American National (ANG-PB) 10-K 25 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 19, 2020	Jun. 28, 2019
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-31911
Entity Registrant Name	American Equity Investment Life Holding Co
Entity Incorporation, State or Country Code	IA
Entity Tax Identification Number	42-1447959
Entity Address, Address Line One	6000 Westown Parkway
Entity Address, City or Town	West Des Moines
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50266
City Area Code	515
Local Phone Number	221-0002
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 2,432,845,919
Entity Common Stock, Shares Outstanding		91,291,805
Entity Central Index Key	0001039828
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $1
Trading Symbol	AEL
Security Exchange Name	NYSE
Series A Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A
Trading Symbol	AELPRA
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments:
Fixed maturity securities, available for sale, at fair value (amortized cost: 2019 - $48,238,946; 2018 - $46,131,190)	$ 51,580,490	$ 45,923,727
Mortgage loans on real estate	3,448,793	2,943,091
Derivative instruments	1,355,989	205,149
Other investments	492,301	355,531
Total investments	56,877,573	49,427,498
Cash and cash equivalents	2,293,392	344,396
Coinsurance deposits	5,115,013	4,954,068
Accrued investment income	472,826	468,729
Deferred policy acquisition costs	2,923,454	3,535,838
Deferred sales inducements	1,966,723	2,516,721
Deferred income taxes	0	291,169
Income taxes recoverable	0	26,537
Other assets	47,571	60,608
Total assets	69,696,552	61,625,564
Liabilities:
Policy benefit reserves	61,893,945	57,606,009
Other policy funds and contract claims	256,105	270,858
Notes payable	495,116	494,591
Subordinated debentures	157,265	242,982
Amounts due under repurchase agreements	0	109,298
Deferred income taxes	177,897	0
Income taxes payable	429	0
Other liabilities	2,145,676	502,725
Total liabilities	65,126,433	59,226,463
Stockholders' equity:
Preferred stock; par value $1 per share; 2,000,000 shares authorized; issued and outstanding: 2019 - 16,000 shares ($400,000 aggregate liquidation preference); 2018 - no shares	16	0
Common stock; par value $1 per share; 200,000,000 shares authorized; issued and outstanding: 2019 - 91,107,555 shares (excluding 1,344,193 treasury shares); 2018 - 90,369,229 shares (excluding 1,535,960 treasury shares)	91,107	90,369
Additional paid-in capital	1,212,311	811,186
Accumulated other comprehensive income (loss)	1,497,921	(52,432)
Retained earnings	1,768,764	1,549,978
Total stockholders' equity	4,570,119	2,399,101
Total liabilities and stockholders' equity	$ 69,696,552	$ 61,625,564

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fixed maturity securities:
Available for sale securities, amortized cost	$ 48,238,946	$ 46,131,190
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	16,000	0
Preferred stock, shares outstanding	16,000	0
Preferred stock, aggregate liquidation preference	$ 400,000
Common stock, par value (dollars per share)	$ 1	$ 1
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	91,107,555	90,369,229
Common stock, shares outstanding	91,107,555	90,369,229
Common stock, shares held in treasury	1,344,193	1,535,960

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Premiums and other considerations	$ 23,534	$ 26,480	$ 34,228
Annuity product charges	240,035	224,488	200,494
Net investment income	2,307,635	2,147,812	1,991,997
Change in fair value of derivatives	906,906	(777,848)	1,677,871
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses	6,962	(37,178)	10,509
OTTI losses on investments:
Total OTTI losses	(18,511)	(35,005)	(2,758)
Portion of OTTI losses recognized from other comprehensive income	(215)	(1,651)	(1,872)
Net OTTI losses recognized in operations	(18,726)	(36,656)	(4,630)
Loss on extinguishment of debt	(2,001)	0	(18,817)
Total revenues	3,464,345	1,547,098	3,891,652
Benefits and expenses:
Insurance policy benefits and change in future policy benefits	35,418	39,530	43,219
Interest sensitive and index product benefits	1,287,576	1,610,835	2,023,668
Amortization of deferred sales inducements	88,585	222,201	176,612
Change in fair value of embedded derivatives	1,454,042	(1,389,491)	919,735
Interest expense on notes and loan payable	25,525	25,498	30,368
Interest expense on subordinated debentures	15,764	15,491	14,124
Amortization of deferred policy acquisition costs	87,717	327,991	255,964
Other operating costs and expenses	154,153	129,301	111,691
Total benefits and expenses	3,148,780	981,356	3,575,381
Income before income taxes	315,565	565,742	316,271
Income tax expense	69,475	107,726	141,626
Net income	$ 246,090	$ 458,016	$ 174,645
Earnings per common share	$ 2.70	$ 5.07	$ 1.96
Earnings per common share - assuming dilution	$ 2.68	$ 5.01	$ 1.93
Weighted average common shares outstanding: earnings per common share	91,139,453	90,347,915	88,982,442
Weighted average common shares outstanding: earnings per common share - assuming dilution	91,782,242	91,422,585	90,311,008

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net income		$ 246,090	$ 458,016	$ 174,645
Other comprehensive income (loss):
Change in net unrealized investment gains/losses (1)	[1]	1,954,044	(1,129,213)	556,384
Noncredit component of OTTI losses (1)	[1]	103	775	915
Reclassification of unrealized investment gains/losses to net income (1)	[1]	8,323	(16,606)	4,496
Other comprehensive income (loss) before income tax		1,962,470	(1,145,044)	561,795
Income tax effect related to other comprehensive income (loss)		(412,117)	240,459	(177,162)
Other comprehensive income (loss)		1,550,353	(904,585)	384,633
Comprehensive income (loss)		$ 1,796,443	$ (446,569)	$ 559,278
[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	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Stockholders' equity at beginning of period at Dec. 31, 2016	$ 2,291,595	$ 0	$ 88,001	$ 770,344	$ 339,966	$ 1,093,284
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	174,645					174,645
Other comprehensive income (loss)	384,633				384,633
Share-based compensation	6,464			6,464
Issuance of common stock under compensation plans	15,968		1,330	14,638
Dividends on common stock	(23,148)					(23,148)
Stockholders' equity at end of period at Dec. 31, 2017	2,850,157	0	89,331	791,446	724,599	1,244,781
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	458,016					458,016
Other comprehensive income (loss)	(904,585)				(904,585)
Implementation of accounting standard related to the reclassification of certain tax effects					127,554	(127,554)
Share-based compensation	11,097			11,097
Issuance of common stock under compensation plans	9,681		1,038	8,643
Dividends on common stock	(25,265)					(25,265)
Stockholders' equity at end of period at Dec. 31, 2018	2,399,101	0	90,369	811,186	(52,432)	1,549,978
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	246,090					246,090
Other comprehensive income (loss)	1,550,353				1,550,353
Issuance of preferred stock	388,893	16		388,877
Share-based compensation	11,295			11,295
Issuance of common stock under compensation plans	1,691		738	953
Dividends on common stock	(27,304)					(27,304)
Stockholders' equity at end of period at Dec. 31, 2019	$ 4,570,119	$ 16	$ 91,107	$ 1,212,311	$ 1,497,921	$ 1,768,764

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Shares of common stock issued under compensation plans	738,326	1,038,142	1,329,957
Dividends on common stock, per share amount	$ 0.30	$ 0.28	$ 0.26

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income	$ 246,090	$ 458,016	$ 174,645
Adjustments to reconcile net income to net cash provided by operating activities:
Interest sensitive and index product benefits	1,287,576	1,610,835	2,023,668
Amortization of deferred sales inducements	88,585	222,201	176,612
Annuity product charges	(240,035)	(224,488)	(200,494)
Change in fair value of embedded derivatives	1,454,042	(1,389,491)	919,735
Change in traditional life and accident and health insurance reserves	(3,546)	(163)	(33)
Policy acquisition costs deferred	(422,516)	(388,222)	(406,641)
Amortization of deferred policy acquisition costs	87,717	327,991	255,964
Provision for depreciation and other amortization	4,068	3,474	3,948
Amortization of discounts and premiums on investments	25,846	19,204	15,431
Loss on extinguishment of debt	2,001	0	18,817
Realized gains (losses) on investments and net OTTI losses recognized in operations	11,764	73,834	(5,879)
Change in fair value of derivatives	(906,201)	777,575	(1,678,956)
Distributions from equity method investments	2,753	1,270	1,454
Deferred income taxes	56,947	(12,563)	(46,730)
Share-based compensation	11,295	11,097	6,464
Change in accrued investment income	(4,097)	(39,721)	(31,235)
Change in income taxes recoverable/payable	26,966	(60,822)	45,759
Change in other assets	(5,607)	(844)	448
Change in other policy funds and contract claims	(21,971)	(19,029)	(23,101)
Change in collateral held for derivatives	1,190,656	(1,296,629)	772,181
Change in collateral held for securities lending	495,101	0	0
Change in other liabilities	(28,607)	(17,318)	(84,416)
Other	(7,425)	(13,022)	(13,794)
Net cash provided by operating activities	3,351,402	43,185	1,923,847
Sales, maturities, or repayments of investments:
Fixed maturity securities - available for sale	3,266,821	3,870,415	1,911,991
Mortgage loans on real estate	294,356	298,100	351,255
Derivative instruments	657,885	1,446,948	1,697,948
Other investments	472,549	358,372	9,117
Acquisitions of investments:
Fixed maturity securities - available for sale	(5,509,314)	(6,852,481)	(5,026,640)
Mortgage loans on real estate	(799,037)	(575,367)	(535,249)
Derivative instruments	(823,077)	(864,717)	(691,428)
Other investments	(611,047)	(85,318)	(305,575)
Purchases of property, furniture and equipment	(4,022)	(4,283)	(4,809)
Net cash used in investing activities	(3,054,886)	(2,408,331)	(2,593,390)
Financing activities
Receipts credited to annuity policyholder account balances	4,951,211	4,381,150	4,152,264
Coinsurance deposits	91,238	(23,838)	(6,597)
Return of annuity policyholder account balances	(3,584,960)	(3,159,700)	(2,809,486)
Financing fees incurred and deferred	0	0	(5,817)
Proceeds from issuance of notes payable	0	0	499,650
Repayment of notes payable	0	0	(413,252)
Repayment of loan payable	0	0	(100,000)
Repayment of subordinated debentures	(88,160)	0	0
Net proceeds from (repayments of) amounts due under repurchase agreements	(109,298)	109,298	0
Proceeds from issuance of common stock, net	1,691	9,681	14,028
Proceeds from issuance of preferred stock, net	388,893	0	0
Change in checks in excess of cash balance	29,169	(15,829)	4,680
Dividends paid	(27,304)	(25,265)	(23,148)
Net cash provided by (used in) financing activities	1,652,480	1,275,497	1,312,322
Increase (decrease) in cash and cash equivalents	1,948,996	(1,089,649)	642,779
Cash and cash equivalents at beginning of year	344,396	1,434,045	791,266
Cash and cash equivalents at end of year	2,293,392	344,396	1,434,045
Cash paid during the year for interest:
Interest expense	42,879	39,575	55,445
Cash paid during the year for income taxes:
Income taxes	28,413	181,202	142,627
Non-cash operating activity:
Deferral of sales inducements	$ 177,941	$ 179,465	$ 216,172

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Nature of Operations American Equity Investment Life Holding Company ("we", "us", "our" or "parent company"), through its wholly-owned subsidiaries, American Equity Investment Life Insurance Company ("American Equity Life"), American Equity Investment Life Insurance Company of New York ("American Equity Life of New York") and Eagle Life Insurance Company ("Eagle Life"), is licensed to sell insurance products in 50 states and the District of Columbia at December 31, 2019 . We operate solely in the insurance business. We market fixed index and fixed rate annuities. Annuity deposits (net of coinsurance) collected in 2019 , 2018 and 2017 , by product type were as follows: Year Ended December 31, Product Type 2019 2018 2017 (Dollars in thousands) Fixed index annuities $ 4,603,490 $ 3,898,366 $ 3,668,121 Annual reset fixed rate annuities 10,665 46,744 74,572 Multi-year fixed rate annuities 47,016 22,818 22,291 Single premium immediate annuities (SPIA) 12,002 23,813 24,946 $ 4,673,173 $ 3,991,741 $ 3,789,930 Agents contracted with us through two national marketing organizations accounted for more than 10% of annuity deposits we collected during 2019 representing 24% and 14% , individually, of the annuity deposits collected. Agents contracted with us through two national marketing organization accounted for more than 10% of annuity deposits we collected during 2018 representing 20% and 14% , individually, of the annuity deposits collected. Agents contracted with us through two national marketing organization accounted for more than 10% of annuity deposits we collected during 2017 representing 14% and 10% , individually, of the annuity deposits collected. Consolidation and Basis of Presentation The consolidated financial statements include our accounts and our wholly-owned subsidiaries: American Equity Life, American Equity Life of New York, Eagle Life, AERL, L.C., American Equity Capital, Inc., American Equity Investment Properties, L.C., American Equity Advisors, Inc. and American Equity Investment Service Company. All significant intercompany accounts and transactions have been eliminated. As of December 31, 2018, American Equity Capital, Inc., American Equity Advisors, Inc. and American Equity Investment Service Company have been dissolved. Estimates and Assumptions The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are utilized in the calculation of deferred policy acquisition costs, deferred sales inducements, policy benefit reserves, including the liability for lifetime income benefit riders and the fair value of embedded derivatives in fixed index annuity contracts, valuation of derivatives, valuation of investments, other than temporary impairment of investments, allowances for loan losses on mortgage loans and valuation allowances on deferred tax assets. A description of each critical estimate is incorporated within the discussion of the related accounting policies which follow. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized. Investments Fixed maturity securities (bonds maturing more than one year after issuance) that may be sold prior to maturity are classified as available for sale. Available for sale securities are reported at fair value and unrealized gains and losses, if any, on these securities are included directly in a separate component of stockholders' equity, net of income taxes and certain adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements. Fair values, as reported herein, of fixed maturity securities are based on quoted market prices in active markets when available, or for those fixed maturity securities not actively traded, yield data and other factors relating to instruments or securities with similar characteristics are used. See Note 2 for more information on the determination of fair value. Premiums and discounts are amortized/accrued using methods which result in a constant yield over the securities' expected lives. Amortization/accrual of premiums and discounts on residential and commercial mortgage backed securities incorporate prepayment assumptions to estimate the securities' expected lives. Interest income is recognized as earned. The carrying amounts of our impaired investments in fixed maturity securities are adjusted for declines in value that are other than temporary. Other than temporary impairment losses are reported as a component of revenues in the consolidated statements of operations. See Note 3 for further discussion of other than temporary impairment losses. Deterioration in credit quality of the companies or assets backing our fixed maturity securities, imbalances in liquidity recurring in the marketplace or declines in real estate values may further affect the fair value of these fixed maturity securities and increase the potential that certain unrealized losses will be recognized as other than temporary impairments in the future. Mortgage loans on real estate are reported at cost, adjusted for amortization of premiums and accrual of discounts. Interest income is recorded when earned; however, interest ceases to accrue for loans on which interest is more than 90 days past due based upon contractual terms and/or when the collection of interest is not considered probable. We evaluate the mortgage loan portfolio for the establishment of a loan loss allowance by specific identification of impaired loans and the measurement of an estimated loss, if any, for each impaired loan identified and an analysis of the mortgage loan portfolio for the need of a general loan allowance for probable losses on all loans. 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 contractual interest rate, or the fair value of the underlying collateral, less costs to sell. The amount of the general loan allowance, if any, is based upon our evaluation of the probability of collection, historical loss experience, delinquencies, credit concentrations, underwriting standards and national and local economic conditions. The carrying value of impaired loans is reduced by the establishment of an allowance for loan losses, changes to which are recognized as realized gains or losses on investments. Interest income on impaired loans is recorded on a cash basis. Other invested assets include company owned life insurance, equity securities, limited partnerships accounted for using the equity method, short-term debt securities with maturities of greater than three months but less than twelve months when purchased and policy loans. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the end of the reporting period, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Dividends are recognized when declared. Policy loans are stated at current unpaid principal balances. Realized gains and losses on sales of investments are determined on the basis of specific identification based on the trade date. Derivative Instruments Our derivative instruments include call options used to fund fixed index annuity credits and interest rate swap and caps used to manage interest rate risk associated with the floating rate component on certain of our subordinated debentures. All of our derivative instruments are recognized in the balance sheet at fair value and changes in fair value are recognized immediately in operations. See Note 5 for more information on derivative instruments. Cash and Cash Equivalents We consider all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Book Overdrafts Under our cash management system, checks issued but not yet presented to banks frequently result in overdraft balances for accounting purposes and are classified as Other liabilities on our consolidated balance sheets. We report the changes in the amount of the overdraft balance as a financing activity in our consolidated statement of cash flows as Change in checks in excess of cash balance. Securities Lending Beginning in 2019, the Company participates in a securities lending program whereby we loan certain securities to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Borrowers post cash collateral in an amount equal to or greater than 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in short-term liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. As of December 31, 2019, the fair value of loaned securities was $477.5 million and is included in Fixed maturity securities, available for sale, at fair value in the consolidated balance sheets. As of December 31, 2019, collateral retained by the lending agent and invested in liquid assets on our behalf was $495.1 million and is recorded in Cash and cash equivalents in the consolidated balance sheets. As of December 31, 2019, liabilities to return collateral of $495.1 million are included in Other liabilities in the consolidated balance sheets. Deferred Policy Acquisition Costs and Deferred Sales Inducements For annuity products, these costs are being amortized in proportion to actual and expected gross profits. Actual and expected gross profits include the the excess of net investment income earned over the interest credited or the cost of providing index credits to the policyholders, or the "investment spread"; and to a lesser extent, product charges and fees net of expected excess payments for lifetime income benefit riders and certain policy expenses. Actual and expected gross profits for fixed index annuities also include the impact of amounts recorded for the change in fair value of derivatives and the change in fair value of embedded derivatives. Current period amortization is adjusted retrospectively through an unlocking process when estimates of actual and expected gross profits (including the impact of net realized gains (losses) on investments and net OTTI losses recognized in operations) to be realized from a group of products are revised. Deferred policy acquisition costs and deferred sales inducements are also adjusted for the change in amortization that would have occurred if available for sale fixed maturity securities had been sold at their aggregate fair value at the end of the reporting period and the proceeds reinvested at current yields. The impact of this adjustment is included in accumulated other comprehensive income (loss) within consolidated stockholders' equity, net of applicable taxes. See Note 6 for more information on deferred policy acquisition costs and deferred sales inducements. Policy Benefit Reserves Policy benefit reserves for fixed index annuities with returns linked to the performance of a specified market index are equal to the sum of the fair value of the embedded derivatives and the host (or guaranteed) component of the contracts. The host value is established at inception of the contract and accreted over the policy's life at a constant rate of interest. Future policy benefit reserves for fixed index annuities earning a fixed rate of interest and other deferred annuity products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. For the years ended December 31, 2019 , 2018 and 2017 , interest crediting rates for these products ranged from 1.00% to 2.80% . The liability for lifetime income benefit riders is based on the actual and present value of expected benefit payments to be paid in excess of projected policy values recognizing the excess over the expected lives of the underlying policies based on the actual and present value of expected assessments including investment spreads, product charges and fees. The inputs used in the calculation of the liability for lifetime income benefit riders include actual policy values, actual income account values, actual payout factors, actual roll-up rates and our best estimate assumptions for future policy growth, expected utilization of lifetime income benefit riders, which includes the ages at which policyholders are expected to elect to begin to receive lifetime income benefit payments and the percentage of policyholders who elect to receive lifetime income benefit payments, the type of income benefit payments selected upon election and future assumptions for lapse, partial withdrawal and mortality rates. See Note 6 for more information on lifetime income benefit rider reserves. Policy benefit reserves are not reduced for amounts ceded under coinsurance agreements which are reported as coinsurance deposits on our consolidated balance sheets. See Note 7 for more information on reinsurance. Deferred Income Taxes Deferred income tax assets or liabilities are computed based on the temporary differences between the financial statement and income tax bases of assets and liabilities using the enacted marginal tax rate. The effect on deferred income tax assets and liabilities resulting from a change in the enacted marginal tax rate is recognized in income in the period that includes the enactment date. Deferred income tax expenses or benefits are based on the changes in the asset or liability from period to period. Deferred income tax assets are subject to ongoing evaluation of whether such assets will more likely than not be realized. The realization of deferred income tax assets primarily depends on generating future taxable income during the periods in which temporary differences become deductible. Deferred income tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. In making such a determination, all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations, is considered. The realization of deferred income tax assets related to unrealized losses on available for sale fixed maturity securities is also based upon our intent and ability to hold those securities for a period of time sufficient to allow for a recovery in fair value and not realize the unrealized loss. Recognition of Premium Revenues and Costs Revenues for annuity products include surrender and living income benefit rider charges assessed against policyholder account balances during the period. Interest sensitive and index product benefits related to annuity products include interest credited or index credits to policyholder account balances pursuant to accounting by insurance companies for certain long-duration contracts. The change in fair value of the embedded derivatives for fixed index annuities equals the change in the difference between policy benefit reserves for fixed index annuities computed under the derivative accounting standard and the long-duration contracts accounting standard at each balance sheet date. Considerations from immediate annuities and supplemental contract annuities with life contingencies are recognized as revenue when the policy is issued. All insurance-related revenues, including the change in the fair value of derivatives for call options related to the business ceded under coinsurance agreements (see Note 7), benefits, losses and expenses are reported net of reinsurance ceded. Other Comprehensive Income (Loss) Other comprehensive income (loss) includes all changes in stockholders' equity during a period except those resulting from investments by and distributions to stockholders. Other comprehensive income (loss) excludes net realized investment gains (losses) included in net income which merely represents transfers from unrealized to realized gains and losses. Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") related to revenue arising from contracts with customers. This ASU, which replaced most revenue recognition guidance existing at the time, including industry specific guidance, prescribes that an entity should recognize revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted this ASU on January 1, 2018. The adoption of this ASU had no impact on our consolidated financial statements as revenues related to insurance and investment contracts are excluded from its scope. In January 2016, the FASB issued an ASU that, among other aspects of recognition, measurement, presentation and disclosure of financial instruments, primarily requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Additionally, it changed the accounting for financial liabilities measured at fair value under the fair value option and eliminated some disclosures regarding fair value of financial assets and liabilities measured at amortized cost. We adopted this ASU on January 1, 2018. The adoption of this ASU had no impact on our consolidated financial statements. In February 2016, the FASB issued an ASU that requires recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This ASU affects accounting and disclosure more dramatically for lessees as accounting and disclosure for lessors is mainly unchanged. We adopted this ASU on January 1, 2019. The adoption of this ASU resulted in the recognition of a lease asset and lease liability of $6.0 million , respectively, on our consolidated balance sheet at December 31, 2019. In March 2017, the FASB issued an ASU that applies to certain callable debt securities where the amortized cost basis is at a premium to the price repayable by the issuer at the earliest call date. Under this guidance, the premium is amortized to the first call date. We adopted this ASU on January 1, 2019. The adoption of this ASU did not have a material impact on our consolidated financial statements. In February 2018, the FASB issued an ASU that allowed a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 ("Tax Reform"). We adopted this ASU on January 1, 2018. The adoption of this ASU resulted in a reclassification of $128 million between accumulated other comprehensive income (loss) and retained earnings within our consolidated balance sheet at December 31, 2018. In June 2018, the FASB issued an ASU that expanded the scope of Accounting Standards Codification 718, Compensation-Stock Compensation, to include share-based payment transactions for acquiring goods and services to nonemployees and eliminated the existing accounting model for nonemployee share-based payment awards. We adopted this ASU on January 1, 2019. While this ASU results in an earlier measurement date for our nonemployee restricted stock units that have not vested as of January 1, 2019, there was no impact to our consolidated financial statements upon adoption. New Accounting Pronouncements In June 2016, the FASB issued an ASU that significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model that requires these assets be presented at the net amount expected to be collected. In addition, credit losses on available for sale debt securities will be recorded through an allowance account. This ASU will be effective for us on January 1, 2020, with early adoption permitted. Our implementation procedures to date relative to this standard include, but are not limited to, identifying financial assets within the scope of this guidance, developing a current expected credit loss model for our commercial mortgage loans and reinsurance recoverable balances and refining internal processes and controls for financial assets impacted by this guidance. Based on our analyses to date, we estimate that our retained earnings as of January 1, 2020 will decrease by approximately $5 million to $10 million on a pretax basis due to an increase in our mortgage loan allowance as a result of earlier recognition of credit losses related to our commercial mortgage loans. In addition, we estimate our retained earnings will decrease by $1 million to $3 million on a pretax basis due to recognition of expected lifetime credit losses related to our reinsurance recoverable/coinsurance deposits balances. In August 2018, the FASB issued an ASU that revises certain aspects of the measurement models and disclosure requirements for long duration insurance and investment contracts. The FASB’s objective in issuing this ASU is to improve, simplify, and enhance the accounting for long-duration contracts. The revisions include updating cash flow assumptions in the calculation of the liability for traditional life products, introducing the term ‘market risk benefit’ ("MRB") and requiring all contract features meeting the definition of an MRB to be measured at fair value, simplifying the method used to amortize deferred policy acquisition costs and deferred sales inducements to a constant basis over the expected term of the related contracts rather than based on actual and estimated gross profits and enhancing disclosure requirements. While this ASU is effective for us on January 1, 2022, the transition date (the remeasurement date) is January 1, 2020. Early adoption of this ASU is permitted. We are in process of evaluating the impact this guidance will have on our consolidated financial statements. Income Tax Reform As a result of Tax Reform, the statutory federal corporate tax rate was reduced from 35% to 21% effective January 1, 2018.

Fair Values of Financial Instru

Fair Values of Financial Instruments	12 Months Ended
	Dec. 31, 2019
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: December 31, 2019 2018 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) Assets Fixed maturity securities, available for sale $ 51,580,490 $ 51,580,490 $ 45,923,727 $ 45,923,727 Mortgage loans on real estate 3,448,793 3,536,446 2,943,091 2,920,612 Derivative instruments 1,355,989 1,355,989 205,149 205,149 Other investments 492,301 492,301 355,531 348,970 Cash and cash equivalents 2,293,392 2,293,392 344,396 344,396 Coinsurance deposits 5,115,013 4,635,926 4,954,068 4,553,790 Interest rate caps 6 6 597 597 Interest rate swap — — 354 354 Counterparty collateral — — 33,101 33,101 Liabilities Policy benefit reserves 61,540,992 51,800,247 57,249,510 49,180,143 Single premium immediate annuity (SPIA) benefit reserves 255,698 263,773 270,406 279,077 Notes payable 495,116 541,520 494,591 489,985 Subordinated debentures 157,265 168,357 242,982 215,514 Amounts due under repurchase agreements — — 109,298 109,298 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 December 31, 2019 and 2018 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) December 31, 2019 Assets Fixed maturity securities, available for sale: United States Government full faith and credit $ 161,765 $ 155,945 $ 5,820 $ — United States Government sponsored agencies 625,020 — 625,020 — United States municipalities, states and territories 4,527,671 — 4,527,671 — Foreign government obligations 205,096 — 205,096 — Corporate securities 32,536,839 4 32,536,835 — Residential mortgage backed securities 1,575,664 — 1,575,664 — Commercial mortgage backed securities 5,786,279 — 5,786,279 — Other asset backed securities 6,162,156 — 6,162,156 — Derivative instruments 1,355,989 — 1,355,989 — Cash and cash equivalents 2,293,392 2,293,392 — — Interest rate caps 6 — 6 — $ 55,229,877 $ 2,449,341 $ 52,780,536 $ — Liabilities Fixed index annuities - embedded derivatives $ 9,624,395 $ — $ — $ 9,624,395 December 31, 2018 Assets Fixed maturity securities, available for sale: United States Government full faith and credit $ 11,652 $ 5,900 $ 5,752 $ — United States Government sponsored agencies 1,138,529 — 1,138,529 — United States municipalities, states and territories 4,126,267 — 4,126,267 — Foreign government obligations 230,274 — 230,274 — Corporate securities 28,371,514 7 28,371,507 — Residential mortgage backed securities 1,202,159 — 1,202,159 — Commercial mortgage backed securities 5,379,003 — 5,379,003 — Other asset backed securities 5,464,329 — 5,464,329 — Derivative instruments 205,149 — 205,149 — Cash and cash equivalents 344,396 344,396 — — Interest rate caps 597 — 597 — Interest rate swap 354 — 354 — Counterparty collateral 33,101 — 33,101 — $ 46,507,324 $ 350,303 $ 46,157,021 $ — Liabilities Fixed index annuities - embedded derivatives $ 8,165,405 $ — $ — $ 8,165,405 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 The fair values of fixed maturity 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 quotes or prices from additional parties as needed. 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, comparison of the prices to a secondary pricing source, 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 December 31, 2019 and 2018 . 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 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); 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 Financial instruments included in other investments that are not measured at fair value on a recurring basis 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 values and the fair values afforded these instruments are immaterial to our consolidated financial position and, accordingly, the cost to provide such disclosure does not justify the benefit to be derived. The fair values of our equity method investments are obtained from third parties and are determined using a variety of valuation techniques, including discounted cash flow analysis, valuation multiples analysis for comparable investments and appraisal values. As the risk spread and liquidity discount are unobservable market inputs, the fair value of our equity method investments falls within Level 3 of the fair value hierarchy. The fair value of our COLI approximates the cash surrender value of the policies and falls within Level 2 of the fair value hierarchy. Cash and cash equivalents Amounts reported in the consolidated balance sheets for these instruments are reported at their historical cost which approximates fair value due to the nature of the assets assigned to this category. Interest rate 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 a projected London Interbank Offered Rate ("LIBOR") for the term of the swap and caps. Counterparty collateral Amounts reported in other assets 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. 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 issued 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 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. Amounts due under repurchase agreements The amounts reported in the consolidated balance sheets for short term indebtedness under repurchase agreements with variable interest rates approximate their fair values. 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. Within this determination we have the following significant unobservable inputs: 1) the expected cost of annual call options we will purchase in the future to fund index credits beyond the next policy anniversary and 2) our best estimates for future policy decrements, primarily lapse, partial withdrawal and mortality rates. As of December 31, 2019 and 2018 , we utilized an estimate of 2.90% and 3.10% , respectively, for the expected cost of annual call options, which are based on estimated long-term account value growth and a historical review of our actual option costs. Our best estimate assumptions for lapse, partial withdrawal and mortality rates are based on our actual experience and our outlook as to future expectations for such assumptions. These assumptions, which are consistent with the assumptions used in calculating deferred policy acquisition costs and deferred sales inducements, are reviewed on a quarterly basis and are revised as our experience develops and/or as future expectations change. The following table presents average lapse rate and partial withdrawal rate assumptions, by contract duration, used in estimating the fair value of the embedded derivative component of our fixed index annuity policy benefit reserves at each reporting date: Average Lapse Rates Average Partial Withdrawal Rates Contract Duration (Years) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 1 - 5 0.90% 2.05% 3.33% 3.33% 6 - 10 1.29% 7.28% 3.84% 3.33% 11 - 15 3.31% 11.35% 4.12% 3.35% 16 - 20 8.52% 11.90% 4.18% 3.22% 20+ 7.10% 11.57% 4.12% 3.22% Lapse rates are generally expected to increase as surrender charge percentages decrease. Lapse expectations reflect a significant increase in the year in which the surrender charge period on a contract e nds. We review assumptions quarterly and as a result of this review we lowered lapse rate assumptions in 2019 as our experience indicates lapse rates have been lower than previously estimated. The following table provides a reconciliation of the beginning and ending balances for our Level 3 liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs for the years ended December 31, 2019 and 2018 : Year Ended December 31, 2019 2018 (Dollars in thousands) Fixed index annuities - embedded derivatives Beginning balance $ 8,165,405 $ 8,790,427 Premiums less benefits 896,688 1,542,606 Change in fair value, net 562,302 (2,167,628 ) Ending balance $ 9,624,395 $ 8,165,405 The fair value of our fixed index annuities embedded derivatives is net of coinsurance ceded of $644.6 million and $538.8 million as of December 31, 2019 and 2018 , respectively. Change in fair value, net for each period in our embedded derivatives is included in change in fair value of embedded derivatives in the 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 rates reflect our nonperformance risk. If the discount rates used to discount the excess projected contract values at December 31, 2019 , were to increase by 100 basis points, the fair value of the embedded derivatives would decrease by $871.3 million recorded through operations as a decrease in the change in fair value of embedded derivatives and there would be a corresponding decrease of $350.5 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 rates used to discount the excess projected contract values would increase the fair value of the embedded derivatives by $1.0 billion recorded through operations as an increase in the change in fair value of embedded derivatives and there would be a corresponding increase of $434.2 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. We review these assumptions quarterly and as a result of these reviews, we made updates to assumptions in 2019, 2018 and 2017. In addition, we implemented an enhanced actuarial valuation system during 2019, and as a result, our 2019 assumption updates include model refinements resulting from the implementation. The most significant revisions to the calculation of the fair value of the embedded derivative component of our fixed index annuity policy benefit reserves in 2019 were to decrease lapse rate assumptions. We have credible lapse and utilization data based upon a comprehensive experience study spanning over 10 years on our products with lifetime income benefit riders and have experienced lapse rates that are lower than previously estimated. The impact of the lapse rate assumption changes was partially offset by a decrease in the option budget from 3.10% to 2.90% as a result of a revised estimate of the cost of options over the 20 year mean reversion period. The most significant revisions to the calculation of the fair value of embedded derivative component of our fixed index annuity policy benefit reserves in 2018 were to decrease lapse rate assumptions.

