American National (ANG-PB) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		92,512,821
Entity Central Index Key	0001039828
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
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	Jun. 30, 2021	Dec. 31, 2020
Investments:
Fixed maturity securities, available for sale, at fair value (amortized cost of $41,852,088 as of 2021 and $42,304,736 as of 2020; allowance for credit losses of $14,190 as of 2021 and $64,771 as of 2020)	$ 46,659,256	$ 47,538,893
Mortgage loans on real estate (net of allowance for credit losses of $26,581 as of 2021 and $31,029 as of 2020)	4,299,945	4,165,489
Derivative instruments	1,459,965	1,310,954
Other investments	962,305	590,078
Total investments	53,639,708	53,605,414
Cash and cash equivalents (2021 includes $26,021 related to consolidated variable interest entities)	11,524,265	9,095,522
Coinsurance deposits (net of allowance for credit losses of $1,779 as of 2021 and $1,888 as of 2020)	4,441,950	4,844,927
Accrued investment income (2021 includes $27 related to consolidated variable interest entities)	397,393	398,082
Deferred policy acquisition costs	2,310,931	2,225,199
Deferred sales inducements	1,466,217	1,448,375
Income taxes recoverable	41,019	862
Other assets (2021 includes $504 related to consolidated variable interest entities)	60,816	70,198
Total assets	73,882,299	71,688,579
Liabilities:
Policy benefit reserves	64,555,597	62,352,882
Other policy funds and contract claims	233,987	240,904
Notes payable	495,955	495,668
Subordinated debentures	78,264	78,112
Deferred income taxes	483,631	504,000
Other liabilities (2021 includes $16,410 related to consolidated variable interest entities)	1,739,130	1,668,025
Total liabilities	67,586,564	65,339,591
Stockholders' equity:
Common stock; par value $1 per share; 200,000,000 shares authorized; issued and outstanding: 2021 - 92,553,825 shares (excluding 9,895,711 treasury shares); 2020 - 95,720,622 shares (excluding 6,516,525 treasury shares)	92,554	95,721
Additional paid-in capital	1,604,535	1,681,127
Accumulated other comprehensive income	2,023,911	2,203,557
Retained earnings	2,574,707	2,368,555
Total stockholders' equity	6,295,735	6,348,988
Total liabilities and stockholders' equity	73,882,299	71,688,579
Variable Interest Entities
Investments:
Real estate related to consolidated variable interest entities	258,237	0
Cash and cash equivalents (2021 includes $26,021 related to consolidated variable interest entities)	26,021
Accrued investment income (2021 includes $27 related to consolidated variable interest entities)	27
Other assets (2021 includes $504 related to consolidated variable interest entities)	504
Total assets	284,800
Liabilities:
Other liabilities (2021 includes $16,410 related to consolidated variable interest entities)	16,410
Total liabilities	16,400
Preferred Stock, Series A
Stockholders' equity:
Preferred stock	16	16
Preferred Stock, Series B
Stockholders' equity:
Preferred stock	$ 12	$ 12

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fixed maturity securities, available for sale, amortized cost	$ 41,852,088	$ 42,304,736
Fixed maturity securities, available for sale, allowance for credit losses	14,190	64,771
Mortgage loans on real estate, allowance for credit losses	26,581	31,029
Cash and cash equivalents	11,524,265	9,095,522
Coinsurance deposits, allowance for credit losses	1,779	1,888
Accrued investment income	397,393	398,082
Other assets	60,816	70,198
Other liabilities	$ 1,739,130	$ 1,668,025
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	92,553,825	95,720,622
Common stock, shares outstanding	92,553,825	95,720,622
Treasury stock, shares	9,895,711	6,516,525
Variable Interest Entities
Cash and cash equivalents	$ 26,021
Accrued investment income	27
Other assets	504
Other liabilities	$ 16,410
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	$ 1
Preferred stock, aggregate liquidation preference	$ 300,000	$ 300,000
Preferred stock, shares authorized	12,000	12,000
Preferred stock, shares issued	12,000	12,000
Preferred stock, shares outstanding	12,000	12,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Premiums and other considerations	$ 14,595	$ 11,032	$ 27,808	$ 18,696
Annuity product charges	63,759	63,438	123,841	122,987
Net investment income	499,320	543,704	996,510	1,117,022
Change in fair value of derivatives	500,880	327,662	897,185	(614,212)
Net realized losses on investments	(3,114)	(25,888)	(7,697)	(46,224)
Loss on extinguishment of debt	0	0	0	(2,024)
Total revenues	1,075,440	919,948	2,037,647	596,245
Benefits and expenses:
Insurance policy benefits and change in future policy benefits	15,828	13,331	32,252	23,403
Interest sensitive and index product benefits	812,981	240,992	1,289,576	641,211
Amortization of deferred sales inducements	(12,520)	(75,178)	110,455	(1,587)
Change in fair value of embedded derivatives	273,713	1,126,935	(8,700)	(123,126)
Interest expense on notes payable	6,394	6,388	12,787	12,773
Interest expense on subordinated debentures	1,326	1,321	2,652	2,909
Amortization of deferred policy acquisition costs	(16,906)	(119,889)	186,917	813
Other operating costs and expenses	65,050	41,951	120,915	85,577
Total benefits and expenses	1,145,866	1,235,851	1,746,854	641,973
Income (loss) before income taxes	(70,426)	(315,903)	290,793	(45,728)
Income tax expense (benefit)	(15,732)	(68,474)	62,803	(41,246)
Net income (loss)	(54,694)	(247,429)	227,990	(4,482)
Less: Preferred stock dividends	10,919	5,950	21,838	12,561
Net income (loss) available to common stockholders	$ (65,613)	$ (253,379)	$ 206,152	$ (17,043)
Earnings (loss) per common share	$ (0.69)	$ (2.76)	$ 2.16	$ (0.19)
Earnings (loss) per common share - assuming dilution	$ (0.69)	$ (2.76)	$ 2.15	$ (0.19)
Weighted average common shares outstanding: earnings (loss) per common share	94,800,734	91,803,312	95,265,212	91,723,814
Weighted average common shares outstanding: earnings (loss) per common share - assuming dilution	95,378,663	92,026,853	95,794,584	92,023,966

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2021		Jun. 30, 2020		Jun. 30, 2021		Jun. 30, 2020
Net income (loss)		$ (54,694)		$ (247,429)		$ 227,990		$ (4,482)
Other comprehensive income (loss):
Change in net unrealized investment gains/losses (1)		657,759	[1]	1,747,676	[2]	(222,750)	[1]	275,046	[2]
Reclassification of unrealized investment gains/losses to net income (loss) (1)	[1]	(1,240)		(2)		(4,651)		7,418
Other comprehensive income (loss) before income tax		656,519		1,747,674		(227,401)		282,464
Income tax effect related to other comprehensive income (loss)		(137,868)		(367,014)		47,755		(59,319)
Other comprehensive income (loss)		518,651		1,380,660		(179,646)		223,145
Comprehensive income		$ 463,957		$ 1,133,231		$ 48,344		$ 218,663
[1]	Net of related adjustments to amortization of deferred sales inducements, deferred policy acquisition costs and policy benefit reserves
[2]	Net of related adjustments to amortization of deferred sales inducements, deferred policy acquisition costs and policy benefit reserves

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock	Preferred Stock	Preferred StockPreferred Stock	Common Stock	Common StockCommon Stock	Additional Paid-In Capital	Additional Paid-In CapitalPreferred Stock	Additional Paid-In CapitalCommon Stock	Accumulated Other Comprehensive Income	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment
Stockholders' equity at beginning of period at Dec. 31, 2019	$ 4,426,522	$ (9,295)			$ 16		$ 91,107		$ 1,212,311			$ 1,354,324	$ 1,768,764	$ (9,295)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4,482)												(4,482)
Other comprehensive income (loss)	223,145											223,145
Share-based compensation	4,394								4,394
Issuance of stock			$ 290,260	$ 1,706		$ 12		$ 488		$ 290,248	$ 1,218
Dividends on preferred stock	(12,561)												(12,561)
Stockholders' equity at end of period at Jun. 30, 2020	4,919,689				28		91,595		1,508,171			1,577,469	1,742,426
Stockholders' equity at beginning of period at Mar. 31, 2020	3,499,592				16		91,498		1,215,464			196,809	1,995,805
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(247,429)												(247,429)
Other comprehensive income (loss)	1,380,660											1,380,660
Share-based compensation	2,105								2,105
Issuance of stock			$ 290,260	451		$ 12		97		$ 290,248	354
Dividends on preferred stock	(5,950)												(5,950)
Stockholders' equity at end of period at Jun. 30, 2020	4,919,689				28		91,595		1,508,171			1,577,469	1,742,426
Stockholders' equity at beginning of period at Dec. 31, 2020	6,348,988				28		95,721		1,681,127			2,203,557	2,368,555
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	227,990												227,990
Other comprehensive income (loss)	(179,646)											(179,646)
Share-based compensation	13,156								13,156
Issuance of stock				5,160				459			4,701
Treasury stock acquired, common	(98,075)						(3,626)		(94,449)
Dividends on preferred stock	(21,838)												(21,838)
Stockholders' equity at end of period at Jun. 30, 2021	6,295,735				28		92,554		1,604,535			2,023,911	2,574,707
Stockholders' equity at beginning of period at Mar. 31, 2021	5,928,760				28		95,483		1,687,669			1,505,260	2,640,320
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(54,694)												(54,694)
Other comprehensive income (loss)	518,651											518,651
Share-based compensation	8,860								8,860
Issuance of stock				$ 154				$ 57			$ 97
Treasury stock acquired, common	(95,077)						(2,986)		(92,091)
Dividends on preferred stock	(10,919)												(10,919)
Stockholders' equity at end of period at Jun. 30, 2021	$ 6,295,735				$ 28		$ 92,554		$ 1,604,535			$ 2,023,911	$ 2,574,707

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net income (loss)	$ 227,990	$ (4,482)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest sensitive and index product benefits	1,289,576	641,211
Amortization of deferred sales inducements	110,455	(1,587)
Annuity product charges	(123,841)	(122,987)
Change in fair value of embedded derivatives	(8,700)	(123,126)
Change in traditional life and accident and health insurance reserves	11,340	3,322
Policy acquisition costs deferred	(180,158)	(123,861)
Amortization of deferred policy acquisition costs	186,917	813
Provision for depreciation and other amortization	2,771	2,485
Amortization of discounts and premiums on investments	15,444	17,645
Realized gains/losses on investments	7,697	46,224
Distributions from equity method investments	9,934	0
Change in fair value of derivatives	(897,185)	614,212
Deferred income taxes	27,386	(7,132)
Loss on extinguishment of debt	0	2,024
Share-based compensation	13,156	4,394
Change in accrued investment income	689	22,536
Change in income taxes recoverable/payable	(40,157)	(36,391)
Change in other assets	233	3,055
Change in other policy funds and contract claims	(9,728)	(15,222)
Change in collateral held for derivatives	156,410	(727,069)
Change in collateral held for securities lending	0	(494,280)
Change in other liabilities	(149,371)	(36,407)
Other	(26,614)	6,727
Net cash provided by (used in) operating activities	624,244	(327,896)
Sales, maturities, or repayments of investments:
Fixed maturity securities, available for sale	2,533,134	2,413,147
Mortgage loans on real estate	265,375	129,531
Derivative instruments	1,169,965	430,662
Other investments	5,582	3,013
Acquisitions of investments:
Fixed maturity securities, available for sale	(2,102,899)	(1,137,134)
Mortgage loans on real estate	(398,515)	(654,936)
Real estate acquired	(258,237)	0
Derivative instruments	(363,423)	(389,877)
Other investments	(390,678)	(4,936)
Purchases of property, furniture and equipment	(9,788)	(11,624)
Net cash provided by investing activities	450,516	777,846
Financing activities
Receipts credited to annuity policyholder account balances	3,585,604	1,248,172
Coinsurance deposits	497,397	204,759
Return of annuity policyholder account balances	(2,614,942)	(1,971,344)
Repayment of subordinated debentures	0	(81,450)
Acquisition of treasury stock	(98,075)	0
Proceeds from issuance of preferred stock, net	0	290,260
Proceeds from issuance of common stock, net	5,160	1,706
Change in checks in excess of cash balance	677	(14,249)
Preferred stock dividends	(21,838)	(12,561)
Net cash provided by (used in) financing activities	1,353,983	(334,707)
Increase in cash and cash equivalents	2,428,743	115,243
Cash and cash equivalents at beginning of period	9,095,522	2,293,392
Cash and cash equivalents at end of period	11,524,265	2,408,635
Cash paid during period for interest:
Interest expense	15,000	16,427
Cash paid during period for income taxes:
Income taxes	75,574	(161)
Non-cash operating activity:
Deferral of sales inducements	$ 49,662	$ 47,262

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Consolidation and Basis of Presentation The accompanying consolidated financial statements of American Equity Investment Life Holding Company ("we", "us", "our" or the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The consolidated financial statements include a variable interest entity (“VIE”) in which we are the primary beneficiary. All of the adjustments in the consolidated financial statements are normal recurring items which are necessary to present fairly our financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for the three and six month periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for any other period, including for the year ended December 31, 2021. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements requires management estimates and assumptions using subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Our actual results could differ from these estimates. For further information related to a description of areas of judgment and estimates and other information necessary to understand our financial position and results of operations, refer to the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2020. Real Estate Investments Beginning in the second quarter of 2021, we held residential real estate investments through consolidation of an investment company VIE. Residential real estate investments are reported at fair value and the change in fair value on these investments is reported in net income as a component of net investment income. Fair values of residential real estate are initially based on the cost to purchase the properties and subsequently based on a discounted cash flow methodology. See Note 3 – Fair Values of Financial Instruments for more information on the determination of fair value. The residential real estate investments are leased to renters through operating lease arrangements. Rental income is recognized on a straight-line basis over the term of the respective leases. Variable Interest Entities We have relationships with various special purpose entities and other legal entities that must be evaluated to determine if the entities meet the criteria of a VIE. This assessment is performed by reviewing contractual, ownership and other rights and requires use of judgment. First, we determine if we hold a variable interest in an entity by assessing if we have the right to receive expected losses and expected residual returns of the entity. If we hold a variable interest, then the entity is assessed to determine if it is a VIE. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. In addition to the previous criteria, if the entity is a limited partnership or similar entity, it is a VIE if the limited partners do not have the power to direct the entity’s most significant activities through substantive kick-out rights or participating rights. A VIE is evaluated to determine the primary beneficiary. The primary beneficiary of a VIE is the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. We reassess our involvement with VIEs on a quarterly basis. For further information about VIEs, refer to Note 6 - Variable Interest Entities. Adopted Accounting Pronouncements There were no accounting pronouncements that were adopted during the current period. In June 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“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 debt securities are 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.

