American National (ANG-PB) 10-K28 Feb 232022 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Feb. 22, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-31911
Entity Registrant Name	American Equity Investment Life Holding Co
Entity Incorporation, State or Country Code	IA
Entity Tax Identification Number	42-1447959
Entity Address, Address Line One	6000 Westown Parkway
Entity Address, City or Town	West Des Moines
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50266
City Area Code	515
Local Phone Number	221-0002
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3,270,357,970
Entity Common Stock, Shares Outstanding		84,780,391
Entity Central Index Key	0001039828
Document Period End Date	Dec. 31, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $1
Trading Symbol	AEL
Security Exchange Name	NYSE
Preferred Stock, Series A
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A
Trading Symbol	AELPRA
Security Exchange Name	NYSE
Preferred Stock, Series B
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B
Trading Symbol	AELPRB
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP	Ernst & Young LLP	KPMG LLP
Auditor Location	Des Moines, Iowa	Des Moines, Iowa	Des Moines, Iowa
Auditor Firm ID	42	42	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments [Abstract]
Fixed maturity securities, available for sale, at fair value (amortized cost of $44,866,019 as of 2022 and $46,999,183 as of 2021; allowance for credit losses of $3,347 as of 2022 and $2,846 as of 2021)	$ 39,804,617	$ 51,305,943
Mortgage loans on real estate (net of allowance for credit losses of $36,972 as of 2022 and $24,024 as of 2021)	6,949,027	5,687,998
Limited partnerships and limited liability companies (2022 and 2021 include $684,834 and $168,711 related to consolidated variable interest entities)	1,266,779	520,120
Derivative instruments	431,727	1,277,480
Other investments	1,817,085	1,247,024
Total investments	51,325,298	60,376,504
Cash and cash equivalents (2022 and 2021 include $27,235 and $23,763 related to consolidated variable interest entities)	1,919,669	4,508,982
Coinsurance deposits (net of allowance for credit losses of $8,737 as of 2022 and $2,264 as of 2021)	13,208,399	8,850,608
Accrued investment income (2022 and 2021 include $3,444 and $3 related to consolidated variable interest entities)	497,851	445,097
Deferred policy acquisition costs	3,562,075	2,222,769
Deferred sales inducements	2,593,350	1,546,073
Deferred income taxes	220,873	0
Income taxes recoverable	55,498	166,586
Other assets (2022 and 2021 include $10,690 and $1,524 related to consolidated variable interest entities)	543,128	232,490
Total assets	73,926,141	78,349,109
Liabilities:
Policy benefit reserves	61,118,134	65,477,778
Other policy funds and contract claims	512,790	226,844
Notes and loan payable	792,073	496,250
Subordinated debentures	78,753	78,421
Deferred income taxes	0	541,972
Funds withheld for reinsurance liabilities	6,577,426	3,124,740
Other liabilities (2022 and 2021 include $78,644 and $20,168 related to consolidated variable interest entities)	1,656,509	2,079,977
Total liabilities	70,735,685	72,025,982
Stockholders' equity:
Common stock; par value $1 per share; 200,000,000 shares authorized; issued and outstanding: 2022 - 84,810,255 shares (excluding 24,590,353 treasury shares); 2021 - 92,513,517 shares (excluding 9,936,715 treasury shares)	84,810	92,514
Additional paid-in capital	1,325,316	1,614,374
Accumulated other comprehensive income (loss)	(2,155,055)	1,848,789
Retained earnings	3,914,124	2,767,422
Total stockholders' equity attributable to American Equity Investment Life Holding Company	3,169,223	6,323,127
Noncontrolling interests	21,233	0
Total stockholders' equity	3,190,456	6,323,127
Total liabilities and stockholders' equity	73,926,141	78,349,109
Variable Interest Entities
Investments [Abstract]
Real estate investments related to consolidated variable interest entities	1,056,063	337,939
Limited partnerships and limited liability companies (2022 and 2021 include $684,834 and $168,711 related to consolidated variable interest entities)	684,834	168,711
Cash and cash equivalents (2022 and 2021 include $27,235 and $23,763 related to consolidated variable interest entities)	27,235	23,763
Accrued investment income (2022 and 2021 include $3,444 and $3 related to consolidated variable interest entities)	3,444	3
Other assets (2022 and 2021 include $10,690 and $1,524 related to consolidated variable interest entities)	10,690	1,524
Total assets	1,782,266	531,940
Liabilities:
Other liabilities (2022 and 2021 include $78,644 and $20,168 related to consolidated variable interest entities)	78,644	20,168
Total liabilities	78,644	20,168
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		Dec. 31, 2022	Dec. 31, 2021
Fixed maturity securities, available for sale, amortized cost	[1]	$ 44,866,019	$ 46,999,183
Fixed maturity securities, available for sale, allowance for credit losses		3,347	2,846
Mortgage loans on real estate, allowance for credit losses		36,972	24,024
Limited partnerships and limited liability companies		1,266,779	520,120
Cash and cash equivalents		1,919,669	4,508,982
Coinsurance deposits, allowance for credit losses		8,737	2,264
Accrued investment income		497,851	445,097
Other assets		543,128	232,490
Other liabilities		$ 1,656,509	$ 2,079,977
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		84,810,255	92,513,517
Common stock, shares outstanding		84,810,255	92,513,517
Common stock, shares held in treasury		24,590,353	9,936,715
Variable Interest Entities
Limited partnerships and limited liability companies		$ 684,834	$ 168,711
Cash and cash equivalents		27,235	23,763
Accrued investment income		3,444	3
Other assets		10,690	1,524
Other liabilities		$ 78,644	$ 20,168
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

[1]Amortized cost excludes accrued interest receivable of $425.4 million and $400.7 million as of December 31, 2022 and 2021, respectively.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Premiums and other considerations	$ 19,739	$ 58,202	$ 39,382
Annuity product charges	230,354	242,631	251,227
Net investment income	2,307,463	2,037,475	2,182,078
Change in fair value of derivatives	(1,138,128)	1,348,735	34,666
Net realized losses on investments	(47,848)	(13,242)	(80,680)
Other revenue	43,921	15,670	0
Loss on extinguishment of debt	0	0	(2,024)
Total revenues	1,415,501	3,689,471	2,424,649
Benefits and expenses:
Insurance policy benefits and change in future policy benefits	31,099	67,983	49,742
Interest sensitive and index product benefits	889,650	2,681,406	1,543,270
Amortization of deferred sales inducements	408,548	152,692	438,164
Change in fair value of embedded derivatives	(2,352,598)	(358,302)	(1,286,787)
Interest expense on notes and loan payable	32,098	25,581	25,552
Interest expense on subordinated debentures	5,331	5,324	5,557
Amortization of deferred policy acquisition costs	615,300	268,328	649,554
Other operating costs and expenses	239,616	243,712	183,636
Total benefits and expenses	(130,956)	3,086,724	1,608,688
Income before income taxes	1,546,457	602,747	815,961
Income tax expense	325,155	128,755	144,501
Net income	1,221,302	473,992	671,460
Less: Net income available to noncontrolling interests	358	0	0
Net income available to American Equity Investment Life Holding Company stockholders	1,220,944	473,992	671,460
Less: Preferred stock dividends	43,675	43,675	33,515
Net income available to American Equity Investment Life Holding Company common stockholders	$ 1,177,269	$ 430,317	$ 637,945
Earnings per common share	$ 13	$ 4.58	$ 6.93
Earnings per common share - assuming dilution	$ 12.86	$ 4.55	$ 6.90
Weighted average common shares outstanding: earnings per common share	90,558,121	93,860,378	92,055,035
Weighted average common shares outstanding: earnings per common share - assuming dilution	91,538,128	94,491,159	92,392,496

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income		$ 1,221,302	$ 473,992	$ 671,460
Other comprehensive income (loss):
Change in net unrealized investment gains/losses (1)	[1]	(5,064,286)	(441,008)	1,058,289
Reclassification of unrealized investment gains/losses to net income (1)	[1]	(7,516)	(4,044)	16,690
Other comprehensive income (loss) before income tax		(5,071,802)	(445,052)	1,074,979
Income tax effect related to other comprehensive income (loss)		1,067,958	90,284	(225,746)
Other comprehensive income (loss)		(4,003,844)	(354,768)	849,233
Comprehensive income (loss)		$ (2,782,542)	$ 119,224	$ 1,520,693

[1]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	Preferred Stock	Common Stock	Preferred Stock	Preferred Stock Preferred Stock	Common Stock	Common Stock Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Preferred Stock	Additional Paid-In Capital Common Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interest
Stockholders' equity at beginning of period at Dec. 31, 2019	$ 4,426,522			$ 16		$ 91,107		$ 1,212,311			$ 1,354,324	$ 1,768,764	$ (9,295)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	671,460											671,460
Other comprehensive income (loss)	849,233										849,233
Issuance of stock		$ 290,260	$ 338,061		$ 12		$ 10,053		$ 290,248	$ 328,008
Share-based compensation	10,215							10,215
Treasury stock acquired, common	(165,094)					(5,439)		(159,655)
Dividends on preferred stock	(33,515)											(33,515)
Dividends on common stock	(28,859)											(28,859)
Stockholders' equity at end of period at Dec. 31, 2020	6,348,988			28		95,721		1,681,127			2,203,557	2,368,555		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	473,992											473,992
Other comprehensive income (loss)	(354,768)										(354,768)
Issuance of stock			4,854				460			4,394
Share-based compensation	24,601							24,601
Treasury stock acquired, common	(99,415)					(3,667)		(95,748)
Dividends on preferred stock	(43,675)											(43,675)
Dividends on common stock	(31,450)											(31,450)
Stockholders' equity at end of period at Dec. 31, 2021	6,323,127			28		92,514		1,614,374			1,848,789	2,767,422		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,221,302											1,220,944		358
Other comprehensive income (loss)	(4,003,844)										(4,003,844)
Issuance of stock			$ 253,978				$ 7,112			$ 246,866
Share-based compensation	15,827							15,827
Treasury stock acquired, common	(566,567)					(14,816)		(551,751)
Dividends on preferred stock	(43,675)											(43,675)
Dividends on common stock	(30,567)											(30,567)
Contributions from noncontrolling interests	20,875													20,875
Stockholders' equity at end of period at Dec. 31, 2022	$ 3,190,456			$ 28		$ 84,810		$ 1,325,316			$ (2,155,055)	$ 3,914,124		$ 21,233

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends on common stock, per share amount	$ 0.36	$ 0.34	$ 0.32

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net income	$ 1,221,302	$ 473,992	$ 671,460
Adjustments to reconcile net income to net cash provided by operating activities:
Interest sensitive and index product benefits	889,650	2,681,406	1,543,270
Amortization of deferred sales inducements	408,548	152,692	438,164
Annuity product charges	(230,354)	(242,631)	(251,227)
Change in fair value of embedded derivatives	(2,352,598)	(358,302)	(1,286,787)
Change in traditional life and accident and health insurance reserves	(26,973)	40,090	8,694
Policy acquisition costs deferred	(198,623)	(307,857)	(255,154)
Amortization of deferred policy acquisition costs	615,300	268,328	649,554
Provision for depreciation and other amortization	14,185	5,527	5,199
Amortization of discounts and premiums on investments	2,640	19,861	57,437
Loss on extinguishment of debt	0	0	2,024
Realized gains/losses on investments	47,848	13,242	80,680
Change in fair value of derivatives	1,138,127	(1,348,704)	(34,668)
Distributions from equity method investments	4,090	12,409	1,968
Deferred income taxes	304,946	128,423	141,071
Share-based compensation	15,827	24,601	10,215
Change in accrued investment income	(52,754)	(47,015)	74,744
Change in income taxes recoverable/payable	111,088	(165,724)	(1,291)
Change in other assets	(30,973)	(4,464)	(849)
Change in other policy funds and contract claims	279,936	(19,809)	(21,865)
Change in collateral held for derivatives	(851,971)	17,423	(72,413)
Change in collateral held for securities lending	0	0	(495,039)
Change in funds withheld from reinsurers	931,600	3,124,740	0
Change in other liabilities	24,987	(221,726)	38,995
Other	(221,647)	(13,338)	804
Net cash provided by operating activities	2,044,181	4,233,164	1,304,986
Sales, maturities, or repayments of investments:
Fixed maturity securities, available for sale	9,691,210	4,490,736	8,291,316
Mortgage loans on real estate	1,916,328	862,666	378,812
Derivative instruments	584,055	2,260,959	860,520
Other investments	739,027	368,837	4,324
Acquisitions of investments:
Fixed maturity securities, available for sale	(8,894,629)	(9,206,733)	(2,429,114)
Mortgage loans on real estate	(3,092,385)	(2,386,712)	(1,121,756)
Real estate investments acquired	(724,484)	(335,767)	0
Derivative instruments	(790,229)	(748,061)	(730,333)
Other investments	(1,842,843)	(1,512,123)	(105,925)
Purchases of property, furniture and equipment	(40,961)	(18,109)	(13,240)
Net cash provided by (used in) investing activities	(2,454,911)	(6,224,307)	5,134,604
Financing activities
Receipts credited to annuity policyholder account balances	3,316,221	5,910,024	3,648,936
Coinsurance deposits	(186,637)	(3,187,332)	430,644
Return of annuity policyholder account balances	(5,257,487)	(5,145,193)	(4,040,054)
Repayment of loan payable	(3,750)	0	0
Proceeds from issuance of loan payable	300,000	0	0
Repayment of subordinated debentures	0	0	(81,450)
Proceeds from issuance of common stock, net	253,978	4,854	338,061
Acquisition of treasury stock	(566,567)	(99,415)	(165,094)
Proceeds from issuance of preferred stock, net	0	0	290,260
Change in checks in excess of cash balance	39,901	(3,210)	3,611
Dividends paid on common stock	(30,567)	(31,450)	(28,859)
Dividends paid on preferred stock	(43,675)	(43,675)	(33,515)
Net cash provided by (used in) financing activities	(2,178,583)	(2,595,397)	362,540
Increase (decrease) in cash and cash equivalents	(2,589,313)	(4,586,540)	6,802,130
Cash and cash equivalents at beginning of year	4,508,982	9,095,522	2,293,392
Cash and cash equivalents at end of year	1,919,669	4,508,982	9,095,522
Cash paid during the year for interest:
Interest expense	36,289	30,000	31,427
Cash paid during the year for income taxes:
Income taxes	4,873	165,537	4,842
Income tax refunds received	98,644	0	0
Non-cash operating activity:
Deferral of sales inducements	$ 107,691	$ 95,160	$ 93,610