Investments

Investments	12 Months Ended
	Dec. 31, 2019
Investments [Abstract]
Investments	Investments At December 31, 2019 and 2018 , the amortized cost and fair value of fixed maturity securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) December 31, 2019 Fixed maturity securities, available for sale: United States Government full faith and credit $ 161,492 $ 369 $ (96 ) $ 161,765 United States Government sponsored agencies 601,672 28,133 (4,785 ) 625,020 United States municipalities, states and territories 4,147,343 388,578 (8,250 ) 4,527,671 Foreign government obligations 186,993 18,103 — 205,096 Corporate securities 29,822,172 2,796,926 (82,259 ) 32,536,839 Residential mortgage backed securities 1,477,738 101,617 (3,691 ) 1,575,664 Commercial mortgage backed securities 5,591,167 208,895 (13,783 ) 5,786,279 Other asset backed securities 6,250,369 90,978 (179,191 ) 6,162,156 $ 48,238,946 $ 3,633,599 $ (292,055 ) $ 51,580,490 December 31, 2018 Fixed maturity securities, available for sale: United States Government full faith and credit $ 11,872 $ 102 $ (322 ) $ 11,652 United States Government sponsored agencies 1,208,468 13,095 (83,034 ) 1,138,529 United States municipalities, states and territories 3,880,703 261,222 (15,658 ) 4,126,267 Foreign government obligations 226,860 7,573 (4,159 ) 230,274 Corporate securities 28,483,138 727,105 (838,729 ) 28,371,514 Residential mortgage backed securities 1,134,623 71,661 (4,125 ) 1,202,159 Commercial mortgage backed securities 5,492,271 21,558 (134,826 ) 5,379,003 Other asset backed securities 5,693,255 41,308 (270,234 ) 5,464,329 $ 46,131,190 $ 1,143,624 $ (1,351,087 ) $ 45,923,727 The amortized cost and fair value of fixed maturity securities at December 31, 2019 , by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. All of our mortgage and other asset backed securities provide for periodic payments throughout their lives and are shown below as separate lines. Available for sale Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 290,310 $ 294,212 Due after one year through five years 5,831,134 6,061,370 Due after five years through ten years 10,199,288 10,829,871 Due after ten years through twenty years 10,519,078 11,812,300 Due after twenty years 8,079,862 9,058,638 34,919,672 38,056,391 Residential mortgage backed securities 1,477,738 1,575,664 Commercial mortgage backed securities 5,591,167 5,786,279 Other asset backed securities 6,250,369 6,162,156 $ 48,238,946 $ 51,580,490 Net unrealized gains (losses) on available for sale fixed maturity securities reported as a separate component of stockholders' equity were comprised of the following: December 31, 2019 2018 (Dollars in thousands) Net unrealized gains (losses) on available for sale fixed maturity securities $ 3,341,544 $ (207,463 ) Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements (1,473,966 ) 112,571 Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax benefit (expense) (392,191 ) 19,926 Net unrealized gains (losses) reported as accumulated other comprehensive income (loss) $ 1,497,921 $ (52,432 ) 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% and 97% of our fixed maturity portfolio rated investment grade at December 31, 2019 and 2018 , respectively. The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated: December 31, 2019 2018 NAIC Designation Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) 1 $ 27,781,525 $ 30,122,657 $ 26,588,352 $ 26,921,843 2 19,278,355 20,316,911 17,901,161 17,528,072 3 1,001,087 977,191 1,396,650 1,269,242 4 114,497 112,534 173,987 137,991 5 57,952 45,205 23,836 19,453 6 5,530 5,992 47,204 47,126 $ 48,238,946 $ 51,580,490 $ 46,131,190 $ 45,923,727 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 1,033 and 2,715 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2019 and 2018 : Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) December 31, 2019 Fixed maturity securities, available for sale: United States Government full faith and credit $ 144,582 $ (96 ) $ — $ — $ 144,582 $ (96 ) United States Government sponsored agencies 168,732 (1,229 ) 201,444 (3,556 ) 370,176 (4,785 ) United States municipalities, states and territories 285,481 (8,173 ) 3,081 (77 ) 288,562 (8,250 ) Corporate securities: Finance, insurance and real estate 267,521 (4,785 ) 121,993 (4,744 ) 389,514 (9,529 ) Manufacturing, construction and mining 161,633 (6,039 ) 44,606 (3,951 ) 206,239 (9,990 ) Utilities and related sectors 334,635 (7,730 ) 51,269 (3,482 ) 385,904 (11,212 ) Wholesale/retail trade 54,289 (1,751 ) 129,364 (9,411 ) 183,653 (11,162 ) Services, media and other 275,135 (6,135 ) 316,086 (34,231 ) 591,221 (40,366 ) Residential mortgage backed securities 212,404 (2,686 ) 11,332 (1,005 ) 223,736 (3,691 ) Commercial mortgage backed securities 602,394 (9,366 ) 194,328 (4,417 ) 796,722 (13,783 ) Other asset backed securities 752,413 (11,709 ) 3,375,016 (167,482 ) 4,127,429 (179,191 ) $ 3,259,219 $ (59,699 ) $ 4,448,519 $ (232,356 ) $ 7,707,738 $ (292,055 ) December 31, 2018 Fixed maturity securities, available for sale: United States Government full faith and credit $ 543 $ (3 ) $ 7,785 $ (319 ) $ 8,328 $ (322 ) United States Government sponsored agencies 30,089 (949 ) 953,421 (82,085 ) 983,510 (83,034 ) United States municipalities, states and territories 340,103 (6,816 ) 162,997 (8,842 ) 503,100 (15,658 ) Foreign government obligations 98,511 (1,748 ) 11,859 (2,411 ) 110,370 (4,159 ) Corporate securities: Finance, insurance and real estate 2,501,640 (87,220 ) 884,870 (77,507 ) 3,386,510 (164,727 ) Manufacturing, construction and mining 2,045,859 (84,972 ) 349,738 (34,635 ) 2,395,597 (119,607 ) Utilities and related sectors 2,313,271 (82,119 ) 591,482 (45,838 ) 2,904,753 (127,957 ) Wholesale/retail trade 1,032,603 (51,228 ) 198,805 (26,326 ) 1,231,408 (77,554 ) Services, media and other 4,618,477 (196,520 ) 1,072,722 (152,364 ) 5,691,199 (348,884 ) Residential mortgage backed securities 145,613 (2,638 ) 22,689 (1,487 ) 168,302 (4,125 ) Commercial mortgage backed securities 2,141,560 (37,150 ) 2,090,835 (97,676 ) 4,232,395 (134,826 ) Other asset backed securities 4,073,249 (252,265 ) 271,994 (17,969 ) 4,345,243 (270,234 ) $ 19,341,518 $ (803,628 ) $ 6,619,197 $ (547,459 ) $ 25,960,715 $ (1,351,087 ) The unrealized losses at December 31, 2019 are principally related to timing of the purchases of these securities, which carry less yield than those available at December 31, 2019 . Approximately 79% and 87% of the unrealized losses on fixed maturity securities shown in the above table for December 31, 2019 and 2018 , respectively, are on securities that are rated investment grade, defined as being the highest two NAIC designations. Because we did not have the intent to sell fixed maturity securities with unrealized losses and it was not more likely than not that we would be required to sell these securities prior to recovery of the amortized cost, which may be maturity, we did not consider these investments to be other than temporarily impaired as of December 31, 2019 and 2018 . Changes in net unrealized gains/losses on investments for the years ended December 31, 2019 , 2018 and 2017 are as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Fixed maturity securities held for investment carried at amortized cost $ — $ 581 $ 7,478 Investments carried at fair value: Fixed maturity securities, available for sale $ 3,549,007 $ (2,463,693 ) $ 1,149,691 Equity securities — — (479 ) 3,549,007 (2,463,693 ) 1,149,212 Adjustment for effect on other balance sheet accounts: Deferred policy acquisition costs and deferred sales inducements (1,586,537 ) 1,318,649 (587,417 ) Deferred income tax asset/liability (412,117 ) 240,459 (177,162 ) (1,998,654 ) 1,559,108 (764,579 ) Change in net unrealized gains/losses on investments carried at fair value $ 1,550,353 $ (904,585 ) $ 384,633 Components of net investment income are as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Fixed maturity securities $ 2,171,768 $ 2,027,599 $ 1,876,542 Equity securities 4,083 4,735 764 Mortgage loans on real estate 145,344 131,259 122,680 Cash and cash equivalents 5,164 2,320 2,562 Other 3,119 1,548 4,073 2,329,478 2,167,461 2,006,621 Less investment expenses (21,843 ) (19,649 ) (14,624 ) Net investment income $ 2,307,635 $ 2,147,812 $ 1,991,997 Proceeds from sales of available for sale fixed maturity securities for the years ended December 31, 2019 , 2018 and 2017 were $1.0 billion , $2.5 billion and $0.7 billion , respectively. Scheduled principal repayments, calls and tenders for available for sale fixed maturity securities for the years ended December 31, 2019 , 2018 and 2017 were $2.3 billion , $1.4 billion and $1.2 billion , 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 are as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Available for sale fixed maturity securities: Gross realized gains $ 21,449 $ 12,245 $ 18,254 Gross realized losses (6,397 ) (47,974 ) (9,058 ) 15,052 (35,729 ) 9,196 Equity securities: Gross realized gains — — 348 Other investments: Gross realized gains 7,296 — — Gross realized losses (14,446 ) — — Gain on sale of real estate — — 56 (7,150 ) — 56 Mortgage loans on real estate: Decrease (increase) in allowance for credit losses (940 ) (3,165 ) 278 Recovery of specific allowance — 1,592 631 Gain on sale of mortgage loans — 124 — (940 ) (1,449 ) 909 $ 6,962 $ (37,178 ) $ 10,509 Losses on available for sale fixed maturity securities in 2019 , 2018 and 2017 were realized primarily due to strategies to reposition the fixed maturity security portfolio that result in improved net investment income, credit risk or duration profiles as they pertain to our asset liability management. The following table summarizes the carrying value of our investments that have been non-income producing for 12 consecutive months: December 31, 2019 2018 (Dollars in thousands) Fixed maturity securities, available for sale $ 5,792 $ 6,717 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; • 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 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. 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 is based on the underlying financial performance of the issuer and their ability to meet their contractual obligations. Considerations in our evaluation include, but are not limited to, credit rating changes, financial statement and ratio analysis, changes in management, significant changes in credit spreads, breaches of financial covenants and a review of the economic outlook for the industry and markets in which they trade. In circumstances where an issuer appears unlikely to meet its future obligation, or the security's price decline is deemed other than temporary, an estimate of credit loss is determined. Credit loss is calculated using default probabilities as derived from the credit default swaps markets in conjunction with recovery rates derived from independent third party analysis or a best estimate of credit loss. This credit loss rate is then incorporated into a present value calculation based on an expected principal loss in the future discounted at the yield at the date of purchase and compared to amortized cost to determine the amount of credit loss associated with the security. In addition, for debt securities which we do not intend to sell and it is not more likely than not we will be required to sell, but our intent changes due to changes or events that could not have been reasonably anticipated, an other than temporary impairment charge is recognized. Once an impairment charge has been recorded, we then continue to review the other than temporarily impaired securities for appropriate valuation on an ongoing basis. Unrealized losses may be recognized in future periods through a charge to earnings should we later conclude that the decline in fair value below amortized cost is other than temporary pursuant to our accounting policy described above. The use of different methodologies and assumptions to determine the fair value of investments and the timing and amount of impairments may have a material effect on the amounts presented in our consolidated financial statements. The following table summarizes other than temporary impairments 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) Year ended December 31, 2019 Fixed maturity securities, available for sale: Corporate securities: Energy 3 $ (17,273 ) $ — $ (17,273 ) Residential mortgage backed securities 3 (101 ) (215 ) (316 ) Commercial mortgage backed securities 2 (488 ) — (488 ) Other asset backed securities 1 (649 ) — (649 ) 9 $ (18,511 ) $ (215 ) $ (18,726 ) Year ended December 31, 2018 Fixed maturity securities, available for sale: Corporate securities: Capital goods 1 $ (719 ) $ — $ (719 ) Consumer discretionary 8 (9,533 ) — (9,533 ) Energy 4 (4,793 ) — (4,793 ) Financials 5 (3,495 ) — (3,495 ) Information technology 1 (550 ) — (550 ) Industrials 1 (2,299 ) — (2,299 ) Telecommunications 2 (249 ) — (249 ) Transportation 1 (178 ) — (178 ) Utilities 2 (5,518 ) — (5,518 ) Residential mortgage backed securities 3 (63 ) (295 ) (358 ) Commercial mortgage backed securities 5 (4,859 ) — (4,859 ) Other asset backed securities 2 (2,749 ) (1,356 ) (4,105 ) 35 $ (35,005 ) $ (1,651 ) $ (36,656 ) Year ended December 31, 2017 Fixed maturity securities, available for sale: Corporate securities: Industrials 1 $ (2,485 ) $ — $ (2,485 ) Residential mortgage backed securities 8 (273 ) (1,585 ) (1,858 ) Other asset backed securities 1 — (287 ) (287 ) 10 $ (2,758 ) $ (1,872 ) $ (4,630 ) 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: Year Ended December 31, 2019 2018 (Dollars in thousands) Cumulative credit loss at beginning of year $ (175,398 ) $ (157,066 ) Additions for the amount related to credit losses for which OTTI has not previously been recognized (18,271 ) (35,005 ) Additional credit losses on securities for which OTTI has previously been recognized (455 ) (1,651 ) Accumulated losses on securities that were disposed of during the period 24,422 18,324 Cumulative credit loss at end of year $ (169,702 ) $ (175,398 ) 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, by major type of security, for securities that are part of our investment portfolio at December 31, 2019 and 2018 : Amortized Cost OTTI Recognized in Other Comprehensive Income (Loss) Change in Fair Value Since OTTI was Recognized Fair Value (Dollars in thousands) December 31, 2019 Fixed maturity securities, available for sale: Corporate securities $ 50,755 $ (3,700 ) $ 9,268 $ 56,323 Residential mortgage backed securities 183,948 (145,446 ) 172,577 211,079 Commercial mortgage backed securities 12,776 — (401 ) 12,375 Other asset backed securities 977 — 261 1,238 $ 248,456 $ (149,146 ) $ 181,705 $ 281,015 December 31, 2018 Fixed maturity securities, available for sale: Corporate securities $ 69,580 $ (3,700 ) $ 6,195 $ 72,075 Residential mortgage backed securities 245,691 (167,846 ) 199,191 277,036 Commercial mortgage backed securities 35,244 — — 35,244 Other asset backed securities 1,692 — 326 2,018 $ 352,207 $ (171,546 ) $ 205,712 $ 386,373 At December 31, 2019 and 2018 , fixed maturity securities and short-term investments with an amortized cost of $51.6 billion and $49.2 billion , respectively, were on deposit with state agencies to meet regulatory requirements. There are no restrictions on these assets. At December 31, 2019 and 2018 , we had no investment in any person or its affiliates (other than bonds issued by agencies of the United States Government) that exceeded 10% of stockholders' equity.

Mortgage Loans on Real Estate

Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Mortgage Loans on Real Estate	Mortgage Loans on Real Estate Our mortgage loan portfolio is summarized in the following table. There were commitments outstanding of $244.3 million at December 31, 2019 . December 31, 2019 2018 (Dollars in thousands) Principal outstanding $ 3,458,914 $ 2,952,464 Loan loss allowance (9,179 ) (8,239 ) Deferred prepayment fees (942 ) (1,134 ) Carrying value $ 3,448,793 $ 2,943,091 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: December 31, 2019 2018 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 645,991 18.7 % $ 586,773 19.9 % Middle Atlantic 284,597 8.2 % 168,969 5.7 % Mountain 389,892 11.3 % 357,642 12.1 % New England 9,152 0.3 % 9,418 0.3 % Pacific 655,518 19.0 % 521,363 17.7 % South Atlantic 751,199 21.7 % 694,599 23.5 % West North Central 302,534 8.7 % 291,890 9.9 % West South Central 420,031 12.1 % 321,810 10.9 % $ 3,458,914 100.0 % $ 2,952,464 100.0 % Property type distribution Office $ 250,287 7.3 % $ 268,932 9.1 % Medical Office 29,990 0.9 % 33,467 1.1 % Retail 1,225,670 35.4 % 1,091,627 37.0 % Industrial/Warehouse 896,558 25.9 % 762,887 25.8 % Apartment 858,679 24.8 % 600,638 20.3 % Agricultural 51,303 1.5 % 25,000 0.9 % Mixed use/Other 146,427 4.2 % 169,913 5.8 % $ 3,458,914 100.0 % $ 2,952,464 100.0 % 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: Year Ended December 31, 2019 2018 2017 Specific Allowance General Allowance Specific Allowance General Allowance Specific Allowance General Allowance (Dollars in thousands) Beginning allowance balance $ (229 ) $ (8,010 ) $ (1,418 ) $ (6,100 ) $ (1,327 ) $ (7,100 ) Charge-offs — — 852 — — — Recoveries — — 1,592 — 631 — Change in provision for credit losses — (940 ) (1,255 ) (1,910 ) (722 ) 1,000 Ending allowance balance $ (229 ) $ (8,950 ) $ (229 ) $ (8,010 ) $ (1,418 ) $ (6,100 ) 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: December 31, 2019 2018 2017 (Dollars in thousands) Individually evaluated for impairment $ 1,229 $ 1,253 $ 5,445 Collectively evaluated for impairment 3,457,685 2,951,211 2,668,870 Total loans evaluated for impairment $ 3,458,914 $ 2,952,464 $ 2,674,315 Charge-offs include allowances that have been established on loans that were satisfied either by taking ownership of the collateral or by some other means such as discounted pay-off or loan sale. 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). We did not own any real estate during the years ended December 31, 2019 , 2018 and 2017 . 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. December 31, 2019 2018 (Dollars in thousands) Credit Exposure - By Payment Activity Performing $ 3,458,914 $ 2,952,464 In workout — — Collateral dependent — — $ 3,458,914 $ 2,952,464 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 are 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 allow 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 the payments are received to bring a delinquent loan back to current we will resume accruing interest income on that loan. There were no loans in non-accrual status at December 31, 2019 and 2018 , 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 December 31, 2019 $ — $ — $ — $ — $ 3,458,914 $ — $ 3,458,914 December 31, 2018 $ — $ — $ — $ — $ 2,952,464 $ — $ 2,952,464 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) December 31, 2019 Mortgage loans with an allowance $ 1,000 $ 1,229 $ (229 ) Mortgage loans with no related allowance — — — $ 1,000 $ 1,229 $ (229 ) December 31, 2018 Mortgage loans with an allowance $ 1,024 $ 1,253 $ (229 ) Mortgage loans with no related allowance — — — $ 1,024 $ 1,253 $ (229 ) Average Recorded Investment Interest Income Recognized (Dollars in thousands) December 31, 2019 Mortgage loans with an allowance $ 1,012 $ 69 Mortgage loans with no related allowance — — $ 1,012 $ 69 December 31, 2018 Mortgage loans with an allowance $ 1,042 $ 74 Mortgage loans with no related allowance — — $ 1,042 $ 74 December 31, 2017 Mortgage loans with an allowance $ 4,464 $ 221 Mortgage loans with no related allowance 1,513 91 $ 5,977 $ 312 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 is 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. There were no mortgage loans on commercial real estate that we determined to be a TDR at December 31, 2019 and 2018

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments 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, presented in the consolidated balance sheets are as follows: December 31, 2019 2018 (Dollars in thousands) Assets Derivative instruments Call options $ 1,355,989 $ 205,149 Other assets Interest rate caps 6 597 Interest rate swap — 354 $ 1,355,995 $ 206,100 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives, net $ 9,624,395 $ 8,165,405 The changes in fair value of derivatives included in the consolidated statements of operations are as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Change in fair value of derivatives: Call options $ 908,556 $ (778,899 ) $ 1,678,283 Interest rate swap (1,059 ) 869 255 Interest rate caps (591 ) 182 (667 ) $ 906,906 $ (777,848 ) $ 1,677,871 Change in fair value of embedded derivatives: Fixed index annuities - embedded derivatives $ 562,302 $ (2,167,628 ) $ 174,154 Other changes in difference between policy benefit reserves computed using derivative accounting vs. long-duration contracts accounting 891,740 778,137 745,581 $ 1,454,042 $ (1,389,491 ) $ 919,735 The amounts presented as "Other changes in difference between policy benefit reserves computed using derivative accounting vs. long-duration contracts accounting" represents the total change in the difference between policy benefit reserves for fixed index annuities computed under the derivative accounting standard and the long-duration contracts accounting standard at each balance sheet date, less the change in fair value of our fixed index annuities embedded derivatives that is presented as Level 3 liabilities in Note 2. 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 and the changes in fair value for open positions. On the respective anniversary dates of the index policies, the index used to compute the index credit is reset and we purchase new call options to fund the next 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 due to the nonperformance of the counterparties to these call options 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 non-exchange traded 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: December 31, 2019 2018 Counterparty Credit Rating (S&P) Credit Rating (Moody's) Notional Amount Fair Value Notional Amount Fair Value (Dollars in thousands) Bank of America A+ Aa2 $ 2,680,543 $ 80,692 $ 6,518,808 $ 6,704 Barclays A A2 5,753,868 217,536 2,301,414 27,032 Canadian Imperial Bank of Commerce A+ Aa2 4,110,525 154,917 4,856,150 29,313 Citibank, N.A. A+ Aa3 4,075,544 109,046 4,792,208 27,239 Credit Suisse A+ A1 4,526,414 116,659 2,877,916 12,887 J.P. Morgan A+ Aa2 4,703,234 151,651 3,701,964 17,564 Morgan Stanley A+ A1 1,886,995 41,253 3,560,044 1,561 Royal Bank of Canada AA- A2 2,565,202 101,511 1,871,305 14,011 Societe Generale A A1 3,280,286 139,101 2,343,165 21,681 SunTrust A A2 2,051,229 74,910 1,755,030 12,047 Wells Fargo A+ Aa2 4,221,408 163,520 4,618,569 33,398 Exchange traded 191,948 5,193 224,204 1,712 $ 40,047,196 $ 1,355,989 $ 39,420,777 $ 205,149 As of December 31, 2019 and 2018 , we held $1.3 billion and $0.2 billion , respectively, of cash and cash equivalents and other investments 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 $25.2 million and $16.1 million at December 31, 2019 and 2018 , respectively. The future index credits on our fixed index annuities are treated as a "series of embedded derivatives" over the expected life of the applicable contract. We do not purchase call options to fund the index liabilities which may arise after the next policy anniversary date. We must value both the call options and the related forward embedded options in the policies at fair value. We entered into an interest rate swap and interest rate caps to manage interest rate risk associated with the floating rate component on certain of our subordinated debentures. See Note 10 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 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 consolidated statements of operations. Effective December 13, 2019 we terminated the interest rate swap in conjunction with our redemption of certain of our subordinated debentures. Details regarding the interest rate swap are as follows: December 31, 2019 2018 Maturity Date Notional Amount Receive Rate Pay Rate Counterparty Fair Value Fair Value (Dollars in thousands) March 15, 2021 $ 85,500 LIBOR 2.415% SunTrust $ — $ 354 Details regarding the interest rate caps are as follows: December 31, 2019 2018 Maturity Date Notional Amount Floating Rate Cap Rate Counterparty Fair Value Fair Value (Dollars in thousands) July 7, 2021 $ 40,000 LIBOR 2.50% SunTrust $ 3 $ 302 July 8, 2021 12,000 LIBOR 2.50% SunTrust 1 91 July 29, 2021 27,000 LIBOR 2.50% SunTrust 2 204 $ 79,000 $ 6 $ 597

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders	Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders Policy acquisition costs deferred and amortized are as follows: December 31, 2019 2018 2017 (Dollars in thousands) Balance at beginning of year $ 3,535,838 $ 2,714,523 $ 2,905,377 Costs deferred during the year: Commissions 419,165 384,432 401,124 Policy issue costs 3,351 3,790 5,517 Amortization: Amortization (280,699 ) (358,563 ) (304,162 ) Impact of unlocking 192,982 30,572 48,198 Effect of net unrealized gains/losses (947,183 ) 761,084 (341,531 ) Balance at end of year $ 2,923,454 $ 3,535,838 $ 2,714,523 Sales inducements deferred and amortized are as follows: December 31, 2019 2018 2017 (Dollars in thousands) Balance at beginning of year $ 2,516,721 $ 2,001,892 $ 2,208,218 Costs deferred during the year 177,941 179,465 216,172 Amortization: Amortization (193,292 ) (243,666 ) (210,886 ) Impact of unlocking 104,707 21,465 34,274 Effect of net unrealized gains/losses (639,354 ) 557,565 (245,886 ) Balance at end of year $ 1,966,723 $ 2,516,721 $ 2,001,892 The following table presents a rollforward of the liability for lifetime income benefit riders (net of coinsurance ceded): December 31, 2019 2018 2017 (Dollars in thousands) Balance at beginning of year $ 808,167 $ 704,441 $ 533,391 Benefit expense accrual 179,901 157,333 149,442 Impact of unlocking 315,383 (53,607 ) 21,608 Claim payments — — — Balance at end of year $ 1,303,451 $ 808,167 $ 704,441 We periodically revise the key assumptions used in the calculation of amortization of deferred policy acquisition costs and deferred sales inducements retrospectively through an unlocking process when estimates of current or future gross profits (including the impact of realized investment gains and losses) to be realized from a group of products are revised. In addition, we periodically revise the assumptions used in determining the liability for lifetime income benefit riders as experience develops that is different from our assumptions. We review these assumptions quarterly and as a result of these reviews, we made updates to assumptions in 2019, 2018 and 2017. In addition, we implemented an enhanced actuarial valuation system during 2019, and as a result, our 2019 assumption updates include model refinements resulting from the implementation. The most significant assumption changes from the 2019 review were to lapse and utilization assumptions. We have credible lapse and utilization data based upon a comprehensive experience study spanning over 10 years on our products with lifetime income benefit riders and have experienced lapse rates that are lower than previously estimated. Lower lapse assumptions result in an expectation that more policies will remain in force than previously anticipated which results in a greater amount of benefit payments in excess of account value and the need for a greater liability for lifetime income benefit riders. The decrease in lapse rate assumptions also results in policies being in force for a longer period of time and an increase in expected gross profits as compared to previous estimates. The higher level of expected future gross profits results in an increase in the balances of deferred policy acquisition costs and deferred sales inducements. Our experience study also indicated that the ultimate utilization of certain lifetime income benefit riders is expected to be less than our prior assumptions and the timing of utilization of lifetime income benefit riders is later than in our prior assumptions. We reduced our ultimate utilization assumptions for fee riders from 75% to 60% and for no-fee riders from 37.5% to 30% , for policies issued in 2014 and prior years. The net effect of the utilization assumption revisions resulted in a decrease in the liability for lifetime income benefit riders and partially offset the increase in the liability for lifetime income benefit riders from the change in lapse assumptions. In addition, we revised our assumptions regarding future crediting rates on policies. We are assuming a 3.80% U.S. Treasury rate with a 20 year mean reversion period. Our assumption for aggregate spread is 2.60% which translates to an ultimate discount rate of 2.90% . While the aggregate spread of 2.60% did not change from prior estimates, our estimates of the profitability of individual issue year cohorts has changed with the use of an aggregate portfolio yield across all issue year cohorts. This assumption revision resulted in a change in the allocation of profitability by issue year cohort, which caused a reduction in the deferred policy acquisition costs and deferred sales inducements assets and partially offset the increase in the deferred policy acquisition costs and deferred sales inducements assets from the change in lapse assumptions. The most significant revisions made during 2018 as a result of our quarterly reviews were account balance true-ups which were favorable to us due to stronger index credits than we assumed due to strong equity market performance and adjustments to generally decrease lapse rate assumptions to reflect better persistency experienced than assumed. The favorable impact of the account balance true-ups and lapse rate assumption changes was partially offset by revisions to lower our future investment spread assumptions primarily due to an increase in the cost of money we had been experiencing. The most significant revisions made during 2017 as a result of our quarterly reviews were account balance true-ups which were favorable to us due to stronger index credits than we assumed due to strong equity market performance and adjustments to generally decrease lapse rate assumptions to reflect better persistency experienced than assumed. The favorable impact of the account balance true-ups and lapse rate assumption changes was partially offset by reductions in estimated future gross profits attributable to revisions to assumptions used in determining the liability for lifetime income benefit riders as well as an increase in estimated expenses associated with a reinsurance agreement with an unaffiliated reinsurer. The 2018 and 2017