Revision of Immaterial Misstate

Revision of Immaterial Misstatement in Prior Year Financial Statements	6 Months Ended
	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Revision of Immaterial Misstatement in Prior Year Financial Statements	Revision of Immaterial Misstatement in Prior Year Financial Statements Management identified an error in the Company's historical financial statements as further described below. In accordance with the guidance set forth in SEC Staff Accounting Bulletin No. 99, Materiality, and SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, management concluded that the error was not material to the consolidated financial statements as presented in the Company's quarterly and annual financial statements that had been previously filed in the Company's Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. As a result, amendment of such reports is not required. The Company revised the previously issued annual consolidated financial statements for 2020 in this Form 10-Q to correct this error. The corrected immaterial error was in the calculation of the impact of unrealized gains and losses on lifetime income benefit reserves as of December 31, 2020 determined in the first quarter of 2021. This immaterial error resulted in an increase in the lifetime income benefit reserves which are included in policy benefit reserves in the consolidated balance sheet, an increase in the deferred policy acquisition costs and deferred sales inducements and a decrease in deferred income taxes with an offsetting change in accumulated other comprehensive income which is a component of total stockholders' equity. The immaterial error had no impact on the consolidated statement of operations or consolidated statement of cash flows. The effect of the revisions on the Company's previously issued financial statements are provided in the tables below. Amounts throughout the consolidated financial statements and notes thereto have been adjusted to incorporate the revised amounts, where applicable. The following tables reconcile selected lines from the Company's year-end December 31, 2020 consolidated balance sheet and the three and six months ended June 30, 2020 consolidated statement of comprehensive income from the previously reported amounts to the revised amounts. Revised Consolidated Balance Sheet Year Ended December 31, 2020 As Reported Adjustment As Revised (Dollars in thousands) Assets Deferred policy acquisition costs $ 2,045,812 $ 179,387 $ 2,225,199 Deferred sales inducements 1,328,857 119,518 1,448,375 Total assets 71,389,674 298,905 71,688,579 Liabilities and Stockholders' Equity Liabilities: Policy benefit reserves 61,768,246 584,636 62,352,882 Deferred income taxes 564,003 (60,003) 504,000 Total liabilities 64,814,958 524,633 65,339,591 Stockholders' equity: Accumulated other comprehensive income 2,429,285 (225,728) 2,203,557 Total stockholders' equity 6,574,716 (225,728) 6,348,988 Total liabilities and stockholders' equity 71,389,674 298,905 71,688,579 Revised Consolidated Statement of Comprehensive Income Three Months Ended June 30, 2020 As Reported Adjustment As Revised (Dollars in thousands) Other comprehensive income: Change in net unrealized investment gains/losses (1) $ 1,898,567 $ (150,891) $ 1,747,676 Other comprehensive income before income tax 1,898,565 (150,891) 1,747,674 Income tax effect related to other comprehensive income (398,700) 31,686 (367,014) Other comprehensive income 1,499,865 (119,205) 1,380,660 Comprehensive income 1,252,436 (119,205) 1,133,231 Six Months Ended June 30, 2020 As Reported Adjustment As Revised (Dollars in thousands) Other comprehensive income: Change in net unrealized investment gains/losses (1) $ 273,492 $ 1,554 $ 275,046 Other comprehensive income before income tax 280,910 1,554 282,464 Income tax effect related to other comprehensive income (58,992) (327) (59,319) Other comprehensive income 221,918 1,227 223,145 Comprehensive income 217,436 1,227 218,663 (1) Net of related adjustments to amortization of deferred sales inducements, deferred policy acquisition costs and policy benefit reserves

Fair Values of Financial Instru

Fair Values of Financial Instruments	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Values of Financial Instruments	Fair Values of Financial Instruments The following sets forth a comparison of the carrying amounts and fair values of our financial instruments: June 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (Dollars in thousands) Assets Fixed maturity securities, available for sale $ 46,659,256 $ 46,659,256 $ 47,538,893 $ 47,538,893 Mortgage loans on real estate 4,299,945 4,457,553 4,165,489 4,327,885 Real estate investments 258,237 258,237 — — Derivative instruments 1,459,965 1,459,965 1,310,954 1,310,954 Other investments 962,305 962,305 590,078 590,078 Cash and cash equivalents 11,524,265 11,524,265 9,095,522 9,095,522 Coinsurance deposits 4,441,950 4,077,954 4,844,927 4,411,051 Liabilities Policy benefit reserves 64,182,610 55,231,714 61,406,599 52,928,174 Single premium immediate annuity (SPIA) benefit reserves 233,331 240,541 240,226 247,679 Notes payable 495,955 565,760 495,668 567,345 Subordinated debentures 78,264 86,214 78,112 87,951 Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The objective of a fair value measurement is to determine that price for each financial instrument at each measurement date. We meet this objective using various methods of valuation that include market, income and cost approaches. We categorize our financial instruments into three levels of fair value hierarchy based on the priority of inputs used in determining fair value. The hierarchy defines the highest priority inputs (Level 1) as quoted prices in active markets for identical assets or liabilities. The lowest priority inputs (Level 3) are our own assumptions about what a market participant would use in determining fair value such as estimated future cash flows. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. We categorize financial assets and liabilities recorded at fair value in the consolidated balance sheets as follows: Level 1 - Quoted prices are available in active markets for identical financial instruments as of the reporting date. We do not adjust the quoted price for these financial instruments, even in situations where we hold a large position and a sale could reasonably impact the quoted price. Level 2 - Quoted prices in active markets for similar financial instruments, quoted prices for identical or similar financial instruments in markets that are not active; and models and other valuation methodologies using inputs other than quoted prices that are observable. Level 3 - Models and other valuation methodologies using significant inputs that are unobservable for financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in Level 3 are securities for which no market activity or data exists and for which we used discounted expected future cash flows with our own assumptions about what a market participant would use in determining fair value. Transfers of securities among the levels occur at times and depend on the type of inputs used to determine fair value of each security. There were no transfers between levels during any period presented. Our assets and liabilities which are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 are presented below based on the fair value hierarchy levels: Total Quoted Significant Significant (Dollars in thousands) June 30, 2021 Assets Fixed maturity securities, available for sale: United States Government full faith and credit $ 38,879 $ 33,257 $ 5,622 $ — United States Government sponsored agencies 1,046,186 — 1,046,186 — United States municipalities, states and territories 3,700,225 — 3,700,225 — Foreign government obligations 197,330 — 197,330 — Corporate securities 31,455,817 14 31,455,803 — Residential mortgage backed securities 1,192,423 — 1,192,423 — Commercial mortgage backed securities 4,175,517 — 4,175,517 — Other asset backed securities 4,852,879 — 4,852,879 — Other investments: equity securities 356,942 350,000 6,942 — Real estate investments 258,237 — — 258,237 Derivative instruments 1,459,965 — 1,459,965 — Cash and cash equivalents 11,524,265 11,524,265 — — $ 60,258,665 $ 11,907,536 $ 48,092,892 $ 258,237 Liabilities Fixed index annuities - embedded derivatives $ 8,384,764 $ — $ — $ 8,384,764 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 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 June 30, 2021 and December 31, 2020. 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. Real estate investments The fair values of residential real estate are initially calculated based on the cost to purchase the properties and subsequently calculated based on a discounted cash flow methodology. Under the discounted cash flow method, net operating income is forecasted assuming a 10-year hold period commencing as of the valuation date. An additional year is forecast in order to determine the residual sale price at the end of the hold period, using a residual (terminal) capitalization rate. The significant inputs into the fair value calculation under the discounted cash flow method include the capitalization rate, discount rate and vacancy rate. These inputs are unobservable market data; therefore, fair value of residential real estate falls into Level 3 in the fair value hierarchy. As of June 30, 2021, the fair value of residential real estate was calculated using recent purchase price as all properties were purchased at the end of the quarter. 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 Equity securities are the only financial instruments included in other investments that are measured at fair value on a recurring basis. The fair value for these securities are determined using the same methods discussed above for fixed maturity securities. 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 are immaterial to our consolidated financial position. 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 equity method investments was $216.8 million and $179.7 million as of June 30, 2021 and December 31, 2020, respectively. The fair value of our COLI approximates the cash surrender value of the policies and falls within Level 2 of the fair value hierarchy. The fair value of COLI was $377.8 million and $373.6 million as of June 30, 2021 and December 31, 2020, respectively. 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. 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 both June 30, 2021 and December 31, 2020, we utilized an estimate of 2.10% for the expected cost of annual call options, which is based on estimated long-term account value growth and a historical review of our actual option costs. Our best estimate assumptions for lapse, partial withdrawal and mortality rates are based on our actual experience and our outlook as to future expectations for such assumptions. These assumptions, which are consistent with the assumptions used in calculating deferred policy acquisition costs and deferred sales inducements, are reviewed on a quarterly basis and are 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) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 1 - 5 1.28% 1.22% 2.61% 2.63% 6 - 10 1.51% 1.50% 3.12% 3.14% 11 - 15 6.03% 5.66% 3.59% 3.58% 16 - 20 6.56% 7.08% 3.83% 3.79% 20+ 7.72% 7.36% 3.64% 3.63% 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 ends. The following table provides a reconciliation of the beginning and ending balances for our Level 3 assets and liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (Dollars in thousands) Fixed index annuities - embedded derivatives Beginning balance $ 7,680,951 $ 8,451,482 $ 7,938,281 $ 9,624,395 Premiums less benefits 577,729 53,019 697,520 165,177 Change in fair value, net 126,084 913,984 (251,037) (371,087) Ending balance $ 8,384,764 $ 9,418,485 $ 8,384,764 $ 9,418,485 Real estate investments Beginning balance $ — $ — $ — $ — Purchases and sales, net 258,237 — 258,237 — Change in fair value — — — — Ending balance $ 258,237 $ — $ 258,237 $ — The fair value of our fixed index annuities embedded derivatives is net of coinsurance ceded of $668.5 million and $655.3 million as of June 30, 2021 and December 31, 2020, 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 unaudited consolidated statements of operations. Certain derivatives embedded in our fixed index annuity contracts are our most significant financial instrument measured at fair value that are categorized as Level 3 in the fair value hierarchy. The contractual obligations for future annual index credits within our fixed index annuity contracts are treated as a "series of embedded derivatives" over the expected life of the applicable contracts. We estimate the fair value of these embedded derivatives at each valuation date by the method described above under fixed index annuities - embedded derivatives . The projections of minimum guaranteed contract values include the same best estimate assumptions for policy decrements as were used to project policy contract values.

Investments

Investments	6 Months Ended
	Jun. 30, 2021
Investments [Abstract]
Investments	Investments At June 30, 2021 and December 31, 2020, 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) June 30, 2021 Fixed maturity securities, available for sale: United States Government full faith and credit $ 37,274 $ 1,626 $ (21) $ — $ 38,879 United States Government sponsored agencies 1,009,042 37,144 — — 1,046,186 United States municipalities, states and territories 3,219,847 485,025 (1,300) (3,347) 3,700,225 Foreign government obligations 177,087 20,243 — — 197,330 Corporate securities 27,525,768 3,957,107 (16,335) (10,723) 31,455,817 Residential mortgage backed securities 1,106,921 88,133 (2,511) (120) 1,192,423 Commercial mortgage backed securities 3,977,815 223,453 (25,751) — 4,175,517 Other asset backed securities 4,798,334 104,824 (50,279) — 4,852,879 $ 41,852,088 $ 4,917,555 $ (96,197) $ (14,190) $ 46,659,256 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 (1) Amortized cost excludes accrued interest receivable of $374.1 million and $377.5 million as of June 30, 2021 and December 31, 2020, respectively. (2) Gross unrealized losses are net of allowance for credit losses. The amortized cost and fair value of fixed maturity securities at June 30, 2021, 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 $ 1,138,126 $ 1,152,012 Due after one year through five years 6,954,092 7,436,430 Due after five years through ten years 7,258,590 8,067,610 Due after ten years through twenty years 9,394,292 11,392,923 Due after twenty years 7,223,918 8,389,462 31,969,018 36,438,437 Residential mortgage backed securities 1,106,921 1,192,423 Commercial mortgage backed securities 3,977,815 4,175,517 Other asset backed securities 4,798,334 4,852,879 $ 41,852,088 $ 46,659,256 Net unrealized gains on available for sale fixed maturity securities reported as a separate component of stockholders' equity were comprised of the following: June 30, 2021 December 31, 2020 (Dollars in thousands) Net unrealized gains on available for sale fixed maturity securities $ 4,821,854 $ 5,297,040 Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements and policy benefit reserves (2,288,466) (2,536,251) Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax expense (532,011) (579,766) Net unrealized gains reported as accumulated other comprehensive income $ 2,023,911 $ 2,203,557 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% of our fixed maturity portfolio rated investment grade at both June 30, 2021 and December 31, 2020, respectively. The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated: June 30, 2021 December 31, 2020 NAIC Amortized Fair Amortized Fair (Dollars in thousands) 1 $ 23,059,347 $ 25,937,900 $ 23,330,149 $ 26,564,542 2 17,496,467 19,387,062 17,312,485 19,377,013 3 1,094,635 1,135,994 1,292,124 1,299,455 4 145,730 147,401 282,049 256,651 5 31,813 29,418 29,396 16,288 6 24,096 21,481 58,533 24,944 $ 41,852,088 $ 46,659,256 $ 42,304,736 $ 47,538,893 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 543 and 843 securities, respectively) have been in a continuous unrealized loss position, at June 30, 2021 and December 31, 2020: Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) June 30, 2021 Fixed maturity securities, available for sale: United States Government full faith and credit $ 1,024 $ (21) $ — $ — $ 1,024 $ (21) United States municipalities, states and territories 77,867 (1,294) 23,471 (3,353) 101,338 (4,647) Corporate securities: Finance, insurance and real estate 57,198 (3,141) — — 57,198 (3,141) Manufacturing, construction and mining 36,493 (822) 19,526 (622) 56,019 (1,444) Utilities and related sectors 95,926 (2,384) 129,273 (2,719) 225,199 (5,103) Wholesale/retail trade 69,030 (1,243) 14,363 (598) 83,393 (1,841) Services, media and other 51,277 (11,107) 54,762 (4,422) 106,039 (15,529) Residential mortgage backed securities 74,538 (1,083) 46,016 (1,548) 120,554 (2,631) Commercial mortgage backed securities 83,348 (1,537) 364,942 (24,214) 448,290 (25,751) Other asset backed securities 243,612 (1,658) 2,067,049 (48,621) 2,310,661 (50,279) $ 790,313 $ (24,290) $ 2,719,402 $ (86,097) $ 3,509,715 $ (110,387) 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) (1) Unrealized losses have not been reduced to reflect the allowance for credit losses of $14.2 million and $64.8 million as of June 30, 2021 and December 31, 2020, respectively. The unrealized losses at June 30, 2021 are principall y related to the timing of the purchases of certain securities, which carry less yield than those available at June 30, 2021, and the continued impact the COVID-19 pandemic had on credit markets. Approximately 82% and 75% of the unrealized losses on fixed maturity securities shown in the above table for June 30, 2021 and December 31, 2020, 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 three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (Dollars in thousands) Fixed maturity securities available for sale carried at fair value $ 1,186,175 $ 3,347,516 $ (475,186) $ 485,108 Adjustment for effect on other balance sheet accounts: Deferred policy acquisition costs, deferred sales inducements and policy benefit reserves (529,656) (1,599,842) 247,785 (202,644) Deferred income tax asset/liability (137,868) (367,014) 47,755 (59,319) (667,524) (1,966,856) 295,540 (261,963) Change in net unrealized gains/losses on investments carried at fair value $ 518,651 $ 1,380,660 $ (179,646) $ 223,145 Proceeds from sales of available for sale fixed maturity securities for the six months ended June 30, 2021 and 2020 were $420.4 million and $973.4 million, respectively. Scheduled principal repayments, calls and tenders for available for sale fixed maturity securities for the six months ended June 30, 2021 and 2020 were $2.1 billion and $1.4 billion, respectively. Net realized losses on investments for the three and six months ended June 30, 2021 and 2020, are as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (Dollars in thousands) Available for sale fixed maturity securities: Gross realized gains $ 4,062 $ 1,215 $ 6,429 $ 15,453 Gross realized losses (7,951) (264) (16,147) (1,470) Net credit loss (provision) release 1,260 (25,041) (177) (56,412) (2,629) (24,090) (9,895) (42,429) Mortgage loans on real estate: Decrease (increase) in allowance for credit losses 1,933 (2,510) 4,448 (4,507) Recovery of specific allowance — 712 — 712 Loss on sale of mortgage loans (2,418) — (2,250) — (485) (1,798) 2,198 (3,795) $ (3,114) $ (25,888) $ (7,697) $ (46,224) Realized losses on available for sale fixed maturity securities in 2021 and 2020 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, certain 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. 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: Three Months Ended June 30, 2021 United States Corporate Securities Commercial Mortgage Backed Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ 2,791 $ 55,715 $ — $ 1,192 $ — $ 59,698 Additions for credit losses not previously recorded — — — — — — Change in allowance on securities with previous allowance 556 (402) — 22 — 176 Reduction for securities sold during the period — (44,248) — — — (44,248) Recoveries of amounts previously written off — (342) — (1,094) — (1,436) Ending balance $ 3,347 $ 10,723 $ — $ 120 $ — $ 14,190 Three Months Ended June 30, 2020 United States Corporate Securities Commercial Mortgage Backed Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ — $ 28,332 $ — $ — $ — $ 28,332 Additions for credit losses not previously recorded — 18,417 5,847 777 — 25,041 Reduction for securities with credit losses due to intent to sell — — (3,187) — — (3,187) Ending balance $ — $ 46,749 $ 2,660 $ 777 $ — $ 50,186 Six Months Ended June 30, 2021 United States Corporate Securities Commercial Mortgage Backed Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ 2,844 $ 60,193 $ — $ 1,734 $ — $ 64,771 Additions for credit losses not previously recorded — 705 — 111 — 816 Change in allowance on securities with previous allowance 503 925 — (631) — 797 Reduction for securities sold during the period — (50,758) — — — (50,758) Recoveries of amounts previously written off — (342) — (1,094) — (1,436) Ending balance $ 3,347 $ 10,723 $ — $ 120 $ — $ 14,190 Six Months Ended June 30, 2020 United States Corporate Securities Commercial Mortgage Backed Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ — $ — $ — $ — $ — $ — Additions for credit losses not previously recorded — 46,749 8,338 777 548 56,412 Reduction for securities with credit losses due to intent to sell — — (5,678) — (548) (6,226) Ending balance $ — $ 46,749 $ 2,660 $ 777 $ — $ 50,186

