American National (ANG-PB) 10-K 1 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 25, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2,227,345,118
Entity Common Stock, Shares Outstanding		95,433,991
Entity Central Index Key	0001039828
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $1
Trading Symbol	AEL
Security Exchange Name	NYSE
Preferred Stock, Series A
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
Preferred Stock, Series B
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B
Trading Symbol	AELPRB
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments:
Fixed maturity securities, available for sale, at fair value (amortized cost of $42,304,736 as of 2020 and $48,238,946 as of 2019; allowance for credit losses of $64,771 as of 2020)	$ 47,538,893	$ 51,580,490
Mortgage loans on real estate (net of allowance for credit losses of $31,029 as of 2020 and $9,179 as of 2019)	4,165,489	3,448,793
Derivative instruments	1,310,954	1,355,989
Other investments	590,078	492,301
Total investments	53,605,414	56,877,573
Cash and cash equivalents	9,095,522	2,293,392
Coinsurance deposits (net of allowance for credit losses of $1,888 as of 2020 and $0 as of 2019)	4,844,927	5,115,013
Accrued investment income	398,082	472,826
Deferred policy acquisition costs	2,045,812	2,923,454
Deferred sales inducements	1,328,857	1,966,723
Income taxes recoverable	862	0
Other assets	70,198	47,571
Total assets	71,389,674	69,696,552
Liabilities:
Policy benefit reserves	61,768,246	61,893,945
Other policy funds and contract claims	240,904	256,105
Notes payable	495,668	495,116
Subordinated debentures	78,112	157,265
Deferred income taxes	564,003	177,897
Income taxes payable	0	429
Other liabilities	1,668,025	2,145,676
Total liabilities	64,814,958	65,126,433
Stockholders' equity:
Common stock; par value $1 per share; 200,000,000 shares authorized; issued and outstanding: 2020 - 95,720,622 shares (excluding 6,516,525 treasury shares); 2019 - 91,107,555 shares (excluding 1,344,193 treasury shares)	95,721	91,107
Additional paid-in capital	1,681,127	1,212,311
Accumulated other comprehensive income	2,429,285	1,497,921
Retained earnings	2,368,555	1,768,764
Total stockholders' equity	6,574,716	4,570,119
Total liabilities and stockholders' equity	71,389,674	69,696,552
Preferred Stock, Series A
Stockholders' equity:
Preferred stock, value, issued	16	16
Preferred Stock, Series B
Stockholders' equity:
Preferred stock, value, issued	$ 12	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2020		Dec. 31, 2019
Fixed maturity securities, available for sale, amortized cost	$ 42,304,736	[1]	$ 48,238,946
Fixed maturity securities, available for sale, allowance for credit losses	64,771
Mortgage loans on real estate, allowance for credit losses	31,029		9,179
Coinsurance deposits, allowance for credit losses	$ 1,888		$ 0
Stockholders' equity:
Common stock, par value (dollars per share)	$ 1		$ 1
Common stock, shares authorized	200,000,000		200,000,000
Common stock, shares issued	95,720,622		91,107,555
Common stock, shares outstanding	95,720,622		91,107,555
Common stock, shares held in treasury	6,516,525		1,344,193
Preferred Stock, Series A
Stockholders' equity:
Preferred stock, par value (dollars per share)	$ 1		$ 1
Preferred stock, aggregate liquidation preference	$ 400,000		$ 400,000
Preferred stock, shares authorized	20,000		20,000
Preferred stock, shares issued	16,000		16,000
Preferred stock, shares outstanding	16,000		16,000
Preferred Stock, Series B
Stockholders' equity:
Preferred stock, par value (dollars per share)	$ 1
Preferred stock, aggregate liquidation preference	$ 300,000
Preferred stock, shares authorized	12,000
Preferred stock, shares issued	12,000		0
Preferred stock, shares outstanding	12,000		0
[1]	(1) Amortized cost excludes accrued interest receivable of $377.5 million as of December 31, 2020.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Premiums and other considerations	$ 39,382	$ 23,534	$ 26,480
Annuity product charges	251,227	240,035	224,488
Net investment income	2,182,078	2,307,635	2,147,812
Change in fair value of derivatives	34,666	906,906	(777,848)
Net realized gains (losses) on investments	(80,680)	6,962	(37,178)
Other than temporary impairment (OTTI) losses on investments:
Total OTTI losses	0	(18,511)	(35,005)
Portion of OTTI losses recognized from other comprehensive income	0	(215)	(1,651)
Net OTTI losses recognized in operations	0	(18,726)	(36,656)
Loss on extinguishment of debt	(2,024)	(2,001)	0
Total revenues	2,424,649	3,464,345	1,547,098
Benefits and expenses:
Insurance policy benefits and change in future policy benefits	49,742	35,418	39,530
Interest sensitive and index product benefits	1,543,270	1,287,576	1,610,835
Amortization of deferred sales inducements	438,164	88,585	222,201
Change in fair value of embedded derivatives	(1,286,787)	1,454,042	(1,389,491)
Interest expense on notes payable	25,552	25,525	25,498
Interest expense on subordinated debentures	5,557	15,764	15,491
Amortization of deferred policy acquisition costs	649,554	87,717	327,991
Other operating costs and expenses	183,636	154,153	129,301
Total benefits and expenses	1,608,688	3,148,780	981,356
Income before income taxes	815,961	315,565	565,742
Income tax expense	144,501	69,475	107,726
Net income	671,460	246,090	458,016
Less: Preferred stock dividends	33,515	0	0
Net income available to common stockholders	$ 637,945	$ 246,090	$ 458,016
Earnings per common share	$ 6.93	$ 2.70	$ 5.07
Earnings per common share - assuming dilution	$ 6.90	$ 2.68	$ 5.01
Weighted average common shares outstanding: earnings per common share	92,055,035	91,139,453	90,347,915
Weighted average common shares outstanding: earnings per common share - assuming dilution	92,392,496	91,782,242	91,422,585

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income		$ 671,460	$ 246,090	$ 458,016
Other comprehensive income (loss):
Change in net unrealized investment gains/losses (1)	[1]	1,162,252	1,954,044	(1,129,213)
Noncredit component of OTTI losses (1)	[1]	0	103	775
Reclassification of unrealized investment gains/losses to net income (1)	[1]	16,690	8,323	(16,606)
Other comprehensive income (loss) before income tax		1,178,942	1,962,470	(1,145,044)
Income tax effect related to other comprehensive income (loss)		(247,578)	(412,117)	240,459
Other comprehensive income (loss)		931,364	1,550,353	(904,585)
Comprehensive income (loss)		$ 1,602,824	$ 1,796,443	$ (446,569)
[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	Preferred Stock	Preferred StockPreferred Stock	Preferred StockAdditional Paid-In Capital	Common Stock	Common StockCommon Stock	Common StockAdditional Paid-In Capital
Stockholders' equity at beginning 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)
Issuance of stock										$ 9,681	$ 1,038	$ 8,643
Share-based compensation	11,097			11,097
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 stock							$ 388,893	$ 16	$ 388,877	1,691	738	953
Share-based compensation	11,295			11,295
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	671,460					671,460
Other comprehensive income (loss)	931,364				931,364
Issuance of stock							$ 290,260	$ 12	$ 290,248	$ 338,061	$ 10,053	$ 328,008
Share-based compensation	10,215			10,215
Treasury stock acquired, common	(165,094)		(5,439)	(159,655)
Cumulative effect of change in accounting principle	(9,295)					(9,295)
Dividends on preferred stock	(33,515)					(33,515)
Dividends on common stock	(28,859)					(28,859)
Stockholders' equity at end of period at Dec. 31, 2020	$ 6,574,716	$ 28	$ 95,721	$ 1,681,127	$ 2,429,285	$ 2,368,555

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends on common stock, per share amount	$ 0.32	$ 0.30	$ 0.28

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ 671,460	$ 246,090	$ 458,016
Adjustments to reconcile net income to net cash provided by operating activities:
Interest sensitive and index product benefits	1,543,270	1,287,576	1,610,835
Amortization of deferred sales inducements	438,164	88,585	222,201
Annuity product charges	(251,227)	(240,035)	(224,488)
Change in fair value of embedded derivatives	(1,286,787)	1,454,042	(1,389,491)
Change in traditional life and accident and health insurance reserves	8,694	(3,546)	(163)
Policy acquisition costs deferred	(255,154)	(422,516)	(388,222)
Amortization of deferred policy acquisition costs	649,554	87,717	327,991
Provision for depreciation and other amortization	5,199	4,068	3,474
Amortization of discounts and premiums on investments	57,437	25,846	19,204
Loss on extinguishment of debt	2,024	2,001	0
Realized gains/losses on investments	80,680	(6,962)	37,178
Realized gains/losses on investments		11,764	73,834
Change in fair value of derivatives	(34,668)	(906,201)	777,575
Distributions from equity method investments	1,968	2,753	1,270
Deferred income taxes	141,071	56,947	(12,563)
Share-based compensation	10,215	11,295	11,097
Change in accrued investment income	74,744	(4,097)	(39,721)
Change in income taxes recoverable/payable	(1,291)	26,966	(60,822)
Change in other assets	(849)	(5,607)	(844)
Change in other policy funds and contract claims	(21,865)	(21,971)	(19,029)
Change in collateral held for derivatives	(72,413)	1,190,656	(1,296,629)
Change in collateral held for securities lending	(495,039)	495,101	0
Change in other liabilities	38,995	(28,607)	(17,318)
Other	804	(7,425)	(13,022)
Net cash provided by operating activities	1,304,986	3,351,402	43,185
Sales, maturities, or repayments of investments:
Fixed maturity securities - available for sale	8,291,316	3,266,821	3,870,415
Mortgage loans on real estate	378,812	294,356	298,100
Derivative instruments	860,520	657,885	1,446,948
Other investments	4,324	472,549	358,372
Acquisitions of investments:
Fixed maturity securities - available for sale	(2,429,114)	(5,509,314)	(6,852,481)
Mortgage loans on real estate	(1,121,756)	(799,037)	(575,367)
Derivative instruments	(730,333)	(823,077)	(864,717)
Other investments	(105,925)	(611,047)	(85,318)
Purchases of property, furniture and equipment	(13,240)	(4,022)	(4,283)
Net cash provided by (used in) investing activities	5,134,604	(3,054,886)	(2,408,331)
Financing activities
Receipts credited to annuity policyholder account balances	3,648,936	4,951,211	4,381,150
Coinsurance deposits	430,644	91,238	(23,838)
Return of annuity policyholder account balances	(4,040,054)	(3,584,960)	(3,159,700)
Repayment of subordinated debentures	(81,450)	(88,160)	0
Net proceeds from (repayments of) amounts due under repurchase agreements	0	(109,298)	109,298
Proceeds from issuance of common stock	338,061	1,691	9,681
Acquisition of treasury stock	(165,094)	0	0
Proceeds from issuance of preferred stock, net	290,260	388,893	0
Change in checks in excess of cash balance	3,611	29,169	(15,829)
Dividends paid on common stock	(28,859)	(27,304)	(25,265)
Dividends paid on preferred stock	(33,515)	0	0
Net cash provided by (used in) financing activities	362,540	1,652,480	1,275,497
Increase (decrease) in cash and cash equivalents	6,802,130	1,948,996	(1,089,649)
Cash and cash equivalents at beginning of year	2,293,392	344,396	1,434,045
Cash and cash equivalents at end of year	9,095,522	2,293,392	344,396
Cash paid during the year for interest:
Interest expense	31,427	42,879	39,575
Cash paid during the year for income taxes:
Income taxes	4,842	28,413	181,202
Non-cash operating activity:
Deferral of sales inducements	$ 93,610	$ 177,941	$ 179,465

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
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, 2020. We operate solely in the insurance business. We market fixed index and fixed rate annuities. Annuity deposits (net of coinsurance) collected in 2020, 2019 and 2018, by product type were as follows: Year Ended December 31, Product Type 2020 2019 2018 (Dollars in thousands) Fixed index annuities $ 2,309,580 $ 4,603,490 $ 3,898,366 Annual reset fixed rate annuities 7,846 10,665 46,744 Multi-year fixed rate annuities 1,295,843 47,016 22,818 Single premium immediate annuities (SPIA) 33,461 12,002 23,813 $ 3,646,730 $ 4,673,173 $ 3,991,741 Agents contracted with us through two national marketing organizations accounted for more than 10% of annuity deposits we collected during 2020 representing 17% and 10%, 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 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. 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, allowances for credit losses on available-for-sale fixed maturity securities, 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 - Fair Value of Financial Instruments 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. Beginning in 2020, available-for-sale fixed maturity securities are subject to an allowance for credit loss and changes in the allowance are reported in net income as a component of net realized gains (losses) on investments. Prior to 2020, the amortized cost of available-for-sale fixed maturity securities was adjusted for declines in value that were other than temporary and impairments in value deemed to be other than temporary were reported as other than temporary impairment losses on investments. See Note 3 - Investments for further discussion of the allowance for credit losses on available for sale fixed maturity securities and other than temporary impairment losses. Mortgage loans on real estate are reported at cost adjusted for amortization of premiums and accrual of discounts and net of valuation allowances. 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. Interest income on impaired loans is recorded on a cash basis. Any changes in the loan valuation allowances are reported in net realized gains (losses) on investments. See Note 4 - Mortgage Loans on Real Estate for further discussion of the valuation allowance on the mortgage loan portfolios. 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. Prior to the redemption of our floating rate subordinated debentures in 2019 and 2020, our derivative instruments also included an interest rate swap and interest rate caps which were 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 - Derivative Instruments 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 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. During 2020, the Company decided to wind down its securities lending program. As of December 31, 2020 and 2019 , the fair value of loaned securities was $0.1 million and $477.5 million, respectively, and is included in Fixed maturity securities, available for sale, at fair value in the consolidated balance sheets. As of December 31, 2020 and 2019 , collateral retained by the lending agent and invested in liquid assets on our behalf was $0.1 million and $495.1 million, respectively, and is recorded in Cash and cash equivalents in the consolidated balance sheets. As of December 31, 2020 and 2019 , liabilities to return collateral of $0.1 million and $495.1 million, respectively, 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) 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 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders 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, 2020, 2019 and 2018, interest crediting rates for these products ranged from 1.45% to 2.60%. 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 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders 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 - Reinsurance and Policy Provisions 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 - Reinsurance and Policy Provisions ), 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 February 2016, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("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. In June 2016, the FASB issued an ASU that significantly changed 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 fixed maturity securities will be recorded through an allowance account subsequent to the adoption of this ASU. We adopted this ASU on January 1, 2020. The adoption of this ASU resulted in an increase in our mortgage loan allowance for credit losses of $8.6 million and the recognition of an allowance for credit losses on our reinsurance recoverable/coinsurance deposits balances of $3.2 million on the date of adoption. Retained earnings was decreased by $9.3 million, which reflects the net of tax impact of the increase in the mortgage loan allowance for credit losses and the recognition of an allowance for credit losses on our reinsurance recoverable/coinsurance deposits balances on the date of adoption. New Accounting Pronouncements 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, 2023, the transition date (the remeasurement date) is January 1, 2021. Early adoption of this ASU is permitted. We are in the process of evaluating the impact this guidance will have on our consolidated financial statements.