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Nature of Operations American Equity Investment Life Holding Company ("we", "us", "our" or "parent company"), through its wholly-owned subsidiaries, American Equity Investment Life Insurance Company ("American Equity Life"), American Equity Investment Life Insurance Company of New York ("American Equity Life of New York") and Eagle Life Insurance Company ("Eagle Life"), is licensed to sell insurance products in 50 states and the District of Columbia at December 31, 2022. We operate solely in the insurance business. We market fixed index and fixed rate annuities. Annuity deposits (net of coinsurance) collected in 2022, 2021 and 2020, by product type were as follows: Year Ended December 31, Product Type 2022 2021 2020 (Dollars in thousands) Fixed index annuities $ 2,202,688 $ 3,026,211 $ 2,309,580 Annual reset fixed rate annuities 5,535 6,000 7,846 Multi-year fixed rate annuities 139,092 2,452,994 1,295,843 Single premium immediate annuities (SPIA) 18,935 59,816 33,461 $ 2,366,250 $ 5,545,021 $ 3,646,730 Agents contracted with us through four national marketing organizations accounted for more than 10% of annuity deposits we collected during 2022 representing 22%, 16%, 10%, and 10% individually, of the annuity deposits collected. Agents contracted with us through two national marketing organization accounted for more than 10% of annuity deposits we collected during 2021 representing 14% and 11%, individually, of the annuity deposits collected. Agents contracted with us through two national marketing organization accounted for more than 10% of annuity deposits we collected during 2020 representing 17% and 10%, individually, of the annuity deposits collected. Consolidation and Basis of Presentation The consolidated financial statements include our accounts and our wholly-owned subsidiaries: American Equity Life, American Equity Life of New York, Eagle Life, AERL, L.C., AE Capital, LLC., American Equity Investment Properties, L.C., High Trestle Investment Management, LLC., AEL RE Vermont, Inc., AEL Re Bermuda, Ltd, NC Securities Holdco, LLC, AEL Financial Services, LLC, and North Wolf Bay Holdings, LLC. All significant intercompany accounts and transactions have been eliminated. In addition, our consolidated financial statements include variable interest entities ("VIE"s) in which we are the primary beneficiary. 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 5 – Variable Interest Entities . Estimates and Assumptions The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are utilized in the calculation of deferred policy acquisition costs, deferred sales inducements, policy benefit reserves, including the liability for lifetime income benefit riders and the fair value of embedded derivatives in fixed index annuity contracts, valuation of derivatives, valuation of investments, valuation of real estate, allowances for credit losses on available-for-sale fixed maturity securities, allowances for loan losses on mortgage loans and valuation allowances on deferred tax assets. A description of each critical estimate is incorporated within the discussion of the related accounting policies which follow. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized. Investments Fixed maturity securities (bonds maturing more than one year after issuance) that may be sold prior to maturity are classified as available for sale. Available for sale securities are reported at fair value and unrealized gains and losses, if any, on these securities are included directly in a separate component of stockholders' equity, net of income taxes and certain adjustments for assumed changes in amortization of deferred policy acquisition costs, deferred sales inducements and policy benefit reserves. Fair values, as reported herein, of fixed maturity securities are based on quoted market prices in active markets when available, or for those fixed maturity securities not actively traded, yield data and other factors relating to instruments or securities with similar characteristics are used. See Note 2 - Fair Value of Financial Instruments for more information on the determination of fair value. Premiums and discounts are amortized/accrued using methods which result in a constant yield over the securities' expected lives. Amortization/accrual of premiums and discounts on residential and commercial mortgage backed securities incorporate prepayment assumptions to estimate the securities' expected lives. Interest income is recognized as earned. Available-for-sale fixed maturity securities are subject to an allowance for credit loss and changes in the allowance are reported in net income as a component of net realized losses on investments. See Note 3 - Investments for further discussion of the allowance for credit losses on available-for-sale fixed maturity securities. Mortgage loans on real estate are reported at cost adjusted for amortization of premiums and accrual of discounts and net of valuation allowances. Interest income is recorded when earned; however, interest ceases to accrue for loans on which interest is more than 90 days past due based upon contractual terms and/or when the collection of interest is not considered probable. Interest income on impaired loans is recorded on a cash basis. Any changes in the loan valuation allowances are reported in net realized losses on investments. See Note 4 - Mortgage Loans on Real Estate for further discussion of the valuation allowance on the mortgage loan portfolios. Beginning in 2021, we held residential real estate investments through consolidation of an investment company VIE. As this is an investment company VIE, the 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 investments are initially based on the cost to purchase the properties and subsequently based on a discounted cash flow methodology. See Note 2 – 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. Beginning in 2022, we held a commercial real estate investment in the ultra-luxury hospitality sector through consolidation of a VIE that is not an investment company. The commercial real estate investment is held at depreciated cost and was initially held at the cost to purchase the property. Our limited partnerships and limited liability companies are accounted for either using the equity method of accounting, NAV as a practical expedient, or fair value. For our equity method investments, we record our share of earnings and losses of the limited partnership or limited liability company as a component of net investment income. Our consolidated limited partnerships are measured using NAV as a practical expedient, as the investments do not have a readily determinable fair value and the investments are in an investment company within scope of Topic 946. Our consolidated real estate limited liability companies are fair valued on a recurring basis using the methods described in Note 2 – Fair Values of Financial Instruments . For all of our limited partnerships and limited liability company investments, recognition of income is reported on a quarter lag due to the availability of the related financial statements of the limited partnerships and limited liability companies. Other invested assets include company owned life insurance, equity securities, short-term debt securities with maturities of greater than three months but less than twelve months when purchased, and short-term loans and collateral loans with maturities less than one year. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the end of the reporting period, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Dividends are recognized when declared. Realized gains and losses on sales of investments are determined on the basis of specific identification based on the trade date. Federal Home Loan Bank During the first quarter of 2022, American Equity Life became a member of the Federal Home Loan Bank (“FHLB”) which provides access to collateralized borrowings and other FHLB products. We may also issue funding agreements to the FHLB. Both the collateralized borrowings and funding agreements require us to pledge qualified assets as collateral. Obligations arising from funding agreements are used in investment spread activities and reported in Other policy funds and contract claims on the Consolidated Balance Sheets. See Note 14 - Commitments and Contingencies for more information on the funding agreements issued. Entering into FHLB membership, borrowings and funding agreements requires the ownership of FHLB stock and the pledge of assets as collateral. See Note 2 - Fair Value of Financial Instruments and Note 14 - Commitments and Contingencies for more information on the common stock purchased and assets pledged as collateral. Derivative Instruments Our derivative instruments include call options used to fund fixed index annuity credits and interest rate swaps which were designated as fair value hedges. Our call option derivative instruments are recognized in the balance sheet at fair value and changes in fair value are recognized immediately in operations. A fair value hedge is a hedge of the exposure to changes in the fair value of a recognized asset or liability, or of an unrecognized firm commitment, that are attributable to a particular risk. The accounting for a fair value hedge is determined at hedge inception. Hedge accounting can be applied if, at inception, and throughout the hedging period, the changes in the fair value of the derivative are highly effective at offsetting the changes in fair value of the hedged asset, liability or unrecognized firm commitment that are attributable to the risk being hedged. When hedge accounting is applied, the change in fair value of the hedged asset, liability or unrecognized firm commitment attributable to the hedged risk are reported in the same line item in the Consolidated Statements of Operations as the changes in fair value of the derivative instrument. For fair value hedges of fixed maturity securities, the change in fair value attributable to the risk being hedged is recognized in the Change in fair value of derivatives line item of the Consolidated Statements of Operations. For any change in fair value of our interest rate swaps that are excluded from hedge effectiveness, we have elected to recognize the change immediately in earnings rather than amortizing over the life of the hedge. At hedge inception, we formally document our risk management objective and strategy for entering into hedging relationships for any fair value hedge. We also quantitatively test for hedge effectiveness using statistical regression analysis on both a prospective and retrospective basis. The results of the testing determine whether we have a highly effective hedging relationship and can apply hedge accounting. Prior to the redemption of our floating rate subordinated debentures in 2020, our derivative instruments also included an interest rate swap and interest rate caps which were used to manage interest rate risk associated with the floating rate component on certain of our subordinated debentures. These interest rate swaps and interest rate caps were recognized in the balance sheet at fair value and changes in fair value were recognized immediately in operations. See Note 6 - Derivative Instruments for more information on derivative instruments. Cash and Cash Equivalents We consider all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Book Overdrafts Under our cash management system, checks issued but not yet presented to banks frequently result in overdraft balances for accounting purposes and are classified as Other liabilities on our consolidated balance sheets. We report the changes in the amount of the overdraft balance as a financing activity in our consolidated statement of cash flows as Change in checks in excess of cash balance. Deferred Policy Acquisition Costs and Deferred Sales Inducements For annuity products, these costs are being amortized in proportion to actual and expected gross profits. Actual and expected gross profits include the excess of net investment income earned over the interest credited or the cost of providing index credits to the policyholders, or the "investment spread"; and to a lesser extent, product charges and fees net of expected excess payments for lifetime income benefit riders and certain policy expenses. Actual and expected gross profits for fixed index annuities also include the impact of amounts recorded for the change in fair value of derivatives and the change in fair value of embedded derivatives. Current period amortization is adjusted retrospectively through an unlocking process when estimates of actual and expected gross profits (including the impact of net realized gains (losses) on investments) to be realized from a group of products are revised. Deferred policy acquisition costs and deferred sales inducements are also adjusted for the change in amortization that would have occurred if available for sale fixed maturity securities had been sold at their aggregate fair value at the end of the reporting period and the proceeds reinvested at current yields. The impact of this adjustment is included in accumulated other comprehensive income (loss) within consolidated stockholders' equity, net of applicable taxes. See Note 7 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders for more information on deferred policy acquisition costs and deferred sales inducements. Policy Benefit Reserves Policy benefit reserves for fixed index annuities with returns linked to the performance of a specified market index are equal to the sum of the fair value of the embedded derivatives and the host (or guaranteed) component of the contracts. The host value is established at inception of the contract and accreted over the policy's life at a constant rate of interest. Future policy benefit reserves for fixed index annuities earning a fixed rate of interest and other deferred annuity products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. For the years ended December 31, 2022, 2021 and 2020, interest crediting rates for these products ranged from 1.45% to 2.65%. The liability for lifetime income benefit riders is based on the actual and present value of expected benefit payments to be paid in excess of projected policy values recognizing the excess over the expected lives of the underlying policies based on the actual and present value of expected assessments including investment spreads, product charges and fees. The inputs used in the calculation of the liability for lifetime income benefit riders include actual policy values, actual income account values, actual payout factors, actual roll-up rates and our best estimate assumptions for future policy growth, expected utilization of lifetime income benefit riders, which includes the ages at which policyholders are expected to elect to begin to receive lifetime income benefit payments and the percentage of policyholders who elect to receive lifetime income benefit payments, the type of income benefit payments selected upon election and future assumptions for lapse, partial withdrawal and mortality rates. See Note 7 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders for more information on lifetime income benefit rider reserves. Policy benefit reserves are not reduced for amounts ceded under coinsurance agreements which are reported as coinsurance deposits on our consolidated balance sheets. See Note 8 - Reinsurance and Policy Provisions for more information on reinsurance. Deferred Income Taxes Deferred income tax assets or liabilities are computed based on the temporary differences between the financial statement and income tax bases of assets and liabilities using the enacted marginal tax rate. The effect on deferred income tax assets and liabilities resulting from a change in the enacted marginal tax rate is recognized in income in the period that includes the enactment date. Deferred income tax expenses or benefits are based on the changes in the asset or liability from period to period. Deferred income tax assets are subject to ongoing evaluation of whether such assets will more likely than not be realized. The realization of deferred income tax assets primarily depends on generating future taxable income during the periods in which temporary differences become deductible. Deferred income tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. In making such a determination, all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations, is considered. The realization of deferred income tax assets related to unrealized losses on available-for-sale fixed maturity securities is also based upon our intent and ability to hold those securities for a period of time sufficient to allow for a recovery in fair value and not realize the unrealized loss. See Note 9 - Income Taxes for more information on deferred income taxes. Recognition of Premium Revenues and Costs Revenues for annuity products include surrender and living income benefit rider charges assessed against policyholder account balances during the period. Interest sensitive and index product benefits related to annuity products include interest credited or index credits to policyholder account balances pursuant to accounting by insurance companies for certain long-duration contracts. The change in fair value of the embedded derivatives for fixed index annuities equals the change in the difference between policy benefit reserves for fixed index annuities computed under the derivative accounting standard and the long-duration contracts accounting standard at each balance sheet date. Considerations from immediate annuities and supplemental contract annuities with life contingencies are recognized as revenue when the policy is issued. All insurance-related revenues, including the change in the fair value of derivatives for call options related to the business ceded under coinsurance agreements (see Note 8 - Reinsurance and Policy Provisions ), benefits, losses and expenses are reported net of reinsurance ceded. Revenue and fees associated with reinsurance agreements (see Note 8 - Reinsurance and Policy Provisions ) are recognized in Other revenue when earned over the life of the reinsured policies or when service is performed. Other Comprehensive Income (Loss) Other comprehensive income (loss) includes all changes in stockholders' equity during a period except those resulting from investments by and distributions to stockholders. Other comprehensive income (loss) excludes net realized investment gains (losses) included in net income which represents transfers from unrealized to realized gains and losses. Reclassifications Certain amounts in the prior years' consolidated financial statements and related footnotes thereto have been reclassified to conform with the current year presentation. Adopted Accounting Pronouncements 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 with the change in fair value recognized in net income excluding the change in fair value related to our own-credit risk which is recognized in AOCI and simplifying the method used to amortize deferred policy acquisition costs and deferred sales inducements to a constant level 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 January 1, 2023, the transition date (the remeasurement date) is January 1, 2021. We will adopt the guidance on a modified retrospective basis related to the future policy benefit and deferred acquisition costs. The guidance for market risk benefits will be applied retrospectively. While we continue to evaluate the impact of adopting this standard, we expect the adoption to have a material impact to our financial condition, results of operations, statements of cash flows, and disclosures. The estimated impact to stockholders' equity at January 1, 2021 is an increase between $1.5 billion and $2.0 billion, with most of this impact reflected in accumulated other comprehensive income ("AOCI"). The impact to retained earnings is expected to be less than $100.0 million. The most significant drivers of the transition adjustment include changes related to MRBs including the impacts of our own-credit risk adjustment and removal of the deferred acquisition cost, deferred sales inducement, and policy benefit reserve balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on available for sale fixed maturity securities.

