American National (ANG-PB) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document Information [Line Items]
Entity Registrant Name	AMERICAN EQUITY INVESTMENT LIFE HOLDING CO
Entity Central Index Key	1,039,828
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
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		77,146,375

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fixed maturity securities:
Available for sale, at fair value (amortized cost: 2015 - $32,692,702; 2014 - $30,205,046)	$ 33,905,869	$ 32,445,202
Held for investment, at amortized cost (fair value: 2015 - $65,705; 2014 - $75,838)	76,526	76,432
Equity securities, available for sale, at fair value (cost: 2015 - $7,512; 2014 - $7,509)	7,861	7,805
Mortgage loans on real estate	2,450,676	2,434,580
Derivative instruments	503,953	731,113
Other investments	285,743	286,726
Total investments	37,230,628	35,981,858
Cash and cash equivalents	733,814	701,514
Coinsurance deposits	3,101,189	3,044,342
Accrued investment income	343,172	326,559
Deferred policy acquisition costs	2,522,277	2,058,556
Deferred sales inducements	1,944,619	1,587,257
Deferred income taxes	172,114	0
Income taxes recoverable	21,888	9,252
Other assets	177,781	280,396
Total assets	46,247,482	43,989,734
Liabilities:
Policy benefit reserves	42,494,314	39,802,861
Other policy funds and contract claims	342,878	365,819
Notes payable	422,163	421,679
Subordinated debentures	246,345	246,243
Deferred income taxes	0	3,895
Other liabilities	834,020	1,009,361
Total liabilities	44,339,720	41,849,858
Stockholders' equity:
Preferred stock, par value $1 per share, 2,000,000 shares authorized, 2015 and 2014 - no shares issued and outstanding	0	0
Common stock, par value $1 per share, 200,000,000 shares authorized; issued and outstanding: 2015 - 76,793,577 shares (excluding 3,620,484 treasury shares); 2014 - 76,062,407 shares (excluding 4,126,167 treasury shares)	76,794	76,062
Additional paid-in capital	524,246	513,218
Accumulated other comprehensive income	388,779	721,401
Retained earnings	917,943	829,195
Total stockholders' equity	1,907,762	2,139,876
Total liabilities and stockholders' equity	$ 46,247,482	$ 43,989,734

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fixed maturity securities:
Available for sale, at fair value, amortized cost	$ 32,692,702	$ 30,205,046
Held for investment, at amortized cost, fair value	65,705	75,838
Equity securities, available for sale, at fair value, cost	$ 7,512	$ 7,509
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	76,793,577	76,062,407
Common stock, shares outstanding	76,793,577	76,062,407
Common stock, shares held in treasury	3,620,484	4,126,167

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Premiums and other considerations		$ 10,037	$ 9,123	$ 17,034	$ 16,454
Annuity product charges		32,409	29,247	61,091	54,519
Net investment income		418,176	370,882	817,845	740,887
Change in fair value of derivatives		(23,024)	270,883	(54,124)	319,376
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses		4,324	(2,230)	9,203	(2,944)
OTTI losses on investments:
Total OTTI losses		0	0	(132)	0
Portion of OTTI losses recognized from other comprehensive income		(828)	(594)	(828)	(1,499)
Net OTTI losses recognized in operations		(828)	(594)	(960)	(1,499)
Loss on extinguishment of debt		0	(6,574)	0	(10,551)
Total revenues		441,094	670,737	850,089	1,116,242
Benefits and expenses:
Insurance policy benefits and change in future policy benefits		12,450	10,987	21,670	21,082
Interest sensitive and index product benefits		306,141	367,774	588,966	684,966
Amortization of deferred sales inducements		75,518	55,349	86,471	56,015
Change in fair value of embedded derivatives		(219,601)	80,935	(168,388)	173,554
Interest expense on notes payable		7,354	9,121	14,693	19,385
Interest expense on subordinated debentures		3,047	3,024	6,063	6,032
Amortization of deferred policy acquisition costs		104,700	67,084	118,986	74,278
Other operating costs and expenses		24,868	20,887	45,990	39,972
Total benefits and expenses		314,477	615,161	714,451	1,075,284
Income before income taxes		126,617	55,576	135,638	40,958
Income tax expense		43,772	18,832	46,890	13,967
Net income		$ 82,845	$ 36,744	$ 88,748	$ 26,991
Earnings per common share		$ 1.07	$ 0.49	$ 1.15	$ 0.37
Earnings per common share - assuming dilution		$ 1.05	$ 0.46	$ 1.12	$ 0.34
Weighted average common shares outstanding: earnings per common share	[1]	77,237,200	74,461,264	77,139,992	73,495,286
Weighted average common shares outstanding: earnings per common share - assuming dilution		79,227,317	79,517,804	79,173,143	79,582,763
[1]	Weighted average common shares outstanding include shares vested under the NMO Deferred Compensation Plan and exclude unallocated shares held by the ESOP.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income		$ 82,845	$ 36,744	$ 88,748	$ 26,991
Other comprehensive income (loss):
Change in net unrealized investment gains/losses (1)	[1]	(778,097)	343,316	(513,984)	784,004
Noncredit component of OTTI losses (1)	[1]	413	286	413	694
Reclassification of unrealized investment gains/losses to net income (1)	[1]	825	454	1,844	(276)
Other comprehensive income (loss) before income tax		(776,859)	344,056	(511,727)	784,422
Income tax effect related to other comprehensive income (loss)		271,900	(120,420)	179,105	(274,547)
Other comprehensive income (loss)		(504,959)	223,636	(332,622)	509,875
Comprehensive income (loss)		$ (422,114)	$ 260,380	$ (243,874)	$ 536,866
[1]	Net of related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs.

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Unallocated Common Stock Held By ESOP [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]
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	26,991					26,991
Other comprehensive income (loss)	509,875				509,875
Allocation of common stock by ESOP, including excess income tax benefits	1,352		721	631
Share-based compensation, including excess income tax benefits	3,607		3,607
Issuance of common stock under compensation plans, including excess income tax benefits	8,830	1,110	7,720
Extinguishment of convertible senior notes, net of tax, including shares of common stock issued upon conversion	8,923	2,444	6,479
Warrants reclassified to embedded derivative liability to be settled in cash	(30,455)		(30,455)
Stockholders' equity at end of period at Jun. 30, 2014	1,913,810	74,089	538,472	0	556,071	745,178
Stockholders' equity at beginning of period at Dec. 31, 2014	2,139,876	76,062	513,218	0	721,401	829,195
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	88,748					88,748
Other comprehensive income (loss)	(332,622)				(332,622)
Share-based compensation, including excess income tax benefits	6,361		6,361
Issuance of common stock under compensation plans, including excess income tax benefits	5,399	732	4,667
Stockholders' equity at end of period at Jun. 30, 2015	$ 1,907,762	$ 76,794	$ 524,246	$ 0	$ 388,779	$ 917,943

Consolidated Statements of Cha7

Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Shares of common stock allocated by ESOP, including excess income tax benefits		58,618
Shares of common stock issued under compensation plans, including excess income tax benefits	731,170	1,109,882
Shares of common stock issued upon extinguishment of convertible senior notes		2,443,457

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net income	$ 88,748	$ 26,991
Adjustments to reconcile net income to net cash provided by operating activities:
Interest sensitive and index product benefits	588,966	684,966
Amortization of deferred sales inducements	86,471	56,015
Annuity product charges	(61,091)	(54,519)
Change in fair value of embedded derivatives	(168,388)	173,554
Decrease in traditional life and accident and health insurance reserves	1,699	1,323
Policy acquisition costs deferred	(292,140)	(199,978)
Amortization of deferred policy acquisition costs	118,986	74,278
Provision for depreciation and other amortization	2,518	5,398
Amortization of discounts and premiums on investments	(6,528)	(2,424)
Realized gains/losses on investments and net OTTI losses recognized in operations	(8,243)	4,443
Change in fair value of derivatives	53,191	(319,853)
Deferred income taxes	3,096	(42,918)
Loss on extinguishment of debt	0	10,551
Share-based compensation	3,347	620
Change in accrued investment income	(16,613)	(2,400)
Change in income taxes recoverable/payable	(12,636)	(37,087)
Change in other assets	178	(80)
Change in other policy funds and contract claims	(27,115)	(30,857)
Change in collateral held for derivatives	(97,273)	81,341
Change in other liabilities	13,141	(32,286)
Other	(4,817)	(1,697)
Net cash provided by operating activities	265,497	395,381
Sales, maturities, or repayments of investments:
Fixed maturity securities - available for sale	886,573	939,430
Mortgage loans on real estate	229,179	217,785
Derivative instruments	452,212	532,867
Other investments	10,930	13,245
Acquisition of investments:
Fixed maturity securities - available for sale	(3,312,404)	(1,993,092)
Mortgage loans on real estate	(239,408)	(193,731)
Derivative instruments	(275,523)	(227,024)
Other investments	(4,901)	(5,598)
Purchases of property, furniture and equipment	(592)	(622)
Net cash used in investing activities	(2,253,934)	(716,740)
Financing activities
Receipts credited to annuity and single premium universal life policyholder account balances	3,095,837	1,950,707
Coinsurance deposits	(16,800)	14,113
Return of annuity policyholder account balances	(1,022,667)	(944,679)
Financing fees incurred and deferred	0	(100)
Repayment of notes payable	0	(119,677)
Net proceeds from settlement of notes hedges and warrants	0	10,401
Excess tax benefits realized from share-based compensation plans	3,014	3,776
Proceeds from issuance of common stock	5,399	8,041
Change in checks in excess of cash balance	(44,046)	(34,219)
Net cash provided by financing activities	2,020,737	888,363
Increase in cash and cash equivalents	32,300	567,004
Cash and cash equivalents at beginning of period	701,514	897,529
Cash and cash equivalents at end of period	733,814	1,464,533
Cash paid during period for interest:
Interest expense	19,526	22,097
Cash paid during period for income taxes:
Income taxes	53,401	68,423
Non-cash operating activity:
Deferral of sales inducements	219,191	155,957
Non-cash investing and financing activities:
Real estate acquired in satisfaction of mortgage loans	0	10,007
Common stock issued in extinguishment of debt	$ 0	$ 56,292

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
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 and six month periods ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 . 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, 2014 . Adopted Accounting Pronouncements There were no accounting pronouncements that were adopted during the current period. New Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU will be effective for us on January 1, 2016, and retroactive application is required. It is not expected to have a material impact on our consolidated financial statements. In June 2014, the FASB issued an ASU that requires that a performance target in a share-based payment arrangement that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. This ASU will be effective for us on January 1, 2016, and early adoption is permitted, but it is not expected to have a material impact on our consolidated financial statements.