Reinsurance and Policy Provisio

Reinsurance and Policy Provisions	12 Months Ended
	Dec. 31, 2019
Reinsurance Disclosures [Abstract]
Reinsurance and Policy Provisions	Reinsurance and Policy Provisions Coinsurance We have two coinsurance agreements with EquiTrust Life Insurance Company ("EquiTrust"), covering 70% of certain of American Equity Life's fixed index and fixed rate annuities issued from August 1, 2001 through December 31, 2001, 40% of those contracts issued during 2002 and 2003, and 20% of those contracts issued from January 1, 2004 to July 31, 2004. The business reinsured under these agreements may not be recaptured. Coinsurance deposits (aggregate policy benefit reserves transferred to EquiTrust under these agreements) were $481.9 million and $560.8 million at December 31, 2019 and 2018 , respectively. We remain liable to policyholders with respect to the policy liabilities ceded to EquiTrust should EquiTrust fail to meet the obligations it has coinsured. None of the coinsurance deposits with EquiTrust are deemed by management to be uncollectible. The balance due under these agreements to EquiTrust was $10.7 million and $2.2 million at December 31, 2019 and 2018 , respectively, and represents the fair value of call options held by us to fund index credits related to the ceded business net of cash due to or from EquiTrust related to monthly settlements of policy activity and other expenses. We have three coinsurance agreements with Athene Life Re Ltd. ("Athene"), an unauthorized life reinsurer domiciled in Bermuda. One agreement ceded 20% of certain of American Equity Life's fixed index annuities issued from January 1, 2009 through March 31, 2010. The business reinsured under this agreement is no longer eligible for recapture. The second agreement ceded 80% of American Equity Life's multi-year rate guaranteed annuities issued from July 1, 2009 through December 31, 2013 and 80% of Eagle Life's multi-year rate guaranteed annuities issued from November 20, 2013 through December 31, 2013. The business reinsured under this agreement may not be recaptured. The third agreement cedes 80% of American Equity Life's and Eagle Life's multi-year rate guaranteed annuities issued on or after January 1, 2014, 80% of Eagle Life's fixed index annuities issued prior to January 1, 2017, 50% of certain of Eagle Life's fixed index annuities issued from January 1, 2017 through December 31, 2018, 20% of certain of Eagle Life's fixed index annuities issued on or after January 1, 2019 and 80% of certain of American Equity Life's fixed index annuities issued from August 1, 2016 through December 31, 2016. The business reinsured under this agreement may not be recaptured. Coinsurance deposits (aggregate policy benefit reserves transferred to Athene under these agreements) were $4.6 billion and $4.4 billion at December 31, 2019 and 2018 , respectively. American Equity Life is an intermediary for reinsurance of Eagle Life's business ceded to Athene. American Equity Life and Eagle Life remain liable to policyholders with respect to the policy liabilities ceded to Athene should Athene fail to meet the obligations it has coinsured. The annuity deposits that have been ceded to Athene are secured by assets held in trusts and American Equity Life is the sole beneficiary of the trusts. The assets in the trusts are required to remain at a value that is sufficient to support the current balance of policy benefit liabilities of the ceded business on a statutory basis. If the value of the trust accounts would ever be less than the amount of the ceded policy benefit liabilities on a statutory basis, Athene is required to either establish a letter of credit or deposit securities in the trusts for the amount of any shortfall. None of the coinsurance deposits with Athene are deemed by management to be uncollectible. The balance due under these agreements to Athene was $100.2 million and $16.2 million at December 31, 2019 and 2018 , respectively, and represents the fair value of call options held by us to fund index credits related to the ceded business net of cash due from Athene related to monthly settlements of policy activity. Amounts ceded to EquiTrust and Athene under these agreements are as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Consolidated Statements of Operations Annuity product charges $ 7,792 $ 7,074 $ 6,458 Change in fair value of derivatives 97,195 (41,487 ) 94,382 $ 104,987 $ (34,413 ) $ 100,840 Interest sensitive and index product benefits $ 132,127 $ 165,485 $ 177,332 Change in fair value of embedded derivatives 109,002 (92,649 ) 35,561 Other operating costs and expenses 18,778 20,415 19,877 $ 259,907 $ 93,251 $ 232,770 Consolidated Statements of Cash Flows Annuity deposits $ (290,040 ) $ (413,222 ) $ (387,280 ) Cash payments to policyholders 381,276 389,384 380,683 $ 91,236 $ (23,838 ) $ (6,597 ) Financing Arrangements We have a reinsurance agreement with Hannover Life Reassurance Company of America ("Hannover"), which is treated as reinsurance under statutory accounting practices and as a financing arrangement under GAAP. The statutory surplus benefit under this agreement is eliminated under GAAP and the associated charges are recorded as risk charges and included in other operating costs and expenses in the consolidated statements of operations. The agreement became effective April 1, 2019 (the "2019 Hannover Agreement"). The 2019 Hanover Agreement is a coinsurance funds withheld reinsurance agreement for statutory purposes covering 80% of lifetime income benefit rider payments in excess of policy fund values and waived surrender charges related to penalty free withdrawals on certain business. We may recapture the risks reinsured under this agreement without penalty as of the end of the accounting period in which every reinsured policy in the issue year cohort reaches its 12 th anniversary date. We can elect to recapture the business by issue year cohort any time prior to the 12 th anniversary date however we are subject to paying a make-whole payment to Hannover in the event of an early recapture. The agreement also makes it punitive to us if we do not recapture the business on or before the 12 th anniversary of each issue year cohort. The 2019 Hannover Agreement replaced a yearly renewable term reinsurance transaction we had with Hannover, which was effective July 1, 2013 and was subsequently amended effective October 1, 2016 (the "2013 Hannover Agreement"). The 2013 Hannover Agreement was also treated as reinsurance under statutory accounting practices and as a financing arrangement for GAAP. The 2013 Hannover Agreement covered 45.6% of waived surrender charges related to penalty free withdrawals, deaths and lifetime income benefit rider payments as well as lifetime income benefit rider payments in excess of policy fund values on certain business. The reserve credit recorded on a statutory basis by American Equity Life was $1.2 billion and $780.0 million at December 31, 2019 and 2018 , respectively. We pay a quarterly risk charge based on the pretax statutory benefit as of the end of each calendar quarter. Risk charges attributable to our agreements with Hannover were $37.8 million , $30.8 million , and $28.5 million during 2019 , 2018 and 2017 , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We file consolidated federal income tax returns that include all of our wholly-owned subsidiaries. Our income tax expense as presented in the consolidated financial statements is summarized as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Consolidated statements of operations: Current income taxes $ 12,528 $ 120,289 $ 188,356 Deferred income taxes (benefits) 56,947 (12,563 ) (46,730 ) Total income tax expense included in consolidated statements of operations 69,475 107,726 141,626 Stockholders' equity: Expense (benefit) relating to: Change in net unrealized investment losses 412,117 (240,459 ) 177,162 Total income tax expense (benefit) included in consolidated financial statements $ 481,592 $ (132,733 ) $ 318,788 Income tax expense in the consolidated statements of operations differed from the amount computed at the applicable statutory federal income tax rates of 21% for the years ended December 31, 2019 and 2018 , and 35% for the year ended December 31, 2017 as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Income before income taxes $ 315,565 $ 565,742 $ 316,271 Income tax expense on income before income taxes $ 66,269 $ 118,806 $ 110,695 Tax effect of: State income taxes 5,111 5,777 1,961 Tax exempt net investment income (4,385 ) (4,223 ) (4,288 ) Impact of Tax Reform — — 35,932 Worthless stock deduction — (7,448 ) — Other 2,480 (5,186 ) (2,674 ) Income tax expense $ 69,475 $ 107,726 $ 141,626 Effective tax rate 22.0 % 19.0 % 44.8 % Tax Reform was enacted on December 22, 2017, reducing the statutory federal income tax rate from 35% to 21% effective January 1, 2018. The primary impact on our 2017 financial results was the impact of the reduction in the U.S. statutory tax rate from 35% to 21% on our deferred tax balances as of December 31, 2017. Deferred income tax assets or liabilities are established for temporary differences between the financial reporting amounts and tax bases of assets and liabilities that will result in deductible or taxable amounts, respectively, in future years. The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2019 and 2018 , are as follows: December 31, 2019 2018 (Dollars in thousands) Deferred income tax assets: Policy benefit reserves $ 1,733,672 $ 1,538,371 Other than temporary impairments 15,166 9,804 Net unrealized losses on available for sale fixed maturity securities — 19,928 Derivative instruments — 141,075 Amounts due reinsurer 8,784 — Other policyholder funds 4,359 3,368 Deferred compensation 3,705 3,334 Share-based compensation 2,775 3,169 Net operating loss carryforwards 37,509 2,286 Other 14,677 9,439 Gross deferred tax assets 1,820,647 1,730,774 Deferred income tax liabilities: Deferred policy acquisition costs and deferred sales inducements (1,303,385 ) (1,214,998 ) Net unrealized gains on available for sale fixed maturity securities (392,189 ) — Derivative instruments (109,287 ) — Policy benefit reserves (147,924 ) (172,578 ) Investment income items (42,105 ) (37,795 ) Amounts due reinsurer — (12,620 ) Other (3,654 ) (1,614 ) Gross deferred tax liabilities (1,998,544 ) (1,439,605 ) Net deferred income tax asset (liability) $ (177,897 ) $ 291,169 Included in deferred income taxes is the expected income tax benefit attributable to unrealized losses on available for sale fixed maturity securities. There is no valuation allowance provided for the deferred income tax asset attributable to unrealized losses on available for sale fixed maturity securities. Management expects that the passage of time will result in the reversal of these unrealized losses due to the fair value increasing as these securities near maturity. We have the intent and ability to hold these securities to maturity and do not believe it would be necessary to liquidate these securities at a loss. In addition, we have the ability to sell fixed maturity securities in unrealized gain positions to offset realized deferred income tax assets attributable to unrealized losses on available for sale fixed maturity securities. Realization of our deferred income tax assets is more likely than not based on expectations as to our future taxable income and considering all other available evidence, both positive and negative. Therefore, no valuation allowance against deferred income tax assets has been established as of December 31, 2019 and 2018 . There were no material income tax contingencies requiring recognition in our consolidated financial statements as of December 31, 2019 . We are no longer subject to income tax examinations by tax authorities for years 2015 and prior. At December 31, 2019 , we have an estimated $178.6 million net operating loss carryforward for federal income tax purposes, which does not expire.

Notes and Loan Payable and Amou

Notes and Loan Payable and Amounts Due Under Repurchase Agreements	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Notes and Loan Payable and Amounts Due Under Repurchase Agreements	Notes and Loan Payable and Amounts Due Under Repurchase Agreements Notes payable includes the following: December 31, 2019 2018 (Dollars in thousands) Senior notes due 2027 Principal $ 500,000 $ 500,000 Unamortized debt issue costs (4,607 ) (5,102 ) Unamortized discount (277 ) (307 ) $ 495,116 $ 494,591 On June 16, 2017, we issued $500 million aggregate principal amount of senior unsecured notes due 2027 which bear interest at 5.0% per year and will mature on June 15, 2027 (the “2027 Notes”). The 2027 Notes were issued at a $0.3 million discount, which is being amortized over the term of the 2027 Notes using the effective interest method. Contractual interest is payable semi-annually in arrears each June 15th and December 15th. The initial transaction fees and costs totaling $5.8 million were capitalized as deferred financing costs and are being amortized over the term of the 2027 Notes using the effective interest method. We used the net proceeds from the issuance of the 2027 Notes to prepay our $100 million term loan (the "Term Loan") that was scheduled to mature in 2019 on June 16, 2017, and to redeem our $400 million notes that were scheduled to mature in 2021 (the "2021 Notes") on July 17, 2017. We paid $413.3 million to redeem the 2021 Notes which included a redemption premium equal to 3.313% of the $400 million principal amount of the 2021 Notes. We incurred a loss of $18.4 million in 2017 on the redemption of the 2021 Notes. On September 30, 2016, we entered into a credit agreement with six banks that provided for a $150 million unsecured revolving line of credit (the "Revolving Facility") that terminates on September 30, 2021 and a $100 million term loan that was scheduled to terminate on September 30, 2019 but was repaid on June 16, 2017 without penalty. We utilized the proceeds from the Term Loan to make a contribution to the capital and surplus of our subsidiary, American Equity Life. Any proceeds from the Revolving Facility will be used to finance our general corporate purposes. The interest rate for all borrowings under the credit agreement 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 Revolving Facility. The applicable margin and commitment fee rate are based on our credit rating and can change throughout the period of the borrowings. Based upon our current credit rating, the applicable margin is 0.75% for alternate base rate borrowings and 1.75% for adjusted LIBOR rate borrowings, and the commitment fee is 0.275% . The interest rate in effect on the Term Loan was 3.125% in 2017. Under this agreement, we were required to maintain a minimum risk-based capital ratio at our subsidiary, 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 June 30, 2016, 2) 50% of the statutory net income for each fiscal quarter ending after June 30, 2016, and 3) 50% of all capital contributed to American Equity Life after June 30, 2016. The Revolving Facility 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 of the Revolving Facility by an additional one year past the initial maturity date of September 30, 2021 with the consent of the extending banks. There are currently no guarantors of the Revolving 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 under the Revolving Facility at December 31, 2019 and 2018 . As of December 31, 2019 , $984.6 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). 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 $33.0 million , $51.8 million and $40.0 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The maximum amount borrowed during 2019 , 2018 and 2017 was $243.6 million , $544.1 million and $274.5 million , respectively. The weighted average interest rate on amounts due under repurchase agreements was 2.99% , 1.90% and 0.84% for the years ended December 31, 2019 , 2018 and 2017

Subordinated Debentures

Subordinated Debentures	12 Months Ended
	Dec. 31, 2019
Subordinated Borrowings [Abstract]
Subordinated Debentures	Subordinated Debentures Our wholly-owned subsidiary trusts (which are not consolidated) have issued fixed rate and floating rate trust preferred securities and have used the proceeds from these offerings to purchase subordinated debentures from us. We also issued subordinated debentures to the trusts in exchange for all of the common securities of each trust. The sole assets of the trusts are the subordinated debentures and any interest accrued thereon. The interest payment dates on the subordinated debentures correspond to the distribution dates on the trust preferred securities issued by the trusts. The trust preferred securities mature simultaneously with the subordinated debentures. Our obligations under the subordinated debentures and related agreements provide a full and unconditional guarantee of payments due under the trust preferred securities. All subordinated debentures are callable by us at any time, except for the Trust II subordinated debt obligations. Following is a summary of subordinated debt obligations to the trusts at December 31, 2019 and 2018 : December 31, 2019 2018 Interest Rate Due Date (Dollars in thousands) American Equity Capital Trust II $ 77,822 $ 77,551 5% June 1, 2047 American Equity Capital Trust III 27,840 27,840 *LIBOR + 3.90% April 29, 2034 American Equity Capital Trust IV 12,372 12,372 *LIBOR + 4.00% January 8, 2034 American Equity Capital Trust VII — 10,830 *LIBOR + 3.75% December 15, 2034 American Equity Capital Trust VIII — 20,620 *LIBOR + 3.75% December 15, 2034 American Equity Capital Trust IX — 15,470 *LIBOR + 3.65% June 15, 2035 American Equity Capital Trust X — 20,620 *LIBOR + 3.65% September 15, 2035 American Equity Capital Trust XI — 20,620 *LIBOR + 3.65% December 15, 2035 American Equity Capital Trust XII 41,238 41,238 *LIBOR + 3.50% April 7, 2036 159,272 247,161 Unamortized debt issue costs (2,007 ) (4,179 ) $ 157,265 $ 242,982 *—three month London Interbank Offered Rate The principal amount of the subordinated debentures issued by us to American Equity Capital Trust II ("Trust II") is $100.0 million . These debentures were assigned a fair value of $74.7 million at the date of issue (based upon an effective yield-to-maturity of 6.8% ). The difference between the fair value at the date of issue and the principal amount is being accreted over the life of the debentures. The trust preferred securities issued by Trust II were issued to Iowa Farm Bureau Federation, which owns more than 50% of the voting capital stock of FBL Financial Group, Inc. ("FBL"). The consideration received by Trust II in connection with the issuance of its trust preferred securities consisted of fixed income securities of equal value which were issued by FBL. We redeemed subordinated debentures issued to the following trusts during December 2019: American Equity Capital Trust VII, American Equity Capital Trust VIII, American Equity Capital Trust IX, American Equity Capital Trust X and American Equity Capital Trust XI. In addition, we redeemed subordinated debentures issued to American Equity Capital Trust IV and American Equity Capital Trust XII during January 2020 and subordinated debentures issued to American Equity Capital Trust III during February 2020.

Retirement and Share-based Comp

Retirement and Share-based Compensation Plans	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Retirement and Share-based Compensation Plans	Retirement and Share-based Compensation Plans We have adopted a contributory defined contribution plan which is qualified under Section 401(k) of the Internal Revenue Code. The plan covers substantially all of our full-time employees subject to minimum eligibility requirements. Employees can contribute a percentage of their annual salary (up to a maximum annual contribution of $19,000 in 2019 , $18,500 in 2018 and $18,000 in 2017 ) to the plan. We contribute an additional amount, subject to limitations, based on the voluntary contribution of the employee. Further, the plan provides for additional employer contributions based on the discretion of the Board of Directors. Plan contributions charged to expense were $1.8 million , $1.7 million and $1.4 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The following table summarizes compensation expense recognized for employees and directors as a result of share-based compensation: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) ESOP $ 2,547 $ 2,194 $ 1,474 Employee Incentive Plans 6,559 5,434 2,155 Director Equity Plans 922 966 812 $ 10,028 $ 8,594 $ 4,441 The principal purpose of the American Equity Investment Employee Stock Ownership Plan ("ESOP") is to provide each eligible employee with an equity interest in us. Employees become eligible once they have completed a minimum of six months of service. Employees become 100% vested after two years of service. Our contribution to the ESOP is determined by the Board of Directors. In 2016, we adopted the 2016 Employee Incentive Plan which authorized the issuance of up to 2,500,000 shares of our Common stock in the form of grants of options, stock appreciation rights, restricted stock awards and restricted stock units. At December 31, 2019 , we had 1,712,924 shares of common stock available for future grant under the 2016 Employee Incentive Plan. The 2009 Employee Incentive Plan, which expired in June 2014, authorized the issuance of up to 2,500,000 shares of our common stock in the form of grants of options, stock appreciation rights, restricted stock awards and restricted stock units. All options granted under this plan had six or ten year terms and a three year vesting period after which they become fully exercisable immediately. We have a long-term performance incentive plan under which certain members of our senior management team are granted restricted stock units pursuant to the 2016 Employee Incentive Plan. During 2019 , 2018 and 2017 , we granted 152,678 , 105,617 and 84,476 restricted stock units under this plan, respectively. For the 2019, 2018 and 2017 grants, vesting is tied to threshold, target and maximum performance goals for the three year periods ending December 31, 2021 , December 31, 2020 and December 31, 2019 , respectively. Fifty percent of the restricted stock units will vest if we meet threshold goals, 100% of the restricted stock units will vest if we meet target performance goals and 150% of the restricted stock units will vest if we meet maximum performance goals. Compensation expense is recognized over the three year vesting period based on the likelihood of meeting threshold, target and maximum goals. Restricted stock units that ultimately vest are payable in an equal number of shares of our common stock. Restricted stock units are accounted for as equity awards and the estimated fair value of restricted stock units is based upon the closing price of our common stock on the date of grant. During 2019 and 2018 , we granted 72,696 and 85,500 , respectively, time-based restricted stock units under the 2016 Employee Incentive Plan to certain employees. The 2019 grant will vest on the date three years following the grant date provided the participant remains employed with us. The 2018 grant generally vested on the date one year following the grant date provided the participant remains employed with us. The 2018 grant includes 6,000 restricted stock units that will vest on the date three years following the grant date provided the participant remains employed with us. Shares will vest early upon an employee reaching 65 years of age with 10 years of service with us. Compensation expense is recognized over the one year or three year vesting period. Restricted stock units that ultimately vest are payable in an equal number of shares of our common stock. Restricted stock units are accounted for as equity awards and the estimated fair value of restricted stock units is based upon the closing price of our common stock on the date of grant. During 2018 and 2017 , we issued 36,270 and 39,826 , respectively, shares of restricted common stock under the 2016 Employee Incentive Plan to certain employees. These shares will generally vest on the date three years following the grant date provided the participant remains employed with us. The 2017 grant included 6,727 shares that vested on the date one year following the grant date provided the participant remained employed with us. Compensation expense is recognized over the one year or three year vesting period. Shares vest immediately for participants over 65 years of age with 10 years of service with us, and compensation expense under this plan for these participants was recognized upon approval of the incentive award by the compensation committee. The 2013 Director Equity and Incentive Plan authorizes the grant of options, stock appreciation rights, restricted stock awards and restricted stock units convertible into or based upon our common stock of up to 250,000 shares to our Directors. During 2019 , 2018 and 2017 , we issued 32,000 , 28,600 and 33,000 shares of common stock, respectively, all of which are restricted stock, and which vest on the earlier of the next annual meeting date or one year from the grant date provided the individual remains a Director during that time period. At December 31, 2019 , we had 22,900 shares of common stock available for future grant under the 2013 Director and Equity Incentive Plan. During 2014, we established the 2014 Independent Insurance Agent Restricted Stock and Restricted Stock Unit Plan, which was amended during 2016. Under the amended plan, agents of American Equity Life may receive grants of restricted stock and restricted stock units based upon their individual sales. The plan authorizes grants of up to 1,800,000 shares of our common stock. At December 31, 2019 , we had 711,001 shares of common stock available for future grant under the amended 2014 Independent Insurance Agent Restricted Stock and Restricted Stock Unit Plan. We recognize commission expense and an increase to additional paid-in capital as share-based compensation equal to the fair value of the restricted stock and restricted stock units as they are earned. In January 2017, American Equity Life's agents were granted 363,624 restricted stock units based on their production during 2016. In January 2018, agents vested in 138,820 restricted stock units granted in January 2017 based on their continued service as an independent agent and their 2017 individual sales of our products, and for which we recorded commission expense (capitalized as deferred policy acquisition costs) of $1.3 million in 2017. In January 2019, agents vested in 57,562 restricted stock units granted in January 2017 based on their continued service as an independent agent and their 2018 individual sales of our products, and for which we recorded commission expense (capitalized as deferred policy acquisition costs) of $1.6 million in 2018. In January 2020, agents vested in 58,617 restricted stock units granted in January 2017 based on their continued service as an independent agent and their 2019 individual sales of our products, and for which we recorded commission expense (capitalized as deferred policy acquisition costs) of $1.4 million in 2019. In January 2016, American Equity Life's agents were granted 650,683 restricted stock units based on their production during 2015. In January 2018, agents vested in 100,586 restricted stock units granted in January 2016 based on their continued service as an independent agent and their 2017 individual sales of our products, and for which we recorded commission expense (capitalized as deferred policy acquisition costs) of $2.2 million in 2017. In January 2019, agents vested in 89,367 restricted stock units granted in January 2016 based on their continued service as an independent agent and their 2018 individual sales of our products, and for which we recorded commission expense (capitalized as deferred policy acquisition costs) of $2.4 million in 2018. In January 2020, agents vested in 89,382 restricted stock units granted in January 2016 based on their continued service as an independent agent and their 2019 individual sales of our products, and for which we recorded commission expense (capitalized as deferred policy acquisition costs) of $2.2 million in 2019. For the restricted stock units granted to agents in January of 2017 and 2016, 20% of the restricted stock units vested one year from the grant date if the agent was in good standing with American Equity Life at that date. The remaining 80% of the restricted stock units granted to retirement eligible individuals vest over a three year period if the agent remains in good standing with American Equity Life. The remaining 80% of the restricted stock units granted to non-retirement eligible individuals vest based on the agent's individual sales and continued service as an independent agent over a period of time not to exceed five years . In January 2015, American Equity Life's agents were granted 27,985 shares of restricted stock and 221,489 restricted stock units based on their production during 2014. In January 2018, agents vested in 32,815 restricted stock units granted in January 2015 based on their continued service as an independent agent and their 2017 individual sales of our products, and for which we recorded commission expense (capitalized as deferred policy acquisition costs) of $0.8 million in 2017. In January 2019, agents vested in 28,575 restricted stock units granted in January 2015 based on their continued service as an independent agent and their 2018 individual sales of our products, and for which we recorded commission expense (capitalized as deferred policy acquisition costs) of $0.9 million in 2018. In January 2020, agents vested in 2,943 restricted stock units granted in January 2015 based on their continued service as an independent agent and their 2019 individual sales of our products, and for which we recorded commission expense (capitalized as deferred policy acquisition costs) of $0.1 million in 2019. The restricted stock was granted to retirement eligible individuals and vested immediately upon grant. 20% of the restricted stock units vested one year from the grant date if the agent was in good standing with American Equity Life at that date. The remaining 80% of the restricted stock units granted vest based on the agent's individual sales and continued service as an independent agent over a period of time not to exceed five years . Our 2000 Director Stock Option Plan, 2009 Employee Incentive Plan and 2011 Director Stock Option Plan authorized grants of options to officers, directors and employees for an aggregate of up to 2,975,000 shares of our common stock. All options granted under these plans have ten year terms and a six month or three year vesting period after which they become fully exercisable immediately. At December 31, 2019 , we had 18,000 shares of common stock available for future grant under the 2011 Director Stock Option Plan. During 2007, 2010 and 2012 we established Independent Insurance Agent Stock Option plans. Under these plans, agents of American Equity Life received grants of options to acquire shares of our common stock based upon their individual sales. The plans authorize grants of options to agents for an aggregate of up to 8,000,000 shares of our common stock. We recognized commission expense and an increase to additional paid-in capital as share-based compensation equal to the fair value of the options as they were earned. Changes in the number of stock options granted to employees and agents outstanding during the years ended December 31, 2019 , 2018 and 2017 are as follows: Number of Shares Weighted-Average Exercise Price per Share Total Exercise Price (Dollars in thousands, except per share data) Outstanding at January 1, 2017 2,918,946 $ 16.06 $ 46,885 Granted — — — Canceled (57,200 ) 13.66 (781 ) Exercised (881,481 ) 15.90 (14,020 ) Outstanding at December 31, 2017 1,980,265 16.20 32,084 Granted — — — Canceled (40,850 ) 18.87 (771 ) Exercised (717,550 ) 13.99 (10,040 ) Outstanding at December 31, 2018 1,221,865 17.41 21,273 Granted — — — Canceled (22,600 ) 18.14 (410 ) Exercised (370,352 ) 11.76 (4,357 ) Outstanding at December 31, 2019 828,913 19.91 $ 16,506 The following table summarizes information about stock options outstanding at December 31, 2019 : Stock Options Outstanding and Vested Range of Exercise Prices Number of Awards Remaining Life (yrs) Weighted-Average Exercise Price Per Share $9.27 - $11.35 147,500 1.19 $ 9.74 $12.04 - $24.79 681,413 0.94 22.12 $9.27 - $24.79 828,913 0.98 19.91 The aggregate intrinsic value for stock options outstanding and vested awards was $8.3 million at December 31, 2019 . For the years ended December 31, 2019 , 2018 and 2017 , the total intrinsic value of options exercised by officers, directors and employees was $3.4 million , $3.0 million and $1.5 million , respectively. Intrinsic value for stock options is calculated as the difference between the exercise price of the underlying awards and the price of our common stock as of the reporting date. Cash received from stock options exercised for the years ended December 31, 2019 , 2018 and 2017 was $4.4 million , $10.0 million and $14.0 million , respectively. We have deferred compensation arrangements with certain officers, directors, and consultants, whereby these individuals agreed to take our common stock at a future date in lieu of cash payments at the time of service. The common stock is to be issued in conjunction with a "trigger event," as that term is defined in the individual agreements. At December 31, 2019 and 2018 , these individuals have earned, and we have reserved for future issuance, 335,875 and 364,000 shares of common stock, respectively, pursuant to these arrangements. No equity-based deferred compensation arrangements were in effect during 2019 , 2018 or 2017 . We have deferred compensation agreements with certain former officers whereby these individuals have deferred certain salary and bonus compensation which is deposited into the American Equity Officer Rabbi Trust (Officer Rabbi Trust). The amounts deferred for certain former employees are invested in assets at the direction of the former employee. The assets of the Officer Rabbi Trust are included in our assets and a corresponding deferred compensation liability is recorded. The deferred compensation liability is recorded at the fair market value of the assets in the Officer Rabbi Trust with the change in fair value included as a component of compensation expense. The deferred compensation liability related to these agreements was $1.3 million and $1.5 million at December 31, 2019 and 2018 , respectively. The Officer Rabbi Trust held 30,532 shares and 32,597 shares of our common stock at December 31, 2019 and 2018 , respectively, which are treated as treasury shares.