Fair Values of Financial Instru

Fair Values of Financial Instruments	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 Carrying Fair Value Carrying Fair Value (Dollars in thousands) Assets Fixed maturity securities, available for sale $ 47,538,893 $ 47,538,893 $ 51,580,490 $ 51,580,490 Mortgage loans on real estate 4,165,489 4,327,885 3,448,793 3,536,446 Derivative instruments 1,310,954 1,310,954 1,355,989 1,355,989 Other investments 590,078 590,078 492,301 492,301 Cash and cash equivalents 9,095,522 9,095,522 2,293,392 2,293,392 Coinsurance deposits 4,844,927 4,411,051 5,115,013 4,635,926 Interest rate caps — — 6 6 Liabilities Policy benefit reserves 61,406,599 52,928,174 61,540,992 51,800,247 Single premium immediate annuity (SPIA) benefit reserves 240,226 247,679 255,698 263,773 Notes payable 495,668 567,345 495,116 541,520 Subordinated debentures 78,112 87,951 157,265 168,357 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, 2020 and 2019 are presented below based on the fair value hierarchy levels: Total Quoted Significant Significant (Dollars in thousands) December 31, 2020 Assets Fixed maturity securities, available for sale: United States Government full faith and credit $ 39,771 $ 33,940 $ 5,831 $ — United States Government sponsored agencies 1,039,551 — 1,039,551 — United States municipalities, states and territories 3,776,131 — 3,776,131 — Foreign government obligations 202,706 — 202,706 — Corporate securities 31,156,827 8 31,156,819 — Residential mortgage backed securities 1,512,831 — 1,512,831 — Commercial mortgage backed securities 4,261,227 — 4,261,227 — Other asset backed securities 5,549,849 — 5,549,849 — Derivative instruments 1,310,954 — 1,310,954 — Cash and cash equivalents 9,095,522 9,095,522 — — $ 57,945,369 $ 9,129,470 $ 48,815,899 $ — Liabilities Fixed index annuities - embedded derivatives $ 7,938,281 $ — $ — $ 7,938,281 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 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, 2020 and 2019. 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 caps The fair values of our interest rate caps were obtained from third parties and were determined by discounting expected future cash flows using a projected London Interbank Offered Rate ("LIBOR") for the term of the caps. 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 quoted market prices 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. 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, 2020 and 2019, we utilized an estimate of 2.10% and 2.90%, 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. The decrease in the expected cost of annual call options was due to an update in our estimated long-term account value growth as a result of current economic conditions and the low interest rate environment. 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 updated 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, 2020 December 31, 2019 December 31, 2020 December 31, 2019 1 - 5 1.22% 0.90% 2.63% 3.33% 6 - 10 1.50% 1.29% 3.14% 3.84% 11 - 15 5.66% 3.31% 3.58% 4.12% 16 - 20 7.08% 8.52% 3.79% 4.18% 20+ 7.36% 7.10% 3.63% 4.12% 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 during 2020, for certain annuity products without a lifetime income benefit rider, lapse rate and partial withdrawal assumptions were increased while for certain annuity products with a lifetime income benefit rider, lapse rate and partial withdrawal assumptions were decreased. 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, 2020 and 2019 : Year Ended December 31, 2020 2019 (Dollars in thousands) Fixed index annuities - embedded derivatives Beginning balance $ 9,624,395 $ 8,165,405 Premiums less benefits 235,971 896,688 Change in fair value, net (1,922,085) 562,302 Ending balance $ 7,938,281 $ 9,624,395 The fair value of our fixed index annuities embedded derivatives is net of coinsurance ceded of $655.3 million and $644.6 million as of December 31, 2020 and 2019, 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, 2020, were to increase by 100 basis points, the fair value of the embedded derivatives would decrease by $614.1 million recorded through operations as a decrease in the change in fair value of embedded derivatives and there would be a corresponding decrease of $258.3 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 $639.0 million recorded through operations as an increase in the change in fair value of embedded derivatives and there would be a corresponding increase of $278.3 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 2020, 2019 and 2018. 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 update to the calculation of the fair value of the embedded derivative component of our fixed index annuity policy benefit reserves in 2020 was a decrease in the crediting rate/option budget to 2.10% from 2.90% as a result of a revised estimate of the cost of options. This assumption change resulted in a decrease in the fair value of the embedded derivative component of our fixed index annuity policy benefit reserves due to a reduction in the projected policy contract values over the expected lives of the contracts. During 2020, we revised the derivation of the discount rate used in calculating the fair value of embedded derivatives which increased the discount rate and resulted in a decrease in the change in fair value of embedded derivatives. The net impact of the updates to lapse and partial withdrawal assumptions noted above resulted in an increase in the embedded derivative component of our fixed index annuity policy benefit reserves as more funds ultimately qualify for excess benefits. The most significant assumption updates 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 had 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, 2020
Investments [Abstract]
Investments	Investments At December 31, 2020 and 2019, the amortized cost and fair value of fixed maturity securities were as follows: Amortized Gross Gross Allowance for Credit Losses Fair Value (Dollars in thousands) December 31, 2020 Fixed maturity securities, available for sale: United States Government full faith and credit $ 37,471 $ 2,300 $ — $ — $ 39,771 United States Government sponsored agencies 995,465 44,132 (46) — 1,039,551 United States municipalities, states and territories 3,236,767 543,252 (1,044) (2,844) 3,776,131 Foreign government obligations 177,062 25,644 — — 202,706 Corporate securities 26,745,196 4,507,716 (35,892) (60,193) 31,156,827 Residential mortgage backed securities 1,399,956 117,135 (2,526) (1,734) 1,512,831 Commercial mortgage backed securities 4,119,650 206,255 (64,678) — 4,261,227 Other asset backed securities 5,593,169 103,320 (146,640) — 5,549,849 $ 42,304,736 $ 5,549,754 $ (250,826) $ (64,771) $ 47,538,893 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 (1) Amortized cost excludes accrued interest receivable of $377.5 million as of December 31, 2020. The amortized cost and fair value of fixed maturity securities at December 31, 2020, 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 Fair Value (Dollars in thousands) Due in one year or less $ 496,563 $ 505,387 Due after one year through five years 7,229,621 7,718,178 Due after five years through ten years 8,167,106 9,166,066 Due after ten years through twenty years 9,254,579 11,396,733 Due after twenty years 6,044,092 7,428,622 31,191,961 36,214,986 Residential mortgage backed securities 1,399,956 1,512,831 Commercial mortgage backed securities 4,119,650 4,261,227 Other asset backed securities 5,593,169 5,549,849 $ 42,304,736 $ 47,538,893 Net unrealized gains on available for sale fixed maturity securities reported as a separate component of stockholders' equity were comprised of the following: December 31, 2020 2019 (Dollars in thousands) Net unrealized gains on available for sale fixed maturity securities $ 5,297,040 $ 3,341,544 Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements (2,250,520) (1,473,966) Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax expense (639,769) (392,191) Net unrealized gains reported as accumulated other comprehensive income $ 2,429,285 $ 1,497,921 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 97% and 98% of our fixed maturity portfolio rated investment grade at December 31, 2020 and 2019, 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, 2020 2019 NAIC Amortized Fair Amortized Fair (Dollars in thousands) 1 $ 23,330,149 $ 26,564,542 $ 27,781,525 $ 30,122,657 2 17,312,485 19,377,013 19,278,355 20,316,911 3 1,292,124 1,299,455 1,001,087 977,191 4 282,049 256,651 114,497 112,534 5 29,396 16,288 57,952 45,205 6 58,533 24,944 5,530 5,992 $ 42,304,736 $ 47,538,893 $ 48,238,946 $ 51,580,490 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 843 and 1,033 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2020 and 2019: Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) December 31, 2020 Fixed maturity securities, available for sale: United States Government sponsored agencies $ 250,475 $ (46) $ — $ — $ 250,475 $ (46) United States municipalities, states and territories 31,802 (3,887) 868 (1) 32,670 (3,888) Corporate securities: Finance, insurance and real estate 109,789 (1,733) — — 109,789 (1,733) Manufacturing, construction and mining — — 19,335 (1,384) 19,335 (1,384) Utilities and related sectors 310,823 (27,509) 35,408 (3,628) 346,231 (31,137) Wholesale/retail trade 65,567 (4,344) 16,000 (26) 81,567 (4,370) Services, media and other 120,098 (11,564) 83,890 (45,897) 203,988 (57,461) Residential mortgage backed securities 156,016 (2,384) 13,599 (1,876) 169,615 (4,260) Commercial mortgage backed securities 934,593 (54,834) 35,153 (9,844) 969,746 (64,678) Other asset backed securities 1,013,781 (16,607) 2,567,723 (130,033) 3,581,504 (146,640) $ 2,992,944 $ (122,908) $ 2,771,976 $ (192,689) $ 5,764,920 $ (315,597) 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) (1) Unrealized losses have not been reduced to reflect the allowance for credit losses of $64.8 million as of December 31, 2020. The unrealized losses at December 31, 2020 are principally related to the impacts the COVID-19 pandemic had on credit markets. In addition, certain unrealized losses at December 31, 2020 are related to the timing of the purchases of certain securities, which carry less yield than those currently available. Approximately 75% and 79% of the unrealized losses on fixed maturity securities shown in the above table for December 31, 2020 and 2019, respectively, are on securities that are rated investment grade, defined as being the highest two NAIC designations. We expect to recover our amortized cost on all securities except for those securities on which we recognized an allowance for credit loss. In addition, 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 write down these investments to fair value through operations. Changes in net unrealized gains/losses on investments for the years ended December 31, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Fixed maturity securities held for investment carried at amortized cost $ — $ — $ 581 Fixed maturity securities available for sale carried at fair value $ 1,955,496 $ 3,549,007 $ (2,463,693) Adjustment for effect on other balance sheet accounts: Deferred policy acquisition costs and deferred sales inducements (776,554) (1,586,537) 1,318,649 Deferred income tax asset/liability (247,578) (412,117) 240,459 (1,024,132) (1,998,654) 1,559,108 Change in net unrealized gains/losses on investments carried at fair value $ 931,364 $ 1,550,353 $ (904,585) Components of net investment income are as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Fixed maturity securities $ 2,035,762 $ 2,171,768 $ 2,027,599 Equity securities 1,090 4,083 4,735 Mortgage loans on real estate 170,749 145,344 131,259 Cash and cash equivalents 4,871 5,164 2,320 Other 2,078 3,119 1,548 2,214,550 2,329,478 2,167,461 Less investment expenses (32,472) (21,843) (19,649) Net investment income $ 2,182,078 $ 2,307,635 $ 2,147,812 Proceeds from sales of available for sale fixed maturity securities for the years ended December 31, 2020, 2019 and 2018 were $5.4 billion, $1.0 billion and $2.5 billion, respectively. Scheduled principal repayments, calls and tenders for available for sale fixed maturity securities for the years ended December 31, 2020, 2019 and 2018 were $2.9 billion, $2.3 billion and $1.4 billion, respectively. Net realized gains (losses) on investments for the years ended December 31, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Available for sale fixed maturity securities: Gross realized gains $ 305,170 $ 21,449 $ 12,245 Gross realized losses (276,847) (6,397) (47,974) Credit losses (1) (94,560) — — (66,237) 15,052 (35,729) Other investments: Gross realized gains — 7,296 — Gross realized losses — (14,446) — — (7,150) — Mortgage loans on real estate: Increase in allowance for credit losses (15,447) (940) (3,165) Recovery of specific allowance 712 — 1,592 Gain on sale of mortgage loans 292 — 124 (14,443) (940) (1,449) $ (80,680) $ 6,962 $ (37,178) (1) Prior to adopting authoritative guidance effective January 1, 2020, credit losses on available for sale fixed maturity securities were classified as other than temporary impairments and reported in a separate line item in the Consolidated statements of operations. We recognized $18.7 million and $36.7 million, respectively, of other than temporary impairments during the years ended December 31, 2019 and 2018. Realized losses on available for sale fixed maturity securities in 2020, 2019 and 2018 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. In addition, realized gains and losses on available for sale fixed maturity securities in 2020 were realized as a result of efforts to de-risk the portfolio. Realized gains and losses on sales are determined on the basis of specific identification of investments based on the trade date. The following table summarizes the carrying value of our investments that have been non-income producing for 12 consecutive months: December 31, 2020 2019 (Dollars in thousands) Fixed maturity securities, available for sale $ 5,766 $ 5,792 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 credit loss 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 credit loss. 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 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 an allowance for credit loss should be established 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 have credit loss 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, credit loss 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, a credit loss would be recognized in operations for 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 recognized credit loss is limited to the total unrealized loss on the security (i.e., the fair value floor). 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 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 credit loss. 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, 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. We do not measure a credit loss allowance on accrued interest receivable as we write off any accrued interest receivable balance to net investment income in a timely manner when we have concerns regarding collectability. Amounts on available for sale fixed maturities that are deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if we intend to sell a security or when it is more likely than not we will be required to sell the security before the recovery of its amortized cost. The following table provides a rollforward of the allowance for credit loss: Year Ended December 31, 2020 United States Municipalities, States and Territories Corporate Securities Commercial Mortgage Backed Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance (1) $ — $ — $ — $ — $ — $ — Additions for credit losses not previously recorded 2,844 60,193 29,241 1,734 548 94,560 Reduction for securities with credit losses due to intent to sell — — (21,888) — (548) (22,436) Reduction for securities sold during the period — — (7,353) — — (7,353) Ending balance $ 2,844 $ 60,193 $ — $ 1,734 $ — $ 64,771 (1) The allowance for credit loss associated with available for sale fixed maturity securities was applied prospectively upon adoption of authoritative guidance effective January 1, 2020. See Note 1 - Significant Accounting Policies for further details. Prior to the implementation of authoritative guidance in 2020, we evaluated our investments for other than temporary impairments using a method consistent with our current credit loss evaluation process discussed above. In addition, we also considered length of time the fair value had been less than amortized cost or cost in our evaluation. If we did not intend to sell and it was not more likely than not we would be required to sell the debt security but also did not expect to recover the entire amortized cost basis of the security, an impairment loss was recognized in operations in the amount of the expected credit loss. The difference between the present value of expected future cash flows and the amortized cost basis of the security was the amount of credit loss recognized in operations. The remaining amount of the other than temporary impairment was recognized in other comprehensive income. In addition, for debt securities which we did not intend to sell and it was not more likely than not we would be required to sell, but our intent changed due to changes or events that could not have been reasonably anticipated, an other than temporary impairment charge was recognized. Once an impairment charge had been recorded, we then continued to review the other than temporarily impaired securities for appropriate valuation on an ongoing basis. Unrealized losses may have been recognized in future periods through a charge to earnings should we have later concluded that the decline in fair value below amortized cost was other than temporary pursuant to our accounting policy. 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 2019 (Dollars in thousands) Cumulative credit loss at beginning of year $ (175,398) Additions for the amount related to credit losses for which OTTI has not previously been recognized (18,271) Additional credit losses on securities for which OTTI has previously been recognized (455) Accumulated losses on securities that were disposed of during the period 24,422 Cumulative credit loss at end of year $ (169,702) 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: OTTI Recognized in Other Comprehensive Income (Loss) Change in Fair Value Since OTTI was Recognized (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 At December 31, 2020 and 2019, cash and invested assets of $53.5 billion and $51.6 billion, respectively, were on deposit with state agencies to meet regulatory requirements. There are no restrictions on these assets. At December 31, 2020 and 2019, 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, 2020
Receivables [Abstract]
Mortgage Loans on Real Estate	Mortgage Loans on Real Estate Our financing receivables consist of the following three portfolio segments: commercial mortgage loans, agricultural mortgage loans and residential mortgage loans. Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $75.3 million at December 31, 2020. December 31, 2020 2019 (Dollars in thousands) Commercial mortgage loans: Principal outstanding $ 3,580,154 $ 3,407,611 Deferred fees and costs, net (1,266) (899) Amortized cost 3,578,888 3,406,712 Valuation allowance (25,529) (8,979) Commercial mortgage loans, carrying value 3,553,359 3,397,733 Agricultural mortgage loans: Principal outstanding 245,807 51,303 Deferred fees and costs, net (634) (43) Amortized cost 245,173 51,260 Valuation allowance (2,130) (200) Agricultural mortgage loans, carrying value 243,043 51,060 Residential mortgage loans: Principal outstanding 366,320 — Deferred fees and costs, net 925 — Unamortized discounts and premiums, net 5,212 — Amortized cost 372,457 — Valuation allowance (3,370) — Residential mortgage loans, carrying value 369,087 — Mortgage loans, carrying value $ 4,165,489 $ 3,448,793 Our commercial mortgage loan portfolio consists of loans collateralized by the related properties and diversified as to property type, location and loan size. Our 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 commercial mortgage loan portfolio is summarized by geographic region and property type as follows: December 31, 2020 2019 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 699,741 19.5 % $ 645,991 19.0 % Middle Atlantic 281,971 7.9 % 284,597 8.4 % Mountain 391,025 10.9 % 389,892 11.4 % New England 24,774 0.7 % 9,152 0.3 % Pacific 659,743 18.4 % 618,336 18.1 % South Atlantic 832,739 23.3 % 751,199 22.0 % West North Central 266,050 7.4 % 288,413 8.5 % West South Central 424,111 11.9 % 420,031 12.3 % $ 3,580,154 100.0 % $ 3,407,611 100.0 % Property type distribution Office $ 297,065 8.3 % $ 250,287 7.3 % Medical Office 20,584 0.6 % 29,990 0.9 % Retail 1,187,484 33.2 % 1,225,670 36.0 % Industrial/Warehouse 929,325 25.9 % 896,558 26.3 % Apartment 939,084 26.2 % 858,679 25.2 % Mixed Use/Other 206,612 5.8 % 146,427 4.3 % $ 3,580,154 100.0 % $ 3,407,611 100.0 % Our agricultural mortgage loan portfolio consists of loans with an outstanding principal balance of $245.8 million. These loans are collateralized by agricultural land and are diversified as to location within the United States. Our residential mortgage loan portfolio consists of loans with an outstanding principal balance of $366.3 million that have been purchased throughout 2020. These loans are collateralized by the related properties and diversified as to location within the United States. Mortgage loans on real estate are generally reported at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Interest income is included in Net investment income on our consolidated statements of operations. Accrued interest receivable, which was $16.6 million as of December 31, 2020, is included in Accrued investment income on our consolidated balance sheets. Loan Valuation Allowance We establish a valuation allowance to provide for the risk of credit losses inherent in our mortgage loan portfolios. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost, which excludes accrued interest receivable. We do not measure a credit loss allowance on accrued interest receivable as we write off any uncollectible accrued interest receivable balances to net investment income in a timely manner. We did not charge off any uncollectible accrued interest receivable on our commercial, agricultural or residential mortgage loan portfolios for the year ended December 31, 2020. The valuation allowance for commercial mortgage loans is calculated by pooling our loans based on risk rating and property collateral type and applying an estimated loss ratio against each risk pool. Risk ratings are based on an analysis of the current state of the borrower's credit quality, which considers factors such as loan-to-value ("LTV") and debt service coverage ("DSC") ratios, loan performance and economic outlook, among others. The loss ratios are generally based upon historical loss experience for each risk pool and are adjusted for current and forecasted economic factors management believes to be relevant and supportable. Economic factors are forecasted for two years with immediate reversion to historical experience. A commercial loan is individually evaluated for impairment if it does not continue to share similar risk characteristics of a pool. A commercial mortgage loan that is individually evaluated 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. The valuation allowances for agricultural and residential mortgage loans are estimated by deriving probability of default and recovery rate assumptions based on the characteristics of the loans in our portfolio, historical economic data and loss information, and current and forecasted economics conditions. Key loan characteristics impacting the estimate include delinquency status, time to maturity, original credit scores and loan-to-value ratios. The following table represents a rollforward of the valuation allowance on our mortgage loan portfolios: Year Ended December 31, 2020 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance (1) $ (17,579) $ (200) $ — $ (17,779) Charge-offs 1,485 — — 1,485 Recoveries 712 — — 712 Change in provision for credit losses (10,147) (1,930) (3,370) (15,447) Ending allowance balance $ (25,529) $ (2,130) $ (3,370) $ (31,029) (1) Upon adoption of authoritative guidance effective January 1, 2020, we updated our accounting policies and methodology for calculating the general loan loss allowance, resulting in an adjustment to our mortgage loan valuation allowance. See Note 1 - Significant Accounting Policies for further details. 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 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 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, 2020 and 2019. Credit Quality Indicators We evaluate the credit quality of our commercial and agricultural mortgage loans by analyzing LTV and DSC ratios and loan performance. We evaluate the credit quality of our residential mortgage loans by analyzing loan performance. LTV and DSC ratios for our commercial mortgage loans are originally calculated at the time of loan origination and are updated annually for each loan using information such as rent rolls, assessment of lease maturity dates and property operating statements, which are reviewed in the context of current leasing and in place rents compared to market leasing and market rents. A DSC ratio of less than 1.0 indicates that a property's operations do not generate sufficient income to cover debt payments. An LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the value of the underlying collateral. All of our commercial mortgage loans that have a debt service coverage ratio of less than 1.0 are performing under the original contractual loan terms at December 31, 2020. The amortized cost of our commercial mortgage loan portfolio by LTV and DSC ratios based on the most recent information collected was as follows at December 31, 2020 (by year of origination): 2020 2019 2018 2017 2016 Prior Total As of December 31, 2020: Amortized Average Amortized Average Amortized Average Amortized Average Amortized Average Amortized Average Amortized Average Debt Service Coverage Ratio: (Dollars in thousands) Greater than or equal to 1.5 $ 364,574 63 % $ 442,370 66 % $ 399,193 62 % $ 316,738 57 % $ 359,321 54 % $ 715,706 47 % $ 2,597,902 57 % Greater than or equal to 1.2 and less than 1.5 161,779 66 % 226,166 70 % 124,267 72 % 124,564 67 % 52,513 62 % 111,690 55 % 800,979 66 % Greater than or equal to 1.0 and less than 1.2 17,638 82 % 22,917 67 % 2,769 71 % 7,597 66 % — — % 32,327 65 % 83,248 69 % Less than 1.0 — — % 64,131 58 % 1,441 89 % 10,156 80 % — — % 21,031 60 % 96,759 61 % Total $ 543,991 65 % $ 755,584 67 % $ 527,670 64 % $ 459,055 60 % $ 411,834 55 % $ 880,754 49 % $ 3,578,888 59 % LTV and DSC ratios for our agricultural mortgage loans are calculated at the time of loan origination and are evaluated annually for each loan using land value averages. A DSC ratio of less than 1.0 indicates that a property's operations do not generate sufficient income to cover debt payments. An LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the value of the underlying collateral. All of our agricultural mortgage loans that have a debt service coverage ratio of less than 1.0 are performing under the original contractual loan terms at December 31, 2020. The amortized cost of our agricultural mortgage loan portfolio by LTV and DSC ratios based on the most recent information collected was as follows at December 31, 2020 (by year of origination): 2020 2019 2018 2017 2016 Prior Total As of December 31, 2020: Amortized Average Amortized Average Amortized Average Amortized Average Amortized Average Amortized Average Amortized Average Debt Service Coverage Ratio: (Dollars in thousands) Greater than or equal to 1.5 $ 78,631 52 % $ 13,985 47 % $ 25,000 11 % $ — — % $ — — % $ — — % $ 117,616 43 % Greater than or equal to 1.2 and less than 1.5 101,879 44 % 3,425 23 % — — % — — % — — % — — % 105,304 44 % Greater than or equal to 1.0 and less than 1.2 4,213 37 % 6,573 43 % — — % — — % — — % — — % 10,786 41 % Less than 1.0 11,467 48 % — — % — — % — — % — — % — — % 11,467 48 % Total $ 196,190 47 % $ 23,983 42 % $ 25,000 11 % $ — — % $ — — % $ — — % $ 245,173 43 % We closely monitor loan performance for our commercial, agricultural and residential mortgage loan portfolios. Aging of financing receivables is summarized in the following table (by year of origination): 2020 2019 2018 2017 2016 Prior Total As of December 31, 2020: (Dollars in thousands) Commercial mortgage loans Current $ 543,991 $ 755,584 $ 527,670 $ 459,055 $ 411,834 $ 880,754 $ 3,578,888 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total commercial mortgage loans $ 543,991 $ 755,584 $ 527,670 $ 459,055 $ 411,834 $ 880,754 $ 3,578,888 Agricultural mortgage loans Current $ 196,190 $ 23,983 $ 25,000 $ — $ — $ — $ 245,173 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total agricultural mortgage loans $ 196,190 $ 23,983 $ 25,000 $ — $ — $ — $ 245,173 Residential mortgage loans Current $ 321,779 $ 24,951 $ — $ — $ — $ — $ 346,730 30 - 59 days past due 25,150 299 — — — — 25,449 60 - 89 days past due 111 — — — — — 111 Over 90 days past due 167 — — — — — 167 Total residential mortgage loans $ 347,207 $ 25,250 $ — $ — $ — $ — $ 372,457 As of December 31, 2019, none of our mortgage loans were 30 days or more past due. Commercial, agricultural and residential mortgage loans are considered delinquent when they become 60 days or more past due. When loans become more than 90 days past due they are considered nonperforming and we place them on non-accrual status and discontinue recognizing interest income. If payments are received on a delinquent loan, interest income is recognized to the extent it would have been recognized if normal principal and interest would have been received timely. If payments are received to bring a delinquent loan back to current, we will resume accruing interest income on that loan. There was one loan in non-accrual status at December 31, 2020. We recognized no interest income on loans in non-accrual status during the year ended December 31, 2020. There were no loans in non-accrual status at December 31, 2019. We recognized no interest income on loans in non-accrual status during the years ended December 31 2019, and 2018. Collateral dependent loans consist of loans for which we will depend on the value of the collateral real estate to satisfy the outstanding principal of the loan. There were no collateral dependent commercial, agricultural or residential loans as of December 31, 2020 or December 31, 2019. Troubled Debt Restructuring 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.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 (Dollars in thousands) Assets Derivative instruments Call options $ 1,310,954 $ 1,355,989 Other assets Interest rate caps — 6 $ 1,310,954 $ 1,355,995 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives, net $ 7,938,281 $ 9,624,395 The changes in fair value of derivatives included in the consolidated statements of operations are as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Change in fair value of derivatives: Call options $ 34,604 $ 908,556 $ (778,899) Interest rate swap — (1,059) 869 Interest rate caps 62 (591) 182 $ 34,666 $ 906,906 $ (777,848) Change in fair value of embedded derivatives: Fixed index annuities - embedded derivatives $ (1,922,085) $ 562,302 $ (2,167,628) Other changes in difference between policy benefit reserves computed using derivative accounting vs. long-duration contracts accounting 635,298 891,740 778,137 $ (1,286,787) $ 1,454,042 $ (1,389,491) 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 - Fair Values of Financial Instruments . 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, 2020 2019 Counterparty Credit Rating (S&P) Credit Rating (Moody's) Notional Fair Value Notional Fair Value (Dollars in thousands) Bank of America A+ Aa2 $ 2,835,420 $ 95,378 $ 2,680,543 $ 80,692 Barclays A A1 5,710,978 277,692 5,753,868 217,536 Canadian Imperial Bank of Commerce A+ Aa2 6,593,815 279,053 4,110,525 154,917 Citibank, N.A. A+ Aa3 3,118,979 96,757 4,075,544 109,046 Credit Suisse A+ Aa3 4,422,798 78,823 4,526,414 116,659 J.P. Morgan A+ Aa2 3,600,636 54,762 4,703,234 151,651 Morgan Stanley A+ Aa3 2,856,466 62,969 1,886,995 41,253 Royal Bank of Canada AA- A2 1,289,699 32,753 2,565,202 101,511 Societe Generale A A1 1,494,904 34,394 3,280,286 139,101 Truist A A2 2,375,124 96,573 2,051,229 74,910 Wells Fargo A+ Aa2 4,848,541 196,801 4,221,408 163,520 Exchange traded 214,819 4,999 191,948 5,193 $ 39,362,179 $ 1,310,954 $ 40,047,196 $ 1,355,989 As of December 31, 2020 and 2019, we held $1.3 billion and $1.3 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 $35.1 million and $25.2 million at December 31, 2020 and 2019, 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 - Subordinated Debentures

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 (Dollars in thousands) Balance at beginning of year $ 2,923,454 $ 3,535,838 $ 2,714,523 Costs deferred during the year: Commissions 251,429 419,165 384,432 Policy issue costs 3,725 3,351 3,790 Amortization: Amortization (2,769) (280,699) (358,563) Impact of unlocking (646,785) 192,982 30,572 Effect of net unrealized gains/losses (483,242) (947,183) 761,084 Balance at end of year $ 2,045,812 $ 2,923,454 $ 3,535,838 Sales inducements deferred and amortized are as follows: December 31, 2020 2019 2018 (Dollars in thousands) Balance at beginning of year $ 1,966,723 $ 2,516,721 $ 2,001,892 Costs deferred during the year 93,610 177,941 179,465 Amortization: Amortization (10,063) (193,292) (243,666) Impact of unlocking (428,101) 104,707 21,465 Effect of net unrealized gains/losses (293,312) (639,354) 557,565 Balance at end of year $ 1,328,857 $ 1,966,723 $ 2,516,721 The following table presents a rollforward of the liability for lifetime income benefit riders (net of coinsurance ceded): December 31, 2020 2019 2018 (Dollars in thousands) Balance at beginning of year $ 1,303,451 $ 808,167 $ 704,441 Benefit expense accrual 311,211 179,901 157,333 Impact of unlocking 285,825 315,383 (53,607) Claim payments — — — Balance at end of year $ 1,900,487 $ 1,303,451 $ 808,167 We periodically update 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/margins (including the impact of realized investment gains and losses) to be realized from a group of products are revised. In addition, we periodically update the assumptions used in determining the liability for lifetime income benefit riders. We review these assumptions quarterly and as a result of these reviews, we made updates to assumptions in 2020, 2019 and 2018. 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 updates made in 2020 were to investment spread assumptions, including the net investment earned rate and crediting rates on policies, as well as updates to lapse rate and partial withdrawal assumptions. Due to the current economic and low interest rate environments, we updated our assumption for aggregate investment spread to 2.40% in the near-term increasing to 2.60% over an eight eight We updated lapse rate and partial withdrawal assumptions based on actual historical experience. For certain annuity products without a lifetime income benefit rider, lapse rate and partial withdrawal assumptions were increased while for certain annuity products with a lifetime income benefit rider, lapse rate and partial withdrawal assumptions were decreased. The net impact of the updates to lapse rate and partial withdrawal assumptions resulted in lower expected future gross profits as compared to previous estimates and a decrease in the balances of deferred policy acquisition costs and deferred sales inducements. The net impact of the updates to lapse rate and partial withdrawal assumptions resulted in an increase in the liability for lifetime income benefit riders due to a greater amount of expected benefit payments in excess of account values. The most significant assumption updates made during 2019 were to lapse and utilization assumptions. We had 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 resulted in an expectation that more policyholders will turn on their lifetime income benefit 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 resulted 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 resulted in an increase in the balances of deferred policy acquisition costs and deferred sales inducements. Our historical experience also indicated that the ultimate utilization of certain lifetime income benefit riders was 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 reserve for lifetime income benefit riders from the change in lapse assumptions. In addition, we updated our assumptions regarding future crediting/discount rates. We assumed a 3.80% U.S. Treasury rate with a 20 year mean revision period. Our assumption for aggregate investment spread was 2.60% which translated 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 cohorts changed with the use of an aggregate portfolio yield across all cohorts. This assumption update resulted in a change in the allocation of profitability by 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 updates 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 updates to lower our future investment spread assumptions primarily due to an increase in the cost of money we had been experiencing.