Fair Values of Financial Instru

Fair Values of Financial Instruments	6 Months Ended
	Jun. 30, 2015
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: June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) Assets Fixed maturity securities: Available for sale $ 33,905,869 $ 33,905,869 $ 32,445,202 $ 32,445,202 Held for investment 76,526 65,705 76,432 75,838 Equity securities, available for sale 7,861 7,861 7,805 7,805 Mortgage loans on real estate 2,450,676 2,494,270 2,434,580 2,493,901 Derivative instruments 503,953 503,953 731,113 731,113 Other investments 272,785 279,575 266,488 273,004 Cash and cash equivalents 733,814 733,814 701,514 701,514 Coinsurance deposits 3,101,189 2,767,173 3,044,342 2,698,552 Interest rate caps 2,324 2,324 2,778 2,778 2015 notes hedges 26,916 26,916 30,291 30,291 Counterparty collateral 112,449 112,449 206,096 206,096 Liabilities Policy benefit reserves 42,153,741 35,569,121 39,463,987 33,078,978 Single premium immediate annuity (SPIA) benefit reserves 342,621 354,769 365,440 377,654 Notes payable 422,163 446,345 421,679 503,349 Subordinated debentures 246,345 217,653 246,243 244,437 2015 notes embedded conversion derivative 26,916 26,916 30,291 30,291 Interest rate swap 2,644 2,644 2,644 2,644 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 June 30, 2015 and December 31, 2014 are presented below based on the fair value hierarchy levels: Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) June 30, 2015 Assets Fixed maturity securities: Available for sale: United States Government full faith and credit $ 37,269 $ 3,776 $ 33,493 $ — United States Government sponsored agencies 1,346,299 — 1,346,299 — United States municipalities, states and territories 3,683,015 — 3,683,015 — Foreign government obligations 220,439 — 220,439 — Corporate securities 22,399,342 12 22,399,330 — Residential mortgage backed securities 1,619,463 — 1,619,437 26 Commercial mortgage backed securities 3,558,419 — 3,558,419 — Other asset backed securities 1,041,623 365 1,041,258 — Equity securities, available for sale: finance, insurance and real estate 7,861 — 7,861 — Derivative instruments 503,953 — 503,953 — Cash and cash equivalents 733,814 733,814 — — Interest rate caps 2,324 — 2,324 — 2015 notes hedges 26,916 — 26,916 — Counterparty collateral 112,449 — 112,449 — $ 35,293,186 $ 737,967 $ 34,555,193 $ 26 Liabilities 2015 notes embedded conversion derivative $ 26,916 $ — $ 26,916 $ — Interest rate swap 2,644 — 2,644 — Fixed index annuities - embedded derivatives 5,984,007 — — 5,984,007 $ 6,013,567 $ — $ 29,560 $ 5,984,007 December 31, 2014 Assets Fixed maturity securities: Available for sale: United States Government full faith and credit $ 138,460 $ 4,255 $ 134,205 $ — United States Government sponsored agencies 1,393,890 — 1,393,890 — United States municipalities, states and territories 3,723,309 — 3,723,309 — Foreign government obligations 193,803 — 193,803 — Corporate securities 21,490,292 11 21,490,281 — Residential mortgage backed securities 1,751,345 — 1,750,970 375 Commercial mortgage backed securities 2,807,620 — 2,807,620 — Other asset backed securities 946,483 — 946,483 — Equity securities, available for sale: finance, insurance and real estate 7,805 — 7,805 — Derivative instruments 731,113 — 731,113 — Cash and cash equivalents 701,514 701,514 — — Interest rate caps 2,778 — 2,778 — 2015 notes hedges 30,291 — 30,291 — Counterparty collateral 206,096 — 206,096 — $ 34,124,799 $ 705,780 $ 33,418,644 $ 375 Liabilities 2015 notes embedded conversion derivative $ 30,291 $ — $ 30,291 $ — Interest rate swap 2,644 — 2,644 — Fixed index annuities - embedded derivatives 5,574,653 — — 5,574,653 $ 5,607,588 $ — $ 32,935 $ 5,574,653 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 June 30, 2015 and December 31, 2014 . 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 value 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 whose fair values fall 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 swap and caps The fair values of our pay fixed/receive variable interest rate swap and our interest rate caps are obtained from third parties and are determined by discounting expected future cash flows using projected LIBOR rates for the term of the swap and caps. 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 on 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 and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Available for sale securities Beginning balance $ 342 $ 1,080 $ 375 $ 1,376 Principal returned (9 ) (114 ) (21 ) (192 ) Amortization of premium/accretion of discount (409 ) (138 ) (466 ) (165 ) Total gains (losses) (realized/unrealized): Included in other comprehensive income (loss) 240 45 276 (146 ) Included in operations (138 ) (205 ) (138 ) (205 ) Ending balance $ 26 $ 668 $ 26 $ 668 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 Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Fixed index annuities - embedded derivatives Beginning balance $ 5,865,171 $ 4,755,913 $ 5,574,653 $ 4,406,163 Premiums less benefits 453,317 425,776 813,712 797,729 Change in fair value, net (334,481 ) (61,866 ) (404,358 ) (84,069 ) Ending balance $ 5,984,007 $ 5,119,823 $ 5,984,007 $ 5,119,823 Change in fair value, 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 June 30, 2015 , were to increase by 100 basis points, the fair value of the embedded derivatives would decrease by $399.3 million recorded through operations as a decrease in the change in fair value of embedded derivatives and there would be a corresponding decrease of $238.6 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 $444.8 million recorded through operations as an increase in the change in fair value of embedded derivatives and there would be a corresponding increase of $254.4 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	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Investments	Investments At June 30, 2015 and December 31, 2014 , the amortized cost and fair value of fixed maturity securities and equity securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) June 30, 2015 Fixed maturity securities: Available for sale: United States Government full faith and credit $ 36,574 $ 789 $ (94 ) $ 37,269 United States Government sponsored agencies 1,345,273 22,461 (21,435 ) 1,346,299 United States municipalities, states and territories 3,384,101 314,439 (15,525 ) 3,683,015 Foreign government obligations 210,930 14,110 (4,601 ) 220,439 Corporate securities 21,682,728 1,038,079 (321,465 ) 22,399,342 Residential mortgage backed securities 1,498,441 126,122 (5,100 ) 1,619,463 Commercial mortgage backed securities 3,528,243 62,158 (31,982 ) 3,558,419 Other asset backed securities 1,006,412 46,800 (11,589 ) 1,041,623 $ 32,692,702 $ 1,624,958 $ (411,791 ) $ 33,905,869 Held for investment: Corporate security $ 76,526 $ — $ (10,821 ) $ 65,705 Equity securities, available for sale: Finance, insurance, and real estate $ 7,512 $ 349 $ — $ 7,861 December 31, 2014 Fixed maturity securities: Available for sale: United States Government full faith and credit $ 137,710 $ 765 $ (15 ) $ 138,460 United States Government sponsored agencies 1,364,424 43,399 (13,933 ) 1,393,890 United States municipalities, states and territories 3,293,551 430,469 (711 ) 3,723,309 Foreign government obligations 181,128 16,628 (3,953 ) 193,803 Corporate securities 19,984,747 1,628,941 (123,396 ) 21,490,292 Residential mortgage backed securities 1,616,846 136,704 (2,205 ) 1,751,345 Commercial mortgage backed securities 2,720,294 90,649 (3,323 ) 2,807,620 Other asset backed securities 906,346 48,022 (7,885 ) 946,483 $ 30,205,046 $ 2,395,577 $ (155,421 ) $ 32,445,202 Held for investment: Corporate security $ 76,432 $ — $ (594 ) $ 75,838 Equity securities, available for sale: Finance, insurance, and real estate $ 7,509 $ 296 $ — $ 7,805 At June 30, 2015 , 33% of our fixed income securities have call features, of which 1.0% ( $0.4 billion ) were subject to call redemption and another 2% ( $0.6 billion ) will become subject to call redemption during the next twelve months. Approximately 63% of our fixed income securities that have call features are not callable until within six months of their stated maturities. The amortized cost and fair value of fixed maturity securities at June 30, 2015 , 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 Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 115,065 $ 119,061 $ — $ — Due after one year through five years 1,568,460 1,718,885 — — Due after five years through ten years 9,583,053 9,673,185 — — Due after ten years through twenty years 7,890,764 8,338,748 — — Due after twenty years 7,502,264 7,836,485 76,526 65,705 26,659,606 27,686,364 76,526 65,705 Residential mortgage backed securities 1,498,441 1,619,463 — — Commercial mortgage backed securities 3,528,243 3,558,419 — — Other asset backed securities 1,006,412 1,041,623 — — $ 32,692,702 $ 33,905,869 $ 76,526 $ 65,705 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: June 30, 2015 December 31, 2014 (Dollars in thousands) Net unrealized gains on available for sale fixed maturity securities and equity securities $ 1,213,516 $ 2,240,452 Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements (650,062 ) (1,165,271 ) Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax expense (197,209 ) (376,314 ) Net unrealized gains reported as accumulated other comprehensive income $ 388,779 $ 721,401 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 both June 30, 2015 and December 31, 2014 . The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated: June 30, 2015 December 31, 2014 NAIC Designation Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) 1 $ 20,987,149 $ 21,984,922 $ 19,223,151 $ 20,941,634 2 11,066,108 11,324,503 10,432,593 10,981,618 3 678,879 642,995 602,191 583,313 4 24,032 13,774 22,888 14,089 5 — — — — 6 13,060 5,380 655 386 $ 32,769,228 $ 33,971,574 $ 30,281,478 $ 32,521,040 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 926 and 402 securities, respectively) have been in a continuous unrealized loss position, at June 30, 2015 and December 31, 2014 : Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) June 30, 2015 Fixed maturity securities: Available for sale: United States Government full faith and credit $ 7,614 $ (94 ) $ — $ — $ 7,614 $ (94 ) United States Government sponsored agencies 789,276 (21,435 ) — — 789,276 (21,435 ) United States municipalities, states and territories 384,668 (15,340 ) 2,815 (185 ) 387,483 (15,525 ) Foreign government obligations 43,757 (1,279 ) 11,088 (3,322 ) 54,845 (4,601 ) Corporate securities: Finance, insurance and real estate 1,677,103 (45,815 ) 77,533 (12,230 ) 1,754,636 (58,045 ) Manufacturing, construction and mining 3,137,250 (113,863 ) 235,631 (33,320 ) 3,372,881 (147,183 ) Utilities and related sectors 1,669,968 (65,725 ) 65,412 (5,704 ) 1,735,380 (71,429 ) Wholesale/retail trade 387,401 (14,280 ) 23,173 (2,312 ) 410,574 (16,592 ) Services, media and other 875,606 (25,991 ) 33,938 (2,225 ) 909,544 (28,216 ) Residential mortgage backed securities 226,168 (4,380 ) 9,214 (720 ) 235,382 (5,100 ) Commercial mortgage backed securities 1,516,961 (31,982 ) — — 1,516,961 (31,982 ) Other asset backed securities 147,816 (1,213 ) 51,077 (10,376 ) 198,893 (11,589 ) $ 10,863,588 $ (341,397 ) $ 509,881 $ (70,394 ) $ 11,373,469 $ (411,791 ) Held for investment: Corporate security: Insurance $ 65,705 $ (10,821 ) $ — $ — $ 65,705 $ (10,821 ) December 31, 2014 Fixed maturity securities: Available for sale: United States Government full faith and credit $ — $ — $ 498 $ (15 ) $ 498 $ (15 ) United States Government sponsored agencies — — 610,339 (13,933 ) 610,339 (13,933 ) United States municipalities, states and territories — — 27,947 (711 ) 27,947 (711 ) Foreign government obligations 14,194 (1,068 ) 11,542 (2,885 ) 25,736 (3,953 ) Corporate securities: Finance, insurance and real estate 253,439 (2,586 ) 399,874 (16,277 ) 653,313 (18,863 ) Manufacturing, construction and mining 1,078,089 (35,151 ) 694,088 (35,926 ) 1,772,177 (71,077 ) Utilities and related sectors 373,952 (8,185 ) 344,313 (10,153 ) 718,265 (18,338 ) Wholesale/retail trade 88,766 (2,290 ) 99,427 (3,122 ) 188,193 (5,412 ) Services, media and other 131,940 (1,567 ) 277,296 (8,139 ) 409,236 (9,706 ) Residential mortgage backed securities 22,115 (1,219 ) 20,427 (986 ) 42,542 (2,205 ) Commercial mortgage backed securities 241,637 (1,344 ) 187,241 (1,979 ) 428,878 (3,323 ) Other asset backed securities 142,094 (3,519 ) 58,958 (4,366 ) 201,052 (7,885 ) $ 2,346,226 $ (56,929 ) $ 2,731,950 $ (98,492 ) $ 5,078,176 $ (155,421 ) Held for investment: Corporate security: Insurance $ — $ — $ 75,838 $ (594 ) $ 75,838 $ (594 ) Based on the results of our process for evaluating available for sale securities in unrealized loss positions for other-than-temporary-impairments, which is discussed in detail later in this footnote, we have determined that the unrealized losses on the securities in the preceding table are temporary. The unrealized losses at June 30, 2015 are principally related to timing of the purchases of these securities, which carry less yield than those available at June 30, 2015 . In addition, a 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 prolonged economic weakness. At June 30, 2015 , 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 34 securities with a total amortized cost basis of $226.2 million and a fair value of $253.5 million . Approximately 86% and 78% of the unrealized losses on fixed maturity securities shown in the above table for June 30, 2015 and December 31, 2014 , respectively, are on securities that are rated investment grade, defined as being the highest two NAIC designations. All of the fixed maturity 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 and six months ended June 30, 2015 and 2014 are as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Fixed maturity securities held for investment carried at amortized cost $ (17,326 ) $ 1,607 $ (10,227 ) $ 5,644 Investments carried at fair value: Fixed maturity securities, available for sale $ (1,547,155 ) $ 716,779 $ (1,026,989 ) $ 1,693,910 Equity securities, available for sale 11 (6 ) 53 (19 ) (1,547,144 ) 716,773 (1,026,936 ) 1,693,891 Adjustment for effect on other balance sheet accounts: Deferred policy acquisition costs and deferred sales inducements 770,285 (372,717 ) 515,209 (909,469 ) Deferred income tax asset/liability 271,900 (120,420 ) 179,105 (274,547 ) 1,042,185 (493,137 ) 694,314 (1,184,016 ) Change in net unrealized gains on investments carried at fair value $ (504,959 ) $ 223,636 $ (332,622 ) $ 509,875 Proceeds from sales of available for sale securities for the six months ended June 30, 2015 and 2014 were $242.8 million and $130.4 million , respectively. Scheduled principal repayments, calls and tenders for available for sale securities for the six months ended June 30, 2015 and 2014 were $643.8 million and $809.0 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 and six months ended June 30, 2015 and 2014 , are as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Available for sale fixed maturity securities: Gross realized gains $ 2,212 $ 1,173 $ 4,500 $ 1,357 Gross realized losses (511 ) (71 ) (800 ) (762 ) 1,701 1,102 3,700 595 Other investments: Gain on sale of real estate 195 282 1,033 1,038 Loss on sale of real estate (193 ) (231 ) (575 ) (231 ) Impairment losses on real estate — — (629 ) (799 ) 2 51 (171 ) 8 Mortgage loans on real estate: Decrease (increase) in allowance for credit losses (499 ) (3,383 ) 1,299 (3,547 ) Recovery of specific allowance 3,120 — 4,375 — 2,621 (3,383 ) 5,674 (3,547 ) $ 4,324 $ (2,230 ) $ 9,203 $ (2,944 ) Losses on available for sale fixed maturity securities were realized primarily due to strategies 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 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. 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 six months ended June 30, 2015 and 2014 , 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 Six months ended June 30, 2015 Prime 2006 6.5 % 6.5 % 14 % 14 % 40 % 40 % 2007 6.4 % 7.0 % 15 % 19 % 55 % 55 % Alt-A 2005 5.6 % 5.6 % 99 % 99 % 2 % 2 % Six months ended June 30, 2014 Prime 2005 7.5 % 7.5 % 15 % 15 % 50 % 50 % 2006 6.5 % 7.4 % 11 % 12 % 50 % 50 % Alt-A 2005 5.6 % 6.4 % 87 % 87 % 2 % 2 % 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 in net income and amortized cost is written down to fair value. 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 and six months ended June 30, 2015 and 2014 , by asset type: Number of Securities Total OTTI Losses Portion of OTTI Losses Recognized from Other Comprehensive Income Net OTTI Losses Recognized in Operations (Dollars in thousands) Three months ended June 30, 2015 Fixed maturity securities, available for sale: Residential mortgage backed securities 3 $ — $ (828 ) $ (828 ) Three months ended June 30, 2014 Fixed maturity securities, available for sale: Residential mortgage backed securities 3 $ — $ (594 ) $ (594 ) Six months ended June 30, 2015 Fixed maturity securities, available for sale: Residential mortgage backed securities 4 $ (132 ) $ (828 ) $ (960 ) Six months ended June 30, 2014 Fixed maturity securities, available for sale: Residential mortgage backed securities 5 $ — $ (1,499 ) $ (1,499 ) 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 Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Cumulative credit loss at beginning of period $ (127,182 ) $ (126,865 ) $ (127,050 ) $ (125,960 ) Credit losses on securities for which OTTI has not previously been recognized — — (132 ) — Additional credit losses on securities for which OTTI has previously been recognized (828 ) (594 ) (828 ) (1,499 ) Cumulative credit loss at end of period $ (128,010 ) $ (127,459 ) $ (128,010 ) $ (127,459 ) 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 June 30, 2015 and December 31, 2014 : Amortized Cost OTTI Recognized in Other Comprehensive Income Change in Fair Value Since OTTI was Recognized Fair Value (Dollars in thousands) June 30, 2015 Fixed maturity securities, available for sale: Corporate securities $ — $ — $ 12 $ 12 Residential mortgage backed securities 524,449 (172,666 ) 213,900 565,683 $ 524,449 $ (172,666 ) $ 213,912 $ 565,695 December 31, 2014 Fixed maturity securities, available for sale: Corporate securities $ — $ — $ 11 $ 11 Residential mortgage backed securities 569,508 (173,494 ) 215,625 611,639 $ 569,508 $ (173,494 ) $ 215,636 $ 611,650