Mortgage Loans on Real Estate

Mortgage Loans on Real Estate	6 Months Ended
	Jun. 30, 2021
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 $177.6 million at June 30, 2021. June 30, 2021 December 31, 2020 (Dollars in thousands) Commercial mortgage loans: Principal outstanding $ 3,459,879 $ 3,580,154 Deferred fees and costs, net (1,409) (1,266) Amortized cost 3,458,470 3,578,888 Valuation allowance (22,498) (25,529) Commercial mortgage loans, carrying value 3,435,972 3,553,359 Agricultural mortgage loans: Principal outstanding 277,427 245,807 Deferred fees and costs, net (708) (634) Amortized cost 276,719 245,173 Valuation allowance (454) (2,130) Agricultural mortgage loans, carrying value 276,265 243,043 Residential mortgage loans: Principal outstanding 573,638 366,320 Deferred fees and costs, net 1,487 925 Unamortized discounts and premiums, net 16,212 5,212 Amortized cost 591,337 372,457 Valuation allowance (3,629) (3,370) Residential mortgage loans, carrying value 587,708 369,087 Mortgage loans, carrying value $ 4,299,945 $ 4,165,489 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: June 30, 2021 December 31, 2020 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 676,448 19.6 % $ 699,741 19.5 % Middle Atlantic 294,619 8.5 % 281,971 7.9 % Mountain 373,129 10.8 % 391,025 10.9 % New England 24,475 0.7 % 24,774 0.7 % Pacific 650,256 18.8 % 659,743 18.4 % South Atlantic 779,690 22.5 % 832,739 23.3 % West North Central 263,600 7.6 % 266,050 7.4 % West South Central 397,662 11.5 % 424,111 11.9 % $ 3,459,879 100.0 % $ 3,580,154 100.0 % Property type distribution Office $ 292,968 8.5 % $ 297,065 8.3 % Medical Office 17,718 0.5 % 20,584 0.6 % Retail 1,116,376 32.3 % 1,187,484 33.2 % Industrial/Warehouse 911,293 26.3 % 929,325 25.9 % Apartment 948,161 27.4 % 939,084 26.2 % Mixed use/Other 173,363 5.0 % 206,612 5.8 % $ 3,459,879 100.0 % $ 3,580,154 100.0 % Our agricultural mortgage loan portfolio consists of loans with an outstanding principal balance of $277.4 million and $245.8 million as of June 30, 2021 and December 31, 2020, respectively. 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 $573.6 million and $366.3 million as of June 30, 2021 and December 31, 2020, respectively. 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 $20.6 million and $16.6 million as of June 30, 2021 and December 31, 2020, respectively, 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 three and six month periods ended June 30, 2021. The valuation allowances for each of our mortgage loan portfolios are estimated by deriving probability of default and recovery rate assumptions based on the characteristics of the loans in each portfolio, historical economic data and loss information, and current and forecasted economics conditions. Key loan characteristics impacting the estimate for our commercial mortgage loan portfolio include 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, underlying collateral type, delinquency status, time to maturity, and original credit scores. Key loan characteristics impacting the estimate for our agricultural and residential mortgage loan portfolios include delinquency status, time to maturity, original credit scores and LTV ratios. The following table represents a rollforward of the valuation allowance on our mortgage loan portfolios: Three Months Ended June 30, 2021 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (26,139) $ (439) $ (1,936) $ (28,514) Charge-offs — — — — Recoveries — — — — Change in provision for credit losses 3,641 (15) (1,693) 1,933 Ending allowance balance $ (22,498) $ (454) $ (3,629) $ (26,581) Three Months Ended June 30, 2020 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (19,604) $ (172) $ — $ (19,776) Charge-offs 1,485 — — 1,485 Recoveries 712 — — 712 Change in provision for credit losses (712) (148) (1,650) (2,510) Ending allowance balance $ (18,119) $ (320) $ (1,650) $ (20,089) Six Months Ended June 30, 2021 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (25,529) $ (2,130) $ (3,370) $ (31,029) Charge-offs — — — — Recoveries — — — — Change in provision for credit losses 3,031 1,676 (259) 4,448 Ending allowance balance $ (22,498) $ (454) $ (3,629) $ (26,581) Six Months Ended June 30, 2020 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (17,579) $ (200) $ — $ (17,779) Charge-offs 1,485 — — 1,485 Recoveries 712 — — 712 Change in provision for credit losses (2,737) (120) (1,650) (4,507) Ending allowance balance $ (18,119) $ (320) $ (1,650) $ (20,089) 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). 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 June 30, 2021 and 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 June 30, 2021 and December 31, 2020 (by year of origination): 2021 2020 2019 2018 2017 Prior Total As of June 30, 2021: 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 $ 81,799 67 % $ 429,215 63 % $ 491,471 64 % $ 420,279 63 % $ 312,331 56 % $ 913,649 48 % $ 2,648,744 57 % Greater than or equal to 1.2 and less than 1.5 13,125 69 % 86,440 64 % 204,354 69 % 85,124 73 % 122,666 67 % 145,080 59 % 656,789 66 % Greater than or equal to 1.0 and less than 1.2 — — % 23,671 78 % 19,409 80 % — — % 2,250 72 % 44,910 58 % 90,240 68 % Less than 1.0 — — % — — % 38,128 66 % 1,414 87 % 10,853 78 % 12,302 49 % 62,697 66 % Total $ 94,924 68 % $ 539,326 64 % $ 753,362 66 % $ 506,817 65 % $ 448,100 60 % $ 1,115,941 49 % $ 3,458,470 59 % 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: 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 June 30, 2021 and 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 June 30, 2021 and December 31, 2020 (by year of origination): 2021 2020 2019 2018 2017 Prior Total As of June 30, 2021: 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 $ 12,108 39 % $ 84,764 57 % $ 11,841 49 % $ 25,000 11 % $ — — % $ — — % $ 133,713 46 % Greater than or equal to 1.2 and less than 1.5 10,829 54 % 103,764 43 % 3,385 22 % — — % — — % — — % 117,978 44 % Greater than or equal to 1.0 and less than 1.2 7,479 44 % 4,166 29 % 4,758 50 % — — % — — % — — % 16,403 44 % Less than 1.0 — — % 8,625 59 % — — % — — % — — % — — % 8,625 59 % Total $ 30,416 45 % $ 201,319 50 % $ 19,984 45 % $ 25,000 11 % $ — — % $ — — % $ 276,719 45 % 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: 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): 2021 2020 2019 2018 2017 Prior Total As of June 30, 2021: (Dollars in thousands) Commercial mortgage loans Current $ 94,924 $ 539,326 $ 753,362 $ 506,817 $ 448,100 $ 1,115,941 $ 3,458,470 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total commercial mortgage loans $ 94,924 $ 539,326 $ 753,362 $ 506,817 $ 448,100 $ 1,115,941 $ 3,458,470 Agricultural mortgage loans Current $ 30,416 $ 199,731 $ 19,984 $ 25,000 $ — $ — $ 275,131 30 - 59 days past due — 1,588 — — — — 1,588 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total agricultural mortgage loans $ 30,416 $ 201,319 $ 19,984 $ 25,000 $ — $ — $ 276,719 Residential mortgage loans Current $ 183,180 $ 369,038 $ 20,126 $ — $ — $ — $ 572,344 30 - 59 days past due 2,383 7,652 107 — — — 10,142 60 - 89 days past due — 2,992 — — — — 2,992 Over 90 days past due — 4,908 951 — — — 5,859 Total residential mortgage loans $ 185,563 $ 384,590 $ 21,184 $ — $ — $ — $ 591,337 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 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 were ten loans in non-accrual status at June 30, 2021 and one loan in non-accrual status at December 31, 2020. We recognized no interest income on loans in non-accrual status during the three and six months ended June 30, 2021 and 2020. 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.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities We have relationships with various types of entities which may be VIEs. One VIE is consolidated in our financial results. See Note 1, Significant Accounting Policies for further details on our consolidation accounting policies. As of June 30, 2021, we invested in one investment company real estate limited partnership which owns various limited liability companies that invest in residential real estate properties. This entity is a VIE as the legal entity’s equity investors have insufficient equity at risk and lack of power to direct the activities that most significantly impact the economic performance. We determined we are the primary beneficiary as a result of our power to control the entity through our significant ownership. Due to the nature of these real estate investments, the investment balance will fluctuate based on changes in the fair value of the properties as well as when purchases and sales of properties are made. The carrying amounts of our consolidated VIE assets, which can only be used to settle obligations of the consolidated VIE, were $284.8 million as of June 30, 2021. The carrying amounts of our consolidated VIE liabilities for which creditors do not have recourse were $16.4 million as of June 30, 2021.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2021
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: June 30, 2021 December 31, 2020 (Dollars in thousands) Assets Derivative instruments Call options $ 1,459,754 $ 1,310,954 Warrants 211 — $ 1,459,965 $ 1,310,954 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives, net $ 8,384,764 $ 7,938,281 The changes in fair value of derivatives included in the unaudited consolidated statements of operations are as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (Dollars in thousands) Change in fair value of derivatives: Call options $ 500,793 $ 327,662 $ 897,069 $ (614,274) Warrants 87 — 116 — Interest rate caps — — — 62 $ 500,880 $ 327,662 $ 897,185 $ (614,212) Change in fair value of embedded derivatives: Fixed index annuities - embedded derivatives $ 126,084 $ 913,984 $ (251,037) $ (371,087) Other changes in difference between policy benefit reserves computed using derivative accounting vs. long-duration contracts accounting 147,629 212,951 242,337 247,961 $ 273,713 $ 1,126,935 $ (8,700) $ (123,126) 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 3. 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: June 30, 2021 December 31, 2020 Counterparty Credit Rating Credit Rating (Moody's) Notional Fair Value Notional Fair Value (Dollars in thousands) Bank of America A+ Aa2 $ 3,076,674 $ 115,369 $ 2,835,420 $ 95,378 Barclays A A1 5,049,615 189,275 5,710,978 277,692 Canadian Imperial Bank of Commerce A+ Aa2 6,490,068 285,734 6,593,815 279,053 Citibank, N.A. A+ Aa3 3,023,360 103,218 3,118,979 96,757 Credit Suisse A+ Aa3 4,470,605 155,377 4,422,798 78,823 J.P. Morgan A+ Aa2 2,837,898 80,767 3,600,636 54,762 Morgan Stanley A+ Aa3 1,717,891 86,303 2,856,466 62,969 Royal Bank of Canada AA- A2 1,636,841 43,232 1,289,699 32,753 Societe Generale A A1 2,670,574 91,939 1,494,904 34,394 Truist A A2 2,409,885 98,081 2,375,124 96,573 Wells Fargo A+ Aa2 5,417,625 202,896 4,848,541 196,801 Exchange traded 272,039 7,563 214,819 4,999 $ 39,073,075 $ 1,459,754 $ 39,362,179 $ 1,310,954 As of June 30, 2021 and December 31, 2020, we held $1.4 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 $31.5 million and $35.1 million at June 30, 2021 and December 31, 2020, 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.

Notes Payable and Amounts Due U

Notes Payable and Amounts Due Under Repurchase Agreements	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Notes Payable and Amounts Due Under Repurchase Agreements	Notes Payable and Amounts Due Under Repurchase Agreements Notes payable includes the following: June 30, 2021 December 31, 2020 (Dollars in thousands) Senior notes due 2027 Principal $ 500,000 $ 500,000 Unamortized debt issue costs (3,815) (4,086) Unamortized discount (230) (246) $ 495,955 $ 495,668 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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are occasionally involved in litigation, both as a defendant and as a plaintiff. In addition, state 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.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share and Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share and Stockholders' Equity	Earnings (Loss) Per Common Share and Stockholders' Equity Earnings (Loss) Per Common Share The following table sets forth the computation of earnings (loss) per common share and earnings (loss) per common share - assuming dilution: Three Months Ended Six Months Ended 2021 2020 2021 2020 (Dollars in thousands, except per share data) Numerator: Net income (loss) available to common stockholders - numerator for earnings (loss) per common share $ (65,613) $ (253,379) $ 206,152 $ (17,043) Denominator: Weighted average common shares outstanding 94,800,734 91,803,312 95,265,212 91,723,814 Effect of dilutive securities: Stock options and deferred compensation agreements 255,426 63,265 218,240 100,277 Restricted stock and restricted stock units 322,503 160,276 311,132 199,875 Denominator for earnings (loss) per common share - assuming dilution 95,378,663 92,026,853 95,794,584 92,023,966 Earnings (loss) per common share $ (0.69) $ (2.76) $ 2.16 $ (0.19) Earnings (loss) per common share - assuming dilution $ (0.69) $ (2.76) $ 2.15 $ (0.19) During the three and six months ended June 30, 2021, there were 182,689 options to purchase shares of our common stock outstanding, with an exercise price of $31.63 - $32.58, excluded from the computation of diluted earnings (loss) per common share. During the three months ended June 30, 2020, there were 519,285 options to purchase shares of our common stock outstanding, with an exercise price of $24.79 - $26.70, excluded from the computation of diluted loss per common share. During the six months ended June 30, 2020, there were 50,000 options to purchase shares of our common stock outstanding, with an exercise price of $26.70, excluded from the computation of diluted loss per share. 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. 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 three and six months ended June 30, 2021, we paid dividends totaling $6.0 million and $11.9 million on the Series A preferred stock and $4.9 million and $9.9 million on the Series B preferred stock, respectively. For the three and six months ended June 30, 2020, we paid dividends totaling $6.0 million and $12.6 million on the Series A 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 of common stock 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 initial 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, 202 0 and have repurchased 5.0 million shares of our common stock for $148.1 million in the open market as of June 30, 2021. 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. As of June 30, 2021, we have repurchased approximately 9.1 million shares of our common stock at an average price of $29.02 per common share. Treasury Stock As of June 30, 2021, we held 9,895,711 shares of treasury stock with a carrying value of $259.3 million. As of December 31, 2020, we held 6,516,525 shares of treasury stock with a carrying value of $151.6 million.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Consolidation, Policy	Consolidation and Basis of PresentationThe accompanying consolidated financial statements of American Equity Investment Life Holding Company ("we", "us", "our" or the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The consolidated financial statements include a variable interest entity (“VIE”) in which we are the primary beneficiary. All of the adjustments in the consolidated financial statements are normal recurring items which are necessary to present fairly our financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for the three and six month periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for any other period, including for the year ended December 31, 2021. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements requires management estimates and assumptions using subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Our actual results could differ from these estimates. For further information related to a description of areas of judgment and estimates and other information necessary to understand our financial position and results of operations, refer to the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2020.
Basis of Presentation, Policy	Consolidation and Basis of PresentationThe accompanying consolidated financial statements of American Equity Investment Life Holding Company ("we", "us", "our" or the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The consolidated financial statements include a variable interest entity (“VIE”) in which we are the primary beneficiary. All of the adjustments in the consolidated financial statements are normal recurring items which are necessary to present fairly our financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for the three and six month periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for any other period, including for the year ended December 31, 2021. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements requires management estimates and assumptions using subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Our actual results could differ from these estimates. For further information related to a description of areas of judgment and estimates and other information necessary to understand our financial position and results of operations, refer to the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2020.
Investments, Policy	Real Estate InvestmentsBeginning in the second quarter of 2021, we held residential real estate investments through consolidation of an investment company VIE. Residential real estate investments are reported at fair value and the change in fair value on these investments is reported in net income as a component of net investment income. Fair values of residential real estate are initially based on the cost to purchase the properties and subsequently based on a discounted cash flow methodology. See Note 3 – Fair Values of Financial Instruments for more information on the determination of fair value. The residential real estate investments are leased to renters through operating lease arrangements. Rental income is recognized on a straight-line basis over the term of the respective leases. 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.
Variable Interest Entities, Policy	Variable Interest Entities We have relationships with various special purpose entities and other legal entities that must be evaluated to determine if the entities meet the criteria of a VIE. This assessment is performed by reviewing contractual, ownership and other rights and requires use of judgment. First, we determine if we hold a variable interest in an entity by assessing if we have the right to receive expected losses and expected residual returns of the entity. If we hold a variable interest, then the entity is assessed to determine if it is a VIE. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. In addition to the previous criteria, if the entity is a limited partnership or similar entity, it is a VIE if the limited partners do not have the power to direct the entity’s most significant activities through substantive kick-out rights or participating rights. A VIE is evaluated to determine the primary beneficiary. The primary beneficiary of a VIE is the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. We reassess our involvement with VIEs on a quarterly basis. For further information about VIEs, refer to Note 6 - Variable Interest Entities.
Adopted and New Accounting Pronouncements, Policy	Adopted Accounting Pronouncements There were no accounting pronouncements that were adopted during the current period. In June 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“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 debt securities are 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 Instruments, Policy	Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The objective of a fair value measurement is to determine that price for each financial instrument at each measurement date. We meet this objective using various methods of valuation that include market, income and cost approaches. We categorize our financial instruments into three levels of fair value hierarchy based on the priority of inputs used in determining fair value. The hierarchy defines the highest priority inputs (Level 1) as quoted prices in active markets for identical assets or liabilities. The lowest priority inputs (Level 3) are our own assumptions about what a market participant would use in determining fair value such as estimated future cash flows. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. We categorize financial assets and liabilities recorded at fair value in the consolidated balance sheets as follows: Level 1 - Quoted prices are available in active markets for identical financial instruments as of the reporting date. We do not adjust the quoted price for these financial instruments, even in situations where we hold a large position and a sale could reasonably impact the quoted price. Level 2 - Quoted prices in active markets for similar financial instruments, quoted prices for identical or similar financial instruments in markets that are not active; and models and other valuation methodologies using inputs other than quoted prices that are observable. Level 3 - Models and other valuation methodologies using significant inputs that are unobservable for financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in Level 3 are securities for which no market activity or data exists and for which we used discounted expected future cash flows with our own assumptions about what a market participant would use in determining fair value.
Mortgage Loans on Real Estate, Allowance for Loan Losses, Policy	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 three and six month periods ended June 30, 2021. The valuation allowances for each of our mortgage loan portfolios are estimated by deriving probability of default and recovery rate assumptions based on the characteristics of the loans in each portfolio, historical economic data and loss information, and current and forecasted economics conditions. Key loan characteristics impacting the estimate for our commercial mortgage loan portfolio include 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, underlying collateral type, delinquency status, time to maturity, and original credit scores. Key loan characteristics impacting the estimate for our agricultural and residential mortgage loan portfolios include delinquency status, time to maturity, original credit scores and LTV ratios.
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 were ten loans in non-accrual status at June 30, 2021 and one loan in non-accrual status at December 31, 2020. We recognized no interest income on loans in non-accrual status during the three and six months ended June 30, 2021 and 2020.
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.