Reinsurance and Policy Provisio

Reinsurance and Policy Provisions	12 Months Ended
	Dec. 31, 2020
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 $428.0 million and $481.9 million at December 31, 2020 and 2019, 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. The balance due under these agreements to EquiTrust was $9.7 million and $10.7 million at December 31, 2020 and 2019, 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 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 third agreement cedes 80% of certain 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 any of the Athene agreements may not be recaptured. Coinsurance deposits (aggregate policy benefit reserves transferred to Athene under these agreements) were $4.4 billion and $4.6 billion at December 31, 2020 and 2019, 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. The balance due under these agreements to Athene was $105.8 million and $100.2 million at December 31, 2020 and 2019, 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. Effective January 1, 2021, no new business is being ceded to Athene. Amounts ceded to EquiTrust and Athene under these agreements are as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Consolidated Statements of Operations Annuity product charges $ 7,021 $ 7,792 $ 7,074 Change in fair value of derivatives 43,080 97,195 (41,487) $ 50,101 $ 104,987 $ (34,413) Interest sensitive and index product benefits $ 152,485 $ 132,127 $ 165,485 Change in fair value of embedded derivatives 4,352 109,002 (92,649) Other operating costs and expenses 17,663 18,778 20,415 $ 174,500 $ 259,907 $ 93,251 Consolidated Statements of Cash Flows Annuity deposits $ (35,667) $ (290,040) $ (413,222) Cash payments to policyholders 466,311 381,276 389,384 $ 430,644 $ 91,236 $ (23,838) We calculate estimated losses on reinsurance recoverable balances by determining an expected loss ratio. The expected loss ratio is based on industry historical loss experience and expected recovery timing adjusted for certain current and forecasted environmental factors management believes to be relevant. Estimated losses related to our reinsurance recoverable balances were $1.9 million as of December 31, 2020. 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 incentivizes us to 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 $1.4 billion and $1.2 billion at December 31, 2020 and 2019, 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 $44.7 million, $37.8 million, and $30.8 million during 2020, 2019 and 2018, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 (Dollars in thousands) Consolidated statements of operations: Current income taxes $ 3,430 $ 12,528 $ 120,289 Deferred income taxes (benefits) 141,071 56,947 (12,563) Total income tax expense included in consolidated statements of operations 144,501 69,475 107,726 Stockholders' equity: Expense (benefit) relating to: Adoption of expected credit loss model (2,543) — — Change in net unrealized investment losses 247,578 412,117 (240,459) Total income tax expense (benefit) included in consolidated financial statements $ 389,536 $ 481,592 $ (132,733) 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, 2020, 2019, and 2018 as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Income before income taxes $ 815,961 $ 315,565 $ 565,742 Income tax expense on income before income taxes $ 171,352 $ 66,269 $ 118,806 Tax effect of: State income taxes 5,749 5,111 5,777 Tax exempt net investment income (4,602) (4,385) (4,223) Tax rate differential on net operating loss carryback (30,041) — — Worthless stock deduction — — (7,448) Other 2,043 2,480 (5,186) Income tax expense $ 144,501 $ 69,475 $ 107,726 Effective tax rate 17.7 % 22.0 % 19.0 % The effective tax rate for the year ended December 31, 2020 was positively impacted by $30.0 million related to the provision of the CARES ACT which allowed net operating losses for 2018 through 2020 to be carried back to previous tax years in which a 35% statutory tax rate was in effect. 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, 2020 and 2019, are as follows: December 31, 2020 2019 (Dollars in thousands) Deferred income tax assets: Policy benefit reserves $ 1,463,227 $ 1,733,672 Credit losses/Impairments 28,519 15,166 Amounts due reinsurer — 8,784 Other policyholder funds 3,789 4,359 Deferred compensation 2,161 3,705 Share-based compensation 2,189 2,775 Net operating loss carryforwards — 37,509 Other 3,569 14,677 Gross deferred tax assets 1,503,454 1,820,647 Deferred income tax liabilities: Deferred policy acquisition costs and deferred sales inducements (1,146,016) (1,303,385) Net unrealized gains on available for sale fixed maturity securities (639,769) (392,189) Derivative instruments (119,444) (109,287) Policy benefit reserves (123,270) (147,924) Investment income items (28,719) (42,105) Amounts due reinsurer (5,636) — Other (4,603) (3,654) Gross deferred tax liabilities (2,067,457) (1,998,544) Net deferred income tax liability $ (564,003) $ (177,897) 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, 2020 and 2019. There were no material income tax contingencies requiring recognition in our consolidated financial statements as of December 31, 2020. We are no longer subject to income tax examinations by tax authorities for years 2016 and prior. At December 31, 2020, we have no net operating loss carryforwards for federal income tax purposes.

Notes Payable and Amounts Due U

Notes Payable and Amounts Due Under Repurchase Agreements	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Notes Payable and Amounts Due Under Repurchase Agreements	Notes Payable and Amounts Due Under Repurchase Agreements Notes payable includes the following: December 31, 2020 2019 (Dollars in thousands) Senior notes due 2027 Principal $ 500,000 $ 500,000 Unamortized debt issue costs (4,086) (4,607) Unamortized discount (246) (277) $ 495,668 $ 495,116 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. 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%. Under this agreement, we are 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, 2020 and 2019. As of December 31, 2020, $1,038.0 million is unrestricted and could be distributed to shareholders and still be in compliance with all covenants under this credit agreement.

Subordinated Debentures

Subordinated Debentures	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019: December 31, 2020 2019 Interest Rate Due Date (Dollars in thousands) American Equity Capital Trust II $ 78,112 $ 77,822 5% June 1, 2047 American Equity Capital Trust III — 27,840 *LIBOR + 3.90% April 29, 2034 American Equity Capital Trust IV — 12,372 *LIBOR + 4.00% January 8, 2034 American Equity Capital Trust XII — 41,238 *LIBOR + 3.50% April 7, 2036 78,112 159,272 Unamortized debt issue costs — (2,007) $ 78,112 $ 157,265 *—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, 2020
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 $19,500 in 2020, $19,000 in 2019 and $18,500 in 2018) 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 $2.4 million, $1.8 million and $1.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table summarizes compensation expense recognized for employees and directors as a result of share-based compensation: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) ESOP $ 2,908 $ 2,547 $ 2,194 Employee Incentive Plans 7,855 6,559 5,434 Director Equity Plans 1,056 922 966 $ 11,819 $ 10,028 $ 8,594 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. During 2020, the 2016 Employee Incentive Plan ("2016 Plan") was amended and renamed the American Equity Investment Life Holding Company Amended and Restated Equity Incentive Plan ("Amended Plan"). The Amended Plan increased the number of shares of Common stock reserved for issuance by 3,000,000 shares to 5,500,000 shares of our Common stock which may be issued in the form of grants of options, stock appreciation rights, restricted stock awards and restricted stock units. In addition, the Amended Plan allows for awards to be granted to members of the Board of Directors of the Company. At December 31, 2020, we had 3,485,509 shares of common stock available for future grant under the Amended Plan. In 2016, we adopted the 2016 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. As the 2016 Plan was amended and replaced by the Amended Plan, at December 31, 2020, there were no shares of common stock available for future grant under the 2016 Plan. We have a long-term performance incentive plan under which certain members of our senior management team are granted performance-based restricted stock units pursuant to the Amended Plan or the 2016 Plan. During 2020 , 2019 and 2018, we granted 217,781 , 152,678 and 105,617 restricted stock units under these plans, respectively. For the 2020, 2019 and 2018 grants, vesting is tied to threshold, target and maximum performance goals for the three three During 2020, 2019 and 2018 we granted 133,429, 72,696 and 85,500, respectively, time-based restricted stock units to employees under the Amended Plan or the 2016 Plan. These grants vest one During 2018, we issued 36,270 shares of restricted common stock under the 2016 Plan to certain employees. These shares will generally vest on the date three During 2020, we granted 105,809 options to employees under the Amended Plan or the 2016 Plan at an exercise price equal to the fair market value of our common stock on the date of grant. These options vest over a period of three During 2020, we granted 709,958 performance-based options ("Performance Options") to employees under the Amended Plan at an exercise price equal to the fair market value of our common stock on the date of grant. These Performance Options vest based upon the timing of meeting the market condition of a 30-day volume weighted average common stock price of $37.00 per common share. Fifty percent of the Performance Options granted vest upon the later of: (i) the market condition noted above being met; and (ii) the one year anniversary of the Grant Date. The remaining fifty percent of the Performance Options granted vest on the one year anniversary of the vesting of the initial fifty percent of the Performance Options. If the Company does not achieve the market condition on or before the fifth anniversary of the Grant Date, the Performance Options shall be forfeited. Compensation expense for the Performance Options is recognized over the requisite service period. During 2020, we issued 51,450 shares of common stock under the Amended Plan to our Directors, 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. The 2013 Director Equity and Incentive Plan authorized 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 and 2018, we issued 32,000 and 28,600 shares of common stock, respectively, all of which are restricted stock, and which vested 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, 2020, there were no 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, 2020, we had 730,564 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 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 2021, agents vested in 41,735 restricted stock units granted in January 2017 based on their continued service as an independent agent and their 2020 individual sales of our products, and for which we recorded commission expense (capitalized as deferred policy acquisition costs) of $0.9 million in 2020. In January 2016, American Equity Life's agents were granted 650,683 restricted stock units based on their production during 2015. 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. In January 2021, agents vested in 4,042 restricted stock units granted in January 2016 based on their continued service as an independent agent and their 2020 individual sales of our products, and for which we recorded commission expense (capitalized as deferred policy acquisition costs) of $0.1 million in 2020. 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 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 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 six three 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, 2020, 2019 and 2018 are as follows: Number of Weighted-Average Total (Dollars in thousands, except per share data) Outstanding at January 1, 2018 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 Granted 815,767 26.70 21,778 Canceled (31,200) 21.50 (670) Exercised (355,563) 16.98 (6,038) Outstanding at December 31, 2020 1,257,917 25.10 $ 31,576 The following table summarizes information about stock options outstanding at December 31, 2020: Stock Options Outstanding Stock Options Vested Range of Exercise Prices Number of Remaining Weighted-Average Number of Remaining Weighted-Average $10.52 - $12.26 87,000 0.92 $ 11.42 87,000 0.92 $ 11.42 $21.89 - $26.70 460,959 2.17 24.68 355,150 0.04 24.79 $27.05 709,958 9.88 27.05 — 0.00 — $10.52 - $27.05 1,257,917 6.44 25.10 442,150 0.21 22.16 The aggregate intrinsic value for stock options outstanding and vested awards was $3.2 million and $2.4 million, respectively, at December 31, 2020. For the years ended December 31, 2020, 2019 and 2018, the total intrinsic value of options exercised by officers, directors and employees was $2.2 million, $3.4 million and $3.0 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, 2020, 2019 and 2018 was $6.0 million, $4.4 million and $10.0 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, 2020 and 2019, these individuals have earned, and we have reserved for future issuance, 4,500 and 335,875 shares of common stock, respectively, pursuant to these arrangements. No equity-based deferred compensation arrangements were in effect during 2020, 2019 or 2018. 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 $0.8 million and $1.3 million at December 31, 2020 and 2019, respectively. The Officer Rabbi Trust held 27,661 shares and 30,532 shares of our common stock at December 31, 2020 and 2019, respectively, which are treated as treasury shares.

Statutory Financial Information

Statutory Financial Information and Dividend Restrictions	12 Months Ended
	Dec. 31, 2020
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 (loss) for our primary life insurance subsidiary as determined in accordance with statutory accounting practices was as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) American Equity Life $ (34,467) $ 143,309 $ 210,049 Statutory capital and surplus for our primary life insurance subsidiary was as follows: December 31, 2020 2019 (Dollars in thousands) American Equity Life $ 3,728,732 $ 3,490,196 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, 2020, American Equity Life's use of prescribed statutory accounting practices resulted in lower statutory capital and surplus of $366.3 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, 2019, American Equity Life's use of the same prescribed statutory accounting practice resulted in lower statutory capital and surplus of $411.7 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, 2020 2019 (Dollars in thousands) Total adjusted capital $ 3,978,901 $ 3,824,457 Company Action Level RBC 1,069,434 1,028,662 Ratio of adjusted capital to Company Action Level RBC 372 % 372 % 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 $372.9 million as of December 31, 2020. No dividends were paid by any of our insurance subsidiaries for any of the years presented in these financial statements.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
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, 2020, 2019 and 2018 totaled $4.2 million, $3.3 million and $3.2 million, respectively. At December 31, 2020, the aggregate future minimum lease payments are $11.2 million. The following represents payments due by period for operating lease obligations as of December 31, 2020 (dollars in thousands): Year Ending December 31: 2021 $ 2,354 2022 2,085 2023 1,866 2024 1,832 2025 1,711 2026 and thereafter 1,397 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 Securities and Exchange Commission ("SEC") and the Department of Labor, 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.

Earnings Per Common Share and S

Earnings Per Common Share and Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share and Stockholders' Equity	Earnings Per Common Share and Stockholders' Equity Earnings Per Common Share The following table sets forth the computation of earnings per common share and earnings per common share - assuming dilution: Year Ended December 31, 2020 2019 2018 (Dollars in thousands, except per share data) Numerator: Net income available to common stockholders - numerator for earnings per common share $ 637,945 $ 246,090 $ 458,016 Denominator : Weighted average common shares outstanding 92,055,035 91,139,453 90,347,915 Effect of dilutive securities: Stock options and deferred compensation agreements 93,014 304,196 709,433 Restricted stock and restricted stock units 244,447 338,593 365,237 Denominator for earnings per common share - assuming dilution 92,392,496 91,782,242 91,422,585 Earnings per common share $ 6.93 $ 2.70 $ 5.07 Earnings per common share - assuming dilution $ 6.90 $ 2.68 $ 5.01 There were no options to purchase shares of our common stock outstanding excluded from the computation of diluted earnings per common share during the years ended December 31, 2020, 2019 and 2018, 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 June 10, 2020, we issued 12,000 shares of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B ("Series B") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $290.3 million. On November 21, 2019 we issued 16,000 shares of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A ("Series A") 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 all of our floating rate subordinated debentures. See Note 10 - Subordinated Debentures for more information on the redemption of our subordinated debentures. Dividends on the Series A and Series B preferred stock are payable on a non-cumulative basis only when, as and if declared, quarterly in arrears on the first day of March, June, September and December of each year, commencing on March 1, 2020 for Series A and on December 1, 2020 for Series B. For the year ended December 31, 2020, we paid dividends totaling $24.5 million and $9.0 million on the Series A preferred stock and Series B preferred stock, respectively. The Series A and Series B preferred stock rank senior to our common stock with respect to dividends, to the extent declared, and in liquidation, to the extent of the liquidation preference. The Series A and Series B preferred stock are not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions. Brookfield Asset Management Equity Investment On October 18, 2020, we announced an agreement with Brookfield Asset Management, Inc. and its affiliated entities (collectively, "Brookfield") under which Brookfield will acquire up to a 19.9% ownership interest in the Company. The equity investment by Brookfield will take place in two stages: an initial purchase of a 9.9% equity interest at $37.00 per share which closed on November 30, 2020 with Brookfield purchasing 9,106,042 shares, and a second purchase of up to an incremental 10.0% equity interest, at the greater value of $37.00 per share or adjusted book value per share (excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives). The second equity investment is subject to finalization of a proposed reinsurance transaction that has been agreed to in principle, receipt of applicable regulatory approvals and other closing conditions. Brookfield also received one seat on the Company’s Board of Directors following the i nitial equity investment. Share Repurchase Program On October 18, 2020, the Company's Board of Directors approved a $500 million share repurchase program. The purpose of the share repurchase program is to both offset dilution from the issuance of shares to Brookfield and to institute a regular cash return program for shareholders. We started the buyback program on October 30, 2020 and repurchased 1.9 million shares of our common stock for $50 million in the open market. On November 30, 2020 we entered into an accelerated share repurchase (ASR) agreement with Citibank, N.A. to repurchase an aggregate of $115 million of our common stock. Under the ASR agreement, we received an initial share delivery of approximately 3.5 million shares. The final settlement of 0.5 million shares, which was based on the volume-weighted average price of our common stock during the term of the transaction, less a discount and subject to customary adjustments, was delivered on February 25, 2021. The average price paid for shares repurchased under the ASR was $28.45 per common share. The ASR agreement was determined to be an equity contract. Treasury Stock As of December 31, 2020, we held 6,516,525 shares of treasury stock with a carrying value of $151.6 million. As of December 31, 2019, we held 1,344,193 shares of treasury stock with a carrying value of $11.9 million.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2020
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) 2020 Premiums and product charges $ 67,213 $ 74,470 $ 72,684 $ 76,242 Net investment income 573,318 543,704 543,331 521,725 Change in fair value of derivatives (941,874) 327,662 205,011 443,867 Net realized losses on investments (20,336) (25,888) (22,321) (12,135) Loss on extinguishment of debt (2,024) — — — Total revenues (323,703) 919,948 798,705 1,029,699 Net income (loss) available to common stockholders 236,336 (253,379) 661,250 (6,262) Earnings (loss) per common share 2.58 (2.76) 7.20 (0.07) Earnings (loss) per common share - assuming dilution 2.57 (2.76) 7.17 (0.07) 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 (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) available to common stockholders (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 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) 2020 $ (94,557) $ 332,519 $ (923,874) $ 71,133 2019 118,491 78,397 196,396 (100,305)

Schedule I - Summary of Investm

Schedule I - Summary of Investments - Other Than Investments in Related Parties	12 Months Ended
	Dec. 31, 2020
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, 2020 Column A Column B Column C Column D Type of Investment Amortized Fair Amount at (Dollars in thousands) Fixed maturity securities: Available for sale: United States Government full faith and credit $ 37,471 $ 39,771 $ 39,771 United States Government sponsored agencies 995,465 1,039,551 1,039,551 United States municipalities, states and territories 3,236,767 3,776,131 3,776,131 Foreign government obligations 177,062 202,706 202,706 Corporate securities 26,745,196 31,156,827 31,156,827 Residential mortgage backed securities 1,399,956 1,512,831 1,512,831 Commercial mortgage backed securities 4,119,650 4,261,227 4,261,227 Other asset backed securities 5,593,169 5,549,849 5,549,849 Total fixed maturity securities 42,304,736 47,538,893 47,538,893 Mortgage loans on real estate 4,165,489 4,327,885 4,165,489 Derivative instruments 363,276 1,310,954 1,310,954 Other investments 590,078 590,078 Total investments $ 47,423,579 $ 53,605,414 (1) On the basis of cost adjusted for 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, 2020
Condensed Financial Information Disclosure [Abstract]
Schedule II - Condensed Financial Information of Registrant	December 31, 2020 2019 Assets Cash and cash equivalents $ 486,670 $ 332,526 Equity securities of subsidiary trusts 2,343 4,785 Receivable from subsidiaries 2,418 1,210 Deferred income taxes — 5,818 Other assets 3,078 3,067 494,509 347,406 Investment in and advances to subsidiaries 6,674,652 4,891,431 Total assets $ 7,169,161 $ 5,238,837 Liabilities and Stockholders' Equity Liabilities: Notes payable $ 495,668 $ 495,116 Subordinated debentures payable to subsidiary trusts 78,112 157,265 Deferred income taxes 590 — Federal income tax payable 5,395 9,274 Other liabilities 14,680 7,063 Total liabilities 594,445 668,718 Stockholders' equity: Preferred stock, Series A 16 16 Preferred stock, Series B 12 — Common stock 95,721 91,107 Additional paid-in capital 1,681,127 1,212,311 Accumulated other comprehensive income 2,429,285 1,497,921 Retained earnings 2,368,555 1,768,764 Total stockholders' equity 6,574,716 4,570,119 Total liabilities and stockholders' equity $ 7,169,161 $ 5,238,837 See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. Year Ended December 31, 2020 2019 2018 Revenues: Net investment income $ 1,115 $ 1,755 $ 773 Dividends from subsidiary trusts 167 469 461 Dividends from dissolved subsidiaries — — 10,393 Investment advisory fees 114,228 107,945 92,335 Surplus note interest from subsidiary 4,080 4,080 4,080 Change in fair value of derivatives 62 (1,650) 1,051 Loss on extinguishment of debt (2,024) (2,001) — Other 346 — — Total revenues 117,974 110,598 109,093 Expenses: Interest expense on notes payable 25,552 25,525 25,498 Interest expense on subordinated debentures issued to subsidiary trusts 5,557 15,764 15,491 Other operating costs and expenses 46,686 28,357 18,579 Total expenses 77,795 69,646 59,568 Income before income taxes and equity in undistributed income of subsidiaries 40,179 40,952 49,525 Income tax expense 13,142 11,586 2,603 Income before equity in undistributed income of subsidiaries 27,037 29,366 46,922 Equity in undistributed income of subsidiaries 644,423 216,724 411,094 Net income 671,460 246,090 458,016 Less: Preferred stock dividends 33,515 — — Net income available to common stockholders $ 637,945 $ 246,090 $ 458,016 See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. Year Ended December 31, 2020 2019 2018 Operating activities Net income $ 671,460 $ 246,090 $ 458,016 Adjustments to reconcile net income to net cash provided by operating activities: Provision for depreciation and amortization 1,138 1,136 916 Accrual of discount on equity security (3) (8) (8) Equity in undistributed income of subsidiaries (644,423) (216,724) (411,094) Change in fair value of derivatives (62) 945 (1,325) Loss on extinguishment of debt 2,024 2,001 — Accrual of discount on debenture issued to subsidiary trust 289 270 254 Share-based compensation 3,303 2,923 1,626 Deferred income taxes 6,408 2,087 40 Changes in operating assets and liabilities: Receivable from subsidiaries (1,208) (40) (1,004) Federal income tax recoverable/payable (3,879) 382 9,951 Other assets (320) (1,229) (229) Other liabilities 7,617 (1,846) 4,860 Net cash provided by operating activities 42,344 35,987 62,003 Investing activities Repayment of equity securities $ 2,445 $ 2,660 $ — Contribution to subsidiaries (210,000) (50,000) — Purchases of property, plant and equipment (48) (117) (29) Net cash used in investing activities (207,603) (47,457) (29) Financing activities Repayment of subordinated debentures $ (81,450) $ (88,160) $ — Proceeds from issuance of common stock 338,061 1,691 9,681 Acquisition of treasury stock (165,094) — — Proceeds from issuance of preferred stock, net 290,260 388,893 — Dividends paid on common stock (28,859) (27,304) (25,265) Dividends paid on preferred stock (33,515) — — Net cash provided by (used in) financing activities 319,403 275,120 (15,584) Increase in cash and cash equivalents 154,144 263,650 46,390 Cash and cash equivalents at beginning of year 332,526 68,876 22,486 Cash and cash equivalents at end of year $ 486,670 $ 332,526 $ 68,876 Supplemental disclosures of cash flow information Cash paid during the year for: Interest on notes payable $ 25,000 $ 25,000 $ 25,000 Interest on subordinated debentures 6,181 16,891 13,593 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 Note 9 - Notes Payable and Amounts Due Under Repurchase Agreements and Note 10 - Subordinated Debentures 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, 2020
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 Future policy Unearned Other policy (Dollars in thousands) As of December 31, 2020: Life insurance $ 2,045,812 $ 61,768,246 $ — $ 240,904 As of December 31, 2019: $ 2,923,454 $ 61,893,945 $ — $ 256,105 As of December 31, 2018: $ 3,535,838 $ 57,606,009 $ — $ 270,858 Column A Column F Column G Column H Column I Column J Premium Net Benefits, Amortization Other (Dollars in thousands) For the year ended December 31, 2020: Life insurance $ 290,609 $ 2,182,078 $ 744,389 $ 649,554 $ 214,745 For the year ended December 31, 2019: $ 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 See accompanying Report of Independent Registered Public Accounting Firm.