Mortgage Loans on Real Estate

Mortgage Loans on Real Estate	6 Months Ended
	Jun. 30, 2015
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 $2.5 billion at June 30, 2015 and $2.4 billion December 31, 2014 , respectively, with commitments outstanding of $109.6 million at June 30, 2015 . June 30, 2015 December 31, 2014 (Dollars in thousands) Principal outstanding $ 2,467,950 $ 2,457,721 Loan loss allowance (16,816 ) (22,633 ) Deferred prepayment fees (458 ) (508 ) Carrying value $ 2,450,676 $ 2,434,580 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: June 30, 2015 December 31, 2014 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 722,023 29.3 % $ 701,638 28.5 % Middle Atlantic 166,314 6.7 % 166,249 6.8 % Mountain 274,743 11.1 % 279,075 11.4 % New England 9,464 0.4 % 12,280 0.5 % Pacific 329,543 13.4 % 302,307 12.3 % South Atlantic 450,083 18.2 % 471,849 19.2 % West North Central 326,333 13.2 % 349,028 14.2 % West South Central 189,447 7.7 % 175,295 7.1 % $ 2,467,950 100.0 % $ 2,457,721 100.0 % Property type distribution Office $ 451,847 18.3 % $ 484,585 19.7 % Medical Office 83,393 3.4 % 88,275 3.6 % Retail 714,174 28.9 % 711,775 29.0 % Industrial/Warehouse 664,066 26.9 % 649,425 26.4 % Hotel 18,411 0.8 % 30,640 1.3 % Apartment 373,550 15.1 % 335,087 13.6 % Mixed use/other 162,509 6.6 % 157,934 6.4 % $ 2,467,950 100.0 % $ 2,457,721 100.0 % 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 evaluate our mortgage loan portfolio for the establishment of a loan loss allowance 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 on a quantitative and qualitative basis. 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. We rate each of 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 the general loan loss allowance. We also assess the portfolio qualitatively and apply a loss rate to all loans without a specific allowance based on management's assessment of economic conditions, and we apply an additional amount of loss allowance to a group of loans that we have identified as having higher risk of loss. The following table presents a rollforward of our specific and general valuation allowances for mortgage loans on real estate: Three Months Ended Three Months Ended Specific Allowance General Allowance Specific Allowance General Allowance (Dollars in thousands) Beginning allowance balance $ (12,452 ) $ (7,000 ) $ (16,462 ) $ (8,800 ) Charge-offs 15 — 1,808 — Recoveries 3,120 — 255 — Change in provision for credit losses 1 (500 ) (2,883 ) (500 ) Ending allowance balance $ (9,316 ) $ (7,500 ) $ (17,282 ) $ (9,300 ) Six Months Ended Six Months Ended Specific Allowance General Allowance Specific Allowance General Allowance (Dollars in thousands) Beginning allowance balance $ (12,333 ) $ (10,300 ) $ (16,847 ) $ (9,200 ) Charge-offs 143 — 2,757 — Recoveries 4,375 — 255 — Change in provision for credit losses (1,501 ) 2,800 (3,447 ) (100 ) Ending allowance balance $ (9,316 ) $ (7,500 ) $ (17,282 ) $ (9,300 ) The specific allowance represents the total credit loss allowances on loans which are individually evaluated for impairment. The general allowance is for 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: June 30, 2015 December 31, 2014 (Dollars in thousands) Individually evaluated for impairment $ 24,725 $ 29,116 Collectively evaluated for impairment 2,443,225 2,428,605 Total loans evaluated for impairment $ 2,467,950 $ 2,457,721 Charge-offs include allowances that have been established on loans that were satisfied by taking ownership of the collateral. When ownership of the property is taken it is recorded at the lower of the mortgage loan's carrying value or the property's fair value (based on appraised values) less estimated costs to sell. The real estate owned is recorded 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. Recoveries are situations where we have received a payment from the borrower in an amount greater than the carrying value of the loan (principal outstanding less specific allowance). During the three and six months ended June 30, 2015 , no mortgage loans were satisfied by taking ownership of any real estate serving as collateral compared to four and five mortgage loans for the same periods in 2014 . The following table summarizes the activity in the real estate owned, included in Other investments, which was obtained in satisfaction of mortgage loans on real estate: Three Months Ended Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Real estate owned at beginning of period $ 14,611 $ 20,592 $ 20,238 $ 22,844 Real estate acquired in satisfaction of mortgage loans — 8,294 — 10,007 Sales (1,581 ) (4,118 ) (6,480 ) (7,148 ) Impairments — — (629 ) (799 ) Depreciation (72 ) (162 ) (171 ) (298 ) Real estate owned at end of period $ 12,958 $ 24,606 $ 12,958 $ 24,606 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. June 30, 2015 December 31, 2014 (Dollars in thousands) Credit Exposure--By Payment Activity Performing $ 2,445,361 $ 2,451,760 In workout 11,897 — Delinquent 6,844 — Collateral dependent 3,848 5,961 $ 2,467,950 $ 2,457,721 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 or more past due. In general, 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 June 30, 2015 and December 31, 2014 totaled $3.8 million and $6.0 million , respectively. 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. 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 June 30, 2015 $ — $ — $ 6,844 $ 6,844 $ 2,457,258 $ 3,848 $ 2,467,950 December 31, 2014 $ — $ — $ — $ — $ 2,451,760 $ 5,961 $ 2,457,721 Financing receivables summarized in the following two tables 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 60 days or more 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) June 30, 2015 Mortgage loans with an allowance $ 15,409 $ 24,725 $ (9,316 ) Mortgage loans with no related allowance 11,844 11,844 — $ 27,253 $ 36,569 $ (9,316 ) December 31, 2014 Mortgage loans with an allowance $ 16,783 $ 29,116 $ (12,333 ) Mortgage loans with no related allowance 2,656 2,656 — $ 19,439 $ 31,772 $ (12,333 ) Average Recorded Investment Interest Income Recognized (Dollars in thousands) Three months ended June 30, 2015 Mortgage loans with an allowance $ 15,518 $ 394 Mortgage loans with no related allowance 11,856 180 $ 27,374 $ 574 Three months ended June 30, 2014 Mortgage loans with an allowance $ 27,054 $ 600 Mortgage loans with no related allowance 2,656 13 $ 29,710 $ 613 Six months ended June 30, 2015 Mortgage loans with an allowance $ 15,893 $ 738 Mortgage loans with no related allowance 11,873 372 $ 27,766 $ 1,110 Six months ended June 30, 2014 Mortgage loans with an allowance $ 27,236 $ 1,235 Mortgage loans with no related allowance 2,656 — $ 29,892 $ 1,235 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 June 30, 2015 and December 31, 2014 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) June 30, 2015 South Atlantic 6 $ 10,878 $ (2,992 ) $ 7,886 East North Central 2 3,345 (467 ) 2,878 West North Central 2 7,790 (1,046 ) 6,744 10 $ 22,013 $ (4,505 ) $ 17,508 December 31, 2014 South Atlantic 7 14,475 (4,244 ) 10,231 East North Central 1 2,177 (467 ) 1,710 West North Central 1 1,881 (1,047 ) 834 9 $ 18,533 $ (5,758 ) $ 12,775

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2015
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: June 30, 2015 December 31, 2014 (Dollars in thousands) Assets Derivative instruments Call options $ 503,953 $ 731,113 Other assets 2015 notes hedges 26,916 30,291 Interest rate caps 2,324 2,778 $ 533,193 $ 764,182 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives $ 5,984,007 $ 5,574,653 Other liabilities 2015 notes embedded conversion derivative 26,916 30,291 Interest rate swap 2,644 2,644 $ 6,013,567 $ 5,607,588 The changes in fair value of derivatives included in the unaudited consolidated statements of operations are as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Change in fair value of derivatives: Call options $ (20,141 ) $ 273,769 $ (49,361 ) $ 345,242 2015 notes hedges (3,942 ) 100 (3,375 ) (20,301 ) Interest rate swap 827 (1,848 ) (934 ) (3,250 ) Interest rate caps 232 (1,138 ) (454 ) (2,315 ) $ (23,024 ) $ 270,883 $ (54,124 ) $ 319,376 Change in fair value of embedded derivatives: Fixed index annuities—embedded derivatives $ (215,659 ) $ 85,067 $ (165,013 ) $ 198,087 2015 notes embedded conversion derivative $ (3,942 ) $ (4,132 ) (3,375 ) (24,533 ) $ (219,601 ) $ 80,935 $ (168,388 ) $ 173,554 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: June 30, 2015 December 31, 2014 Counterparty Credit Rating (S&P) Credit Rating (Moody's) Notional Amount Fair Value Notional Amount Fair Value (Dollars in thousands) Bank of America A A1 $ 4,579,352 $ 85,902 $ 2,114,812 $ 62,932 Barclays A- A2 3,147,493 75,319 4,083,259 135,609 BNP Paribas A+ A1 1,511,811 29,220 1,321,136 42,644 Citibank, N.A. A A1 3,029,615 40,285 3,190,204 96,759 Credit Suisse A A1 1,856,096 32,128 2,354,811 75,381 Deutsche Bank BBB+ A3 2,498,954 35,450 2,682,960 64,028 HSBC AA- Aa3 — — 38,599 1,767 J.P. Morgan A+ Aa3 602,951 6,190 401,804 13,488 Morgan Stanley A- A3 2,914,931 52,982 2,605,687 77,106 Royal Bank of Canada AA- Aa3 1,911,994 42,735 1,364,362 41,717 SunTrust A- Baa1 836,304 15,392 248,622 5,405 Wells Fargo AA- Aa2 3,839,915 88,350 3,550,188 114,277 $ 26,729,416 $ 503,953 $ 23,956,444 $ 731,113 As of June 30, 2015 and December 31, 2014 , we held $552.1 million and $743.0 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 $23.3 million and $47.4 million at June 30, 2015 and December 31, 2014 , 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. During the three months ended June 30, 2014 , we revised future period assumptions for lapse rates and the expected costs of annual call options used in determining fixed index annuity embedded derivatives. These revisions decreased the change in fair value of embedded derivatives for the three and six months ended June 30, 2014 by $62.6 million , which after related adjustments to deferred sales inducements and deferred policy acquisition costs and income taxes, increased net income and earnings per common share - assuming dilution by $14.8 million and $0.19 , respectively. 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, 2014 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 June 30, 2015 December 31, 2014 Maturity Date Amount Receive Rate Rate Counterparty Fair Value Fair Value (Dollars in thousands) March 15, 2021 $ 85,500 LIBOR 2.415 % SunTrust $ (2,644 ) $ (2,644 ) Details regarding the interest rate caps are as follows: Notional Cap June 30, 2015 December 31, 2014 Maturity Date Amount Floating Rate Rate Counterparty Fair Value Fair Value (Dollars in thousands) July 7, 2021 $ 40,000 LIBOR 2.50 % SunTrust $ 1,168 $ 1,398 July 8, 2021 12,000 LIBOR 2.50 % SunTrust 350 420 July 29, 2021 27,000 LIBOR 2.50 % SunTrust 806 960 $ 79,000 $ 2,324 $ 2,778 The interest rate swap converts floating rates to fixed rates for seven years which began in March 2014. The interest rate caps cap our interest rates for seven years which began in July 2014. In September 2010, concurrently with the issuance of $200.0 million principal amount of 3.50% Convertible Senior Notes due September 15, 2015 (the "2015 notes"), we entered into hedge transactions (the "2015 notes hedges") with two counterparties whereby we would 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. The number of shares and strike price of the 2015 notes hedges are subject to adjustment based on dividends we pay subsequent to their purchase. The 2015 notes hedges 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 hedges and 2015 notes embedded conversion derivative are adjusted to fair value each reporting period and unrealized gains and losses are reflected in our consolidated statements of operations. In separate transactions, we sold warrants (the "2015 warrants") to the 2015 notes hedges 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. 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 June 30, 2015 and December 31, 2014 , as a result of partial unwind transactions executed in 2013 and 2014 and cash dividend adjustments, we had 2015 notes hedges and 2015 warrants outstanding on 1.8 million shares of our common stock at strike prices of $12.25 and $15.68 per share, respectively. At June 30, 2015 and 2014 , the remaining 2015 warrants were dilutive as the average price of our common stock exceeded the strike price of the 2015 warrants and the effect has been included in diluted earnings per share for the three and six months ended June 30, 2015 and 2014 .

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Notes Payable	Notes Payable The carrying amount of the 2015 notes and the amount by which the if-converted value exceeds the outstanding principal for the 2015 notes is as follows: June 30, 2015 December 31, 2014 (Dollars in thousands) Principal amount of liability component $ 22,377 $ 22,377 Unamortized discount (214 ) (698 ) Net carrying amount of liability component $ 22,163 $ 21,679 Amount by which the if-converted value exceeds principal $ 26,494 $ 30,497 The discount is being amortized over the expected life of the 2015 notes, which is the maturity date of September 15, 2015. The effective interest rate for the 2015 notes is 8.9% . The interest cost recognized in operations for the convertible notes, inclusive of the coupon and amortization of the discount and debt issue costs, was $0.5 million and $1.0 million for the three and six months ended June 30, 2015 , compared to $2.3 million and $5.7 million for the same periods in 2014 . The 2015 notes are excluded from the dilutive effect in our diluted earnings per share calculation as they are intended to be settled only in cash. During the six months ended June 30, 2014 , we extinguished $36.2 million principal amount of our 2029 notes and $46.5 million principal amount of our 2015 notes. Total consideration paid to holders of the 2029 notes consisted of $66.8 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 $34.6 million which resulted in a loss of $2.5 million on extinguishment of debt, net of income taxes. Total consideration paid to holders of the 2015 notes consisted of $52.9 million in cash and $33.1 million in shares of our common stock ( 1,496,664 shares). The carrying value of the 2015 notes at extinguishment was $43.8 million which resulted in a loss of $5.4 million , net of income taxes. We have a $140 million unsecured revolving line of credit agreement with five banks that terminates on November 22, 2017. 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 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 June 30, 2015 and December 31, 2014 . As of June 30, 2015 , $511.9 million is unrestricted and could be distributed to shareholders and still be in compliance with all covenants under this credit agreement. As part of our investment strategy, we enter into securities repurchase agreements (short-term collateralized borrowings). The maximum amount borrowed was $40.6 million and $138.7 million during the six months ended June 30, 2015 and 2014 , respectively. 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 $0.9 million for the six months ended June 30, 2015 compared to $13.7 million for the six months ended June 30, 2014 . We had no borrowings under repurchase agreements during the three months ended June 30, 2015 and 2014 , respectively. The weighted average interest rate on amounts due under repurchase agreements was 0.39% for the six months ended June 30, 2015 compared to 0.15% for the six months ended June 30, 2014 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
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. 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. 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. 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. We recorded an estimated litigation liability of $17.5 million during the third quarter of 2012 related to the Los Angeles Case. 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. The estimated litigation liability at June 30, 2015 is $11.1 million . 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 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 June 30, 2015 to limited partnerships of $28.7 million and to secured bank loans of $19.2 million .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of earnings per common share and earnings per common share - assuming dilution: Three Months Ended Six Months Ended 2015 2014 2015 2014 (Dollars in thousands, except per share data) Numerator: Net income - numerator for earnings per common share $ 82,845 $ 36,744 $ 88,748 $ 26,991 Denominator: Weighted average common shares outstanding (1) 77,237,200 74,461,264 77,139,992 73,495,286 Effect of dilutive securities: Convertible senior notes — 2,259,425 — 2,843,987 2015 warrants 779,926 1,595,519 793,132 1,981,815 Stock options and deferred compensation agreements 1,087,893 1,154,726 1,123,614 1,220,996 Restricted stock and restricted stock units 122,298 46,870 116,405 40,679 Denominator for earnings per common share - assuming dilution 79,227,317 79,517,804 79,173,143 79,582,763 Earnings per common share $ 1.07 $ 0.49 $ 1.15 $ 0.37 Earnings per common share - assuming dilution $ 1.05 $ 0.46 $ 1.12 $ 0.34 (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 Shares Range of Exercise Prices Minimum Maximum Three months ended June 30, 2015 — $— $— Three months ended June 30, 2014 1,277,650 $24.79 $24.79 Six months ended June 30, 2015 — $— $— Six months ended June 30, 2014 1,277,650 $24.79 $24.79

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In August 2015, we commenced and priced an underwritten public offering of 8,600,000 shares of our common stock at a public offering price of $25.25 per share, of which 4,300,000 shares are subject to a forward sale agreement described below. The offering of 4,300,000 shares of our common stock (shares not subject to the forward sale agreement) will result in initial net proceeds of approximately $104.2 million (after deducting fees and estimated expenses related to the offering). The underwriters have exercised in full their option to purchase 1,290,000 additional shares of common stock, which will be subject to a separate forward sale agreement. The closing of the offering, together with the closing of the sale of shares to the underwriters pursuant to their option to purchase additional shares, is expected to occur on or about August 12, 2015 subject to customary closing conditions. In connection with this offering, we entered into a forward sale agreement and, in connection with the election of the underwriters to purchase additional shares, we will enter into an additional forward sale agreement with the forward counterparty. Settlement of the forward sale agreements will occur on one or more dates occurring no later than 12 months after the closing date of the offering. We intend to use the net proceeds from the offering for general corporate purposes, including contributions to the capital and surplus of our life insurance subsidiaries.