Revision of Immaterial Missta_2

Revision of Immaterial Misstatement in Prior Year Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following tables reconcile selected lines from the Company's year-end December 31, 2020 consolidated balance sheet and the three and six months ended June 30, 2020 consolidated statement of comprehensive income from the previously reported amounts to the revised amounts. Revised Consolidated Balance Sheet Year Ended December 31, 2020 As Reported Adjustment As Revised (Dollars in thousands) Assets Deferred policy acquisition costs $ 2,045,812 $ 179,387 $ 2,225,199 Deferred sales inducements 1,328,857 119,518 1,448,375 Total assets 71,389,674 298,905 71,688,579 Liabilities and Stockholders' Equity Liabilities: Policy benefit reserves 61,768,246 584,636 62,352,882 Deferred income taxes 564,003 (60,003) 504,000 Total liabilities 64,814,958 524,633 65,339,591 Stockholders' equity: Accumulated other comprehensive income 2,429,285 (225,728) 2,203,557 Total stockholders' equity 6,574,716 (225,728) 6,348,988 Total liabilities and stockholders' equity 71,389,674 298,905 71,688,579 Revised Consolidated Statement of Comprehensive Income Three Months Ended June 30, 2020 As Reported Adjustment As Revised (Dollars in thousands) Other comprehensive income: Change in net unrealized investment gains/losses (1) $ 1,898,567 $ (150,891) $ 1,747,676 Other comprehensive income before income tax 1,898,565 (150,891) 1,747,674 Income tax effect related to other comprehensive income (398,700) 31,686 (367,014) Other comprehensive income 1,499,865 (119,205) 1,380,660 Comprehensive income 1,252,436 (119,205) 1,133,231 Six Months Ended June 30, 2020 As Reported Adjustment As Revised (Dollars in thousands) Other comprehensive income: Change in net unrealized investment gains/losses (1) $ 273,492 $ 1,554 $ 275,046 Other comprehensive income before income tax 280,910 1,554 282,464 Income tax effect related to other comprehensive income (58,992) (327) (59,319) Other comprehensive income 221,918 1,227 223,145 Comprehensive income 217,436 1,227 218,663 (1) Net of related adjustments to amortization of deferred sales inducements, deferred policy acquisition costs and policy benefit reserves

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	The following sets forth a comparison of the carrying amounts and fair values of our financial instruments: June 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (Dollars in thousands) Assets Fixed maturity securities, available for sale $ 46,659,256 $ 46,659,256 $ 47,538,893 $ 47,538,893 Mortgage loans on real estate 4,299,945 4,457,553 4,165,489 4,327,885 Real estate investments 258,237 258,237 — — Derivative instruments 1,459,965 1,459,965 1,310,954 1,310,954 Other investments 962,305 962,305 590,078 590,078 Cash and cash equivalents 11,524,265 11,524,265 9,095,522 9,095,522 Coinsurance deposits 4,441,950 4,077,954 4,844,927 4,411,051 Liabilities Policy benefit reserves 64,182,610 55,231,714 61,406,599 52,928,174 Single premium immediate annuity (SPIA) benefit reserves 233,331 240,541 240,226 247,679 Notes payable 495,955 565,760 495,668 567,345 Subordinated debentures 78,264 86,214 78,112 87,951
Assets and Liabilities Measured at Fair Value on a Recurring Basis, By Fair Value Hierarchy Level	Our assets and liabilities which are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 are presented below based on the fair value hierarchy levels: Total Quoted Significant Significant (Dollars in thousands) June 30, 2021 Assets Fixed maturity securities, available for sale: United States Government full faith and credit $ 38,879 $ 33,257 $ 5,622 $ — United States Government sponsored agencies 1,046,186 — 1,046,186 — United States municipalities, states and territories 3,700,225 — 3,700,225 — Foreign government obligations 197,330 — 197,330 — Corporate securities 31,455,817 14 31,455,803 — Residential mortgage backed securities 1,192,423 — 1,192,423 — Commercial mortgage backed securities 4,175,517 — 4,175,517 — Other asset backed securities 4,852,879 — 4,852,879 — Other investments: equity securities 356,942 350,000 6,942 — Real estate investments 258,237 — — 258,237 Derivative instruments 1,459,965 — 1,459,965 — Cash and cash equivalents 11,524,265 11,524,265 — — $ 60,258,665 $ 11,907,536 $ 48,092,892 $ 258,237 Liabilities Fixed index annuities - embedded derivatives $ 8,384,764 $ — $ — $ 8,384,764 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
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) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 1 - 5 1.28% 1.22% 2.61% 2.63% 6 - 10 1.51% 1.50% 3.12% 3.14% 11 - 15 6.03% 5.66% 3.59% 3.58% 16 - 20 6.56% 7.08% 3.83% 3.79% 20+ 7.72% 7.36% 3.64% 3.63%
Assets and 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 assets and liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (Dollars in thousands) Fixed index annuities - embedded derivatives Beginning balance $ 7,680,951 $ 8,451,482 $ 7,938,281 $ 9,624,395 Premiums less benefits 577,729 53,019 697,520 165,177 Change in fair value, net 126,084 913,984 (251,037) (371,087) Ending balance $ 8,384,764 $ 9,418,485 $ 8,384,764 $ 9,418,485 Real estate investments Beginning balance $ — $ — $ — $ — Purchases and sales, net 258,237 — 258,237 — Change in fair value — — — — Ending balance $ 258,237 $ — $ 258,237 $ —

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments [Abstract]
Schedule of Fixed Maturity Securities	At June 30, 2021 and December 31, 2020, 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) June 30, 2021 Fixed maturity securities, available for sale: United States Government full faith and credit $ 37,274 $ 1,626 $ (21) $ — $ 38,879 United States Government sponsored agencies 1,009,042 37,144 — — 1,046,186 United States municipalities, states and territories 3,219,847 485,025 (1,300) (3,347) 3,700,225 Foreign government obligations 177,087 20,243 — — 197,330 Corporate securities 27,525,768 3,957,107 (16,335) (10,723) 31,455,817 Residential mortgage backed securities 1,106,921 88,133 (2,511) (120) 1,192,423 Commercial mortgage backed securities 3,977,815 223,453 (25,751) — 4,175,517 Other asset backed securities 4,798,334 104,824 (50,279) — 4,852,879 $ 41,852,088 $ 4,917,555 $ (96,197) $ (14,190) $ 46,659,256 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 (1) Amortized cost excludes accrued interest receivable of $374.1 million and $377.5 million as of June 30, 2021 and December 31, 2020, respectively. (2) Gross unrealized losses are net of allowance for credit losses.
Schedule of Fixed Maturity Securities by Contractual Maturity Date	The amortized cost and fair value of fixed maturity securities at June 30, 2021, 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 $ 1,138,126 $ 1,152,012 Due after one year through five years 6,954,092 7,436,430 Due after five years through ten years 7,258,590 8,067,610 Due after ten years through twenty years 9,394,292 11,392,923 Due after twenty years 7,223,918 8,389,462 31,969,018 36,438,437 Residential mortgage backed securities 1,106,921 1,192,423 Commercial mortgage backed securities 3,977,815 4,175,517 Other asset backed securities 4,798,334 4,852,879 $ 41,852,088 $ 46,659,256
Schedule 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: June 30, 2021 December 31, 2020 (Dollars in thousands) Net unrealized gains on available for sale fixed maturity securities $ 4,821,854 $ 5,297,040 Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements and policy benefit reserves (2,288,466) (2,536,251) Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax expense (532,011) (579,766) Net unrealized gains reported as accumulated other comprehensive income $ 2,023,911 $ 2,203,557
Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation	The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated: June 30, 2021 December 31, 2020 NAIC Amortized Fair Amortized Fair (Dollars in thousands) 1 $ 23,059,347 $ 25,937,900 $ 23,330,149 $ 26,564,542 2 17,496,467 19,387,062 17,312,485 19,377,013 3 1,094,635 1,135,994 1,292,124 1,299,455 4 145,730 147,401 282,049 256,651 5 31,813 29,418 29,396 16,288 6 24,096 21,481 58,533 24,944 $ 41,852,088 $ 46,659,256 $ 42,304,736 $ 47,538,893
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 543 and 843 securities, respectively) have been in a continuous unrealized loss position, at June 30, 2021 and December 31, 2020: Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) June 30, 2021 Fixed maturity securities, available for sale: United States Government full faith and credit $ 1,024 $ (21) $ — $ — $ 1,024 $ (21) United States municipalities, states and territories 77,867 (1,294) 23,471 (3,353) 101,338 (4,647) Corporate securities: Finance, insurance and real estate 57,198 (3,141) — — 57,198 (3,141) Manufacturing, construction and mining 36,493 (822) 19,526 (622) 56,019 (1,444) Utilities and related sectors 95,926 (2,384) 129,273 (2,719) 225,199 (5,103) Wholesale/retail trade 69,030 (1,243) 14,363 (598) 83,393 (1,841) Services, media and other 51,277 (11,107) 54,762 (4,422) 106,039 (15,529) Residential mortgage backed securities 74,538 (1,083) 46,016 (1,548) 120,554 (2,631) Commercial mortgage backed securities 83,348 (1,537) 364,942 (24,214) 448,290 (25,751) Other asset backed securities 243,612 (1,658) 2,067,049 (48,621) 2,310,661 (50,279) $ 790,313 $ (24,290) $ 2,719,402 $ (86,097) $ 3,509,715 $ (110,387) 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)
Schedule of Changes in Net Unrealized Gains/Losses on Investments	Changes in net unrealized gains/losses on investments for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (Dollars in thousands) Fixed maturity securities available for sale carried at fair value $ 1,186,175 $ 3,347,516 $ (475,186) $ 485,108 Adjustment for effect on other balance sheet accounts: Deferred policy acquisition costs, deferred sales inducements and policy benefit reserves (529,656) (1,599,842) 247,785 (202,644) Deferred income tax asset/liability (137,868) (367,014) 47,755 (59,319) (667,524) (1,966,856) 295,540 (261,963) Change in net unrealized gains/losses on investments carried at fair value $ 518,651 $ 1,380,660 $ (179,646) $ 223,145
Net Realized Gains (Losses) on Investments	Net realized losses on investments for the three and six months ended June 30, 2021 and 2020, are as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (Dollars in thousands) Available for sale fixed maturity securities: Gross realized gains $ 4,062 $ 1,215 $ 6,429 $ 15,453 Gross realized losses (7,951) (264) (16,147) (1,470) Net credit loss (provision) release 1,260 (25,041) (177) (56,412) (2,629) (24,090) (9,895) (42,429) Mortgage loans on real estate: Decrease (increase) in allowance for credit losses 1,933 (2,510) 4,448 (4,507) Recovery of specific allowance — 712 — 712 Loss on sale of mortgage loans (2,418) — (2,250) — (485) (1,798) 2,198 (3,795) $ (3,114) $ (25,888) $ (7,697) $ (46,224)
Rollforward of Allowance for Credit Loss	The following table provides a rollforward of the allowance for credit loss: Three Months Ended June 30, 2021 United States Corporate Securities Commercial Mortgage Backed Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ 2,791 $ 55,715 $ — $ 1,192 $ — $ 59,698 Additions for credit losses not previously recorded — — — — — — Change in allowance on securities with previous allowance 556 (402) — 22 — 176 Reduction for securities sold during the period — (44,248) — — — (44,248) Recoveries of amounts previously written off — (342) — (1,094) — (1,436) Ending balance $ 3,347 $ 10,723 $ — $ 120 $ — $ 14,190 Three Months Ended June 30, 2020 United States Corporate Securities Commercial Mortgage Backed Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ — $ 28,332 $ — $ — $ — $ 28,332 Additions for credit losses not previously recorded — 18,417 5,847 777 — 25,041 Reduction for securities with credit losses due to intent to sell — — (3,187) — — (3,187) Ending balance $ — $ 46,749 $ 2,660 $ 777 $ — $ 50,186 Six Months Ended June 30, 2021 United States Corporate Securities Commercial Mortgage Backed Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ 2,844 $ 60,193 $ — $ 1,734 $ — $ 64,771 Additions for credit losses not previously recorded — 705 — 111 — 816 Change in allowance on securities with previous allowance 503 925 — (631) — 797 Reduction for securities sold during the period — (50,758) — — — (50,758) Recoveries of amounts previously written off — (342) — (1,094) — (1,436) Ending balance $ 3,347 $ 10,723 $ — $ 120 $ — $ 14,190 Six Months Ended June 30, 2020 United States Corporate Securities Commercial Mortgage Backed Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ — $ — $ — $ — $ — $ — Additions for credit losses not previously recorded — 46,749 8,338 777 548 56,412 Reduction for securities with credit losses due to intent to sell — — (5,678) — (548) (6,226) Ending balance $ — $ 46,749 $ 2,660 $ 777 $ — $ 50,186