Schedule IV - Reinsurance

Schedule IV - Reinsurance	12 Months Ended
	Dec. 31, 2020
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 Assumed Net amount Percent of (Dollars in thousands) Year ended December 31, 2020 Life insurance in force, at end of year $ 52,234 $ 5,925 $ 49,577 $ 95,886 51.70 % Insurance premiums and other considerations: Annuity product charges $ 258,248 $ 7,021 $ — $ 251,227 — Traditional life, accident and health insurance, and life contingent immediate annuity premiums 39,323 139 198 39,382 0.50 % $ 297,571 $ 7,160 $ 198 $ 290,609 0.07 % 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 % 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, 2020
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 Charged to Costs Translation Write-offs/ Balance (Dollars in thousands) Year ended December 31, 2020 (1) Valuation allowance on mortgage loans $ (17,779) $ (15,447) $ — $ 2,197 $ (31,029) Valuation allowance on available for sale fixed maturity securities — (94,560) — 29,789 (64,771) Valuation allowance on coinsurance deposits (3,238) 1,350 — — (1,888) 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) See accompanying Report of Independent Registered Public Accounting Firm. (1) Upon adoption of authoritative guidance effective January 1, 2020, we updated our accounting policies and methodology for calculating the valuation allowance on mortgage loans, available for sale fixed maturity securities and coinsurance deposits, resulting in an adjustment to the valuation allowances. See Note 1 - Significant Accounting Policies for further details.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Consolidation and Basis of Presentation, Policy	Consolidation and Basis of PresentationThe 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, allowances for credit losses on available-for-sale fixed maturity securities, 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 - Fair Value of Financial Instruments 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. Beginning in 2020, available-for-sale fixed maturity securities are subject to an allowance for credit loss and changes in the allowance are reported in net income as a component of net realized gains (losses) on investments. Prior to 2020, the amortized cost of available-for-sale fixed maturity securities was adjusted for declines in value that were other than temporary and impairments in value deemed to be other than temporary were reported as other than temporary impairment losses on investments. See Note 3 - Investments for further discussion of the allowance for credit losses on available for sale fixed maturity securities and other than temporary impairment losses. Mortgage loans on real estate are reported at cost adjusted for amortization of premiums and accrual of discounts and net of valuation allowances. 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. Interest income on impaired loans is recorded on a cash basis. Any changes in the loan valuation allowances are reported in net realized gains (losses) on investments. See Note 4 - Mortgage Loans on Real Estate for further discussion of the valuation allowance on the mortgage loan portfolios. 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 credit loss 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 credit loss. 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 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 an allowance for credit loss should be established 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 have credit loss 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, credit loss 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, a credit loss would be recognized in operations for 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 recognized credit loss is limited to the total unrealized loss on the security (i.e., the fair value floor). 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 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 credit loss. 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, 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. We do not measure a credit loss allowance on accrued interest receivable as we write off any accrued interest receivable balance to net investment income in a timely manner when we have concerns regarding collectability. Amounts on available for sale fixed maturities that are deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if we intend to sell a security or when it is more likely than not we will be required to sell the security before the recovery of its amortized cost.
Derivative Instruments, Policy	Derivative Instruments Our derivative instruments include call options used to fund fixed index annuity credits. Prior to the redemption of our floating rate subordinated debentures in 2019 and 2020, our derivative instruments also included an interest rate swap and interest rate caps which were 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 - Derivative Instruments 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 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. During 2020, the Company decided to wind down its securities lending program. As of December 31, 2020 and 2019 , the fair value of loaned securities was $0.1 million and $477.5 million, respectively, and is included in Fixed maturity securities, available for sale, at fair value in the consolidated balance sheets. As of December 31, 2020 and 2019 , collateral retained by the lending agent and invested in liquid assets on our behalf was $0.1 million and $495.1 million, respectively, and is recorded in Cash and cash equivalents in the consolidated balance sheets. As of December 31, 2020 and 2019 , liabilities to return collateral of $0.1 million and $495.1 million, respectively, 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) 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 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders 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) 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 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders 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, 2020, 2019 and 2018, interest crediting rates for these products ranged from 1.45% to 2.60%. 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 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders 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 - Reinsurance and Policy Provisions 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 - Reinsurance and Policy Provisions ), 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 February 2016, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("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. In June 2016, the FASB issued an ASU that significantly changed 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 fixed maturity securities will be recorded through an allowance account subsequent to the adoption of this ASU. We adopted this ASU on January 1, 2020. The adoption of this ASU resulted in an increase in our mortgage loan allowance for credit losses of $8.6 million and the recognition of an allowance for credit losses on our reinsurance recoverable/coinsurance deposits balances of $3.2 million on the date of adoption. Retained earnings was decreased by $9.3 million, which reflects the net of tax impact of the increase in the mortgage loan allowance for credit losses and the recognition of an allowance for credit losses on our reinsurance recoverable/coinsurance deposits balances on the date of adoption. New Accounting Pronouncements 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, 2023, the transition date (the remeasurement date) is January 1, 2021. Early adoption of this ASU is permitted. We are in the process of evaluating the impact this guidance will have on our consolidated financial statements.
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, Loan Valuation Allowance, Policy	Loan Valuation Allowance We establish a valuation allowance to provide for the risk of credit losses inherent in our mortgage loan portfolios. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost, which excludes accrued interest receivable. We do not measure a credit loss allowance on accrued interest receivable as we write off any uncollectible accrued interest receivable balances to net investment income in a timely manner. We did not charge off any uncollectible accrued interest receivable on our commercial, agricultural or residential mortgage loan portfolios for the year ended December 31, 2020. The valuation allowance for commercial mortgage loans is calculated by pooling our loans based on risk rating and property collateral type and applying an estimated loss ratio against each risk pool. Risk ratings are based on an analysis of the current state of the borrower's credit quality, which considers factors such as loan-to-value ("LTV") and debt service coverage ("DSC") ratios, loan performance and economic outlook, among others. The loss ratios are generally based upon historical loss experience for each risk pool and are adjusted for current and forecasted economic factors management believes to be relevant and supportable. Economic factors are forecasted for two years with immediate reversion to historical experience. A commercial loan is individually evaluated for impairment if it does not continue to share similar risk characteristics of a pool. A commercial mortgage loan that is individually evaluated 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.
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 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 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	Commercial, agricultural and residential mortgage loans are considered delinquent when they become 60 days or more past due. When loans become more than 90 days past due they are considered nonperforming and we place them on non-accrual status and discontinue recognizing interest income. If payments are received on a delinquent loan, interest income is recognized to the extent it would have been recognized if normal principal and interest would have been received timely. If payments are received to bring a delinquent loan back to current, we will resume accruing interest income on that loan. There was one loan in non-accrual status at December 31, 2020. We recognized no interest income on loans in non-accrual status during the year ended December 31, 2020. There were no loans in non-accrual status at December 31, 2019. We recognized no interest income on loans in non-accrual status during the years ended December 31 2019, and 2018. Collateral dependent loans consist of loans for which we will depend on the value of the collateral real estate to satisfy the outstanding principal of the loan.
Mortgage Loans on Real Estate, 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, 2020
Accounting Policies [Abstract]
Annuity Deposits (Net of Coinsurance), By Product Type	Annuity deposits (net of coinsurance) collected in 2020, 2019 and 2018, by product type were as follows: Year Ended December 31, Product Type 2020 2019 2018 (Dollars in thousands) Fixed index annuities $ 2,309,580 $ 4,603,490 $ 3,898,366 Annual reset fixed rate annuities 7,846 10,665 46,744 Multi-year fixed rate annuities 1,295,843 47,016 22,818 Single premium immediate annuities (SPIA) 33,461 12,002 23,813 $ 3,646,730 $ 4,673,173 $ 3,991,741

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 Carrying Fair Value Carrying Fair Value (Dollars in thousands) Assets Fixed maturity securities, available for sale $ 47,538,893 $ 47,538,893 $ 51,580,490 $ 51,580,490 Mortgage loans on real estate 4,165,489 4,327,885 3,448,793 3,536,446 Derivative instruments 1,310,954 1,310,954 1,355,989 1,355,989 Other investments 590,078 590,078 492,301 492,301 Cash and cash equivalents 9,095,522 9,095,522 2,293,392 2,293,392 Coinsurance deposits 4,844,927 4,411,051 5,115,013 4,635,926 Interest rate caps — — 6 6 Liabilities Policy benefit reserves 61,406,599 52,928,174 61,540,992 51,800,247 Single premium immediate annuity (SPIA) benefit reserves 240,226 247,679 255,698 263,773 Notes payable 495,668 567,345 495,116 541,520 Subordinated debentures 78,112 87,951 157,265 168,357
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, 2020 and 2019 are presented below based on the fair value hierarchy levels: Total Quoted Significant Significant (Dollars in thousands) December 31, 2020 Assets Fixed maturity securities, available for sale: United States Government full faith and credit $ 39,771 $ 33,940 $ 5,831 $ — United States Government sponsored agencies 1,039,551 — 1,039,551 — United States municipalities, states and territories 3,776,131 — 3,776,131 — Foreign government obligations 202,706 — 202,706 — Corporate securities 31,156,827 8 31,156,819 — Residential mortgage backed securities 1,512,831 — 1,512,831 — Commercial mortgage backed securities 4,261,227 — 4,261,227 — Other asset backed securities 5,549,849 — 5,549,849 — Derivative instruments 1,310,954 — 1,310,954 — Cash and cash equivalents 9,095,522 9,095,522 — — $ 57,945,369 $ 9,129,470 $ 48,815,899 $ — Liabilities Fixed index annuities - embedded derivatives $ 7,938,281 $ — $ — $ 7,938,281 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
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, 2020 December 31, 2019 December 31, 2020 December 31, 2019 1 - 5 1.22% 0.90% 2.63% 3.33% 6 - 10 1.50% 1.29% 3.14% 3.84% 11 - 15 5.66% 3.31% 3.58% 4.12% 16 - 20 7.08% 8.52% 3.79% 4.18% 20+ 7.36% 7.10% 3.63% 4.12%
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, 2020 and 2019 : Year Ended December 31, 2020 2019 (Dollars in thousands) Fixed index annuities - embedded derivatives Beginning balance $ 9,624,395 $ 8,165,405 Premiums less benefits 235,971 896,688 Change in fair value, net (1,922,085) 562,302 Ending balance $ 7,938,281 $ 9,624,395

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Investments [Abstract]
Schedule of Fixed Maturity Securities	At December 31, 2020 and 2019, the amortized cost and fair value of fixed maturity securities were as follows: Amortized Gross Gross Allowance for Credit Losses Fair Value (Dollars in thousands) December 31, 2020 Fixed maturity securities, available for sale: United States Government full faith and credit $ 37,471 $ 2,300 $ — $ — $ 39,771 United States Government sponsored agencies 995,465 44,132 (46) — 1,039,551 United States municipalities, states and territories 3,236,767 543,252 (1,044) (2,844) 3,776,131 Foreign government obligations 177,062 25,644 — — 202,706 Corporate securities 26,745,196 4,507,716 (35,892) (60,193) 31,156,827 Residential mortgage backed securities 1,399,956 117,135 (2,526) (1,734) 1,512,831 Commercial mortgage backed securities 4,119,650 206,255 (64,678) — 4,261,227 Other asset backed securities 5,593,169 103,320 (146,640) — 5,549,849 $ 42,304,736 $ 5,549,754 $ (250,826) $ (64,771) $ 47,538,893 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
Schedule of Fixed Maturity Securities by Contractual Maturity Date	The amortized cost and fair value of fixed maturity securities at December 31, 2020, 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 Fair Value (Dollars in thousands) Due in one year or less $ 496,563 $ 505,387 Due after one year through five years 7,229,621 7,718,178 Due after five years through ten years 8,167,106 9,166,066 Due after ten years through twenty years 9,254,579 11,396,733 Due after twenty years 6,044,092 7,428,622 31,191,961 36,214,986 Residential mortgage backed securities 1,399,956 1,512,831 Commercial mortgage backed securities 4,119,650 4,261,227 Other asset backed securities 5,593,169 5,549,849 $ 42,304,736 $ 47,538,893
Schedule of Components of Net Unrealized Gains on Available For Sale Fixed Maturity Securities Reported as Separate Component of Stockholders' Equity	Net unrealized gains on available for sale fixed maturity securities reported as a separate component of stockholders' equity were comprised of the following: December 31, 2020 2019 (Dollars in thousands) Net unrealized gains on available for sale fixed maturity securities $ 5,297,040 $ 3,341,544 Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements (2,250,520) (1,473,966) Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax expense (639,769) (392,191) Net unrealized gains reported as accumulated other comprehensive income $ 2,429,285 $ 1,497,921
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, 2020 2019 NAIC Amortized Fair Amortized Fair (Dollars in thousands) 1 $ 23,330,149 $ 26,564,542 $ 27,781,525 $ 30,122,657 2 17,312,485 19,377,013 19,278,355 20,316,911 3 1,292,124 1,299,455 1,001,087 977,191 4 282,049 256,651 114,497 112,534 5 29,396 16,288 57,952 45,205 6 58,533 24,944 5,530 5,992 $ 42,304,736 $ 47,538,893 $ 48,238,946 $ 51,580,490
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 843 and 1,033 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2020 and 2019: Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) December 31, 2020 Fixed maturity securities, available for sale: United States Government sponsored agencies $ 250,475 $ (46) $ — $ — $ 250,475 $ (46) United States municipalities, states and territories 31,802 (3,887) 868 (1) 32,670 (3,888) Corporate securities: Finance, insurance and real estate 109,789 (1,733) — — 109,789 (1,733) Manufacturing, construction and mining — — 19,335 (1,384) 19,335 (1,384) Utilities and related sectors 310,823 (27,509) 35,408 (3,628) 346,231 (31,137) Wholesale/retail trade 65,567 (4,344) 16,000 (26) 81,567 (4,370) Services, media and other 120,098 (11,564) 83,890 (45,897) 203,988 (57,461) Residential mortgage backed securities 156,016 (2,384) 13,599 (1,876) 169,615 (4,260) Commercial mortgage backed securities 934,593 (54,834) 35,153 (9,844) 969,746 (64,678) Other asset backed securities 1,013,781 (16,607) 2,567,723 (130,033) 3,581,504 (146,640) $ 2,992,944 $ (122,908) $ 2,771,976 $ (192,689) $ 5,764,920 $ (315,597) 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)
Schedule of Changes in Net Unrealized Gains/Losses on Investments	Changes in net unrealized gains/losses on investments for the years ended December 31, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Fixed maturity securities held for investment carried at amortized cost $ — $ — $ 581 Fixed maturity securities available for sale carried at fair value $ 1,955,496 $ 3,549,007 $ (2,463,693) Adjustment for effect on other balance sheet accounts: Deferred policy acquisition costs and deferred sales inducements (776,554) (1,586,537) 1,318,649 Deferred income tax asset/liability (247,578) (412,117) 240,459 (1,024,132) (1,998,654) 1,559,108 Change in net unrealized gains/losses on investments carried at fair value $ 931,364 $ 1,550,353 $ (904,585)
Components of Net Investment Income	Components of net investment income are as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Fixed maturity securities $ 2,035,762 $ 2,171,768 $ 2,027,599 Equity securities 1,090 4,083 4,735 Mortgage loans on real estate 170,749 145,344 131,259 Cash and cash equivalents 4,871 5,164 2,320 Other 2,078 3,119 1,548 2,214,550 2,329,478 2,167,461 Less investment expenses (32,472) (21,843) (19,649) Net investment income $ 2,182,078 $ 2,307,635 $ 2,147,812
Net Realized Gains (Losses) on Investments	Net realized gains (losses) on investments for the years ended December 31, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Available for sale fixed maturity securities: Gross realized gains $ 305,170 $ 21,449 $ 12,245 Gross realized losses (276,847) (6,397) (47,974) Credit losses (1) (94,560) — — (66,237) 15,052 (35,729) Other investments: Gross realized gains — 7,296 — Gross realized losses — (14,446) — — (7,150) — Mortgage loans on real estate: Increase in allowance for credit losses (15,447) (940) (3,165) Recovery of specific allowance 712 — 1,592 Gain on sale of mortgage loans 292 — 124 (14,443) (940) (1,449) $ (80,680) $ 6,962 $ (37,178) (1) Prior to adopting authoritative guidance effective January 1, 2020, credit losses on available for sale fixed maturity securities were classified as other than temporary impairments and reported in a separate line item in the Consolidated statements of operations. We recognized $18.7 million and $36.7 million, respectively, of other than temporary impairments during the years ended December 31, 2019 and 2018.
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, 2020 2019 (Dollars in thousands) Fixed maturity securities, available for sale $ 5,766 $ 5,792
Rollforward of Allowance for Credit Loss	The following table provides a rollforward of the allowance for credit loss: Year Ended December 31, 2020 United States Municipalities, States and Territories Corporate Securities Commercial Mortgage Backed Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance (1) $ — $ — $ — $ — $ — $ — Additions for credit losses not previously recorded 2,844 60,193 29,241 1,734 548 94,560 Reduction for securities with credit losses due to intent to sell — — (21,888) — (548) (22,436) Reduction for securities sold during the period — — (7,353) — — (7,353) Ending balance $ 2,844 $ 60,193 $ — $ 1,734 $ — $ 64,771 (1) The allowance for credit loss associated with available for sale fixed maturity securities was applied prospectively upon adoption of authoritative guidance effective January 1, 2020. See Note 1 - Significant Accounting Policies for further details.
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 2019 (Dollars in thousands) Cumulative credit loss at beginning of year $ (175,398) Additions for the amount related to credit losses for which OTTI has not previously been recognized (18,271) Additional credit losses on securities for which OTTI has previously been recognized (455) Accumulated losses on securities that were disposed of during the period 24,422 Cumulative credit loss at end of year $ (169,702)
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: OTTI Recognized in Other Comprehensive Income (Loss) Change in Fair Value Since OTTI was Recognized (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

Mortgage Loans on Real Estate (

Mortgage Loans on Real Estate (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Summary of Mortgage Loan Portfolios	Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $75.3 million at December 31, 2020. December 31, 2020 2019 (Dollars in thousands) Commercial mortgage loans: Principal outstanding $ 3,580,154 $ 3,407,611 Deferred fees and costs, net (1,266) (899) Amortized cost 3,578,888 3,406,712 Valuation allowance (25,529) (8,979) Commercial mortgage loans, carrying value 3,553,359 3,397,733 Agricultural mortgage loans: Principal outstanding 245,807 51,303 Deferred fees and costs, net (634) (43) Amortized cost 245,173 51,260 Valuation allowance (2,130) (200) Agricultural mortgage loans, carrying value 243,043 51,060 Residential mortgage loans: Principal outstanding 366,320 — Deferred fees and costs, net 925 — Unamortized discounts and premiums, net 5,212 — Amortized cost 372,457 — Valuation allowance (3,370) — Residential mortgage loans, carrying value 369,087 — Mortgage loans, carrying value $ 4,165,489 $ 3,448,793
Commercial Mortgage Loan Portfolio Summarized by Geographic Region and Property Type	The commercial mortgage loan portfolio is summarized by geographic region and property type as follows: December 31, 2020 2019 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 699,741 19.5 % $ 645,991 19.0 % Middle Atlantic 281,971 7.9 % 284,597 8.4 % Mountain 391,025 10.9 % 389,892 11.4 % New England 24,774 0.7 % 9,152 0.3 % Pacific 659,743 18.4 % 618,336 18.1 % South Atlantic 832,739 23.3 % 751,199 22.0 % West North Central 266,050 7.4 % 288,413 8.5 % West South Central 424,111 11.9 % 420,031 12.3 % $ 3,580,154 100.0 % $ 3,407,611 100.0 % Property type distribution Office $ 297,065 8.3 % $ 250,287 7.3 % Medical Office 20,584 0.6 % 29,990 0.9 % Retail 1,187,484 33.2 % 1,225,670 36.0 % Industrial/Warehouse 929,325 25.9 % 896,558 26.3 % Apartment 939,084 26.2 % 858,679 25.2 % Mixed Use/Other 206,612 5.8 % 146,427 4.3 % $ 3,580,154 100.0 % $ 3,407,611 100.0 %
Rollforward of Valuation Allowance on Mortgage Loan Portfolios	The following table represents a rollforward of the valuation allowance on our mortgage loan portfolios: Year Ended December 31, 2020 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance (1) $ (17,579) $ (200) $ — $ (17,779) Charge-offs 1,485 — — 1,485 Recoveries 712 — — 712 Change in provision for credit losses (10,147) (1,930) (3,370) (15,447) Ending allowance balance $ (25,529) $ (2,130) $ (3,370) $ (31,029) (1) Upon adoption of authoritative guidance effective January 1, 2020, we updated our accounting policies and methodology for calculating the general loan loss allowance, resulting in an adjustment to our mortgage loan valuation allowance. See Note 1 - Significant Accounting Policies for further details.
Mortgage Loans By Credit Quality Indicator	The amortized cost of our commercial mortgage loan portfolio by LTV and DSC ratios based on the most recent information collected was as follows at December 31, 2020 (by year of origination): 2020 2019 2018 2017 2016 Prior Total As of December 31, 2020: Amortized Average Amortized Average Amortized Average Amortized Average Amortized Average Amortized Average Amortized Average Debt Service Coverage Ratio: (Dollars in thousands) Greater than or equal to 1.5 $ 364,574 63 % $ 442,370 66 % $ 399,193 62 % $ 316,738 57 % $ 359,321 54 % $ 715,706 47 % $ 2,597,902 57 % Greater than or equal to 1.2 and less than 1.5 161,779 66 % 226,166 70 % 124,267 72 % 124,564 67 % 52,513 62 % 111,690 55 % 800,979 66 % Greater than or equal to 1.0 and less than 1.2 17,638 82 % 22,917 67 % 2,769 71 % 7,597 66 % — — % 32,327 65 % 83,248 69 % Less than 1.0 — — % 64,131 58 % 1,441 89 % 10,156 80 % — — % 21,031 60 % 96,759 61 % Total $ 543,991 65 % $ 755,584 67 % $ 527,670 64 % $ 459,055 60 % $ 411,834 55 % $ 880,754 49 % $ 3,578,888 59 % The amortized cost of our agricultural mortgage loan portfolio by LTV and DSC ratios based on the most recent information collected was as follows at December 31, 2020 (by year of origination): 2020 2019 2018 2017 2016 Prior Total As of December 31, 2020: Amortized Average Amortized Average Amortized Average Amortized Average Amortized Average Amortized Average Amortized Average Debt Service Coverage Ratio: (Dollars in thousands) Greater than or equal to 1.5 $ 78,631 52 % $ 13,985 47 % $ 25,000 11 % $ — — % $ — — % $ — — % $ 117,616 43 % Greater than or equal to 1.2 and less than 1.5 101,879 44 % 3,425 23 % — — % — — % — — % — — % 105,304 44 % Greater than or equal to 1.0 and less than 1.2 4,213 37 % 6,573 43 % — — % — — % — — % — — % 10,786 41 % Less than 1.0 11,467 48 % — — % — — % — — % — — % — — % 11,467 48 % Total $ 196,190 47 % $ 23,983 42 % $ 25,000 11 % $ — — % $ — — % $ — — % $ 245,173 43 %
Aging of Financing Receivables	Aging of financing receivables is summarized in the following table (by year of origination): 2020 2019 2018 2017 2016 Prior Total As of December 31, 2020: (Dollars in thousands) Commercial mortgage loans Current $ 543,991 $ 755,584 $ 527,670 $ 459,055 $ 411,834 $ 880,754 $ 3,578,888 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total commercial mortgage loans $ 543,991 $ 755,584 $ 527,670 $ 459,055 $ 411,834 $ 880,754 $ 3,578,888 Agricultural mortgage loans Current $ 196,190 $ 23,983 $ 25,000 $ — $ — $ — $ 245,173 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total agricultural mortgage loans $ 196,190 $ 23,983 $ 25,000 $ — $ — $ — $ 245,173 Residential mortgage loans Current $ 321,779 $ 24,951 $ — $ — $ — $ — $ 346,730 30 - 59 days past due 25,150 299 — — — — 25,449 60 - 89 days past due 111 — — — — — 111 Over 90 days past due 167 — — — — — 167 Total residential mortgage loans $ 347,207 $ 25,250 $ — $ — $ — $ — $ 372,457