Statutory Financial Information

Statutory Financial Information and Dividend Restrictions	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Statutory Financial Information and Dividend Restrictions	Statutory Financial Information and Dividend Restrictions Statutory accounting practices prescribed or permitted by regulatory authorities for our life insurance subsidiaries differ from GAAP. Net income for our primary life insurance subsidiary as determined in accordance with statutory accounting practices was as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) American Equity Life $ 143,309 $ 210,049 $ 375,900 Statutory capital and surplus for our primary life insurance subsidiary was as follows: December 31, 2019 2018 (Dollars in thousands) American Equity Life $ 3,490,196 $ 3,251,881 American Equity Life is domiciled in the State of Iowa and is regulated by the Iowa Insurance Division. In some instances, the Iowa Insurance Division has adopted prescribed or permitted statutory accounting practices that differ from the required accounting outlined in National Association of Insurance Commissioners ("NAIC") Statutory Accounting Principles ("SAP"). For the year ended December 31, 2019 , American Equity Life's use of prescribed statutory accounting practices resulted in lower statutory capital and surplus of $411.7 million relative to NAIC SAP due to its accounting for call option derivative instruments and fixed index annuity reserves. For the year ended December 31, 2018 , American Equity Life's use of the same prescribed statutory accounting practice resulted in higher statutory capital and surplus of $232.4 million . We purchase call options to hedge the growth in interest credited on fixed index products. The Iowa Insurance Division allows an insurer to elect (1) to use an amortized cost method to account for such call options and (2) to use a fixed index annuity reserve calculation methodology under which call options associated with the current index interest crediting term are valued at zero. Life insurance companies are subject to the NAIC risk-based capital (RBC) requirements which are intended to be used by insurance regulators as an early warning tool to identify deteriorating or weakly capitalized insurance companies for the purpose of initiating regulatory action. Calculations using the NAIC formula indicated that American Equity Life's ratio of total adjusted capital to the highest level of required capital at which regulatory action might be initiated (Company Action Level) is as follows: December 31, 2019 2018 (Dollars in thousands) Total adjusted capital $ 3,824,457 $ 3,542,339 Company Action Level RBC 1,028,662 983,169 Ratio of adjusted capital to Company Action Level RBC 372 % 360 % Prior approval of regulatory authorities is required for the payment of dividends to the parent company by American Equity Life which exceed an annual limitation. American Equity Life may pay dividends without prior approval, unless such payments, together with all other such payments within the preceding twelve months, exceed the greater of (1) net gain from operations before net realized capital gains/losses for the preceding calendar year or, (2) 10% of the American Equity Life's surplus at the preceding year-end. The amount of dividends permitted to be paid by American Equity Life to its parent company without prior approval of regulatory authorities is $349.0 million as of December 31, 2019 . No dividends were paid by any of our insurance subsidiaries for any of the years presented in these financial statements. The Parent Company relies on its subsidiaries for cash flow, which has primarily been in the form of investment management fees. Retained earnings in our consolidated financial statements primarily represent undistributed earnings of American Equity Life. As such, our ability to pay dividends is limited by the regulatory restriction placed upon insurance companies as described above. In addition, American Equity Life retains funds to allow for sufficient capital for growth.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We lease our home office space and certain equipment under various operating leases. Rent expense for the years ended December 31, 2019 , 2018 and 2017 totaled $3.3 million , $3.2 million and $2.9 million , respectively. At December 31, 2019 , the aggregate future minimum lease payments are $13.7 million . The following represents payments due by period for operating lease obligations as of December 31, 2019 (dollars in thousands): Year Ending December 31: 2020 $ 2,427 2021 2,354 2022 2,085 2023 1,866 2024 1,832 2025 and thereafter 3,108 We are occasionally involved in litigation, both as a defendant and as a plaintiff. In addition, state and federal regulatory bodies, such as state insurance departments, the SEC and the DOL, regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws and the Employee Retirement Income Security Act of 1974, as amended. 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. There can be no assurance that any 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 December 31, 2019 to limited partnerships of $43.7 million and to fixed maturity securities of $82.0 million

Earnings Per Share and Stockhol

Earnings Per Share and Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share and Stockholders' Equity	Earnings Per Share and Stockholders' Equity Earnings Per Share The following table sets forth the computation of earnings per common share and earnings per common share - assuming dilution: Year Ended December 31, 2019 2018 2017 (Dollars in thousands, except per share data) Numerator: Net income - numerator for earnings per common share $ 246,090 $ 458,016 $ 174,645 Denominator : Weighted average common shares outstanding 91,139,453 90,347,915 88,982,442 Effect of dilutive securities: Stock options and deferred compensation agreements 304,196 709,433 945,612 Restricted stock and restricted stock units 338,593 365,237 382,954 Denominator for earnings per common share - assuming dilution 91,782,242 91,422,585 90,311,008 Earnings per common share $ 2.70 $ 5.07 $ 1.96 Earnings per common share - assuming dilution $ 2.68 $ 5.01 $ 1.93 There were no options to purchase shares of our common stock outstanding excluded from the computation of diluted earnings per share during the years ended December 31, 2019 , 2018 and 2017 , as the exercise price of all options outstanding was less than the average market price of our common shares for those periods. Stockholders' Equity On November 21, 2019 we issued 16,000 shares of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the "preferred stock") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $388.9 million . We used a portion of the proceeds to redeem certain subordinated debentures. See Note 10 for more information on the redemption of our subordinated debentures.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Quarterly Financial Information (Unaudited) Unaudited quarterly results of operations are summarized below. Quarter Ended March 31, June 30, September 30, December 31, (Dollars in thousands, except per share data) 2019 Premiums and product charges $ 58,376 $ 64,826 $ 68,799 $ 71,568 Net investment income 558,438 570,568 590,412 588,217 Change in fair value of derivatives 384,469 76,045 (20,042 ) 466,434 Net realized gains (losses) on investments, excluding OTTI losses (563 ) (3,832 ) 4,328 7,029 Net OTTI losses recognized in operations — (1,213 ) (101 ) (17,412 ) Loss on extinguishment of debt — — — (2,001 ) Total revenues 1,000,720 706,394 643,396 1,113,835 Net income (loss) (30,010 ) 18,590 37,360 220,150 Earnings (loss) per common share (0.33 ) 0.20 0.41 2.41 Earnings (loss) per common share - assuming dilution (0.33 ) 0.20 0.41 2.40 2018 Premiums and product charges $ 59,776 $ 60,763 $ 65,605 $ 64,824 Net investment income 510,784 533,282 549,391 554,355 Change in fair value of derivatives (451,083 ) 132,205 595,311 (1,054,281 ) Net realized gains (losses) on investments, excluding OTTI losses 302 (38,381 ) (2,196 ) 3,097 Net OTTI losses recognized in operations (907 ) (2,396 ) (14,373 ) (18,980 ) Total revenues 118,872 685,473 1,193,738 (450,985 ) Net income 140,962 93,903 169,328 53,823 Earnings per common share 1.57 1.04 1.87 0.59 Earnings per common share - assuming dilution 1.55 1.03 1.85 0.59 Earnings (loss) per common share for each quarter is computed independently of earnings per common share for the year. As a result, the sum of the quarterly earnings (loss) per common share amounts may not equal the earnings per common share for the year. The differences between the change in fair value of derivatives for each quarter primarily correspond to the performance of the indices upon which our call options are based. The comparability of net income is impacted by the application of fair value accounting to our fixed index annuity business as follows: Quarter Ended March 31, June 30, September 30, December 31, (Dollars in thousands) 2019 $ 118,491 $ 78,397 $ 196,396 $ (100,305 ) 2018 (61,794 ) (23,593 ) 427 28,298

Schedule I - Summary of Investm

Schedule I - Summary of Investments - Other Than Investments in Related Parties	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]
Schedule I - Summary of Investments - Other Than Investments in Related Parties	Schedule I—Summary of Investments— Other Than Investments in Related Parties AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY December 31, 2019 Column A Column B Column C Column D Type of Investment Amortized Cost (1) Fair Value Amount at which shown in the balance sheet (Dollars in thousands) Fixed maturity securities: Available for sale: United States Government full faith and credit $ 161,492 $ 161,765 $ 161,765 United States Government sponsored agencies 601,672 625,020 625,020 United States municipalities, states and territories 4,147,343 4,527,671 4,527,671 Foreign government obligations 186,993 205,096 205,096 Corporate securities 29,822,172 32,536,839 32,536,839 Residential mortgage backed securities 1,477,738 1,575,664 1,575,664 Commercial mortgage backed securities 5,591,167 5,786,279 5,786,279 Other asset backed securities 6,250,369 6,162,156 6,162,156 Total fixed maturity securities 48,238,946 51,580,490 51,580,490 Mortgage loans on real estate 3,448,793 3,536,446 3,448,793 Derivative instruments 412,163 1,355,989 1,355,989 Other investments 492,301 492,301 Total investments $ 52,592,203 $ 56,877,573 (1) On the basis of cost adjusted for other than temporary impairments, repayments and amortization of premiums and accrual of discounts for fixed maturity securities and short-term investments, original cost for derivative instruments and unpaid principal balance less allowance for credit losses for mortgage loans. See accompanying Report of Independent Registered Public Accounting Firm.

Schedule II - Condensed Financi

Schedule II - Condensed Financial Information of Registrant	12 Months Ended
	Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Schedule II - Condensed Financial Information of Registrant	December 31, 2019 2018 Assets Cash and cash equivalents $ 332,526 $ 68,876 Equity securities of subsidiary trusts 4,785 7,437 Receivable from subsidiaries 1,210 1,170 Deferred income taxes 5,818 7,905 Other assets 3,067 2,751 347,406 88,139 Investment in and advances to subsidiaries 4,891,431 3,066,039 Total assets $ 5,238,837 $ 3,154,178 Liabilities and Stockholders' Equity Liabilities: Notes payable $ 495,116 $ 494,591 Subordinated debentures payable to subsidiary trusts 157,265 242,982 Federal income tax payable 9,274 8,892 Other liabilities 7,063 8,612 Total liabilities 668,718 755,077 Stockholders' equity: Preferred stock 16 — Common stock 91,107 90,369 Additional paid-in capital 1,212,311 811,186 Accumulated other comprehensive income (loss) 1,497,921 (52,432 ) Retained earnings 1,768,764 1,549,978 Total stockholders' equity 4,570,119 2,399,101 Total liabilities and stockholders' equity $ 5,238,837 $ 3,154,178 See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. Year Ended December 31, 2019 2018 2017 Revenues: Net investment income $ 1,755 $ 773 $ 492 Dividends from subsidiary trusts 469 461 410 Dividends from dissolved subsidiaries — 10,393 — Investment advisory fees 107,945 92,335 83,941 Surplus note interest from subsidiary 4,080 4,080 4,080 Change in fair value of derivatives (1,650 ) 1,051 (412 ) Loss on extinguishment of debt (2,001 ) — (18,817 ) Total revenues 110,598 109,093 69,694 Expenses: Interest expense on notes and loan payable 25,525 25,498 30,368 Interest expense on subordinated debentures issued to subsidiary trusts 15,764 15,491 14,124 Other operating costs and expenses 28,357 18,579 9,234 Total expenses 69,646 59,568 53,726 Income before income taxes and equity in undistributed income of subsidiaries 40,952 49,525 15,968 Income tax expense 11,586 2,603 6,895 Income before equity in undistributed income of subsidiaries 29,366 46,922 9,073 Equity in undistributed income of subsidiaries 216,724 411,094 165,572 Net income $ 246,090 $ 458,016 $ 174,645 See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. Year Ended December 31, 2019 2018 2017 Operating activities Net income $ 246,090 $ 458,016 $ 174,645 Adjustments to reconcile net income to net cash provided by operating activities: Provision for depreciation and amortization 1,136 916 1,610 Accrual of discount on equity security (8 ) (8 ) (7 ) Equity in undistributed income of subsidiaries (216,724 ) (411,094 ) (165,572 ) Change in fair value of derivatives 945 (1,325 ) (657 ) Loss on extinguishment of debt 2,001 — 18,817 Accrual of discount on debenture issued to subsidiary trust 270 254 236 Share-based compensation 2,923 1,626 951 Deferred income taxes 2,087 40 1,583 Changes in operating assets and liabilities: Receivable from subsidiaries (40 ) (1,004 ) 16 Federal income tax recoverable/payable 382 9,951 (4,673 ) Other assets (1,229 ) (229 ) 158 Other liabilities (1,846 ) 4,860 (12,427 ) Net cash provided by operating activities 35,987 62,003 14,680 Investing activities Repayment of equity securities $ 2,660 $ — $ — Contribution to subsidiary (50,000 ) — — Purchases of property, plant and equipment (117 ) (29 ) (45 ) Net cash used in investing activities (47,457 ) (29 ) (45 ) Financing activities Financing fees incurred and deferred $ — $ — $ (5,817 ) Repayment of notes payable — — (413,252 ) Repayment of loan payable — — (100,000 ) Proceeds from issuance of notes payable — — 499,650 Repayment of subordinated debentures (88,160 ) — — Proceeds from issuance of common stock, net 1,691 9,681 14,028 Proceeds from issuance of preferred stock, net 388,893 — — Dividends paid (27,304 ) (25,265 ) (23,152 ) Net cash provided by (used in) financing activities 275,120 (15,584 ) (28,543 ) Increase (decrease) in cash and cash equivalents 263,650 46,390 (13,908 ) Cash and cash equivalents at beginning of year 68,876 22,486 36,394 Cash and cash equivalents at end of year $ 332,526 $ 68,876 $ 22,486 Supplemental disclosures of cash flow information Cash paid during the year for: Interest on notes and loan payable $ 25,000 $ 25,000 $ 40,537 Interest on subordinated debentures 16,891 13,593 14,573 See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. 1. Basis of Presentation The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of American Equity Investment Life Holding Company (Parent Company). In the Parent Company financial statements, its investment in and advances to subsidiaries are stated at cost plus equity in undistributed income (losses) of subsidiaries since the date of acquisition and net unrealized gains/losses on the subsidiaries' fixed maturity securities classified as "available for sale" and equity securities. See Notes 9 and 10 to our audited consolidated financial statements in this Form 10-K for a description of the Parent Company's notes payable and subordinated debentures payable to subsidiary trusts.

Schedule III - Supplementary In

Schedule III - Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Schedule III - Supplementary Insurance Information	Schedule III—Supplementary Insurance Information AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY Column A Column B Column C Column D Column E Deferred policy acquisition costs Future policy benefits, losses, claims and loss expenses Unearned premiums Other policy claims and benefits payable (Dollars in thousands) As of December 31, 2019: Life insurance $ 2,923,454 $ 61,893,945 $ — $ 256,105 As of December 31, 2018: $ 3,535,838 $ 57,606,009 $ — $ 270,858 As of December 31, 2017: $ 2,714,523 $ 56,142,673 $ — $ 282,884 Column A Column F Column G Column H Column I Column J Premium revenue Net investment income Benefits, claims, losses and settlement expenses Amortization of deferred policy acquisition costs Other operating expenses (Dollars in thousands) For the year ended December 31, 2019: Life insurance $ 263,569 $ 2,307,635 $ 2,865,621 $ 87,717 $ 195,442 For the year ended December 31, 2018: $ 250,968 $ 2,147,812 $ 483,075 $ 327,991 $ 170,290 For the year ended December 31, 2017: $ 234,722 $ 1,991,997 $ 3,163,234 $ 255,964 $ 156,183 See accompanying Report of Independent Registered Public Accounting Firm.

Schedule IV - Reinsurance

Schedule IV - Reinsurance	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Schedule IV - Reinsurance	Schedule IV—Reinsurance AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY Column A Column B Column C Column D Column E Column F Gross amount Ceded to other companies Assumed from other companies Net amount Percent of amount assumed to net (Dollars in thousands) Year ended December 31, 2019 Life insurance in force, at end of year $ 56,451 $ 6,722 $ 52,653 $ 102,382 51.43 % Insurance premiums and other considerations: Annuity product charges $ 247,827 $ 7,792 $ — $ 240,035 — Traditional life, accident and health insurance, and life contingent immediate annuity premiums 23,395 145 284 23,534 1.21 % $ 271,222 $ 7,937 $ 284 $ 263,569 0.11 % Year ended December 31, 2018 Life insurance in force, at end of year $ 64,544 $ 7,832 $ 53,658 $ 110,370 48.62 % Insurance premiums and other considerations: Annuity product charges $ 231,562 $ 7,074 $ — $ 224,488 — Traditional life, accident and health insurance, and life contingent immediate annuity premiums 26,319 189 350 26,480 1.32 % $ 257,881 $ 7,263 $ 350 $ 250,968 0.14 % Year ended December 31, 2017 Life insurance in force, at end of year $ 1,942,129 $ 9,378 $ 57,965 $ 1,990,716 2.91 % Insurance premiums and other considerations: Annuity product charges $ 206,952 $ 6,458 $ — $ 200,494 — Traditional life, accident and health insurance, and life contingent immediate annuity premiums 33,938 215 505 34,228 1.48 % $ 240,890 $ 6,673 $ 505 $ 234,722 0.22 % See accompanying Report of Independent Registered Public Accounting Firm.

Schedule V - Valuation and Qual

Schedule V - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule V - Valuation and Qualifying Accounts	Schedule V—Valuation and Qualifying Accounts AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY Balance January 1, Charged to Costs and Expenses Translation Adjustment Write-offs/ Payments/Other Balance December 31, (Dollars in thousands) Year ended December 31, 2019 Valuation allowance on mortgage loans $ (8,239 ) $ (940 ) $ — $ — $ (9,179 ) Year ended December 31, 2018 Valuation allowance on mortgage loans $ (7,518 ) $ (3,165 ) $ — $ 2,444 $ (8,239 ) Year ended December 31, 2017 Valuation allowance on mortgage loans $ (8,427 ) $ 278 $ — $ 631 $ (7,518 ) See accompanying Report of Independent Registered Public Accounting Firm.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Consolidation and Basis of Presentation, Policy	Consolidation and Basis of Presentation The consolidated financial statements include our accounts and our wholly-owned subsidiaries: American Equity Life, American Equity Life of New York, Eagle Life, AERL, L.C., American Equity Capital, Inc., American Equity Investment Properties, L.C., American Equity Advisors, Inc. and American Equity Investment Service Company. All significant intercompany accounts and transactions have been eliminated. As of December 31, 2018, American Equity Capital, Inc., American Equity Advisors, Inc. and American Equity Investment Service Company have been dissolved.
Estimates and Assumptions, Policy	Estimates and Assumptions The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are utilized in the calculation of deferred policy acquisition costs, deferred sales inducements, policy benefit reserves, including the liability for lifetime income benefit riders and the fair value of embedded derivatives in fixed index annuity contracts, valuation of derivatives, valuation of investments, other than temporary impairment of investments, allowances for loan losses on mortgage loans and valuation allowances on deferred tax assets. A description of each critical estimate is incorporated within the discussion of the related accounting policies which follow. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized.
Investments, Policy	Investments Fixed maturity securities (bonds maturing more than one year after issuance) that may be sold prior to maturity are classified as available for sale. Available for sale securities are reported at fair value and unrealized gains and losses, if any, on these securities are included directly in a separate component of stockholders' equity, net of income taxes and certain adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements. Fair values, as reported herein, of fixed maturity securities are based on quoted market prices in active markets when available, or for those fixed maturity securities not actively traded, yield data and other factors relating to instruments or securities with similar characteristics are used. See Note 2 for more information on the determination of fair value. Premiums and discounts are amortized/accrued using methods which result in a constant yield over the securities' expected lives. Amortization/accrual of premiums and discounts on residential and commercial mortgage backed securities incorporate prepayment assumptions to estimate the securities' expected lives. Interest income is recognized as earned. The carrying amounts of our impaired investments in fixed maturity securities are adjusted for declines in value that are other than temporary. Other than temporary impairment losses are reported as a component of revenues in the consolidated statements of operations. See Note 3 for further discussion of other than temporary impairment losses. Deterioration in credit quality of the companies or assets backing our fixed maturity securities, imbalances in liquidity recurring in the marketplace or declines in real estate values may further affect the fair value of these fixed maturity securities and increase the potential that certain unrealized losses will be recognized as other than temporary impairments in the future. Mortgage loans on real estate are reported at cost, adjusted for amortization of premiums and accrual of discounts. Interest income is recorded when earned; however, interest ceases to accrue for loans on which interest is more than 90 days past due based upon contractual terms and/or when the collection of interest is not considered probable. We evaluate the mortgage loan portfolio for the establishment of a loan loss allowance by specific identification of impaired loans and the measurement of an estimated loss, if any, for each impaired loan identified and an analysis of the mortgage loan portfolio for the need of a general loan allowance for probable losses on all loans. 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 contractual interest rate, or the fair value of the underlying collateral, less costs to sell. The amount of the general loan allowance, if any, is based upon our evaluation of the probability of collection, historical loss experience, delinquencies, credit concentrations, underwriting standards and national and local economic conditions. The carrying value of impaired loans is reduced by the establishment of an allowance for loan losses, changes to which are recognized as realized gains or losses on investments. Interest income on impaired loans is recorded on a cash basis. Other invested assets include company owned life insurance, equity securities, limited partnerships accounted for using the equity method, short-term debt securities with maturities of greater than three months but less than twelve months when purchased and policy loans. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the end of the reporting period, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Dividends are recognized when declared. Policy loans are stated at current unpaid principal balances. Realized gains and losses on sales of investments are determined on the basis of specific identification based on the trade date. 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; • 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 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. 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 is based on the underlying financial performance of the issuer and their ability to meet their contractual obligations. Considerations in our evaluation include, but are not limited to, credit rating changes, financial statement and ratio analysis, changes in management, significant changes in credit spreads, breaches of financial covenants and a review of the economic outlook for the industry and markets in which they trade. In circumstances where an issuer appears unlikely to meet its future obligation, or the security's price decline is deemed other than temporary, an estimate of credit loss is determined. Credit loss is calculated using default probabilities as derived from the credit default swaps markets in conjunction with recovery rates derived from independent third party analysis or a best estimate of credit loss. This credit loss rate is then incorporated into a present value calculation based on an expected principal loss in the future discounted at the yield at the date of purchase and compared to amortized cost to determine the amount of credit loss associated with the security. In addition, for debt securities which we do not intend to sell and it is not more likely than not we will be required to sell, but our intent changes due to changes or events that could not have been reasonably anticipated, an other than temporary impairment charge is recognized. Once an impairment charge has been recorded, we then continue to review the other than temporarily impaired securities for appropriate valuation on an ongoing basis. Unrealized losses may be recognized in future periods through a charge to earnings should we later conclude that the decline in fair value below amortized cost is other than temporary pursuant to our accounting policy described above. The use of different methodologies and assumptions to determine the fair value of investments and the timing and amount of impairments may have a material effect on the amounts presented in our consolidated financial statements.
Derivative Instruments, Policy	Derivative Instruments Our derivative instruments include call options used to fund fixed index annuity credits and interest rate swap and caps used to manage interest rate risk associated with the floating rate component on certain of our subordinated debentures. All of our derivative instruments are recognized in the balance sheet at fair value and changes in fair value are recognized immediately in operations. See Note 5 for more information on derivative instruments.
Cash and Cash Equivalents, Policy	Cash and Cash Equivalents We consider all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Book Overdrafts Under our cash management system, checks issued but not yet presented to banks frequently result in overdraft balances for accounting purposes and are classified as Other liabilities on our consolidated balance sheets. We report the changes in the amount of the overdraft balance as a financing activity in our consolidated statement of cash flows as Change in checks in excess of cash balance.
Securities Lending, Policy	Securities Lending Beginning in 2019, the Company participates in a securities lending program whereby we loan certain securities to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Borrowers post cash collateral in an amount equal to or greater than 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in short-term liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. As of December 31, 2019, the fair value of loaned securities was $477.5 million and is included in Fixed maturity securities, available for sale, at fair value in the consolidated balance sheets. As of December 31, 2019, collateral retained by the lending agent and invested in liquid assets on our behalf was $495.1 million and is recorded in Cash and cash equivalents in the consolidated balance sheets. As of December 31, 2019, liabilities to return collateral of $495.1 million are included in Other liabilities in the consolidated balance sheets.
Deferred Policy Acquisition Costs, Policy	Deferred Policy Acquisition Costs and Deferred Sales Inducements For annuity products, these costs are being amortized in proportion to actual and expected gross profits. Actual and expected gross profits include the the excess of net investment income earned over the interest credited or the cost of providing index credits to the policyholders, or the "investment spread"; and to a lesser extent, product charges and fees net of expected excess payments for lifetime income benefit riders and certain policy expenses. Actual and expected gross profits for fixed index annuities also include the impact of amounts recorded for the change in fair value of derivatives and the change in fair value of embedded derivatives. Current period amortization is adjusted retrospectively through an unlocking process when estimates of actual and expected gross profits (including the impact of net realized gains (losses) on investments and net OTTI losses recognized in operations) to be realized from a group of products are revised. Deferred policy acquisition costs and deferred sales inducements are also adjusted for the change in amortization that would have occurred if available for sale fixed maturity securities had been sold at their aggregate fair value at the end of the reporting period and the proceeds reinvested at current yields. The impact of this adjustment is included in accumulated other comprehensive income (loss) within consolidated stockholders' equity, net of applicable taxes. See Note 6 for more information on deferred policy acquisition costs and deferred sales inducements.
Deferred Sales Inducements, Policy	Deferred Policy Acquisition Costs and Deferred Sales Inducements For annuity products, these costs are being amortized in proportion to actual and expected gross profits. Actual and expected gross profits include the the excess of net investment income earned over the interest credited or the cost of providing index credits to the policyholders, or the "investment spread"; and to a lesser extent, product charges and fees net of expected excess payments for lifetime income benefit riders and certain policy expenses. Actual and expected gross profits for fixed index annuities also include the impact of amounts recorded for the change in fair value of derivatives and the change in fair value of embedded derivatives. Current period amortization is adjusted retrospectively through an unlocking process when estimates of actual and expected gross profits (including the impact of net realized gains (losses) on investments and net OTTI losses recognized in operations) to be realized from a group of products are revised. Deferred policy acquisition costs and deferred sales inducements are also adjusted for the change in amortization that would have occurred if available for sale fixed maturity securities had been sold at their aggregate fair value at the end of the reporting period and the proceeds reinvested at current yields. The impact of this adjustment is included in accumulated other comprehensive income (loss) within consolidated stockholders' equity, net of applicable taxes. See Note 6 for more information on deferred policy acquisition costs and deferred sales inducements.
Policy Benefit Reserves, Policy	Policy Benefit Reserves Policy benefit reserves for fixed index annuities with returns linked to the performance of a specified market index are equal to the sum of the fair value of the embedded derivatives and the host (or guaranteed) component of the contracts. The host value is established at inception of the contract and accreted over the policy's life at a constant rate of interest. Future policy benefit reserves for fixed index annuities earning a fixed rate of interest and other deferred annuity products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. For the years ended December 31, 2019 , 2018 and 2017 , interest crediting rates for these products ranged from 1.00% to 2.80% . The liability for lifetime income benefit riders is based on the actual and present value of expected benefit payments to be paid in excess of projected policy values recognizing the excess over the expected lives of the underlying policies based on the actual and present value of expected assessments including investment spreads, product charges and fees. The inputs used in the calculation of the liability for lifetime income benefit riders include actual policy values, actual income account values, actual payout factors, actual roll-up rates and our best estimate assumptions for future policy growth, expected utilization of lifetime income benefit riders, which includes the ages at which policyholders are expected to elect to begin to receive lifetime income benefit payments and the percentage of policyholders who elect to receive lifetime income benefit payments, the type of income benefit payments selected upon election and future assumptions for lapse, partial withdrawal and mortality rates. See Note 6 for more information on lifetime income benefit rider reserves. Policy benefit reserves are not reduced for amounts ceded under coinsurance agreements which are reported as coinsurance deposits on our consolidated balance sheets. See Note 7 for more information on reinsurance.
Deferred Income Taxes, Policy	Deferred Income Taxes Deferred income tax assets or liabilities are computed based on the temporary differences between the financial statement and income tax bases of assets and liabilities using the enacted marginal tax rate. The effect on deferred income tax assets and liabilities resulting from a change in the enacted marginal tax rate is recognized in income in the period that includes the enactment date. Deferred income tax expenses or benefits are based on the changes in the asset or liability from period to period. Deferred income tax assets are subject to ongoing evaluation of whether such assets will more likely than not be realized. The realization of deferred income tax assets primarily depends on generating future taxable income during the periods in which temporary differences become deductible. Deferred income tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. In making such a determination, all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations, is considered. The realization of deferred income tax assets related to unrealized losses on available for sale fixed maturity securities is also based upon our intent and ability to hold those securities for a period of time sufficient to allow for a recovery in fair value and not realize the unrealized loss.
Recognition of Premium Revenues and Costs, Policy	Recognition of Premium Revenues and Costs Revenues for annuity products include surrender and living income benefit rider charges assessed against policyholder account balances during the period. Interest sensitive and index product benefits related to annuity products include interest credited or index credits to policyholder account balances pursuant to accounting by insurance companies for certain long-duration contracts. The change in fair value of the embedded derivatives for fixed index annuities equals the change in the difference between policy benefit reserves for fixed index annuities computed under the derivative accounting standard and the long-duration contracts accounting standard at each balance sheet date. Considerations from immediate annuities and supplemental contract annuities with life contingencies are recognized as revenue when the policy is issued. All insurance-related revenues, including the change in the fair value of derivatives for call options related to the business ceded under coinsurance agreements (see Note 7), benefits, losses and expenses are reported net of reinsurance ceded.
Other Comprehensive Income (Loss), Policy	Other Comprehensive Income (Loss) Other comprehensive income (loss) includes all changes in stockholders' equity during a period except those resulting from investments by and distributions to stockholders. Other comprehensive income (loss) excludes net realized investment gains (losses) included in net income which merely represents transfers from unrealized to realized gains and losses.
Adopted and New Accounting Pronouncements, Policy	Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") related to revenue arising from contracts with customers. This ASU, which replaced most revenue recognition guidance existing at the time, including industry specific guidance, prescribes that an entity should recognize revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted this ASU on January 1, 2018. The adoption of this ASU had no impact on our consolidated financial statements as revenues related to insurance and investment contracts are excluded from its scope. In January 2016, the FASB issued an ASU that, among other aspects of recognition, measurement, presentation and disclosure of financial instruments, primarily requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Additionally, it changed the accounting for financial liabilities measured at fair value under the fair value option and eliminated some disclosures regarding fair value of financial assets and liabilities measured at amortized cost. We adopted this ASU on January 1, 2018. The adoption of this ASU had no impact on our consolidated financial statements. In February 2016, the FASB issued an ASU that requires recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This ASU affects accounting and disclosure more dramatically for lessees as accounting and disclosure for lessors is mainly unchanged. We adopted this ASU on January 1, 2019. The adoption of this ASU resulted in the recognition of a lease asset and lease liability of $6.0 million , respectively, on our consolidated balance sheet at December 31, 2019. In March 2017, the FASB issued an ASU that applies to certain callable debt securities where the amortized cost basis is at a premium to the price repayable by the issuer at the earliest call date. Under this guidance, the premium is amortized to the first call date. We adopted this ASU on January 1, 2019. The adoption of this ASU did not have a material impact on our consolidated financial statements. In February 2018, the FASB issued an ASU that allowed a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 ("Tax Reform"). We adopted this ASU on January 1, 2018. The adoption of this ASU resulted in a reclassification of $128 million between accumulated other comprehensive income (loss) and retained earnings within our consolidated balance sheet at December 31, 2018. In June 2018, the FASB issued an ASU that expanded the scope of Accounting Standards Codification 718, Compensation-Stock Compensation, to include share-based payment transactions for acquiring goods and services to nonemployees and eliminated the existing accounting model for nonemployee share-based payment awards. We adopted this ASU on January 1, 2019. While this ASU results in an earlier measurement date for our nonemployee restricted stock units that have not vested as of January 1, 2019, there was no impact to our consolidated financial statements upon adoption. New Accounting Pronouncements In June 2016, the FASB issued an ASU that significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model that requires these assets be presented at the net amount expected to be collected. In addition, credit losses on available for sale debt securities will be recorded through an allowance account. This ASU will be effective for us on January 1, 2020, with early adoption permitted. Our implementation procedures to date relative to this standard include, but are not limited to, identifying financial assets within the scope of this guidance, developing a current expected credit loss model for our commercial mortgage loans and reinsurance recoverable balances and refining internal processes and controls for financial assets impacted by this guidance. Based on our analyses to date, we estimate that our retained earnings as of January 1, 2020 will decrease by approximately $5 million to $10 million on a pretax basis due to an increase in our mortgage loan allowance as a result of earlier recognition of credit losses related to our commercial mortgage loans. In addition, we estimate our retained earnings will decrease by $1 million to $3 million on a pretax basis due to recognition of expected lifetime credit losses related to our reinsurance recoverable/coinsurance deposits balances. In August 2018, the FASB issued an ASU that revises certain aspects of the measurement models and disclosure requirements for long duration insurance and investment contracts. The FASB’s objective in issuing this ASU is to improve, simplify, and enhance the accounting for long-duration contracts. The revisions include updating cash flow assumptions in the calculation of the liability for traditional life products, introducing the term ‘market risk benefit’ ("MRB") and requiring all contract features meeting the definition of an MRB to be measured at fair value, simplifying the method used to amortize deferred policy acquisition costs and deferred sales inducements to a constant basis over the expected term of the related contracts rather than based on actual and estimated gross profits and enhancing disclosure requirements. While this ASU is effective for us on January 1, 2022, the transition date (the remeasurement date) is January 1, 2020. Early adoption of this ASU is permitted. We are in process of evaluating the impact this guidance will have on our consolidated financial statements. Income Tax Reform As a result of Tax Reform, the statutory federal corporate tax rate was reduced from 35% to 21% effective January 1, 2018.
Fair Value 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.
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. 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.
Mortgage Loans on Real Estate, Real Estate Acquired Through Foreclosure, Policy	Charge-offs include allowances that have been established on loans that were satisfied either by taking ownership of the collateral or by some other means such as discounted pay-off or loan sale. 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	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 are 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 allow 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
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 is 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.
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.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Annuity Deposits (Net of Coinsurance), By Product Type	Annuity deposits (net of coinsurance) collected in 2019 , 2018 and 2017 , by product type were as follows: Year Ended December 31, Product Type 2019 2018 2017 (Dollars in thousands) Fixed index annuities $ 4,603,490 $ 3,898,366 $ 3,668,121 Annual reset fixed rate annuities 10,665 46,744 74,572 Multi-year fixed rate annuities 47,016 22,818 22,291 Single premium immediate annuities (SPIA) 12,002 23,813 24,946 $ 4,673,173 $ 3,991,741 $ 3,789,930