Fair Values of Financial Instru

Fair Values of Financial Instruments	12 Months Ended
Fair Values of Financial Instruments	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Values of Financial Instruments	Fair Values of Financial Instruments The following sets forth a comparison of the carrying amounts and fair values of our financial instruments: December 31, 2022 2021 Carrying Fair Value Carrying Fair Value (Dollars in thousands) Assets Fixed maturity securities, available for sale $ 39,804,617 $ 39,804,617 $ 51,305,943 $ 51,305,943 Mortgage loans on real estate 6,949,027 6,502,463 5,687,998 5,867,227 Real estate investments 1,056,063 1,056,063 337,939 337,939 Limited partnerships and limited liability companies 684,835 684,835 168,711 168,711 Derivative instruments 431,727 431,727 1,277,480 1,277,480 Other investments 1,817,085 1,817,085 1,247,024 1,247,024 Cash and cash equivalents 1,919,669 1,919,669 4,508,982 4,508,982 Coinsurance deposits 13,208,399 12,000,116 8,850,608 7,938,292 Liabilities Policy benefit reserves 60,743,370 55,572,896 65,076,041 56,375,076 Single premium immediate annuity (SPIA) benefit reserves 212,119 221,130 226,207 235,891 Other policy funds - FHLB 300,000 300,000 — — Notes and loan payable 792,073 774,220 496,250 569,485 Subordinated debentures 78,753 87,293 78,421 93,721 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. NAV – Our consolidated limited partnership funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the investment fund financial statements and is recorded on a quarter lag due to the timing of when financial statements are available. Transfers of securities among the levels occur at times and depend on the type of inputs used to determine fair value of each security. Our assets and liabilities which are measured at fair value on a recurring basis as of December 31, 2022 and 2021 are presented below based on the fair value hierarchy levels: Total NAV Quoted Significant Significant (Dollars in thousands) December 31, 2022 Assets Fixed maturity securities, available for sale: U.S. Government and agencies $ 169,071 $ — $ 26,184 $ 142,887 $ — States, municipalities and territories 3,822,982 — — 3,822,982 — Foreign corporate securities and foreign governments 676,852 — — 676,852 — Corporate securities 24,161,921 — — 23,759,573 402,348 Residential mortgage backed securities 1,377,611 — — 1,377,611 — Commercial mortgage backed securities 3,687,478 — — 3,687,478 — Other asset backed securities 5,908,702 — — 5,465,784 442,918 Other investments 1,013,297 — 398,280 615,017 — Real estate investments 940,559 — — — 940,559 Limited partnerships and limited liability companies 684,835 620,626 — — 64,209 Derivative instruments 431,727 — — 431,727 — Cash and cash equivalents 1,919,669 — 1,919,669 — — $ 44,794,704 $ 620,626 $ 2,344,133 $ 39,979,911 $ 1,850,034 Liabilities Funds withheld liability - embedded derivative $ (441,864) $ — $ — $ — $ (441,864) Fixed index annuities - embedded derivatives 4,820,845 — — — 4,820,845 $ 4,378,981 $ — $ — $ — $ 4,378,981 December 31, 2021 Assets Fixed maturity securities, available for sale: U.S. Government and agencies $ 1,078,746 $ — $ 32,737 $ 1,046,009 $ — States, municipalities and territories 3,927,201 — — 3,927,201 — Foreign corporate securities and foreign governments 402,545 — — 402,545 — Corporate securities 34,660,234 — 32,700 34,627,534 — Residential mortgage backed securities 1,125,049 — — 1,125,049 — Commercial mortgage backed securities 4,840,311 — — 4,840,311 — Other asset backed securities 5,271,857 — — 5,271,857 — Other investments 12,226 — — 5,877 6,349 Real estate investments 337,939 — — — 337,939 Limited partnerships and limited liability companies 168,711 168,711 — — — Derivative instruments 1,277,480 — — 1,277,480 — Cash and cash equivalents 4,508,982 — 4,508,982 — — $ 57,611,281 $ 168,711 $ 4,574,419 $ 52,523,863 $ 344,288 Liabilities Funds withheld liability - embedded derivative $ (2,362) $ — $ — $ (2,362) $ — Fixed index annuities - embedded derivatives 7,964,961 — — — 7,964,961 $ 7,962,599 $ — $ — $ (2,362) $ 7,964,961 The following methods and assumptions were used in estimating the fair values of financial instruments during the periods presented in these consolidated financial statements. Fixed maturity securities The fair values of fixed maturity securities in an active and orderly market are determined by utilizing independent pricing services. The independent pricing services incorporate a variety of observable market data in their valuation techniques, including: • reported trading prices, • benchmark yields, • broker-dealer quotes, • benchmark securities, • bids and offers, • credit ratings, • relative credit information, and • other reference data. The independent pricing services also take into account perceived market movements and sector news, as well as a security's terms and conditions, including any features specific to that issue that may influence risk and marketability. Depending on the security, the priority of the use of observable market inputs may change as some observable market inputs may not be relevant or additional inputs may be necessary. The independent pricing services provide quoted market prices when available. Quoted prices are not always available due to market inactivity. When quoted market prices are not available, the third parties use yield data and other factors relating to instruments or securities with similar characteristics to determine fair value for securities that are not actively traded. We generally obtain one value from our primary external pricing service. In situations where a price is not available from this service, we may obtain quotes or prices from additional parties as needed. Market indices of similar rated asset class spreads are considered for valuations and broker indications of similar securities are compared. Inputs used by the broker include market information, such as yield data and other factors relating to instruments or securities with similar characteristics. Valuations and quotes obtained from third party commercial pricing services are non-binding and do not represent quotes on which one may execute the disposition of the assets. We validate external valuations at least quarterly through a combination of procedures that include the evaluation of methodologies used by the pricing services, comparison of the prices to a secondary pricing source, analytical reviews and performance analysis of the prices against trends, and maintenance of a securities watch list. Additionally, as needed we utilize discounted cash flow models or perform independent valuations on a case-by-case basis using inputs and assumptions similar to those used by the pricing services. Although we do identify differences from time to time as a result of these validation procedures, we did not make any significant adjustments as of December 31, 2022 and 2021. Fixed maturity security valuations that include at least one significant unobservable input are reflected in Level 3 in the fair value hierarchy and can include fixed maturity securities across all asset classes. Quantitative information about the significant unobservable inputs used are provided below for fixed maturity securities that were either valued internally or were valued by a third party and the inputs were reasonably available. The fair value of corporate securities that utilized at least one significant unobservable input was $84.7 million and $0 million as of December 31, 2022 and 2021, respectively. A discounted cash flow methodology was utilized in the valuation, which included an unobservable liquidity premium of 20 basis points being incorporated along with other observable market data. The fair value of other asset backed securities that utilized at least one significant unobservable input was $296.8 million and $0 million as of December 31, 2022 and 2021, respectively. A discounted cash flow methodology was utilized in the valuation, which included unobservable discount rates and weighted average lives being incorporated along with other observable market data. At December 31, 2022, the discount rates used in the fair value calculations ranged from 4.04% to 28.58% with a weighted average rate of 4.36%. At December 31, 2022, the weighted average lives used in the fair value calculations ranged from 8.79 years to 12.48 years with a weighted average of 9.29 years. 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 investments held through consolidation of investment company VIEs 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 forecasted 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 residual capitalization rate and discount rate. These inputs are unobservable market data; therefore, fair value of residential real estate investments falls into Level 3 in the fair value hierarchy. At December 31, 2022, the residual capitalization rates used in the fair value calculations ranged from 4.75% to 6.50% with an average rate of 5.44%. At December 31, 2022, the discount rates used in the fair value calculations ranged from 6.00% to 8.00% with an average rate of 6.91%. At December 31, 2021, the residual capitalization rates used in the fair value calculations ranged from 5.00% to 6.25% with an average rate of 5.72%. At December 31, 2021, the discount rates used in the fair value calculations ranged from 6.25% to 7.50% with an average rate of 6.97%. In Q4 2022, we purchased one real estate investment through consolidation of a VIE that is not measured at fair value on a recurring basis. Due to the proximity of the purchase date to year end, the cost to purchase the property approximates fair value. Limited partnerships and limited liability companies Two of our consolidated variable interest entities, which are fair valued on a recurring basis, invest in limited liability companies that invest in operating entities which hold multifamily real estate properties. The fair value of our variable interest entities was $64.2 million as of December 31, 2022 and falls within Level 3 of the fair value hierarchy. The fair value of the limited liability companies was obtained from a third party and is based on the fair value of the underlying real estate held by the various operating entities. The real estate is initially calculated based on the cost to purchase the properties and subsequently calculated based on a discounted cash flow methodology. At December 31, 2022, the residual capitalization rates used in the fair value calculations of the underlying real estate ranged from 4.25% to 4.75% with a weighted average rate of 4.46%. The discount rates used in the fair value calculations of the underlying real estate ranged from 5.75% to 6.00% with a weighted average rate of 5.86%. The fair value of this investment falls within Level 3 of the fair value hierarchy. Each of our consolidated limited partnership funds, which are measured using NAV as a practical expedient, are closed-end funds that invest in infrastructure credit assets and tech-centric middle-market loans, respectively. Redemptions are not allowed until the funds’ termination dates and liquidations begin. At December 31, 2022, our unfunded commitments for our consolidated limited partnership funds are $926.3 million. Derivative instruments The fair values of our 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. The fair values of our pay fixed/receive float