Significant Accounting Polici18

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy	Adopted Accounting Pronouncements There were no accounting pronouncements that were adopted during the current period. New Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU will be effective for us on January 1, 2016, and retroactive application is required. It is not expected to have a material impact on our consolidated financial statements. In June 2014, the FASB issued an ASU that requires that a performance target in a share-based payment arrangement that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. This ASU will be effective for us on January 1, 2016, and early adoption is permitted, but it is not expected to have a material impact on our consolidated financial statements.
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, 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 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. 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 in net income and amortized cost is written down to fair value. 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 allowance 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 on a quantitative and qualitative basis. 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. We rate each of 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 the 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 ownership of the property is taken it is recorded at the lower of the mortgage loan's carrying value or the property's fair value (based on appraised values) less estimated costs to sell. The real estate owned is recorded 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. Recoveries are situations where we have received a payment from the borrower in an amount greater than the carrying value of the loan (principal outstanding less specific allowance).
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 or more past due. In general, 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 Inst19

Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
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: June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) Assets Fixed maturity securities: Available for sale $ 33,905,869 $ 33,905,869 $ 32,445,202 $ 32,445,202 Held for investment 76,526 65,705 76,432 75,838 Equity securities, available for sale 7,861 7,861 7,805 7,805 Mortgage loans on real estate 2,450,676 2,494,270 2,434,580 2,493,901 Derivative instruments 503,953 503,953 731,113 731,113 Other investments 272,785 279,575 266,488 273,004 Cash and cash equivalents 733,814 733,814 701,514 701,514 Coinsurance deposits 3,101,189 2,767,173 3,044,342 2,698,552 Interest rate caps 2,324 2,324 2,778 2,778 2015 notes hedges 26,916 26,916 30,291 30,291 Counterparty collateral 112,449 112,449 206,096 206,096 Liabilities Policy benefit reserves 42,153,741 35,569,121 39,463,987 33,078,978 Single premium immediate annuity (SPIA) benefit reserves 342,621 354,769 365,440 377,654 Notes payable 422,163 446,345 421,679 503,349 Subordinated debentures 246,345 217,653 246,243 244,437 2015 notes embedded conversion derivative 26,916 26,916 30,291 30,291 Interest rate swap 2,644 2,644 2,644 2,644
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 June 30, 2015 and December 31, 2014 are presented below based on the fair value hierarchy levels: Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) June 30, 2015 Assets Fixed maturity securities: Available for sale: United States Government full faith and credit $ 37,269 $ 3,776 $ 33,493 $ — United States Government sponsored agencies 1,346,299 — 1,346,299 — United States municipalities, states and territories 3,683,015 — 3,683,015 — Foreign government obligations 220,439 — 220,439 — Corporate securities 22,399,342 12 22,399,330 — Residential mortgage backed securities 1,619,463 — 1,619,437 26 Commercial mortgage backed securities 3,558,419 — 3,558,419 — Other asset backed securities 1,041,623 365 1,041,258 — Equity securities, available for sale: finance, insurance and real estate 7,861 — 7,861 — Derivative instruments 503,953 — 503,953 — Cash and cash equivalents 733,814 733,814 — — Interest rate caps 2,324 — 2,324 — 2015 notes hedges 26,916 — 26,916 — Counterparty collateral 112,449 — 112,449 — $ 35,293,186 $ 737,967 $ 34,555,193 $ 26 Liabilities 2015 notes embedded conversion derivative $ 26,916 $ — $ 26,916 $ — Interest rate swap 2,644 — 2,644 — Fixed index annuities - embedded derivatives 5,984,007 — — 5,984,007 $ 6,013,567 $ — $ 29,560 $ 5,984,007 December 31, 2014 Assets Fixed maturity securities: Available for sale: United States Government full faith and credit $ 138,460 $ 4,255 $ 134,205 $ — United States Government sponsored agencies 1,393,890 — 1,393,890 — United States municipalities, states and territories 3,723,309 — 3,723,309 — Foreign government obligations 193,803 — 193,803 — Corporate securities 21,490,292 11 21,490,281 — Residential mortgage backed securities 1,751,345 — 1,750,970 375 Commercial mortgage backed securities 2,807,620 — 2,807,620 — Other asset backed securities 946,483 — 946,483 — Equity securities, available for sale: finance, insurance and real estate 7,805 — 7,805 — Derivative instruments 731,113 — 731,113 — Cash and cash equivalents 701,514 701,514 — — Interest rate caps 2,778 — 2,778 — 2015 notes hedges 30,291 — 30,291 — Counterparty collateral 206,096 — 206,096 — $ 34,124,799 $ 705,780 $ 33,418,644 $ 375 Liabilities 2015 notes embedded conversion derivative $ 30,291 $ — $ 30,291 $ — Interest rate swap 2,644 — 2,644 — Fixed index annuities - embedded derivatives 5,574,653 — — 5,574,653 $ 5,607,588 $ — $ 32,935 $ 5,574,653
Assets Measured at Fair Value on Recurring Basis, Level 3 Reconciliation	Three Months Ended Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Available for sale securities Beginning balance $ 342 $ 1,080 $ 375 $ 1,376 Principal returned (9 ) (114 ) (21 ) (192 ) Amortization of premium/accretion of discount (409 ) (138 ) (466 ) (165 ) Total gains (losses) (realized/unrealized): Included in other comprehensive income (loss) 240 45 276 (146 ) Included in operations (138 ) (205 ) (138 ) (205 ) Ending balance $ 26 $ 668 $ 26 $ 668
Liabilities Measured at Fair Value on Recurring Basis, Level 3 Reconciliation	Three Months Ended Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Fixed index annuities - embedded derivatives Beginning balance $ 5,865,171 $ 4,755,913 $ 5,574,653 $ 4,406,163 Premiums less benefits 453,317 425,776 813,712 797,729 Change in fair value, net (334,481 ) (61,866 ) (404,358 ) (84,069 ) Ending balance $ 5,984,007 $ 5,119,823 $ 5,984,007 $ 5,119,823

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Schedule of Fixed Maturity and Equity Securities	At June 30, 2015 and December 31, 2014 , the amortized cost and fair value of fixed maturity securities and equity securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) June 30, 2015 Fixed maturity securities: Available for sale: United States Government full faith and credit $ 36,574 $ 789 $ (94 ) $ 37,269 United States Government sponsored agencies 1,345,273 22,461 (21,435 ) 1,346,299 United States municipalities, states and territories 3,384,101 314,439 (15,525 ) 3,683,015 Foreign government obligations 210,930 14,110 (4,601 ) 220,439 Corporate securities 21,682,728 1,038,079 (321,465 ) 22,399,342 Residential mortgage backed securities 1,498,441 126,122 (5,100 ) 1,619,463 Commercial mortgage backed securities 3,528,243 62,158 (31,982 ) 3,558,419 Other asset backed securities 1,006,412 46,800 (11,589 ) 1,041,623 $ 32,692,702 $ 1,624,958 $ (411,791 ) $ 33,905,869 Held for investment: Corporate security $ 76,526 $ — $ (10,821 ) $ 65,705 Equity securities, available for sale: Finance, insurance, and real estate $ 7,512 $ 349 $ — $ 7,861 December 31, 2014 Fixed maturity securities: Available for sale: United States Government full faith and credit $ 137,710 $ 765 $ (15 ) $ 138,460 United States Government sponsored agencies 1,364,424 43,399 (13,933 ) 1,393,890 United States municipalities, states and territories 3,293,551 430,469 (711 ) 3,723,309 Foreign government obligations 181,128 16,628 (3,953 ) 193,803 Corporate securities 19,984,747 1,628,941 (123,396 ) 21,490,292 Residential mortgage backed securities 1,616,846 136,704 (2,205 ) 1,751,345 Commercial mortgage backed securities 2,720,294 90,649 (3,323 ) 2,807,620 Other asset backed securities 906,346 48,022 (7,885 ) 946,483 $ 30,205,046 $ 2,395,577 $ (155,421 ) $ 32,445,202 Held for investment: Corporate security $ 76,432 $ — $ (594 ) $ 75,838 Equity securities, available for sale: Finance, insurance, and real estate $ 7,509 $ 296 $ — $ 7,805
Schedule of Fixed Maturity Securities by Contractual Maturity Date	The amortized cost and fair value of fixed maturity securities at June 30, 2015 , 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 Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 115,065 $ 119,061 $ — $ — Due after one year through five years 1,568,460 1,718,885 — — Due after five years through ten years 9,583,053 9,673,185 — — Due after ten years through twenty years 7,890,764 8,338,748 — — Due after twenty years 7,502,264 7,836,485 76,526 65,705 26,659,606 27,686,364 76,526 65,705 Residential mortgage backed securities 1,498,441 1,619,463 — — Commercial mortgage backed securities 3,528,243 3,558,419 — — Other asset backed securities 1,006,412 1,041,623 — — $ 32,692,702 $ 33,905,869 $ 76,526 $ 65,705
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: June 30, 2015 December 31, 2014 (Dollars in thousands) Net unrealized gains on available for sale fixed maturity securities and equity securities $ 1,213,516 $ 2,240,452 Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements (650,062 ) (1,165,271 ) Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax expense (197,209 ) (376,314 ) Net unrealized gains reported as accumulated other comprehensive income $ 388,779 $ 721,401
Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation	The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated: June 30, 2015 December 31, 2014 NAIC Designation Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) 1 $ 20,987,149 $ 21,984,922 $ 19,223,151 $ 20,941,634 2 11,066,108 11,324,503 10,432,593 10,981,618 3 678,879 642,995 602,191 583,313 4 24,032 13,774 22,888 14,089 5 — — — — 6 13,060 5,380 655 386 $ 32,769,228 $ 33,971,574 $ 30,281,478 $ 32,521,040
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 926 and 402 securities, respectively) have been in a continuous unrealized loss position, at June 30, 2015 and December 31, 2014 : Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) June 30, 2015 Fixed maturity securities: Available for sale: United States Government full faith and credit $ 7,614 $ (94 ) $ — $ — $ 7,614 $ (94 ) United States Government sponsored agencies 789,276 (21,435 ) — — 789,276 (21,435 ) United States municipalities, states and territories 384,668 (15,340 ) 2,815 (185 ) 387,483 (15,525 ) Foreign government obligations 43,757 (1,279 ) 11,088 (3,322 ) 54,845 (4,601 ) Corporate securities: Finance, insurance and real estate 1,677,103 (45,815 ) 77,533 (12,230 ) 1,754,636 (58,045 ) Manufacturing, construction and mining 3,137,250 (113,863 ) 235,631 (33,320 ) 3,372,881 (147,183 ) Utilities and related sectors 1,669,968 (65,725 ) 65,412 (5,704 ) 1,735,380 (71,429 ) Wholesale/retail trade 387,401 (14,280 ) 23,173 (2,312 ) 410,574 (16,592 ) Services, media and other 875,606 (25,991 ) 33,938 (2,225 ) 909,544 (28,216 ) Residential mortgage backed securities 226,168 (4,380 ) 9,214 (720 ) 235,382 (5,100 ) Commercial mortgage backed securities 1,516,961 (31,982 ) — — 1,516,961 (31,982 ) Other asset backed securities 147,816 (1,213 ) 51,077 (10,376 ) 198,893 (11,589 ) $ 10,863,588 $ (341,397 ) $ 509,881 $ (70,394 ) $ 11,373,469 $ (411,791 ) Held for investment: Corporate security: Insurance $ 65,705 $ (10,821 ) $ — $ — $ 65,705 $ (10,821 ) December 31, 2014 Fixed maturity securities: Available for sale: United States Government full faith and credit $ — $ — $ 498 $ (15 ) $ 498 $ (15 ) United States Government sponsored agencies — — 610,339 (13,933 ) 610,339 (13,933 ) United States municipalities, states and territories — — 27,947 (711 ) 27,947 (711 ) Foreign government obligations 14,194 (1,068 ) 11,542 (2,885 ) 25,736 (3,953 ) Corporate securities: Finance, insurance and real estate 253,439 (2,586 ) 399,874 (16,277 ) 653,313 (18,863 ) Manufacturing, construction and mining 1,078,089 (35,151 ) 694,088 (35,926 ) 1,772,177 (71,077 ) Utilities and related sectors 373,952 (8,185 ) 344,313 (10,153 ) 718,265 (18,338 ) Wholesale/retail trade 88,766 (2,290 ) 99,427 (3,122 ) 188,193 (5,412 ) Services, media and other 131,940 (1,567 ) 277,296 (8,139 ) 409,236 (9,706 ) Residential mortgage backed securities 22,115 (1,219 ) 20,427 (986 ) 42,542 (2,205 ) Commercial mortgage backed securities 241,637 (1,344 ) 187,241 (1,979 ) 428,878 (3,323 ) Other asset backed securities 142,094 (3,519 ) 58,958 (4,366 ) 201,052 (7,885 ) $ 2,346,226 $ (56,929 ) $ 2,731,950 $ (98,492 ) $ 5,078,176 $ (155,421 ) Held for investment: Corporate security: Insurance $ — $ — $ 75,838 $ (594 ) $ 75,838 $ (594 )
Schedule of Changes in Net Unrealized Gains/Losses on Investments	Changes in net unrealized gains on investments for the three and six months ended June 30, 2015 and 2014 are as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Fixed maturity securities held for investment carried at amortized cost $ (17,326 ) $ 1,607 $ (10,227 ) $ 5,644 Investments carried at fair value: Fixed maturity securities, available for sale $ (1,547,155 ) $ 716,779 $ (1,026,989 ) $ 1,693,910 Equity securities, available for sale 11 (6 ) 53 (19 ) (1,547,144 ) 716,773 (1,026,936 ) 1,693,891 Adjustment for effect on other balance sheet accounts: Deferred policy acquisition costs and deferred sales inducements 770,285 (372,717 ) 515,209 (909,469 ) Deferred income tax asset/liability 271,900 (120,420 ) 179,105 (274,547 ) 1,042,185 (493,137 ) 694,314 (1,184,016 ) Change in net unrealized gains on investments carried at fair value $ (504,959 ) $ 223,636 $ (332,622 ) $ 509,875
Net Realized Gains (Losses) on Investments	Net realized gains (losses) on investments, excluding net OTTI losses for the three and six months ended June 30, 2015 and 2014 , are as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Available for sale fixed maturity securities: Gross realized gains $ 2,212 $ 1,173 $ 4,500 $ 1,357 Gross realized losses (511 ) (71 ) (800 ) (762 ) 1,701 1,102 3,700 595 Other investments: Gain on sale of real estate 195 282 1,033 1,038 Loss on sale of real estate (193 ) (231 ) (575 ) (231 ) Impairment losses on real estate — — (629 ) (799 ) 2 51 (171 ) 8 Mortgage loans on real estate: Decrease (increase) in allowance for credit losses (499 ) (3,383 ) 1,299 (3,547 ) Recovery of specific allowance 3,120 — 4,375 — 2,621 (3,383 ) 5,674 (3,547 ) $ 4,324 $ (2,230 ) $ 9,203 $ (2,944 )
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 six months ended June 30, 2015 and 2014 , 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 Six months ended June 30, 2015 Prime 2006 6.5 % 6.5 % 14 % 14 % 40 % 40 % 2007 6.4 % 7.0 % 15 % 19 % 55 % 55 % Alt-A 2005 5.6 % 5.6 % 99 % 99 % 2 % 2 % Six months ended June 30, 2014 Prime 2005 7.5 % 7.5 % 15 % 15 % 50 % 50 % 2006 6.5 % 7.4 % 11 % 12 % 50 % 50 % Alt-A 2005 5.6 % 6.4 % 87 % 87 % 2 % 2 %
Other Than Temporary Impairment by Asset Type	The following table summarizes other than temporary impairments for the three and six months ended June 30, 2015 and 2014 , by asset type: Number of Securities Total OTTI Losses Portion of OTTI Losses Recognized from Other Comprehensive Income Net OTTI Losses Recognized in Operations (Dollars in thousands) Three months ended June 30, 2015 Fixed maturity securities, available for sale: Residential mortgage backed securities 3 $ — $ (828 ) $ (828 ) Three months ended June 30, 2014 Fixed maturity securities, available for sale: Residential mortgage backed securities 3 $ — $ (594 ) $ (594 ) Six months ended June 30, 2015 Fixed maturity securities, available for sale: Residential mortgage backed securities 4 $ (132 ) $ (828 ) $ (960 ) Six months ended June 30, 2014 Fixed maturity securities, available for sale: Residential mortgage backed securities 5 $ — $ (1,499 ) $ (1,499 )
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 Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Cumulative credit loss at beginning of period $ (127,182 ) $ (126,865 ) $ (127,050 ) $ (125,960 ) Credit losses on securities for which OTTI has not previously been recognized — — (132 ) — Additional credit losses on securities for which OTTI has previously been recognized (828 ) (594 ) (828 ) (1,499 ) Cumulative credit loss at end of period $ (128,010 ) $ (127,459 ) $ (128,010 ) $ (127,459 )
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 June 30, 2015 and December 31, 2014 : Amortized Cost OTTI Recognized in Other Comprehensive Income Change in Fair Value Since OTTI was Recognized Fair Value (Dollars in thousands) June 30, 2015 Fixed maturity securities, available for sale: Corporate securities $ — $ — $ 12 $ 12 Residential mortgage backed securities 524,449 (172,666 ) 213,900 565,683 $ 524,449 $ (172,666 ) $ 213,912 $ 565,695 December 31, 2014 Fixed maturity securities, available for sale: Corporate securities $ — $ — $ 11 $ 11 Residential mortgage backed securities 569,508 (173,494 ) 215,625 611,639 $ 569,508 $ (173,494 ) $ 215,636 $ 611,650