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
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: December 31, 2019 2018 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) Assets Fixed maturity securities, available for sale $ 51,580,490 $ 51,580,490 $ 45,923,727 $ 45,923,727 Mortgage loans on real estate 3,448,793 3,536,446 2,943,091 2,920,612 Derivative instruments 1,355,989 1,355,989 205,149 205,149 Other investments 492,301 492,301 355,531 348,970 Cash and cash equivalents 2,293,392 2,293,392 344,396 344,396 Coinsurance deposits 5,115,013 4,635,926 4,954,068 4,553,790 Interest rate caps 6 6 597 597 Interest rate swap — — 354 354 Counterparty collateral — — 33,101 33,101 Liabilities Policy benefit reserves 61,540,992 51,800,247 57,249,510 49,180,143 Single premium immediate annuity (SPIA) benefit reserves 255,698 263,773 270,406 279,077 Notes payable 495,116 541,520 494,591 489,985 Subordinated debentures 157,265 168,357 242,982 215,514 Amounts due under repurchase agreements — — 109,298 109,298
Assets and Liabilities Measured on a Recurring Basis by Fair Value Hierarchy	Our assets and liabilities which are measured at fair value on a recurring basis as of December 31, 2019 and 2018 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) December 31, 2019 Assets Fixed maturity securities, available for sale: United States Government full faith and credit $ 161,765 $ 155,945 $ 5,820 $ — United States Government sponsored agencies 625,020 — 625,020 — United States municipalities, states and territories 4,527,671 — 4,527,671 — Foreign government obligations 205,096 — 205,096 — Corporate securities 32,536,839 4 32,536,835 — Residential mortgage backed securities 1,575,664 — 1,575,664 — Commercial mortgage backed securities 5,786,279 — 5,786,279 — Other asset backed securities 6,162,156 — 6,162,156 — Derivative instruments 1,355,989 — 1,355,989 — Cash and cash equivalents 2,293,392 2,293,392 — — Interest rate caps 6 — 6 — $ 55,229,877 $ 2,449,341 $ 52,780,536 $ — Liabilities Fixed index annuities - embedded derivatives $ 9,624,395 $ — $ — $ 9,624,395 December 31, 2018 Assets Fixed maturity securities, available for sale: United States Government full faith and credit $ 11,652 $ 5,900 $ 5,752 $ — United States Government sponsored agencies 1,138,529 — 1,138,529 — United States municipalities, states and territories 4,126,267 — 4,126,267 — Foreign government obligations 230,274 — 230,274 — Corporate securities 28,371,514 7 28,371,507 — Residential mortgage backed securities 1,202,159 — 1,202,159 — Commercial mortgage backed securities 5,379,003 — 5,379,003 — Other asset backed securities 5,464,329 — 5,464,329 — Derivative instruments 205,149 — 205,149 — Cash and cash equivalents 344,396 344,396 — — Interest rate caps 597 — 597 — Interest rate swap 354 — 354 — Counterparty collateral 33,101 — 33,101 — $ 46,507,324 $ 350,303 $ 46,157,021 $ — Liabilities Fixed index annuities - embedded derivatives $ 8,165,405 $ — $ — $ 8,165,405
Schedule of Assumptions Used in Estimating Fair Value	The following table presents average lapse rate and partial withdrawal rate assumptions, by contract duration, used in estimating the fair value of the embedded derivative component of our fixed index annuity policy benefit reserves at each reporting date: Average Lapse Rates Average Partial Withdrawal Rates Contract Duration (Years) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 1 - 5 0.90% 2.05% 3.33% 3.33% 6 - 10 1.29% 7.28% 3.84% 3.33% 11 - 15 3.31% 11.35% 4.12% 3.35% 16 - 20 8.52% 11.90% 4.18% 3.22% 20+ 7.10% 11.57% 4.12% 3.22%
Liabilities Measured at Fair Value on Recurring Basis, Level 3 Reconciliation	The following table provides a reconciliation of the beginning and ending balances for our Level 3 liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs for the years ended December 31, 2019 and 2018 : Year Ended December 31, 2019 2018 (Dollars in thousands) Fixed index annuities - embedded derivatives Beginning balance $ 8,165,405 $ 8,790,427 Premiums less benefits 896,688 1,542,606 Change in fair value, net 562,302 (2,167,628 ) Ending balance $ 9,624,395 $ 8,165,405

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Investments [Abstract]
Schedule of Fixed Maturity Securities	At December 31, 2019 and 2018 , the amortized cost and fair value of fixed maturity securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) December 31, 2019 Fixed maturity securities, available for sale: United States Government full faith and credit $ 161,492 $ 369 $ (96 ) $ 161,765 United States Government sponsored agencies 601,672 28,133 (4,785 ) 625,020 United States municipalities, states and territories 4,147,343 388,578 (8,250 ) 4,527,671 Foreign government obligations 186,993 18,103 — 205,096 Corporate securities 29,822,172 2,796,926 (82,259 ) 32,536,839 Residential mortgage backed securities 1,477,738 101,617 (3,691 ) 1,575,664 Commercial mortgage backed securities 5,591,167 208,895 (13,783 ) 5,786,279 Other asset backed securities 6,250,369 90,978 (179,191 ) 6,162,156 $ 48,238,946 $ 3,633,599 $ (292,055 ) $ 51,580,490 December 31, 2018 Fixed maturity securities, available for sale: United States Government full faith and credit $ 11,872 $ 102 $ (322 ) $ 11,652 United States Government sponsored agencies 1,208,468 13,095 (83,034 ) 1,138,529 United States municipalities, states and territories 3,880,703 261,222 (15,658 ) 4,126,267 Foreign government obligations 226,860 7,573 (4,159 ) 230,274 Corporate securities 28,483,138 727,105 (838,729 ) 28,371,514 Residential mortgage backed securities 1,134,623 71,661 (4,125 ) 1,202,159 Commercial mortgage backed securities 5,492,271 21,558 (134,826 ) 5,379,003 Other asset backed securities 5,693,255 41,308 (270,234 ) 5,464,329 $ 46,131,190 $ 1,143,624 $ (1,351,087 ) $ 45,923,727
Schedule of Fixed Maturity Securities by Contractual Maturity Date	The amortized cost and fair value of fixed maturity securities at December 31, 2019 , by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. All of our mortgage and other asset backed securities provide for periodic payments throughout their lives and are shown below as separate lines. Available for sale Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 290,310 $ 294,212 Due after one year through five years 5,831,134 6,061,370 Due after five years through ten years 10,199,288 10,829,871 Due after ten years through twenty years 10,519,078 11,812,300 Due after twenty years 8,079,862 9,058,638 34,919,672 38,056,391 Residential mortgage backed securities 1,477,738 1,575,664 Commercial mortgage backed securities 5,591,167 5,786,279 Other asset backed securities 6,250,369 6,162,156 $ 48,238,946 $ 51,580,490
Schedule of Components of Net Unrealized Gains (Losses) on Available For Sale Fixed Maturity Securities Reported as Separate Component of Stockholders' Equity	Net unrealized gains (losses) on available for sale fixed maturity securities reported as a separate component of stockholders' equity were comprised of the following: December 31, 2019 2018 (Dollars in thousands) Net unrealized gains (losses) on available for sale fixed maturity securities $ 3,341,544 $ (207,463 ) Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements (1,473,966 ) 112,571 Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax benefit (expense) (392,191 ) 19,926 Net unrealized gains (losses) reported as accumulated other comprehensive income (loss) $ 1,497,921 $ (52,432 )
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: December 31, 2019 2018 NAIC Designation Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) 1 $ 27,781,525 $ 30,122,657 $ 26,588,352 $ 26,921,843 2 19,278,355 20,316,911 17,901,161 17,528,072 3 1,001,087 977,191 1,396,650 1,269,242 4 114,497 112,534 173,987 137,991 5 57,952 45,205 23,836 19,453 6 5,530 5,992 47,204 47,126 $ 48,238,946 $ 51,580,490 $ 46,131,190 $ 45,923,727
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 1,033 and 2,715 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2019 and 2018 : Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) December 31, 2019 Fixed maturity securities, available for sale: United States Government full faith and credit $ 144,582 $ (96 ) $ — $ — $ 144,582 $ (96 ) United States Government sponsored agencies 168,732 (1,229 ) 201,444 (3,556 ) 370,176 (4,785 ) United States municipalities, states and territories 285,481 (8,173 ) 3,081 (77 ) 288,562 (8,250 ) Corporate securities: Finance, insurance and real estate 267,521 (4,785 ) 121,993 (4,744 ) 389,514 (9,529 ) Manufacturing, construction and mining 161,633 (6,039 ) 44,606 (3,951 ) 206,239 (9,990 ) Utilities and related sectors 334,635 (7,730 ) 51,269 (3,482 ) 385,904 (11,212 ) Wholesale/retail trade 54,289 (1,751 ) 129,364 (9,411 ) 183,653 (11,162 ) Services, media and other 275,135 (6,135 ) 316,086 (34,231 ) 591,221 (40,366 ) Residential mortgage backed securities 212,404 (2,686 ) 11,332 (1,005 ) 223,736 (3,691 ) Commercial mortgage backed securities 602,394 (9,366 ) 194,328 (4,417 ) 796,722 (13,783 ) Other asset backed securities 752,413 (11,709 ) 3,375,016 (167,482 ) 4,127,429 (179,191 ) $ 3,259,219 $ (59,699 ) $ 4,448,519 $ (232,356 ) $ 7,707,738 $ (292,055 ) December 31, 2018 Fixed maturity securities, available for sale: United States Government full faith and credit $ 543 $ (3 ) $ 7,785 $ (319 ) $ 8,328 $ (322 ) United States Government sponsored agencies 30,089 (949 ) 953,421 (82,085 ) 983,510 (83,034 ) United States municipalities, states and territories 340,103 (6,816 ) 162,997 (8,842 ) 503,100 (15,658 ) Foreign government obligations 98,511 (1,748 ) 11,859 (2,411 ) 110,370 (4,159 ) Corporate securities: Finance, insurance and real estate 2,501,640 (87,220 ) 884,870 (77,507 ) 3,386,510 (164,727 ) Manufacturing, construction and mining 2,045,859 (84,972 ) 349,738 (34,635 ) 2,395,597 (119,607 ) Utilities and related sectors 2,313,271 (82,119 ) 591,482 (45,838 ) 2,904,753 (127,957 ) Wholesale/retail trade 1,032,603 (51,228 ) 198,805 (26,326 ) 1,231,408 (77,554 ) Services, media and other 4,618,477 (196,520 ) 1,072,722 (152,364 ) 5,691,199 (348,884 ) Residential mortgage backed securities 145,613 (2,638 ) 22,689 (1,487 ) 168,302 (4,125 ) Commercial mortgage backed securities 2,141,560 (37,150 ) 2,090,835 (97,676 ) 4,232,395 (134,826 ) Other asset backed securities 4,073,249 (252,265 ) 271,994 (17,969 ) 4,345,243 (270,234 ) $ 19,341,518 $ (803,628 ) $ 6,619,197 $ (547,459 ) $ 25,960,715 $ (1,351,087 )
Schedule of Changes in Net Unrealized Gains/Losses on Investments	Changes in net unrealized gains/losses on investments for the years ended December 31, 2019 , 2018 and 2017 are as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Fixed maturity securities held for investment carried at amortized cost $ — $ 581 $ 7,478 Investments carried at fair value: Fixed maturity securities, available for sale $ 3,549,007 $ (2,463,693 ) $ 1,149,691 Equity securities — — (479 ) 3,549,007 (2,463,693 ) 1,149,212 Adjustment for effect on other balance sheet accounts: Deferred policy acquisition costs and deferred sales inducements (1,586,537 ) 1,318,649 (587,417 ) Deferred income tax asset/liability (412,117 ) 240,459 (177,162 ) (1,998,654 ) 1,559,108 (764,579 ) Change in net unrealized gains/losses on investments carried at fair value $ 1,550,353 $ (904,585 ) $ 384,633
Components of Net Investment Income	Components of net investment income are as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Fixed maturity securities $ 2,171,768 $ 2,027,599 $ 1,876,542 Equity securities 4,083 4,735 764 Mortgage loans on real estate 145,344 131,259 122,680 Cash and cash equivalents 5,164 2,320 2,562 Other 3,119 1,548 4,073 2,329,478 2,167,461 2,006,621 Less investment expenses (21,843 ) (19,649 ) (14,624 ) Net investment income $ 2,307,635 $ 2,147,812 $ 1,991,997
Net Realized Gains (Losses) on Investments, Excluding Net OTTI Losses	Net realized gains (losses) on investments, excluding net OTTI losses are as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Available for sale fixed maturity securities: Gross realized gains $ 21,449 $ 12,245 $ 18,254 Gross realized losses (6,397 ) (47,974 ) (9,058 ) 15,052 (35,729 ) 9,196 Equity securities: Gross realized gains — — 348 Other investments: Gross realized gains 7,296 — — Gross realized losses (14,446 ) — — Gain on sale of real estate — — 56 (7,150 ) — 56 Mortgage loans on real estate: Decrease (increase) in allowance for credit losses (940 ) (3,165 ) 278 Recovery of specific allowance — 1,592 631 Gain on sale of mortgage loans — 124 — (940 ) (1,449 ) 909 $ 6,962 $ (37,178 ) $ 10,509
Non-Income Producing Investments	The following table summarizes the carrying value of our investments that have been non-income producing for 12 consecutive months: December 31, 2019 2018 (Dollars in thousands) Fixed maturity securities, available for sale $ 5,792 $ 6,717
Other Than Temporary Impairment by Asset Type	The following table summarizes other than temporary impairments 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) Year ended December 31, 2019 Fixed maturity securities, available for sale: Corporate securities: Energy 3 $ (17,273 ) $ — $ (17,273 ) Residential mortgage backed securities 3 (101 ) (215 ) (316 ) Commercial mortgage backed securities 2 (488 ) — (488 ) Other asset backed securities 1 (649 ) — (649 ) 9 $ (18,511 ) $ (215 ) $ (18,726 ) Year ended December 31, 2018 Fixed maturity securities, available for sale: Corporate securities: Capital goods 1 $ (719 ) $ — $ (719 ) Consumer discretionary 8 (9,533 ) — (9,533 ) Energy 4 (4,793 ) — (4,793 ) Financials 5 (3,495 ) — (3,495 ) Information technology 1 (550 ) — (550 ) Industrials 1 (2,299 ) — (2,299 ) Telecommunications 2 (249 ) — (249 ) Transportation 1 (178 ) — (178 ) Utilities 2 (5,518 ) — (5,518 ) Residential mortgage backed securities 3 (63 ) (295 ) (358 ) Commercial mortgage backed securities 5 (4,859 ) — (4,859 ) Other asset backed securities 2 (2,749 ) (1,356 ) (4,105 ) 35 $ (35,005 ) $ (1,651 ) $ (36,656 ) Year ended December 31, 2017 Fixed maturity securities, available for sale: Corporate securities: Industrials 1 $ (2,485 ) $ — $ (2,485 ) Residential mortgage backed securities 8 (273 ) (1,585 ) (1,858 ) Other asset backed securities 1 — (287 ) (287 ) 10 $ (2,758 ) $ (1,872 ) $ (4,630 )
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: Year Ended December 31, 2019 2018 (Dollars in thousands) Cumulative credit loss at beginning of year $ (175,398 ) $ (157,066 ) Additions for the amount related to credit losses for which OTTI has not previously been recognized (18,271 ) (35,005 ) Additional credit losses on securities for which OTTI has previously been recognized (455 ) (1,651 ) Accumulated losses on securities that were disposed of during the period 24,422 18,324 Cumulative credit loss at end of year $ (169,702 ) $ (175,398 )
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, by major type of security, for securities that are part of our investment portfolio at December 31, 2019 and 2018 : Amortized Cost OTTI Recognized in Other Comprehensive Income (Loss) Change in Fair Value Since OTTI was Recognized Fair Value (Dollars in thousands) December 31, 2019 Fixed maturity securities, available for sale: Corporate securities $ 50,755 $ (3,700 ) $ 9,268 $ 56,323 Residential mortgage backed securities 183,948 (145,446 ) 172,577 211,079 Commercial mortgage backed securities 12,776 — (401 ) 12,375 Other asset backed securities 977 — 261 1,238 $ 248,456 $ (149,146 ) $ 181,705 $ 281,015 December 31, 2018 Fixed maturity securities, available for sale: Corporate securities $ 69,580 $ (3,700 ) $ 6,195 $ 72,075 Residential mortgage backed securities 245,691 (167,846 ) 199,191 277,036 Commercial mortgage backed securities 35,244 — — 35,244 Other asset backed securities 1,692 — 326 2,018 $ 352,207 $ (171,546 ) $ 205,712 $ 386,373

Mortgage Loans on Real Estate (

Mortgage Loans on Real Estate (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Summary of Mortgage Loan Portfolio	Our mortgage loan portfolio is summarized in the following table. There were commitments outstanding of $244.3 million at December 31, 2019 . December 31, 2019 2018 (Dollars in thousands) Principal outstanding $ 3,458,914 $ 2,952,464 Loan loss allowance (9,179 ) (8,239 ) Deferred prepayment fees (942 ) (1,134 ) Carrying value $ 3,448,793 $ 2,943,091
Mortgage Loan Portfolio Summarized by Geographic Region and Property Type	The mortgage loan portfolio is summarized by geographic region and property type as follows: December 31, 2019 2018 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 645,991 18.7 % $ 586,773 19.9 % Middle Atlantic 284,597 8.2 % 168,969 5.7 % Mountain 389,892 11.3 % 357,642 12.1 % New England 9,152 0.3 % 9,418 0.3 % Pacific 655,518 19.0 % 521,363 17.7 % South Atlantic 751,199 21.7 % 694,599 23.5 % West North Central 302,534 8.7 % 291,890 9.9 % West South Central 420,031 12.1 % 321,810 10.9 % $ 3,458,914 100.0 % $ 2,952,464 100.0 % Property type distribution Office $ 250,287 7.3 % $ 268,932 9.1 % Medical Office 29,990 0.9 % 33,467 1.1 % Retail 1,225,670 35.4 % 1,091,627 37.0 % Industrial/Warehouse 896,558 25.9 % 762,887 25.8 % Apartment 858,679 24.8 % 600,638 20.3 % Agricultural 51,303 1.5 % 25,000 0.9 % Mixed use/Other 146,427 4.2 % 169,913 5.8 % $ 3,458,914 100.0 % $ 2,952,464 100.0 %
Mortgage Loans, Rollforward of Allowance For Credit Losses	The following table presents the total outstanding principal of loans evaluated for impairment by basis of impairment method: December 31, 2019 2018 2017 (Dollars in thousands) Individually evaluated for impairment $ 1,229 $ 1,253 $ 5,445 Collectively evaluated for impairment 3,457,685 2,951,211 2,668,870 Total loans evaluated for impairment $ 3,458,914 $ 2,952,464 $ 2,674,315 The following table presents a rollforward of our specific and general valuation allowances for mortgage loans on real estate: Year Ended December 31, 2019 2018 2017 Specific Allowance General Allowance Specific Allowance General Allowance Specific Allowance General Allowance (Dollars in thousands) Beginning allowance balance $ (229 ) $ (8,010 ) $ (1,418 ) $ (6,100 ) $ (1,327 ) $ (7,100 ) Charge-offs — — 852 — — — Recoveries — — 1,592 — 631 — Change in provision for credit losses — (940 ) (1,255 ) (1,910 ) (722 ) 1,000 Ending allowance balance $ (229 ) $ (8,950 ) $ (229 ) $ (8,010 ) $ (1,418 ) $ (6,100 )
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. December 31, 2019 2018 (Dollars in thousands) Credit Exposure - By Payment Activity Performing $ 3,458,914 $ 2,952,464 In workout — — Collateral dependent — — $ 3,458,914 $ 2,952,464
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 December 31, 2019 $ — $ — $ — $ — $ 3,458,914 $ — $ 3,458,914 December 31, 2018 $ — $ — $ — $ — $ 2,952,464 $ — $ 2,952,464
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) December 31, 2019 Mortgage loans with an allowance $ 1,000 $ 1,229 $ (229 ) Mortgage loans with no related allowance — — — $ 1,000 $ 1,229 $ (229 ) December 31, 2018 Mortgage loans with an allowance $ 1,024 $ 1,253 $ (229 ) Mortgage loans with no related allowance — — — $ 1,024 $ 1,253 $ (229 ) Average Recorded Investment Interest Income Recognized (Dollars in thousands) December 31, 2019 Mortgage loans with an allowance $ 1,012 $ 69 Mortgage loans with no related allowance — — $ 1,012 $ 69 December 31, 2018 Mortgage loans with an allowance $ 1,042 $ 74 Mortgage loans with no related allowance — — $ 1,042 $ 74 December 31, 2017 Mortgage loans with an allowance $ 4,464 $ 221 Mortgage loans with no related allowance 1,513 91 $ 5,977 $ 312

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
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, presented in the consolidated balance sheets are as follows: December 31, 2019 2018 (Dollars in thousands) Assets Derivative instruments Call options $ 1,355,989 $ 205,149 Other assets Interest rate caps 6 597 Interest rate swap — 354 $ 1,355,995 $ 206,100 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives, net $ 9,624,395 $ 8,165,405
Schedule of Changes in Fair Value of Derivative Instruments	The changes in fair value of derivatives included in the consolidated statements of operations are as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Change in fair value of derivatives: Call options $ 908,556 $ (778,899 ) $ 1,678,283 Interest rate swap (1,059 ) 869 255 Interest rate caps (591 ) 182 (667 ) $ 906,906 $ (777,848 ) $ 1,677,871 Change in fair value of embedded derivatives: Fixed index annuities - embedded derivatives $ 562,302 $ (2,167,628 ) $ 174,154 Other changes in difference between policy benefit reserves computed using derivative accounting vs. long-duration contracts accounting 891,740 778,137 745,581 $ 1,454,042 $ (1,389,491 ) $ 919,735
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: December 31, 2019 2018 Counterparty Credit Rating (S&P) Credit Rating (Moody's) Notional Amount Fair Value Notional Amount Fair Value (Dollars in thousands) Bank of America A+ Aa2 $ 2,680,543 $ 80,692 $ 6,518,808 $ 6,704 Barclays A A2 5,753,868 217,536 2,301,414 27,032 Canadian Imperial Bank of Commerce A+ Aa2 4,110,525 154,917 4,856,150 29,313 Citibank, N.A. A+ Aa3 4,075,544 109,046 4,792,208 27,239 Credit Suisse A+ A1 4,526,414 116,659 2,877,916 12,887 J.P. Morgan A+ Aa2 4,703,234 151,651 3,701,964 17,564 Morgan Stanley A+ A1 1,886,995 41,253 3,560,044 1,561 Royal Bank of Canada AA- A2 2,565,202 101,511 1,871,305 14,011 Societe Generale A A1 3,280,286 139,101 2,343,165 21,681 SunTrust A A2 2,051,229 74,910 1,755,030 12,047 Wells Fargo A+ Aa2 4,221,408 163,520 4,618,569 33,398 Exchange traded 191,948 5,193 224,204 1,712 $ 40,047,196 $ 1,355,989 $ 39,420,777 $ 205,149
Schedule of Interest Rate Derivatives	Details regarding the interest rate swap are as follows: December 31, 2019 2018 Maturity Date Notional Amount Receive Rate Pay Rate Counterparty Fair Value Fair Value (Dollars in thousands) March 15, 2021 $ 85,500 LIBOR 2.415% SunTrust $ — $ 354 Details regarding the interest rate caps are as follows: December 31, 2019 2018 Maturity Date Notional Amount Floating Rate Cap Rate Counterparty Fair Value Fair Value (Dollars in thousands) July 7, 2021 $ 40,000 LIBOR 2.50% SunTrust $ 3 $ 302 July 8, 2021 12,000 LIBOR 2.50% SunTrust 1 91 July 29, 2021 27,000 LIBOR 2.50% SunTrust 2 204 $ 79,000 $ 6 $ 597

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders (Tables)	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Rollforward of Deferred Policy Acquisition Costs	Policy acquisition costs deferred and amortized are as follows: December 31, 2019 2018 2017 (Dollars in thousands) Balance at beginning of year $ 3,535,838 $ 2,714,523 $ 2,905,377 Costs deferred during the year: Commissions 419,165 384,432 401,124 Policy issue costs 3,351 3,790 5,517 Amortization: Amortization (280,699 ) (358,563 ) (304,162 ) Impact of unlocking 192,982 30,572 48,198 Effect of net unrealized gains/losses (947,183 ) 761,084 (341,531 ) Balance at end of year $ 2,923,454 $ 3,535,838 $ 2,714,523
Rollforward of Deferred Sales Inducements	Sales inducements deferred and amortized are as follows: December 31, 2019 2018 2017 (Dollars in thousands) Balance at beginning of year $ 2,516,721 $ 2,001,892 $ 2,208,218 Costs deferred during the year 177,941 179,465 216,172 Amortization: Amortization (193,292 ) (243,666 ) (210,886 ) Impact of unlocking 104,707 21,465 34,274 Effect of net unrealized gains/losses (639,354 ) 557,565 (245,886 ) Balance at end of year $ 1,966,723 $ 2,516,721 $ 2,001,892
Rollforward of Liability for Lifetime Income Benefit Riders (Net of Coinsurance Ceded)	The following table presents a rollforward of the liability for lifetime income benefit riders (net of coinsurance ceded): December 31, 2019 2018 2017 (Dollars in thousands) Balance at beginning of year $ 808,167 $ 704,441 $ 533,391 Benefit expense accrual 179,901 157,333 149,442 Impact of unlocking 315,383 (53,607 ) 21,608 Claim payments — — — Balance at end of year $ 1,303,451 $ 808,167 $ 704,441

Reinsurance and Policy Provis_2

Reinsurance and Policy Provisions (Tables)	12 Months Ended
	Dec. 31, 2019
Reinsurance Disclosures [Abstract]
Amounts Ceded to EquiTrust and Athene, Impact on Consolidated Statements of Operations and Cash Flows	Amounts ceded to EquiTrust and Athene under these agreements are as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Consolidated Statements of Operations Annuity product charges $ 7,792 $ 7,074 $ 6,458 Change in fair value of derivatives 97,195 (41,487 ) 94,382 $ 104,987 $ (34,413 ) $ 100,840 Interest sensitive and index product benefits $ 132,127 $ 165,485 $ 177,332 Change in fair value of embedded derivatives 109,002 (92,649 ) 35,561 Other operating costs and expenses 18,778 20,415 19,877 $ 259,907 $ 93,251 $ 232,770 Consolidated Statements of Cash Flows Annuity deposits $ (290,040 ) $ (413,222 ) $ (387,280 ) Cash payments to policyholders 381,276 389,384 380,683 $ 91,236 $ (23,838 ) $ (6,597 )

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Components of Income Tax Expense	Our income tax expense as presented in the consolidated financial statements is summarized as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Consolidated statements of operations: Current income taxes $ 12,528 $ 120,289 $ 188,356 Deferred income taxes (benefits) 56,947 (12,563 ) (46,730 ) Total income tax expense included in consolidated statements of operations 69,475 107,726 141,626 Stockholders' equity: Expense (benefit) relating to: Change in net unrealized investment losses 412,117 (240,459 ) 177,162 Total income tax expense (benefit) included in consolidated financial statements $ 481,592 $ (132,733 ) $ 318,788
Effective Income Tax Rate Reconciliation	Income tax expense in the consolidated statements of operations differed from the amount computed at the applicable statutory federal income tax rates of 21% for the years ended December 31, 2019 and 2018 , and 35% for the year ended December 31, 2017 as follows: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Income before income taxes $ 315,565 $ 565,742 $ 316,271 Income tax expense on income before income taxes $ 66,269 $ 118,806 $ 110,695 Tax effect of: State income taxes 5,111 5,777 1,961 Tax exempt net investment income (4,385 ) (4,223 ) (4,288 ) Impact of Tax Reform — — 35,932 Worthless stock deduction — (7,448 ) — Other 2,480 (5,186 ) (2,674 ) Income tax expense $ 69,475 $ 107,726 $ 141,626 Effective tax rate 22.0 % 19.0 % 44.8 %
Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2019 and 2018 , are as follows: December 31, 2019 2018 (Dollars in thousands) Deferred income tax assets: Policy benefit reserves $ 1,733,672 $ 1,538,371 Other than temporary impairments 15,166 9,804 Net unrealized losses on available for sale fixed maturity securities — 19,928 Derivative instruments — 141,075 Amounts due reinsurer 8,784 — Other policyholder funds 4,359 3,368 Deferred compensation 3,705 3,334 Share-based compensation 2,775 3,169 Net operating loss carryforwards 37,509 2,286 Other 14,677 9,439 Gross deferred tax assets 1,820,647 1,730,774 Deferred income tax liabilities: Deferred policy acquisition costs and deferred sales inducements (1,303,385 ) (1,214,998 ) Net unrealized gains on available for sale fixed maturity securities (392,189 ) — Derivative instruments (109,287 ) — Policy benefit reserves (147,924 ) (172,578 ) Investment income items (42,105 ) (37,795 ) Amounts due reinsurer — (12,620 ) Other (3,654 ) (1,614 ) Gross deferred tax liabilities (1,998,544 ) (1,439,605 ) Net deferred income tax asset (liability) $ (177,897 ) $ 291,169

Notes and Loan Payable and Am_2

Notes and Loan Payable and Amounts Due Under Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable includes the following: December 31, 2019 2018 (Dollars in thousands) Senior notes due 2027 Principal $ 500,000 $ 500,000 Unamortized debt issue costs (4,607 ) (5,102 ) Unamortized discount (277 ) (307 ) $ 495,116 $ 494,591

