-114,305
Corporate Securities [Member] | Wholesale/Retail Trade [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	204,346	428,407
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	-11,286	-25,189
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	13,850	17,687
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	-840	-1,992
Available for sale securities, continuous unrealized loss position, total, fair value	218,196	446,094
Available for sale securities, continuous unrealized loss position, total, unrealized losses	-12,126	-27,181
Corporate Securities [Member] | Services, Media and Other [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	566,481	834,699
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	-17,716	-51,508
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	97,230	107,242
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	-6,692	-10,403
Available for sale securities, continuous unrealized loss position, total, fair value	663,711	941,941
Available for sale securities, continuous unrealized loss position, total, unrealized losses	-24,408	-61,911
Corporate Securities [Member] | Insurance [Member]	'	'
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Held for investment securities, continuous unrealized loss position, less than 12 months, fair value	0	0
Held for investment securities, continuous unrealized loss position, less than 12 months, unrealized losses	0	0
Held for investment securities, continuous unrealized loss position, 12 months or longer, fair value	64,920	60,840
Held for investment securities, continuous unrealized loss position, 12 months or longer, unrealized losses	-11,378	-15,415
Held for investment securities, continuous unrealized loss position, total, fair value	64,920	60,840
Held for investment securities, continuous unrealized loss position, total, unrealized losses	-11,378	-15,415
Residential Mortgage Backed Securities [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	385,500	309,599
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	-22,132	-41,080
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	1,080	31,739
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	-580	-2,103
Available for sale securities, continuous unrealized loss position, total, fair value	386,580	341,338
Available for sale securities, continuous unrealized loss position, total, unrealized losses	-22,712	-43,183
Commercial Mortgage Backed Securities [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	1,169,178	1,450,143
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	-43,622	-83,814
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	27,135	51,099
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	-885	-6,001
Available for sale securities, continuous unrealized loss position, total, fair value	1,196,313	1,501,242
Available for sale securities, continuous unrealized loss position, total, unrealized losses	-44,507	-89,815
Other Asset Backed Securities [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]	'	'
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	318,187	356,018
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	-14,745	-20,426
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	45,652	92,372
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	-3,490	-10,337
Available for sale securities, continuous unrealized loss position, total, fair value	363,839	448,390
Available for sale securities, continuous unrealized loss position, total, unrealized losses	($18,235)	($30,763)

Investments_Changes_in_Net_Unr

Investments (Changes in Net Unrealized Gains on Investments) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Investment Holdings [Line Items]	'	'
Fixed maturity securities held for investment carried at amortized cost	$4,037	$611
Investments carried at fair value	977,118	-116,851
Adjustment for effect on other balance sheet accounts:	'	'
Deferred policy acquisition costs and deferred sales inducements	-536,752	78,168
Deferred income tax asset/liability	-154,127	13,539
Total adjustment for effect on other balance sheet accounts	-690,879	91,707
Change in net unrealized gains on investments carried at fair value	286,239	-25,144
Fixed Maturity Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Investments carried at fair value	977,131	-119,070
Equity Securities, Available For Sale [Member]	'	'
Investment Holdings [Line Items]	'	'
Investments carried at fair value	($13)	$2,219

Investments_Net_Realized_Gains

Investments (Net Realized Gains (Losses) on Invesments, Excluding Other Than Temporary Impairments) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Gain (Loss) on Investments [Line Items]	'	'
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses	($714)	$10,585
Fixed Maturity Securities [Member]	'	'
Gain (Loss) on Investments [Line Items]	'	'
Gross realized gains	184	13,015
Gross realized losses	-691	-2,187
Gross realized gains (losses), excluding other than temporary impairments	-507	10,828
Other Investments [Member]	'	'
Gain (Loss) on Investments [Line Items]	'	'
Gain on sale of real estate	756	589
Loss on sale of real estate	0	-466
Impairment losses on real estate	-799	0
Gain (loss) on other investments	-43	123
Mortgage Loans on Real Estate [Member]	'	'
Gain (Loss) on Investments [Line Items]	'	'
Increase in allowance for credit losses	($164)	($366)