interest rate swaps are determined using internal valuation models that generate discounted expected future cash flows by constructing a projected Secured Overnight Financing Rate (SOFR) curve over the term of the swap. Other investments Equity securities and short-term debt securities with maturities of greater than three months but less than twelve months when purchased are the only financial instruments included in other investments that are measured at fair value on a recurring basis. The fair value for these investments 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 FHLB common stock, short-term loans, collateral loans and company owned life insurance ("COLI"). FHLB common stock is carried at cost which approximates fair value. FHLB common stock was $22.0 million as of December 31, 2022 and falls within Level 2 of the fair value hierarchy. Due to the short-term nature of the investments, the fair value of a portion of our short-term loans approximates the carrying value. The fair value of short-term loans was $316.4 million and $320.0 million as of December 31, 2022 and December 31, 2021, respectively. Our short-term loans fall within Level 2 of the fair value hierarchy. For our collateral loans, we have concluded the fair value approximates carrying value and falls within Level 2 of the fair value hierarchy. The fair value of collateral loans was $64.6 million and $0 million as of December 31, 2022 and December 31, 2021, 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 $397.7 million and $384.3 million as of December 31, 2022 and December 31, 2021, 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. Other policy funds - FHLB The fair values of the Company's funding agreements with the FHLB are estimated using discounted cash flow calculations based on interest rates currently being offered for similar agreements with similar maturities. Notes and loan payable The fair value of our senior unsecured notes is based upon quoted market price. The carrying value of the term loan approximates fair value as the interest rate is reset on a quarterly basis utilizing SOFR adjusted for a credit spread. Both of these are categorized as Level 2 within the fair value hierarchy and 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.. Funds withheld liability - embedded derivative We estimate the fair value of the embedded derivative based on the fair value of the assets supporting the funds withheld payable under modified coinsurance and funds withheld coinsurance reinsurance agreeme nts. The fair value of the embedded derivative is classified as Level 3 based on valuation methods used for the assets held supporting the reinsurance agreements. Fixed index annuities - embedded derivatives We estimate the fair value of the embedded derivative component of our fixed index annuity policy benefit reserves at each valuation date by (i) projecting policy contract values and minimum guaranteed contract values over the expected lives of the contracts and (ii) discounting the excess of the projected contract value amounts at the applicable risk free interest rates adjusted for our nonperformance risk related to those liabilities. The projections of policy contract values are based on our best estimate assumptions for future policy growth and future policy decrements. Our best estimate assumptions for future policy growth include assumptions for the expected index credit on the next policy anniversary date which are derived from the fair values of the underlying call options purchased to fund such index credits and the expected costs of annual call options we will purchase in the future to fund index credits beyond the next policy anniversary. The projections of minimum guaranteed contract values include the same best estimate assumptions for policy decrements as were used to project policy contract values. Within this determination we have the following significant unobservable inputs: 1) the expected cost of annual call options we will purchase in the future to fund index credits beyond the next policy anniversary and 2) our best estimates for future policy decrements, primarily lapse, partial withdrawal and mortality rates. As of December 31, 2022 and 2021, we utilized an estimate of 2.40% and 2.10%, respectively, 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) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 1 - 5 2.17% 3.04% 1.86% 2.19% 6 - 10 3.28% 2.84% 1.97% 2.26% 11 - 15 3.63% 4.47% 1.86% 2.14% 16 - 20 8.55% 8.93% 2.96% 1.33% 20+ 4.90% 4.93% 1.81% —% Lapse rates are generally expected to increase as surrender charge percentages decrease for policies without a lifetime income benefit rider. 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 years ended December 31, 2022 and 2021: Year Ended 2022 2021 Fixed maturity securities, available for sale - Corporate securities Beginning balance $ — $ — Purchases 2,233 — Transfers in 391,702 — Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) 8,413 — Ending balance $ 402,348 $ — Fixed maturity securities, available for sale - Other asset backed securities Beginning balance $ — $ — Purchases 296,800 — Transfers in 153,669 — Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (7,551) — Ending balance $ 442,918 $ — Other investments Beginning balance $ 6,349 $ — Transfers in — 6,349 Transfers out (3,867) — Total realized/unrealized gains (losses): Included in net income (2,482) — Included in other comprehensive income (loss) — — Ending balance $ — $ 6,349 Year Ended 2022 2021 Real estate investments Beginning balance $ 337,939 $ — Purchases and sales, net 602,298 335,767 Change in fair value 322 2,172 Ending balance $ 940,559 $ 337,939 Limited partnerships and limited liability companies Beginning balance $ — $ — Purchases and sales, net 57,574 — Change in fair value 6,635 — Ending balance $ 64,209 $ — Funds withheld liability - embedded derivative Beginning balance $ — $ — Transfers in (441,864) — Change in fair value — — Ending balance $ (441,864) $ — Fixed index annuities - embedded derivatives Beginning balance $ 7,964,961 $ 7,938,281 Premiums less benefits (125,940) 1,424,372 Change in fair value, net (2,561,676) (876,803) Reserve release related to in-force ceded reinsurance (456,500) (520,889) Ending balance $ 4,820,845 $ 7,964,961 Transfers into Level 3 during the years ended December 31, 2022 and 2021 were the result of changes in observable pricing information for certain fixed maturity securities. The fair value of our fixed index annuities embedded derivatives is net of coinsurance ceded of $1,173.4 million and $1,245.0 million as of December 31, 2022 and 2021, respectively. Change in fair value, net for each period in our embedded derivatives is included in Change in fair value of embedded derivatives in the Consolidated Statements of Operations. Certain derivatives embedded in our fixed index annuity contracts are our most significant financial instrument measured at fair value that are categorized as Level 3 in the fair value hierarchy. The contractual obligations for future annual index credits within our fixed index annuity contracts are treated as a "series of embedded derivatives" over the expected life of the applicable contracts. We estimate the fair value of these embedded derivatives at each valuation date by the method described above under fixed index annuities - embedded derivatives . The projections of minimum guaranteed contract values include the same best estimate assumptions for policy decrements as were used to project policy contract values. The most sensitive assumption in determining policy liabilities for fixed index annuities is the rates used to discount the excess projected contract values. As indicated above, the discount rate reflects our nonperformance risk. If the discount rates used to discount the excess projected contract values at December 31, 2022, were to increase by 100 basis points, the fair value of the embedded derivatives would decrease by $336.2 million recorded through operations as a decrease in the change in fair value of embedded derivatives and there would be a corresponding decrease of $124.3 million to our combined balance for deferred policy acquisition costs and deferred sales inducements recorded through operations as an increase in amortization of deferred policy acquisition costs and deferred sales inducements. A decrease by 100 basis points in the discount rates used to discount the excess projected contract values would increase the fair value of the embedded derivatives by $386.4 million recorded through operations as an increase in the change in fair value of embedded derivatives and there would be a corresponding increase of $147.0 million to our combined balance for deferred policy acquisition costs and deferred sales inducements recorded through operations as a decrease in amortization of deferred policy acquisition costs and deferred sales inducements. We review these assumptions quarterly and as a result of these reviews, we made updates to assumptions in 2022, 2021 and 2020. The most significant assumption update to the calculation of the fair value of the embedded derivative component of our fixed index annuity policy benefit reserves in 2022 was the change in the discount rate. The discount rate assumption was increased, and the period over which the discount rate assumption grades to an ultimate assumption was adjusted. This resulted in a decrease in the fair value of the embedded derivative. The most significant assumption update to the calculation of the fair value of the embedded derivative component of our fixed index annuity benefit policy reserves in 2021 was changes in lapse rate assumptions. For certain annuity products without a lifetime income benefit rider, the lapse rate assumption was increased in more recent cohorts to reflect higher lapses on policies with a market value adjustment ("MVA") feature. For other annuity products with a lifetime income benefit rider, the population was bifurcated based on whether policies had utilized the rider. For those policies which had utilized the rider, the lapse rate assumption was decreased in later durations. The net impact of the updates to the lapse rate assumption resulted in a decrease in the embedded derivative component of our fixed index annuity policy benefit reserves as less funds ultimately qualify for excess benefits. The most significant assumption update to the calculation of the fair value of the embedded derivative component of our fixed index annuity policy benefit reserves in 2020 was a decrease in the crediting rate/option budget to 2.10% from 2.90% as a result of a revised estimate of the cost of options. This assumption change resulted in a decrease in the fair value of the embedded derivative component of our fixed index annuity policy benefit reserves due to a reduction in the projected policy contract values over the expected lives of the contracts. During 2020, we revised the derivation of the discount rate used in calculating the fair value of embedded derivatives which increased the discount rate and resulted in a decrease in the change in fair value of embedded derivatives. The net impact of the updates to lapse and partial withdrawal assumptions resulted in an increase in the embedded derivative component of our fixed index annuity policy benefit reserves as more funds ultimately qualify for excess benefits.