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 (Dollars in thousands) Assets Derivative instruments Call options $ 1,310,954 $ 1,355,989 Other assets Interest rate caps — 6 $ 1,310,954 $ 1,355,995 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives, net $ 7,938,281 $ 9,624,395
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, 2020 2019 2018 (Dollars in thousands) Change in fair value of derivatives: Call options $ 34,604 $ 908,556 $ (778,899) Interest rate swap — (1,059) 869 Interest rate caps 62 (591) 182 $ 34,666 $ 906,906 $ (777,848) Change in fair value of embedded derivatives: Fixed index annuities - embedded derivatives $ (1,922,085) $ 562,302 $ (2,167,628) Other changes in difference between policy benefit reserves computed using derivative accounting vs. long-duration contracts accounting 635,298 891,740 778,137 $ (1,286,787) $ 1,454,042 $ (1,389,491)
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, 2020 2019 Counterparty Credit Rating (S&P) Credit Rating (Moody's) Notional Fair Value Notional Fair Value (Dollars in thousands) Bank of America A+ Aa2 $ 2,835,420 $ 95,378 $ 2,680,543 $ 80,692 Barclays A A1 5,710,978 277,692 5,753,868 217,536 Canadian Imperial Bank of Commerce A+ Aa2 6,593,815 279,053 4,110,525 154,917 Citibank, N.A. A+ Aa3 3,118,979 96,757 4,075,544 109,046 Credit Suisse A+ Aa3 4,422,798 78,823 4,526,414 116,659 J.P. Morgan A+ Aa2 3,600,636 54,762 4,703,234 151,651 Morgan Stanley A+ Aa3 2,856,466 62,969 1,886,995 41,253 Royal Bank of Canada AA- A2 1,289,699 32,753 2,565,202 101,511 Societe Generale A A1 1,494,904 34,394 3,280,286 139,101 Truist A A2 2,375,124 96,573 2,051,229 74,910 Wells Fargo A+ Aa2 4,848,541 196,801 4,221,408 163,520 Exchange traded 214,819 4,999 191,948 5,193 $ 39,362,179 $ 1,310,954 $ 40,047,196 $ 1,355,989

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, 2020
Insurance [Abstract]
Rollforward of Deferred Policy Acquisition Costs	Policy acquisition costs deferred and amortized are as follows: December 31, 2020 2019 2018 (Dollars in thousands) Balance at beginning of year $ 2,923,454 $ 3,535,838 $ 2,714,523 Costs deferred during the year: Commissions 251,429 419,165 384,432 Policy issue costs 3,725 3,351 3,790 Amortization: Amortization (2,769) (280,699) (358,563) Impact of unlocking (646,785) 192,982 30,572 Effect of net unrealized gains/losses (483,242) (947,183) 761,084 Balance at end of year $ 2,045,812 $ 2,923,454 $ 3,535,838
Rollforward of Deferred Sales Inducements	Sales inducements deferred and amortized are as follows: December 31, 2020 2019 2018 (Dollars in thousands) Balance at beginning of year $ 1,966,723 $ 2,516,721 $ 2,001,892 Costs deferred during the year 93,610 177,941 179,465 Amortization: Amortization (10,063) (193,292) (243,666) Impact of unlocking (428,101) 104,707 21,465 Effect of net unrealized gains/losses (293,312) (639,354) 557,565 Balance at end of year $ 1,328,857 $ 1,966,723 $ 2,516,721
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, 2020 2019 2018 (Dollars in thousands) Balance at beginning of year $ 1,303,451 $ 808,167 $ 704,441 Benefit expense accrual 311,211 179,901 157,333 Impact of unlocking 285,825 315,383 (53,607) Claim payments — — — Balance at end of year $ 1,900,487 $ 1,303,451 $ 808,167

Reinsurance and Policy Provis_2

Reinsurance and Policy Provisions (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 (Dollars in thousands) Consolidated Statements of Operations Annuity product charges $ 7,021 $ 7,792 $ 7,074 Change in fair value of derivatives 43,080 97,195 (41,487) $ 50,101 $ 104,987 $ (34,413) Interest sensitive and index product benefits $ 152,485 $ 132,127 $ 165,485 Change in fair value of embedded derivatives 4,352 109,002 (92,649) Other operating costs and expenses 17,663 18,778 20,415 $ 174,500 $ 259,907 $ 93,251 Consolidated Statements of Cash Flows Annuity deposits $ (35,667) $ (290,040) $ (413,222) Cash payments to policyholders 466,311 381,276 389,384 $ 430,644 $ 91,236 $ (23,838)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 (Dollars in thousands) Consolidated statements of operations: Current income taxes $ 3,430 $ 12,528 $ 120,289 Deferred income taxes (benefits) 141,071 56,947 (12,563) Total income tax expense included in consolidated statements of operations 144,501 69,475 107,726 Stockholders' equity: Expense (benefit) relating to: Adoption of expected credit loss model (2,543) — — Change in net unrealized investment losses 247,578 412,117 (240,459) Total income tax expense (benefit) included in consolidated financial statements $ 389,536 $ 481,592 $ (132,733)
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, 2020, 2019, and 2018 as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Income before income taxes $ 815,961 $ 315,565 $ 565,742 Income tax expense on income before income taxes $ 171,352 $ 66,269 $ 118,806 Tax effect of: State income taxes 5,749 5,111 5,777 Tax exempt net investment income (4,602) (4,385) (4,223) Tax rate differential on net operating loss carryback (30,041) — — Worthless stock deduction — — (7,448) Other 2,043 2,480 (5,186) Income tax expense $ 144,501 $ 69,475 $ 107,726 Effective tax rate 17.7 % 22.0 % 19.0 %
Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2020 and 2019, are as follows: December 31, 2020 2019 (Dollars in thousands) Deferred income tax assets: Policy benefit reserves $ 1,463,227 $ 1,733,672 Credit losses/Impairments 28,519 15,166 Amounts due reinsurer — 8,784 Other policyholder funds 3,789 4,359 Deferred compensation 2,161 3,705 Share-based compensation 2,189 2,775 Net operating loss carryforwards — 37,509 Other 3,569 14,677 Gross deferred tax assets 1,503,454 1,820,647 Deferred income tax liabilities: Deferred policy acquisition costs and deferred sales inducements (1,146,016) (1,303,385) Net unrealized gains on available for sale fixed maturity securities (639,769) (392,189) Derivative instruments (119,444) (109,287) Policy benefit reserves (123,270) (147,924) Investment income items (28,719) (42,105) Amounts due reinsurer (5,636) — Other (4,603) (3,654) Gross deferred tax liabilities (2,067,457) (1,998,544) Net deferred income tax liability $ (564,003) $ (177,897)

Notes Payable and Amounts Due_2

Notes Payable and Amounts Due Under Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable includes the following: December 31, 2020 2019 (Dollars in thousands) Senior notes due 2027 Principal $ 500,000 $ 500,000 Unamortized debt issue costs (4,086) (4,607) Unamortized discount (246) (277) $ 495,668 $ 495,116

Subordinated Debentures (Tables

Subordinated Debentures (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019: December 31, 2020 2019 Interest Rate Due Date (Dollars in thousands) American Equity Capital Trust II $ 78,112 $ 77,822 5% June 1, 2047 American Equity Capital Trust III — 27,840 *LIBOR + 3.90% April 29, 2034 American Equity Capital Trust IV — 12,372 *LIBOR + 4.00% January 8, 2034 American Equity Capital Trust XII — 41,238 *LIBOR + 3.50% April 7, 2036 78,112 159,272 Unamortized debt issue costs — (2,007) $ 78,112 $ 157,265 *—three month London Interbank Offered Rate

Retirement and Share-based Co_2

Retirement and Share-based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 (Dollars in thousands) ESOP $ 2,908 $ 2,547 $ 2,194 Employee Incentive Plans 7,855 6,559 5,434 Director Equity Plans 1,056 922 966 $ 11,819 $ 10,028 $ 8,594
Changes in Stock Options Outstanding	Changes in the number of stock options granted to employees and agents outstanding during the years ended December 31, 2020, 2019 and 2018 are as follows: Number of Weighted-Average Total (Dollars in thousands, except per share data) Outstanding at January 1, 2018 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 Granted 815,767 26.70 21,778 Canceled (31,200) 21.50 (670) Exercised (355,563) 16.98 (6,038) Outstanding at December 31, 2020 1,257,917 25.10 $ 31,576
Schedule of Stock Options Outstanding, By Exercise Price Range	The following table summarizes information about stock options outstanding at December 31, 2020: Stock Options Outstanding Stock Options Vested Range of Exercise Prices Number of Remaining Weighted-Average Number of Remaining Weighted-Average $10.52 - $12.26 87,000 0.92 $ 11.42 87,000 0.92 $ 11.42 $21.89 - $26.70 460,959 2.17 24.68 355,150 0.04 24.79 $27.05 709,958 9.88 27.05 — 0.00 — $10.52 - $27.05 1,257,917 6.44 25.10 442,150 0.21 22.16

Statutory Financial Informati_2

Statutory Financial Information and Dividend Restrictions (Tables)	12 Months Ended
	Dec. 31, 2020
Insurance [Abstract]
Statutory Accounting Practices Disclosure	Net income (loss) for our primary life insurance subsidiary as determined in accordance with statutory accounting practices was as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) American Equity Life $ (34,467) $ 143,309 $ 210,049 Statutory capital and surplus for our primary life insurance subsidiary was as follows: December 31, 2020 2019 (Dollars in thousands) American Equity Life $ 3,728,732 $ 3,490,196 December 31, 2020 2019 (Dollars in thousands) Total adjusted capital $ 3,978,901 $ 3,824,457 Company Action Level RBC 1,069,434 1,028,662 Ratio of adjusted capital to Company Action Level RBC 372 % 372 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 (dollars in thousands): Year Ending December 31: 2021 $ 2,354 2022 2,085 2023 1,866 2024 1,832 2025 1,711 2026 and thereafter 1,397

Earnings Per Common Share and_2

Earnings Per Common Share and Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Common 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, 2020 2019 2018 (Dollars in thousands, except per share data) Numerator: Net income available to common stockholders - numerator for earnings per common share $ 637,945 $ 246,090 $ 458,016 Denominator : Weighted average common shares outstanding 92,055,035 91,139,453 90,347,915 Effect of dilutive securities: Stock options and deferred compensation agreements 93,014 304,196 709,433 Restricted stock and restricted stock units 244,447 338,593 365,237 Denominator for earnings per common share - assuming dilution 92,392,496 91,782,242 91,422,585 Earnings per common share $ 6.93 $ 2.70 $ 5.07 Earnings per common share - assuming dilution $ 6.90 $ 2.68 $ 5.01

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	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) 2020 Premiums and product charges $ 67,213 $ 74,470 $ 72,684 $ 76,242 Net investment income 573,318 543,704 543,331 521,725 Change in fair value of derivatives (941,874) 327,662 205,011 443,867 Net realized losses on investments (20,336) (25,888) (22,321) (12,135) Loss on extinguishment of debt (2,024) — — — Total revenues (323,703) 919,948 798,705 1,029,699 Net income (loss) available to common stockholders 236,336 (253,379) 661,250 (6,262) Earnings (loss) per common share 2.58 (2.76) 7.20 (0.07) Earnings (loss) per common share - assuming dilution 2.57 (2.76) 7.17 (0.07) 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 (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) available to common stockholders (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 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) 2020 $ (94,557) $ 332,519 $ (923,874) $ 71,133 2019 118,491 78,397 196,396 (100,305)

Significant Accounting Polici_4

Significant Accounting Policies (Narrative) (Details) $ in Millions	Jan. 01, 2020USD ($)	Dec. 31, 2020USD ($)states	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Number of states in which entity is licensed to sell insurance products | states		50
Fair value of loaned securities		$ 0.1	$ 477.5
Minimum
Number of days past due, non-accrual status		90 days
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		1.45%	1.45%	1.45%
Minimum | Other Investments
Investment maturity period		3 months
Maximum
Interest crediting rate, range for fixed index annuities and other deferred annuity products		2.60%	2.60%	2.60%
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		$ 0.1	495.1
Other Liabilities
Securities loaned, fair value of collateral		$ 0.1	$ 495.1
Mortgage Loans, Allowance for Credit Losses | Accounting Standards Update 2016-13
New accounting pronouncement, effect of adoption, quantification	$ 8.6
Reinsurance Recoverable, Allowance for Credit Loss | Accounting Standards Update 2016-13
New accounting pronouncement, effect of adoption, quantification	3.2
Retained Earnings | Accounting Standards Update 2016-13
New accounting pronouncement, effect of adoption, quantification	$ (9.3)

Significant Accounting Polici_5

Significant Accounting Policies (Annuity Deposits (Net of Coinsurance), By Product Type) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)NMOs	Dec. 31, 2019USD ($)NMOs	Dec. 31, 2018USD ($)NMOs
Product Information [Line Items]
Fixed index annuities	$ 2,309,580	$ 4,603,490	$ 3,898,366
Annual reset fixed rate annuities	7,846	10,665	46,744
Multi-year fixed rate annuities	1,295,843	47,016	22,818
Single premium immediate annuities (SPIA)	33,461	12,002	23,813
Annuity deposits, net of coinsurance	$ 3,646,730	$ 4,673,173	$ 3,991,741
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	17.00%	24.00%	20.00%
Customer Concentration Risk | National Marketing Organization, Greater than 10%, NMO 2
Product Information [Line Items]
National marketing organizations, percent of annuity deposits collected individually	10.00%	14.00%	14.00%

Fair Values of Financial Inst_3

Fair Values of Financial Instruments (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)Basis_Points	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
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, Level 3 transfers, amount, net	0	0	$ 0
Liabilities, Level 3 transfers, amount, net	$ 0	$ 0	$ 0
Expected cost of annual call options	2.10%	2.90%	3.10%
Experience study on products with lifetime income benefit riders, period		10 years
Mean reversion period	8 years	20 years
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	$ (614,100)
Deferred policy acquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate	$ (258,300)
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	$ 639,000
Deferred policy acquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate	$ 278,300

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, 2020	Dec. 31, 2019
Assets
Fixed maturity securities, available for sale, fair value	$ 47,538,893	$ 51,580,490
Derivative instruments	1,310,954	1,355,989
Other investments	590,078	492,301
Coinsurance deposits (net of allowance for credit losses of $1,888 as of 2020 and $0 as of 2019)	4,844,927	5,115,013
Liabilities
Policy benefit reserves	61,768,246	61,893,945
Carrying Amount
Assets
Fixed maturity securities, available for sale, fair value	47,538,893	51,580,490
Mortgage loans on real estate	4,165,489	3,448,793
Derivative instruments	1,310,954	1,355,989
Other investments	590,078	492,301
Cash and cash equivalents	9,095,522	2,293,392
Coinsurance deposits (net of allowance for credit losses of $1,888 as of 2020 and $0 as of 2019)	4,844,927	5,115,013
Liabilities
Policy benefit reserves	61,406,599	61,540,992
Single premium immediate annuity (SPIA) benefit reserves	240,226	255,698
Notes payable	495,668	495,116
Subordinated debentures	78,112	157,265
Carrying Amount | Interest Rate Caps
Assets
Interest rate derivative assets	0	6
Fair Value
Assets
Fixed maturity securities, available for sale, fair value	47,538,893	51,580,490
Mortgage loans on real estate	4,327,885	3,536,446
Derivative instruments	1,310,954	1,355,989
Other investments	590,078	492,301
Cash and cash equivalents	9,095,522	2,293,392
Coinsurance deposits (net of allowance for credit losses of $1,888 as of 2020 and $0 as of 2019)	4,411,051	4,635,926
Liabilities
Policy benefit reserves	52,928,174	51,800,247
Single premium immediate annuity (SPIA) benefit reserves	247,679	263,773
Notes payable	567,345	541,520
Subordinated debentures	87,951	168,357
Fair Value | Interest Rate Caps
Assets
Interest rate derivative assets	$ 0	$ 6

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, 2020	Dec. 31, 2019
Assets
Derivative instruments	$ 1,310,954	$ 1,355,989
Fair Value, Measurements, Recurring
Assets
Derivative instruments	1,310,954	1,355,989
Cash and cash equivalents	9,095,522	2,293,392
Assets	57,945,369	55,229,877
Liabilities
Fixed index annuities - embedded derivatives	7,938,281	9,624,395
Fair Value, Measurements, Recurring | Interest Rate Caps
Assets
Interest rate derivative assets		6
Fair Value, Measurements, Recurring | United States Government Full Faith and Credit
Assets
Available for sale securities	39,771	161,765
Fair Value, Measurements, Recurring | United States Government Sponsored Agencies
Assets
Available for sale securities	1,039,551	625,020
Fair Value, Measurements, Recurring | United States Municipalities, States and Territories
Assets
Available for sale securities	3,776,131	4,527,671
Fair Value, Measurements, Recurring | Foreign Government Obligations
Assets
Available for sale securities	202,706	205,096
Fair Value, Measurements, Recurring | Corporate Securities
Assets
Available for sale securities	31,156,827	32,536,839
Fair Value, Measurements, Recurring | Residential Mortgage Backed Securities
Assets
Available for sale securities	1,512,831	1,575,664
Fair Value, Measurements, Recurring | Commercial Mortgage Backed Securities
Assets
Available for sale securities	4,261,227	5,786,279
Fair Value, Measurements, Recurring | Other Asset Backed Securities
Assets
Available for sale securities	5,549,849	6,162,156
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)
Assets
Derivative instruments	0	0
Cash and cash equivalents	9,095,522	2,293,392
Assets	9,129,470	2,449,341
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
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | United States Government Full Faith and Credit
Assets
Available for sale securities	33,940	155,945
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	8	4
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	1,310,954	1,355,989
Cash and cash equivalents	0	0
Assets	48,815,899	52,780,536
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
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | United States Government Full Faith and Credit
Assets
Available for sale securities	5,831	5,820
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | United States Government Sponsored Agencies
Assets
Available for sale securities	1,039,551	625,020
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | United States Municipalities, States and Territories
Assets
Available for sale securities	3,776,131	4,527,671
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign Government Obligations
Assets
Available for sale securities	202,706	205,096
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate Securities
Assets
Available for sale securities	31,156,819	32,536,835
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Residential Mortgage Backed Securities
Assets
Available for sale securities	1,512,831	1,575,664
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commercial Mortgage Backed Securities
Assets
Available for sale securities	4,261,227	5,786,279
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Asset Backed Securities
Assets
Available for sale securities	5,549,849	6,162,156
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Derivative instruments	0	0
Cash and cash equivalents	0	0
Assets	0	0
Liabilities
Fixed index annuities - embedded derivatives	7,938,281	9,624,395
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Caps
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Expected cost of annual call options	2.10%	2.90%	3.10%
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	1.22%	0.90%
Average partial withdrawal rates	2.63%	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	1.50%	1.29%
Average partial withdrawal rates	3.14%	3.84%
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	5.66%	3.31%
Average partial withdrawal rates	3.58%	4.12%
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	7.08%	8.52%
Average partial withdrawal rates	3.79%	4.18%
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	7.36%	7.10%
Average partial withdrawal rates	3.63%	4.12%

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, 2020	Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 9,624,395	$ 8,165,405
Premiums less benefits	235,971	896,688
Change in fair value, net	(1,922,085)	562,302
Ending balance	7,938,281	9,624,395
Coinsurance ceded, fixed index annuities embedded derivatives	4,844,927	5,115,013
Fixed Index Annuities - Embedded Derivatives
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Coinsurance ceded, fixed index annuities embedded derivatives	$ 655,300	$ 644,600

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2019USD ($)Securities	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)Securities	Dec. 31, 2019USD ($)Securities	Dec. 31, 2018USD ($)
Investments [Abstract]
Percentage of fixed maturity portfolio rated investment grade based on NAIC designations	98.00%				97.00%	98.00%
Number of securities in unrealized loss position | Securities	1,033				843	1,033
Percentage of unrealized losses on fixed maturity securities where securities are rated investment grade	79.00%				75.00%	79.00%
Proceeds from sales of available for sale fixed maturity securities					$ 5,400,000	$ 1,000,000	$ 2,500,000
Principal repayments, calls and tenders of available for sale fixed maturity securities					2,900,000	2,300,000	1,400,000
Net OTTI losses recognized in operations	$ (17,412)	$ (101)	$ (1,213)	$ 0	0	(18,726)	$ (36,656)
Assets on deposit with state agencies to meet regulatory requirements	51,600,000				53,500,000	51,600,000
Fair value, concentration of risk, investments	$ 0				$ 0	$ 0

Investments (Schedule of Fixed

Investments (Schedule of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020		Jan. 01, 2020	[3]	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	$ 42,304,736	[1]			$ 48,238,946
Fixed maturity securities, available for sale, gross unrealized gains	5,549,754				3,633,599
Fixed maturity securities, available for sale, gross unrealized losses	(250,826)	[2]			(292,055)
Fixed maturity securities, available for sale, allowance for credit losses	(64,771)		$ 0
Fixed maturity securities, available for sale, fair value	47,538,893				51,580,490
United States Government Full Faith and Credit
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	37,471	[1]			161,492
Fixed maturity securities, available for sale, gross unrealized gains	2,300				369
Fixed maturity securities, available for sale, gross unrealized losses	0	[2]			(96)
Fixed maturity securities, available for sale, allowance for credit losses	0
Fixed maturity securities, available for sale, fair value	39,771				161,765
United States Government Sponsored Agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	995,465	[1]			601,672
Fixed maturity securities, available for sale, gross unrealized gains	44,132				28,133
Fixed maturity securities, available for sale, gross unrealized losses	(46)	[2]			(4,785)
Fixed maturity securities, available for sale, allowance for credit losses	0
Fixed maturity securities, available for sale, fair value	1,039,551				625,020
United States Municipalities, States and Territories
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	3,236,767	[1]			4,147,343
Fixed maturity securities, available for sale, gross unrealized gains	543,252				388,578
Fixed maturity securities, available for sale, gross unrealized losses	(1,044)	[2]			(8,250)
Fixed maturity securities, available for sale, allowance for credit losses	(2,844)		0
Fixed maturity securities, available for sale, fair value	3,776,131				4,527,671
Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	177,062	[1]			186,993
Fixed maturity securities, available for sale, gross unrealized gains	25,644				18,103
Fixed maturity securities, available for sale, gross unrealized losses	0	[2]			0
Fixed maturity securities, available for sale, allowance for credit losses	0
Fixed maturity securities, available for sale, fair value	202,706				205,096
Corporate Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	26,745,196	[1]			29,822,172
Fixed maturity securities, available for sale, gross unrealized gains	4,507,716				2,796,926
Fixed maturity securities, available for sale, gross unrealized losses	(35,892)	[2]			(82,259)
Fixed maturity securities, available for sale, allowance for credit losses	(60,193)		0
Fixed maturity securities, available for sale, fair value	31,156,827				32,536,839
Residential Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	1,399,956	[1]			1,477,738
Fixed maturity securities, available for sale, gross unrealized gains	117,135				101,617
Fixed maturity securities, available for sale, gross unrealized losses	(2,526)	[2]			(3,691)
Fixed maturity securities, available for sale, allowance for credit losses	(1,734)		0
Fixed maturity securities, available for sale, fair value	1,512,831				1,575,664
Commercial Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	4,119,650	[1]			5,591,167
Fixed maturity securities, available for sale, gross unrealized gains	206,255				208,895
Fixed maturity securities, available for sale, gross unrealized losses	(64,678)	[2]			(13,783)
Fixed maturity securities, available for sale, allowance for credit losses	0		0
Fixed maturity securities, available for sale, fair value	4,261,227				5,786,279
Other Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	5,593,169	[1]			6,250,369
Fixed maturity securities, available for sale, gross unrealized gains	103,320				90,978
Fixed maturity securities, available for sale, gross unrealized losses	(146,640)	[2]			(179,191)
Fixed maturity securities, available for sale, allowance for credit losses	0		$ 0
Fixed maturity securities, available for sale, fair value	5,549,849				$ 6,162,156
Fixed Maturity Securities, Available For Sale
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 377,500
[1]	(1) Amortized cost excludes accrued interest receivable of $377.5 million as of December 31, 2020.
[2]	(2) Gross unrealized losses are net of allowance for credit losses.
[3]	(1) The allowance for credit loss associated with available for sale fixed maturity securities was applied prospectively upon adoption of authoritative guidance effective January 1, 2020. See Note 1 - Significant Accounting Policies for further details.