Mortgage Loans on Real Estate (

Mortgage Loans on Real Estate (Tables)	6 Months Ended
	Jun. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Summary of Mortgage Loan Portfolio	Our mortgage loan portfolio, summarized in the following table, totaled $2.5 billion at June 30, 2015 and $2.4 billion December 31, 2014 , respectively, with commitments outstanding of $109.6 million at June 30, 2015 . June 30, 2015 December 31, 2014 (Dollars in thousands) Principal outstanding $ 2,467,950 $ 2,457,721 Loan loss allowance (16,816 ) (22,633 ) Deferred prepayment fees (458 ) (508 ) Carrying value $ 2,450,676 $ 2,434,580
Mortgage Loan Portfolio Summarized by Geographic Region and Property Type	The mortgage loan portfolio is summarized by geographic region and property type as follows: June 30, 2015 December 31, 2014 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 722,023 29.3 % $ 701,638 28.5 % Middle Atlantic 166,314 6.7 % 166,249 6.8 % Mountain 274,743 11.1 % 279,075 11.4 % New England 9,464 0.4 % 12,280 0.5 % Pacific 329,543 13.4 % 302,307 12.3 % South Atlantic 450,083 18.2 % 471,849 19.2 % West North Central 326,333 13.2 % 349,028 14.2 % West South Central 189,447 7.7 % 175,295 7.1 % $ 2,467,950 100.0 % $ 2,457,721 100.0 % Property type distribution Office $ 451,847 18.3 % $ 484,585 19.7 % Medical Office 83,393 3.4 % 88,275 3.6 % Retail 714,174 28.9 % 711,775 29.0 % Industrial/Warehouse 664,066 26.9 % 649,425 26.4 % Hotel 18,411 0.8 % 30,640 1.3 % Apartment 373,550 15.1 % 335,087 13.6 % Mixed use/other 162,509 6.6 % 157,934 6.4 % $ 2,467,950 100.0 % $ 2,457,721 100.0 %
Rollforward of Allowance for Credit Losses	The following table presents a rollforward of our specific and general valuation allowances for mortgage loans on real estate: Three Months Ended Three Months Ended Specific Allowance General Allowance Specific Allowance General Allowance (Dollars in thousands) Beginning allowance balance $ (12,452 ) $ (7,000 ) $ (16,462 ) $ (8,800 ) Charge-offs 15 — 1,808 — Recoveries 3,120 — 255 — Change in provision for credit losses 1 (500 ) (2,883 ) (500 ) Ending allowance balance $ (9,316 ) $ (7,500 ) $ (17,282 ) $ (9,300 ) Six Months Ended Six Months Ended Specific Allowance General Allowance Specific Allowance General Allowance (Dollars in thousands) Beginning allowance balance $ (12,333 ) $ (10,300 ) $ (16,847 ) $ (9,200 ) Charge-offs 143 — 2,757 — Recoveries 4,375 — 255 — Change in provision for credit losses (1,501 ) 2,800 (3,447 ) (100 ) Ending allowance balance $ (9,316 ) $ (7,500 ) $ (17,282 ) $ (9,300 )
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: June 30, 2015 December 31, 2014 (Dollars in thousands) Individually evaluated for impairment $ 24,725 $ 29,116 Collectively evaluated for impairment 2,443,225 2,428,605 Total loans evaluated for impairment $ 2,467,950 $ 2,457,721
Real Estate Acquired Via Foreclosure or Deed In Lieu	The following table summarizes the activity in the real estate owned, included in Other investments, which was obtained in satisfaction of mortgage loans on real estate: Three Months Ended Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Real estate owned at beginning of period $ 14,611 $ 20,592 $ 20,238 $ 22,844 Real estate acquired in satisfaction of mortgage loans — 8,294 — 10,007 Sales (1,581 ) (4,118 ) (6,480 ) (7,148 ) Impairments — — (629 ) (799 ) Depreciation (72 ) (162 ) (171 ) (298 ) Real estate owned at end of period $ 12,958 $ 24,606 $ 12,958 $ 24,606
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. June 30, 2015 December 31, 2014 (Dollars in thousands) Credit Exposure--By Payment Activity Performing $ 2,445,361 $ 2,451,760 In workout 11,897 — Delinquent 6,844 — Collateral dependent 3,848 5,961 $ 2,467,950 $ 2,457,721
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 June 30, 2015 $ — $ — $ 6,844 $ 6,844 $ 2,457,258 $ 3,848 $ 2,467,950 December 31, 2014 $ — $ — $ — $ — $ 2,451,760 $ 5,961 $ 2,457,721
Impaired Financing Receivables	Financing receivables summarized in the following two tables 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 60 days or more 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) June 30, 2015 Mortgage loans with an allowance $ 15,409 $ 24,725 $ (9,316 ) Mortgage loans with no related allowance 11,844 11,844 — $ 27,253 $ 36,569 $ (9,316 ) December 31, 2014 Mortgage loans with an allowance $ 16,783 $ 29,116 $ (12,333 ) Mortgage loans with no related allowance 2,656 2,656 — $ 19,439 $ 31,772 $ (12,333 ) Average Recorded Investment Interest Income Recognized (Dollars in thousands) Three months ended June 30, 2015 Mortgage loans with an allowance $ 15,518 $ 394 Mortgage loans with no related allowance 11,856 180 $ 27,374 $ 574 Three months ended June 30, 2014 Mortgage loans with an allowance $ 27,054 $ 600 Mortgage loans with no related allowance 2,656 13 $ 29,710 $ 613 Six months ended June 30, 2015 Mortgage loans with an allowance $ 15,893 $ 738 Mortgage loans with no related allowance 11,873 372 $ 27,766 $ 1,110 Six months ended June 30, 2014 Mortgage loans with an allowance $ 27,236 $ 1,235 Mortgage loans with no related allowance 2,656 — $ 29,892 $ 1,235
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 June 30, 2015 and December 31, 2014 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) June 30, 2015 South Atlantic 6 $ 10,878 $ (2,992 ) $ 7,886 East North Central 2 3,345 (467 ) 2,878 West North Central 2 7,790 (1,046 ) 6,744 10 $ 22,013 $ (4,505 ) $ 17,508 December 31, 2014 South Atlantic 7 14,475 (4,244 ) 10,231 East North Central 1 2,177 (467 ) 1,710 West North Central 1 1,881 (1,047 ) 834 9 $ 18,533 $ (5,758 ) $ 12,775

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
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: June 30, 2015 December 31, 2014 (Dollars in thousands) Assets Derivative instruments Call options $ 503,953 $ 731,113 Other assets 2015 notes hedges 26,916 30,291 Interest rate caps 2,324 2,778 $ 533,193 $ 764,182 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives $ 5,984,007 $ 5,574,653 Other liabilities 2015 notes embedded conversion derivative 26,916 30,291 Interest rate swap 2,644 2,644 $ 6,013,567 $ 5,607,588
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 Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) Change in fair value of derivatives: Call options $ (20,141 ) $ 273,769 $ (49,361 ) $ 345,242 2015 notes hedges (3,942 ) 100 (3,375 ) (20,301 ) Interest rate swap 827 (1,848 ) (934 ) (3,250 ) Interest rate caps 232 (1,138 ) (454 ) (2,315 ) $ (23,024 ) $ 270,883 $ (54,124 ) $ 319,376 Change in fair value of embedded derivatives: Fixed index annuities—embedded derivatives $ (215,659 ) $ 85,067 $ (165,013 ) $ 198,087 2015 notes embedded conversion derivative $ (3,942 ) $ (4,132 ) (3,375 ) (24,533 ) $ (219,601 ) $ 80,935 $ (168,388 ) $ 173,554
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: June 30, 2015 December 31, 2014 Counterparty Credit Rating (S&P) Credit Rating (Moody's) Notional Amount Fair Value Notional Amount Fair Value (Dollars in thousands) Bank of America A A1 $ 4,579,352 $ 85,902 $ 2,114,812 $ 62,932 Barclays A- A2 3,147,493 75,319 4,083,259 135,609 BNP Paribas A+ A1 1,511,811 29,220 1,321,136 42,644 Citibank, N.A. A A1 3,029,615 40,285 3,190,204 96,759 Credit Suisse A A1 1,856,096 32,128 2,354,811 75,381 Deutsche Bank BBB+ A3 2,498,954 35,450 2,682,960 64,028 HSBC AA- Aa3 — — 38,599 1,767 J.P. Morgan A+ Aa3 602,951 6,190 401,804 13,488 Morgan Stanley A- A3 2,914,931 52,982 2,605,687 77,106 Royal Bank of Canada AA- Aa3 1,911,994 42,735 1,364,362 41,717 SunTrust A- Baa1 836,304 15,392 248,622 5,405 Wells Fargo AA- Aa2 3,839,915 88,350 3,550,188 114,277 $ 26,729,416 $ 503,953 $ 23,956,444 $ 731,113
Schedule of Interest Rate Derivatives	Details regarding the interest rate swap are as follows: Notional Pay June 30, 2015 December 31, 2014 Maturity Date Amount Receive Rate Rate Counterparty Fair Value Fair Value (Dollars in thousands) March 15, 2021 $ 85,500 LIBOR 2.415 % SunTrust $ (2,644 ) $ (2,644 ) Details regarding the interest rate caps are as follows: Notional Cap June 30, 2015 December 31, 2014 Maturity Date Amount Floating Rate Rate Counterparty Fair Value Fair Value (Dollars in thousands) July 7, 2021 $ 40,000 LIBOR 2.50 % SunTrust $ 1,168 $ 1,398 July 8, 2021 12,000 LIBOR 2.50 % SunTrust 350 420 July 29, 2021 27,000 LIBOR 2.50 % SunTrust 806 960 $ 79,000 $ 2,324 $ 2,778

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Liability and Equity Components of Convertible Senior Notes	The carrying amount of the 2015 notes and the amount by which the if-converted value exceeds the outstanding principal for the 2015 notes is as follows: June 30, 2015 December 31, 2014 (Dollars in thousands) Principal amount of liability component $ 22,377 $ 22,377 Unamortized discount (214 ) (698 ) Net carrying amount of liability component $ 22,163 $ 21,679 Amount by which the if-converted value exceeds principal $ 26,494 $ 30,497

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of earnings per common share and earnings per common share - assuming dilution: Three Months Ended Six Months Ended 2015 2014 2015 2014 (Dollars in thousands, except per share data) Numerator: Net income - numerator for earnings per common share $ 82,845 $ 36,744 $ 88,748 $ 26,991 Denominator: Weighted average common shares outstanding (1) 77,237,200 74,461,264 77,139,992 73,495,286 Effect of dilutive securities: Convertible senior notes — 2,259,425 — 2,843,987 2015 warrants 779,926 1,595,519 793,132 1,981,815 Stock options and deferred compensation agreements 1,087,893 1,154,726 1,123,614 1,220,996 Restricted stock and restricted stock units 122,298 46,870 116,405 40,679 Denominator for earnings per common share - assuming dilution 79,227,317 79,517,804 79,173,143 79,582,763 Earnings per common share $ 1.07 $ 0.49 $ 1.15 $ 0.37 Earnings per common share - assuming dilution $ 1.05 $ 0.46 $ 1.12 $ 0.34 (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 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 Shares Range of Exercise Prices Minimum Maximum Three months ended June 30, 2015 — $— $— Three months ended June 30, 2014 1,277,650 $24.79 $24.79 Six months ended June 30, 2015 — $— $— Six months ended June 30, 2014 1,277,650 $24.79 $24.79