Investments

Investments	12 Months Ended
Investments	Dec. 31, 2022
Investments [Abstract]
Investments	Investments At December 31, 2022 and 2021, the amortized cost and fair value of fixed maturity securities were as follows: Amortized Gross Gross Allowance for Credit Losses Fair Value (Dollars in thousands) December 31, 2022 Fixed maturity securities, available for sale: U.S. Government and agencies $ 173,638 $ 70 $ (4,637) $ — $ 169,071 States, municipalities and territories 4,356,251 41,565 (574,834) — 3,822,982 Foreign corporate securities and foreign governments 748,770 11,661 (83,579) — 676,852 Corporate securities 27,706,440 146,065 (3,687,370) (3,214) 24,161,921 Residential mortgage backed securities 1,492,242 11,870 (126,368) (133) 1,377,611 Commercial mortgage backed securities 4,098,755 493 (411,770) — 3,687,478 Other asset backed securities 6,289,923 14,068 (395,289) — 5,908,702 $ 44,866,019 $ 225,792 $ (5,283,847) $ (3,347) $ 39,804,617 December 31, 2021 Fixed maturity securities, available for sale: U.S. Government and agencies $ 1,046,029 $ 32,841 $ (124) $ — $ 1,078,746 States, municipalities and territories 3,495,563 437,456 (3,042) (2,776) 3,927,201 Foreign corporate securities and foreign governments 380,646 22,742 (843) — 402,545 Corporate securities 31,084,629 3,614,047 (38,442) — 34,660,234 Residential mortgage backed securities 1,056,778 70,434 (2,093) (70) 1,125,049 Commercial mortgage backed securities 4,708,878 149,152 (17,719) — 4,840,311 Other asset backed securities 5,226,660 95,304 (50,107) — 5,271,857 $ 46,999,183 $ 4,421,976 $ (112,370) $ (2,846) $ 51,305,943 (1) Amortized cost excludes accrued interest receivable of $425.4 million and $400.7 million as of December 31, 2022 and 2021, respectively. (2) Gross unrealized losses are net of allowance for credit losses. The amortized cost and fair value of fixed maturity securities at December 31, 2022, 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 $ 1,184,147 $ 1,180,124 Due after one year through five years 5,641,072 5,406,059 Due after five years through ten years 6,254,569 5,672,730 Due after ten years through twenty years 9,853,998 8,817,815 Due after twenty years 10,051,313 7,754,098 32,985,099 28,830,826 Residential mortgage backed securities 1,492,242 1,377,611 Commercial mortgage backed securities 4,098,755 3,687,478 Other asset backed securities 6,289,923 5,908,702 $ 44,866,019 $ 39,804,617 Net unrealized gains (losses) on available for sale fixed maturity securities reported as a separate component of stockholders' equity were comprised of the following: December 31, 2022 2021 (Dollars in thousands) Net unrealized gains (losses) on available for sale fixed maturity securities $ (5,065,422) $ 4,309,606 Adjustments for assumed changes in amortization of deferred policy acquisition costs, deferred sales inducements and policy benefit reserves 2,309,357 (1,993,869) Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax expense 578,476 (489,482) Net unrealized gains (losses) reported as accumulated other comprehensive income (loss) $ (2,155,055) $ 1,848,789 The National Association of Insurance Commissioners ("NAIC") assigns designations to fixed maturity securities. These designations range from Class 1 (highest quality) to Class 6 (lowest quality). In general, securities are assigned a designation based upon the ratings they are given by the Nationally Recognized Statistical Rating Organizations ("NRSRO’s"). The NAIC designations are utilized by insurers in preparing their annual statutory statements. NAIC Class 1 and 2 designations are considered "investment grade" while NAIC Class 3 through 6 designations are considered "non-investment grade." Based on the NAIC designations, we had 98% of our fixed maturity portfolio rated investment grade at both December 31, 2022 and 2021, respectively. The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated: December 31, 2022 2021 NAIC Amortized Fair Amortized Fair (Dollars in thousands) 1 $ 27,061,903 $ 24,211,086 $ 26,157,531 $ 28,785,839 2 17,023,157 14,944,131 19,758,594 21,396,020 3 595,193 510,392 909,311 941,210 4 109,409 91,495 133,070 147,160 5 61,721 36,738 16,496 15,357 6 14,636 10,775 24,181 20,357 $ 44,866,019 $ 39,804,617 $ 46,999,183 $ 51,305,943 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 4,510 and 1,427 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2022 and 2021: Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) December 31, 2022 Fixed maturity securities, available for sale: U.S. Government and agencies $ 160,201 $ (4,512) $ 908 $ (125) $ 161,109 $ (4,637) States, municipalities and territories 2,595,122 (537,313) 95,184 (37,521) 2,690,306 (574,834) Foreign corporate securities and foreign governments 522,826 (76,957) 21,816 (6,622) 544,642 (83,579) Corporate securities 18,784,181 (3,218,323) 1,411,177 (469,047) 20,195,358 (3,687,370) Residential mortgage backed securities 992,783 (101,100) 116,388 (25,268) 1,109,171 (126,368) Commercial mortgage backed securities 2,941,293 (302,513) 651,923 (109,257) 3,593,216 (411,770) Other asset backed securities 2,561,390 (162,821) 1,924,026 (232,468) 4,485,416 (395,289) $ 28,557,796 $ (4,403,539) $ 4,221,422 $ (880,308) $ 32,779,218 $ (5,283,847) December 31, 2021 Fixed maturity securities, available for sale: U.S. Government and agencies $ 760,977 $ (124) $ — $ — $ 760,977 $ (124) States, municipalities and territories 168,942 (2,468) 15,711 (3,350) 184,653 (5,818) Foreign corporate securities and foreign governments 42,861 (843) — — 42,861 (843) Corporate securities 2,375,603 (30,070) 116,819 (8,372) 2,492,422 (38,442) Residential mortgage backed securities 250,964 (1,408) 26,917 (755) 277,881 (2,163) Commercial mortgage backed securities 784,464 (5,500) 142,224 (12,219) 926,688 (17,719) Other asset backed securities 1,351,324 (11,345) 1,771,182 (38,762) 3,122,506 (50,107) $ 5,735,135 $ (51,758) $ 2,072,853 $ (63,458) $ 7,807,988 $ (115,216) (1) Unrealized losses have not been reduced to reflect the allowance for credit losses of $3.3 million and $2.8 million as of December 31, 2022 and 2021, respectively. The unrealized losses at December 31, 2022 are principally related to the timing of the purchases of certain securities, which carry less yield than those available at December 31, 2022. Approximately 98% and 85% of the unrealized losses on fixed maturity securities shown in the above table for December 31, 2022 and 2021, 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 the consolidated statements of operations. Changes in net unrealized gains/losses on investments for the years ended December 31, 2022, 2021 and 2020 are as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Fixed maturity securities available for sale carried at fair value $ (9,375,028) $ (987,434) $ 1,955,496 Adjustment for effect on other balance sheet accounts: Deferred policy acquisition costs, deferred sales inducements and policy benefit reserves 4,303,226 542,382 (880,517) Deferred income tax asset/liability 1,067,958 90,284 (225,746) 5,371,184 632,666 (1,106,263) Change in net unrealized gains/losses on investments carried at fair value $ (4,003,844) $ (354,768) $ 849,233 Components of net investment income are as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Fixed maturity securities $ 1,849,915 $ 1,772,675 $ 2,035,762 Real estate investments 40,243 14,138 — Mortgage loans on real estate 301,118 215,138 170,749 Cash and cash equivalents 24,985 3,385 4,871 Limited partnerships and limited liability companies 188,131 67,157 (12,204) Other investments 49,537 29,399 15,372 2,453,929 2,101,892 2,214,550 Less: investment expenses (146,466) (64,417) (32,472) Net investment income $ 2,307,463 $ 2,037,475 $ 2,182,078 Proceeds from sales of available for sale fixed maturity securities for the years ended December 31, 2022, 2021 and 2020 were $7.8 billion, $0.8 billion and $5.4 billion, respectively. Scheduled principal repayments, calls and tenders for available for sale fixed maturity securities for the years ended December 31, 2022, 2021 and 2020 were $2.8 billion, $3.7 billion and $2.9 billion, respectively. Net realized losses on investments for the years ended December 31, 2022, 2021 and 2020 are as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Fixed maturity securities, available for sale: Gross realized gains $ 139,819 $ 10,167 $ 305,170 Gross realized losses (153,712) (19,140) (276,847) Net credit loss (provision) release (15,536) (6,241) (94,560) (29,429) (15,214) (66,237) Mortgage loans on real estate: Decrease (increase) in allowance for credit losses (15,126) 7,005 (15,447) Recovery of specific allowance 1,677 — 712 Gain (loss) on sale of mortgage loans (4,970) (5,033) 292 (18,419) 1,972 (14,443) Total net realized losses $ (47,848) $ (13,242) $ (80,680) Realized losses on available for sale fixed maturity securities in 2022, 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. The following table summarizes the carrying value of our investments that have been non-income producing for 12 consecutive months: December 31, 2022 2021 (Dollars in thousands) Fixed maturity securities, available for sale $ 10,708 $ 4,118 Mortgage loans on real estate 1,483 — $ 12,191 $ 4,118 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 pertinent facts and circumstances surrounding each security. Where the decline in fair value of debt securities is attributable to changes in market interest rates or to factors such as market volatility, liquidity and spread widening, and we anticipate recovery of all contractual or expected cash flows, we do not consider these investments to have credit loss because we do not intend to sell these investments and it is not more likely than not we will be required to sell these investments before a recovery of amortized cost, which may be maturity. If we intend to sell a debt security or if it is more likely than not that we will be required to sell a debt security before recovery of its amortized cost basis, credit loss has occurred and the difference between amortized cost and fair value will be recognized as a loss in operations. If we do not intend to sell and it is not more likely than not we will be required to sell the debt security but also do not expect to recover the entire amortized cost basis of the security, a credit loss would be recognized in operations for the amount of the expected credit loss. We determine the amount of expected credit loss by calculating the present value of the cash flows expected to be collected discounted at each security's acquisition yield based on our consideration of whether the security was of high credit quality at the time of acquisition. The difference between the present value of expected future cash flows and the amortized cost basis of the security is the amount of credit loss recognized in operations. The recognized credit loss is limited to the total unrealized loss on the security (i.e., the fair value floor). The determination of the credit loss component of a mortgage backed security is based on a number of factors. The primary consideration in this evaluation process is the issuer's ability to meet current and future interest and principal payments as contractually stated at time of purchase. Our review of these securities includes an analysis of the cash flow modeling under various default scenarios considering independent third party benchmarks, the seniority of the specific tranche within the structure of the security, the composition of the collateral and the actual default, loss severity and prepayment experience exhibited. With the input of third party assumptions for default projections, loss severity and prepayment expectations, we evaluate the cash flow projections to determine whether the security is performing in accordance with its contractual obligation. We utilize models from a leading structured product software specialist serving institutional investors. These models incorporate each security's seniority and cash flow structure. In circumstances where the analysis implies a potential for principal loss at some point in the future, we use the "best estimate" cash flow projection discounted at the security's effective yield at acquisition to determine the amount of our potential credit loss associated with this security. The discounted expected future cash flows equates to our expected recovery value. Any shortfall of the expected recovery when compared to the amortized cost of the security will be recorded as credit loss. The determination of the credit loss component of a corporate bond is based on the underlying financial performance of the issuer and their ability to meet their contractual obligations. Considerations in our evaluation include, but are not limited to, credit rating changes, financial statement and ratio analysis, changes in management, significant changes in credit spreads, breaches of financial covenants and a review of the economic outlook for the industry and markets in which they trade. In circumstances where an issuer appears unlikely to meet its future obligation, an estimate of credit loss is determined. Credit loss is calculated using default probabilities as derived from the credit default swaps markets in conjunction with recovery rates derived from independent third party analysis or a best estimate of credit loss. This credit loss rate is then incorporated into a present value calculation based on an expected principal loss in the future discounted at the yield at the date of purchase and compared to amortized cost to determine the amount of credit loss associated with the security. We do not measure a credit loss allowance on accrued interest receivable as we write off any accrued interest receivable balance to net investment income in a timely manner when we have concerns regarding collectability. Amounts on available for sale fixed maturities that are deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if we intend to sell a security or when it is more likely than not we will be required to sell the security before the recovery of its amortized cost. The following table provides a rollforward of the allowance for credit loss: Year Ended December 31, 2022 States, Municipalities and Corporate Securities Residential Mortgage Backed Securities Total (Dollars in thousands) Beginning balance $ 2,776 $ — $ 70 $ 2,846 Additions for credit losses not previously recorded — 3,825 1,070 4,895 Change in allowance on securities with previous allowance (2,776) (611) (579) (3,966) Reduction for securities with credit losses due to intent to sell — — — — Reduction for securities sold during the period — — (428) (428) Write-offs charged against the allowance — — — — Recoveries of amounts previously written off — — — — Ending balance $ — $ 3,214 $ 133 $ 3,347 Year Ended December 31, 2021 States, Municipalities and Corporate Securities Residential Mortgage Backed Securities Total (Dollars in thousands) Beginning balance $ 2,844 $ 60,193 $ 1,734 $ 64,771 Additions for credit losses not previously recorded — 705 407 1,112 Change in allowance on securities with previous allowance (68) 443 (857) (482) Reduction for securities with credit losses due to intent to sell — (209) — (209) Reduction for securities sold during the period — (50,758) — (50,758) Write-offs charged against the allowance — (10,032) — (10,032) Recoveries of amounts previously written off — (342) (1,214) (1,556) Ending balance $ 2,776 $ — $ 70 $ 2,846 At December 31, 2022 and 2021, cash and invested assets of $51.0 billion and $49.3 billion, respectively, were on deposit with state agencies to meet regulatory requirements including deposits for the benefit of all policyholders. There are no restrictions on these assets.