Subordinated Debentures (Tables

Subordinated Debentures (Tables)	12 Months Ended
	Dec. 31, 2019
Subordinated Borrowings [Abstract]
Summary of Subordinated Debt Obligations to the Trusts	Following is a summary of subordinated debt obligations to the trusts at December 31, 2019 and 2018 : December 31, 2019 2018 Interest Rate Due Date (Dollars in thousands) American Equity Capital Trust II $ 77,822 $ 77,551 5% June 1, 2047 American Equity Capital Trust III 27,840 27,840 *LIBOR + 3.90% April 29, 2034 American Equity Capital Trust IV 12,372 12,372 *LIBOR + 4.00% January 8, 2034 American Equity Capital Trust VII — 10,830 *LIBOR + 3.75% December 15, 2034 American Equity Capital Trust VIII — 20,620 *LIBOR + 3.75% December 15, 2034 American Equity Capital Trust IX — 15,470 *LIBOR + 3.65% June 15, 2035 American Equity Capital Trust X — 20,620 *LIBOR + 3.65% September 15, 2035 American Equity Capital Trust XI — 20,620 *LIBOR + 3.65% December 15, 2035 American Equity Capital Trust XII 41,238 41,238 *LIBOR + 3.50% April 7, 2036 159,272 247,161 Unamortized debt issue costs (2,007 ) (4,179 ) $ 157,265 $ 242,982 *—three month London Interbank Offered Rate

Retirement and Share-based Co_2

Retirement and Share-based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-based Compensation Expense By Plan	The following table summarizes compensation expense recognized for employees and directors as a result of share-based compensation: Year Ended December 31, 2019 2018 2017 (Dollars in thousands) ESOP $ 2,547 $ 2,194 $ 1,474 Employee Incentive Plans 6,559 5,434 2,155 Director Equity Plans 922 966 812 $ 10,028 $ 8,594 $ 4,441
Changes in Stock Options Outstanding	Changes in the number of stock options granted to employees and agents outstanding during the years ended December 31, 2019 , 2018 and 2017 are as follows: Number of Shares Weighted-Average Exercise Price per Share Total Exercise Price (Dollars in thousands, except per share data) Outstanding at January 1, 2017 2,918,946 $ 16.06 $ 46,885 Granted — — — Canceled (57,200 ) 13.66 (781 ) Exercised (881,481 ) 15.90 (14,020 ) Outstanding at December 31, 2017 1,980,265 16.20 32,084 Granted — — — Canceled (40,850 ) 18.87 (771 ) Exercised (717,550 ) 13.99 (10,040 ) Outstanding at December 31, 2018 1,221,865 17.41 21,273 Granted — — — Canceled (22,600 ) 18.14 (410 ) Exercised (370,352 ) 11.76 (4,357 ) Outstanding at December 31, 2019 828,913 19.91 $ 16,506
Schedule of Stock Options Outstanding, By Exercise Price Range	The following table summarizes information about stock options outstanding at December 31, 2019 : Stock Options Outstanding and Vested Range of Exercise Prices Number of Awards Remaining Life (yrs) Weighted-Average Exercise Price Per Share $9.27 - $11.35 147,500 1.19 $ 9.74 $12.04 - $24.79 681,413 0.94 22.12 $9.27 - $24.79 828,913 0.98 19.91

Statutory Financial Informati_2

Statutory Financial Information and Dividend Restrictions (Tables)	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Statutory Accounting Practices Disclosure	Calculations using the NAIC formula indicated that American Equity Life's ratio of total adjusted capital to the highest level of required capital at which regulatory action might be initiated (Company Action Level) is as follows: December 31, 2019 2018 (Dollars in thousands) Total adjusted capital $ 3,824,457 $ 3,542,339 Company Action Level RBC 1,028,662 983,169 Ratio of adjusted capital to Company Action Level RBC 372 % 360 % Year Ended December 31, 2019 2018 2017 (Dollars in thousands) American Equity Life $ 143,309 $ 210,049 $ 375,900 Statutory capital and surplus for our primary life insurance subsidiary was as follows: December 31, 2019 2018 (Dollars in thousands) American Equity Life $ 3,490,196 $ 3,251,881

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following represents payments due by period for operating lease obligations as of December 31, 2019 (dollars in thousands): Year Ending December 31: 2020 $ 2,427 2021 2,354 2022 2,085 2023 1,866 2024 1,832 2025 and thereafter 3,108

Earnings Per Share and Stockh_2

Earnings Per Share and Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
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: Year Ended December 31, 2019 2018 2017 (Dollars in thousands, except per share data) Numerator: Net income - numerator for earnings per common share $ 246,090 $ 458,016 $ 174,645 Denominator : Weighted average common shares outstanding 91,139,453 90,347,915 88,982,442 Effect of dilutive securities: Stock options and deferred compensation agreements 304,196 709,433 945,612 Restricted stock and restricted stock units 338,593 365,237 382,954 Denominator for earnings per common share - assuming dilution 91,782,242 91,422,585 90,311,008 Earnings per common share $ 2.70 $ 5.07 $ 1.96 Earnings per common share - assuming dilution $ 2.68 $ 5.01 $ 1.93

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The differences between the change in fair value of derivatives for each quarter primarily correspond to the performance of the indices upon which our call options are based. The comparability of net income is impacted by the application of fair value accounting to our fixed index annuity business as follows: Quarter Ended March 31, June 30, September 30, December 31, (Dollars in thousands) 2019 $ 118,491 $ 78,397 $ 196,396 $ (100,305 ) 2018 (61,794 ) (23,593 ) 427 28,298 Unaudited quarterly results of operations are summarized below. Quarter Ended March 31, June 30, September 30, December 31, (Dollars in thousands, except per share data) 2019 Premiums and product charges $ 58,376 $ 64,826 $ 68,799 $ 71,568 Net investment income 558,438 570,568 590,412 588,217 Change in fair value of derivatives 384,469 76,045 (20,042 ) 466,434 Net realized gains (losses) on investments, excluding OTTI losses (563 ) (3,832 ) 4,328 7,029 Net OTTI losses recognized in operations — (1,213 ) (101 ) (17,412 ) Loss on extinguishment of debt — — — (2,001 ) Total revenues 1,000,720 706,394 643,396 1,113,835 Net income (loss) (30,010 ) 18,590 37,360 220,150 Earnings (loss) per common share (0.33 ) 0.20 0.41 2.41 Earnings (loss) per common share - assuming dilution (0.33 ) 0.20 0.41 2.40 2018 Premiums and product charges $ 59,776 $ 60,763 $ 65,605 $ 64,824 Net investment income 510,784 533,282 549,391 554,355 Change in fair value of derivatives (451,083 ) 132,205 595,311 (1,054,281 ) Net realized gains (losses) on investments, excluding OTTI losses 302 (38,381 ) (2,196 ) 3,097 Net OTTI losses recognized in operations (907 ) (2,396 ) (14,373 ) (18,980 ) Total revenues 118,872 685,473 1,193,738 (450,985 ) Net income 140,962 93,903 169,328 53,823 Earnings per common share 1.57 1.04 1.87 0.59 Earnings per common share - assuming dilution 1.55 1.03 1.85 0.59

Significant Accounting Polici_4

Significant Accounting Policies (Narrative) (Details) $ in Millions	Jan. 01, 2020USD ($)	Jan. 01, 2018	Dec. 31, 2019USD ($)states	Dec. 31, 2018USD ($)	Dec. 31, 2017
Accounting Policies [Abstract]
Number of states in which entity is licensed to sell insurance products | states			50
Number of days past due, non-accrual status			90 days
Fair value of loaned securities			$ 477.5
Statutory federal income tax rate		21.00%	21.00%	21.00%	35.00%
Minimum
Securities loaned, cash collateral posted by borrowers as a percent of the market value of loaned securities			102.00%
Interest crediting rate, range for fixed index annuities and other deferred annuity products			1.00%	1.00%	1.00%
Minimum | Other Investments
Investment maturity period			3 months
Maximum
Interest crediting rate, range for fixed index annuities and other deferred annuity products			2.80%	2.80%	2.80%
Maximum | Other Investments
Investment maturity period			12 months
Maximum | Cash and Cash Equivalents
Investment maturity period			3 months
Accounting Standards Update 2016-02
New accounting pronouncement, effect of adoption, quantification			$ 6
Accounting Standards Update 2018-02
New accounting pronouncement, effect of adoption, quantification				$ 128
Cash and Cash Equivalents
Securities loaned, fair value of collateral			495.1
Other Liabilities
Securities loaned, fair value of collateral			$ 495.1
Effect Due to Change in Allowance for Credit Loss | Retained Earnings | Forecast | Accounting Standards Update 2016-13 | Minimum
New accounting pronouncement, effect of adoption, quantification	$ 5
Effect Due to Change in Allowance for Credit Loss | Retained Earnings | Forecast | Accounting Standards Update 2016-13 | Maximum
New accounting pronouncement, effect of adoption, quantification	10
Effect Due to Recognition of Expected Lifetime Credit Losses Related to Reinsurance Recoverable/Coinsurance Deposits Balances | Retained Earnings | Forecast | Accounting Standards Update 2016-13 | Minimum
New accounting pronouncement, effect of adoption, quantification	1
Effect Due to Recognition of Expected Lifetime Credit Losses Related to Reinsurance Recoverable/Coinsurance Deposits Balances | Retained Earnings | Forecast | Accounting Standards Update 2016-13 | Maximum
New accounting pronouncement, effect of adoption, quantification	$ 3

Significant Accounting Polici_5

Significant Accounting Policies (Annuity Deposits (Net of Coinsurance), By Product Type) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)NMOs	Dec. 31, 2018USD ($)NMOs	Dec. 31, 2017USD ($)NMOs
Product Information [Line Items]
Fixed index annuities	$ 4,603,490	$ 3,898,366	$ 3,668,121
Annual reset fixed rate annuities	10,665	46,744	74,572
Multi-year fixed rate annuities	47,016	22,818	22,291
Single premium immediate annuities (SPIA)	12,002	23,813	24,946
Annuity deposits, net of coinsurance	$ 4,673,173	$ 3,991,741	$ 3,789,930
Customer Concentration Risk
Product Information [Line Items]
National marketing organizations, number of organizations accounting for more than 10% of annuity deposits collected | NMOs	2	2	2
Customer Concentration Risk | National Marketing Organization, Greater than 10%, NMO 1
Product Information [Line Items]
National marketing organizations, percent of annuity deposits collected individually	24.00%	20.00%	14.00%
Customer Concentration Risk | National Marketing Organization, Greater than 10%, NMO 2
Product Information [Line Items]
National marketing organizations, percent of annuity deposits collected individually	14.00%	14.00%	10.00%

Fair Values of Financial Inst_3

Fair Values of Financial Instruments (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Basis_Points	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Level 1 to Level 2 transfers, amount	$ 0	$ 0
Liabilities, Level 1 to Level 2 transfers, amount	0	0
Assets, Level 2 to Level 1 transfers, amount	0	0
Liabilities, Level 2 to Level 1 transfers, amount	0	0
Assets, transfers into Level 3, amount	0	0	$ 0
Liabilities, transfers into Level 3, amount	0	0	0
Assets, transfers out of Level 3, amount	0	0	0
Liabilities, transfers out of Level 3, amount	$ 0	$ 0	$ 0
Maximum | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, sensitivity, discount rate adjustment (basis points) | Basis_Points	100
Fixed index annuities embedded derivative, adjustment due to change in discount rate	$ (871,300)
Deferred policy acquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate	$ (350,500)
Minimum | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, sensitivity, discount rate adjustment (basis points) | Basis_Points	(100)
Fixed index annuities embedded derivative, adjustment due to change in discount rate	$ 1,000,000
Deferred policy acquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate	$ 434,200

Fair Values of Financial Inst_4

Fair Values of Financial Instruments (Carrying Amounts and Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Available for sale securities, fair value	$ 51,580,490	$ 45,923,727
Derivative instruments	1,355,989	205,149
Other investments	492,301	355,531
Coinsurance deposits	5,115,013	4,954,068
Liabilities
Policy benefit reserves	61,893,945	57,606,009
Carrying Amount
Assets
Available for sale securities, fair value	51,580,490	45,923,727
Mortgage loans on real estate	3,448,793	2,943,091
Derivative instruments	1,355,989	205,149
Other investments	492,301	355,531
Cash and cash equivalents	2,293,392	344,396
Coinsurance deposits	5,115,013	4,954,068
Counterparty collateral	0	33,101
Liabilities
Policy benefit reserves	61,540,992	57,249,510
Single premium immediate annuity (SPIA) benefit reserves	255,698	270,406
Notes payable	495,116	494,591
Subordinated debentures	157,265	242,982
Amounts due under repurchase agreements	0	109,298
Carrying Amount | Interest Rate Caps
Assets
Interest rate derivative assets	6	597
Carrying Amount | Interest Rate Swap
Assets
Interest rate derivative assets	0	354
Fair Value
Assets
Available for sale securities, fair value	51,580,490	45,923,727
Mortgage loans on real estate	3,536,446	2,920,612
Derivative instruments	1,355,989	205,149
Other investments	492,301	348,970
Cash and cash equivalents	2,293,392	344,396
Coinsurance deposits	4,635,926	4,553,790
Counterparty collateral	0	33,101
Liabilities
Policy benefit reserves	51,800,247	49,180,143
Single premium immediate annuity (SPIA) benefit reserves	263,773	279,077
Notes payable	541,520	489,985
Subordinated debentures	168,357	215,514
Amounts due under repurchase agreements	0	109,298
Fair Value | Interest Rate Caps
Assets
Interest rate derivative assets	6	597
Fair Value | Interest Rate Swap
Assets
Interest rate derivative assets	$ 0	$ 354

Fair Values of Financial Inst_5

Fair Values of Financial Instruments (Assets and Liabilities Measured on a Recurring Basis by Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Derivative instruments	$ 1,355,989	$ 205,149
Fair Value, Measurements, Recurring
Assets
Derivative instruments	1,355,989	205,149
Cash and cash equivalents	2,293,392	344,396
Counterparty collateral		33,101
Assets	55,229,877	46,507,324
Liabilities
Fixed index annuities - embedded derivatives	9,624,395	8,165,405
Fair Value, Measurements, Recurring | Interest Rate Caps
Assets
Interest rate derivative assets	6	597
Fair Value, Measurements, Recurring | Interest Rate Swap
Assets
Interest rate derivative assets		354
Fair Value, Measurements, Recurring | United States Government Full Faith and Credit
Assets
Available for sale securities	161,765	11,652
Fair Value, Measurements, Recurring | United States Government Sponsored Agencies
Assets
Available for sale securities	625,020	1,138,529
Fair Value, Measurements, Recurring | United States Municipalities, States and Territories
Assets
Available for sale securities	4,527,671	4,126,267
Fair Value, Measurements, Recurring | Foreign Government Obligations
Assets
Available for sale securities	205,096	230,274
Fair Value, Measurements, Recurring | Corporate Securities
Assets
Available for sale securities	32,536,839	28,371,514
Fair Value, Measurements, Recurring | Residential Mortgage Backed Securities
Assets
Available for sale securities	1,575,664	1,202,159
Fair Value, Measurements, Recurring | Commercial Mortgage Backed Securities
Assets
Available for sale securities	5,786,279	5,379,003
Fair Value, Measurements, Recurring | Other Asset Backed Securities
Assets
Available for sale securities	6,162,156	5,464,329
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)
Assets
Derivative instruments	0	0
Cash and cash equivalents	2,293,392	344,396
Counterparty collateral		0
Assets	2,449,341	350,303
Liabilities
Fixed index annuities - embedded derivatives	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Interest Rate Caps
Assets
Interest rate derivative assets	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Interest Rate Swap
Assets
Interest rate derivative assets		0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | United States Government Full Faith and Credit
Assets
Available for sale securities	155,945	5,900
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | United States Government Sponsored Agencies
Assets
Available for sale securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | United States Municipalities, States and Territories
Assets
Available for sale securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Foreign Government Obligations
Assets
Available for sale securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Corporate Securities
Assets
Available for sale securities	4	7
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Residential Mortgage Backed Securities
Assets
Available for sale securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Commercial Mortgage Backed Securities
Assets
Available for sale securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Other Asset Backed Securities
Assets
Available for sale securities	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Derivative instruments	1,355,989	205,149
Cash and cash equivalents	0	0
Counterparty collateral		33,101
Assets	52,780,536	46,157,021
Liabilities
Fixed index annuities - embedded derivatives	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Caps
Assets
Interest rate derivative assets	6	597
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Swap
Assets
Interest rate derivative assets		354
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | United States Government Full Faith and Credit
Assets
Available for sale securities	5,820	5,752
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | United States Government Sponsored Agencies
Assets
Available for sale securities	625,020	1,138,529
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | United States Municipalities, States and Territories
Assets
Available for sale securities	4,527,671	4,126,267
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign Government Obligations
Assets
Available for sale securities	205,096	230,274
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate Securities
Assets
Available for sale securities	32,536,835	28,371,507
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Residential Mortgage Backed Securities
Assets
Available for sale securities	1,575,664	1,202,159
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commercial Mortgage Backed Securities
Assets
Available for sale securities	5,786,279	5,379,003
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Asset Backed Securities
Assets
Available for sale securities	6,162,156	5,464,329
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Derivative instruments	0	0
Cash and cash equivalents	0	0
Counterparty collateral		0
Assets	0	0
Liabilities
Fixed index annuities - embedded derivatives	9,624,395	8,165,405
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Caps
Assets
Interest rate derivative assets	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Swap
Assets
Interest rate derivative assets		0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | United States Government Full Faith and Credit
Assets
Available for sale securities	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | United States Government Sponsored Agencies
Assets
Available for sale securities	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | United States Municipalities, States and Territories
Assets
Available for sale securities	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign Government Obligations
Assets
Available for sale securities	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate Securities
Assets
Available for sale securities	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Residential Mortgage Backed Securities
Assets
Available for sale securities	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Commercial Mortgage Backed Securities
Assets
Available for sale securities	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Other Asset Backed Securities
Assets
Available for sale securities	$ 0	$ 0

Fair Values of Financial Inst_6

Fair Values of Financial Instruments (Assumptions Used in Estimating Fair Value) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Expected cost of annual call options	2.90%	3.10%
Experience study on products with lifetime income benefit riders, period	10 years
Mean reversion period	20 years
Contract Duration, 1-5 Years | Fixed Index Annuities | Minimum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	1 year	1 year
Contract Duration, 1-5 Years | Fixed Index Annuities | Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	5 years	5 years
Contract Duration, 1-5 Years | Fixed Index Annuities | Average
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	0.90%	2.05%
Average partial withdrawal rates	3.33%	3.33%
Contract Duration, 6-10 Years | Fixed Index Annuities | Minimum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	6 years	6 years
Contract Duration, 6-10 Years | Fixed Index Annuities | Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	10 years	10 years
Contract Duration, 6-10 Years | Fixed Index Annuities | Average
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	1.29%	7.28%
Average partial withdrawal rates	3.84%	3.33%
Contract Duration, 11-15 Years | Fixed Index Annuities | Minimum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	11 years	11 years
Contract Duration, 11-15 Years | Fixed Index Annuities | Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	15 years	15 years
Contract Duration, 11-15 Years | Fixed Index Annuities | Average
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	3.31%	11.35%
Average partial withdrawal rates	4.12%	3.35%
Contract Duration, 16-20 Years | Fixed Index Annuities | Minimum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	16 years	16 years
Contract Duration, 16-20 Years | Fixed Index Annuities | Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	20 years	20 years
Contract Duration, 16-20 Years | Fixed Index Annuities | Average
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	8.52%	11.90%
Average partial withdrawal rates	4.18%	3.22%
Contract Duration, 20 or More Years | Fixed Index Annuities | Minimum
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	20 years	20 years
Contract Duration, 20 or More Years | Fixed Index Annuities | Average
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	7.10%	11.57%
Average partial withdrawal rates	4.12%	3.22%

Fair Values of Financial Inst_7

Fair Values of Financial Instruments (Reconciliation of Beginning and Ending Balances of Level 3 Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 8,165,405	$ 8,790,427
Premiums less benefits	896,688	1,542,606
Change in fair value, net	562,302	(2,167,628)
Ending balance	9,624,395	8,165,405
Coinsurance ceded, fixed index annuities embedded derivatives	5,115,013	4,954,068
Fixed Index Annuities - Embedded Derivatives
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Coinsurance ceded, fixed index annuities embedded derivatives	$ 644,600	$ 538,800

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Securities	Dec. 31, 2018USD ($)Securities	Dec. 31, 2017USD ($)
Investments [Abstract]
Percentage of fixed maturity portfolio rated investment grade based on NAIC designations	98.00%	97.00%
Number of securities in unrealized loss position | Securities	1,033	2,715
Percentage of unrealized losses on fixed maturity securities where securities are rated investment grade	79.00%	87.00%
Proceeds from sales of available for sale fixed maturity securities	$ 1,000,000	$ 2,500,000	$ 700,000
Principal repayments, calls and tenders of available for sale fixed maturity securities	2,300,000	1,400,000	$ 1,200,000
Assets on deposit with state agencies to meet regulatory requirements	51,600,000	49,200,000
Fair value, concentration of risk, investments	$ 0	$ 0

Investments (Schedule of Fixed

Investments (Schedule of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, amortized cost	$ 48,238,946	$ 46,131,190
Available for sale securities, gross unrealized gains	3,633,599	1,143,624
Available for sale securities, gross unrealized losses	(292,055)	(1,351,087)
Available for sale securities, fair value	51,580,490	45,923,727
United States Government Full Faith and Credit
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, amortized cost	161,492	11,872
Available for sale securities, gross unrealized gains	369	102
Available for sale securities, gross unrealized losses	(96)	(322)
Available for sale securities, fair value	161,765	11,652
United States Government Sponsored Agencies
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, amortized cost	601,672	1,208,468
Available for sale securities, gross unrealized gains	28,133	13,095
Available for sale securities, gross unrealized losses	(4,785)	(83,034)
Available for sale securities, fair value	625,020	1,138,529
United States Municipalities, States and Territories
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, amortized cost	4,147,343	3,880,703
Available for sale securities, gross unrealized gains	388,578	261,222
Available for sale securities, gross unrealized losses	(8,250)	(15,658)
Available for sale securities, fair value	4,527,671	4,126,267
Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, amortized cost	186,993	226,860
Available for sale securities, gross unrealized gains	18,103	7,573
Available for sale securities, gross unrealized losses	0	(4,159)
Available for sale securities, fair value	205,096	230,274
Corporate Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, amortized cost	29,822,172	28,483,138
Available for sale securities, gross unrealized gains	2,796,926	727,105
Available for sale securities, gross unrealized losses	(82,259)	(838,729)
Available for sale securities, fair value	32,536,839	28,371,514
Residential Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, amortized cost	1,477,738	1,134,623
Available for sale securities, gross unrealized gains	101,617	71,661
Available for sale securities, gross unrealized losses	(3,691)	(4,125)
Available for sale securities, fair value	1,575,664	1,202,159
Commercial Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, amortized cost	5,591,167	5,492,271
Available for sale securities, gross unrealized gains	208,895	21,558
Available for sale securities, gross unrealized losses	(13,783)	(134,826)
Available for sale securities, fair value	5,786,279	5,379,003
Other Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale securities, amortized cost	6,250,369	5,693,255
Available for sale securities, gross unrealized gains	90,978	41,308
Available for sale securities, gross unrealized losses	(179,191)	(270,234)
Available for sale securities, fair value	$ 6,162,156	$ 5,464,329

Investments (Fixed Maturity Sec

Investments (Fixed Maturity Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Available for sale, due in one year or less, amortized cost	$ 290,310
Available for sale, due after one year through five years, amortized cost	5,831,134
Available for sale, due after five years through ten years, amortized cost	10,199,288
Available for sale, due after ten years through twenty years, amortized cost	10,519,078
Available for sale, due after twenty years, amortized cost	8,079,862
Available for sale, securities with a single maturity date, amortized cost	34,919,672
Available for sale securities, amortized cost	48,238,946	$ 46,131,190
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale, due in one year or less, fair value	294,212
Available for sale, due after one year through five years, fair value	6,061,370
Available for sale, due after five years through ten years, fair value	10,829,871
Available for sale, due after ten years through twenty years, fair value	11,812,300
Available for sale, due after twenty years, fair value	9,058,638
Available for sale, securities with a single maturity date, fair value	38,056,391
Available for sale securities, fair value	51,580,490	45,923,727
Residential Mortgage Backed Securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Available for sale, securities without a single maturity date, amortized cost	1,477,738
Available for sale securities, amortized cost	1,477,738	1,134,623
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale, securities without a single maturity date, fair value	1,575,664
Available for sale securities, fair value	1,575,664	1,202,159
Commercial Mortgage Backed Securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Available for sale, securities without a single maturity date, amortized cost	5,591,167
Available for sale securities, amortized cost	5,591,167	5,492,271
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale, securities without a single maturity date, fair value	5,786,279
Available for sale securities, fair value	5,786,279	5,379,003
Other Asset Backed Securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Available for sale, securities without a single maturity date, amortized cost	6,250,369
Available for sale securities, amortized cost	6,250,369	5,693,255
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale, securities without a single maturity date, fair value	6,162,156
Available for sale securities, fair value	$ 6,162,156	$ 5,464,329

Investments (Net Unrealized Gai

Investments (Net Unrealized Gains (Losses) on Available for Sale Fixed Maturity Securities Reported as a Seperate Component of Stockholders' Equity) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments [Abstract]
Net unrealized gains (losses) on available for sale fixed maturity securities	$ 3,341,544	$ (207,463)
Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements	(1,473,966)	112,571
Deferred income tax valuation allowance reversal	22,534	22,534
Deferred income tax benefit (expense)	(392,191)	19,926
Net unrealized gains (losses) reported as accumulated other comprehensive income (loss)	$ 1,497,921	$ (52,432)

Investments (Credit Quality of

Investments (Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investment Holdings [Line Items]
Available for sale securities, amortized cost	$ 48,238,946	$ 46,131,190
Available for sale securities, fair value	51,580,490	45,923,727
NAIC, Class 1 Designation
Investment Holdings [Line Items]
Available for sale securities, amortized cost	27,781,525	26,588,352
Available for sale securities, fair value	30,122,657	26,921,843
NAIC, Class 2 Designation
Investment Holdings [Line Items]
Available for sale securities, amortized cost	19,278,355	17,901,161
Available for sale securities, fair value	20,316,911	17,528,072
NAIC, Class 3 Designation
Investment Holdings [Line Items]
Available for sale securities, amortized cost	1,001,087	1,396,650
Available for sale securities, fair value	977,191	1,269,242
NAIC, Class 4 Designation
Investment Holdings [Line Items]
Available for sale securities, amortized cost	114,497	173,987
Available for sale securities, fair value	112,534	137,991
NAIC, Class 5 Designation
Investment Holdings [Line Items]
Available for sale securities, amortized cost	57,952	23,836
Available for sale securities, fair value	45,205	19,453
NAIC, Class 6 Designation
Investment Holdings [Line Items]
Available for sale securities, amortized cost	5,530	47,204
Available for sale securities, fair value	$ 5,992	$ 47,126

Investments (Gross Unrealized L

Investments (Gross Unrealized Losses on Investments, By Category and Length of Time) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	$ 3,259,219	$ 19,341,518
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(59,699)	(803,628)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	4,448,519	6,619,197
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(232,356)	(547,459)
Available for sale, continuous unrealized loss position, total, fair value	7,707,738	25,960,715
Available for sale, continuous unrealized loss position, total, unrealized losses	(292,055)	(1,351,087)
United States Government Full Faith and Credit
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	144,582	543
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(96)	(3)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	0	7,785
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	0	(319)
Available for sale, continuous unrealized loss position, total, fair value	144,582	8,328
Available for sale, continuous unrealized loss position, total, unrealized losses	(96)	(322)
United States Government Sponsored Agencies
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	168,732	30,089
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(1,229)	(949)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	201,444	953,421
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(3,556)	(82,085)
Available for sale, continuous unrealized loss position, total, fair value	370,176	983,510
Available for sale, continuous unrealized loss position, total, unrealized losses	(4,785)	(83,034)
United States Municipalities, States and Territories
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	285,481	340,103
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(8,173)	(6,816)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	3,081	162,997
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(77)	(8,842)
Available for sale, continuous unrealized loss position, total, fair value	288,562	503,100
Available for sale, continuous unrealized loss position, total, unrealized losses	(8,250)	(15,658)
Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value		98,511
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses		(1,748)
Available for sale, continuous unrealized loss position, 12 months or more, fair value		11,859
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses		(2,411)
Available for sale, continuous unrealized loss position, total, fair value		110,370
Available for sale, continuous unrealized loss position, total, unrealized losses		(4,159)
Residential Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	212,404	145,613
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(2,686)	(2,638)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	11,332	22,689
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(1,005)	(1,487)
Available for sale, continuous unrealized loss position, total, fair value	223,736	168,302
Available for sale, continuous unrealized loss position, total, unrealized losses	(3,691)	(4,125)
Commercial Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	602,394	2,141,560
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(9,366)	(37,150)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	194,328	2,090,835
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(4,417)	(97,676)
Available for sale, continuous unrealized loss position, total, fair value	796,722	4,232,395
Available for sale, continuous unrealized loss position, total, unrealized losses	(13,783)	(134,826)
Other Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	752,413	4,073,249
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(11,709)	(252,265)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	3,375,016	271,994
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(167,482)	(17,969)
Available for sale, continuous unrealized loss position, total, fair value	4,127,429	4,345,243
Available for sale, continuous unrealized loss position, total, unrealized losses	(179,191)	(270,234)
Finance, Insurance and Real Estate | Corporate Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	267,521	2,501,640
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(4,785)	(87,220)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	121,993	884,870
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(4,744)	(77,507)
Available for sale, continuous unrealized loss position, total, fair value	389,514	3,386,510
Available for sale, continuous unrealized loss position, total, unrealized losses	(9,529)	(164,727)
Manufacturing, Construction and Mining | Corporate Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	161,633	2,045,859
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(6,039)	(84,972)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	44,606	349,738
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(3,951)	(34,635)
Available for sale, continuous unrealized loss position, total, fair value	206,239	2,395,597
Available for sale, continuous unrealized loss position, total, unrealized losses	(9,990)	(119,607)
Utilities and Related Sectors | Corporate Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	334,635	2,313,271
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(7,730)	(82,119)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	51,269	591,482
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(3,482)	(45,838)
Available for sale, continuous unrealized loss position, total, fair value	385,904	2,904,753
Available for sale, continuous unrealized loss position, total, unrealized losses	(11,212)	(127,957)
Wholesale/Retail Trade | Corporate Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	54,289	1,032,603
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(1,751)	(51,228)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	129,364	198,805
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(9,411)	(26,326)
Available for sale, continuous unrealized loss position, total, fair value	183,653	1,231,408
Available for sale, continuous unrealized loss position, total, unrealized losses	(11,162)	(77,554)
Services, Media and Other | Corporate Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	275,135	4,618,477
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(6,135)	(196,520)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	316,086	1,072,722
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(34,231)	(152,364)
Available for sale, continuous unrealized loss position, total, fair value	591,221	5,691,199
Available for sale, continuous unrealized loss position, total, unrealized losses	$ (40,366)	$ (348,884)