Mortgage Loans on Real Estate (

Mortgage Loans on Real Estate (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Summary of Mortgage Loan Portfolio	Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $177.6 million at June 30, 2021. June 30, 2021 December 31, 2020 (Dollars in thousands) Commercial mortgage loans: Principal outstanding $ 3,459,879 $ 3,580,154 Deferred fees and costs, net (1,409) (1,266) Amortized cost 3,458,470 3,578,888 Valuation allowance (22,498) (25,529) Commercial mortgage loans, carrying value 3,435,972 3,553,359 Agricultural mortgage loans: Principal outstanding 277,427 245,807 Deferred fees and costs, net (708) (634) Amortized cost 276,719 245,173 Valuation allowance (454) (2,130) Agricultural mortgage loans, carrying value 276,265 243,043 Residential mortgage loans: Principal outstanding 573,638 366,320 Deferred fees and costs, net 1,487 925 Unamortized discounts and premiums, net 16,212 5,212 Amortized cost 591,337 372,457 Valuation allowance (3,629) (3,370) Residential mortgage loans, carrying value 587,708 369,087 Mortgage loans, carrying value $ 4,299,945 $ 4,165,489
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: June 30, 2021 December 31, 2020 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 676,448 19.6 % $ 699,741 19.5 % Middle Atlantic 294,619 8.5 % 281,971 7.9 % Mountain 373,129 10.8 % 391,025 10.9 % New England 24,475 0.7 % 24,774 0.7 % Pacific 650,256 18.8 % 659,743 18.4 % South Atlantic 779,690 22.5 % 832,739 23.3 % West North Central 263,600 7.6 % 266,050 7.4 % West South Central 397,662 11.5 % 424,111 11.9 % $ 3,459,879 100.0 % $ 3,580,154 100.0 % Property type distribution Office $ 292,968 8.5 % $ 297,065 8.3 % Medical Office 17,718 0.5 % 20,584 0.6 % Retail 1,116,376 32.3 % 1,187,484 33.2 % Industrial/Warehouse 911,293 26.3 % 929,325 25.9 % Apartment 948,161 27.4 % 939,084 26.2 % Mixed use/Other 173,363 5.0 % 206,612 5.8 % $ 3,459,879 100.0 % $ 3,580,154 100.0 %
Rollforward of Valuation Allowance on Mortgage Loan Portfolios	The following table represents a rollforward of the valuation allowance on our mortgage loan portfolios: Three Months Ended June 30, 2021 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (26,139) $ (439) $ (1,936) $ (28,514) Charge-offs — — — — Recoveries — — — — Change in provision for credit losses 3,641 (15) (1,693) 1,933 Ending allowance balance $ (22,498) $ (454) $ (3,629) $ (26,581) Three Months Ended June 30, 2020 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (19,604) $ (172) $ — $ (19,776) Charge-offs 1,485 — — 1,485 Recoveries 712 — — 712 Change in provision for credit losses (712) (148) (1,650) (2,510) Ending allowance balance $ (18,119) $ (320) $ (1,650) $ (20,089) Six Months Ended June 30, 2021 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (25,529) $ (2,130) $ (3,370) $ (31,029) Charge-offs — — — — Recoveries — — — — Change in provision for credit losses 3,031 1,676 (259) 4,448 Ending allowance balance $ (22,498) $ (454) $ (3,629) $ (26,581) Six Months Ended June 30, 2020 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (17,579) $ (200) $ — $ (17,779) Charge-offs 1,485 — — 1,485 Recoveries 712 — — 712 Change in provision for credit losses (2,737) (120) (1,650) (4,507) Ending allowance balance $ (18,119) $ (320) $ (1,650) $ (20,089)
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 June 30, 2021 and December 31, 2020 (by year of origination): 2021 2020 2019 2018 2017 Prior Total As of June 30, 2021: 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 $ 81,799 67 % $ 429,215 63 % $ 491,471 64 % $ 420,279 63 % $ 312,331 56 % $ 913,649 48 % $ 2,648,744 57 % Greater than or equal to 1.2 and less than 1.5 13,125 69 % 86,440 64 % 204,354 69 % 85,124 73 % 122,666 67 % 145,080 59 % 656,789 66 % Greater than or equal to 1.0 and less than 1.2 — — % 23,671 78 % 19,409 80 % — — % 2,250 72 % 44,910 58 % 90,240 68 % Less than 1.0 — — % — — % 38,128 66 % 1,414 87 % 10,853 78 % 12,302 49 % 62,697 66 % Total $ 94,924 68 % $ 539,326 64 % $ 753,362 66 % $ 506,817 65 % $ 448,100 60 % $ 1,115,941 49 % $ 3,458,470 59 % 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: 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 June 30, 2021 and December 31, 2020 (by year of origination): 2021 2020 2019 2018 2017 Prior Total As of June 30, 2021: 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 $ 12,108 39 % $ 84,764 57 % $ 11,841 49 % $ 25,000 11 % $ — — % $ — — % $ 133,713 46 % Greater than or equal to 1.2 and less than 1.5 10,829 54 % 103,764 43 % 3,385 22 % — — % — — % — — % 117,978 44 % Greater than or equal to 1.0 and less than 1.2 7,479 44 % 4,166 29 % 4,758 50 % — — % — — % — — % 16,403 44 % Less than 1.0 — — % 8,625 59 % — — % — — % — — % — — % 8,625 59 % Total $ 30,416 45 % $ 201,319 50 % $ 19,984 45 % $ 25,000 11 % $ — — % $ — — % $ 276,719 45 % 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: 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): 2021 2020 2019 2018 2017 Prior Total As of June 30, 2021: (Dollars in thousands) Commercial mortgage loans Current $ 94,924 $ 539,326 $ 753,362 $ 506,817 $ 448,100 $ 1,115,941 $ 3,458,470 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total commercial mortgage loans $ 94,924 $ 539,326 $ 753,362 $ 506,817 $ 448,100 $ 1,115,941 $ 3,458,470 Agricultural mortgage loans Current $ 30,416 $ 199,731 $ 19,984 $ 25,000 $ — $ — $ 275,131 30 - 59 days past due — 1,588 — — — — 1,588 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total agricultural mortgage loans $ 30,416 $ 201,319 $ 19,984 $ 25,000 $ — $ — $ 276,719 Residential mortgage loans Current $ 183,180 $ 369,038 $ 20,126 $ — $ — $ — $ 572,344 30 - 59 days past due 2,383 7,652 107 — — — 10,142 60 - 89 days past due — 2,992 — — — — 2,992 Over 90 days past due — 4,908 951 — — — 5,859 Total residential mortgage loans $ 185,563 $ 384,590 $ 21,184 $ — $ — $ — $ 591,337 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)	6 Months Ended
	Jun. 30, 2021
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: June 30, 2021 December 31, 2020 (Dollars in thousands) Assets Derivative instruments Call options $ 1,459,754 $ 1,310,954 Warrants 211 — $ 1,459,965 $ 1,310,954 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives, net $ 8,384,764 $ 7,938,281
Schedule of Changes in Fair Value of Derivative Instruments	The changes in fair value of derivatives included in the unaudited consolidated statements of operations are as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (Dollars in thousands) Change in fair value of derivatives: Call options $ 500,793 $ 327,662 $ 897,069 $ (614,274) Warrants 87 — 116 — Interest rate caps — — — 62 $ 500,880 $ 327,662 $ 897,185 $ (614,212) Change in fair value of embedded derivatives: Fixed index annuities - embedded derivatives $ 126,084 $ 913,984 $ (251,037) $ (371,087) Other changes in difference between policy benefit reserves computed using derivative accounting vs. long-duration contracts accounting 147,629 212,951 242,337 247,961 $ 273,713 $ 1,126,935 $ (8,700) $ (123,126)
Schedule of Call Options by Counterparty	The notional amount and fair value of our call options by counterparty and each counterparty's current credit rating are as follows: June 30, 2021 December 31, 2020 Counterparty Credit Rating Credit Rating (Moody's) Notional Fair Value Notional Fair Value (Dollars in thousands) Bank of America A+ Aa2 $ 3,076,674 $ 115,369 $ 2,835,420 $ 95,378 Barclays A A1 5,049,615 189,275 5,710,978 277,692 Canadian Imperial Bank of Commerce A+ Aa2 6,490,068 285,734 6,593,815 279,053 Citibank, N.A. A+ Aa3 3,023,360 103,218 3,118,979 96,757 Credit Suisse A+ Aa3 4,470,605 155,377 4,422,798 78,823 J.P. Morgan A+ Aa2 2,837,898 80,767 3,600,636 54,762 Morgan Stanley A+ Aa3 1,717,891 86,303 2,856,466 62,969 Royal Bank of Canada AA- A2 1,636,841 43,232 1,289,699 32,753 Societe Generale A A1 2,670,574 91,939 1,494,904 34,394 Truist A A2 2,409,885 98,081 2,375,124 96,573 Wells Fargo A+ Aa2 5,417,625 202,896 4,848,541 196,801 Exchange traded 272,039 7,563 214,819 4,999 $ 39,073,075 $ 1,459,754 $ 39,362,179 $ 1,310,954

Notes Payable and Amounts Due_2

Notes Payable and Amounts Due Under Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable includes the following: June 30, 2021 December 31, 2020 (Dollars in thousands) Senior notes due 2027 Principal $ 500,000 $ 500,000 Unamortized debt issue costs (3,815) (4,086) Unamortized discount (230) (246) $ 495,955 $ 495,668

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share and Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Common Share, Basic and Diluted	The following table sets forth the computation of earnings (loss) per common share and earnings (loss) per common share - assuming dilution: Three Months Ended Six Months Ended 2021 2020 2021 2020 (Dollars in thousands, except per share data) Numerator: Net income (loss) available to common stockholders - numerator for earnings (loss) per common share $ (65,613) $ (253,379) $ 206,152 $ (17,043) Denominator: Weighted average common shares outstanding 94,800,734 91,803,312 95,265,212 91,723,814 Effect of dilutive securities: Stock options and deferred compensation agreements 255,426 63,265 218,240 100,277 Restricted stock and restricted stock units 322,503 160,276 311,132 199,875 Denominator for earnings (loss) per common share - assuming dilution 95,378,663 92,026,853 95,794,584 92,023,966 Earnings (loss) per common share $ (0.69) $ (2.76) $ 2.16 $ (0.19) Earnings (loss) per common share - assuming dilution $ (0.69) $ (2.76) $ 2.15 $ (0.19)

Significant Accounting Polici_3

Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Mortgage loans on real estate, allowance for credit losses	$ 26,581	$ 28,514	$ 31,029	$ 20,089	$ 19,776		$ 17,779
Coinsurance deposits, allowance for credit losses	1,779		1,888
Retained earnings	$ 2,574,707		$ 2,368,555
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment
Mortgage loans on real estate, allowance for credit losses						$ 8,600
Coinsurance deposits, allowance for credit losses						3,200
Retained earnings						$ (9,300)

Revision of Immaterial Missta_3

Revision of Immaterial Misstatement in Prior Year Financial Statements (Reconciliation from Previously Reported Amounts to Revised Amounts) (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2021		Jun. 30, 2020		Jun. 30, 2021		Jun. 30, 2020		Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets
Deferred policy acquisition costs		$ 2,310,931				$ 2,310,931					$ 2,225,199
Deferred sales inducements		1,466,217				1,466,217					1,448,375
Total assets		73,882,299				73,882,299					71,688,579
Liabilities:
Policy benefit reserves		64,555,597				64,555,597					62,352,882
Deferred income taxes		483,631				483,631					504,000
Total liabilities		67,586,564				67,586,564					65,339,591
Stockholders' equity:
Accumulated other comprehensive income		2,023,911				2,023,911					2,203,557
Total stockholders' equity		6,295,735		$ 4,919,689		6,295,735		$ 4,919,689		$ 5,928,760	6,348,988	$ 3,499,592	$ 4,426,522
Total liabilities and stockholders' equity		73,882,299				73,882,299					71,688,579
Change in net unrealized investment gains/losses (1)		657,759	[1]	1,747,676	[2]	(222,750)	[1]	275,046	[2]
Other comprehensive income before income tax		656,519		1,747,674		(227,401)		282,464
Income tax effect related to other comprehensive income (loss)		(137,868)		(367,014)		47,755		(59,319)
Other comprehensive income		518,651		1,380,660		(179,646)		223,145
Comprehensive income		$ 463,957		1,133,231		$ 48,344		218,663
As Reported
Assets
Deferred policy acquisition costs											2,045,812
Deferred sales inducements											1,328,857
Total assets											71,389,674
Liabilities:
Policy benefit reserves											61,768,246
Deferred income taxes											564,003
Total liabilities											64,814,958
Stockholders' equity:
Accumulated other comprehensive income											2,429,285
Total stockholders' equity											6,574,716
Total liabilities and stockholders' equity											71,389,674
Change in net unrealized investment gains/losses (1)	[2]			1,898,567				273,492
Other comprehensive income before income tax				1,898,565				280,910
Income tax effect related to other comprehensive income (loss)				(398,700)				(58,992)
Other comprehensive income				1,499,865				221,918
Comprehensive income				1,252,436				217,436
Adjustment
Assets
Deferred policy acquisition costs											179,387
Deferred sales inducements											119,518
Total assets											298,905
Liabilities:
Policy benefit reserves											584,636
Deferred income taxes											(60,003)
Total liabilities											524,633
Stockholders' equity:
Accumulated other comprehensive income											(225,728)
Total stockholders' equity											(225,728)
Total liabilities and stockholders' equity											$ 298,905
Change in net unrealized investment gains/losses (1)	[2]			(150,891)				1,554
Other comprehensive income before income tax				(150,891)				1,554
Income tax effect related to other comprehensive income (loss)				31,686				(327)
Other comprehensive income				(119,205)				1,227
Comprehensive income				$ (119,205)				$ 1,227
[1]	Net of related adjustments to amortization of deferred sales inducements, deferred policy acquisition costs and policy benefit reserves
[2]	Net of related adjustments to amortization of deferred sales inducements, deferred policy acquisition costs and policy benefit reserves

Fair Values of Financial Inst_3

Fair Values of Financial Instruments (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)Basis_Points	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Basis_Points	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Level 1 to Level 2 transfers, amount	$ 0		$ 0		$ 0
Liabilities, Level 1 to Level 2 transfers, amount	0		0		0
Assets, Level 2 to Level 1 transfers, amount	0		0		0
Liabilities, Level 2 to Level 1 transfers, amount	0		0		$ 0
Assets, Level 3 transfers, amount, net	0	$ 0	0	$ 0
Liabilities, Level 3 transfers, amount, net	$ 0	$ 0	$ 0	$ 0
Cash flow modeling period			10 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		100
Fixed index annuities embedded derivative, adjustment due to change in discount rate			$ (624,700)
Deferred policy scquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate			$ (255,100)
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)		(100)
Fixed index annuities embedded derivative, adjustment due to change in discount rate			$ 675,800
Deferred policy scquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate			$ 285,200

Fair Values of Financial Inst_4

Fair Values of Financial Instruments (Fair Values and Carrying Amounts of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Fixed maturity securities, available for sale, fair value	$ 46,659,256	$ 47,538,893
Derivative instruments	1,459,965	1,310,954
Other investments	962,305	590,078
Coinsurance deposits (net of allowance for credit losses of $1,779 as of 2021 and $1,888 as of 2020)	4,441,950	4,844,927
Liabilities
Policy benefit reserves	64,555,597	62,352,882
Carrying Amount
Assets
Fixed maturity securities, available for sale, fair value	46,659,256	47,538,893
Mortgage loans on real estate	4,299,945	4,165,489
Real estate investments	258,237	0
Derivative instruments	1,459,965	1,310,954
Other investments	962,305	590,078
Cash and cash equivalents	11,524,265	9,095,522
Coinsurance deposits (net of allowance for credit losses of $1,779 as of 2021 and $1,888 as of 2020)	4,441,950	4,844,927
Liabilities
Policy benefit reserves	64,182,610	61,406,599
Single premium immediate annuity (SPIA) benefit reserves	233,331	240,226
Notes payable	495,955	495,668
Subordinated debentures	78,264	78,112
Fair Value
Assets
Fixed maturity securities, available for sale, fair value	46,659,256	47,538,893
Mortgage loans on real estate	4,457,553	4,327,885
Real estate investments	258,237	0
Derivative instruments	1,459,965	1,310,954
Other investments	962,305	590,078
Cash and cash equivalents	11,524,265	9,095,522
Coinsurance deposits (net of allowance for credit losses of $1,779 as of 2021 and $1,888 as of 2020)	4,077,954	4,411,051
Liabilities
Policy benefit reserves	55,231,714	52,928,174
Single premium immediate annuity (SPIA) benefit reserves	240,541	247,679
Notes payable	565,760	567,345
Subordinated debentures	$ 86,214	$ 87,951

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	Jun. 30, 2021	Dec. 31, 2020
Assets
Derivative instruments	$ 1,459,965	$ 1,310,954
Liabilities
Equity method investments, fair value	216,800	179,700
COLI, fair value	377,800	373,600
Fair Value, Measurements, Recurring
Assets
Real estate investments	258,237
Derivative instruments	1,459,965	1,310,954
Cash and cash equivalents	11,524,265	9,095,522
Assets	60,258,665	57,945,369
Liabilities
Fixed index annuities - embedded derivatives	8,384,764	7,938,281
Fair Value, Measurements, Recurring | United States Government Full Faith and Credit
Assets
Investments	38,879	39,771
Fair Value, Measurements, Recurring | United States Government Sponsored Agencies
Assets
Investments	1,046,186	1,039,551
Fair Value, Measurements, Recurring | United States Municipalities, States and Territories
Assets
Investments	3,700,225	3,776,131
Fair Value, Measurements, Recurring | Foreign Government Obligations
Assets
Investments	197,330	202,706
Fair Value, Measurements, Recurring | Corporate Securities
Assets
Investments	31,455,817	31,156,827
Fair Value, Measurements, Recurring | Residential Mortgage Backed Securities
Assets
Investments	1,192,423	1,512,831
Fair Value, Measurements, Recurring | Commercial Mortgage Backed Securities
Assets
Investments	4,175,517	4,261,227
Fair Value, Measurements, Recurring | Other Asset Backed Securities
Assets
Investments	4,852,879	5,549,849
Fair Value, Measurements, Recurring | Equity Securities
Assets
Investments	356,942
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)
Assets
Real estate investments	0
Derivative instruments	0	0
Cash and cash equivalents	11,524,265	9,095,522
Assets	11,907,536	9,129,470
Liabilities
Fixed index annuities - embedded derivatives	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | United States Government Full Faith and Credit
Assets
Investments	33,257	33,940
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | United States Government Sponsored Agencies
Assets
Investments	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | United States Municipalities, States and Territories
Assets
Investments	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Foreign Government Obligations
Assets
Investments	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Corporate Securities
Assets
Investments	14	8
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Residential Mortgage Backed Securities
Assets
Investments	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Commercial Mortgage Backed Securities
Assets
Investments	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Other Asset Backed Securities
Assets
Investments	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Equity Securities
Assets
Investments	350,000
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Real estate investments	0
Derivative instruments	1,459,965	1,310,954
Cash and cash equivalents	0	0
Assets	48,092,892	48,815,899
Liabilities
Fixed index annuities - embedded derivatives	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | United States Government Full Faith and Credit
Assets
Investments	5,622	5,831
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | United States Government Sponsored Agencies
Assets
Investments	1,046,186	1,039,551
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | United States Municipalities, States and Territories
Assets
Investments	3,700,225	3,776,131
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign Government Obligations
Assets
Investments	197,330	202,706
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate Securities
Assets
Investments	31,455,803	31,156,819
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Residential Mortgage Backed Securities
Assets
Investments	1,192,423	1,512,831
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commercial Mortgage Backed Securities
Assets
Investments	4,175,517	4,261,227
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Asset Backed Securities
Assets
Investments	4,852,879	5,549,849
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Equity Securities
Assets
Investments	6,942
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Real estate investments	258,237
Derivative instruments	0	0
Cash and cash equivalents	0	0
Assets	258,237	0
Liabilities
Fixed index annuities - embedded derivatives	8,384,764	7,938,281
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | United States Government Full Faith and Credit
Assets
Investments	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | United States Government Sponsored Agencies
Assets
Investments	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | United States Municipalities, States and Territories
Assets
Investments	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign Government Obligations
Assets
Investments	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate Securities
Assets
Investments	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Residential Mortgage Backed Securities
Assets
Investments	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Commercial Mortgage Backed Securities
Assets
Investments	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Other Asset Backed Securities
Assets
Investments	0	$ 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity Securities
Assets
Investments	$ 0