Mortgage Loans on Real Estate

Mortgage Loans on Real Estate	12 Months Ended
Mortgage Loans on Real Estate	Dec. 31, 2022
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 $420.2 million at December 31, 2022. December 31, 2022 2021 (Dollars in thousands) Commercial mortgage loans: Principal outstanding $ 3,560,903 $ 3,633,131 Deferred fees and costs, net (6,345) (4,629) Amortized cost 3,554,558 3,628,502 Valuation allowance (22,428) (17,926) Commercial mortgage loans, carrying value 3,532,130 3,610,576 Agricultural mortgage loans: Principal outstanding 567,630 408,135 Deferred fees and costs, net (1,667) (1,136) Amortized cost 565,963 406,999 Valuation allowance (1,021) (519) Agricultural mortgage loans, carrying value 564,942 406,480 Residential mortgage loans: Principal outstanding 2,807,652 1,652,910 Deferred fees and costs, net 1,909 1,468 Unamortized discounts and premiums, net 55,917 22,143 Amortized cost 2,865,478 1,676,521 Valuation allowance (13,523) (5,579) Residential mortgage loans, carrying value 2,851,955 1,670,942 Mortgage loans, carrying value $ 6,949,027 $ 5,687,998 Our commercial mortgage loan portfolio consists of loans collateralized by the related properties and diversified as to property type, location and loan size. Our lending policies establish limits on the amount that can be loaned to one borrower and other criteria to attempt to reduce the risk of default. The commercial mortgage loan portfolio is summarized by geographic region and property type as follows: December 31, 2022 2021 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 502,659 14.1 % $ 614,406 16.9 % Middle Atlantic 280,993 7.9 % 293,494 8.1 % Mountain 416,307 11.7 % 452,818 12.5 % New England 73,631 2.1 % 60,172 1.6 % Pacific 858,812 24.1 % 863,879 23.8 % South Atlantic 934,007 26.2 % 785,679 21.6 % West North Central 205,568 5.8 % 235,864 6.5 % West South Central 288,926 8.1 % 326,819 9.0 % $ 3,560,903 100.0 % $ 3,633,131 100.0 % Property type distribution Office $ 378,713 10.6 % $ 315,374 8.7 % Medical Office 10,265 0.3 % 10,827 0.3 % Retail 896,351 25.2 % 1,016,101 28.0 % Industrial/Warehouse 866,623 24.3 % 924,779 25.4 % Apartment 912,984 25.6 % 864,580 23.8 % Hotel 285,271 8.0 % 283,500 7.8 % Mixed Use/Other 210,696 6.0 % 217,970 6.0 % $ 3,560,903 100.0 % $ 3,633,131 100.0 % Our agricultural mortgage loan portfolio consists of loans with an outstanding principal balance of $567.6 million and $408.1 million as of December 31, 2022 and 2021, 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 $2.8 billion and $1.7 billion as of December 31, 2022 and 2021, 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 $58.2 million and $37.0 million as of December 31, 2022 and 2021, 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 years ended December 31, 2022 or 2021, respectively. 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 economic 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 the current state of the borrowers' credit quality, delinquency status, time to maturity and original credit scores. The following table represents a rollforward of the valuation allowance on our mortgage loan portfolios: Year Ended December 31, 2022 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (17,926) $ (519) $ (5,579) $ (24,024) Charge-offs 501 — — 501 Recoveries 1,677 — — 1,677 Change in provision for credit losses (6,680) (502) (7,944) (15,126) Ending allowance balance $ (22,428) $ (1,021) $ (13,523) $ (36,972) Year Ended December 31, 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 7,603 1,611 (2,209) 7,005 Ending allowance balance $ (17,926) $ (519) $ (5,579) $ (24,024) 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 Real estate 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. There is no real estate in which ownership of the property was taken to satisfy an outstanding loan held in Real estate investments as of December 31, 2022 or December 31, 2021. 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 December 31, 2022 and 2021. The amortized cost of our commercial mortgage loan portfolio by LTV and DSC ratios based on the most recent information collected was as follows at December 31, 2022 and 2021 (by year of origination): 2022 2021 2020 2019 2018 Prior Total As of December 31, 2022: 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 $ 249,328 63 % $ 257,746 61 % $ 421,391 57 % $ 429,596 58 % $ 325,117 53 % $ 813,319 44 % $ 2,496,497 53 % Greater than or equal to 1.2 and less than 1.5 6,488 70 % 123,038 55 % 46,804 58 % 115,977 66 % 67,642 67 % 145,703 60 % 505,652 62 % Greater than or equal to 1.0 and less than 1.2 170,059 52 % 211,684 43 % 18,144 79 % 39,396 73 % 10,348 76 % 58,021 47 % 507,652 51 % Less than 1.0 — — % — — % — — % 6,107 64 % 13,025 70 % 25,625 65 % 44,757 66 % Total $ 425,875 59 % $ 592,468 53 % $ 486,339 58 % $ 591,076 61 % $ 416,132 57 % $ 1,042,668 47 % $ 3,554,558 54 % 2021 2020 2019 2018 2017 Prior Total As of December 31, 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 $ 260,623 64 % $ 454,828 60 % $ 464,059 61 % $ 344,170 58 % $ 246,854 52 % $ 758,494 45 % $ 2,529,028 55 % Greater than or equal to 1.2 and less than 1.5 12,836 67 % 58,960 66 % 128,301 70 % 89,293 66 % 135,818 66 % 129,833 57 % 555,041 65 % Greater than or equal to 1.0 and less than 1.2 318,636 45 % 17,762 82 % 69,684 72 % 11,937 75 % 6,343 60 % 42,125 58 % 466,487 53 % Less than 1.0 — — % 3,289 61 % 26,147 63 % 14,051 76 % 13,385 73 % 21,074 54 % 77,946 65 % Total $ 592,095 54 % $ 534,839 61 % $ 688,191 64 % $ 459,451 60 % $ 402,400 58 % $ 951,526 47 % $ 3,628,502 56 % LTV and DSC ratios for our agricultural mortgage loans are calculated at the time of loan origination and are evaluated annually for each loan using land value averages. A DSC ratio of less than 1.0 indicates that a property's operations do not generate sufficient income to cover debt payments. An LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the value of the underlying collateral. All of our agricultural mortgage loans that have a debt service coverage ratio of less than 1.0 are performing under the original contractual loan terms at December 31, 2022 and 2021. The amortized cost of our agricultural mortgage loan portfolio by LTV and DSC ratios based on the most recent information collected was as follows at December 31, 2022 and 2021 (by year of origination): 2022 2021 2020 2019 2018 Prior Total As of December 31, 2022: 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 $ 85,367 47 % $ 84,186 46 % $ 97,143 41 % $ — — % $ — — % $ — — % $ 266,696 45 % Greater than or equal to 1.2 and less than 1.5 107,856 54 % 67,630 52 % 61,103 32 % — — % — — % — — % 236,589 48 % Greater than or equal to 1.0 and less than 1.2 3,124 56 % 8,825 38 % 3,125 25 % — — % — — % — — % 15,074 39 % Less than 1.0 — — % — — % 7,975 35 % 5,629 41 % 34,000 31 % — — % 47,604 33 % Total $ 196,347 51 % $ 160,641 48 % $ 169,346 37 % $ 5,629 41 % $ 34,000 31 % $ — — % $ 565,963 45 % 2021 2020 2019 2018 2017 Prior Total As of December 31, 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 $ 62,548 54 % $ 80,919 56 % $ 11,645 49 % $ 25,000 11 % $ — — % $ — — % $ 180,112 49 % Greater than or equal to 1.2 and less than 1.5 95,738 55 % 102,958 43 % 3,335 22 % — — % — — % — — % 202,031 48 % Greater than or equal to 1.0 and less than 1.2 7,478 44 % 4,092 36 % 4,734 50 % — — % — — % — — % 16,304 44 % Less than 1.0 — — % 8,552 59 % — — % — — % — — % — — % 8,552 59 % Total $ 165,764 54 % $ 196,521 49 % $ 19,714 45 % $ 25,000 11 % $ — — % $ — — % $ 406,999 48 % 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): 2022 2021 2020 2019 2018 Prior Total As of December 31, 2022: (Dollars in thousands) Commercial mortgage loans Current $ 425,875 $ 592,468 $ 486,339 $ 591,076 $ 416,132 $ 1,042,668 $ 3,554,558 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total commercial mortgage loans $ 425,875 $ 592,468 $ 486,339 $ 591,076 $ 416,132 $ 1,042,668 $ 3,554,558 Agricultural mortgage loans Current $ 196,347 $ 160,641 $ 166,211 $ 5,629 $ 34,000 $ — $ 562,828 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — 3,135 — — — 3,135 Total agricultural mortgage loans $ 196,347 $ 160,641 $ 169,346 $ 5,629 $ 34,000 $ — $ 565,963 Residential mortgage loans Current $ 1,915,169 $ 595,363 $ 211,119 $ 27,483 $ 1,710 $ 417 $ 2,751,261 30 - 59 days past due 39,179 8,238 13,073 1,960 — — 62,450 60 - 89 days past due 6,668 7,165 3,034 57 — — 16,924 Over 90 days past due 9,702 14,068 6,515 1,762 2,796 — 34,843 Total residential mortgage loans $ 1,970,718 $ 624,834 $ 233,741 $ 31,262 $ 4,506 $ 417 $ 2,865,478 2021 2020 2019 2018 2017 Prior Total As of December 31, 2021: (Dollars in thousands) Commercial mortgage loans Current $ 592,095 $ 534,839 $ 688,191 $ 459,451 $ 402,400 $ 951,526 $ 3,628,502 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total commercial mortgage loans $ 592,095 $ 534,839 $ 688,191 $ 459,451 $ 402,400 $ 951,526 $ 3,628,502 Agricultural mortgage loans Current $ 165,764 $ 196,521 $ 19,714 $ 25,000 $ — $ — $ 406,999 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total agricultural mortgage loans $ 165,764 $ 196,521 $ 19,714 $ 25,000 $ — $ — $ 406,999 Residential mortgage loans Current $ 1,092,438 $ 454,532 $ 67,380 $ 16,898 $ 751 $ — $ 1,631,999 30 - 59 days past due 10,284 12,363 11,373 427 — — 34,447 60 - 89 days past due 1,838 1,090 102 — — — 3,030 Over 90 days past due 679 5,459 907 — — — 7,045 Total residential mortgage loans $ 1,105,239 $ 473,444 $ 79,762 $ 17,325 $ 751 $ — $ 1,676,521 Commercial, agricultural and residential mortgage loans are considered nonperforming when they become 90 days or more past due. When loans become nonperforming, we place them on non-accrual status and discontinue recognizing interest income. If payments are received on a nonperforming 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 nonperforming loan back to less than 90 days past due, we will resume accruing interest income on that loan. There were 59 loans in non-accrual status at December 31, 2022 and 13 loans in non-accrual status at December 31, 2021. During the years ended December 31, 2022 and 2021, we recognized interest income of $670 thousand and $36 thousand, respectively, on loans which were in non-accrual status at the respective period end. During the year ended December 31, 2020 we recognized no interest income on loans which were in non-accrual status at the respective period end. 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	12 Months Ended
Variable Interest Entities	Dec. 31, 2022
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. Certain VIEs are consolidated in our financial results. See Note 1 - Significant Accounting Policies for further details on our consolidation accounting policies. Consolidated Variable Interest Entities We are invested in four investment company real estate limited partnerships which own various limited liability companies that invest in residential real estate properties and one real estate limited liability company that invests in a commercial real estate property. These entities are VIE's as the legal entities 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 entities through our significant ownership. Due to the nature of the investment company real estate investments, the investments 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 investment balance in the commercial real estate property is held at depreciated cost, and is expected to decrease over time. We are invested in two limited liability companies that invest in operating entities which hold multifamily real estate properties. The entity is a VIE and we have determined we are the primary beneficiary as a result of our power to control the entity through our significant ownership. The investment balance, which represents an equity interest in the limited liability company, fluctuates based on changes in the fair value of the properties and the performance of the operating entities. We are invested in two limited partnership feeder funds which each invest in a separate limited partnership fund. One fund holds infrastructure credit assets and the other holds tech-centric middle-market loans. In both cases, the feeder fund limited partnerships are VIEs, and we determined we are the primary beneficiary as a result of our significant ownership of the limited partnerships and our obligation to absorb losses or receive benefits from the VIEs. We have consolidated the assets and liabilities of the limited partnerships, which primarily consist of equity interests in limited partnerships. The carrying amounts of our consolidated VIE assets, which can only be used to settle obligations of the consolidated VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse were as follows: December 31, 2022 2021 Total Total Total Total (Dollars in thousands) Real estate investments $ 1,095,267 $ 78,244 $ 363,229 $ 20,168 Real estate limited liability companies 66,258 287 — — Limited partnership funds 620,741 113 168,711 — $ 1,782,266 $ 78,644 $ 531,940 $ 20,168 Unconsolidated Variable Interest Entities We provided debt funding to various special purpose vehicles, which are used to acquire and hold various types of loans or receivables. These legal entities are deemed VIEs because there is insufficient equity at risk. We have determined we are not the primary beneficiary as we do not control the activities that most significantly impact the economic performance of the VIEs. Our investments in these VIEs are reported in Fixed maturity securities, available for sale in the Consolidated Balance Sheets. In 2021, we provided funding to a limited partnership which purchased a residential business purpose loan originator. The limited partnership was deemed a VIE based on insufficient equity at risk, however, we are not the primary beneficiary due to our lack of control of the limited partnership. In Q4 2022, as a result of equity capital raised from third party investors, the debt funding was repaid to us. We have reassessed the VIE conclusion and concluded the limited partnership no longer meets the definition of a variable interest entity. The unconsolidated VIE disclosures are no longer applicable. The investment will be accounted for as an equity method investment and still be reported in Limited partnerships and limited liability companies in the Consolidated Balance Sheets. The carrying value and maximum loss exposure for our unconsolidated VIEs were as follows: December 31, 2022 2021 Asset Maximum Asset Maximum (Dollars in thousands) Fixed maturity securities, available for sale $ 1,178,110 $ 1,178,110 $ 459,681 $ 459,681 Other investments — — 345,000 345,000