Investments_Significant_Assump

Investments (Significant Assumptions in Determining Credit Loss Component of Other Than Temporary Impairment on Residential Mortgage Backed Securities) (Details) (Residential Mortgage Backed Securities [Member])	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2003 [Member] | Minimum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	'	5.10%
Default rate	'	2.00%
Loss severity	'	30.00%
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2003 [Member] | Maximum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	'	5.10%
Default rate	'	2.00%
Loss severity	'	30.00%
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2005 [Member] | Minimum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	'	6.50%
Default rate	'	8.00%
Loss severity	'	50.00%
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2005 [Member] | Maximum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	'	7.70%
Default rate	'	17.00%
Loss severity	'	50.00%
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2006 [Member] | Minimum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	6.50%	6.00%
Default rate	11.00%	9.00%
Loss severity	50.00%	50.00%
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2006 [Member] | Maximum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	7.40%	6.90%
Default rate	12.00%	16.00%
Loss severity	50.00%	50.00%
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2007 [Member] | Minimum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	'	6.50%
Default rate	'	14.00%
Loss severity	'	40.00%
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2007 [Member] | Maximum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	'	6.70%
Default rate	'	25.00%
Loss severity	'	60.00%
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2008 [Member] | Minimum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	'	6.60%
Default rate	'	16.00%
Loss severity	'	45.00%
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2008 [Member] | Maximum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	'	6.60%
Default rate	'	16.00%
Loss severity	'	45.00%
Residential Mortgage Backed Securities, Alt-A Sector [Member] | Vintage Year 2005 [Member] | Minimum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	'	5.60%
Default rate	'	15.00%
Loss severity	'	5.00%
Residential Mortgage Backed Securities, Alt-A Sector [Member] | Vintage Year 2005 [Member] | Maximum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	'	8.70%
Default rate	'	25.00%
Loss severity	'	65.00%
Residential Mortgage Backed Securities, Alt-A Sector [Member] | Vintage Year 2007 [Member] | Minimum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	'	6.20%
Default rate	'	38.00%
Loss severity	'	60.00%
Residential Mortgage Backed Securities, Alt-A Sector [Member] | Vintage Year 2007 [Member] | Maximum [Member]	'	'
Residential Mortgage Backed Securities, Vintage Year [Line Items]	'	'
Discount rate	'	6.90%
Default rate	'	52.00%
Loss severity	'	65.00%

Investments_Other_Than_Tempora

Investments (Other Than Temporary Impairments by Asset Type) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
		Securities
Other than Temporary Impairment Losses, Investments [Abstract]	'	'
Other than temporary impairment, number of securities	'	7
Total OTTI losses	$0	($2,189)
Portion of OTTI losses recognized from other comprehensive income	-905	-1,048
Net OTTI losses recognized in operations	-905	-3,237
Residential Mortgage Backed Securities [Member]	'	'
Other than Temporary Impairment Losses, Investments [Abstract]	'	'
Other than temporary impairment, number of securities	2	5
Total OTTI losses	0	0
Portion of OTTI losses recognized from other comprehensive income	-905	-1,048
Net OTTI losses recognized in operations	-905	-1,048
Corporate Securities [Member] | Industrial [Member]	'	'
Other than Temporary Impairment Losses, Investments [Abstract]	'	'
Other than temporary impairment, number of securities	'	1
Total OTTI losses	'	-1,761
Portion of OTTI losses recognized from other comprehensive income	'	0
Net OTTI losses recognized in operations	'	-1,761
Equity Securities [Member] | Industrial [Member]	'	'
Other than Temporary Impairment Losses, Investments [Abstract]	'	'
Other than temporary impairment, number of securities	'	1
Total OTTI losses	'	-428
Portion of OTTI losses recognized from other comprehensive income	'	0
Net OTTI losses recognized in operations	'	($428)