Investments (Changes in Net Unr

Investments (Changes in Net Unrealized Gains/Losses on Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment Holdings [Line Items]
Fixed maturity securities held for investment carried at amortized cost	$ 0	$ 581	$ 7,478
Investments carried at fair value	3,549,007	(2,463,693)	1,149,212
Adjustment for effect on other balance sheet accounts:
Deferred policy acquisition costs and deferred sales inducements	(1,586,537)	1,318,649	(587,417)
Deferred income tax asset/liability	(412,117)	240,459	(177,162)
Total adjustment for effect on other balance sheet accounts	(1,998,654)	1,559,108	(764,579)
Change in net unrealized gains/losses on investments carried at fair value	1,550,353	(904,585)	384,633
Fixed Maturity Securities
Investment Holdings [Line Items]
Investments carried at fair value	3,549,007	(2,463,693)	1,149,691
Equity Securities
Investment Holdings [Line Items]
Investments carried at fair value	$ 0	$ 0	$ (479)

Investments (Components of Net

Investments (Components of Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Investment Income [Line Items]
Investment income, gross									$ 2,329,478	$ 2,167,461	$ 2,006,621
Less investment expenses									(21,843)	(19,649)	(14,624)
Net investment income	$ 588,217	$ 590,412	$ 570,568	$ 558,438	$ 554,355	$ 549,391	$ 533,282	$ 510,784	2,307,635	2,147,812	1,991,997
Fixed Maturity Securities
Net Investment Income [Line Items]
Investment income, gross									2,171,768	2,027,599	1,876,542
Equity Securities
Net Investment Income [Line Items]
Investment income, gross									4,083	4,735	764
Mortgage Loans on Real Estate
Net Investment Income [Line Items]
Investment income, gross									145,344	131,259	122,680
Cash and Cash Equivalents
Net Investment Income [Line Items]
Investment income, gross									5,164	2,320	2,562
Other
Net Investment Income [Line Items]
Investment income, gross									$ 3,119	$ 1,548	$ 4,073

Investments (Net Realized Gains

Investments (Net Realized Gains (Losses) on Invesments) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses	$ 7,029	$ 4,328	$ (3,832)	$ (563)	$ 3,097	$ (2,196)	$ (38,381)	$ 302	$ 6,962	$ (37,178)	$ 10,509
Fixed Maturity Securities
Gain (Loss) on Securities [Line Items]
Gross realized gains									21,449	12,245	18,254
Gross realized losses									(6,397)	(47,974)	(9,058)
Gross realized gains (losses), excluding other than temporary impairment									15,052	(35,729)	9,196
Equity Securities
Gain (Loss) on Securities [Line Items]
Gross realized gains									0	0	348
Other Investments
Gain (Loss) on Securities [Line Items]
Gross realized gains									7,296	0	0
Gross realized losses									(14,446)	0	0
Gain on sale of real estate									0	0	56
Gross realized gains (losses), excluding other than temporary impairment									(7,150)	0	56
Mortgage Loans on Real Estate
Gain (Loss) on Securities [Line Items]
Decrease (increase) in allowance for credit losses									(940)	(3,165)	278
Recovery of specific allowance									0	1,592	631
Gain on sale of mortgage loans									0	124	0
Change in allowance for credit losses and recoveries									$ (940)	$ (1,449)	$ 909

Investments (Non-Income Produci

Investments (Non-Income Producing Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fixed Maturity Securities
Investment Holdings [Line Items]
Non-income producing investments	$ 5,792	$ 6,717

Investments (Other Than Tempora

Investments (Other Than Temporary Impairment by Asset Type) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)Securities	Dec. 31, 2018USD ($)Securities	Dec. 31, 2017USD ($)Securities
Gain (Loss) on Securities [Line Items]
Other than temporary impairment, number of securities | Securities									9	35	10
Total OTTI losses									$ (18,511)	$ (35,005)	$ (2,758)
Portion of OTTI losses recognized from other comprehensive income									(215)	(1,651)	(1,872)
Net OTTI losses recognized in operations	$ (17,412)	$ (101)	$ (1,213)	$ 0	$ (18,980)	$ (14,373)	$ (2,396)	$ (907)	$ (18,726)	$ (36,656)	$ (4,630)
Residential Mortgage Backed Securities
Gain (Loss) on Securities [Line Items]
Other than temporary impairment, number of securities | Securities									3	3	8
Total OTTI losses									$ (101)	$ (63)	$ (273)
Portion of OTTI losses recognized from other comprehensive income									(215)	(295)	(1,585)
Net OTTI losses recognized in operations									$ (316)	$ (358)	$ (1,858)
Commercial Mortgage Backed Securities
Gain (Loss) on Securities [Line Items]
Other than temporary impairment, number of securities | Securities									2	5
Total OTTI losses									$ (488)	$ (4,859)
Portion of OTTI losses recognized from other comprehensive income									0	0
Net OTTI losses recognized in operations									$ (488)	$ (4,859)
Other Asset Backed Securities
Gain (Loss) on Securities [Line Items]
Other than temporary impairment, number of securities | Securities									1	2	1
Total OTTI losses									$ (649)	$ (2,749)	$ 0
Portion of OTTI losses recognized from other comprehensive income									0	(1,356)	(287)
Net OTTI losses recognized in operations									$ (649)	$ (4,105)	$ (287)
Capital Goods | Corporate Securities
Gain (Loss) on Securities [Line Items]
Other than temporary impairment, number of securities | Securities										1
Total OTTI losses										$ (719)
Portion of OTTI losses recognized from other comprehensive income										0
Net OTTI losses recognized in operations										$ (719)
Consumer Discretionary | Corporate Securities
Gain (Loss) on Securities [Line Items]
Other than temporary impairment, number of securities | Securities										8
Total OTTI losses										$ (9,533)
Portion of OTTI losses recognized from other comprehensive income										0
Net OTTI losses recognized in operations										$ (9,533)
Energy | Corporate Securities
Gain (Loss) on Securities [Line Items]
Other than temporary impairment, number of securities | Securities									3	4
Total OTTI losses									$ (17,273)	$ (4,793)
Portion of OTTI losses recognized from other comprehensive income									0	0
Net OTTI losses recognized in operations									$ (17,273)	$ (4,793)
Financials | Corporate Securities
Gain (Loss) on Securities [Line Items]
Other than temporary impairment, number of securities | Securities										5
Total OTTI losses										$ (3,495)
Portion of OTTI losses recognized from other comprehensive income										0
Net OTTI losses recognized in operations										$ (3,495)
Information Technology | Corporate Securities
Gain (Loss) on Securities [Line Items]
Other than temporary impairment, number of securities | Securities										1
Total OTTI losses										$ (550)
Portion of OTTI losses recognized from other comprehensive income										0
Net OTTI losses recognized in operations										$ (550)
Industrials | Corporate Securities
Gain (Loss) on Securities [Line Items]
Other than temporary impairment, number of securities | Securities										1	1
Total OTTI losses										$ (2,299)	$ (2,485)
Portion of OTTI losses recognized from other comprehensive income										0	0
Net OTTI losses recognized in operations										$ (2,299)	$ (2,485)
Telecommunications | Corporate Securities
Gain (Loss) on Securities [Line Items]
Other than temporary impairment, number of securities | Securities										2
Total OTTI losses										$ (249)
Portion of OTTI losses recognized from other comprehensive income										0
Net OTTI losses recognized in operations										$ (249)
Transportation | Corporate Securities
Gain (Loss) on Securities [Line Items]
Other than temporary impairment, number of securities | Securities										1
Total OTTI losses										$ (178)
Portion of OTTI losses recognized from other comprehensive income										0
Net OTTI losses recognized in operations										$ (178)
Utilities | Corporate Securities
Gain (Loss) on Securities [Line Items]
Other than temporary impairment, number of securities | Securities										2
Total OTTI losses										$ (5,518)
Portion of OTTI losses recognized from other comprehensive income										0
Net OTTI losses recognized in operations										$ (5,518)

Investments (Other Than Tempo_2

Investments (Other Than Temporary Impairment, Credit Losses Recognized in Earnings) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Cumulative credit loss at beginning of year	$ (175,398)	$ (157,066)
Additions for the amount related to credit losses for which OTTI has not previously been recognized	(18,271)	(35,005)
Additional credit losses on securities for which OTTI has previously been recognized	(455)	(1,651)
Accumulated losses on securities that were disposed of during the period	24,422	18,324
Cumulative credit loss at end of year	$ (169,702)	$ (175,398)

Investments (Schedule of Other

Investments (Schedule of Other Than Temporary Impairment Losses, Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investment Holdings [Line Items]
Amortized cost	$ 248,456	$ 352,207
OTTI recognized in other comprehensive income (loss)	(149,146)	(171,546)
Change in fair value since OTTI was recognized	181,705	205,712
Fair value	281,015	386,373
Corporate Securities
Investment Holdings [Line Items]
Amortized cost	50,755	69,580
OTTI recognized in other comprehensive income (loss)	(3,700)	(3,700)
Change in fair value since OTTI was recognized	9,268	6,195
Fair value	56,323	72,075
Residential Mortgage Backed Securities
Investment Holdings [Line Items]
Amortized cost	183,948	245,691
OTTI recognized in other comprehensive income (loss)	(145,446)	(167,846)
Change in fair value since OTTI was recognized	172,577	199,191
Fair value	211,079	277,036
Commercial Mortgage Backed Securities
Investment Holdings [Line Items]
Amortized cost	12,776	35,244
OTTI recognized in other comprehensive income (loss)	0	0
Change in fair value since OTTI was recognized	(401)	0
Fair value	12,375	35,244
Other Asset Backed Securities
Investment Holdings [Line Items]
Amortized cost	977	1,692
OTTI recognized in other comprehensive income (loss)	0	0
Change in fair value since OTTI was recognized	261	326
Fair value	$ 1,238	$ 2,018

Mortgage Loans on Real Estate_2

Mortgage Loans on Real Estate (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)loansportfolio_segment	Dec. 31, 2018USD ($)loans	Dec. 31, 2017USD ($)
Receivables [Abstract]
Number of portfolio segments that make up financing receivables | portfolio_segment	1
Real estate owned	$ 0	$ 0	$ 0
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
Non-accrual loans	$ 0	$ 0
Financing receivable, modifications, period of time of delaying principal and/or interest, months	3 months
Number of TDRs | loans	0	0
Minimum
Loans and Leases Receivable Disclosure [Line Items]
Number of days past due, delinquent status	60 days
Commercial Real Estate Portfolio Segment
Loans and Leases Receivable Disclosure [Line Items]
Commitments outstanding	$ 244,300

Mortgage Loans on Real Estate_3

Mortgage Loans on Real Estate (Summary of Mortgage Loan Portfolio) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Principal outstanding	$ 3,458,914	$ 2,952,464	$ 2,674,315
Loan loss allowance	(9,179)	(8,239)
Deferred prepayment fees	(942)	(1,134)
Mortgage loans on real estate	$ 3,448,793	$ 2,943,091

Mortgage Loans on Real Estate_4

Mortgage Loans on Real Estate (Mortgage Loan Portfolio Summarized by Geographic Region and Property Type) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 3,458,914	$ 2,952,464	$ 2,674,315
Percent	100.00%	100.00%
East
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 645,991	$ 586,773
Percent	18.70%	19.90%
Middle Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 284,597	$ 168,969
Percent	8.20%	5.70%
Mountain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 389,892	$ 357,642
Percent	11.30%	12.10%
New England
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 9,152	$ 9,418
Percent	0.30%	0.30%
Pacific
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 655,518	$ 521,363
Percent	19.00%	17.70%
South Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 751,199	$ 694,599
Percent	21.70%	23.50%
West North Central
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 302,534	$ 291,890
Percent	8.70%	9.90%
West South Central
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 420,031	$ 321,810
Percent	12.10%	10.90%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 250,287	$ 268,932
Percent	7.30%	9.10%
Medical Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 29,990	$ 33,467
Percent	0.90%	1.10%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 1,225,670	$ 1,091,627
Percent	35.40%	37.00%
Industrial/Warehouse
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 896,558	$ 762,887
Percent	25.90%	25.80%
Apartment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 858,679	$ 600,638
Percent	24.80%	20.30%
Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 51,303	$ 25,000
Percent	1.50%	0.90%
Mixed Use/Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 146,427	$ 169,913
Percent	4.20%	5.80%

Mortgage Loans on Real Estate_5

Mortgage Loans on Real Estate (Rollforward of Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	$ (8,239)
Ending allowance balance	(9,179)	$ (8,239)
Specific Allowance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	(229)	(1,418)	$ (1,327)
Charge-offs	0	852	0
Recoveries	0	1,592	631
Change in provision for credit losses	0	(1,255)	(722)
Ending allowance balance	(229)	(229)	(1,418)
General Allowance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	(8,010)	(6,100)	(7,100)
Charge-offs	0	0	0
Recoveries	0	0	0
Change in provision for credit losses	(940)	(1,910)	1,000
Ending allowance balance	$ (8,950)	$ (8,010)	$ (6,100)

Mortgage Loans on Real Estate_6

Mortgage Loans on Real Estate (Mortgage Loans on Real Estate By Basis of Impairment) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Individually evaluated for impairment	$ 1,229	$ 1,253	$ 5,445
Collectively evaluated for impairment	3,457,685	2,951,211	2,668,870
Principal outstanding	$ 3,458,914	$ 2,952,464	$ 2,674,315

Mortgage Loans on Real Estate_7

Mortgage Loans on Real Estate (Mortgage Loans by Credit Quality Indicator) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Performing	$ 3,458,914	$ 2,952,464
In workout	0	0
Collateral dependent	0	0
Principal outstanding	$ 3,458,914	$ 2,952,464	$ 2,674,315

Mortgage Loans on Real Estate_8

Mortgage Loans on Real Estate (Aging of Financing Receivables) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Past Due [Line Items]
Commercial mortgage loans, past due	$ 0	$ 0
Commercial mortgage loans, current	3,458,914	2,952,464
Commercial mortgage loans, collateral dependent receivables	0	0
Principal outstanding	3,458,914	2,952,464	$ 2,674,315
30 to 59 Days
Financing Receivable, Past Due [Line Items]
Commercial mortgage loans, past due	0	0
60 to 89 Days
Financing Receivable, Past Due [Line Items]
Commercial mortgage loans, past due	0	0
90 Days and Over
Financing Receivable, Past Due [Line Items]
Commercial mortgage loans, past due	$ 0	$ 0

Mortgage Loans on Real Estate_9

Mortgage Loans on Real Estate (Impaired Financing Receivables) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Impaired [Line Items]
Mortgage loans with an allowance, recorded investment	$ 1,000	$ 1,024
Mortgage loans with no related allowance, recorded investment	0	0
Impaired mortgage loans, recorded investment	1,000	1,024
Mortgage loans with an allowance, unpaid principal balance	1,229	1,253
Mortgage loans with no related allowance, unpaid principal balance	0	0
Impaired mortgage loans, unpaid principal balance	1,229	1,253
Mortgage loans with an allowance, related allowance	(229)	(229)
Mortgage loans with an allowance, average recorded investment	1,012	1,042	$ 4,464
Mortgage loans with no related allowance, average recorded investment	0	0	1,513
Impaired mortgage loans, average recorded investment	1,012	1,042	5,977
Mortgage loans with an allowance, interest income recognized	69	74	221
Mortgage loans with no related allowance, interest income recognized	0	0	91
Impaired mortgage loans, interest income recognized	$ 69	$ 74	$ 312

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative collateral	$ 1,300	$ 200
Credit risk, maximum exposure	$ 25.2	$ 16.1
Three Month London Interbank Offered Rate (LIBOR) | Interest Rate Caps
Derivative [Line Items]
Cap rate	2.50%

Derivative Instruments (Fair Va

Derivative Instruments (Fair Value of Derivative Instruments as Presented in the Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative assets	$ 1,355,989	$ 205,149
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets	1,355,995	206,100
Not Designated as Hedging Instrument | Call Options
Derivatives, Fair Value [Line Items]
Derivative assets	1,355,989	205,149
Not Designated as Hedging Instrument | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Derivative assets	6	597
Not Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative assets	0	354
Not Designated as Hedging Instrument | Fixed Index Annuities - Embedded Derivatives
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 9,624,395	$ 8,165,405

Derivative Instruments (Change

Derivative Instruments (Change in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	$ 906,906	$ (777,848)	$ 1,677,871
Change in fair value of embedded derivatives	1,454,042	(1,389,491)	919,735
Call Options
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	908,556	(778,899)	1,678,283
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	(1,059)	869	255
Interest Rate Caps
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	(591)	182	(667)
Fixed Index Annuities - Embedded Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	562,302	(2,167,628)	174,154
Other Changes in Difference Between Policy Benefit Reserves Computed Using Derivative Accounting Vs. Long-Duration Contracts Accounting
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	$ 891,740	$ 778,137	$ 745,581

Derivative Instruments (Schedul

Derivative Instruments (Schedule of Call Options by Counterparty) (Details) - Call Options - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional amount	$ 40,047,196	$ 39,420,777
Fair value	1,355,989	205,149
Bank of America
Derivative [Line Items]
Notional amount	2,680,543	6,518,808
Fair value	80,692	6,704
Barclays
Derivative [Line Items]
Notional amount	5,753,868	2,301,414
Fair value	217,536	27,032
Canadian Imperial Bank of Commerce
Derivative [Line Items]
Notional amount	4,110,525	4,856,150
Fair value	154,917	29,313
Citibank, N.A.
Derivative [Line Items]
Notional amount	4,075,544	4,792,208
Fair value	109,046	27,239
Credit Suisse
Derivative [Line Items]
Notional amount	4,526,414	2,877,916
Fair value	116,659	12,887
J.P. Morgan
Derivative [Line Items]
Notional amount	4,703,234	3,701,964
Fair value	151,651	17,564
Morgan Stanley
Derivative [Line Items]
Notional amount	1,886,995	3,560,044
Fair value	41,253	1,561
Royal Bank of Canada
Derivative [Line Items]
Notional amount	2,565,202	1,871,305
Fair value	101,511	14,011
Societe Generale
Derivative [Line Items]
Notional amount	3,280,286	2,343,165
Fair value	139,101	21,681
SunTrust
Derivative [Line Items]
Notional amount	2,051,229	1,755,030
Fair value	74,910	12,047
Wells Fargo
Derivative [Line Items]
Notional amount	4,221,408	4,618,569
Fair value	163,520	33,398
Exchange Traded
Derivative [Line Items]
Notional amount	191,948	224,204
Fair value	$ 5,193	$ 1,712

Derivative Instruments (Interes

Derivative Instruments (Interest Rate Swap) (Details) - Interest Rate Swap, Maturity Date, March 15, 2021, 2.415% - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional amount	$ 85,500
Pay rate	2.415%
Derivative assets	$ 0	$ 354

Derivative Instruments (Inter_2

Derivative Instruments (Interest Rate Caps) (Details) - Interest Rate Caps - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional amount	$ 79,000
Derivative assets	6	$ 597
Interest Rate Caps, Maturity Date, July 7, 2021, 2.50%
Derivative [Line Items]
Notional amount	$ 40,000
Cap rate	2.50%
Derivative assets	$ 3	302
Interest Rate Caps, Maturity Date, July 8, 2021, 2.50%
Derivative [Line Items]
Notional amount	$ 12,000
Cap rate	2.50%
Derivative assets	$ 1	91
Interest Rate Caps, Maturity Date, July 29, 2021, 2.50%
Derivative [Line Items]
Notional amount	$ 27,000
Cap rate	2.50%
Derivative assets	$ 2	$ 204

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders (Deferred Policy Acquisition Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance at beginning of year	$ 3,535,838	$ 2,714,523	$ 2,905,377
Costs deferred during the year: commissions	419,165	384,432	401,124
Costs deferred during the year: policy issue costs	3,351	3,790	5,517
Amortization: Amortization	(280,699)	(358,563)	(304,162)
Amortization: Impact of unlocking	192,982	30,572	48,198
Effect of net unrealized gains/losses	(947,183)	761,084	(341,531)
Balance at end of year	$ 2,923,454	$ 3,535,838	$ 2,714,523

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders (Deferred Sales Inducements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement in Deferred Sales Inducements [Roll Forward]
Balance at beginning of year	$ 2,516,721	$ 2,001,892	$ 2,208,218
Costs deferred during the year	177,941	179,465	216,172
Amortization: Amortization	(193,292)	(243,666)	(210,886)
Amortization: Impact of unlocking	104,707	21,465	34,274
Effect of net unrealized gains/losses	(639,354)	557,565	(245,886)
Balance at end of year	$ 1,966,723	$ 2,516,721	$ 2,001,892

Deferred Policy Acquisition C_5

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders (Liability for Lifetime Income Benefit Riders) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Liability for Future Policy Benefit, by Product Segment [Line Items]
Balance at beginning of year	$ 57,606,009
Balance at end of year	$ 61,893,945	$ 57,606,009
Experience study on products with lifetime income benefit riders, period	10 years
Assumptions for future crediting rates, US Treasury rate	3.80%
Mean reversion period	20 years
Aggregate spread assumption, rate	2.60%
Ultimate discount rate assumption	2.90%
Liability for Lifetime Income Benefit Riders
Liability for Future Policy Benefit, by Product Segment [Line Items]
Balance at beginning of year	$ 808,167	704,441	$ 533,391
Benefit expense accrual	179,901	157,333	149,442
Impact of unlocking	315,383	(53,607)	21,608
Claim payments	0	0	0
Balance at end of year	$ 1,303,451	$ 808,167	$ 704,441
Lifetime Income Benefit Rider, Fee Rider
Liability for Future Policy Benefit, by Product Segment [Line Items]
Ultimate utilization assumption, rate	60.00%	75.00%
Lifetime Income Benefit Rider, No Fee Rider
Liability for Future Policy Benefit, by Product Segment [Line Items]
Ultimate utilization assumption, rate	30.00%	37.50%

Reinsurance and Policy Provis_3

Reinsurance and Policy Provisions (Equitrust Coinsurance Agreements) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)coinsurance_agreement	Dec. 31, 2018USD ($)
Ceded Credit Risk [Line Items]
Coinsurance deposits	$ 5,115,013	$ 4,954,068
Equitrust Coinsurance Agreements, All Periods
Ceded Credit Risk [Line Items]
Number of coinsurance agreements | coinsurance_agreement	2
Coinsurance deposits	$ 481,900	560,800
Reinsurance payable	$ 10,700	$ 2,200
Equitrust Coinsurance Agreement, August 1, 2001 to December 31, 2001
Ceded Credit Risk [Line Items]
Coninsurance percentage on certain annuities	70.00%
Equitrust Coinsurance Agreement, January 1, 2002 to December 31, 2003
Ceded Credit Risk [Line Items]
Coninsurance percentage on certain annuities	40.00%
Equitrust Coinsurance Agreement, January 1, 2004 to July 31, 2004
Ceded Credit Risk [Line Items]
Coninsurance percentage on certain annuities	20.00%

Reinsurance and Policy Provis_4

Reinsurance and Policy Provisions (Athene Coinsurance Agreements) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)coinsurance_agreement	Dec. 31, 2018USD ($)
Ceded Credit Risk [Line Items]
Coinsurance deposits	$ 5,115,013	$ 4,954,068
Athene Coinsurance Agreements, All Periods
Ceded Credit Risk [Line Items]
Number of coinsurance agreements | coinsurance_agreement	3
Coinsurance deposits	$ 4,600,000	4,400,000
Reinsurance payable	$ 100,200	$ 16,200
Fixed Index Annuities | American Equity Life | Athene, 1st Coinsurance Agreement, January 1, 2009 to March 31, 2010
Ceded Credit Risk [Line Items]
Coninsurance percentage on certain annuities	20.00%
Fixed Index Annuities | American Equity Life | Athene, 3rd Coinsurance Agreement, August 1, 2016 to December 31, 2016
Ceded Credit Risk [Line Items]
Coninsurance percentage on certain annuities	80.00%
Fixed Index Annuities | Eagle Life | Athene, 3rd Coinsurance Agreement, January 1, 2014 to December 31, 2016
Ceded Credit Risk [Line Items]
Coninsurance percentage on certain annuities	80.00%
Fixed Index Annuities | Eagle Life | Athene, 3rd Coinsurance Agreement, January 1, 2017 to December 31, 2018
Ceded Credit Risk [Line Items]
Coninsurance percentage on certain annuities	50.00%
Fixed Index Annuities | Eagle Life | Athene, 3rd Coinsurance Agreement, January 1, 2019 Going Forward
Ceded Credit Risk [Line Items]
Coninsurance percentage on certain annuities	20.00%
Multi-Year Rate Guaranteed Annuities | American Equity Life | Athene, 2nd Coinsurance Agreement, July 1, 2009 to December 31, 2013
Ceded Credit Risk [Line Items]
Coninsurance percentage on certain annuities	80.00%
Multi-Year Rate Guaranteed Annuities | American Equity Life | Athene, 3rd Coinsurance Agreement, January 1, 2014 Going Forward
Ceded Credit Risk [Line Items]
Coninsurance percentage on certain annuities	80.00%
Multi-Year Rate Guaranteed Annuities | Eagle Life | Athene, 2nd Coinsurance Agreement, November 20, 2013 to December 31, 2013
Ceded Credit Risk [Line Items]
Coninsurance percentage on certain annuities	80.00%
Multi-Year Rate Guaranteed Annuities | Eagle Life | Athene, 3rd Coinsurance Agreement, January 1, 2014 Going Forward
Ceded Credit Risk [Line Items]
Coninsurance percentage on certain annuities	80.00%

Reinsurance and Policy Provis_5

Reinsurance and Policy Provisions (Amounts Ceded to Equitrust and Athene, Impact on Consolidated Statements of Operations and Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effects of Reinsurance [Line Items]
Annuity product charges									$ 240,035	$ 224,488	$ 200,494
Change in fair value of derivatives	$ 466,434	$ (20,042)	$ 76,045	$ 384,469	$ (1,054,281)	$ 595,311	$ 132,205	$ (451,083)	906,906	(777,848)	1,677,871
Interest sensitive and index product benefits									1,287,576	1,610,835	2,023,668
Change in fair value of embedded derivatives									1,454,042	(1,389,491)	919,735
Other operating costs and expenses									154,153	129,301	111,691
Coinsurance deposits									91,238	(23,838)	(6,597)
Coinsurance Agreements, EquiTrust and Athene
Effects of Reinsurance [Line Items]
Annuity product charges									7,792	7,074	6,458
Change in fair value of derivatives									97,195	(41,487)	94,382
Coinsurance, revenues included in consolidated statement of operations									104,987	(34,413)	100,840
Interest sensitive and index product benefits									132,127	165,485	177,332
Change in fair value of embedded derivatives									109,002	(92,649)	35,561
Other operating costs and expenses									18,778	20,415	19,877
Coinsurance, benefits and expenses included in the consolidated statement of operations									259,907	93,251	232,770
Annuity deposits									(290,040)	(413,222)	(387,280)
Cash payments to policyholders									381,276	389,384	380,683
Coinsurance deposits									$ 91,236	$ (23,838)	$ (6,597)

Reinsurance and Policy Provis_6

Reinsurance and Policy Provisions (Hannover Financing Arrangements) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
2019 Hannover Reinsurance Agreement
Ceded Credit Risk [Line Items]
Lifetime income benefit rider payments in excess of policy fund values and waived surrender charges related to penalty free withdrawals on certain business, percentage	80.00%
Anniversary of policy issuance	12 years
Reserve credit	$ 1,200
2013 Hannover Reinsurance Agreement
Ceded Credit Risk [Line Items]
Waived surrender charges on penalty free withdrawals, deaths and lifetime income benefit rider payments on certain business, percentage	45.60%
Reserve credit		$ 780
Hannover Reinsurance Agreements
Ceded Credit Risk [Line Items]
Risk charges	$ 37.8	$ 30.8	$ 28.5

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated statements of operations:
Current income taxes	$ 12,528	$ 120,289	$ 188,356
Deferred income taxes (benefits)	56,947	(12,563)	(46,730)
Total income tax expense included in consolidated statements of operations	69,475	107,726	141,626
Stockholders' equity:
Expense (benefit) relating to: Change in net unrealized investment losses	412,117	(240,459)	177,162
Total income tax expense (benefit) included in consolidated financial statements	$ 481,592	$ (132,733)	$ 318,788

Income Taxes (Effective Income

Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income before income taxes			$ 315,565	$ 565,742	$ 316,271
Income tax expense on income before income taxes			66,269	118,806	110,695
Tax effect of: State income taxes			5,111	5,777	1,961
Tax effect of: Tax exempt net investment income			(4,385)	(4,223)	(4,288)
Tax effect of: Impact of Tax Reform			0	0	35,932
Tax effect of: Worthless stock deduction			0	(7,448)	0
Tax effect of: Other			2,480	(5,186)	(2,674)
Total income tax expense included in consolidated statements of operations			$ 69,475	$ 107,726	$ 141,626
Effective tax rate			22.00%	19.00%	44.80%
Statutory federal income tax rate	21.00%		21.00%	21.00%	35.00%
Enacted tax rate applied to deferred tax balances, percent		21.00%

Income Taxes (Deferred Tax Asse

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Valuation Allowance [Line Items]
Deferred tax assets, valuation allowance	$ 0	$ 0
Net operating loss carryforwards	178,600
Deferred income tax assets:
Policy benefit reserves	1,733,672	1,538,371
Other than temporary impairments	15,166	9,804
Net unrealized losses on available for sale fixed maturity securities	0	19,928
Derivative instruments	0	141,075
Amounts due reinsurer	8,784	0
Other policyholder funds	4,359	3,368
Deferred compensation	3,705	3,334
Share-based compensation	2,775	3,169
Net operating loss carryforwards	37,509	2,286
Other	14,677	9,439
Gross deferred tax assets	1,820,647	1,730,774
Deferred income tax liabilities:
Deferred policy acquisition costs and deferred sales inducements	(1,303,385)	(1,214,998)
Net unrealized gains on available for sale fixed maturity securities	(392,189)	0
Derivative instruments	(109,287)	0
Policy benefit reserves	(147,924)	(172,578)
Investment income items	(42,105)	(37,795)
Amounts due reinsurer	0	(12,620)
Other	(3,654)	(1,614)
Gross deferred tax liabilities	(1,998,544)	(1,439,605)
Net deferred income tax asset (liability)	(177,897)
Net deferred income tax asset (liability)		$ 291,169
Deferred Tax Asset, Valuation Allowance, Unrealized Losses on Available For Sale Fixed Maturity Securities
Valuation Allowance [Line Items]
Deferred tax assets, valuation allowance	$ 0

Notes and Loan Payable and Am_3

Notes and Loan Payable and Amounts Due Under Repurchase Agreements (Schedule of Notes Payable) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Jun. 16, 2017
Debt Instrument [Line Items]
Notes payable	$ 495,116	$ 494,591
June 2027 Notes
Debt Instrument [Line Items]
Debt instrument, face amount	500,000	500,000	$ 500,000
Unamortized debt issue costs	(4,607)	(5,102)
Unamortized discount	$ (277)	$ (307)	$ (300)