Fair Values of Financial Inst_6

Fair Values of Financial Instruments (Assumptions Used in Estimating Fair Value) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Expected cost of annual call options	2.10%	2.10%
Fixed Index Annuities | Minimum | Contract Duration (Years), 1-5
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	1 year	1 year
Fixed Index Annuities | Minimum | Contract Duration (Years), 6-10
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	6 years	6 years
Fixed Index Annuities | Minimum | Contract Duration (Years), 11-15
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	11 years	11 years
Fixed Index Annuities | Minimum | Contract Duration (Years), 16-20
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	16 years	16 years
Fixed Index Annuities | Minimum | Contract Duration (Years), 20 or More
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	20 years	20 years
Fixed Index Annuities | Maximum | Contract Duration (Years), 1-5
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	5 years	5 years
Fixed Index Annuities | Maximum | Contract Duration (Years), 6-10
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	10 years	10 years
Fixed Index Annuities | Maximum | Contract Duration (Years), 11-15
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	15 years	15 years
Fixed Index Annuities | Maximum | Contract Duration (Years), 16-20
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	20 years	20 years
Fixed Index Annuities | Average | Contract Duration (Years), 1-5
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	1.28%	1.22%
Average partial withdrawal rates	2.61%	2.63%
Fixed Index Annuities | Average | Contract Duration (Years), 6-10
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	1.51%	1.50%
Average partial withdrawal rates	3.12%	3.14%
Fixed Index Annuities | Average | Contract Duration (Years), 11-15
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	6.03%	5.66%
Average partial withdrawal rates	3.59%	3.58%
Fixed Index Annuities | Average | Contract Duration (Years), 16-20
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	6.56%	7.08%
Average partial withdrawal rates	3.83%	3.79%
Fixed Index Annuities | Average | Contract Duration (Years), 20 or More
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	7.72%	7.36%
Average partial withdrawal rates	3.64%	3.63%

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	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Coinsurance ceded, fixed index annuities embedded derivatives	$ 4,441,950		$ 4,441,950		$ 4,844,927
Real Estate Investments | Fair Value, Measurements, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0	$ 0	0	$ 0
Purchases and sales, net	258,237	0	258,237	0
Change in fair value	0	0	0	0
Ending balance	258,237	0	258,237	0
Fixed Index Annuities - Embedded Derivatives
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Coinsurance ceded, fixed index annuities embedded derivatives	668,500		668,500		$ 655,300
Fixed Index Annuities - Embedded Derivatives | Fair Value, Measurements, Recurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	7,680,951	8,451,482	7,938,281	9,624,395
Premiums less benefits	577,729	53,019	697,520	165,177
Change in fair value, net	126,084	913,984	(251,037)	(371,087)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	$ 8,384,764	$ 9,418,485	$ 8,384,764	$ 9,418,485

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)Securities	Jun. 30, 2020USD ($)	Dec. 31, 2020Securities
Investments [Abstract]
Percentage of fixed maturity portfolio rated investment grade based on NAIC designations	97.00%		97.00%
Number of securities in unrealized loss position | Securities	543		843
Percentage of unrealized losses on fixed maturity securities where securities are rated investment grade	82.00%		75.00%
Proceeds from sales of available for sale fixed maturity securities	$ 420.4	$ 973.4
Principal repayments, calls and tenders for available for sale fixed maturity securities	$ 2,100	$ 1,400

Investments (Schedule of Fixed

Investments (Schedule of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	$ 41,852,088		$ 42,304,736
Fixed maturity securities, available for sale, gross unrealized gains		4,917,555		5,549,754
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(96,197)		(250,826)
Fixed maturity securities, available for sale, allowance for credit losses		(14,190)	$ (59,698)	(64,771)	$ (50,186)	$ (28,332)	$ 0
Fixed maturity securities, available for sale, fair value		46,659,256		47,538,893
Accrued interest receivable		374,100		377,500
United States Government Full Faith and Credit
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	37,274		37,471
Fixed maturity securities, available for sale, gross unrealized gains		1,626		2,300
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(21)		0
Fixed maturity securities, available for sale, allowance for credit losses		0		0
Fixed maturity securities, available for sale, fair value		38,879		39,771
United States Government Sponsored Agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	1,009,042		995,465
Fixed maturity securities, available for sale, gross unrealized gains		37,144		44,132
Fixed maturity securities, available for sale, gross unrealized losses	[2]	0		(46)
Fixed maturity securities, available for sale, allowance for credit losses		0		0
Fixed maturity securities, available for sale, fair value		1,046,186		1,039,551
United States Municipalities, States and Territories
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	3,219,847		3,236,767
Fixed maturity securities, available for sale, gross unrealized gains		485,025		543,252
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(1,300)		(1,044)
Fixed maturity securities, available for sale, allowance for credit losses		(3,347)	(2,791)	(2,844)	0	0	0
Fixed maturity securities, available for sale, fair value		3,700,225		3,776,131
Foreign Government Obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	177,087		177,062
Fixed maturity securities, available for sale, gross unrealized gains		20,243		25,644
Fixed maturity securities, available for sale, gross unrealized losses	[2]	0		0
Fixed maturity securities, available for sale, allowance for credit losses		0		0
Fixed maturity securities, available for sale, fair value		197,330		202,706
Corporate Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	27,525,768		26,745,196
Fixed maturity securities, available for sale, gross unrealized gains		3,957,107		4,507,716
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(16,335)		(35,892)
Fixed maturity securities, available for sale, allowance for credit losses		(10,723)	(55,715)	(60,193)	(46,749)	(28,332)	0
Fixed maturity securities, available for sale, fair value		31,455,817		31,156,827
Residential Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	1,106,921		1,399,956
Fixed maturity securities, available for sale, gross unrealized gains		88,133		117,135
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(2,511)		(2,526)
Fixed maturity securities, available for sale, allowance for credit losses		(120)	(1,192)	(1,734)	(777)	0	0
Fixed maturity securities, available for sale, fair value		1,192,423		1,512,831
Commercial Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	3,977,815		4,119,650
Fixed maturity securities, available for sale, gross unrealized gains		223,453		206,255
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(25,751)		(64,678)
Fixed maturity securities, available for sale, allowance for credit losses		0	0	0	(2,660)	0	0
Fixed maturity securities, available for sale, fair value		4,175,517		4,261,227
Other Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	4,798,334		5,593,169
Fixed maturity securities, available for sale, gross unrealized gains		104,824		103,320
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(50,279)		(146,640)
Fixed maturity securities, available for sale, allowance for credit losses		0	$ 0	0	$ 0	$ 0	$ 0
Fixed maturity securities, available for sale, fair value		$ 4,852,879		$ 5,549,849
[1]	Amortized cost excludes accrued interest receivable of $374.1 million and $377.5 million as of June 30, 2021 and December 31, 2020, respectively.
[2]	Gross unrealized losses are net of allowance for credit losses.

Investments (Fixed Maturity Sec

Investments (Fixed Maturity Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Fixed maturity securities, available for sale, due in one year or less, amortized cost	$ 1,138,126
Fixed maturity securities, available for sale, due after one year through five years, amortized cost	6,954,092
Fixed maturity securities, available for sale, due after five years through ten years, amortized cost	7,258,590
Fixed maturity securities, available for sale, due after ten years through twenty years, amortized cost	9,394,292
Fixed maturity securities, available for sale, due after twenty years, amortized cost	7,223,918
Fixed maturity securities, available for sale, securities with a single maturity date, amortized cost	31,969,018
Fixed maturity securities, available for sale, amortized cost	41,852,088	$ 42,304,736
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fixed maturity securities, available for sale, due in one year or less, fair value	1,152,012
Fixed maturity securities, available for sale, due after one year through five years, fair value	7,436,430
Fixed maturity securities, available for sale, due after five years through ten years, fair value	8,067,610
Fixed maturity securities, available for sale, due after ten years through twenty years, fair value	11,392,923
Fixed maturity securities, available for sale, due after twenty years, fair value	8,389,462
Fixed maturity securities, available for sale, securities with a single maturity date, fair value	36,438,437
Fixed maturity securities, available for sale, fair value	46,659,256	$ 47,538,893
Residential Mortgage Backed Securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Fixed maturity securities, available for sale, securities without a single maturity date, amortized cost	1,106,921
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fixed maturity securities, available for sale, securities without a single maturity date, fair value	1,192,423
Commercial Mortgage Backed Securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Fixed maturity securities, available for sale, securities without a single maturity date, amortized cost	3,977,815
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fixed maturity securities, available for sale, securities without a single maturity date, fair value	4,175,517
Other Asset Backed Securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Fixed maturity securities, available for sale, securities without a single maturity date, amortized cost	4,798,334
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fixed maturity securities, available for sale, securities without a single maturity date, fair value	$ 4,852,879

Investments (Net Unrealized Gai

Investments (Net Unrealized Gains on Available for Sale Fixed Maturity Securities Reported as a Separate Component of Stockholders' Equity) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investments [Abstract]
Net unrealized gains on available for sale fixed maturity securities	$ 4,821,854	$ 5,297,040
Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements and policy benefit reserves	(2,288,466)	(2,536,251)
Deferred income tax valuation allowance reversal	22,534	22,534
Deferred income tax expense	(532,011)	(579,766)
Net unrealized gains reported as accumulated other comprehensive income	$ 2,023,911	$ 2,203,557

Investments (Credit Quality of

Investments (Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost	$ 41,852,088	$ 42,304,736
Fixed maturity securities, available for sale, fair value	46,659,256	47,538,893
NAIC, Class 1 Designation
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost	23,059,347	23,330,149
Fixed maturity securities, available for sale, fair value	25,937,900	26,564,542
NAIC, Class 2 Designation
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost	17,496,467	17,312,485
Fixed maturity securities, available for sale, fair value	19,387,062	19,377,013
NAIC, Class 3 Designation
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost	1,094,635	1,292,124
Fixed maturity securities, available for sale, fair value	1,135,994	1,299,455
NAIC, Class 4 Designation
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost	145,730	282,049
Fixed maturity securities, available for sale, fair value	147,401	256,651
NAIC, Class 5 Designation
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost	31,813	29,396
Fixed maturity securities, available for sale, fair value	29,418	16,288
NAIC, Class 6 Designation
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost	24,096	58,533
Fixed maturity securities, available for sale, fair value	$ 21,481	$ 24,944

Investments (Gross Unrealized L

Investments (Gross Unrealized Losses on Investments, By Category and Length of Time) (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value		$ 790,313		$ 2,992,944
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(24,290)		(122,908)
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value		2,719,402		2,771,976
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(86,097)		(192,689)
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value		3,509,715		5,764,920
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses	[1]	(110,387)		(315,597)
Fixed maturity securities, available for sale, allowance for credit losses		14,190	$ 59,698	64,771	$ 50,186	$ 28,332	$ 0
United States Government Full Faith and Credit
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value		1,024
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(21)
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value		0
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	0
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value		1,024
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses	[1]	(21)
Fixed maturity securities, available for sale, allowance for credit losses		0		0
United States Government Sponsored Agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value				250,475
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]			(46)
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value				0
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]			0
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value				250,475
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses	[1]			(46)
Fixed maturity securities, available for sale, allowance for credit losses		0		0
United States Municipalities, States and Territories
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value		77,867		31,802
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(1,294)		(3,887)
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value		23,471		868
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(3,353)		(1)
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value		101,338		32,670
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses	[1]	(4,647)		(3,888)
Fixed maturity securities, available for sale, allowance for credit losses		3,347	2,791	2,844	0	0	0
Corporate Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, allowance for credit losses		10,723	55,715	60,193	46,749	28,332	0
Corporate Securities | Finance, Insurance and Real Estate Sectors
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value		57,198		109,789
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(3,141)		(1,733)
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value		0		0
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	0		0
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value		57,198		109,789
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses	[1]	(3,141)		(1,733)
Corporate Securities | Manufacturing, Construction and Mining
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value		36,493		0
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(822)		0
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value		19,526		19,335
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(622)		(1,384)
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value		56,019		19,335
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses	[1]	(1,444)		(1,384)
Corporate Securities | Utilities and Related Sectors
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value		95,926		310,823
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(2,384)		(27,509)
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value		129,273		35,408
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(2,719)		(3,628)
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value		225,199		346,231
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses	[1]	(5,103)		(31,137)
Corporate Securities | Wholesale/Retail Trade
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value		69,030		65,567
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(1,243)		(4,344)
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value		14,363		16,000
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(598)		(26)
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value		83,393		81,567
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses	[1]	(1,841)		(4,370)
Corporate Securities | Services, Media and Other
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value		51,277		120,098
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(11,107)		(11,564)
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value		54,762		83,890
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(4,422)		(45,897)
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value		106,039		203,988
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses	[1]	(15,529)		(57,461)
Residential Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value		74,538		156,016
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(1,083)		(2,384)
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value		46,016		13,599
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(1,548)		(1,876)
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value		120,554		169,615
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses	[1]	(2,631)		(4,260)
Fixed maturity securities, available for sale, allowance for credit losses		120	1,192	1,734	777	0	0
Commercial Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value		83,348		934,593
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(1,537)		(54,834)
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value		364,942		35,153
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(24,214)		(9,844)
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value		448,290		969,746
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses	[1]	(25,751)		(64,678)
Fixed maturity securities, available for sale, allowance for credit losses		0	0	0	2,660	0	0
Other Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value		243,612		1,013,781
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(1,658)		(16,607)
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value		2,067,049		2,567,723
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(48,621)		(130,033)
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value		2,310,661		3,581,504
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses	[1]	(50,279)		(146,640)
Fixed maturity securities, available for sale, allowance for credit losses		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
[1]	Unrealized losses have not been reduced to reflect the allowance for credit losses of $14.2 million and $64.8 million as of June 30, 2021 and December 31, 2020, respectively.