Investments_Cumulative_Credit_

Investments (Cumulative Credit Loss Portion of Other Than Temporary Impairment Recognized in Operations) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Investments [Abstract]	'	'
Cumulative credit loss at beginning of period	($125,960)	($134,027)
Credit losses on securities for which OTTI has not previously been recognized	0	-1,761
Additional credit losses on securities for which OTTI has previously been recognized	-905	-1,048
Accumulated losses on securities that were disposed of during the period	0	7,023
Cumulative credit loss at end of period	($126,865)	($129,813)

Investments_Cumulative_Noncred

Investments (Cumulative Noncredit Portion of Other Than Temporary Impairment Recognized in Other Comprehensive Income and Change in Fair Value Since Other Than Temporary Impairment) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment Holdings [Line Items]	'	'
Amortized cost	$653,399	$679,265
OTTI recognized in other comprehensive income	-175,429	-176,334
Change in fair value since OTTI was recognized	210,840	216,081
Fair value	688,810	719,012
Fixed Maturity Securities [Member] | Corporate Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Amortized cost	0	0
OTTI recognized in other comprehensive income	0	0
Change in fair value since OTTI was recognized	38	20
Fair value	38	20
Fixed Maturity Securities [Member] | Residential Mortgage Backed Securities [Member]	'	'
Investment Holdings [Line Items]	'	'
Amortized cost	653,399	679,265
OTTI recognized in other comprehensive income	-175,429	-176,334
Change in fair value since OTTI was recognized	210,802	216,061
Fair value	$688,772	$718,992

Mortgage_Loans_on_Real_Estate_1

Mortgage Loans on Real Estate (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	loans	loans
	portfolio_segment
Mortgage Loans on Real Estate [Abstract]	'	'	'
Mortgage loans on real estate	$2,584,583,000	'	$2,581,082,000
Commitments outstanding	54,300,000	'	'
Number of portfolio segments that make up financing receivables	1	'	'
Number of days past due, delinquent status	'60 days	'	'
Number of mortgage loans satisfied by foreclosure	1	1	'
Number of days past due, non-accrual status	'90 days	'	'
Outstanding principal of loans in a non-accrual status	$11,200,000	'	$8,200,000
Impaired mortgage loans, workout terms, interest only payments, six month terms	'6 months	'	'
Impaired mortgage loans, workout terms, interest only payments, twelve month terms	'12 months	'	'
Impaired mortgage loans, workout terms, cash flow sweep, number of months	'12 months	'	'

Mortgage_Loans_on_Real_Estate_2

Mortgage Loans on Real Estate (Summary of Mortgage Loan Portfolio) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Mortgage Loans on Real Estate [Abstract]	'	'
Principal outstanding	$2,610,380	$2,607,698
Loan loss allowance	-25,262	-26,047
Deferred prepayment fees	-535	-569
Mortgage loans on real estate	$2,584,583	$2,581,082

Mortgage_Loans_on_Real_Estate_3

Mortgage Loans on Real Estate (Mortgage Loan Portfolio Summarized by Geographic Region and Property Type) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	$2,610,380	$2,607,698
Percent	100.00%	100.00%
Office [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	557,029	590,414
Percent	21.30%	22.60%
Medical Office [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	122,807	125,703
Percent	4.70%	4.80%
Retail [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	729,056	711,364
Percent	27.90%	27.30%
Industrial/Warehouse [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	690,442	673,449
Percent	26.50%	25.80%
Hotel [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	47,138	61,574
Percent	1.80%	2.40%
Apartment [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	313,330	291,823
Percent	12.00%	11.20%
Mixed Use/Other [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	150,578	153,371
Percent	5.80%	5.90%
East [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	793,717	765,717
Percent	30.40%	29.40%
Middle Atlantic [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	152,712	156,489
Percent	5.90%	6.00%
Mountain [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	343,166	356,246
Percent	13.10%	13.70%
New England [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	20,977	21,324
Percent	0.80%	0.80%
Pacific [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	313,896	317,431
Percent	12.00%	12.20%
South Atlantic [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	488,622	483,852
Percent	18.70%	18.50%
West North Central [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	343,660	351,794
Percent	13.20%	13.50%
West South Central [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Principal outstanding	$153,630	$154,845
Percent	5.90%	5.90%