Fair Values of Financial Inst25

Fair Values of Financial Instruments (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)Basis_Points	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Basis_Points	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Level 1 to Level 2 transfers, amount	$ 0		$ 0		$ 0
Liabilities, Level 1 to Level 2 transfers, amount	0		0		0
Assets, Level 2 to Level 1 transfers, amount	0		0		0
Liabilities, Level 2 to Level 1 transfers, amount	0		0		0
Assets, transfers into Level 3, amount	0	$ 0	0	$ 0
Liabilities, transfers into Level 3, amount	0	0	0	0
Assets, transfers out of Level 3, amount	0	0	0	0
Liabilities, transfers out of Level 3, amount	0	$ 0	0	$ 0
Other investments	285,743		285,743		$ 286,726
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 0		$ 0
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) | Basis_Points	100		100
Fixed index annuities embedded derivative, adjustment due to change in discount rate			$ (399,300)
Deferred policy scquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate			$ (238,600)
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) | Basis_Points	100		100
Fixed index annuities embedded derivative, adjustment due to change in discount rate			$ 444,800
Deferred policy scquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate			$ 254,400

Fair Values of Financial Inst26

Fair Values of Financial Instruments (Fair Values and Carrying Amounts of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Held for investment	$ 65,705	$ 75,838
Other investments	285,743	286,726
Coinsurance deposits	3,101,189	3,044,342
Liabilities
Policy benefit reserves	42,494,314	39,802,861
Carrying Amount [Member]
Assets
Mortgage loans on real estate	2,450,676	2,434,580
Derivative instruments	503,953	731,113
Other investments	272,785	266,488
Cash and cash equivalents	733,814	701,514
Coinsurance deposits	3,101,189	3,044,342
2015 notes hedges	26,916	30,291
Counterparty collateral	112,449	206,096
Liabilities
Policy benefit reserves	42,153,741	39,463,987
Single premium immediate annuity (SPIA) benefit reserves	342,621	365,440
Notes payable	422,163	421,679
Subordinated debentures	246,345	246,243
2015 notes embedded conversion derivative	26,916	30,291
Carrying Amount [Member] | Interest Rate Caps [Member]
Assets
Interest rate derivative assets	2,324	2,778
Carrying Amount [Member] | Interest Rate Swap [Member]
Liabilities
Interest rate derivative liabilities	2,644	2,644
Carrying Amount [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	33,905,869	32,445,202
Held for investment	76,526	76,432
Carrying Amount [Member] | Equity Securities [Member]
Assets
Available for sale securities	7,861	7,805
Fair Value [Member]
Assets
Mortgage loans on real estate	2,494,270	2,493,901
Derivative instruments	503,953	731,113
Other investments	279,575	273,004
Cash and cash equivalents	733,814	701,514
Coinsurance deposits	2,767,173	2,698,552
2015 notes hedges	26,916	30,291
Counterparty collateral	112,449	206,096
Liabilities
Policy benefit reserves	35,569,121	33,078,978
Single premium immediate annuity (SPIA) benefit reserves	354,769	377,654
Notes payable	446,345	503,349
Subordinated debentures	217,653	244,437
2015 notes embedded conversion derivative	26,916	30,291
Fair Value [Member] | Interest Rate Caps [Member]
Assets
Interest rate derivative assets	2,324	2,778
Fair Value [Member] | Interest Rate Swap [Member]
Liabilities
Interest rate derivative liabilities	2,644	2,644
Fair Value [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	33,905,869	32,445,202
Held for investment	65,705	75,838
Fair Value [Member] | Equity Securities [Member]
Assets
Available for sale securities	$ 7,861	$ 7,805

Fair Values of Financial Inst27

Fair Values of Financial Instruments (Assets and Liabilities Measured on a Recurring Basis by Fair Value Hierarchy) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Derivative assets	$ 503,953	$ 731,113
Cash and cash equivalents	733,814	701,514
2015 notes hedges	26,916	30,291
Counterparty collateral	112,449	206,096
Assets	35,293,186	34,124,799
Liabilities
2015 notes embedded conversion derivative	26,916	30,291
Fixed index annuities - embedded derivatives	5,984,007	5,574,653
Liabilities	6,013,567	5,607,588
Interest Rate Caps [Member]
Assets
Interest rate derivative assets	2,324	2,778
Interest Rate Swap [Member]
Liabilities
Interest rate derivative liabilities	2,644	2,644
Equity Securities [Member]
Assets
Available for sale securities	7,861	7,805
United States Government Full Faith and Credit [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	37,269	138,460
United States Government Sponsored Agencies [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	1,346,299	1,393,890
United States Municipalities, States and Territories [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	3,683,015	3,723,309
Foreign Government Obligations [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	220,439	193,803
Corporate Securities [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	22,399,342	21,490,292
Residential Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	1,619,463	1,751,345
Commercial Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	3,558,419	2,807,620
Other Asset Backed Securities [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	1,041,623	946,483
Quoted Prices in Active Markets (Level 1) [Member]
Assets
Derivative assets	0	0
Cash and cash equivalents	733,814	701,514
2015 notes hedges	0	0
Counterparty collateral	0	0
Assets	737,967	705,780
Liabilities
2015 notes embedded conversion derivative	0	0
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]
Liabilities
Interest rate derivative liabilities	0	0
Quoted Prices in Active Markets (Level 1) [Member] | Equity Securities [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	3,776	4,255
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	12	11
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	365	0
Significant Other Observable Inputs (Level 2) [Member]
Assets
Derivative assets	503,953	731,113
Cash and cash equivalents	0	0
2015 notes hedges	26,916	30,291
Counterparty collateral	112,449	206,096
Assets	34,555,193	33,418,644
Liabilities
2015 notes embedded conversion derivative	26,916	30,291
Fixed index annuities - embedded derivatives	0	0
Liabilities	29,560	32,935
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Caps [Member]
Assets
Interest rate derivative assets	2,324	2,778
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap [Member]
Liabilities
Interest rate derivative liabilities	2,644	2,644
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member]
Assets
Available for sale securities	7,861	7,805
Significant Other Observable Inputs (Level 2) [Member] | United States Government Full Faith and Credit [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	33,493	134,205
Significant Other Observable Inputs (Level 2) [Member] | United States Government Sponsored Agencies [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	1,346,299	1,393,890
Significant Other Observable Inputs (Level 2) [Member] | United States Municipalities, States and Territories [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	3,683,015	3,723,309
Significant Other Observable Inputs (Level 2) [Member] | Foreign Government Obligations [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	220,439	193,803
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	22,399,330	21,490,281
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	1,619,437	1,750,970
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	3,558,419	2,807,620
Significant Other Observable Inputs (Level 2) [Member] | Other Asset Backed Securities [Member] | Fixed Maturity Securities [Member]
Assets
Available for sale securities	1,041,258	946,483
Significant Unobservable Inputs (Level 3) [Member]
Assets
Derivative assets	0	0
Cash and cash equivalents	0	0
2015 notes hedges	0	0
Counterparty collateral	0	0
Assets	26	375
Liabilities
2015 notes embedded conversion derivative	0	0
Fixed index annuities - embedded derivatives	5,984,007	5,574,653
Liabilities	5,984,007	5,574,653
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]
Liabilities
Interest rate derivative liabilities	0	0
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [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	26	375
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 Inst28

Fair Values of Financial Instruments (Reconciliation of Beginning and Ending Balances of Level 3 Assets) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Calculation Roll Forward
Beginning balance	$ 342	$ 1,080	$ 375	$ 1,376
Principal returned	(9)	(114)	(21)	(192)
Amortization of premium/accretion of discount	(409)	(138)	(466)	(165)
Total gains (losses) (realized/unrealized): included in other comprehensive income (loss)	240	45	276	(146)
Total gains (losses) (realized/unrealized): included in operations	(138)	(205)	(138)	(205)
Ending balance	$ 26	$ 668	$ 26	$ 668

Fair Values of Financial Inst29

Fair Values of Financial Instruments (Reconciliation of Beginning and Ending Balances of Level 3 Liabilities) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation Roll Forward
Beginning balance	$ 5,865,171	$ 4,755,913	$ 5,574,653	$ 4,406,163
Premiums less benefits	453,317	425,776	813,712	797,729
Change in fair value, net	(334,481)	(61,866)	(404,358)	(84,069)
Ending balance	$ 5,984,007	$ 5,119,823	$ 5,984,007	$ 5,119,823

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)Securities	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)Securities
Investments [Abstract]
Fixed income securities with call features, percentage	33.00%
Fixed income securities with call features, currently callable, percentage	1.00%
Fixed income securities with call features, currently callable, amount	$ 400,000
Fixed income securities with call features, callable during next 12 months, percentage	2.00%
Fixed income securities with call features, callable during next 12 months, amount	$ 600,000
Fixed income securities with call features, not callable until within 6 months of stated maturity, percentage	63.00%
Percentage of fixed maturity portfolio rated investment grade based on NAIC designations	98.00%		98.00%
Number of individual securities with unrealized losses | Securities	926		402
Percentage of unrealized losses on fixed maturity securities where securities are rated investment grade	86.00%		78.00%
Investment Holdings [Line Items]
Available for sale securities, amortized cost	$ 32,692,702		$ 30,205,046
Scheduled principal repayments, calls and tenders for available for sale securities	886,573	$ 939,430
Fixed Maturity Securities [Member]
Investment Holdings [Line Items]
Scheduled principal repayments, calls and tenders for available for sale securities	$ 643,800	809,000
Alt-A Sector [Member] | Residential Mortgage Backed Securities [Member]
Investment Holdings [Line Items]
Available for sale securities, number of securities in unrealized loss positions | Securities	34
Available for sale securities, amortized cost	$ 226,200
Available for sale, fair value	253,500
Available For Sale Securities [Member]
Investment Holdings [Line Items]
Proceeds from sales of available for sale securities	242,800	$ 130,400
Available For Sale Securities [Member] | Fixed Maturity Securities [Member]
Investment Holdings [Line Items]
Available for sale, fair value	33,905,869		32,445,202
Available For Sale Securities [Member] | Residential Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]
Investment Holdings [Line Items]
Available for sale, fair value	$ 1,619,463		$ 1,751,345

Investments (Schedule of Amorti

Investments (Schedule of Amortized Cost and Fair Value of Fixed Maturity and Equity Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Held for investment, amortized cost	$ 76,526	$ 76,432
Held for investment	65,705	75,838
Fixed Maturity Securities [Member] | Available For Sale Securities [Member]
Investment Holdings [Line Items]
Available for sale, amortized cost	32,692,702	30,205,046
Available for sale, gross unrealized gains	1,624,958	2,395,577
Available for sale, gross unrealized losses	(411,791)	(155,421)
Available for sale, fair value	33,905,869	32,445,202
Equity Securities [Member] | Available For Sale Securities [Member]
Investment Holdings [Line Items]
Available for sale, amortized cost	7,512	7,509
Available for sale, gross unrealized gains	349	296
Available for sale, gross unrealized losses	0	0
Available for sale, fair value	7,861	7,805
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	36,574	137,710
Available for sale, gross unrealized gains	789	765
Available for sale, gross unrealized losses	(94)	(15)
Available for sale, fair value	37,269	138,460
United States Government Sponsored Agencies [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]
Investment Holdings [Line Items]
Available for sale, amortized cost	1,345,273	1,364,424
Available for sale, gross unrealized gains	22,461	43,399
Available for sale, gross unrealized losses	(21,435)	(13,933)
Available for sale, fair value	1,346,299	1,393,890
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	3,384,101	3,293,551
Available for sale, gross unrealized gains	314,439	430,469
Available for sale, gross unrealized losses	(15,525)	(711)
Available for sale, fair value	3,683,015	3,723,309
Foreign Government Obligations [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]
Investment Holdings [Line Items]
Available for sale, amortized cost	210,930	181,128
Available for sale, gross unrealized gains	14,110	16,628
Available for sale, gross unrealized losses	(4,601)	(3,953)
Available for sale, fair value	220,439	193,803
Corporate Securities [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]
Investment Holdings [Line Items]
Available for sale, amortized cost	21,682,728	19,984,747
Available for sale, gross unrealized gains	1,038,079	1,628,941
Available for sale, gross unrealized losses	(321,465)	(123,396)
Available for sale, fair value	22,399,342	21,490,292
Corporate Securities [Member] | Fixed Maturity Securities [Member] | Held For Investment Securities [Member]
Investment Holdings [Line Items]
Held for investment, amortized cost	76,526	76,432
Held for investment, gross unrealized gains	0	0
Held for investment, gross unrealized losses	(10,821)	(594)
Held for investment	65,705	75,838
Residential Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]
Investment Holdings [Line Items]
Available for sale, amortized cost	1,498,441	1,616,846
Available for sale, gross unrealized gains	126,122	136,704
Available for sale, gross unrealized losses	(5,100)	(2,205)
Available for sale, fair value	1,619,463	1,751,345
Commercial Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]
Investment Holdings [Line Items]
Available for sale, amortized cost	3,528,243	2,720,294
Available for sale, gross unrealized gains	62,158	90,649
Available for sale, gross unrealized losses	(31,982)	(3,323)
Available for sale, fair value	3,558,419	2,807,620
Other Asset Backed Securities [Member] | Fixed Maturity Securities [Member] | Available For Sale Securities [Member]
Investment Holdings [Line Items]
Available for sale, amortized cost	1,006,412	906,346
Available for sale, gross unrealized gains	46,800	48,022
Available for sale, gross unrealized losses	(11,589)	(7,885)
Available for sale, fair value	$ 1,041,623	$ 946,483

Investments (Fixed Maturity Sec

Investments (Fixed Maturity Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Available for sale securities, due in one year or less, amortized cost	$ 115,065
Available for sale securities, due after one year through five years, amortized cost	1,568,460
Available for sale securities, due after five years through ten years, amortized cost	9,583,053
Available for sale securities, due after ten years through twenty years, amortized cost	7,890,764
Available for sale securities, due after twenty years, amortized cost	7,502,264
Available for sale securities, securities with a single maturity date, amortized cost	26,659,606
Available for sale securities, amortized cost	32,692,702	$ 30,205,046
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale securities, due in one year or less, fair value	119,061
Available for sale securities, due after one year through five years, fair value	1,718,885
Available for sale securities, due after five years through ten years, fair value	9,673,185
Available for sale securities, due after ten years through twenty years, fair value	8,338,748
Available for sale securities, due after twenty years, fair value	7,836,485
Available for sale securities, securities with a single maturity date, fair value	27,686,364
Available for sale securities, fair value	33,905,869	32,445,202
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	76,526
Held for investment securities, securities with a single maturity date, amortized cost	76,526
Held for investment, amortized cost	76,526	76,432
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	65,705
Held for investment securities, securities with a single maturity date, fair value	65,705
Held for investment	65,705	$ 75,838
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	1,498,441
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale securities, securities without a single maturity date, fair value	1,619,463
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	3,528,243
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale securities, securities without a single maturity date, fair value	3,558,419
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	1,006,412
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale securities, securities without a single maturity date, fair value	1,041,623
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 ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments [Abstract]
Net unrealized gains on available for sale fixed maturity securities and equity securities	$ 1,213,516	$ 2,240,452
Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements	(650,062)	(1,165,271)
Deferred income tax valuation allowance reversal	22,534	22,534
Deferred income tax expense	(197,209)	(376,314)
Net unrealized gains reported as accumulated other comprehensive income	$ 388,779	$ 721,401