Investments (Fixed Maturity Sec

Investments (Fixed Maturity Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Dec. 31, 2020		Dec. 31, 2019
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Available for sale, due in one year or less, amortized cost	$ 496,563
Available for sale, due after one year through five years, amortized cost	7,229,621
Available for sale, due after five years through ten years, amortized cost	8,167,106
Available for sale, due after ten years through twenty years, amortized cost	9,254,579
Available for sale, due after twenty years, amortized cost	6,044,092
Available for sale, securities with a single maturity date, amortized cost	31,191,961
Available for sale securities, amortized cost	42,304,736	[1]	$ 48,238,946
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale, due in one year or less, fair value	505,387
Available for sale, due after one year through five years, fair value	7,718,178
Available for sale, due after five years through ten years, fair value	9,166,066
Available for sale, due after ten years through twenty years, fair value	11,396,733
Available for sale, due after twenty years, fair value	7,428,622
Available for sale, securities with a single maturity date, fair value	36,214,986
Fixed maturity securities, available for sale, fair value	47,538,893		51,580,490
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	1,399,956
Available for sale securities, amortized cost	1,399,956	[1]	1,477,738
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale, securities without a single maturity date, fair value	1,512,831
Fixed maturity securities, available for sale, fair value	1,512,831		1,575,664
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	4,119,650
Available for sale securities, amortized cost	4,119,650	[1]	5,591,167
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale, securities without a single maturity date, fair value	4,261,227
Fixed maturity securities, available for sale, fair value	4,261,227		5,786,279
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	5,593,169
Available for sale securities, amortized cost	5,593,169	[1]	6,250,369
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale, securities without a single maturity date, fair value	5,549,849
Fixed maturity securities, available for sale, fair value	$ 5,549,849		$ 6,162,156
[1]	(1) Amortized cost excludes accrued interest receivable of $377.5 million as of December 31, 2020.

Investments (Net Unrealized Gai

Investments (Net Unrealized Gains on Available for Sale Fixed Maturity Securities Reported as a Seperate Component of Stockholders' Equity) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments [Abstract]
Net unrealized gains on available for sale fixed maturity securities	$ 5,297,040	$ 3,341,544
Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements	(2,250,520)	(1,473,966)
Deferred income tax valuation allowance reversal	22,534	22,534
Deferred income tax expense	(639,769)	(392,191)
Net unrealized gains reported as accumulated other comprehensive income	$ 2,429,285	$ 1,497,921

Investments (Credit Quality of

Investments (Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation) (Details) - USD ($) $ in Thousands	Dec. 31, 2020		Dec. 31, 2019
Investment Holdings [Line Items]
Available for sale securities, amortized cost	$ 42,304,736	[1]	$ 48,238,946
Fixed maturity securities, available for sale, fair value	47,538,893		51,580,490
NAIC, Class 1 Designation
Investment Holdings [Line Items]
Available for sale securities, amortized cost	23,330,149		27,781,525
Fixed maturity securities, available for sale, fair value	26,564,542		30,122,657
NAIC, Class 2 Designation
Investment Holdings [Line Items]
Available for sale securities, amortized cost	17,312,485		19,278,355
Fixed maturity securities, available for sale, fair value	19,377,013		20,316,911
NAIC, Class 3 Designation
Investment Holdings [Line Items]
Available for sale securities, amortized cost	1,292,124		1,001,087
Fixed maturity securities, available for sale, fair value	1,299,455		977,191
NAIC, Class 4 Designation
Investment Holdings [Line Items]
Available for sale securities, amortized cost	282,049		114,497
Fixed maturity securities, available for sale, fair value	256,651		112,534
NAIC, Class 5 Designation
Investment Holdings [Line Items]
Available for sale securities, amortized cost	29,396		57,952
Fixed maturity securities, available for sale, fair value	16,288		45,205
NAIC, Class 6 Designation
Investment Holdings [Line Items]
Available for sale securities, amortized cost	58,533		5,530
Fixed maturity securities, available for sale, fair value	$ 24,944		$ 5,992
[1]	(1) Amortized cost excludes accrued interest receivable of $377.5 million as of December 31, 2020.

Investments (Gross Unrealized L

Investments (Gross Unrealized Losses on Investments, By Category and Length of Time) (Details) - USD ($) $ in Thousands	Dec. 31, 2020		Jan. 01, 2020	[2]	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	$ 2,992,944				$ 3,259,219
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(122,908)	[1]			(59,699)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	2,771,976				4,448,519
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(192,689)	[1]			(232,356)
Available for sale, continuous unrealized loss position, total, fair value	5,764,920				7,707,738
Available for sale, continuous unrealized loss position, total, unrealized losses	(315,597)	[1]			(292,055)
Fixed maturity securities, available for sale, allowance for credit losses	64,771		$ 0
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
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses					(96)
Available for sale, continuous unrealized loss position, 12 months or more, fair value					0
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses					0
Available for sale, continuous unrealized loss position, total, fair value					144,582
Available for sale, continuous unrealized loss position, total, unrealized losses					(96)
Fixed maturity securities, available for sale, allowance for credit losses	0
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	250,475				168,732
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(46)	[1]			(1,229)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	0				201,444
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	0	[1]			(3,556)
Available for sale, continuous unrealized loss position, total, fair value	250,475				370,176
Available for sale, continuous unrealized loss position, total, unrealized losses	(46)	[1]			(4,785)
Fixed maturity securities, available for sale, allowance for credit losses	0
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	31,802				285,481
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(3,887)	[1]			(8,173)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	868				3,081
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(1)	[1]			(77)
Available for sale, continuous unrealized loss position, total, fair value	32,670				288,562
Available for sale, continuous unrealized loss position, total, unrealized losses	(3,888)	[1]			(8,250)
Fixed maturity securities, available for sale, allowance for credit losses	2,844		0
Corporate Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, allowance for credit losses	60,193		0
Residential Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	156,016				212,404
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(2,384)	[1]			(2,686)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	13,599				11,332
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(1,876)	[1]			(1,005)
Available for sale, continuous unrealized loss position, total, fair value	169,615				223,736
Available for sale, continuous unrealized loss position, total, unrealized losses	(4,260)	[1]			(3,691)
Fixed maturity securities, available for sale, allowance for credit losses	1,734		0
Commercial Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	934,593				602,394
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(54,834)	[1]			(9,366)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	35,153				194,328
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(9,844)	[1]			(4,417)
Available for sale, continuous unrealized loss position, total, fair value	969,746				796,722
Available for sale, continuous unrealized loss position, total, unrealized losses	(64,678)	[1]			(13,783)
Fixed maturity securities, available for sale, allowance for credit losses	0		0
Other Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	1,013,781				752,413
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(16,607)	[1]			(11,709)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	2,567,723				3,375,016
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(130,033)	[1]			(167,482)
Available for sale, continuous unrealized loss position, total, fair value	3,581,504				4,127,429
Available for sale, continuous unrealized loss position, total, unrealized losses	(146,640)	[1]			(179,191)
Fixed maturity securities, available for sale, allowance for credit losses	0		$ 0
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	109,789				267,521
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(1,733)	[1]			(4,785)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	0				121,993
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	0	[1]			(4,744)
Available for sale, continuous unrealized loss position, total, fair value	109,789				389,514
Available for sale, continuous unrealized loss position, total, unrealized losses	(1,733)	[1]			(9,529)
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	0				161,633
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	0	[1]			(6,039)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	19,335				44,606
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(1,384)	[1]			(3,951)
Available for sale, continuous unrealized loss position, total, fair value	19,335				206,239
Available for sale, continuous unrealized loss position, total, unrealized losses	(1,384)	[1]			(9,990)
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	310,823				334,635
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(27,509)	[1]			(7,730)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	35,408				51,269
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(3,628)	[1]			(3,482)
Available for sale, continuous unrealized loss position, total, fair value	346,231				385,904
Available for sale, continuous unrealized loss position, total, unrealized losses	(31,137)	[1]			(11,212)
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	65,567				54,289
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(4,344)	[1]			(1,751)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	16,000				129,364
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(26)	[1]			(9,411)
Available for sale, continuous unrealized loss position, total, fair value	81,567				183,653
Available for sale, continuous unrealized loss position, total, unrealized losses	(4,370)	[1]			(11,162)
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	120,098				275,135
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(11,564)	[1]			(6,135)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	83,890				316,086
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(45,897)	[1]			(34,231)
Available for sale, continuous unrealized loss position, total, fair value	203,988				591,221
Available for sale, continuous unrealized loss position, total, unrealized losses	$ (57,461)	[1]			$ (40,366)
[1]	(1) Unrealized losses have not been reduced to reflect the allowance for credit losses of $64.8 million as of December 31, 2020.
[2]	(1) The allowance for credit loss associated with available for sale fixed maturity securities was applied prospectively upon adoption of authoritative guidance effective January 1, 2020. See Note 1 - Significant Accounting Policies for further details.

Investments (Changes in Net Unr

Investments (Changes in Net Unrealized Gains/Losses on Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments [Abstract]
Fixed maturity securities held for investment carried at amortized cost	$ 0	$ 0	$ 581
Fixed maturity securities available for sale carried at fair value	1,955,496	3,549,007	(2,463,693)
Adjustment for effect on other balance sheet accounts:
Deferred policy acquisition costs and deferred sales inducements	(776,554)	(1,586,537)	1,318,649
Deferred income tax asset/liability	(247,578)	(412,117)	240,459
Total adjustment for effect on other balance sheet accounts	(1,024,132)	(1,998,654)	1,559,108
Change in net unrealized gains/losses on investments carried at fair value	$ 931,364	$ 1,550,353	$ (904,585)

Investments (Components of Net

Investments (Components of Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Investment Income [Line Items]
Investment income, gross									$ 2,214,550	$ 2,329,478	$ 2,167,461
Less investment expenses									(32,472)	(21,843)	(19,649)
Net investment income	$ 521,725	$ 543,331	$ 543,704	$ 573,318	$ 588,217	$ 590,412	$ 570,568	$ 558,438	2,182,078	2,307,635	2,147,812
Available For Sale Fixed Maturity Securities
Net Investment Income [Line Items]
Investment income, gross									2,035,762	2,171,768	2,027,599
Equity Securities
Net Investment Income [Line Items]
Investment income, gross									1,090	4,083	4,735
Mortgage Loans on Real Estate
Net Investment Income [Line Items]
Investment income, gross									170,749	145,344	131,259
Cash and Cash Equivalents
Net Investment Income [Line Items]
Investment income, gross									4,871	5,164	2,320
Other
Net Investment Income [Line Items]
Investment income, gross									$ 2,078	$ 3,119	$ 1,548

Investments (Net Realized Gains

Investments (Net Realized Gains (Losses) on Invesments) (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Gain (Loss) on Securities [Line Items]
Credit losses (1)										$ (94,560)
Increase in allowance for credit losses										(15,447)
Recovery of specific allowance										712
Net realized gains (losses) on investments		$ (12,135)	$ (22,321)	$ (25,888)	$ (20,336)	$ 7,029	$ 4,328	$ (3,832)	$ (563)	(80,680)	$ 6,962	$ (37,178)
Available For Sale Fixed Maturity Securities
Gain (Loss) on Securities [Line Items]
Gross realized gains										305,170	21,449	12,245
Gross realized losses										(276,847)	(6,397)	(47,974)
Credit losses (1)	[1]									(94,560)	0	0
Realized gains (losses)										(66,237)	15,052	(35,729)
Other Investments
Gain (Loss) on Securities [Line Items]
Gross realized gains										0	7,296	0
Gross realized losses										0	(14,446)	0
Realized gains (losses)										0	(7,150)	0
Mortgage Loans on Real Estate
Gain (Loss) on Securities [Line Items]
Increase in allowance for credit losses										(15,447)	(940)	(3,165)
Recovery of specific allowance										712	0	1,592
Gain on sale of mortgage loans										292	0	124
Change in allowance for credit losses and recoveries										$ (14,443)	$ (940)	$ (1,449)
[1]	(1) Prior to adopting authoritative guidance effective January 1, 2020, credit losses on available for sale fixed maturity securities were classified as other than temporary impairments and reported in a separate line item in the Consolidated statements of operations. We recognized $18.7 million and $36.7 million, respectively, of other than temporary impairments during the years ended December 31, 2019 and 2018.

Investments (Non-Income Produci

Investments (Non-Income Producing Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Available For Sale Fixed Maturity Securities
Investment Holdings [Line Items]
Non-income producing investments	$ 5,766	$ 5,792

Investments (Rollforward of All

Investments (Rollforward of Allowance for Credit Loss) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Additions for credit losses not previously recorded	$ 94,560
Reduction for securities with credit losses due to intent to sell	(22,436)
Reduction for securities sold during the period	(7,353)
Ending balance	64,771
United States Municipalities, States and Territories
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Additions for credit losses not previously recorded	2,844
Reduction for securities with credit losses due to intent to sell	0
Reduction for securities sold during the period	0
Ending balance	2,844
Corporate Securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Additions for credit losses not previously recorded	60,193
Reduction for securities with credit losses due to intent to sell	0
Reduction for securities sold during the period	0
Ending balance	60,193
Commercial Mortgage Backed Securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Additions for credit losses not previously recorded	29,241
Reduction for securities with credit losses due to intent to sell	(21,888)
Reduction for securities sold during the period	(7,353)
Ending balance	0
Residential Mortgage Backed Securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Additions for credit losses not previously recorded	1,734
Reduction for securities with credit losses due to intent to sell	0
Reduction for securities sold during the period	0
Ending balance	1,734
Other Asset Backed Securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Additions for credit losses not previously recorded	548
Reduction for securities with credit losses due to intent to sell	(548)
Reduction for securities sold during the period	0
Ending balance	$ 0

Investments (Other Than Tempora

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

Investments (Schedule of Other

Investments (Schedule of Other Than Temporary Impairment Losses, Investments) (Details) $ in Thousands	Dec. 31, 2019USD ($)
Investment Holdings [Line Items]
Amortized cost	$ 248,456
OTTI recognized in other comprehensive income (loss)	(149,146)
Change in fair value since OTTI was recognized	181,705
Fair value	281,015
Corporate Securities
Investment Holdings [Line Items]
Amortized cost	50,755
OTTI recognized in other comprehensive income (loss)	(3,700)
Change in fair value since OTTI was recognized	9,268
Fair value	56,323
Residential Mortgage Backed Securities
Investment Holdings [Line Items]
Amortized cost	183,948
OTTI recognized in other comprehensive income (loss)	(145,446)
Change in fair value since OTTI was recognized	172,577
Fair value	211,079
Commercial Mortgage Backed Securities
Investment Holdings [Line Items]
Amortized cost	12,776
OTTI recognized in other comprehensive income (loss)	0
Change in fair value since OTTI was recognized	(401)
Fair value	12,375
Other Asset Backed Securities
Investment Holdings [Line Items]
Amortized cost	977
OTTI recognized in other comprehensive income (loss)	0
Change in fair value since OTTI was recognized	261
Fair value	$ 1,238

Mortgage Loans on Real Estate_2

Mortgage Loans on Real Estate (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)portfolio_segmentloans	Dec. 31, 2019USD ($)loans	Dec. 31, 2018USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Number of portfolio segments that make up financing receivables | portfolio_segment	3
Commitments outstanding	$ 75,300
Allowance for credit loss, economic factors forecast period, years	2 years
Real estate owned	$ 0	$ 0
Number of loans in non-accrual status | loans	1	0
Interest income recognized on non-accrual loans	$ 0	$ 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
Number of days past due, non-accrual status	90 days
Commercial Mortgage Loans
Loans and Leases Receivable Disclosure [Line Items]
Accrued interest receivable written off	$ 0
Collateral dependent loans	0	$ 0
Residential Mortgage Loans
Loans and Leases Receivable Disclosure [Line Items]
Accrued interest receivable written off	0
Collateral dependent loans	0	0
Agricultural Mortgage Loans
Loans and Leases Receivable Disclosure [Line Items]
Accrued interest receivable written off	0
Collateral dependent loans	$ 0	$ 0

Mortgage Loans on Real Estate_3

Mortgage Loans on Real Estate (Summary of Mortgage Loan Portfolio) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jan. 01, 2020	[1]	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowance	$ (31,029)	$ (17,779)		$ (9,179)
Mortgage loans, carrying value	4,165,489			3,448,793
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	3,580,154			3,407,611
Deferred fees and costs, net	(1,266)			(899)
Amortized cost	3,578,888			3,406,712
Valuation allowance	(25,529)	(17,579)		(8,979)
Mortgage loans, carrying value	3,553,359			3,397,733
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	245,807			51,303
Deferred fees and costs, net	(634)			(43)
Amortized cost	245,173			51,260
Valuation allowance	(2,130)	(200)		(200)
Mortgage loans, carrying value	243,043			51,060
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	366,320			0
Deferred fees and costs, net	925			0
Unamortized discounts and premiums, net	5,212			0
Amortized cost	372,457			0
Valuation allowance	(3,370)	$ 0		0
Mortgage loans, carrying value	$ 369,087			$ 0
[1]	(1) Upon adoption of authoritative guidance effective January 1, 2020, we updated our accounting policies and methodology for calculating the general loan loss allowance, resulting in an adjustment to our mortgage loan valuation allowance. See Note 1 - Significant Accounting Policies for further details.

Mortgage Loans on Real Estate_4

Mortgage Loans on Real Estate (Commercial Mortgage Loan Portfolio Summarized by Geographic Region and Property Type) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 3,580,154	$ 3,407,611
Percent	100.00%	100.00%
Commercial Mortgage Loans | East
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 699,741	$ 645,991
Percent	19.50%	19.00%
Commercial Mortgage Loans | Middle Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 281,971	$ 284,597
Percent	7.90%	8.40%
Commercial Mortgage Loans | Mountain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 391,025	$ 389,892
Percent	10.90%	11.40%
Commercial Mortgage Loans | New England
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 24,774	$ 9,152
Percent	0.70%	0.30%
Commercial Mortgage Loans | Pacific
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 659,743	$ 618,336
Percent	18.40%	18.10%
Commercial Mortgage Loans | South Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 832,739	$ 751,199
Percent	23.30%	22.00%
Commercial Mortgage Loans | West North Central
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 266,050	$ 288,413
Percent	7.40%	8.50%
Commercial Mortgage Loans | West South Central
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 424,111	$ 420,031
Percent	11.90%	12.30%
Commercial Mortgage Loans | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 297,065	$ 250,287
Percent	8.30%	7.30%
Commercial Mortgage Loans | Medical Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 20,584	$ 29,990
Percent	0.60%	0.90%
Commercial Mortgage Loans | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 1,187,484	$ 1,225,670
Percent	33.20%	36.00%
Commercial Mortgage Loans | Industrial/Warehouse
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 929,325	$ 896,558
Percent	25.90%	26.30%
Commercial Mortgage Loans | Apartment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 939,084	$ 858,679
Percent	26.20%	25.20%
Commercial Mortgage Loans | Mixed Use/Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 206,612	$ 146,427
Percent	5.80%	4.30%
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 245,807	$ 51,303
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	366,320	$ 0
Commercial Mortgage Loans, Agricultural Mortgage Loans and Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 16,600

Mortgage Loans on Real Estate_5

Mortgage Loans on Real Estate (Rollforward of Valuation Allowance on Mortgage Loan Portfolios) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance (1)	$ (9,179)
Charge-offs	1,485
Recoveries	712
Change in provision for credit losses	(15,447)
Ending allowance balance	(31,029)
Commercial Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance (1)	(8,979)
Charge-offs	1,485
Recoveries	712
Change in provision for credit losses	(10,147)
Ending allowance balance	(25,529)
Agricultural Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance (1)	(200)
Charge-offs	0
Recoveries	0
Change in provision for credit losses	(1,930)
Ending allowance balance	(2,130)
Residential Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance (1)	0
Charge-offs	0
Recoveries	0
Change in provision for credit losses	(3,370)
Ending allowance balance	$ (3,370)