Mortgage_Loans_on_Real_Estate_4

Mortgage Loans on Real Estate (Allowance for Loan Losses Rollforward) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
In Thousands, unless otherwise specified			Specific Allowance [Member]	Specific Allowance [Member]	General Allowance [Member]	General Allowance [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'	'	'	'	'	'
Beginning allowance balance	($25,262)	($26,047)	($16,847)	($23,134)	($9,200)	($11,100)
Charge-offs	'	'	949	1,569	0	0
Recoveries	'	'	0	0	0	0
Provision for credit losses	'	'	-564	-1,066	400	700
Ending allowance balance	($25,262)	($26,047)	($16,462)	($22,631)	($8,800)	($10,400)

Mortgage_Loans_on_Real_Estate_5

Mortgage Loans on Real Estate (Impaired Mortgage Loans on Real Estate by Basis of Impairment) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Mortgage Loans on Real Estate [Abstract]	'	'
Individually evaluated for impairment	$42,986	$47,018
Collectively evaluated for impairment	2,567,394	2,560,680
Principal outstanding	$2,610,380	$2,607,698

Mortgage_Loans_on_Real_Estate_6

Mortgage Loans on Real Estate (Real Estate Owned) (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Real Estate Owned [Roll Forward]	'	'	'
Real estate owned at beginning of period	$22,844	$33,172	$33,172
Real estate acquired in satisfaction of mortgage loans	1,713	844	'
Sales	-3,030	-5,080	'
Impairments	-799	'	0
Depreciation	-136	-172	'
Real estate owned at end of period	$20,592	$28,764	$22,844

Mortgage_Loans_on_Real_Estate_7

Mortgage Loans on Real Estate (Mortgage Loans by Credit Quality Indicator) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Mortgage Loans on Real Estate [Abstract]	'	'
Performing	$2,591,196	$2,593,276
In workout	7,956	6,248
Delinquent	0	0
Collateral dependent	11,228	8,174
Principal outstanding	$2,610,380	$2,607,698

Mortgage_Loans_on_Real_Estate_8

Mortgage Loans on Real Estate (Schedule of Financing Receivables Past Due) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Mortgage Loans on Real Estate [Abstract]	'	'
30 - 59 days	$0	$0
60 to 89 days	0	0
90 days and over	0	0
Total past due	0	0
Current	2,599,152	2,599,524
Collateral dependent receivables	11,228	8,174
Principal outstanding	$2,610,380	$2,607,698

Mortgage_Loans_on_Real_Estate_9

Mortgage Loans on Real Estate (Schedule of Impaired Financing Receivables) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Financing Receivable, Impaired [Line Items]	'	'	'
Mortgage loans with an allowance, recorded investment	$26,524	'	$30,171
Mortgage loans with no related allowance, recorded investment	4,353	'	3,264
Impaired mortgage loans, recorded investment	30,877	'	33,435
Mortgage loans with an allowance, unpaid principal balance	42,986	'	47,018
Mortgage loans with no related allowance, unpaid principal balance	4,353	'	3,264
Impaired mortgage loans, unpaid principal balance	47,339	'	50,282
Mortgage loans with an allowance, related allowance	-16,462	'	-16,847
Mortgage loans with an allowance, average recorded investment	29,884	28,384	'
Mortgage loans with no related allowance, average recorded investment	3,456	20,505	'
Impaired mortgage loans, average recorded investment	33,340	48,889	'
Mortgage loans with an allowance, interest income recognized	508	331	'
Mortgage loans with no related allowance, interest income recognized	351	284	'
Impaired mortgage loans, interest income reoognized	$859	$615	'