Derivative Instruments

Derivative Instruments	12 Months Ended
Derivative Instruments	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments We use derivative instruments to manage risks. We have derivatives that are designated as hedging instruments and others that are not designated as hedging instruments. Any change in the fair value of the derivatives is recognized immediately in the Consolidated Statements of Operations. The notional and fair values of our derivative instruments, including derivative instruments embedded in fixed index annuity contracts, presented in the Consolidated Balance Sheets are as follows: December 31, 2022 December 31, 2021 Notional Fair Value Notional Fair Value (Dollars in thousands) Derivatives designated as hedging instruments Assets Derivative instruments Interest rate swaps $ 408,369 $ 32,769 $ — $ — Derivatives not designated as hedging instruments Assets Derivative instruments Call options $ 38,927,534 $ 397,789 $ 40,091,353 $ 1,276,574 Warrants 2,020 1,169 2,020 906 $ 38,929,554 $ 398,958 $ 40,093,373 $ 1,277,480 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives, net $ 4,820,845 $ 7,964,961 Funds withheld for reinsurance liabilities Reinsurance related embedded derivative (441,864) (2,362) $ 4,378,981 $ 7,962,599 Derivatives Designated as Hedging Instruments We use interest rate swaps that are designated and accounted for as fair value hedges to protect a portfolio of fixed-rate fixed maturity securities against changes in fair value due to changes in interest rates. Our interest rate swap contracts allow us to pay a fixed rate and receive a floating rate utilizing the Secured Overnight Financing Rate at specified intervals based on a notional amount. Interest rate swaps are carried at fair value and presented as Derivative instruments on the Consolidated Balance Sheets. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the portion of the derivative instrument included in the assessment of hedge effectiveness and the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in the same line item in the Consolidated Statements of Operations. The change in unrealized gain or loss attributable to interest rate changes on the fixed maturity securities that are designated as part of the hedge are reclassified out of Accumulated other comprehensive income (loss) into Change in fair value of derivatives in the Consolidated Statements of Operations. The remaining change in unrealized gain or loss on the hedged item not associated with the risk being hedged is recognized as a component of Other comprehensive income. The following represents the amortized cost and cumulative fair value hedging adjustments included in the hedged assets: Line Item in the Consolidated Balance Sheets in Which Hedged Item is Included Amortized Cost Cumulative Amount of Fair Value Basis Adjustment Gain (Loss) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 (Dollars in thousands) Fixed maturities, available for sale: Current hedging relationships $ 389,060 $ — $ (39,128) $ — Discontinued hedging relationships 1,594,736 — (94,681) — The following represents a summary of the gains (losses) related to the derivatives and hedged items that qualify for fair value hedge accounting: Derivative Hedged Item Net Amount Excluded: (Dollars in thousands) For the year ended December 31, 2022 Interest rate swaps $ 215,587 $ (249,168) $ (33,581) $ 13,957 For the year ended December 31, 2021 Interest rate swaps $ — $ — $ — $ — For the year ended December 31, 2020 Interest rate swaps $ — $ — $ — $ — Derivatives Not Designated as Hedging Instruments We have fixed index annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index. When fixed index annuity deposits are received, a portion of the deposit is used to purchase derivatives consisting of call options on the applicable market indices to fund the index credits due to fixed index annuity policyholders. Substantially all such call options are one year options purchased to match the funding requirements of the underlying policies. The call options are marked to fair value with the change in fair value included as a component of revenues. The change in fair value of derivatives includes the gains or losses recognized at the expiration of the option term and the changes in fair value for open positions. On the respective anniversary dates of the index policies, the index used to compute the index credit is reset and we purchase new call options to fund the next index credit. We manage the cost of these purchases through the terms of our fixed index annuities, which permit us to change caps, participation rates, and/or asset fees, subject to guaranteed minimums on each policy's anniversary date. By adjusting caps, participation rates, or asset fees, we can generally manage option costs except in cases where the contractual features would prevent further modifications. The changes in fair value of derivatives not designated as hedging instruments included in the Consolidated Statements of Operations are as follows: Year Ended 2022 2021 2020 (Dollars in thousands) Change in fair value of derivatives: Call options $ (1,118,768) $ 1,347,925 $ 34,604 Warrants 264 810 — Interest rate swaps 13,957 — — Interest rate caps — — 62 $ (1,104,547) $ 1,348,735 $ 34,666 Change in fair value of embedded derivatives: Fixed index annuities - embedded derivatives $ (2,561,676) $ (876,803) $ (1,922,085) Other changes in difference between policy benefit reserves computed using derivative accounting vs. long-duration contracts accounting 648,580 520,863 635,298 Reinsurance related embedded derivative (439,502) (2,362) — $ (2,352,598) $ (358,302) $ (1,286,787) The amounts presented as "Other changes in difference between policy benefit reserves computed using derivative accounting vs. long-duration contracts accounting" represents the total change in the difference between policy benefit reserves for fixed index annuities computed under the derivative accounting standard and the long-duration contracts accounting standard at each balance sheet date, less the change in fair value of our fixed index annuities embedded derivatives that is presented as Level 3 liabilities in Note 2 - Fair Values of Financial Instruments . Derivative Exposure We attempt to mitigate potential risk of loss due to the nonperformance of the counterparties through a regular monitoring process which evaluates the program's effectiveness. We do not purchase derivative instruments that would require payment or collateral to another institution and our derivative instruments 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 derivative instruments from multiple counterparties and evaluate the creditworthiness of all counterparties prior to purchase of the contracts. All non-exchange traded derivative instruments 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. Both our call options and interest rate swaps fall under the same credit support agreements with each counterparty 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 and interest rate swaps by counterparty and each counterparty's current credit rating are as follows: December 31, 2022 2021 Counterparty Credit Rating (S&P) Credit Rating (Moody's) Notional Fair Value Notional Fair Value (Dollars in thousands) Bank of America A+ Aa2 $ 3,574,125 $ 26,080 $ 3,556,256 $ 99,229 Barclays A A1 3,686,896 39,657 4,213,658 157,865 Canadian Imperial Bank of Commerce A+ Aa2 2,707,734 34,218 3,956,329 141,540 Citibank, N.A. A+ Aa3 3,748,162 29,873 3,190,833 115,860 Credit Suisse A- A3 2,086,470 20,691 3,716,868 113,295 J.P. Morgan A+ Aa2 6,501,103 69,006 4,482,832 105,899 Morgan Stanley A+ Aa3 2,957,389 38,470 2,223,743 47,950 Royal Bank of Canada AA- A2 4,378,132 58,026 3,567,972 100,472 Societe Generale A A1 2,099,081 17,157 2,548,072 86,494 Truist A A2 1,960,787 32,885 2,547,808 94,924 Wells Fargo A+ Aa2 5,436,824 61,840 5,820,381 206,403 Exchange traded 199,200 2,655 266,601 6,643 $ 39,335,903 $ 430,558 $ 40,091,353 $ 1,276,574 As of December 31, 2022 and 2021, we held $0.4 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 the counterparties failed completely to perform according to the terms of the contracts to $3.3 million and $8.5 million at December 31, 2022 and 2021, respectively. The future index credits on our fixed index annuities are treated as a "series of embedded derivatives" over the expected life of the applicable contract. We do not purchase call options to fund the index liabilities which may arise after the next policy anniversary date. We must value both the call options and the related forward embedded options in the policies at fair value. We cede certain fixed index annuity product liabilities to third party reinsurers on a modified coinsurance basis which results in an embedded derivative. The obligation to pay the total return on the assets supporting liabilities associated with this reinsurance agreement represents a total return swap. The fair value of the total return swap is based on the unrealized gains and losses of the underlying assets held in the modified coinsurance portfolio. The reinsurance related embedded derivative is reported in Funds withheld for reinsurance liabilities on the Consolidated Balance Sheets and the change in the fair value of the embedded derivative is reported in Change in fair value of embedded derivatives on the Consolidated Statements of Operations. See Note 8 – Reinsurance and Policy Provisions for further discussion on these reinsurance agreements.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders	12 Months Ended
	Dec. 31, 2022
Insurance [Abstract]
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders	Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders Policy acquisition costs deferred and amortized are as follows: December 31, 2022 2021 2020 (Dollars in thousands) Balance at beginning of year $ 2,222,769 $ 2,225,199 $ 3,033,649 Costs deferred during the year: Commissions 194,856 303,192 251,428 Policy issue costs 3,767 4,665 3,725 Amortization: Amortization (558,447) (313,990) (2,769) Impact of unlocking (56,853) 45,662 (646,785) Effect of net unrealized gains/losses 1,944,039 299,478 (414,049) Write-off related to in-force ceded reinsurance (188,056) (341,437) — Balance at end of year $ 3,562,075 $ 2,222,769 $ 2,225,199 Sales inducements deferred and amortized are as follows: December 31, 2022 2021 2020 (Dollars in thousands) Balance at beginning of year $ 1,546,073 $ 1,448,375 $ 2,042,060 Costs deferred during the year 107,691 95,160 93,610 Amortization: Amortization (362,866) (197,799) (10,063) Impact of unlocking (45,682) 45,107 (428,101) Effect of net unrealized gains/losses 1,348,134 155,230 (249,131) Balance at end of year $ 2,593,350 $ 1,546,073 $ 1,448,375 The following table presents a rollforward of the liability for lifetime income benefit riders (net of coinsurance ceded): December 31, 2022 2021 2020 (Dollars in thousands) Balance at beginning of year $ 2,794,629 $ 2,485,123 $ 1,670,750 Benefit expense accrual 387,821 206,180 311,211 Impact of unlocking (53,042) 243,658 285,825 Effect of net unrealized gains/losses (996,876) (101,848) 217,337 Reduction related to in-force ceded reinsurance (403,406) (38,484) — Claim payments — — — Balance at end of year $ 1,729,126 $ 2,794,629 $ 2,485,123 We periodically update the key assumptions used in the calculation of amortization of deferred policy acquisition costs and deferred sales inducements retrospectively through an unlocking process when estimates of current or future gross profits/margins (including the impact of realized investment gains and losses) to be realized from a group of products are revised. In addition, we periodically update the assumptions used in determining the liability for lifetime income benefit riders. We review these assumptions quarterly and as a result of these reviews, we made updates to assumptions in 2022, 2021 and 2020. During 2022 and 2021, American Equity Life entered into reinsurance agreements which ceded in-force fixed index annuity product liabilities. As a result, there was a write-off of deferred acquisition costs and a reduction of the liability for lifetime income benefit riders associated with the blocks of in-force liabilities ceded under the agreements. See Note 8 - Reinsurance and Policy Provisions for further discussion of these reinsurance agreements. 2022 Assumption Updates The most significant assumption updates made in 2022 were to investment spread assumptions, including the net investment earned rate and crediting rate on policies, lapse rate and partial withdrawal assumptions, and lifetime income benefit rider utilization assumptions. We updated our assumption for investment spread for American Equity Life to remain steady at 2.60% through an eight eight eight We updated lapse rate and partial withdrawal assumptions based on actual historical experience. We refreshed lapse tables based on 5 years of lapse experience and implemented a 1% lapse floor. For policies with a lifetime income benefit rider that does not charge a fee, we increased the lapse rates. For policies with a lifetime income benefit rider that has been utilized, we decreased the lapse rates. We expanded our partial withdrawal assumptions to include scalars in our assumptions during the surrender charge period, shock period, and post-shock period. This resulted in partial withdrawals extending beyond the surrender charge period. The net impact of the lapse rate and partial withdrawal assumptions resulted in a decrease in expected future gross profits and a decrease in the deferred policy acquisition costs and deferred sales inducements balances. The net impact of these changes resulted in an increase in the liability for lifetime income benefit riders due to higher excess claims and lower gross profits. We updated our lifetime income benefit rider utilization assumption structure to capture policyholder characteristics at a more granular level. This resulted in an increase in the number of policies utilizing and increased the excess claims. The impact of this change results in an increase in the liability for lifetime income benefit riders and an increase in the deferred policy acquisition costs and deferred sales inducements balances. 2021 Assumption Updates The most significant assumption updates made in 2021 were to investment spread assumptions, including the net investment earned rate and crediting rate on policies, lifetime income benefit rider utilization assumptions, mortality assumptions, and lapse rate assumptions as discussed below. Due to the continued low interest rate environment, we updated our assumption for investment spread for American Equity Life to 2.25% in the near term and increasing to 2.50% over an eight eight eight eight We updated lapse rate and mortality assumptions based on historical experience. For certain annuity products without a lifetime income benefit rider, the lapse rate assumption was increased in more recent cohorts to reflect higher lapses on polices with a market value adjustment ("MVA") feature. For other annuity products with a lifetime income benefit rider, the population was bifurcated based on whether policies had utilized the rider. For those policies which had utilized the rider, the lapse rate assumption was decreased in later durations. The overall mortality assumption was lowered to reflect historical experience. The net impact of the updates to the lapse rate and mortality assumptions resulted in higher expected future gross profits as compared to previous estimates and an increase in the balances of deferred policy acquisition costs and deferred sales inducements. The net impact of the updates to lapse rate and mortality assumptions resulted in an increase in the liability for lifetime income benefit riders due to a greater amount of expected benefit payments in excess of account values. We updated the lifetime income benefit rider utilization assumption based on historical experience. The ultimate utilization assumption was lowered for policies with a fee rider and certain policies with a no-fee rider. In addition, the utilization assumption was changed to reflect seasonality with higher utilization rates during the first quarter of each year. The net impact of the updates to the utilization assumption resulted in a decrease in the liability for lifetime income benefit riders due to a lower amount of expected benefits payments due to lower expected utilization. The net impact of the updates to the utilization assumption resulted in higher expected future gross profits as compared to previous estimates and an increase in the balances of deferred policy acquisition costs and deferred sales inducements. 2020 Assumption Updates The most significant assumption updates made in 2020 were to investment spread assumptions, including the net investment earned rate and crediting rates on policies, as well as updates to lapse rate and partial withdrawal assumptions. Due to the economic and low interest rate environments, we updated our assumption for aggregate investment spread to 2.40% in the near-term increasing to 2.60% over an eight eight at 2.60%, with a near term crediting/discount rate of 1.90% increasing to 2.90% over a 20 year reversion period. The assumption update to decrease aggregate investment spread resulted in lower expected future gross profits as compared to previous estimates and a decrease in the balances of deferred policy acquisition costs and deferred sales inducements. The decrease in the crediting rate, which is used as the discount rate in the calculation of the liability for lifetime income benefit riders, resulted in an increase in the liability for lifetime income benefit riders. We updated lapse rate and partial withdrawal assumptions based on actual historical experience. For certain annuity products without a lifetime income benefit rider, lapse rate and partial withdrawal assumptions were increased while for certain annuity products with a lifetime income benefit rider, lapse rate and partial withdrawal assumptions were decreased. The net impact of the updates to lapse rate and partial withdrawal assumptions resulted in lower expected future gross profits as compared to previous estimates and a decrease in the balances of deferred policy acquisition costs and deferred sales inducements. The net impact of the updates to lapse rate and partial withdrawal assumptions resulted in an increase in the liability for lifetime income benefit riders due to a greater amount of expected benefit payments in excess of account values.