Investments (Changes in Net Unr

Investments (Changes in Net Unrealized Gains/Losses on Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investments [Abstract]
Fixed maturity securities available for sale carried at fair value	$ 1,186,175	$ 3,347,516	$ (475,186)	$ 485,108
Adjustment for effect on other balance sheet accounts:
Deferred policy acquisition costs, deferred sales inducements and policy benefit reserves	(529,656)	(1,599,842)	247,785	(202,644)
Deferred income tax asset/liability	(137,868)	(367,014)	47,755	(59,319)
Total adjustment for effect on other balance sheet accounts	(667,524)	(1,966,856)	295,540	(261,963)
Change in net unrealized gains/losses on investments carried at fair value	$ 518,651	$ 1,380,660	$ (179,646)	$ 223,145

Investments (Net Realized Gains

Investments (Net Realized Gains (Losses) on Invesments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Gain (Loss) on Securities [Line Items]
Decrease (increase) in allowance for credit losses	$ 1,933	$ (2,510)	$ 4,448	$ (4,507)
Recovery of specific allowance	0	712	0	712
Net realized losses on investments	(3,114)	(25,888)	(7,697)	(46,224)
Available For Sale Fixed Maturity Securities
Gain (Loss) on Securities [Line Items]
Gross realized gains	4,062	1,215	6,429	15,453
Gross realized losses	(7,951)	(264)	(16,147)	(1,470)
Net credit loss (provision) release	1,260	(25,041)	(177)	(56,412)
Realized gains (losses)	(2,629)	(24,090)	(9,895)	(42,429)
Mortgage Loans on Real Estate
Gain (Loss) on Securities [Line Items]
Decrease (increase) in allowance for credit losses	1,933	(2,510)	4,448	(4,507)
Recovery of specific allowance	0	712	0	712
Loss on sale of mortgage loans	(2,418)	0	(2,250)	0
Gain (loss) on mortgage loans	$ (485)	$ (1,798)	$ 2,198	$ (3,795)

Investments (Rollforward of All

Investments (Rollforward of Allowance for Credit Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Beginning balance	$ 59,698	$ 28,332	$ 64,771	$ 0
Additions for credit losses not previously recorded	0	25,041	816	56,412
Change in allowance on securities with previous allowance	176		797
Reduction for securities sold during the period	(44,248)		(50,758)
Recoveries of amounts previously written off	(1,436)		(1,436)
Reduction for securities with credit losses due to intent to sell		(3,187)		(6,226)
Ending balance	14,190	50,186	14,190	50,186
United States Municipalities, States and Territories
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Beginning balance	2,791	0	2,844	0
Additions for credit losses not previously recorded	0	0	0	0
Change in allowance on securities with previous allowance	556		503
Reduction for securities sold during the period	0		0
Recoveries of amounts previously written off	0		0
Reduction for securities with credit losses due to intent to sell		0		0
Ending balance	3,347	0	3,347	0
Corporate Securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Beginning balance	55,715	28,332	60,193	0
Additions for credit losses not previously recorded	0	18,417	705	46,749
Change in allowance on securities with previous allowance	(402)		925
Reduction for securities sold during the period	(44,248)		(50,758)
Recoveries of amounts previously written off	(342)		(342)
Reduction for securities with credit losses due to intent to sell		0		0
Ending balance	10,723	46,749	10,723	46,749
Commercial Mortgage Backed Securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Beginning balance	0	0	0	0
Additions for credit losses not previously recorded	0	5,847	0	8,338
Change in allowance on securities with previous allowance	0		0
Reduction for securities sold during the period	0		0
Recoveries of amounts previously written off	0		0
Reduction for securities with credit losses due to intent to sell		(3,187)		(5,678)
Ending balance	0	2,660	0	2,660
Residential Mortgage Backed Securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Beginning balance	1,192	0	1,734	0
Additions for credit losses not previously recorded	0	777	111	777
Change in allowance on securities with previous allowance	22		(631)
Reduction for securities sold during the period	0		0
Recoveries of amounts previously written off	(1,094)		(1,094)
Reduction for securities with credit losses due to intent to sell		0		0
Ending balance	120	777	120	777
Other Asset Backed Securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Beginning balance	0	0	0	0
Additions for credit losses not previously recorded	0	0	0	548
Change in allowance on securities with previous allowance	0		0
Reduction for securities sold during the period	0		0
Recoveries of amounts previously written off	0		0
Reduction for securities with credit losses due to intent to sell		0		(548)
Ending balance	$ 0	$ 0	$ 0	$ 0

Mortgage Loans on Real Estate_2

Mortgage Loans on Real Estate (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)loansportfolio_segment	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)loansportfolio_segment	Jun. 30, 2020USD ($)	Dec. 31, 2020loans
Loans and Leases Receivable Disclosure [Line Items]
Number of portfolio segments that make up financing receivables | portfolio_segment	3		3
Commitments outstanding	$ 177,600		$ 177,600
Non-accrual status, number of loans | loans	10		10		1
Interest income recognized on non-accrual loans	$ 0	$ 0	$ 0	$ 0
Financing receivable, modifications, period of time of delaying principal and/or interest			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		$ 0
Residential Mortgage Loans
Loans and Leases Receivable Disclosure [Line Items]
Accrued interest receivable written off	0		0
Agricultural
Loans and Leases Receivable Disclosure [Line Items]
Accrued interest receivable written off	$ 0		$ 0

Mortgage Loans on Real Estate_3

Mortgage Loans on Real Estate (Summary of Mortgage Loan Portfolio) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowance	$ (26,581)	$ (28,514)	$ (31,029)	$ (20,089)	$ (19,776)	$ (17,779)
Mortgage loans, carrying value	4,299,945		4,165,489
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	3,459,879		3,580,154
Deferred fees and costs, net	(1,409)		(1,266)
Mortgage loans, amortized cost	3,458,470		3,578,888
Valuation allowance	(22,498)	(26,139)	(25,529)	(18,119)	(19,604)	(17,579)
Mortgage loans, carrying value	3,435,972		3,553,359
Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	277,427		245,807
Deferred fees and costs, net	(708)		(634)
Mortgage loans, amortized cost	276,719		245,173
Valuation allowance	(454)	(439)	(2,130)	(320)	(172)	(200)
Mortgage loans, carrying value	276,265		243,043
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	573,638		366,320
Deferred fees and costs, net	1,487		925
Unamortized discounts and premiums, net	16,212		5,212
Mortgage loans, amortized cost	591,337		372,457
Valuation allowance	(3,629)	$ (1,936)	(3,370)	$ (1,650)	$ 0	$ 0
Mortgage loans, carrying value	$ 587,708		$ 369,087

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	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 20,600	$ 16,600
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 3,459,879	$ 3,580,154
Percent	100.00%	100.00%
Commercial Mortgage Loans | East
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 676,448	$ 699,741
Percent	19.60%	19.50%
Commercial Mortgage Loans | Middle Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 294,619	$ 281,971
Percent	8.50%	7.90%
Commercial Mortgage Loans | Mountain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 373,129	$ 391,025
Percent	10.80%	10.90%
Commercial Mortgage Loans | New England
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 24,475	$ 24,774
Percent	0.70%	0.70%
Commercial Mortgage Loans | Pacific
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 650,256	$ 659,743
Percent	18.80%	18.40%
Commercial Mortgage Loans | South Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 779,690	$ 832,739
Percent	22.50%	23.30%
Commercial Mortgage Loans | West North Central
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 263,600	$ 266,050
Percent	7.60%	7.40%
Commercial Mortgage Loans | West South Central
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 397,662	$ 424,111
Percent	11.50%	11.90%
Commercial Mortgage Loans | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 292,968	$ 297,065
Percent	8.50%	8.30%
Commercial Mortgage Loans | Medical Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 17,718	$ 20,584
Percent	0.50%	0.60%
Commercial Mortgage Loans | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 1,116,376	$ 1,187,484
Percent	32.30%	33.20%
Commercial Mortgage Loans | Industrial/Warehouse
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 911,293	$ 929,325
Percent	26.30%	25.90%
Commercial Mortgage Loans | Apartment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 948,161	$ 939,084
Percent	27.40%	26.20%
Commercial Mortgage Loans | Mixed Use/Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 173,363	$ 206,612
Percent	5.00%	5.80%
Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 277,427	$ 245,807
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 573,638	$ 366,320

Mortgage Loans on Real Estate_5

Mortgage Loans on Real Estate (Rollforward of Valuation Allowance on Mortgage Loan Portfolios) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	$ (28,514)	$ (19,776)	$ (31,029)	$ (17,779)
Charge-offs	0	1,485	0	1,485
Recoveries	0	712	0	712
Change in provision for credit losses	1,933	(2,510)	4,448	(4,507)
Ending allowance balance	(26,581)	(20,089)	(26,581)	(20,089)
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	(26,139)	(19,604)	(25,529)	(17,579)
Charge-offs	0	1,485	0	1,485
Recoveries	0	712	0	712
Change in provision for credit losses	3,641	(712)	3,031	(2,737)
Ending allowance balance	(22,498)	(18,119)	(22,498)	(18,119)
Agricultural
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	(439)	(172)	(2,130)	(200)
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Change in provision for credit losses	(15)	(148)	1,676	(120)
Ending allowance balance	(454)	(320)	(454)	(320)
Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	(1,936)	0	(3,370)	0
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Change in provision for credit losses	(1,693)	(1,650)	(259)	(1,650)
Ending allowance balance	$ (3,629)	$ (1,650)	$ (3,629)	$ (1,650)

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	Jun. 30, 2021	Dec. 31, 2020
Commercial Mortgage Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost, year one, originated in current fiscal year	$ 94,924	$ 543,991
Average LTV, year one, originated in current fiscal year	68.00%	65.00%
Amortized cost, year two, originated in fiscal year before current fiscal year	$ 539,326	$ 755,584
Average LTV, year two, originated in fiscal year before current fiscal year	64.00%	67.00%
Amortized cost, year three, originated two years before current fiscal year	$ 753,362	$ 527,670
Average LTV, year three, originated two years before current fiscal year	66.00%	64.00%
Amortized cost, year four, originated three years before current fiscal year	$ 506,817	$ 459,055
Average LTV, year four, originated three years before current fiscal year	65.00%	60.00%
Amortized cost, year five, originated four years before current fiscal year	$ 448,100	$ 411,834
Average LTV, year five, originated four years before current fiscal year	60.00%	55.00%
Amortized cost, originated more than five years before current fiscal year	$ 1,115,941	$ 880,754
Average LTV, originated more than five years before current fiscal year	49.00%	49.00%
Mortgage loans, amortized cost	$ 3,458,470	$ 3,578,888
Total - Average LTV	59.00%	59.00%
Commercial Mortgage Loans | Debt Service Coverage Ratio: Greater Than or Equal to 1.5
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost, year one, originated in current fiscal year	$ 81,799	$ 364,574
Average LTV, year one, originated in current fiscal year	67.00%	63.00%
Amortized cost, year two, originated in fiscal year before current fiscal year	$ 429,215	$ 442,370
Average LTV, year two, originated in fiscal year before current fiscal year	63.00%	66.00%
Amortized cost, year three, originated two years before current fiscal year	$ 491,471	$ 399,193
Average LTV, year three, originated two years before current fiscal year	64.00%	62.00%
Amortized cost, year four, originated three years before current fiscal year	$ 420,279	$ 316,738
Average LTV, year four, originated three years before current fiscal year	63.00%	57.00%
Amortized cost, year five, originated four years before current fiscal year	$ 312,331	$ 359,321
Average LTV, year five, originated four years before current fiscal year	56.00%	54.00%
Amortized cost, originated more than five years before current fiscal year	$ 913,649	$ 715,706
Average LTV, originated more than five years before current fiscal year	48.00%	47.00%
Mortgage loans, amortized cost	$ 2,648,744	$ 2,597,902
Total - Average LTV	57.00%	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]
Amortized cost, year one, originated in current fiscal year	$ 13,125	$ 161,779
Average LTV, year one, originated in current fiscal year	69.00%	66.00%
Amortized cost, year two, originated in fiscal year before current fiscal year	$ 86,440	$ 226,166
Average LTV, year two, originated in fiscal year before current fiscal year	64.00%	70.00%
Amortized cost, year three, originated two years before current fiscal year	$ 204,354	$ 124,267
Average LTV, year three, originated two years before current fiscal year	69.00%	72.00%
Amortized cost, year four, originated three years before current fiscal year	$ 85,124	$ 124,564
Average LTV, year four, originated three years before current fiscal year	73.00%	67.00%
Amortized cost, year five, originated four years before current fiscal year	$ 122,666	$ 52,513
Average LTV, year five, originated four years before current fiscal year	67.00%	62.00%
Amortized cost, originated more than five years before current fiscal year	$ 145,080	$ 111,690
Average LTV, originated more than five years before current fiscal year	59.00%	55.00%
Mortgage loans, amortized cost	$ 656,789	$ 800,979
Total - Average LTV	66.00%	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]
Amortized cost, year one, originated in current fiscal year	$ 0	$ 17,638
Average LTV, year one, originated in current fiscal year	0.00%	82.00%
Amortized cost, year two, originated in fiscal year before current fiscal year	$ 23,671	$ 22,917
Average LTV, year two, originated in fiscal year before current fiscal year	78.00%	67.00%
Amortized cost, year three, originated two years before current fiscal year	$ 19,409	$ 2,769
Average LTV, year three, originated two years before current fiscal year	80.00%	71.00%
Amortized cost, year four, originated three years before current fiscal year	$ 0	$ 7,597
Average LTV, year four, originated three years before current fiscal year	0.00%	66.00%
Amortized cost, year five, originated four years before current fiscal year	$ 2,250	$ 0
Average LTV, year five, originated four years before current fiscal year	72.00%	0.00%
Amortized cost, originated more than five years before current fiscal year	$ 44,910	$ 32,327
Average LTV, originated more than five years before current fiscal year	58.00%	65.00%
Mortgage loans, amortized cost	$ 90,240	$ 83,248
Total - Average LTV	68.00%	69.00%
Commercial Mortgage Loans | Debt Service Coverage Ratio: Less Than 1.0
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost, year one, originated in current fiscal year	$ 0	$ 0
Average LTV, year one, originated in current fiscal year	0.00%	0.00%
Amortized cost, year two, originated in fiscal year before current fiscal year	$ 0	$ 64,131
Average LTV, year two, originated in fiscal year before current fiscal year	0.00%	58.00%
Amortized cost, year three, originated two years before current fiscal year	$ 38,128	$ 1,441
Average LTV, year three, originated two years before current fiscal year	66.00%	89.00%
Amortized cost, year four, originated three years before current fiscal year	$ 1,414	$ 10,156
Average LTV, year four, originated three years before current fiscal year	87.00%	80.00%
Amortized cost, year five, originated four years before current fiscal year	$ 10,853	$ 0
Average LTV, year five, originated four years before current fiscal year	78.00%	0.00%
Amortized cost, originated more than five years before current fiscal year	$ 12,302	$ 21,031
Average LTV, originated more than five years before current fiscal year	49.00%	60.00%
Mortgage loans, amortized cost	$ 62,697	$ 96,759
Total - Average LTV	66.00%	61.00%
Agricultural
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost, year one, originated in current fiscal year	$ 30,416	$ 196,190
Average LTV, year one, originated in current fiscal year	45.00%	47.00%
Amortized cost, year two, originated in fiscal year before current fiscal year	$ 201,319	$ 23,983
Average LTV, year two, originated in fiscal year before current fiscal year	50.00%	42.00%
Amortized cost, year three, originated two years before current fiscal year	$ 19,984	$ 25,000
Average LTV, year three, originated two years before current fiscal year	45.00%	11.00%
Amortized cost, year four, originated three years before current fiscal year	$ 25,000	$ 0
Average LTV, year four, originated three years before current fiscal year	11.00%	0.00%
Amortized cost, year five, originated four years before current fiscal year	$ 0	$ 0
Average LTV, year five, originated four years before current fiscal year	0.00%	0.00%
Amortized cost, originated more than five years before current fiscal year	$ 0	$ 0
Average LTV, originated more than five years before current fiscal year	0.00%	0.00%
Mortgage loans, amortized cost	$ 276,719	$ 245,173
Total - Average LTV	45.00%	43.00%
Agricultural | Debt Service Coverage Ratio: Greater Than or Equal to 1.5
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost, year one, originated in current fiscal year	$ 12,108	$ 78,631
Average LTV, year one, originated in current fiscal year	39.00%	52.00%
Amortized cost, year two, originated in fiscal year before current fiscal year	$ 84,764	$ 13,985
Average LTV, year two, originated in fiscal year before current fiscal year	57.00%	47.00%
Amortized cost, year three, originated two years before current fiscal year	$ 11,841	$ 25,000
Average LTV, year three, originated two years before current fiscal year	49.00%	11.00%
Amortized cost, year four, originated three years before current fiscal year	$ 25,000	$ 0
Average LTV, year four, originated three years before current fiscal year	11.00%	0.00%
Amortized cost, year five, originated four years before current fiscal year	$ 0	$ 0
Average LTV, year five, originated four years before current fiscal year	0.00%	0.00%
Amortized cost, originated more than five years before current fiscal year	$ 0	$ 0
Average LTV, originated more than five years before current fiscal year	0.00%	0.00%
Mortgage loans, amortized cost	$ 133,713	$ 117,616
Total - Average LTV	46.00%	43.00%
Agricultural | Debt Service Coverage Ratio: Greater Than or Equal to 1.2 and Less Than 1.5
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost, year one, originated in current fiscal year	$ 10,829	$ 101,879
Average LTV, year one, originated in current fiscal year	54.00%	44.00%
Amortized cost, year two, originated in fiscal year before current fiscal year	$ 103,764	$ 3,425
Average LTV, year two, originated in fiscal year before current fiscal year	43.00%	23.00%
Amortized cost, year three, originated two years before current fiscal year	$ 3,385	$ 0
Average LTV, year three, originated two years before current fiscal year	22.00%	0.00%
Amortized cost, year four, originated three years before current fiscal year	$ 0	$ 0
Average LTV, year four, originated three years before current fiscal year	0.00%	0.00%
Amortized cost, year five, originated four years before current fiscal year	$ 0	$ 0
Average LTV, year five, originated four years before current fiscal year	0.00%	0.00%
Amortized cost, originated more than five years before current fiscal year	$ 0	$ 0
Average LTV, originated more than five years before current fiscal year	0.00%	0.00%
Mortgage loans, amortized cost	$ 117,978	$ 105,304
Total - Average LTV	44.00%	44.00%
Agricultural | Debt Service Coverage Ratio: Greater Than or Equal to 1.0 and Less Than 1.2
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost, year one, originated in current fiscal year	$ 7,479	$ 4,213
Average LTV, year one, originated in current fiscal year	44.00%	37.00%
Amortized cost, year two, originated in fiscal year before current fiscal year	$ 4,166	$ 6,573
Average LTV, year two, originated in fiscal year before current fiscal year	29.00%	43.00%
Amortized cost, year three, originated two years before current fiscal year	$ 4,758	$ 0
Average LTV, year three, originated two years before current fiscal year	50.00%	0.00%
Amortized cost, year four, originated three years before current fiscal year	$ 0	$ 0
Average LTV, year four, originated three years before current fiscal year	0.00%	0.00%
Amortized cost, year five, originated four years before current fiscal year	$ 0	$ 0
Average LTV, year five, originated four years before current fiscal year	0.00%	0.00%
Amortized cost, originated more than five years before current fiscal year	$ 0	$ 0
Average LTV, originated more than five years before current fiscal year	0.00%	0.00%
Mortgage loans, amortized cost	$ 16,403	$ 10,786
Total - Average LTV	44.00%	41.00%
Agricultural | Debt Service Coverage Ratio: Less Than 1.0
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost, year one, originated in current fiscal year	$ 0	$ 11,467
Average LTV, year one, originated in current fiscal year	0.00%	48.00%
Amortized cost, year two, originated in fiscal year before current fiscal year	$ 8,625	$ 0
Average LTV, year two, originated in fiscal year before current fiscal year	59.00%	0.00%
Amortized cost, year three, originated two years before current fiscal year	$ 0	$ 0
Average LTV, year three, originated two years before current fiscal year	0.00%	0.00%
Amortized cost, year four, originated three years before current fiscal year	$ 0	$ 0
Average LTV, year four, originated three years before current fiscal year	0.00%	0.00%
Amortized cost, year five, originated four years before current fiscal year	$ 0	$ 0
Average LTV, year five, originated four years before current fiscal year	0.00%	0.00%
Amortized cost, originated more than five years before current fiscal year	$ 0	$ 0
Average LTV, originated more than five years before current fiscal year	0.00%	0.00%
Mortgage loans, amortized cost	$ 8,625	$ 11,467
Total - Average LTV	59.00%	48.00%