Investments (Schedule of Credit

Investments (Schedule of Credit Quality of Fixed Maturity Portfolio by NAIC Designation) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Amortized cost	$ 32,769,228	$ 30,281,478
Fair value	33,971,574	32,521,040
NAIC, Class 1 Designation [Member]
Investment Holdings [Line Items]
Amortized cost	20,987,149	19,223,151
Fair value	21,984,922	20,941,634
NAIC, Class 2 Designation [Member]
Investment Holdings [Line Items]
Amortized cost	11,066,108	10,432,593
Fair value	11,324,503	10,981,618
NAIC, Class 3 Designation [Member]
Investment Holdings [Line Items]
Amortized cost	678,879	602,191
Fair value	642,995	583,313
NAIC, Class 4 Designation [Member]
Investment Holdings [Line Items]
Amortized cost	24,032	22,888
Fair value	13,774	14,089
NAIC, Class 5 Designation [Member]
Investment Holdings [Line Items]
Amortized cost	0	0
Fair value	0	0
NAIC, Class 6 Designation [Member]
Investment Holdings [Line Items]
Amortized cost	13,060	655
Fair value	$ 5,380	$ 386

Investments (Gross Unrealized L

Investments (Gross Unrealized Losses on Investments, By Category and Length of Time) (Details) - Fixed Maturity Securities [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale securities, continuous unrealized loss position, less than 12 months, fair value	$ 10,863,588	$ 2,346,226
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(341,397)	(56,929)
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	509,881	2,731,950
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	(70,394)	(98,492)
Available for sale securities, continuous unrealized loss position, total, fair value	11,373,469	5,078,176
Available for sale securities, continuous unrealized loss position, total, unrealized losses	(411,791)	(155,421)
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	7,614	0
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(94)	0
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	0	498
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	0	(15)
Available for sale securities, continuous unrealized loss position, total, fair value	7,614	498
Available for sale securities, continuous unrealized loss position, total, unrealized losses	(94)	(15)
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	789,276	0
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(21,435)	0
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	0	610,339
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	0	(13,933)
Available for sale securities, continuous unrealized loss position, total, fair value	789,276	610,339
Available for sale securities, continuous unrealized loss position, total, unrealized losses	(21,435)	(13,933)
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	384,668	0
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(15,340)	0
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	2,815	27,947
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	(185)	(711)
Available for sale securities, continuous unrealized loss position, total, fair value	387,483	27,947
Available for sale securities, continuous unrealized loss position, total, unrealized losses	(15,525)	(711)
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	43,757	14,194
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(1,279)	(1,068)
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	11,088	11,542
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	(3,322)	(2,885)
Available for sale securities, continuous unrealized loss position, total, fair value	54,845	25,736
Available for sale securities, continuous unrealized loss position, total, unrealized losses	(4,601)	(3,953)
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	1,677,103	253,439
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(45,815)	(2,586)
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	77,533	399,874
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	(12,230)	(16,277)
Available for sale securities, continuous unrealized loss position, total, fair value	1,754,636	653,313
Available for sale securities, continuous unrealized loss position, total, unrealized losses	(58,045)	(18,863)
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	3,137,250	1,078,089
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(113,863)	(35,151)
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	235,631	694,088
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	(33,320)	(35,926)
Available for sale securities, continuous unrealized loss position, total, fair value	3,372,881	1,772,177
Available for sale securities, continuous unrealized loss position, total, unrealized losses	(147,183)	(71,077)
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	1,669,968	373,952
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(65,725)	(8,185)
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	65,412	344,313
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	(5,704)	(10,153)
Available for sale securities, continuous unrealized loss position, total, fair value	1,735,380	718,265
Available for sale securities, continuous unrealized loss position, total, unrealized losses	(71,429)	(18,338)
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	387,401	88,766
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(14,280)	(2,290)
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	23,173	99,427
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	(2,312)	(3,122)
Available for sale securities, continuous unrealized loss position, total, fair value	410,574	188,193
Available for sale securities, continuous unrealized loss position, total, unrealized losses	(16,592)	(5,412)
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	875,606	131,940
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(25,991)	(1,567)
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	33,938	277,296
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	(2,225)	(8,139)
Available for sale securities, continuous unrealized loss position, total, fair value	909,544	409,236
Available for sale securities, continuous unrealized loss position, total, unrealized losses	(28,216)	(9,706)
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	65,705	0
Held for investment securities, continuous unrealized loss position, less than 12 months, unrealized losses	(10,821)	0
Held for investment securities, continuous unrealized loss position, 12 months or longer, fair value	0	75,838
Held for investment securities, continuous unrealized loss position, 12 months or longer, unrealized losses	0	(594)
Held for investment securities, continuous unrealized loss position, total, fair value	65,705	75,838
Held for investment securities, continuous unrealized loss position, total, unrealized losses	(10,821)	(594)
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	226,168	22,115
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(4,380)	(1,219)
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	9,214	20,427
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	(720)	(986)
Available for sale securities, continuous unrealized loss position, total, fair value	235,382	42,542
Available for sale securities, continuous unrealized loss position, total, unrealized losses	(5,100)	(2,205)
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	1,516,961	241,637
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(31,982)	(1,344)
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	0	187,241
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	0	(1,979)
Available for sale securities, continuous unrealized loss position, total, fair value	1,516,961	428,878
Available for sale securities, continuous unrealized loss position, total, unrealized losses	(31,982)	(3,323)
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	147,816	142,094
Available for sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(1,213)	(3,519)
Available for sale securities, continuous unrealized loss position, 12 months or longer, fair value	51,077	58,958
Available for sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	(10,376)	(4,366)
Available for sale securities, continuous unrealized loss position, total, fair value	198,893	201,052
Available for sale securities, continuous unrealized loss position, total, unrealized losses	$ (11,589)	$ (7,885)

Investments (Changes in Net Unr

Investments (Changes in Net Unrealized Gains on Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investment Holdings [Line Items]
Fixed maturity securities held for investment carried at amortized cost	$ (17,326)	$ 1,607	$ (10,227)	$ 5,644
Investments carried at fair value, available for sale	(1,547,144)	716,773	(1,026,936)	1,693,891
Adjustment for effect on other balance sheet accounts:
Deferred policy acquisition costs and deferred sales inducements	770,285	(372,717)	515,209	(909,469)
Deferred income tax asset/liability	271,900	(120,420)	179,105	(274,547)
Total adjustment for effect on other balance sheet accounts	1,042,185	(493,137)	694,314	(1,184,016)
Change in net unrealized gains on investments carried at fair value	(504,959)	223,636	(332,622)	509,875
Fixed Maturity Securities [Member]
Investment Holdings [Line Items]
Investments carried at fair value, available for sale	(1,547,155)	716,779	(1,026,989)	1,693,910
Equity Securities [Member]
Investment Holdings [Line Items]
Investments carried at fair value, available for sale	$ 11	$ (6)	$ 53	$ (19)

Investments (Net Realized Gains

Investments (Net Realized Gains (Losses) on Invesments, Excluding Other Than Temporary Impairments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gain (Loss) on Investments [Line Items]
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses	$ 4,324	$ (2,230)	$ 9,203	$ (2,944)
Fixed Maturity Securities [Member]
Gain (Loss) on Investments [Line Items]
Gross realized gains	2,212	1,173	4,500	1,357
Gross realized losses	(511)	(71)	(800)	(762)
Gross realized gains (losses), excluding other than temporary impairments	1,701	1,102	3,700	595
Other Investments [Member]
Gain (Loss) on Investments [Line Items]
Gain on sale of real estate	195	282	1,033	1,038
Loss on sale of real estate	(193)	(231)	(575)	(231)
Impairment losses on real estate	0	0	(629)	(799)
Gain (loss) on other investments	2	51	(171)	8
Mortgage Loans on Real Estate [Member]
Gain (Loss) on Investments [Line Items]
Decrease (increase) in allowance for credit losses	(499)	(3,383)	1,299	(3,547)
Recovery of specific allowance	3,120	0	4,375	0
Change in allowance for credit losses and recoveries	$ 2,621	$ (3,383)	$ 5,674	$ (3,547)

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]	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Prime Sector [Member] | Vintage Year 2005 [Member] | Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate		7.50%
Default rate		15.00%
Loss severity		50.00%
Prime Sector [Member] | Vintage Year 2005 [Member] | Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate		7.50%
Default rate		15.00%
Loss severity		50.00%
Prime Sector [Member] | Vintage Year 2006 [Member] | Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	6.50%	6.50%
Default rate	14.00%	11.00%
Loss severity	40.00%	50.00%
Prime Sector [Member] | Vintage Year 2006 [Member] | Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	6.50%	7.40%
Default rate	14.00%	12.00%
Loss severity	40.00%	50.00%
Prime Sector [Member] | Vintage Year 2007 [Member] | Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	6.40%
Default rate	15.00%
Loss severity	55.00%
Prime Sector [Member] | Vintage Year 2007 [Member] | Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	7.00%
Default rate	19.00%
Loss severity	55.00%
Alt-A Sector [Member] | Vintage Year 2005 [Member] | Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	5.60%	5.60%
Default rate	99.00%	87.00%
Loss severity	2.00%	2.00%
Alt-A Sector [Member] | Vintage Year 2005 [Member] | Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	5.60%	6.40%
Default rate	99.00%	87.00%
Loss severity	2.00%	2.00%

Investments (Other Than Tempora

Investments (Other Than Temporary Impairments by Asset Type) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)Securities	Jun. 30, 2014USD ($)Securities	Jun. 30, 2015USD ($)Securities	Jun. 30, 2014USD ($)Securities
Other than Temporary Impairment Losses, Investments [Abstract]
Total OTTI losses	$ 0	$ 0	$ (132)	$ 0
Portion of OTTI losses recognized from other comprehensive income	(828)	(594)	(828)	(1,499)
Net OTTI losses recognized in operations	$ (828)	$ (594)	$ (960)	$ (1,499)
Residential Mortgage Backed Securities [Member]
Other than Temporary Impairment Losses, Investments [Abstract]
Other than temporary impairment, number of securities | Securities	3	3	4	5
Total OTTI losses	$ 0	$ 0	$ (132)	$ 0
Portion of OTTI losses recognized from other comprehensive income	(828)	(594)	(828)	(1,499)
Net OTTI losses recognized in operations	$ (828)	$ (594)	$ (960)	$ (1,499)

Investments (Cumulative Credit

Investments (Cumulative Credit Loss Portion of Other Than Temporary Impairment Recognized in Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investments [Abstract]
Cumulative credit loss at beginning of period	$ (127,182)	$ (126,865)	$ (127,050)	$ (125,960)
Credit losses on securities for which OTTI has not previously been recognized	0	0	(132)	0
Additional credit losses on securities for which OTTI has previously been recognized	(828)	(594)	(828)	(1,499)
Cumulative credit loss at end of period	$ (128,010)	$ (127,459)	$ (128,010)	$ (127,459)

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 ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Amortized cost	$ 524,449	$ 569,508
OTTI recognized in other comprehensive income	(172,666)	(173,494)
Change in fair value since OTTI was recognized	213,912	215,636
Fair value	565,695	611,650
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	12	11
Fair value	12	11
Fixed Maturity Securities [Member] | Residential Mortgage Backed Securities [Member]
Investment Holdings [Line Items]
Amortized cost	524,449	569,508
OTTI recognized in other comprehensive income	(172,666)	(173,494)
Change in fair value since OTTI was recognized	213,900	215,625
Fair value	$ 565,683	$ 611,639

Mortgage Loans on Real Estate42

Mortgage Loans on Real Estate (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)loansportfolio_segment	Jun. 30, 2014loans	Jun. 30, 2015USD ($)loansportfolio_segment	Jun. 30, 2014loans	Dec. 31, 2014USD ($)
Mortgage Loans on Real Estate [Abstract]
Mortgage loans on real estate	$ 2,450,676		$ 2,450,676		$ 2,434,580
Commitments outstanding	$ 109,600		$ 109,600
Number of portfolio segments that make up financing receivables | portfolio_segment	1		1
Number of mortgage loans satisfied by foreclosure | loans	0	4	0	5
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
Number of days past due, non-accrual status			90 days
Outstanding principal of loans in a non-accrual status	$ 3,800		$ 3,800		$ 6,000
Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Number of days past due, delinquent status			60 days

Mortgage Loans on Real Estate43

Mortgage Loans on Real Estate (Summary of Mortgage Loan Portfolio) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]
Principal outstanding	$ 2,467,950	$ 2,457,721
Loan loss allowance	(16,816)	(22,633)
Deferred prepayment fees	(458)	(508)
Mortgage loans on real estate	$ 2,450,676	$ 2,434,580

Mortgage Loans on Real Estate44

Mortgage Loans on Real Estate (Mortgage Loan Portfolio Summarized by Geographic Region and Property Type) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 2,467,950	$ 2,457,721
Percent	100.00%	100.00%
Office [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 451,847	$ 484,585
Percent	18.30%	19.70%
Medical Office [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 83,393	$ 88,275
Percent	3.40%	3.60%
Retail [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 714,174	$ 711,775
Percent	28.90%	29.00%
Industrial/Warehouse [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 664,066	$ 649,425
Percent	26.90%	26.40%
Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 18,411	$ 30,640
Percent	0.80%	1.30%
Apartment [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 373,550	$ 335,087
Percent	15.10%	13.60%
Mixed Use/Other [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 162,509	$ 157,934
Percent	6.60%	6.40%
East [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 722,023	$ 701,638
Percent	29.30%	28.50%
Middle Atlantic [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 166,314	$ 166,249
Percent	6.70%	6.80%
Mountain [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 274,743	$ 279,075
Percent	11.10%	11.40%
New England [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 9,464	$ 12,280
Percent	0.40%	0.50%
Pacific [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 329,543	$ 302,307
Percent	13.40%	12.30%
South Atlantic [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 450,083	$ 471,849
Percent	18.20%	19.20%
West North Central [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 326,333	$ 349,028
Percent	13.20%	14.20%
West South Central [Member]
Mortgage Loans on Real Estate [Line Items]
Principal outstanding	$ 189,447	$ 175,295
Percent	7.70%	7.10%

Mortgage Loans on Real Estate45

Mortgage Loans on Real Estate (Allowance for Loan Losses Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning allowance balance			$ (22,633)
Ending allowance balance	$ (16,816)		(16,816)
Specific Allowance [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning allowance balance	(12,452)	$ (16,462)	(12,333)	$ (16,847)
Charge-offs	15	1,808	143	2,757
Recoveries	3,120	255	4,375	255
Change in provision for credit losses	1	(2,883)	(1,501)	(3,447)
Ending allowance balance	(9,316)	(17,282)	(9,316)	(17,282)
General Allowance [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning allowance balance	(7,000)	(8,800)	(10,300)	(9,200)
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Change in provision for credit losses	(500)	(500)	2,800	(100)
Ending allowance balance	$ (7,500)	$ (9,300)	$ (7,500)	$ (9,300)

Mortgage Loans on Real Estate46

Mortgage Loans on Real Estate (Impaired Mortgage Loans on Real Estate by Basis of Impairment) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]
Individually evaluated for impairment	$ 24,725	$ 29,116
Collectively evaluated for impairment	2,443,225	2,428,605
Principal outstanding	$ 2,467,950	$ 2,457,721