Recovered_Sheet1

Mortgage Loans on Real Estate (Troubled Debt Restructurings) (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
	loans	loans
Financing Receivable, Modifications [Line Items]	'	'
Number of TDRs	12	18
Principal balance outstanding	$27,566	$45,653
Specific loan loss allowance	-6,267	-6,653
Net carrying amount	21,299	39,000
East [Member]	'	'
Financing Receivable, Modifications [Line Items]	'	'
Number of TDRs	'	1
Principal balance outstanding	'	3,712
Specific loan loss allowance	'	-949
Net carrying amount	'	2,763
Mountain [Member]	'	'
Financing Receivable, Modifications [Line Items]	'	'
Number of TDRs	2	7
Principal balance outstanding	7,871	22,140
Specific loan loss allowance	-893	-329
Net carrying amount	6,978	21,811
South Atlantic [Member]	'	'
Financing Receivable, Modifications [Line Items]	'	'
Number of TDRs	7	7
Principal balance outstanding	13,841	13,930
Specific loan loss allowance	-4,177	-4,177
Net carrying amount	9,664	9,753
East North Central [Member]	'	'
Financing Receivable, Modifications [Line Items]	'	'
Number of TDRs	1	1
Principal balance outstanding	2,219	2,219
Specific loan loss allowance	-467	-467
Net carrying amount	1,752	1,752
West North Central [Member]	'	'
Financing Receivable, Modifications [Line Items]	'	'
Number of TDRs	1	1
Principal balance outstanding	1,921	1,938
Specific loan loss allowance	-475	-475
Net carrying amount	1,446	1,463
West South Central [Member]	'	'
Financing Receivable, Modifications [Line Items]	'	'
Number of TDRs	1	1
Principal balance outstanding	1,714	1,714
Specific loan loss allowance	-255	-256
Net carrying amount	$1,459	$1,458

Derivative_Instruments_Narrati

Derivative Instruments (Narrative) (Details) (USD $)

3 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

1 Months Ended

1 Months Ended

In Millions, except Per Share data, unless otherwise specified

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Sep. 30, 2010

Sep. 30, 2010

Mar. 31, 2014

Mar. 31, 2014

Sep. 30, 2010

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Apr. 28, 2014

Apr. 28, 2014

Apr. 28, 2014

2015 Notes Hedges [Member]

2015 Notes Hedges [Member]

2015 Warrants [Member]

2015 Warrants [Member]

September 2015 Notes [Member]

September 2015 Notes [Member]

SunTrust [Member]

SunTrust [Member]

Call Options [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

counterparties

counterparties

Not Designated as Hedging Instrument [Member]

Three Month London Interbank Offered Rate (LIBOR) [Member]

counterparties

2015 Notes Hedges [Member]

2015 Warrants [Member]

Not Designated as Hedging Instrument [Member]

partial_unwind_agreement

Derivative [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment maturity period

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

Derivative collateral

$679.60

$818.20

'

'

'

'

'

'

$4

'

'

'

'

'

Credit risk, maximum exposure

114.5

71.7

'

'

'

'

'

'

'

'

'

'

'

'

Derivative, cap interest rate

'

'

'

'

'

'

'

'

'

2.50%

'

'

'

'

Interest rate swaps and caps, duration

'

'

'

'

'

'

'

'

'7 years

'

'

'

'

'

Principal amount of convertible senior notes payable at issuance

'

'

'

'

'

'

'

200

'

'

'

'

'

'

Debt instrument, interest rate, stated percentage

'

'

'

'

'

'

3.50%

'

'

'

'

'

'

'

Number of counterparties

'

'

'

2

2

'

'

'

'

'

'

'

'

'

Derivative, conversion spread, shares of common stock

'