Mortgage Loans on Real Estate_7

Mortgage Loans on Real Estate (Aging of Financing Receivables) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Commercial Mortgage Loans
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	$ 94,924	$ 543,991
Amortized cost, originated in fiscal year before latest fiscal year	539,326	755,584
Amortized cost, originated two years before latest fiscal year	753,362	527,670
Amortized cost, originated three years before latest fiscal year	506,817	459,055
Amortized cost, originated four years before latest fiscal year	448,100	411,834
Amortized cost, originated five or more years before latest fiscal year	1,115,941	880,754
Mortgage loans, amortized cost	3,458,470	3,578,888
Commercial Mortgage Loans | Current
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	94,924	543,991
Amortized cost, originated in fiscal year before latest fiscal year	539,326	755,584
Amortized cost, originated two years before latest fiscal year	753,362	527,670
Amortized cost, originated three years before latest fiscal year	506,817	459,055
Amortized cost, originated four years before latest fiscal year	448,100	411,834
Amortized cost, originated five or more years before latest fiscal year	1,115,941	880,754
Mortgage loans, amortized cost	3,458,470	3,578,888
Commercial Mortgage Loans | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	0	0
Amortized cost, originated in fiscal year before latest fiscal year	0	0
Amortized cost, originated two years before latest fiscal year	0	0
Amortized cost, originated three years before latest fiscal year	0	0
Amortized cost, originated four years before latest fiscal year	0	0
Amortized cost, originated five or more years before latest fiscal year	0	0
Mortgage loans, amortized cost	0	0
Commercial Mortgage Loans | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	0	0
Amortized cost, originated in fiscal year before latest fiscal year	0	0
Amortized cost, originated two years before latest fiscal year	0	0
Amortized cost, originated three years before latest fiscal year	0	0
Amortized cost, originated four years before latest fiscal year	0	0
Amortized cost, originated five or more years before latest fiscal year	0	0
Mortgage loans, amortized cost	0	0
Commercial Mortgage Loans | Over 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	0	0
Amortized cost, originated in fiscal year before latest fiscal year	0	0
Amortized cost, originated two years before latest fiscal year	0	0
Amortized cost, originated three years before latest fiscal year	0	0
Amortized cost, originated four years before latest fiscal year	0	0
Amortized cost, originated five or more years before latest fiscal year	0	0
Mortgage loans, amortized cost	0	0
Agricultural
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	30,416	196,190
Amortized cost, originated in fiscal year before latest fiscal year	201,319	23,983
Amortized cost, originated two years before latest fiscal year	19,984	25,000
Amortized cost, originated three years before latest fiscal year	25,000	0
Amortized cost, originated four years before latest fiscal year	0	0
Amortized cost, originated five or more years before latest fiscal year	0	0
Mortgage loans, amortized cost	276,719	245,173
Agricultural | Current
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	30,416	196,190
Amortized cost, originated in fiscal year before latest fiscal year	199,731	23,983
Amortized cost, originated two years before latest fiscal year	19,984	25,000
Amortized cost, originated three years before latest fiscal year	25,000	0
Amortized cost, originated four years before latest fiscal year	0	0
Amortized cost, originated five or more years before latest fiscal year	0	0
Mortgage loans, amortized cost	275,131	245,173
Agricultural | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	0	0
Amortized cost, originated in fiscal year before latest fiscal year	1,588	0
Amortized cost, originated two years before latest fiscal year	0	0
Amortized cost, originated three years before latest fiscal year	0	0
Amortized cost, originated four years before latest fiscal year	0	0
Amortized cost, originated five or more years before latest fiscal year	0	0
Mortgage loans, amortized cost	1,588	0
Agricultural | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	0	0
Amortized cost, originated in fiscal year before latest fiscal year	0	0
Amortized cost, originated two years before latest fiscal year	0	0
Amortized cost, originated three years before latest fiscal year	0	0
Amortized cost, originated four years before latest fiscal year	0	0
Amortized cost, originated five or more years before latest fiscal year	0	0
Mortgage loans, amortized cost	0	0
Agricultural | Over 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	0	0
Amortized cost, originated in fiscal year before latest fiscal year	0	0
Amortized cost, originated two years before latest fiscal year	0	0
Amortized cost, originated three years before latest fiscal year	0	0
Amortized cost, originated four years before latest fiscal year	0	0
Amortized cost, originated five or more years before latest fiscal year	0	0
Mortgage loans, amortized cost	0	0
Residential Mortgage Loans
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	185,563	347,207
Amortized cost, originated in fiscal year before latest fiscal year	384,590	25,250
Amortized cost, originated two years before latest fiscal year	21,184	0
Amortized cost, originated three years before latest fiscal year	0	0
Amortized cost, originated four years before latest fiscal year	0	0
Amortized cost, originated five or more years before latest fiscal year	0	0
Mortgage loans, amortized cost	591,337	372,457
Residential Mortgage Loans | Current
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	183,180	321,779
Amortized cost, originated in fiscal year before latest fiscal year	369,038	24,951
Amortized cost, originated two years before latest fiscal year	20,126	0
Amortized cost, originated three years before latest fiscal year	0	0
Amortized cost, originated four years before latest fiscal year	0	0
Amortized cost, originated five or more years before latest fiscal year	0	0
Mortgage loans, amortized cost	572,344	346,730
Residential Mortgage Loans | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	2,383	25,150
Amortized cost, originated in fiscal year before latest fiscal year	7,652	299
Amortized cost, originated two years before latest fiscal year	107	0
Amortized cost, originated three years before latest fiscal year	0	0
Amortized cost, originated four years before latest fiscal year	0	0
Amortized cost, originated five or more years before latest fiscal year	0	0
Mortgage loans, amortized cost	10,142	25,449
Residential Mortgage Loans | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	0	111
Amortized cost, originated in fiscal year before latest fiscal year	2,992	0
Amortized cost, originated two years before latest fiscal year	0	0
Amortized cost, originated three years before latest fiscal year	0	0
Amortized cost, originated four years before latest fiscal year	0	0
Amortized cost, originated five or more years before latest fiscal year	0	0
Mortgage loans, amortized cost	2,992	111
Residential Mortgage Loans | Over 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	0	167
Amortized cost, originated in fiscal year before latest fiscal year	4,908	0
Amortized cost, originated two years before latest fiscal year	951	0
Amortized cost, originated three years before latest fiscal year	0	0
Amortized cost, originated four years before latest fiscal year	0	0
Amortized cost, originated five or more years before latest fiscal year	0	0
Mortgage loans, amortized cost	$ 5,859	$ 167

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)variable_interest_entities	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Variable interest entities, number of entities | variable_interest_entities	1
Consolidated VIE assets	$ 73,882,299	$ 71,688,579
Consolidated VIE liabilities	67,586,564	$ 65,339,591
Variable Interest Entities
Variable Interest Entity [Line Items]
Consolidated VIE assets	284,800
Consolidated VIE liabilities	$ 16,400

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative collateral	$ 1,400	$ 1,300
Credit risk, maximum exposure	$ 31.5	$ 35.1
Call Options
Derivative [Line Items]
Derivative, term of contract	1 year
Interest Rate Caps | London Interbank Offered Rate (LIBOR)
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	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative assets	$ 1,459,965	$ 1,310,954
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets	1,459,965	1,310,954
Not Designated as Hedging Instrument | Call Options
Derivatives, Fair Value [Line Items]
Derivative assets	1,459,754	1,310,954
Not Designated as Hedging Instrument | Warrants
Derivatives, Fair Value [Line Items]
Derivative assets	211	0
Not Designated as Hedging Instrument | Fixed Index Annuities - Embedded Derivatives
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 8,384,764	$ 7,938,281

Derivative Instruments (Change

Derivative Instruments (Change in Fair Value of Derivatives Included in the Consolidated Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	$ 500,880	$ 327,662	$ 897,185	$ (614,212)
Change in fair value of embedded derivatives	273,713	1,126,935	(8,700)	(123,126)
Call Options
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	500,793	327,662	897,069	(614,274)
Warrants
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	87	0	116	0
Interest Rate Caps
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	0	0	0	62
Fixed Index Annuities - Embedded Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	126,084	913,984	(251,037)	(371,087)
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	$ 147,629	$ 212,951	$ 242,337	$ 247,961

Derivative Instruments (Derivat

Derivative Instruments (Derivative Call Options, Notional Amount and Fair Value, by Counterparty) (Details) - Call Options - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional amount	$ 39,073,075	$ 39,362,179
Fair value	1,459,754	1,310,954
Bank of America
Derivative [Line Items]
Notional amount	3,076,674	2,835,420
Fair value	115,369	95,378
Barclays
Derivative [Line Items]
Notional amount	5,049,615	5,710,978
Fair value	189,275	277,692
Canadian Imperial Bank of Commerce
Derivative [Line Items]
Notional amount	6,490,068	6,593,815
Fair value	285,734	279,053
Citibank, N.A.
Derivative [Line Items]
Notional amount	3,023,360	3,118,979
Fair value	103,218	96,757
Credit Suisse
Derivative [Line Items]
Notional amount	4,470,605	4,422,798
Fair value	155,377	78,823
J.P. Morgan
Derivative [Line Items]
Notional amount	2,837,898	3,600,636
Fair value	80,767	54,762
Morgan Stanley
Derivative [Line Items]
Notional amount	1,717,891	2,856,466
Fair value	86,303	62,969
Royal Bank of Canada
Derivative [Line Items]
Notional amount	1,636,841	1,289,699
Fair value	43,232	32,753
Societe Generale
Derivative [Line Items]
Notional amount	2,670,574	1,494,904
Fair value	91,939	34,394
Truist
Derivative [Line Items]
Notional amount	2,409,885	2,375,124
Fair value	98,081	96,573
Wells Fargo
Derivative [Line Items]
Notional amount	5,417,625	4,848,541
Fair value	202,896	196,801
Exchange Traded
Derivative [Line Items]
Notional amount	272,039	214,819
Fair value	$ 7,563	$ 4,999

Notes Payable and Amounts Due_3

Notes Payable and Amounts Due Under Repurchase Agreements (Schedule of Notes Payable) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 16, 2017
Debt Instrument [Line Items]
Notes payable	$ 495,955	$ 495,668
June 2027 Notes
Debt Instrument [Line Items]
Debt instrument, face amount	500,000	500,000	$ 500,000
Unamortized debt issue costs	(3,815)	(4,086)
Unamortized discount	$ (230)	$ (246)	$ (300)

Notes Payable and Amounts Due_4

Notes Payable and Amounts Due Under Repurchase Agreements (2027 Notes Narrative) (Details) - June 2027 Notes - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 16, 2017
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000	$ 500,000	$ 500,000
Interest rate			5.00%
Unamortized discount	$ 230	$ 246	$ 300
Debt financing costs			$ 5,800

Notes Payable and Amounts Due_5

Notes Payable and Amounts Due Under Repurchase Agreements (Repurchase Agreements Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Disclosure [Abstract]
Repurchase agreement, average borrowings	$ 0	$ 32,800	$ 0	$ 28,700
Repurchase agreement, maximum amount borrowed				$ 186,400
Repurchase agreement, weighted average interest rate		1.89%		1.73%

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Millions	Jun. 30, 2021USD ($)
Limited Partnerships
Other Commitments [Line Items]
Unfunded commitments	$ 39.6
Fixed Maturity Securities
Other Commitments [Line Items]
Unfunded commitments	$ 1

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share and Stockholders' Equity (Schedule of Earnings (Loss) Per Common Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Basic and Diluted [Line Items]
Net income (loss) available to common stockholders - numerator for earnings (loss) per common share	$ (65,613)	$ (253,379)	$ 206,152	$ (17,043)
Weighted average common shares outstanding (shares)	94,800,734	91,803,312	95,265,212	91,723,814
Denominator for earnings (loss) per common share - assuming dilution	95,378,663	92,026,853	95,794,584	92,023,966
Earnings (loss) per common share	$ (0.69)	$ (2.76)	$ 2.16	$ (0.19)
Earnings (loss) per common share - assuming dilution	$ (0.69)	$ (2.76)	$ 2.15	$ (0.19)
Stock Options and Deferred Compensation Agreements
Earnings Per Share, Basic and Diluted [Line Items]
Effect of dilutive securities: share-based payment arrangements (shares)	255,426	63,265	218,240	100,277
Restricted Stock and Restricted Stock Units
Earnings Per Share, Basic and Diluted [Line Items]
Effect of dilutive securities: share-based payment arrangements (shares)	322,503	160,276	311,132	199,875
Stock Options
Earnings Per Share, Basic and Diluted [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per common share, amount (shares)	182,689	519,285	182,689	50,000
Antidilutive securities excluded from computation of diluted earnings (loss) per common share, exercise price				$ 26.70
Stock Options | Minimum
Earnings Per Share, Basic and Diluted [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per common share, exercise price	$ 31.63	$ 24.79	$ 31.63
Stock Options | Maximum
Earnings Per Share, Basic and Diluted [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per common share, exercise price	$ 32.58	$ 26.70	$ 32.58

Earnings (Loss) Per Common Sh_4

Earnings (Loss) Per Common Share and Stockholders' Equity (Stockholders' Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 10, 2020	Nov. 21, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Proceeds from issuance of preferred stock, net					$ 0	$ 290,260
Dividends paid on preferred stock			$ 10,919	$ 5,950	$ 21,838	12,561
Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, shares issued	12,000		12,000		12,000		12,000
Preferred stock, dividend rate, percentage	6.625%
Preferred stock, par value per share	$ 1		$ 1		$ 1		$ 1
Preferred stock, liquidation preference, per share	$ 25,000
Proceeds from issuance of preferred stock, net	$ 290,300
Dividends paid on preferred stock			$ 4,900		$ 9,900
Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, shares issued		16,000	16,000		16,000		16,000
Preferred stock, dividend rate, percentage		5.95%
Preferred stock, par value per share		$ 1	$ 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			$ 6,000	$ 6,000	$ 11,900	$ 12,600

Earnings (Loss) Per Common Sh_5

Earnings (Loss) Per Common Share and Stockholders' Equity (Brookfield Asset Management Equity Investment) (Details)	Nov. 30, 2020boardOfDirectorsSeats$ / sharesshares	Oct. 18, 2020numberOfStages$ / 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 (Loss) Per Common Sh_6

Earnings (Loss) 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	Jun. 30, 2021	Feb. 25, 2021	Jun. 30, 2021	Jun. 30, 2021	Nov. 30, 2020	Oct. 18, 2020
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount								$ 500,000
Treasury stock acquired, shares						9,100,000
Treasury stock acquired, value			$ 95,077		$ 98,075
Treasury stock acquired, average price per common share						$ 29.02
Treasury stock, shares		6,516,525	9,895,711		9,895,711	9,895,711
Treasury stock, carrying value		$ 151,600	$ 259,300		$ 259,300	$ 259,300
Open Market
Equity, Class of Treasury Stock [Line Items]
Treasury stock acquired, shares						5,000,000
Treasury stock acquired, value						$ 148,100
Accelerated Share Repurchase Agreement
Equity, Class of Treasury Stock [Line Items]
Treasury stock acquired, shares	500,000	3,500,000
Accelerated share repurchase agreement, aggregate amount							$ 115,000
Accelerated share repurchases, price paid per share				$ 28.45