Mortgage Loans on Real Estate_6

Mortgage Loans on Real Estate (Summary By Debt Service Coverage and Loan to Value Ratios) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commercial Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2020 - Amortized cost	$ 543,991
2020 - Average LTV	65.00%
2019 - Amortized cost	$ 755,584
2019 - Average LTV	67.00%
2018 - Amortized cost	$ 527,670
2018 - Average LTV	64.00%
2017 - Amortized cost	$ 459,055
2017 - Average LTV	60.00%
2016 - Amortized cost	$ 411,834
2016 - Average LTV	55.00%
Prior - Amortized cost	$ 880,754
Prior - Average LTV	49.00%
Amortized cost	$ 3,578,888	$ 3,406,712
Total - Average LTV	59.00%
Commercial Mortgage Loans | Debt Service Coverage Ratio: Greater Than or Equal to 1.5
Financing Receivable, Credit Quality Indicator [Line Items]
2020 - Amortized cost	$ 364,574
2020 - Average LTV	63.00%
2019 - Amortized cost	$ 442,370
2019 - Average LTV	66.00%
2018 - Amortized cost	$ 399,193
2018 - Average LTV	62.00%
2017 - Amortized cost	$ 316,738
2017 - Average LTV	57.00%
2016 - Amortized cost	$ 359,321
2016 - Average LTV	54.00%
Prior - Amortized cost	$ 715,706
Prior - Average LTV	47.00%
Amortized cost	$ 2,597,902
Total - Average LTV	57.00%
Commercial Mortgage Loans | Debt Service Coverage Ratio: Greater Than or Equal to 1.2 and Less Than 1.5
Financing Receivable, Credit Quality Indicator [Line Items]
2020 - Amortized cost	$ 161,779
2020 - Average LTV	66.00%
2019 - Amortized cost	$ 226,166
2019 - Average LTV	70.00%
2018 - Amortized cost	$ 124,267
2018 - Average LTV	72.00%
2017 - Amortized cost	$ 124,564
2017 - Average LTV	67.00%
2016 - Amortized cost	$ 52,513
2016 - Average LTV	62.00%
Prior - Amortized cost	$ 111,690
Prior - Average LTV	55.00%
Amortized cost	$ 800,979
Total - Average LTV	66.00%
Commercial Mortgage Loans | Debt Service Coverage Ratio: Greater Than or Equal to 1.0 and Less Than 1.2
Financing Receivable, Credit Quality Indicator [Line Items]
2020 - Amortized cost	$ 17,638
2020 - Average LTV	82.00%
2019 - Amortized cost	$ 22,917
2019 - Average LTV	67.00%
2018 - Amortized cost	$ 2,769
2018 - Average LTV	71.00%
2017 - Amortized cost	$ 7,597
2017 - Average LTV	66.00%
2016 - Amortized cost	$ 0
2016 - Average LTV	0.00%
Prior - Amortized cost	$ 32,327
Prior - Average LTV	65.00%
Amortized cost	$ 83,248
Total - Average LTV	69.00%
Commercial Mortgage Loans | Debt Service Coverage Ratio: Less Than 1.0
Financing Receivable, Credit Quality Indicator [Line Items]
2020 - Amortized cost	$ 0
2020 - Average LTV	0.00%
2019 - Amortized cost	$ 64,131
2019 - Average LTV	58.00%
2018 - Amortized cost	$ 1,441
2018 - Average LTV	89.00%
2017 - Amortized cost	$ 10,156
2017 - Average LTV	80.00%
2016 - Amortized cost	$ 0
2016 - Average LTV	0.00%
Prior - Amortized cost	$ 21,031
Prior - Average LTV	60.00%
Amortized cost	$ 96,759
Total - Average LTV	61.00%
Agricultural Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
2020 - Amortized cost	$ 196,190
2020 - Average LTV	47.00%
2019 - Amortized cost	$ 23,983
2019 - Average LTV	42.00%
2018 - Amortized cost	$ 25,000
2018 - Average LTV	11.00%
2017 - Amortized cost	$ 0
2017 - Average LTV	0.00%
2016 - Amortized cost	$ 0
2016 - Average LTV	0.00%
Prior - Amortized cost	$ 0
Prior - Average LTV	0.00%
Amortized cost	$ 245,173	$ 51,260
Total - Average LTV	43.00%
Agricultural Mortgage Loans | Debt Service Coverage Ratio: Greater Than or Equal to 1.5
Financing Receivable, Credit Quality Indicator [Line Items]
2020 - Amortized cost	$ 78,631
2020 - Average LTV	52.00%
2019 - Amortized cost	$ 13,985
2019 - Average LTV	47.00%
2018 - Amortized cost	$ 25,000
2018 - Average LTV	11.00%
2017 - Amortized cost	$ 0
2017 - Average LTV	0.00%
2016 - Amortized cost	$ 0
2016 - Average LTV	0.00%
Prior - Amortized cost	$ 0
Prior - Average LTV	0.00%
Amortized cost	$ 117,616
Total - Average LTV	43.00%
Agricultural Mortgage Loans | Debt Service Coverage Ratio: Greater Than or Equal to 1.2 and Less Than 1.5
Financing Receivable, Credit Quality Indicator [Line Items]
2020 - Amortized cost	$ 101,879
2020 - Average LTV	44.00%
2019 - Amortized cost	$ 3,425
2019 - Average LTV	23.00%
2018 - Amortized cost	$ 0
2018 - Average LTV	0.00%
2017 - Amortized cost	$ 0
2017 - Average LTV	0.00%
2016 - Amortized cost	$ 0
2016 - Average LTV	0.00%
Prior - Amortized cost	$ 0
Prior - Average LTV	0.00%
Amortized cost	$ 105,304
Total - Average LTV	44.00%
Agricultural Mortgage Loans | Debt Service Coverage Ratio: Greater Than or Equal to 1.0 and Less Than 1.2
Financing Receivable, Credit Quality Indicator [Line Items]
2020 - Amortized cost	$ 4,213
2020 - Average LTV	37.00%
2019 - Amortized cost	$ 6,573
2019 - Average LTV	43.00%
2018 - Amortized cost	$ 0
2018 - Average LTV	0.00%
2017 - Amortized cost	$ 0
2017 - Average LTV	0.00%
2016 - Amortized cost	$ 0
2016 - Average LTV	0.00%
Prior - Amortized cost	$ 0
Prior - Average LTV	0.00%
Amortized cost	$ 10,786
Total - Average LTV	41.00%
Agricultural Mortgage Loans | Debt Service Coverage Ratio: Less Than 1.0
Financing Receivable, Credit Quality Indicator [Line Items]
2020 - Amortized cost	$ 11,467
2020 - Average LTV	48.00%
2019 - Amortized cost	$ 0
2019 - Average LTV	0.00%
2018 - Amortized cost	$ 0
2018 - Average LTV	0.00%
2017 - Amortized cost	$ 0
2017 - Average LTV	0.00%
2016 - Amortized cost	$ 0
2016 - Average LTV	0.00%
Prior - Amortized cost	$ 0
Prior - Average LTV	0.00%
Amortized cost	$ 11,467
Total - Average LTV	48.00%

Mortgage Loans on Real Estate_7

Mortgage Loans on Real Estate (Aging of Financing Receivables) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Mortgage loans, past due		$ 0
Commercial Mortgage Loans
Financing Receivable, Past Due [Line Items]
2020	$ 543,991
2019	755,584
2018	527,670
2017	459,055
2016	411,834
Prior	880,754
Amortized cost	3,578,888	3,406,712
Commercial Mortgage Loans | Current
Financing Receivable, Past Due [Line Items]
2020	543,991
2019	755,584
2018	527,670
2017	459,055
2016	411,834
Prior	880,754
Mortgage loans, current	3,578,888
Commercial Mortgage Loans | 30 to 59 Days
Financing Receivable, Past Due [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
Prior	0
Mortgage loans, past due	0
Commercial Mortgage Loans | 60 to 89 Days
Financing Receivable, Past Due [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
Prior	0
Mortgage loans, past due	0
Commercial Mortgage Loans | 90 Days and Over
Financing Receivable, Past Due [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
Prior	0
Mortgage loans, past due	0
Agricultural Mortgage Loans
Financing Receivable, Past Due [Line Items]
2020	196,190
2019	23,983
2018	25,000
2017	0
2016	0
Prior	0
Amortized cost	245,173	51,260
Agricultural Mortgage Loans | Current
Financing Receivable, Past Due [Line Items]
2020	196,190
2019	23,983
2018	25,000
2017	0
2016	0
Prior	0
Mortgage loans, current	245,173
Agricultural Mortgage Loans | 30 to 59 Days
Financing Receivable, Past Due [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
Prior	0
Mortgage loans, past due	0
Agricultural Mortgage Loans | 60 to 89 Days
Financing Receivable, Past Due [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
Prior	0
Mortgage loans, past due	0
Agricultural Mortgage Loans | 90 Days and Over
Financing Receivable, Past Due [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
Prior	0
Mortgage loans, past due	0
Residential Mortgage Loans
Financing Receivable, Past Due [Line Items]
2020	347,207
2019	25,250
2018	0
2017	0
2016	0
Prior	0
Amortized cost	372,457	$ 0
Residential Mortgage Loans | Current
Financing Receivable, Past Due [Line Items]
2020	321,779
2019	24,951
2018	0
2017	0
2016	0
Prior	0
Mortgage loans, current	346,730
Residential Mortgage Loans | 30 to 59 Days
Financing Receivable, Past Due [Line Items]
2020	25,150
2019	299
2018	0
2017	0
2016	0
Prior	0
Mortgage loans, past due	25,449
Residential Mortgage Loans | 60 to 89 Days
Financing Receivable, Past Due [Line Items]
2020	111
2019	0
2018	0
2017	0
2016	0
Prior	0
Mortgage loans, past due	111
Residential Mortgage Loans | 90 Days and Over
Financing Receivable, Past Due [Line Items]
2020	167
2019	0
2018	0
2017	0
2016	0
Prior	0
Mortgage loans, past due	$ 167

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative collateral	$ 1,300	$ 1,300
Credit risk, maximum exposure	$ 35.1	$ 25.2
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, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative assets	$ 1,310,954	$ 1,355,989
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets	1,310,954	1,355,995
Not Designated as Hedging Instrument | Call Options
Derivatives, Fair Value [Line Items]
Derivative assets	1,310,954	1,355,989
Not Designated as Hedging Instrument | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Derivative assets	0	6
Not Designated as Hedging Instrument | Fixed Index Annuities - Embedded Derivatives
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 7,938,281	$ 9,624,395

Derivative Instruments (Change

Derivative Instruments (Change in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	$ 34,666	$ 906,906	$ (777,848)
Change in fair value of embedded derivatives	(1,286,787)	1,454,042	(1,389,491)
Call Options
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	34,604	908,556	(778,899)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	0	(1,059)	869
Interest Rate Caps
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	62	(591)	182
Fixed Index Annuities - Embedded Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	(1,922,085)	562,302	(2,167,628)
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	$ 635,298	$ 891,740	$ 778,137

Derivative Instruments (Schedul

Derivative Instruments (Schedule of Call Options by Counterparty) (Details) - Call Options - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional amount	$ 39,362,179	$ 40,047,196
Fair value	1,310,954	1,355,989
Bank of America
Derivative [Line Items]
Notional amount	2,835,420	2,680,543
Fair value	95,378	80,692
Barclays
Derivative [Line Items]
Notional amount	5,710,978	5,753,868
Fair value	277,692	217,536
Canadian Imperial Bank of Commerce
Derivative [Line Items]
Notional amount	6,593,815	4,110,525
Fair value	279,053	154,917
Citibank, N.A.
Derivative [Line Items]
Notional amount	3,118,979	4,075,544
Fair value	96,757	109,046
Credit Suisse
Derivative [Line Items]
Notional amount	4,422,798	4,526,414
Fair value	78,823	116,659
J.P. Morgan
Derivative [Line Items]
Notional amount	3,600,636	4,703,234
Fair value	54,762	151,651
Morgan Stanley
Derivative [Line Items]
Notional amount	2,856,466	1,886,995
Fair value	62,969	41,253
Royal Bank of Canada
Derivative [Line Items]
Notional amount	1,289,699	2,565,202
Fair value	32,753	101,511
Societe Generale
Derivative [Line Items]
Notional amount	1,494,904	3,280,286
Fair value	34,394	139,101
Truist
Derivative [Line Items]
Notional amount	2,375,124	2,051,229
Fair value	96,573	74,910
Wells Fargo
Derivative [Line Items]
Notional amount	4,848,541	4,221,408
Fair value	196,801	163,520
Exchange Traded
Derivative [Line Items]
Notional amount	214,819	191,948
Fair value	$ 4,999	$ 5,193

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance at beginning of year	$ 2,923,454	$ 3,535,838	$ 2,714,523
Costs deferred during the year: commissions	251,429	419,165	384,432
Costs deferred during the year: policy issue costs	3,725	3,351	3,790
Amortization: Amortization	(2,769)	(280,699)	(358,563)
Amortization: Impact of unlocking	(646,785)	192,982	30,572
Effect of net unrealized gains/losses	(483,242)	(947,183)	761,084
Balance at end of year	$ 2,045,812	$ 2,923,454	$ 3,535,838

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement in Deferred Sales Inducements [Roll Forward]
Balance at beginning of year	$ 1,966,723	$ 2,516,721	$ 2,001,892
Costs deferred during the year	93,610	177,941	179,465
Amortization: Amortization	(10,063)	(193,292)	(243,666)
Amortization: Impact of unlocking	(428,101)	104,707	21,465
Effect of net unrealized gains/losses	(293,312)	(639,354)	557,565
Balance at end of year	$ 1,328,857	$ 1,966,723	$ 2,516,721

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Liability for Future Policy Benefit, by Product Segment [Line Items]
Balance at beginning of year	$ 61,893,945
Balance at end of year	$ 61,768,246	$ 61,893,945
Aggregate investment spread assumption, near term, rate	2.40%
Aggregate investment spread assumption, long term, rate	2.60%	2.60%
Mean reversion period	8 years	20 years
Crediting / Discount rate assumption, near term, rate	1.60%	1.90%
Crediting / Discount rate assumption, long term, rate	2.10%	2.90%
Experience study on products with lifetime income benefit riders, period		10 years
Assumptions for future crediting rates, US Treasury rate		3.80%
Liability for Lifetime Income Benefit Riders
Liability for Future Policy Benefit, by Product Segment [Line Items]
Balance at beginning of year	$ 1,303,451	$ 808,167	$ 704,441
Benefit expense accrual	311,211	179,901	157,333
Impact of unlocking	285,825	315,383	(53,607)
Claim payments	0	0	0
Balance at end of year	$ 1,900,487	$ 1,303,451	$ 808,167
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, 2020USD ($)coinsurance_agreement	Dec. 31, 2019USD ($)
Ceded Credit Risk [Line Items]
Coinsurance deposits (net of allowance for credit losses of $1,888 as of 2020 and $0 as of 2019)	$ 4,844,927	$ 5,115,013
EquiTrust Coinsurance Agreements, All Periods
Ceded Credit Risk [Line Items]
Number of coinsurance agreements | coinsurance_agreement	2
Coinsurance deposits (net of allowance for credit losses of $1,888 as of 2020 and $0 as of 2019)	$ 428,000	481,900
Reinsurance payable	$ 9,700	$ 10,700
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, 2020USD ($)coinsurance_agreement	Dec. 31, 2019USD ($)
Ceded Credit Risk [Line Items]
Coinsurance deposits (net of allowance for credit losses of $1,888 as of 2020 and $0 as of 2019)	$ 4,844,927	$ 5,115,013
Athene Coinsurance Agreements, All Periods
Ceded Credit Risk [Line Items]
Number of coinsurance agreements | coinsurance_agreement	3
Coinsurance deposits (net of allowance for credit losses of $1,888 as of 2020 and $0 as of 2019)	$ 4,400,000	4,600,000
Reinsurance payable	$ 105,800	$ 100,200
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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effects of Reinsurance [Line Items]
Annuity product charges									$ 251,227	$ 240,035	$ 224,488
Change in fair value of derivatives	$ 443,867	$ 205,011	$ 327,662	$ (941,874)	$ 466,434	$ (20,042)	$ 76,045	$ 384,469	34,666	906,906	(777,848)
Interest sensitive and index product benefits									1,543,270	1,287,576	1,610,835
Change in fair value of embedded derivatives									(1,286,787)	1,454,042	(1,389,491)
Other operating costs and expenses									183,636	154,153	129,301
Coinsurance deposits									430,644	91,238	(23,838)
Coinsurance deposits, allowance for credit losses	$ 1,888				$ 0				1,888	0
Coinsurance Agreements, EquiTrust and Athene
Effects of Reinsurance [Line Items]
Annuity product charges									7,021	7,792	7,074
Change in fair value of derivatives									43,080	97,195	(41,487)
Coinsurance, revenues included in consolidated statement of operations									50,101	104,987	(34,413)
Interest sensitive and index product benefits									152,485	132,127	165,485
Change in fair value of embedded derivatives									4,352	109,002	(92,649)
Other operating costs and expenses									17,663	18,778	20,415
Coinsurance, benefits and expenses included in the consolidated statement of operations									174,500	259,907	93,251
Annuity deposits									(35,667)	(290,040)	(413,222)
Cash payments to policyholders									466,311	381,276	389,384
Coinsurance deposits									$ 430,644	$ 91,236	$ (23,838)

Reinsurance and Policy Provis_6

Reinsurance and Policy Provisions (Hannover Financing Arrangements) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	$ 1,400	$ 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%
Hannover Reinsurance Agreements
Ceded Credit Risk [Line Items]
Risk charges	$ 44.7	$ 37.8	$ 30.8

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated statements of operations:
Current income taxes	$ 3,430	$ 12,528	$ 120,289
Deferred income taxes (benefits)	141,071	56,947	(12,563)
Total income tax expense included in consolidated statements of operations	144,501	69,475	107,726
Stockholders' equity:
Expense (benefit) relating to: Adoption of expected credit loss model	(2,543)	0	0
Expense (benefit) relating to: Change in net unrealized investment losses	247,578	412,117	(240,459)
Total income tax expense (benefit) included in consolidated financial statements	$ 389,536	$ 481,592	$ (132,733)

Income Taxes (Effective Income

Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income before income taxes	$ 815,961	$ 315,565	$ 565,742
Income tax expense on income before income taxes	171,352	66,269	118,806
Tax effect of: State income taxes	5,749	5,111	5,777
Tax effect of: Tax exempt net investment income	(4,602)	(4,385)	(4,223)
Tax effect of: Tax rate differential on net operating loss carryback	(30,041)	0	0
Tax effect of: Worthless stock deduction	0	0	(7,448)
Tax effect of: Other	2,043	2,480	(5,186)
Total income tax expense included in consolidated statements of operations	$ 144,501	$ 69,475	$ 107,726
Effective tax rate	17.70%	22.00%	19.00%
Statutory federal income tax rate	21.00%	21.00%	21.00%
Effective statutory tax rate used for net operating loss carryback	35.00%

Income Taxes (Deferred Tax Asse

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Valuation Allowance [Line Items]
Deferred tax assets, valuation allowance	$ 0	$ 0
Net operating loss carryforwards	0
Deferred income tax assets:
Policy benefit reserves	1,463,227	1,733,672
Credit losses/Impairments	28,519	15,166
Amounts due reinsurer	0	8,784
Other policyholder funds	3,789	4,359
Deferred compensation	2,161	3,705
Share-based compensation	2,189	2,775
Net operating loss carryforwards	0	37,509
Other	3,569	14,677
Gross deferred tax assets	1,503,454	1,820,647
Deferred income tax liabilities:
Deferred policy acquisition costs and deferred sales inducements	(1,146,016)	(1,303,385)
Net unrealized gains on available for sale fixed maturity securities	(639,769)	(392,189)
Derivative instruments	(119,444)	(109,287)
Policy benefit reserves	(123,270)	(147,924)
Investment income items	(28,719)	(42,105)
Amounts due reinsurer	(5,636)	0
Other	(4,603)	(3,654)
Gross deferred tax liabilities	(2,067,457)	(1,998,544)
Net deferred income tax liability	(564,003)	$ (177,897)
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 Payable and Amounts Due_3

Notes Payable and Amounts Due Under Repurchase Agreements (Schedule of Notes Payable) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jun. 16, 2017
Debt Instrument [Line Items]
Notes payable	$ 495,668	$ 495,116
June 2027 Notes
Debt Instrument [Line Items]
Debt instrument, face amount	500,000	500,000	$ 500,000
Unamortized debt issue costs	(4,086)	(4,607)
Unamortized discount	$ (246)	$ (277)	$ (300)

Notes Payable and Amounts Due_4

Notes Payable and Amounts Due Under Repurchase Agreements (2027 Notes Narrative) (Details) (Details) - June 2027 Notes - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jun. 16, 2017
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000	$ 500,000	$ 500,000
Interest rate			5.00%
Unamortized discount	$ 246	$ 277	$ 300
Deferred financing costs			$ 5,800

Notes Payable and Amounts Due_5

Notes 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, 2020USD ($)occasionsguarantor	Dec. 31, 2019USD ($)	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	$ 1,038,000
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

Notes Payable and Amounts Due_6

Notes Payable and Amounts Due Under Repurchase Agreements (Repurchase Agreements Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Repurchase agreement, average borrowings	$ 14.3	$ 33	$ 51.8
Repurchase agreement, maximum amount borrowed	$ 186.4	$ 243.6	$ 544.1
Repurchase agreement, weighted average interest rate	1.73%	2.99%	1.90%

Subordinated Debentures (Narrat

Subordinated Debentures (Narrative) (Details) - American Equity Capital Trust II $ in Millions	Dec. 31, 2020USD ($)
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, 2020
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 159,272	$ 78,112
Unamortized debt issue costs	(2,007)	0
Subordinated debentures	157,265	78,112
American Equity Capital Trust II
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	77,822	$ 78,112
Interest rate		5.00%
American Equity Capital Trust III
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 27,840	$ 0
Basis spread on variable rate	3.90%
American Equity Capital Trust IV
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 12,372	0
Basis spread on variable rate	4.00%
American Equity Capital Trust XII
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 41,238	$ 0
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Defined contribution plan, maximum annual employee contribution	$ 19,500	$ 19,000	$ 18,500
Defined contribution plan, employer plan contributions	$ 2,400,000	$ 1,800,000	$ 1,700,000

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESOP, compensation expense	$ 2,908	$ 2,547	$ 2,194
Compensation expense	11,819	10,028	8,594
Employee Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	7,855	6,559	5,434
Director Equity Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,056	$ 922	$ 966

Retirement and Share-based Co_5

Retirement and Share-based Compensation Plans (Employee Stock Ownership Plan) (Details)	12 Months Ended
	Dec. 31, 2020
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	815,767	0	0
Amended Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized	3,000,000
Number of shares authorized	5,500,000
Number of shares available for future grant	3,485,509
Amended Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period	51,450
Amended Plan | Performance Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	709,958
Duration of award	5 years
Period market condition must be met	30 days
Market condition, weighted average common stock price per common share	$ 37
Amended Plan | Performance Options | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	50.00%
Amended Plan | Performance Options | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	50.00%
Award vesting period	1 year
2016 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	0
2016 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
Shares issued in period			36,270
2016 Employee Incentive Plan or Amended Plan | Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted	217,781	152,678	105,617
Award performance period	3 years	3 years	3 years
Award vesting period	3 years	3 years	3 years
2016 Employee Incentive Plan or Amended Plan | Performance Units | Threshold Goals, Vesting Percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	50.00%	50.00%	50.00%
2016 Employee Incentive Plan or Amended Plan | Performance Units | Target Performance Goals, Vesting Percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	100.00%	100.00%	100.00%
2016 Employee Incentive Plan or Amended Plan | Performance Units | Maximum Performance Goals, Vesting Percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	150.00%	150.00%	150.00%
2016 Employee Incentive Plan or Amended Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted	133,429	72,696	85,500
Participant age for full vesting	65 years
Requisite service period for full vesting	10 years
2016 Employee Incentive Plan or Amended Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	105,809
Duration of award	10 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	0
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
Minimum | Amended Plan | Performance Options | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Minimum | 2016 Employee Incentive Plan or Amended Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Minimum | 2016 Employee Incentive Plan or Amended Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum | Amended Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Maximum | 2016 Employee Incentive Plan or Amended Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum | 2016 Employee Incentive Plan or Amended Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Maximum | 2013 Director Equity And Incentive Plan | Restricted Stock
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, 2020	Dec. 31, 2019	Dec. 31, 2018	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	730,564
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	$ 0.9	$ 1.4	$ 1.6
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	41,735	58,617	57,562
2015 American Equity Life Agent Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Commission expense	$ 0.1	$ 2.2	$ 2.4
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	4,042	89,382	89,367
2014 American Equity Life Agent Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Commission expense		$ 0.1	$ 0.9
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
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, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement [Abstract]
Outstanding, number of shares	1,257,917	828,913	1,221,865	1,980,265
Outstanding, weighted-average exercise price per share	$ 25.10	$ 19.91	$ 17.41	$ 16.20
Outstanding, total exercise price	$ 31,576	$ 16,506	$ 21,273	$ 32,084
Granted, number of shares	815,767	0	0
Granted, weighted-average exercise price per share	$ 26.70	$ 0	$ 0
Granted, total exercise price	$ 21,778	$ 0	$ 0
Canceled, number of shares	(31,200)	(22,600)	(40,850)
Canceled, weighted-average exercise price per share	$ 21.50	$ 18.14	$ 18.87
Canceled, total exercise price	$ (670)	$ (410)	$ (771)
Exercised, number of shares	(355,563)	(370,352)	(717,550)
Exercised, weighted-average exercise price per share	$ 16.98	$ 11.76	$ 13.99
Exercised, total exercise price	$ (6,038)	$ (4,357)	$ (10,040)
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, 2009 Employee Incentive Plan, 2011 Directors Stock Option Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	6 months
Stock Option Plans, 2000 Director Stock Option Plan, 2009 Employee Incentive Plan, 2011 Directors Stock Option Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, intrinsic value	$ 3.2
Options vested, intrinsic value	2.4
Proceeds from stock options exercised	6	$ 4.4	$ 10
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	$ 2.2	$ 3.4	$ 3
Exercise Price Range I
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit	$ 10.52
Exercise price range, upper range limit	$ 12.26
Stock options outstanding, number of awards	87,000
Stock options outstanding, remaining life (yrs)	11 months 1 day
Stock options outstanding, weighted-average exercise price per share	$ 11.42
Stock options vested, number of awards	87,000
Stock options vested, remaining life (yrs)	11 months 1 day
Stock options vested, weighted-average exercise price per share	$ 11.42
Exercise Price Range II
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit	21.89
Exercise price range, upper range limit	$ 26.70
Stock options outstanding, number of awards	460,959
Stock options outstanding, remaining life (yrs)	2 years 2 months 1 day
Stock options outstanding, weighted-average exercise price per share	$ 24.68
Stock options vested, number of awards	355,150
Stock options vested, remaining life (yrs)	14 days
Stock options vested, weighted-average exercise price per share	$ 24.79
Exercise Price Range III
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit	$ 27.05
Stock options outstanding, number of awards	709,958
Stock options outstanding, remaining life (yrs)	9 years 10 months 17 days
Stock options outstanding, weighted-average exercise price per share	$ 27.05
Stock options vested, number of awards	0
Stock options vested, remaining life (yrs)	0 years
Stock options vested, weighted-average exercise price per share	$ 0
Exercise Price Range, All Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit	10.52
Exercise price range, upper range limit	$ 27.05
Stock options outstanding, number of awards	1,257,917
Stock options outstanding, remaining life (yrs)	6 years 5 months 8 days
Stock options outstanding, weighted-average exercise price per share	$ 25.10
Stock options vested, number of awards	442,150
Stock options vested, remaining life (yrs)	2 months 15 days
Stock options vested, weighted-average exercise price per share	$ 22.16