'

7.5

16

'

'

'

'

'

'

'

'

4.8

'

Derivative asset, strike price

'

'

$12.35

$12.50

'

'

'

'

'

'

'

'

$12.35

'

Warrants, number of securities called by warrants

'

'

'

'

16

'

'

'

'

'

'

'

'

4.8

Warrants, strike price

'

'

'

'

$16

$15.75

'

'

'

'

'

'

'

$15.75

Proceeds from issuance of warrants

'

'

'

'

15.6

'

'

'

'

'

'

'

'

'

Warrants, deliverable

'

'

'

'

11.7

'

'

'

'

'

'

'

'

'

Number of partial unwind agreements

'

'

'

'

'

'

'

'

'

'

'

3

'

'

Number of counterparties, partial unwind agreements

'

'

'

'

'

'

'

'

'

'

'

2

'

'

Net cash received from counterparties for settlement of call options and warrants

'

'

'

'

'

'

'

'

'

'

'

$7.20

'

'

Derivative_Instruments_Fair_Va

Derivative Instruments (Fair Value of Derivative Instruments as Presented in the Consolidated Balance Sheets) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'	'
Derivative assets	$790,396	$856,050
Not Designated as Hedging Instrument [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative assets	881,962	969,906
Derivative liabilities	4,843,243	4,513,204
Call Options [Member] | Not Designated as Hedging Instrument [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative assets	790,396	856,050
2015 Notes Hedges [Member] | Not Designated as Hedging Instrument [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative assets	86,640	107,041
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative assets	4,926	6,103
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative assets	0	712
Derivative liabilities	690	0
Fixed Index Annuities - Embedded Derivatives [Member] | Not Designated as Hedging Instrument [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative liabilities	4,755,913	4,406,163
2015 Notes Embedded Conversion Derivative [Member] | Not Designated as Hedging Instrument [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative liabilities	$86,640	$107,041

Derivative_Instruments_Change_

Derivative Instruments (Change in Fair Value of Derivatives Included in the Consolidated Statement of Operations) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Change in fair value of derivatives	$48,493	$373,962
Change in fair value of embedded derivatives	92,619	363,272
Call Options [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Change in fair value of derivatives	71,473	344,654
2015 Notes Hedges [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Change in fair value of derivatives	-20,401	28,098
Interest Rate Swap [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Change in fair value of derivatives	-1,402	733
Interest Rate Caps [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Change in fair value of derivatives	-1,177	477
2015 Notes Embedded Conversion Derivative [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Change in fair value of embedded derivatives	-20,401	28,098
Fixed Index Annuities - Embedded Derivatives [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Change in fair value of embedded derivatives	$113,020	$335,174

Derivative_Instruments_Derivat

Derivative Instruments (Derivative Call Options, Notional Amount and Fair Value, by Counterparty) (Details) (Call Options [Member], Not Designated as Hedging Instrument [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Notional amount	$20,281,860	$19,277,639
Derivative instruments	790,396	856,050
Bank of America [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	1,590,121	1,683,911
Derivative instruments	61,063	73,836
Barclays [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	1,927,994	2,396,839
Derivative instruments	61,753	113,513
BNP Paribas [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	1,299,886	1,382,661
Derivative instruments	36,924	38,849
Citibank, N.A. [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	2,423,596	1,536,547
Derivative instruments	81,072	72,310
Credit Suisse [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	4,101,721	4,060,352
Derivative instruments	193,008	193,304
Deutsche Bank [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	838,142	747,587
Derivative instruments	35,175	41,074
HSBC [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	169,761	200,011
Derivative instruments	6,442	10,518
J.P. Morgan [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	923,585	786,429
Derivative instruments	39,197	36,863
Morgan Stanley [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	3,847,956	3,546,487
Derivative instruments	154,226	150,437
Royal Bank of Canada [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	871,208	714,941
Derivative instruments	31,084	25,140
Wells Fargo [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	2,287,890	2,221,874
Derivative instruments	$90,452	$100,206