Notes and Loan Payable and Am_4

Notes and Loan Payable and Amounts Due Under Repurchase Agreements Notes and Loan Payable and Amounts Due Under Repurchase Agreements (2027 Notes Narrative) (Details) (Details) - USD ($) $ in Thousands	Jul. 17, 2017	Jun. 16, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Extinguishment of debt, cash paid							$ 0	$ 0	$ 413,252
Loss on extinguishment of debt			$ 2,001	$ 0	$ 0	$ 0	2,001	0	$ 18,817
June 2027 Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000	500,000				500,000	500,000
Interest rate		5.00%
Unamortized discount		$ 300	$ 277				$ 277	$ 307
Deferred financing costs		5,800
Term Loan
Debt Instrument [Line Items]
Extinguishment of debt, amount		$ 100,000
July 2021 Notes
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 400,000
Extinguishment of debt, cash paid	$ 413,300
Debt instrument, redemption price, percentage	3.313%
Loss on extinguishment of debt	$ 18,400

Notes and Loan Payable and Am_5

Notes and Loan Payable and Amounts Due Under Repurchase Agreements (Line of Credit and Term Loan Narrative) (Details) - September 30, 2016 Credit Agreement $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)occasionsguarantor	Dec. 31, 2018USD ($)	Dec. 31, 2017	Sep. 30, 2016USD ($)banks
Debt Instrument [Line Items]
Credit agreement, number of banks in the agreement | banks				6
Credit agreement, interest rate, floating, applicable margin	0.75%
Credit agreement, interest rate, floating, adjusted LIBOR	1.75%
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%
Cash in excess of amount required by covenants	$ 984,600
2016 Line of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 150,000
Line of credit, unused capacity, commitment fee percentage	0.275%
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, duration of maturity date extension available, years	1 year
Credit agreement, number of guarantors | guarantor	0
Line of credit, amount outstanding	$ 0	$ 0
Term Loan
Debt Instrument [Line Items]
Term loan				$ 100,000
Interest rate, effective percentage			3.125%

Notes and Loan Payable and Am_6

Notes and Loan Payable and Amounts Due Under Repurchase Agreements (Repurchase Agreements Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Repurchase agreement, average borrowings	$ 33	$ 51.8	$ 40
Repurchase agreement, maximum amount borrowed	$ 243.6	$ 544.1	$ 274.5
Repurchase agreement, weighted average interest rate	2.99%	1.90%	0.84%

Subordinated Debentures (Narrat

Subordinated Debentures (Narrative) (Details) - American Equity Capital Trust II $ in Millions	Dec. 31, 2019USD ($)
Subordinated Borrowing [Line Items]
Debt instrument, face amount	$ 100
Subordinated debentures, fair value at issuance	$ 74.7
Interest rate, effective percentage	6.80%
Ownership percentage, Iowa Farm Bureau Federation	50.00%

Subordinated Debentures (Summar

Subordinated Debentures (Summary of Subordinated Debt Obligations to the Trusts) (Details) - Subordinated Debentures - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 159,272	$ 247,161
Unamortized debt issue costs	(2,007)	(4,179)
Subordinated debentures	157,265	242,982
American Equity Capital Trust II
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 77,822	77,551
Interest rate	5.00%
American Equity Capital Trust III
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 27,840	27,840
Basis spread on variable rate	3.90%
American Equity Capital Trust IV
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 12,372	12,372
Basis spread on variable rate	4.00%
American Equity Capital Trust VII
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 0	10,830
Basis spread on variable rate	3.75%
American Equity Capital Trust VIII
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 0	20,620
Basis spread on variable rate	3.75%
American Equity Capital Trust IX
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 0	15,470
Basis spread on variable rate	3.65%
American Equity Capital Trust X
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 0	20,620
Basis spread on variable rate	3.65%
American Equity Capital Trust XI
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 0	20,620
Basis spread on variable rate	3.65%
American Equity Capital Trust XII
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 41,238	$ 41,238
Basis spread on variable rate	3.50%

Retirement and Share-based Co_3

Retirement and Share-based Compensation Plans (Defined Contribution Plan) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement [Abstract]
Defined contribution plan, maximum annual employee contribution	$ 19,000	$ 18,500	$ 18,000
Defined contribution plan, employer plan contributions	$ 1,800,000	$ 1,700,000	$ 1,400,000

Retirement and Share-based Co_4

Retirement and Share-based Compensation Plans (Share-based Compensation Expense By Plan) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESOP, compensation expense	$ 2,547	$ 2,194	$ 1,474
Compensation expense	10,028	8,594	4,441
Employee Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	6,559	5,434	2,155
Director Equity Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 922	$ 966	$ 812

Retirement and Share-based Co_5

Retirement and Share-based Compensation Plans (Employee Stock Ownership Plan) (Details)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
ESOP, requisite service period	6 months
ESOP, vesting percentage	100.00%
ESOP, vesting period	2 years

Retirement and Share-based Co_6

Retirement and Share-based Compensation Plans (Incentive Plans) (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
2016 Employee Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	2,500,000
Number of shares available for future grant	1,712,924
2016 Employee Incentive Plan | Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Duration used to measure performance and threshold goals	3 years
2016 Employee Incentive Plan | Performance Units | 2019 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted	152,678
2016 Employee Incentive Plan | Performance Units | 2018 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted		105,617
2016 Employee Incentive Plan | Performance Units | 2017 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted			84,476
2016 Employee Incentive Plan | Performance Units | Threshold Goals, Vesting Percentage | 2019 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	50.00%
2016 Employee Incentive Plan | Performance Units | Threshold Goals, Vesting Percentage | 2018 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		50.00%
2016 Employee Incentive Plan | Performance Units | Threshold Goals, Vesting Percentage | 2017 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			50.00%
2016 Employee Incentive Plan | Performance Units | Target Performance Goals, Vesting Percentage | 2019 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	100.00%
2016 Employee Incentive Plan | Performance Units | Target Performance Goals, Vesting Percentage | 2018 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		100.00%
2016 Employee Incentive Plan | Performance Units | Target Performance Goals, Vesting Percentage | 2017 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			100.00%
2016 Employee Incentive Plan | Performance Units | Maximum Performance Goals, Vesting Percentage | 2019 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	150.00%
2016 Employee Incentive Plan | Performance Units | Maximum Performance Goals, Vesting Percentage | 2018 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		150.00%
2016 Employee Incentive Plan | Performance Units | Maximum Performance Goals, Vesting Percentage | 2017 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			150.00%
2016 Employee Incentive Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
2016 Employee Incentive Plan | Restricted Stock Units | 2019 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Equity instruments granted	72,696
2016 Employee Incentive Plan | Restricted Stock Units | 2018 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Equity instruments granted		85,500
2016 Employee Incentive Plan | Restricted Stock Units | Share-based Compensation Award, Tranche One | 2018 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Equity instruments granted		6,000
2016 Employee Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Participant age for full vesting	65 years
Requisite service period for full vesting	10 years
2016 Employee Incentive Plan | Restricted Stock | 2018 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period		36,270
2016 Employee Incentive Plan | Restricted Stock | 2017 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period			39,826
2016 Employee Incentive Plan | Restricted Stock | Share-based Compensation Award, Tranche One | 2017 Employee Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Shares issued in period			6,727
2009 Employee Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	2,500,000
Duration of award	10 years
Award vesting period	3 years
2009 Employee Incentive Plan | March 2010 Option Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Duration of award	6 years
2013 Director Equity And Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	250,000
Number of shares available for future grant	22,900
2013 Director Equity And Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period	32,000	28,600	33,000
Maximum | 2013 Director Equity And Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year

Retirement and Share-based Co_7

Retirement and Share-based Compensation Plans (2014 Independent Insurance Agent Restricted Stock and Restricted Stock Unit Plan) (Details) - 2014 Independent Insurance Agent Restricted Stock and Restricted Stock Unit Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	1,800,000
Number of shares available for future grant	711,001
2015 and 2016 American Equity Life Agent Grant | Restricted Stock Units | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	20.00%
Award vesting period	1 year
2015 and 2016 American Equity Life Agent Grant | Retirement Eligible Agent | Restricted Stock Units | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	80.00%
Award vesting period	3 years
2015 and 2016 American Equity Life Agent Grant | Non-Retirement Eligible Agent | Restricted Stock Units | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	80.00%
2015 and 2016 American Equity Life Agent Grant | Non-Retirement Eligible Agent | Restricted Stock Units | Maximum | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
2016 American Equity Life Agent Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Commission expense	$ 1.4	$ 1.6	$ 1.3
2016 American Equity Life Agent Grant | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted				363,624
Award vested in period	58,617	57,562	138,820
2015 American Equity Life Agent Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Commission expense	$ 2.2	$ 2.4	$ 2.2
2015 American Equity Life Agent Grant | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted					650,683
Award vested in period	89,382	89,367	100,586
2014 American Equity Life Agent Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Commission expense	$ 0.1	$ 0.9	$ 0.8
2014 American Equity Life Agent Grant | Retirement Eligible Agent | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted						27,985
2014 American Equity Life Agent Grant | Non-Retirement Eligible Agent | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted						221,489
Award vested in period	2,943	28,575	32,815
2014 American Equity Life Agent Grant | Non-Retirement Eligible Agent | Restricted Stock Units | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	20.00%
Award vesting period	1 year
2014 American Equity Life Agent Grant | Non-Retirement Eligible Agent | Restricted Stock Units | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	80.00%
2014 American Equity Life Agent Grant | Non-Retirement Eligible Agent | Restricted Stock Units | Maximum | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years

Retirement and Share-based Co_8

Retirement and Share-based Compensation Plans (Changes in Stock Options Outstanding) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Payment Arrangement [Abstract]
Outstanding, number of shares	828,913	1,221,865	1,980,265	2,918,946
Outstanding, weighted-average exercise price per share	$ 19.91	$ 17.41	$ 16.20	$ 16.06
Outstanding, total exercise price	$ 16,506	$ 21,273	$ 32,084	$ 46,885
Granted, number of shares	0	0	0
Granted, weighted-average exercise price per share	$ 0	$ 0	$ 0
Granted, total exercise price	$ 0	$ 0	$ 0
Canceled, number of shares	(22,600)	(40,850)	(57,200)
Canceled, weighted-average exercise price per share	$ 18.14	$ 18.87	$ 13.66
Canceled, total exercise price	$ (410)	$ (771)	$ (781)
Exercised, number of shares	(370,352)	(717,550)	(881,481)
Exercised, weighted-average exercise price per share	$ 11.76	$ 13.99	$ 15.90
Exercised, total exercise price	$ (4,357)	$ (10,040)	$ (14,020)
Stock Option Plans, 2000 Director Stock Option Plan, 2009 Employee Incentive Plan, 2011 Directors Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	2,975,000
Duration of award	10 years
Stock Option Plans, 2000 Director Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	6 months
Stock Option Plans, 2011 Director Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Number of shares available for future grant	18,000
Stock Option Plans, Independent Insurance Agent Stock Option Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	8,000,000

Retirement and Share-based Co_9

Retirement and Share-based Compensation Plans (Schedule of Stock Options Outstanding, By Exercise Price Range) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding and vested, aggregate intrinsic value	$ 8.3
Proceeds from stock options exercised	4.4	$ 10	$ 14
Stock Option Plans For Officers, Directors And Employees
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options exercised in period, total intrinsic value	$ 3.4	$ 3	$ 1.5
Exercise Price Range I
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit	$ 9.27
Exercise price range, upper range limit	$ 11.35
Stock options outstanding and vested, number of awards	147,500
Stock options outstanding and vested, remaining life (yrs)	1 year 2 months 8 days
Stock options outstanding and vested, weighted-average exercise price per share	$ 9.74
Exercise Price Range II
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit	12.04
Exercise price range, upper range limit	$ 24.79
Stock options outstanding and vested, number of awards	681,413
Stock options outstanding and vested, remaining life (yrs)	11 months 8 days
Stock options outstanding and vested, weighted-average exercise price per share	$ 22.12
Exercise Price Range, All Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit	9.27
Exercise price range, upper range limit	$ 24.79
Stock options outstanding and vested, number of awards	828,913
Stock options outstanding and vested, remaining life (yrs)	11 months 23 days
Stock options outstanding and vested, weighted-average exercise price per share	$ 19.91

Retirement and Share-based C_10

Retirement and Share-based Compensation Plans (Deferred Compensation Arrangements) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred Compensation Plans, Certain Officers, Directors and Consultants
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Shares reserved for future issuance	335,875	364,000
Deferred Compensation Plans, Officer Rabbi Trust
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Shares reserved for future issuance	30,532	32,597
Deferred compensation liability	$ 1.3	$ 1.5

Statutory Financial Informati_3

Statutory Financial Information and Dividend Restrictions (Narrative and Statutory Accounting Practices Tables) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Insurance [Abstract]
American Equity Life, statutory net income	$ 143,309	$ 210,049	$ 375,900
American Equity Life, statutory capital and surplus balance	3,490,196	3,251,881
Statutory accounting practices, permitted practice, amount	411,700	232,400
Total adjusted capital	3,824,457	3,542,339
Company Action Level RBC	$ 1,028,662	$ 983,169
Ratio of adjusted capital to Company Action Level RBC	372.00%	360.00%
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]
Statutory amount available for dividend payments without regulatory approval	$ 349,000
Dividends paid by insurance subsidiaries	$ 0	$ 0	$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Narrative and Schedule of Future Minimum Rental Payments for Operating Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 3,300	$ 3,200	$ 2,900
Aggregate future minimum lease payments due	13,700
2020	2,427
2021	2,354
2022	2,085
2023	1,866
2024	1,832
2025 and thereafter	3,108
Limited Partnerships
Other Commitments [Line Items]
Unfunded commitments	43,700
Fixed Maturity Securities
Other Commitments [Line Items]
Unfunded commitments	$ 82,000

Earnings Per Share and Stockh_3

Earnings Per Share and Stockholders' Equity (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share, Basic and Diluted [Line Items]
Net income - numerator for earnings per common share	$ 220,150	$ 37,360	$ 18,590	$ (30,010)	$ 53,823	$ 169,328	$ 93,903	$ 140,962	$ 246,090	$ 458,016	$ 174,645
Weighted average common shares outstanding (shares)									91,139,453	90,347,915	88,982,442
Denominator for earnings per common share - assuming dilution (shares)									91,782,242	91,422,585	90,311,008
Earnings per common share	$ 2.41	$ 0.41	$ 0.20	$ (0.33)	$ 0.59	$ 1.87	$ 1.04	$ 1.57	$ 2.70	$ 5.07	$ 1.96
Earnings per common share - assuming dilution	$ 2.40	$ 0.41	$ 0.20	$ (0.33)	$ 0.59	$ 1.85	$ 1.03	$ 1.55	$ 2.68	$ 5.01	$ 1.93
Stock Options And Deferred Compensation Agreements
Earnings Per Share, Basic and Diluted [Line Items]
Effect of dilutive securities: Share-based payment agreements (shares)									304,196	709,433	945,612
Restricted Stock And Restricted Stock Units
Earnings Per Share, Basic and Diluted [Line Items]
Effect of dilutive securities: Share-based payment agreements (shares)									338,593	365,237	382,954
Stock Options
Earnings Per Share, Basic and Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount									0	0	0

Earnings Per Share and Stockh_4

Earnings Per Share and Stockholders' Equity (Stockholders' Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 21, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Preferred stock, shares issued	16,000	16,000	0
Preferred stock dividend rate, percentage	5.95%
Preferred stock, par value per share	$ 1	$ 1	$ 1
Preferred stock, liquidation preference, per share	$ 25,000
Net proceeds received from issuance of preferred stock	$ 388,900	$ 388,893	$ 0	$ 0

Quarterly Financial Informati_3

Quarterly Financial Information (Unaudited) (Unaudited Quarterly Results of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Premiums and product charges	$ 71,568	$ 68,799	$ 64,826	$ 58,376	$ 64,824	$ 65,605	$ 60,763	$ 59,776
Net investment income	588,217	590,412	570,568	558,438	554,355	549,391	533,282	510,784	$ 2,307,635	$ 2,147,812	$ 1,991,997
Change in fair value of derivatives	466,434	(20,042)	76,045	384,469	(1,054,281)	595,311	132,205	(451,083)	906,906	(777,848)	1,677,871
Net realized gains (losses) on investments, excluding OTTI losses	7,029	4,328	(3,832)	(563)	3,097	(2,196)	(38,381)	302	6,962	(37,178)	10,509
Net OTTI losses recognized in operations	(17,412)	(101)	(1,213)	0	(18,980)	(14,373)	(2,396)	(907)	(18,726)	(36,656)	(4,630)
Loss on extinguishment of debt	(2,001)	0	0	0					(2,001)	0	(18,817)
Total revenues	1,113,835	643,396	706,394	1,000,720	(450,985)	1,193,738	685,473	118,872	3,464,345	1,547,098	3,891,652
Net income	$ 220,150	$ 37,360	$ 18,590	$ (30,010)	$ 53,823	$ 169,328	$ 93,903	$ 140,962	$ 246,090	$ 458,016	$ 174,645
Earnings (loss) per common share	$ 2.41	$ 0.41	$ 0.20	$ (0.33)	$ 0.59	$ 1.87	$ 1.04	$ 1.57	$ 2.70	$ 5.07	$ 1.96
Earnings (loss) per common share - assuming dilution	$ 2.40	$ 0.41	$ 0.20	$ (0.33)	$ 0.59	$ 1.85	$ 1.03	$ 1.55	$ 2.68	$ 5.01	$ 1.93

Quarterly Financial Informati_4

Quarterly Financial Information (Unaudited) (Comparability of Net Income, Impact of Fair Value Accounting to Fixed Index Annuity Business) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Fixed index annuity derivatives, fair value accounting impact on comparability of net income	$ (100,305)	$ 196,396	$ 78,397	$ 118,491	$ 28,298	$ 427	$ (23,593)	$ (61,794)

Schedule I - Summary of Inves_2

Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) $ in Thousands	Dec. 31, 2019USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	$ 52,592,203	[1]
Amount at which shown in the balance sheet	56,877,573
Total Fixed Maturity Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	48,238,946	[1]
Fair value	51,580,490
Amount at which shown in the balance sheet	51,580,490
United States Government Full Faith and Credit
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	161,492	[1]
Fair value	161,765
Amount at which shown in the balance sheet	161,765
United States Government Sponsored Agencies
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	601,672	[1]
Fair value	625,020
Amount at which shown in the balance sheet	625,020
United States Municipalities, States and Territories
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	4,147,343	[1]
Fair value	4,527,671
Amount at which shown in the balance sheet	4,527,671
Foreign Government Obligations
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	186,993	[1]
Fair value	205,096
Amount at which shown in the balance sheet	205,096
Corporate Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	29,822,172	[1]
Fair value	32,536,839
Amount at which shown in the balance sheet	32,536,839
Residential Mortgage Backed Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	1,477,738	[1]
Fair value	1,575,664
Amount at which shown in the balance sheet	1,575,664
Commercial Mortgage Backed Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	5,591,167	[1]
Fair value	5,786,279
Amount at which shown in the balance sheet	5,786,279
Other Asset Backed Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	6,250,369	[1]
Fair value	6,162,156
Amount at which shown in the balance sheet	6,162,156
Mortgage Loans on Real Estate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	3,448,793	[1]
Fair value	3,536,446
Amount at which shown in the balance sheet	3,448,793
Derivative Instruments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	412,163	[1]
Fair value	1,355,989
Amount at which shown in the balance sheet	1,355,989
Other Investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	492,301	[1]
Amount at which shown in the balance sheet	$ 492,301
[1]	On the basis of cost adjusted for other than temporary impairments, repayments and amortization of premiums and accrual of discounts for fixed maturity securities and short-term investments, original cost for derivative instruments and unpaid principal balance less allowance for credit losses for mortgage loans.

Schedule II - Condensed Finan_2

Schedule II - Condensed Financial Information of Registrant (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 2,293,392	$ 344,396	$ 1,434,045	$ 791,266
Deferred income taxes	0	291,169
Other assets	47,571	60,608
Total assets	69,696,552	61,625,564
Liabilities:
Notes payable	495,116	494,591
Subordinated debentures payable to subsidiary trusts	157,265	242,982
Federal income tax payable	429	0
Other liabilities	2,145,676	502,725
Total liabilities	65,126,433	59,226,463
Stockholders' equity:
Preferred stock	16	0
Common stock	91,107	90,369
Additional paid-in capital	1,212,311	811,186
Accumulated other comprehensive income (loss)	1,497,921	(52,432)
Retained earnings	1,768,764	1,549,978
Total stockholders' equity	4,570,119	2,399,101	2,850,157	2,291,595
Total liabilities and stockholders' equity	69,696,552	61,625,564
Parent Company
Assets
Cash and cash equivalents	332,526	68,876	$ 22,486	$ 36,394
Equity securities of subsidiary trusts	4,785	7,437
Receivable from subsidiaries	1,210	1,170
Deferred income taxes	5,818	7,905
Other assets	3,067	2,751
Total assets, excluding investment in and advances to subsidiaries	347,406	88,139
Investment in and advances to subsidiaries	4,891,431	3,066,039
Total assets	5,238,837	3,154,178
Liabilities:
Notes payable	495,116	494,591
Subordinated debentures payable to subsidiary trusts	157,265	242,982
Federal income tax payable	9,274	8,892
Other liabilities	7,063	8,612
Total liabilities	668,718	755,077
Stockholders' equity:
Preferred stock	16	0
Common stock	91,107	90,369
Additional paid-in capital	1,212,311	811,186
Accumulated other comprehensive income (loss)	1,497,921	(52,432)
Retained earnings	1,768,764	1,549,978
Total stockholders' equity	4,570,119	2,399,101
Total liabilities and stockholders' equity	$ 5,238,837	$ 3,154,178

Schedule II - Condensed Finan_3

Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Net investment income	$ 588,217	$ 590,412	$ 570,568	$ 558,438	$ 554,355	$ 549,391	$ 533,282	$ 510,784	$ 2,307,635	$ 2,147,812	$ 1,991,997
Change in fair value of derivatives	466,434	(20,042)	76,045	384,469	(1,054,281)	595,311	132,205	(451,083)	906,906	(777,848)	1,677,871
Loss on extinguishment of debt	(2,001)	0	0	0					(2,001)	0	(18,817)
Total revenues	1,113,835	643,396	706,394	1,000,720	(450,985)	1,193,738	685,473	118,872	3,464,345	1,547,098	3,891,652
Expenses:
Interest expense on notes and loan payable									25,525	25,498	30,368
Interest expense on subordinated debentures issued to subsidiary trusts									15,764	15,491	14,124
Other operating costs and expenses									154,153	129,301	111,691
Total benefits and expenses									3,148,780	981,356	3,575,381
Income tax expense									69,475	107,726	141,626
Net income	$ 220,150	$ 37,360	$ 18,590	$ (30,010)	$ 53,823	$ 169,328	$ 93,903	$ 140,962	246,090	458,016	174,645
Parent Company
Revenues:
Net investment income									1,755	773	492
Dividends from subsidiary trusts									469	461	410
Dividends from dissolved subsidiaries									0	10,393	0
Surplus note interest from subsidiary									4,080	4,080	4,080
Change in fair value of derivatives									(1,650)	1,051	(412)
Loss on extinguishment of debt									(2,001)	0	(18,817)
Total revenues									110,598	109,093	69,694
Expenses:
Interest expense on notes and loan payable									25,525	25,498	30,368
Interest expense on subordinated debentures issued to subsidiary trusts									15,764	15,491	14,124
Other operating costs and expenses									28,357	18,579	9,234
Total benefits and expenses									69,646	59,568	53,726
Income before income taxes and equity in undistributed income of subsidiaries									40,952	49,525	15,968
Income tax expense									11,586	2,603	6,895
Income before equity in undistributed income of subsidiaries									29,366	46,922	9,073
Equity in undistributed income of subsidiaries									216,724	411,094	165,572
Net income									246,090	458,016	174,645
Investment Advisory Fees | Parent Company
Revenues:
Investment advisory fees									$ 107,945	$ 92,335	$ 83,941

Schedule II - Condensed Finan_4

Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands	Nov. 21, 2019	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income		$ 220,150	$ 37,360	$ 18,590	$ (30,010)	$ 53,823	$ 169,328	$ 93,903	$ 140,962	$ 246,090	$ 458,016	$ 174,645
Adjustments to reconcile net income to net cash provided by operating activities:
Accrual of discount on equity security										25,846	19,204	15,431
Change in fair value of derivatives										(906,201)	777,575	(1,678,956)
Loss on extinguishment of debt		2,001	$ 0	$ 0	0					2,001	0	18,817
Share-based compensation										11,295	11,097	6,464
Deferred income taxes										56,947	(12,563)	(46,730)
Changes in operating assets and liabilities:
Other assets										(5,607)	(844)	448
Other liabilities										(28,607)	(17,318)	(84,416)
Net cash provided by operating activities										3,351,402	43,185	1,923,847
Investing activities
Purchases of property, plant and equipment										(4,022)	(4,283)	(4,809)
Net cash used in investing activities										(3,054,886)	(2,408,331)	(2,593,390)
Financing activities
Financing fees incurred and deferred										0	0	(5,817)
Repayment of notes payable										0	0	(413,252)
Repayment of loan payable										0	0	(100,000)
Proceeds from issuance of notes payable										0	0	499,650
Repayment of subordinated debentures										(88,160)	0	0
Proceeds from issuance of common stock, net										1,691	9,681	14,028
Proceeds from issuance of preferred stock, net	$ 388,900									388,893	0	0
Dividends paid										(27,304)	(25,265)	(23,148)
Net cash provided by (used in) financing activities										1,652,480	1,275,497	1,312,322
Increase (decrease) in cash and cash equivalents										1,948,996	(1,089,649)	642,779
Cash and cash equivalents at beginning of year					344,396				1,434,045	344,396	1,434,045	791,266
Cash and cash equivalents at end of year		2,293,392				344,396				2,293,392	344,396	1,434,045
Cash paid during the year for interest:
Interest paid										42,879	39,575	55,445
Parent Company
Operating activities
Net income										246,090	458,016	174,645
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for depreciation and amortization										1,136	916	1,610
Accrual of discount on equity security										(8)	(8)	(7)
Equity in undistributed income of subsidiaries										(216,724)	(411,094)	(165,572)
Change in fair value of derivatives										945	(1,325)	(657)
Loss on extinguishment of debt										2,001	0	18,817
Accrual of discount on debenture issued to subsidiary trust										270	254	236
Share-based compensation										2,923	1,626	951
Deferred income taxes										2,087	40	1,583
Changes in operating assets and liabilities:
Receivable from subsidiaries										(40)	(1,004)	16
Federal income tax recoverable/payable										382	9,951	(4,673)
Other assets										(1,229)	(229)	158
Other liabilities										(1,846)	4,860	(12,427)
Net cash provided by operating activities										35,987	62,003	14,680
Investing activities
Repayment of equity securities										2,660	0	0
Contribution to subsidiary										(50,000)	0	0
Purchases of property, plant and equipment										(117)	(29)	(45)
Net cash used in investing activities										(47,457)	(29)	(45)
Financing activities
Financing fees incurred and deferred										0	0	(5,817)
Repayment of notes payable										0	0	(413,252)
Repayment of loan payable										0	0	(100,000)
Proceeds from issuance of notes payable										0	0	499,650
Repayment of subordinated debentures										(88,160)	0	0
Proceeds from issuance of common stock, net										1,691	9,681	14,028
Proceeds from issuance of preferred stock, net										388,893	0	0
Dividends paid										(27,304)	(25,265)	(23,152)
Net cash provided by (used in) financing activities										275,120	(15,584)	(28,543)
Increase (decrease) in cash and cash equivalents										263,650	46,390	(13,908)
Cash and cash equivalents at beginning of year					$ 68,876				$ 22,486	68,876	22,486	36,394
Cash and cash equivalents at end of year		$ 332,526				$ 68,876				332,526	68,876	22,486
Parent Company | Notes and Loan Payable
Cash paid during the year for interest:
Interest paid										25,000	25,000	40,537
Parent Company | Subordinated Debentures
Cash paid during the year for interest:
Interest paid										$ 16,891	$ 13,593	$ 14,573

Schedule III - Supplementary _2

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Deferred policy acquisition costs	$ 2,923,454	$ 3,535,838	$ 2,714,523
Future policy benefits, losses, claims and loss expenses	61,893,945	57,606,009	56,142,673
Unearned premiums	0	0	0
Other policy claims and benefits payable	256,105	270,858	282,884
Premium revenue	263,569	250,968	234,722
Net investment income	2,307,635	2,147,812	1,991,997
Benefits, claims, losses and settlement expenses	2,865,621	483,075	3,163,234
Amortization of deferred policy acquisition costs	87,717	327,991	255,964
Other operating expenses	$ 195,442	$ 170,290	$ 156,183

Schedule IV - Reinsurance (Deta

Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, life insurance in force	$ 56,451	$ 64,544	$ 1,942,129
Ceded to other companies, life insurance in force	6,722	7,832	9,378
Assumed from other companies, life insurance in force	52,653	53,658	57,965
Net amount, life insurance in force	102,382	110,370	1,990,716
Net amount, insurance premiums and other considerations	$ 23,534	$ 26,480	$ 34,228
Percent of amount assumed to net, life insurance in force	51.43%	48.62%	2.91%
Insurance Premiums and Other Considerations
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, insurance premiums and other considerations	$ 271,222	$ 257,881	$ 240,890
Ceded to other companies, insurance premiums and other considerations	7,937	7,263	6,673
Assumed from other companies, insurance premiums and other considerations	284	350	505
Net amount, insurance premiums and other considerations	$ 263,569	$ 250,968	$ 234,722
Percent of amount assumed to net, insurance premiums and other considerations	0.11%	0.14%	0.22%
Fixed Index Annuities
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, insurance premiums and other considerations	$ 247,827	$ 231,562	$ 206,952
Ceded to other companies, insurance premiums and other considerations	7,792	7,074	6,458
Assumed from other companies, insurance premiums and other considerations	0	0	0
Net amount, insurance premiums and other considerations	$ 240,035	$ 224,488	$ 200,494
Percent of amount assumed to net, insurance premiums and other considerations	0.00%	0.00%	0.00%
Traditional Life, Accident and Health Insurance, and Life Contingent Immediate Annuity Premiums
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, insurance premiums and other considerations	$ 23,395	$ 26,319	$ 33,938
Ceded to other companies, insurance premiums and other considerations	145	189	215
Assumed from other companies, insurance premiums and other considerations	284	350	505
Net amount, insurance premiums and other considerations	$ 23,534	$ 26,480	$ 34,228
Percent of amount assumed to net, insurance premiums and other considerations	1.21%	1.32%	1.48%

Schedule V - Valuation and Qu_2

Schedule V - Valuation and Qualifying Accounts (Details) - Valuation Allowance on Mortgage Loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ (8,239)	$ (7,518)	$ (8,427)
Charged to costs and expenses	(940)	(3,165)	278
Translation adjustment	0	0	0
Write-offs/payments/other	0	2,444	631
Ending balance	$ (9,179)	$ (8,239)	$ (7,518)