Retirement and Share-based C_10

Retirement and Share-based Compensation Plans (Deferred Compensation Arrangements) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred Compensation Plans, Certain Officers, Directors and Consultants
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Shares reserved for future issuance	4,500	335,875
Deferred Compensation Plans, Officer Rabbi Trust
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Shares reserved for future issuance	27,661	30,532
Deferred compensation liability	$ 0.8	$ 1.3

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Insurance [Abstract]
American Equity Life, statutory net income (loss)	$ (34,467)	$ 143,309	$ 210,049
American Equity Life, statutory capital and surplus balance	3,728,732	3,490,196
Statutory accounting practices, permitted practice, amount	366,300	411,700
Total adjusted capital	3,978,901	3,824,457
Company Action Level RBC	$ 1,069,434	$ 1,028,662
Ratio of adjusted capital to Company Action Level RBC	372.00%	372.00%
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]
Statutory amount available for dividend payments without regulatory approval	$ 372,900
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 4,200	$ 3,300	$ 3,200
Aggregate future minimum lease payments due	11,200
2021	2,354
2022	2,085
2023	1,866
2024	1,832
2025	1,711
2026 and thereafter	1,397
Limited Partnerships
Other Commitments [Line Items]
Unfunded commitments	40,200
Fixed Maturity Securities
Other Commitments [Line Items]
Unfunded commitments	$ 27,000

Earnings Per Common Share and_3

Earnings Per Common Share and Stockholders' Equity (Schedule of Earnings Per Common Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share, Basic and Diluted [Line Items]
Net income available to common stockholders - numerator for earnings per common share	$ (6,262)	$ 661,250	$ (253,379)	$ 236,336	$ 220,150	$ 37,360	$ 18,590	$ (30,010)	$ 637,945	$ 246,090	$ 458,016
Weighted average common shares outstanding (shares)									92,055,035	91,139,453	90,347,915
Denominator for earnings per common share - assuming dilution (shares)									92,392,496	91,782,242	91,422,585
Earnings per common share	$ (0.07)	$ 7.20	$ (2.76)	$ 2.58	$ 2.41	$ 0.41	$ 0.20	$ (0.33)	$ 6.93	$ 2.70	$ 5.07
Earnings per common share - assuming dilution	$ (0.07)	$ 7.17	$ (2.76)	$ 2.57	$ 2.40	$ 0.41	$ 0.20	$ (0.33)	$ 6.90	$ 2.68	$ 5.01
Stock Options And Deferred Compensation Agreements
Earnings Per Share, Basic and Diluted [Line Items]
Effect of dilutive securities: Share-based payment agreements (shares)									93,014	304,196	709,433
Restricted Stock And Restricted Stock Units
Earnings Per Share, Basic and Diluted [Line Items]
Effect of dilutive securities: Share-based payment agreements (shares)									244,447	338,593	365,237
Stock Options
Earnings Per Share, Basic and Diluted [Line Items]
Antidilutive securities excluded from computation of diluted earnings per common share, amount (shares)									0	0	0

Earnings Per Common Share and_4

Earnings Per Common Share and Stockholders' Equity (Stockholders' Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 10, 2020	Nov. 21, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Proceeds from issuance of preferred stock, net			$ 290,260	$ 388,893	$ 0
Dividends paid on preferred stock			$ 33,515
Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, shares issued	12,000		12,000	0
Preferred stock dividend rate, percentage	6.625%
Preferred stock, par value (dollars per share)	$ 1		$ 1
Preferred stock, liquidation preference, per share	$ 25,000
Proceeds from issuance of preferred stock, net	$ 290,300
Dividends paid on preferred stock			$ 9,000
Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, shares issued		16,000	16,000	16,000
Preferred stock dividend rate, percentage		5.95%
Preferred stock, par value (dollars per share)		$ 1	$ 1	$ 1
Preferred stock, liquidation preference, per share		$ 25,000
Proceeds from issuance of preferred stock, net		$ 388,900
Dividends paid on preferred stock			$ 24,500

Earnings Per Common Share and_5

Earnings Per Common Share and Stockholders' Equity (Brookfield Asset Management Equity Investment) (Details)	Nov. 30, 2020$ / sharesshares	Oct. 18, 2020numberOfStagesboardOfDirectorsSeats$ / shares
Third party equity investment, number of stages | numberOfStages		2
Number of Board of Directors seats third party received following initial equity investment | boardOfDirectorsSeats		1
Initial Purchase
Third party ownership interest in Company's common stock	9.90%
Third party ownership interest in Company's common stock, price per share	$ 37
Third party ownership interest in Company's common stock, shares | shares	9,106,042
Maximum
Expected future third party ownership interest in Company's common stock		19.90%
Maximum | Second Purchase
Expected future third party ownership interest in Company's common stock		10.00%
Minimum | Second Purchase
Expected future third party ownership interest in Company's common stock, price per share		$ 37

Earnings Per Common Share and_6

Earnings Per Common Share and Stockholders' Equity (Share Repurchase Program and Treasury Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 25, 2021	Dec. 31, 2020	Dec. 31, 2020	Feb. 25, 2021	Dec. 31, 2020	Nov. 30, 2020	Oct. 18, 2020	Dec. 31, 2019
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount							$ 500,000
Treasury stock acquired, value					$ 165,094
Treasury stock, shares		6,516,525	6,516,525		6,516,525			1,344,193
Treasury stock, carrying value		$ 151,600	$ 151,600		$ 151,600			$ 11,900
Open Market
Equity, Class of Treasury Stock [Line Items]
Treasury stock acquired, shares			1,900,000
Treasury stock acquired, value			$ 50,000
Accelerated Share Repurchase Agreement
Equity, Class of Treasury Stock [Line Items]
Treasury stock acquired, shares		3,500,000
Accelerated share repurchase agreement, aggregate amount						$ 115,000
Accelerated Share Repurchase Agreement | Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Treasury stock acquired, shares	500,000
Accelerated share repurchases, price paid per share				$ 28.45

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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Premiums and product charges	$ 76,242	$ 72,684	$ 74,470	$ 67,213	$ 71,568	$ 68,799	$ 64,826	$ 58,376
Net investment income	521,725	543,331	543,704	573,318	588,217	590,412	570,568	558,438	$ 2,182,078	$ 2,307,635	$ 2,147,812
Change in fair value of derivatives	443,867	205,011	327,662	(941,874)	466,434	(20,042)	76,045	384,469	34,666	906,906	(777,848)
Net realized gains (losses) on investments	(12,135)	(22,321)	(25,888)	(20,336)	7,029	4,328	(3,832)	(563)	(80,680)	6,962	(37,178)
Net OTTI losses recognized in operations					(17,412)	(101)	(1,213)	0	0	(18,726)	(36,656)
Loss on extinguishment of debt	0	0	0	(2,024)	(2,001)	0	0	0	(2,024)	(2,001)	0
Total revenues	1,029,699	798,705	919,948	(323,703)	1,113,835	643,396	706,394	1,000,720	2,424,649	3,464,345	1,547,098
Net income (loss) available to common stockholders	$ (6,262)	$ 661,250	$ (253,379)	$ 236,336	$ 220,150	$ 37,360	$ 18,590	$ (30,010)	$ 637,945	$ 246,090	$ 458,016
Earnings (loss) per common share	$ (0.07)	$ 7.20	$ (2.76)	$ 2.58	$ 2.41	$ 0.41	$ 0.20	$ (0.33)	$ 6.93	$ 2.70	$ 5.07
Earnings (loss) per common share - assuming dilution	$ (0.07)	$ 7.17	$ (2.76)	$ 2.57	$ 2.40	$ 0.41	$ 0.20	$ (0.33)	$ 6.90	$ 2.68	$ 5.01

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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Fixed index annuity derivatives, fair value accounting impact on comparability of net income	$ 71,133	$ (923,874)	$ 332,519	$ (94,557)	$ (100,305)	$ 196,396	$ 78,397	$ 118,491

Schedule I - Summary of Inves_2

Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) $ in Thousands	Dec. 31, 2020USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	$ 47,423,579	[1]
Amount at which shown in the balance sheet	53,605,414
Total Fixed Maturity Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	42,304,736	[1]
Fair value	47,538,893
Amount at which shown in the balance sheet	47,538,893
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	37,471	[1]
Fair value	39,771
Amount at which shown in the balance sheet	39,771
United States Government Sponsored Agencies
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	995,465	[1]
Fair value	1,039,551
Amount at which shown in the balance sheet	1,039,551
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	3,236,767	[1]
Fair value	3,776,131
Amount at which shown in the balance sheet	3,776,131
Foreign Government Obligations
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	177,062	[1]
Fair value	202,706
Amount at which shown in the balance sheet	202,706
Corporate Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	26,745,196	[1]
Fair value	31,156,827
Amount at which shown in the balance sheet	31,156,827
Residential Mortgage Backed Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	1,399,956	[1]
Fair value	1,512,831
Amount at which shown in the balance sheet	1,512,831
Commercial Mortgage Backed Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	4,119,650	[1]
Fair value	4,261,227
Amount at which shown in the balance sheet	4,261,227
Other Asset Backed Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	5,593,169	[1]
Fair value	5,549,849
Amount at which shown in the balance sheet	5,549,849
Mortgage Loans on Real Estate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	4,165,489	[1]
Fair value	4,327,885
Amount at which shown in the balance sheet	4,165,489
Derivative Instruments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	363,276	[1]
Fair value	1,310,954
Amount at which shown in the balance sheet	1,310,954
Other Investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	590,078	[1]
Amount at which shown in the balance sheet	$ 590,078
[1]	On the basis of cost adjusted for 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, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 9,095,522	$ 2,293,392	$ 344,396	$ 1,434,045
Other assets	70,198	47,571
Total assets	71,389,674	69,696,552
Liabilities:
Notes payable	495,668	495,116
Subordinated debentures payable to subsidiary trusts	78,112	157,265
Deferred income taxes	564,003	177,897
Federal income tax payable	0	429
Other liabilities	1,668,025	2,145,676
Total liabilities	64,814,958	65,126,433
Stockholders' equity:
Common stock	95,721	91,107
Additional paid-in capital	1,681,127	1,212,311
Accumulated other comprehensive income	2,429,285	1,497,921
Retained earnings	2,368,555	1,768,764
Total stockholders' equity	6,574,716	4,570,119	2,399,101	2,850,157
Total liabilities and stockholders' equity	71,389,674	69,696,552
Preferred Stock, Series A
Stockholders' equity:
Preferred stock	16	16
Preferred Stock, Series B
Stockholders' equity:
Preferred stock	12	0
Parent Company
Assets
Cash and cash equivalents	486,670	332,526	$ 68,876	$ 22,486
Equity securities of subsidiary trusts	2,343	4,785
Receivable from subsidiaries	2,418	1,210
Deferred income taxes	0	5,818
Other assets	3,078	3,067
Total assets, excluding investment in and advances to subsidiaries	494,509	347,406
Investment in and advances to subsidiaries	6,674,652	4,891,431
Total assets	7,169,161	5,238,837
Liabilities:
Notes payable	495,668	495,116
Subordinated debentures payable to subsidiary trusts	78,112	157,265
Deferred income taxes	590	0
Federal income tax payable	5,395	9,274
Other liabilities	14,680	7,063
Total liabilities	594,445	668,718
Stockholders' equity:
Common stock	95,721	91,107
Additional paid-in capital	1,681,127	1,212,311
Accumulated other comprehensive income	2,429,285	1,497,921
Retained earnings	2,368,555	1,768,764
Total stockholders' equity	6,574,716	4,570,119
Total liabilities and stockholders' equity	7,169,161	5,238,837
Parent Company | Preferred Stock, Series A
Stockholders' equity:
Preferred stock	16	16
Parent Company | Preferred Stock, Series B
Stockholders' equity:
Preferred stock	$ 12	$ 0

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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Net investment income	$ 521,725	$ 543,331	$ 543,704	$ 573,318	$ 588,217	$ 590,412	$ 570,568	$ 558,438	$ 2,182,078	$ 2,307,635	$ 2,147,812
Change in fair value of derivatives	443,867	205,011	327,662	(941,874)	466,434	(20,042)	76,045	384,469	34,666	906,906	(777,848)
Loss on extinguishment of debt	0	0	0	(2,024)	(2,001)	0	0	0	(2,024)	(2,001)	0
Total revenues	1,029,699	798,705	919,948	(323,703)	1,113,835	643,396	706,394	1,000,720	2,424,649	3,464,345	1,547,098
Expenses:
Interest expense on notes payable									25,552	25,525	25,498
Interest expense on subordinated debentures issued to subsidiary trusts									5,557	15,764	15,491
Other operating costs and expenses									183,636	154,153	129,301
Total benefits and expenses									1,608,688	3,148,780	981,356
Income tax expense									144,501	69,475	107,726
Net income									671,460	246,090	458,016
Less: Preferred stock dividends									33,515	0	0
Net income available to common stockholders	$ (6,262)	$ 661,250	$ (253,379)	$ 236,336	$ 220,150	$ 37,360	$ 18,590	$ (30,010)	637,945	246,090	458,016
Parent Company
Revenues:
Net investment income									1,115	1,755	773
Dividends from subsidiary trusts									167	469	461
Dividends from dissolved subsidiaries									0	0	10,393
Surplus note interest from subsidiary									4,080	4,080	4,080
Change in fair value of derivatives									62	(1,650)	1,051
Loss on extinguishment of debt									(2,024)	(2,001)	0
Other									346	0	0
Total revenues									117,974	110,598	109,093
Expenses:
Interest expense on notes payable									25,552	25,525	25,498
Interest expense on subordinated debentures issued to subsidiary trusts									5,557	15,764	15,491
Other operating costs and expenses									46,686	28,357	18,579
Total benefits and expenses									77,795	69,646	59,568
Income before income taxes and equity in undistributed income of subsidiaries									40,179	40,952	49,525
Income tax expense									13,142	11,586	2,603
Income before equity in undistributed income of subsidiaries									27,037	29,366	46,922
Equity in undistributed income of subsidiaries									644,423	216,724	411,094
Net income									671,460	246,090	458,016
Less: Preferred stock dividends									33,515	0	0
Net income available to common stockholders									637,945	246,090	458,016
Investment Advisory Fees | Parent Company
Revenues:
Investment advisory fees									$ 114,228	$ 107,945	$ 92,335

Schedule II - Condensed Finan_4

Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income									$ 671,460	$ 246,090	$ 458,016
Adjustments to reconcile net income to net cash provided by operating activities:
Accrual of discount on equity security									57,437	25,846	19,204
Change in fair value of derivatives									(34,668)	(906,201)	777,575
Loss on extinguishment of debt	$ 0	$ 0	$ 0	$ 2,024	$ 2,001	$ 0	$ 0	$ 0	2,024	2,001	0
Share-based compensation									10,215	11,295	11,097
Deferred income taxes									141,071	56,947	(12,563)
Changes in operating assets and liabilities:
Other assets									(849)	(5,607)	(844)
Other liabilities									38,995	(28,607)	(17,318)
Net cash provided by operating activities									1,304,986	3,351,402	43,185
Investing activities
Purchases of property, plant and equipment									(13,240)	(4,022)	(4,283)
Net cash provided by (used in) investing activities									5,134,604	(3,054,886)	(2,408,331)
Financing activities
Repayment of subordinated debentures									(81,450)	(88,160)	0
Proceeds from issuance of common stock									338,061	1,691	9,681
Acquisition of treasury stock									(165,094)	0	0
Proceeds from issuance of preferred stock, net									290,260	388,893	0
Dividends paid on common stock									(28,859)	(27,304)	(25,265)
Dividends paid on preferred stock									(33,515)	0	0
Net cash provided by (used in) financing activities									362,540	1,652,480	1,275,497
Increase (decrease) in cash and cash equivalents									6,802,130	1,948,996	(1,089,649)
Cash and cash equivalents at beginning of year				2,293,392				344,396	2,293,392	344,396	1,434,045
Cash and cash equivalents at end of year	9,095,522				2,293,392				9,095,522	2,293,392	344,396
Cash paid during the year for interest:
Interest paid									31,427	42,879	39,575
Parent Company
Operating activities
Net income									671,460	246,090	458,016
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for depreciation and amortization									1,138	1,136	916
Accrual of discount on equity security									(3)	(8)	(8)
Equity in undistributed income of subsidiaries									(644,423)	(216,724)	(411,094)
Change in fair value of derivatives									(62)	945	(1,325)
Loss on extinguishment of debt									2,024	2,001	0
Accrual of discount on debenture issued to subsidiary trust									289	270	254
Share-based compensation									3,303	2,923	1,626
Deferred income taxes									6,408	2,087	40
Changes in operating assets and liabilities:
Receivable from subsidiaries									(1,208)	(40)	(1,004)
Federal income tax recoverable/payable									(3,879)	382	9,951
Other assets									(320)	(1,229)	(229)
Other liabilities									7,617	(1,846)	4,860
Net cash provided by operating activities									42,344	35,987	62,003
Investing activities
Repayment of equity securities									2,445	2,660	0
Contribution to subsidiaries									(210,000)	(50,000)	0
Purchases of property, plant and equipment									(48)	(117)	(29)
Net cash provided by (used in) investing activities									(207,603)	(47,457)	(29)
Financing activities
Repayment of subordinated debentures									(81,450)	(88,160)	0
Proceeds from issuance of common stock									338,061	1,691	9,681
Acquisition of treasury stock									(165,094)	0	0
Proceeds from issuance of preferred stock, net									290,260	388,893	0
Dividends paid on common stock									(28,859)	(27,304)	(25,265)
Dividends paid on preferred stock									(33,515)	0	0
Net cash provided by (used in) financing activities									319,403	275,120	(15,584)
Increase (decrease) in cash and cash equivalents									154,144	263,650	46,390
Cash and cash equivalents at beginning of year				$ 332,526				$ 68,876	332,526	68,876	22,486
Cash and cash equivalents at end of year	$ 486,670				$ 332,526				486,670	332,526	68,876
Parent Company | Notes Payable
Cash paid during the year for interest:
Interest paid									25,000	25,000	25,000
Parent Company | Subordinated Debentures
Cash paid during the year for interest:
Interest paid									$ 6,181	$ 16,891	$ 13,593

Schedule III - Supplementary _2

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Deferred policy acquisition costs	$ 2,045,812	$ 2,923,454	$ 3,535,838
Future policy benefits, losses, claims and loss expenses	61,768,246	61,893,945	57,606,009
Unearned premiums	0	0	0
Other policy claims and benefits payable	240,904	256,105	270,858
Premium revenue	290,609	263,569	250,968
Net investment income	2,182,078	2,307,635	2,147,812
Benefits, claims, losses and settlement expenses	744,389	2,865,621	483,075
Amortization of deferred policy acquisition costs	649,554	87,717	327,991
Other operating expenses	$ 214,745	$ 195,442	$ 170,290

Schedule IV - Reinsurance (Deta

Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, life insurance in force	$ 52,234	$ 56,451	$ 64,544
Ceded to other companies, life insurance in force	5,925	6,722	7,832
Assumed from other companies, life insurance in force	49,577	52,653	53,658
Net amount, life insurance in force	95,886	102,382	110,370
Net amount, insurance premiums and other considerations	$ 39,382	$ 23,534	$ 26,480
Percent of amount assumed to net, life insurance in force	51.70%	51.43%	48.62%
Insurance Premiums and Other Considerations
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, insurance premiums and other considerations	$ 297,571	$ 271,222	$ 257,881
Ceded to other companies, insurance premiums and other considerations	7,160	7,937	7,263
Assumed from other companies, insurance premiums and other considerations	198	284	350
Net amount, insurance premiums and other considerations	$ 290,609	$ 263,569	$ 250,968
Percent of amount assumed to net, insurance premiums and other considerations	0.07%	0.11%	0.14%
Annuity Product Charges
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, insurance premiums and other considerations	$ 258,248	$ 247,827	$ 231,562
Ceded to other companies, insurance premiums and other considerations	7,021	7,792	7,074
Assumed from other companies, insurance premiums and other considerations	0	0	0
Net amount, insurance premiums and other considerations	$ 251,227	$ 240,035	$ 224,488
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	$ 39,323	$ 23,395	$ 26,319
Ceded to other companies, insurance premiums and other considerations	139	145	189
Assumed from other companies, insurance premiums and other considerations	198	284	350
Net amount, insurance premiums and other considerations	$ 39,382	$ 23,534	$ 26,480
Percent of amount assumed to net, insurance premiums and other considerations	0.50%	1.21%	1.32%

Schedule V - Valuation and Qu_2

Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019	Dec. 31, 2018
Valuation Allowance on Mortgage Loans
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance		$ (17,779)	[1]	$ (8,239)	$ (7,518)
Charged to costs and expenses		(15,447)	[1]	(940)	(3,165)
Translation adjustment		0	[1]	0	0
Write-offs/payments/other		2,197	[1]	0	2,444
Ending balance		(31,029)	[1]	$ (9,179)	$ (8,239)
Valuation Allowance on Available For Sale Fixed Maturity Securities
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	[1]	0
Charged to costs and expenses	[1]	(94,560)
Translation adjustment	[1]	0
Write-offs/payments/other	[1]	29,789
Ending balance	[1]	(64,771)
Valuation Allowance on Coinsurance Deposits
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	[1]	(3,238)
Charged to costs and expenses	[1]	1,350
Translation adjustment	[1]	0
Write-offs/payments/other	[1]	0
Ending balance	[1]	$ (1,888)
[1]	(1) Upon adoption of authoritative guidance effective January 1, 2020, we updated our accounting policies and methodology for calculating the valuation allowance on mortgage loans, available for sale fixed maturity securities and coinsurance deposits, resulting in an adjustment to the valuation allowances. See Note 1 - Significant Accounting Policies for further details.