Mortgage Loans on Real Estate47

Mortgage Loans on Real Estate (Real Estate Owned) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Mortgage Loans on Real Estate [Abstract]
Real estate owned at beginning of period	$ 14,611	$ 20,592	$ 20,238	$ 22,844
Real estate acquired in satisfaction of mortgage loans	0	8,294	0	10,007
Sales	(1,581)	(4,118)	(6,480)	(7,148)
Impairments	0	0	(629)	(799)
Depreciation	(72)	(162)	(171)	(298)
Real estate owned at end of period	$ 12,958	$ 24,606	$ 12,958	$ 24,606

Mortgage Loans on Real Estate48

Mortgage Loans on Real Estate (Mortgage Loans by Credit Quality Indicator) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]
Performing	$ 2,445,361	$ 2,451,760
In workout	11,897	0
Delinquent	6,844	0
Collateral dependent	3,848	5,961
Principal outstanding	$ 2,467,950	$ 2,457,721

Mortgage Loans on Real Estate49

Mortgage Loans on Real Estate (Schedule of Financing Receivables Past Due) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]
30 - 59 days	$ 0	$ 0
60 to 89 days	0	0
90 days and over	6,844	0
Total past due	6,844	0
Current	2,457,258	2,451,760
Collateral dependent receivables	3,848	5,961
Principal outstanding	$ 2,467,950	$ 2,457,721

Mortgage Loans on Real Estate50

Mortgage Loans on Real Estate (Schedule of Impaired Financing Receivables) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Financing Receivable, Impaired [Line Items]
Mortgage loans with an allowance, recorded investment	$ 15,409		$ 15,409		$ 16,783
Mortgage loans with no related allowance, recorded investment	11,844		11,844		2,656
Impaired mortgage loans, recorded investment	27,253		27,253		19,439
Mortgage loans with an allowance, unpaid principal balance	24,725		24,725		29,116
Mortgage loans with no related allowance, unpaid principal balance	11,844		11,844		2,656
Impaired mortgage loans, unpaid principal balance	36,569		36,569		31,772
Mortgage loans with an allowance, related allowance	(9,316)		(9,316)		$ (12,333)
Mortgage loans with an allowance, average recorded investment	15,518	$ 27,054	15,893	$ 27,236
Mortgage loans with no related allowance, average recorded investment	11,856	2,656	11,873	2,656
Impaired mortgage loans, average recorded investment	27,374	29,710	27,766	29,892
Mortgage loans with an allowance, interest income recognized	394	600	738	1,235
Mortgage loans with no related allowance, interest income recognized	180	13	372	0
Impaired mortgage loans, interest income reoognized	$ 574	$ 613	$ 1,110	$ 1,235

Mortgage Loans on Real Estate51

Mortgage Loans on Real Estate (Troubled Debt Restructurings) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)loans	Dec. 31, 2014USD ($)loans
Financing Receivable, Modifications [Line Items]
Number of TDRs | loans	10	9
Principal balance outstanding	$ 22,013	$ 18,533
Specific loan loss allowance	(4,505)	(5,758)
Net carrying amount	$ 17,508	$ 12,775
South Atlantic [Member]
Financing Receivable, Modifications [Line Items]
Number of TDRs | loans	6	7
Principal balance outstanding	$ 10,878	$ 14,475
Specific loan loss allowance	(2,992)	(4,244)
Net carrying amount	$ 7,886	$ 10,231
East North Central [Member]
Financing Receivable, Modifications [Line Items]
Number of TDRs | loans	2	1
Principal balance outstanding	$ 3,345	$ 2,177
Specific loan loss allowance	(467)	(467)
Net carrying amount	$ 2,878	$ 1,710
West North Central [Member]
Financing Receivable, Modifications [Line Items]
Number of TDRs | loans	2	1
Principal balance outstanding	$ 7,790	$ 1,881
Specific loan loss allowance	(1,046)	(1,047)
Net carrying amount	$ 6,744	$ 834

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2010USD ($)counterparties$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)$ / shares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)$ / shares	Dec. 31, 2014USD ($)$ / sharesshares
Derivative [Line Items]
Derivative collateral		$ 552,100		$ 552,100		$ 743,000
Credit risk, maximum exposure				23,300		$ 47,400
Change in fair value of embedded derivatives		219,601	$ (80,935)	168,388	$ (173,554)
Net income		$ 82,845	$ 36,744	$ 88,748	$ 26,991
Earnings per common share - assuming dilution | $ / shares		$ 1.05	$ 0.46	$ 1.12	$ 0.34
2015 Notes Hedges [Member]
Derivative [Line Items]
Number of counterparties | counterparties	2
Derivative, conversion spread, shares of common stock | shares	16	1.8		1.8		1.8
Derivative asset, strike price | $ / shares	$ 12.50	$ 12.25		$ 12.25		$ 12.25
2015 Warrants [Member]
Derivative [Line Items]
Warrants, number of securities called by warrants | shares	16	1.8		1.8		1.8
Warrants, strike price | $ / shares	$ 16			$ 15.68		$ 15.68
Proceeds from issuance of warrants	$ 15,600
September 2015 Notes [Member]
Derivative [Line Items]
Principal amount of convertible senior notes payable at issuance	$ 200,000
Debt instrument, interest rate, stated percentage	3.50%
SunTrust [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Interest rate swaps and caps, duration				7 years
SunTrust [Member] | Three Month London Interbank Offered Rate (LIBOR) [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, cap interest rate		2.50%		2.50%
Call Options [Member]
Derivative [Line Items]
Investment maturity period				1 year
Change in Assumptions for Fair Value [Member]
Derivative [Line Items]
Change in fair value of embedded derivatives			$ (62,600)		$ (62,600)
Net income			$ 14,800		$ 14,800
Earnings per common share - assuming dilution | $ / shares			$ 0.19		$ 0.19

Derivative Instruments (Fair Va

Derivative Instruments (Fair Value of Derivative Instruments as Presented in the Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative assets	$ 503,953	$ 731,113
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	533,193	764,182
Derivative liabilities	6,013,567	5,607,588
Call Options [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	503,953	731,113
2015 Notes Hedges [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	26,916	30,291
Interest Rate Caps [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	2,324	2,778
Fixed Index Annuities - Embedded Derivatives [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	5,984,007	5,574,653
2015 Notes Embedded Conversion Derivative [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	26,916	30,291
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 2,644	$ 2,644

Derivative Instruments (Change

Derivative Instruments (Change in Fair Value of Derivatives Included in the Consolidated Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	$ (23,024)	$ 270,883	$ (54,124)	$ 319,376
Change in fair value of embedded derivatives	(219,601)	80,935	(168,388)	173,554
Call Options [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	(20,141)	273,769	(49,361)	345,242
2015 Notes Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	(3,942)	100	(3,375)	(20,301)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	827	(1,848)	(934)	(3,250)
Interest Rate Caps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	232	(1,138)	(454)	(2,315)
Fixed Index Annuities - Embedded Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	(215,659)	85,067	(165,013)	198,087
2015 Notes Embedded Conversion Derivative [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	$ (3,942)	$ (4,132)	$ (3,375)	$ (24,533)

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 ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional amount	$ 26,729,416	$ 23,956,444
Derivative instruments	503,953	731,113
Bank of America [Member]
Derivative [Line Items]
Notional amount	4,579,352	2,114,812
Derivative instruments	85,902	62,932
Barclays [Member]
Derivative [Line Items]
Notional amount	3,147,493	4,083,259
Derivative instruments	75,319	135,609
BNP Paribas [Member]
Derivative [Line Items]
Notional amount	1,511,811	1,321,136
Derivative instruments	29,220	42,644
Citibank, N.A. [Member]
Derivative [Line Items]
Notional amount	3,029,615	3,190,204
Derivative instruments	40,285	96,759
Credit Suisse [Member]
Derivative [Line Items]
Notional amount	1,856,096	2,354,811
Derivative instruments	32,128	75,381
Deutsche Bank [Member]
Derivative [Line Items]
Notional amount	2,498,954	2,682,960
Derivative instruments	35,450	64,028
HSBC [Member]
Derivative [Line Items]
Notional amount	0	38,599
Derivative instruments	0	1,767
J.P. Morgan [Member]
Derivative [Line Items]
Notional amount	602,951	401,804
Derivative instruments	6,190	13,488
Morgan Stanley [Member]
Derivative [Line Items]
Notional amount	2,914,931	2,605,687
Derivative instruments	52,982	77,106
Royal Bank of Canada [Member]
Derivative [Line Items]
Notional amount	1,911,994	1,364,362
Derivative instruments	42,735	41,717
SunTrust [Member]
Derivative [Line Items]
Notional amount	836,304	248,622
Derivative instruments	15,392	5,405
Wells Fargo [Member]
Derivative [Line Items]
Notional amount	3,839,915	3,550,188
Derivative instruments	$ 88,350	$ 114,277

Derivative Instruments (Interes

Derivative Instruments (Interest Rate Swap) (Details) - Interest Rate Swap [Member] - Interest Rate Swap, Maturity Date, March 15, 2021, 2.415% [Member] - SunTrust [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional amount	$ 85,500
Pay rate	2.415%
Derivative liabilities	$ (2,644)	$ (2,644)

Derivative Instruments (Inter57

Derivative Instruments (Interest Rate Caps) (Details) - Interest Rate Caps [Member] - SunTrust [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional amount	$ 79,000
Derivative assets	2,324	$ 2,778
Interest Rate Caps, Maturity Date, July 7, 2021, 2.50% [Member]
Derivative [Line Items]
Notional amount	$ 40,000
Cap rate	2.50%
Derivative assets	$ 1,168	1,398
Interest Rate Caps, Maturity Date, July 8, 2021, 2.50% [Member]
Derivative [Line Items]
Notional amount	$ 12,000
Cap rate	2.50%
Derivative assets	$ 350	420
Interest Rate Caps, Maturity Date, July 29, 2021, 2.50% [Member]
Derivative [Line Items]
Notional amount	$ 27,000
Cap rate	2.50%
Derivative assets	$ 806	$ 960

Notes Payable (Liability and Eq

Notes Payable (Liability and Equity Components of Convertible Senior Notes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Interest expense on convertible notes	$ 7,354	$ 9,121	$ 14,693	$ 19,385
September 2015 Notes [Member]
Debt Instrument [Line Items]
Principal amount of liability component	22,377		22,377		$ 22,377
Unamortized discount	(214)		(214)		(698)
Net carrying amount of liability component	$ 22,163		22,163		21,679
Amount by which the if-converted value exceeds principal			$ 26,494		$ 30,497
Interest rate, effective percentage	8.90%		8.90%
Convertible Debt [Member]
Debt Instrument [Line Items]
Interest expense on convertible notes	$ 500	$ 2,300	$ 1,000	$ 5,700

Notes Payable (2029 Notes Narra

Notes Payable (2029 Notes Narrative) (Details) - Jun. 30, 2014 - December 2029 Notes [Member] - USD ($) $ in Millions	Total
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 36.2
Extinguishment of debt, cash paid	66.8
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	$ 34.6
Extinguishment of debt, loss, net of tax	$ (2.5)

Notes Payable (2015 Notes Narra

Notes Payable (2015 Notes Narrative) (Details) - Jun. 30, 2014 - September 2015 Notes [Member] - USD ($) $ in Millions	Total
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 46.5
Extinguishment of debt, cash paid	52.9
Extinguishment of debt, cash paid for shares of common stock	$ 33.1
Extinguishment of debt, shares issued	1,496,664
Extinguishment of debt, carrying value at extinguishment	$ 43.8
Extinguishment of debt, loss, net of tax	$ (5.4)

Notes Payable (Line of Credit N

Notes Payable (Line of Credit Narrative) (Details) - 2013 Line of Credit [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)banksoccasionsguarantor	Dec. 31, 2014USD ($)
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 140,000
Line of credit, number of banks in agreement | banks	5
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 | occasions	3
Line of credit, additional borrowing capacity, aggregate amount	$ 50,000
Line of credit, maturity date extension available, years	1 year
Line of credit, number of guarantors | guarantor	0
Line of credit, amount outstanding	$ 0	$ 0
Cash in excess of amount required by covenants	$ 511,900

Notes Payable (Repurchase Agree

Notes Payable (Repurchase Agreements Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Disclosure [Abstract]
Repurchase agreement, maximum amount borrowed			$ 40.6	$ 138.7
Repurchase agreement, average borrowings	$ 0	$ 0	$ 0.9	$ 13.7
Repurchase agreement, weighted average interest rate			0.39%	0.15%

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2013	Sep. 30, 2012
Commitments and Contingencies Disclosure [Abstract]
Estimated litigation liability		$ 11.1	$ 21.2	$ 17.5
Change in estimated litigation liability	$ (2.3)
Legal fees paid	$ 7.8
Unfunded commitments to limited partnerships		28.7
Unfunded commitments to secured bank loans		$ 19.2

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share, Basic and Diluted [Line Items]
Net income - numerator for earnings per common share		$ 82,845	$ 36,744	$ 88,748	$ 26,991
Weighted average common shares outstanding (shares)	[1]	77,237,200	74,461,264	77,139,992	73,495,286
Effect of dilutive securities: 2015 warrants (shares)		779,926	1,595,519	793,132	1,981,815
Denominator for earnings per common share - assuming dilution (shares)		79,227,317	79,517,804	79,173,143	79,582,763
Earnings per common share		$ 1.07	$ 0.49	$ 1.15	$ 0.37
Earnings per common share - assuming dilution		$ 1.05	$ 0.46	$ 1.12	$ 0.34
Convertible Senior Notes [Member]
Earnings Per Share, Basic and Diluted [Line Items]
Effect of dilutive securities: convertible senior notes (shares)		0	2,259,425	0	2,843,987
Stock Options and Deferred Compensation Agreements [Member]
Earnings Per Share, Basic and Diluted [Line Items]
Effect of dilutive securities: share-based payment arrangements (shares)		1,087,893	1,154,726	1,123,614	1,220,996
Restricted Stock and Restricted Stock Units [Member]
Earnings Per Share, Basic and Diluted [Line Items]
Effect of dilutive securities: share-based payment arrangements (shares)		122,298	46,870	116,405	40,679
[1]	Weighted average common shares outstanding include shares vested under the NMO Deferred Compensation Plan and exclude unallocated shares held by the ESOP.

Earnings Per Share (Schedule 65

Earnings Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - Stock Options [Member] - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares	0	1,277,650	0	1,277,650
Minimum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Range of exercise prices	$ 0	$ 24.79	$ 0	$ 24.79
Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Range of exercise prices	$ 0	$ 24.79	$ 0	$ 24.79

Subsequent Event (Narrative) (D

Subsequent Event (Narrative) (Details) $ / shares in Units, $ in Thousands	Aug. 10, 2015USD ($)occasions$ / sharesshares	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Subsequent Event [Line Items]
Proceeds from issuance of common stock | $		$ 5,399	$ 8,041
Subsequent Event [Member]
Subsequent Event [Line Items]
Public offering related to equity forward transaction, shares	8,600,000
Forward rate per share | $ / shares	$ 25.25
Shares subject to forward sale agreement	4,300,000
Stock issued during period, shares	4,300,000
Proceeds from issuance of common stock | $	$ 104,200
Optional shares available to underwriters	1,290,000
Minimum [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of potential issuances under the forward sale agreement | occasions	1
Maximum [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Forward sale agreement maturity	12 months