Derivative_Instruments_Interes

Derivative Instruments (Interest Rate Swaps) (Details) (Interest Rate Swap [Member], Interest Rate Swaps, Maturity Date, March 15, 2021, 2.415% [Member], SunTrust [Member], Not Designated as Hedging Instrument [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Interest Rate Swap [Member] | Interest Rate Swaps, Maturity Date, March 15, 2021, 2.415% [Member] | SunTrust [Member] | Not Designated as Hedging Instrument [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	$85,500	'
Pay rate	2.42%	'
Derivative liabilities	-690	'
Derivative assets	'	$712

Derivative_Instruments_Interes1

Derivative Instruments (Interest Rate Caps) (Details) (Interest Rate Caps [Member], SunTrust [Member], Not Designated as Hedging Instrument [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Notional amount	$79,000	'
Derivative assets	4,926	6,103
Interest Rate Caps, Maturity Date, July 7, 2021, 2.50% [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	40,000	'
Cap rate	2.50%	'
Derivative assets	2,481	3,073
Interest Rate Caps, Maturity Date, July 8, 2021, 2.50% [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	12,000	'
Cap rate	2.50%	'
Derivative assets	745	923
Interest Rate Caps, Maturity Date, July 29, 2021, 2.50% [Member]	'	'
Derivative [Line Items]	'	'
Notional amount	27,000	'
Cap rate	2.50%	'
Derivative assets	$1,700	$2,107

Notes_Payable_Liability_and_Eq

Notes Payable (Liability and Equity Components of Convertible Senior Notes) (Details) (USD $)	3 Months Ended			12 Months Ended	3 Months Ended	12 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
			September 2015 Notes [Member]	September 2015 Notes [Member]	December 2029 Notes [Member]	December 2029 Notes [Member]	Convertible Debt [Member]	Convertible Debt [Member]
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'
Principal amount of liability component	'	'	$91,951	$91,951	$37,032	$68,373	'	'
Unamortized discount	'	'	-5,712	-6,623	-1,513	-3,743	'	'
Net carrying amount of liability component	'	'	86,239	85,328	35,519	64,630	'	'
Carrying amount of equity component	'	'	'	'	4,983	15,586	'	'
Amount by which the if-converted value exceeds principal	'	'	83,860	104,403	56,960	113,169	'	'
Interest expense on convertible notes	$10,264	$7,248	'	'	'	'	$3,400	$7,200

Notes_Payable_2029_Notes_Narra

Notes Payable (2029 Notes Narrative) (Details) (December 2029 Notes [Member], USD $)	3 Months Ended	1 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Apr. 25, 2014
		Subsequent Event [Member]
Debt Instrument [Line Items]	'	'
Debt instrument, interest rate, stated percentage	5.25%	'
Interest rate, effective percentage	11.90%	'
Debt instrument, convertible, conversion price per share	$9.57	'
Extinguishment of debt, amount	$31.30	$1.90
Extinguishment of debt, cash paid	54.6	4.5
Extinguishment of debt, cash paid for shares of common stock	23.2	'
Extinguishment of debt, shares issued	946,793	'
Extinguishment of debt, carrying value at extinguishment	29.9	1.8
Extinguishment of debt, gain (loss), net of tax	($2.30)	($0.10)

Notes_Payable_2015_Notes_Narra

Notes Payable (2015 Notes Narrative) (Details) (September 2015 Notes [Member], USD $)	Mar. 31, 2014	Apr. 25, 2014
In Millions, except Share data, unless otherwise specified		Subsequent Event [Member]
Debt Instrument [Line Items]	'	'
Interest rate, effective percentage	8.90%	'
Extinguishment of debt, amount	'	$32.50
Extinguishment of debt, cash paid	'	33.3
Extinguishment of debt, cash paid for shares of common stock	'	27
Extinguishment of debt, shares issued	'	1,225,845
Extinguishment of debt, carrying value at extinguishment	'	30.5
Extinguishment of debt, gain (loss), net of tax	'	($2.60)

Notes_Payable_Line_of_Credit_N

Notes Payable (Line of Credit Narrative) (Details) (2013 Line of Credit [Member], USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Nov. 30, 2013
	guarantor
	occasions
	banks
2013 Line of Credit [Member]	'	'	'
Line of Credit Facility [Line Items]	'	'	'
Line of credit, maximum borrowing capacity	'	'	$140,000,000
Line of credit, number of banks in agreement	5	'	'
Line of credit, length of credit agreement, years	'4 years	'	'
Line of credit, interest rate, floating, applicable margin	1.00%	'	'
Line of credit, interest rate, floating, adjusted LIBOR	2.00%	'	'
Line of credit, unused capacity, commitment fee percentage	0.35%	'	'
Minimum risk-based capital ratio	275.00%	'	'
Maximum debt to capital ratio	0.35	'	'
Minimum capital to be retained	80.00%	'	'
Minimum portion of net income to be retained	50.00%	'	'
Minimum capital contributions to be retained	50.00%	'	'
Line of credit, number of occasions borrowing capacity can be increased	3	'	'
Line of credit, additional borrowing capacity, aggregate amount	50,000,000	'	'
Line of credit, maturity date extension available, years	'1 year	'	'
Line of credit, number of guarantors	0	'	'
Line of credit, amount outstanding	$0	$0	'

Notes_Payable_Repurchase_Agree

Notes Payable (Repurchase Agreements Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Debt Disclosure [Abstract]	'	'
Repurchase agreement, maximum amount borrowed	$138,700,000	$0
Repurchase agreement, average borrowings	$27,500,000	'
Repurchase agreement, weighted average interest rate	0.15%	'

Commitments_and_Contingencies_

Commitments and Contingencies (Narrative) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2012
Commitments and Contingencies Disclosure [Abstract]	'	'	'
Estimated litigation liability	$11.10	$21.20	$17.50
Change in estimated litigation liability	-2.3	'	'
Legal fees paid	7.8	'	'
Unfunded commitments to limited partnerships	23.6	'	'
Unfunded commitments to secured bank loans	$12.80	'	'

Earnings_Loss_Per_Share_Schedu

Earnings (Loss) Per Share (Schedule of Earnings (Loss) Per Share, Basic and Diluted) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share, Basic and Dilutive [Line Items]	'	'
Net income (loss) - numerator for earnings (loss) per common share	($9,753)	$26,031
Weighted average common shares outstanding (shares)	72,518,574	63,313,568
Effect of dilutive securities: 2015 warrants (shares)	2,372,404	0
Denominator for earnings (loss) per common share - assuming dilution	79,615,779	68,705,913
Earnings (loss) per common share	($0.13)	$0.41
Earnings (loss) per common share - assuming dilution	($0.13)	$0.38
Stock Options and Deferred Compensation Agreements [Member]	'	'
Earnings Per Share, Basic and Dilutive [Line Items]	'	'
Effect of dilutive securities: share-based payment arrangements (shares)	1,287,267	908,853
Restricted Stock Units [Member]	'	'
Earnings Per Share, Basic and Dilutive [Line Items]	'	'
Effect of dilutive securities: share-based payment arrangements (shares)	36,548	0
Convertible Senior Notes [Member]	'	'
Earnings Per Share, Basic and Dilutive [Line Items]	'	'
Effect of dilutive securities: convertible senior notes (shares)	3,400,986	4,483,492

Earnings_Loss_Per_Share_Schedu1

Earnings (Loss) Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share) (Details) (Stock Options [Member], USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Number of shares	1,277,650	3,200
Minimum [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Range of exercise prices	24.79	14.34
Maximum [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Range of exercise prices	24.79	14.62