Reinsurance and Policy Provisio

Reinsurance and Policy Provisions	12 Months Ended
Reinsurance and Policy Provisions	Dec. 31, 2022
Reinsurance Disclosures [Abstract]
Reinsurance and Policy Provisions	Reinsurance and Policy Provisions Coinsurance We have two coinsurance agreements with EquiTrust Life Insurance Company ("EquiTrust"), covering 70% of certain of American Equity Life's fixed index and fixed rate annuities issued from August 1, 2001 through December 31, 2001, 40% of those contracts issued during 2002 and 2003, and 20% of those contracts issued from January 1, 2004 to July 31, 2004. The business reinsured under these agreements may not be recaptured. Coinsurance deposits (aggregate policy benefit reserves transferred to EquiTrust under these agreements) were $323.7 million and $381.4 million at December 31, 2022 and 2021, respectively. We remain liable to policyholders with respect to the policy liabilities ceded to EquiTrust should EquiTrust fail to meet the obligations it has coinsured. The balance due from or due to EquiTrust under these agreements was a $0.8 million receivable and $7.8 million payable at December 31, 2022 and 2021, respectively, and represents the fair value of call options held by us to fund index credits related to the ceded business net of cash due to or from EquiTrust related to monthly settlements of policy activity and other expenses. We have three coinsurance agreements with Athene Life Re Ltd. ("Athene"), an unauthorized life reinsurer domiciled in Bermuda. One agreement ceded 20% of certain of American Equity Life's fixed index annuities issued from January 1, 2009 through March 31, 2010. The second agreement ceded 80% of American Equity Life's multi-year rate guaranteed annuities issued from July 1, 2009 through December 31, 2013 and 80% of Eagle Life's multi-year rate guaranteed annuities issued from November 20, 2013 through December 31, 2013. The third agreement ceded 80% of certain of American Equity Life's and Eagle Life's multi-year rate guaranteed annuities issued on or after January 1, 2014 through December 31, 2020, 80% of Eagle Life's fixed index annuities issued prior to January 1, 2017, 50% of certain of Eagle Life's fixed index annuities issued from January 1, 2017 through December 31, 2018, 20% of certain of Eagle Life's fixed index annuities issued on or after January 1, 2019 through December 31, 2020 and 80% of certain of American Equity Life's fixed index annuities issued from August 1, 2016 through December 31, 2016. Effective January 1, 2021, no new business is being ceded to Athene. The business reinsured under any of the Athene agreements may not be recaptured. Coinsurance deposits (aggregate policy benefit reserves transferred to Athene under these agreements) were $3.1 billion and $3.7 billion at December 31, 2022 and 2021, respectively. American Equity Life is an intermediary for reinsurance of Eagle Life's business ceded to Athene. American Equity Life and Eagle Life remain liable to policyholders with respect to the policy liabilities ceded to Athene should Athene fail to meet the obligations it has coinsured. The annuity deposits that have been ceded to Athene are secured by assets held in trusts and American Equity Life is the sole beneficiary of the trusts. The assets in the trusts are required to remain at a value that is sufficient to support the current balance of policy benefit liabilities of the ceded business on a statutory basis. If the value of the trust accounts would ever be less than the amount of the ceded policy benefit liabilities on a statutory basis, Athene is required to either establish a letter of credit or deposit securities in the trusts for the amount of any shortfall. The balance due under these agreements to Athene was $16.9 million and $74.8 million at December 31, 2022 and 2021, respectively, and represents the fair value of call options held by us to fund index credits related to the ceded business net of cash due from Athene related to monthly settlements of policy activity. Effective July 1, 2021 American Equity Life entered into a reinsurance agreement with North End Re (North End Re reinsurance treaty), a wholly-owned subsidiary of Brookfield Asset Management Reinsurance Partners Ltd. (“Brookfield Reinsurance” or “Brookfield”) to reinsure approximately $4.3 billion of in-force fixed indexed annuity product liabilities as of the effective date of the reinsurance agreement, 70% on a modified coinsurance (“modco”) basis and 30% on a coinsurance basis. The liabilities reinsured on a coinsurance basis are secured by assets held in both a statutory and supplemental trust (collectively referred to as the “trusts”). The liabilities reinsured on a modco basis are secured by a segregated modco account in which the assets are maintained by American Equity Life. American Equity Life transferred cash of $2.6 billion to the segregated modco account and $1.1 billion to the statutory trust at close of this reinsurance agreement on October 8, 2021. American Equity Life will receive an annual ceding commission equal to 49 basis points and the Company will receive an annual asset liability management fee equal to 30 basis points calculated based on the initial cash surrender value of liabilities ceded. Such fees are fixed and contractually guaranteed for six years with the additional and final seventh year payment partially contingent on certain performance obligations for both parties. The initial net present value of the ceding commission related to the in-force business was $114.1 million. As part of the North End Re reinsurance treaty, American Equity Life is also ceding 75% of certain fixed index annuities issued after the effective date of the agreement, 70% on a modco basis and 30% on a coinsurance basis to North End Re. Effective July 1, 2022, the North End Re reinsurance treaty was amended to include additional fixed index annuity products. As part of this amendment, 75% of an additional block of in-force fixed indexed annuity product liabilities issued after July 1, 2021 was ceded, 70% on a modco basis and 30% on a coinsurance basis. On sales subsequent to the effective date of the North End Re reinsurance treaty, American Equity Life will receive an annual ceding commission equal to 140 basis points and the Company will receive an annual asset liability management fee equal to 30 basis points calculated based on the initial cash surrender value of liabilities ceded. Such fees are fixed and contractually guaranteed for six years with the additional and final seventh year payment being contingent on certain performance obligations for both parties. The initial net present value of the ceding commission related to the flow business ceded in 2022 and 2021 was $67.7 million and $27.1 million, respectively. The asset liability management fee recognized in Other revenue in 2022 and 2021 was $12.7 million and $5.5 million, respectively. In addition, American Equity Life will receive certain acquisition cost reimbursements and an on-going annual expense reimbursement on each policy subject to the reinsurance agreement for the entirety of the policy duration. Acquisition cost reimbursements will reduce policy acquisition costs deferred. As a result of the North End Re reinsurance treaty, there is a deferred gain of $481.2 million and $321.7 million which is recorded in Other liabilities as of December 31, 2022 and 2021, respectively. This deferred gain represents the unamortized portion of the cost of reinsurance related to the in-force business and new business which will be amortized over the life of the underlying reinsured policies. The deferred gain consists primarily of the difference between liabilities ceded and assets transferred as part of the reinsurance agreement and the present value of the ceding commissions previously noted offset by a reduction in deferred policy acquisition costs associated with the the in-force business ceded. The amortization of the deferred gain recognized in Other revenue in 2022 and 2021 was $28.4 million and $10.2 million, respectively. American Equity Life remains liable to policyholders with respect to the policy liabilities ceded to North End Re should North End Re fail to meet the obligations it has reinsured. The assets in the trusts and modco account are required to remain at a value that is sufficient to support the current balance of policy benefit liabilities of the ceded business on a statutory basis. The assets in the trusts and modco account are subject to investment management agreements between American Equity Life and North End Re. The assets in the modco account earned net investment income of $95.4 million and $11.4 million during 2022 and 2021, respectively, which are reflected within the Net investment income line in the Consolidated Statements of Operations and presented net of amounts earned for the benefit of the reinsurer. As of December 31, 2022 and 2021, coinsurance deposits (aggregate policy benefits reserves transferred to North End Re under these agreements) were $5.7 billion and $4.6 billion, respectively. The balance due under these agreements to North End Re was $124.2 million and $127.9 million which is recorded in Other liabilities at December 31, 2022 and 2021, respectively. Separate from the reinsurance transaction, Brookfield Reinsurance, has an approximate 18.7% interest in the Company's outstanding common stock as of December 31, 2022. See Note 15 - Earnings Per Common Share and Stockholders' Equity for further discussion of Brookfield's ownership. Effective October 1, 2022 American Equity Life entered into a reinsurance agreement with an unaffiliated reinsurer AeBe ISA LTD (“AeBe”), a Bermuda exempted company affiliated with 26North Holdings LP (“26North”), that is an incorporated segregated account licensed as a Class E reinsurer. Under the agreement, American Equity Life ceded $4.3 billion of certain in-force fixed indexed and fixed rate annuity product liabilities as of October 3, 2022, the effective date of the reinsurance agreement, 75% on a funds withheld coinsurance basis and 25% on a coinsurance basis. The liabilities reinsured on a coinsurance basis are secured by assets held in both a statutory and supplemental trust (collectively referred to as the “trusts”). The liabilities reinsured on a funds withheld basis are secured by a segregated funds withheld account in which the assets are maintained by American Equity Life. American Equity Life transferred cash and investments with a fair value of $3.0 billion to the segregated funds withheld account and $1.0 billion to the statutory trust at close of this reinsurance agreement on October 3, 2022. At the close of the reinsurance agreement, American Equity Life received a closing ceding commission of $70.0 million. American Equity Life will also receive certain acquisition cost reimbursements and an on-going annual expense reimbursement on each policy subject to the reinsurance agreement for the entirety of the policy duration. As a result of the AeBe reinsurance treaty, there is a deferred gain of $126.3 million which is recorded in Other liabilities as of December 31, 2022. This deferred gain represents the unamortized portion of the cost of reinsurance related to the in-force business which will be amortized over the life of the underlying reinsured policies. The deferred gain consists primarily of the difference between liabilities ceded and assets transferred as part of the reinsurance agreement and the closing ceding commission previously noted offset by a reduction in deferred policy acquisition costs associated with the in-force business ceded. The amortization of the deferred gain recognized in Other revenue in 2022 was $2.8 million. American Equity Life remains liable to policyholders with respect to the policy liabilities ceded to AeBe should AeBe fail to meet the obligations it has reinsured. The assets in the trusts and funds withheld account are required to remain at a value that is sufficient to support the current balance of policy benefit liabilities of the ceded business on a statutory basis. The assets in the trusts and funds withheld account are subject to investment management agreements between American Equity Life and 26North. The assets in the funds withheld account earned net investment income of $42.3 million during 2022, which is reflected within the Net investment income line in the Consolidated Statements of Operations and presented net of amounts earned for the benefit of the reinsurer. As of December 31, 2022, coinsurance deposits (aggregate policy benefits reserves transferred to AeBe under these agreements) were $4.2 billion. The balance due under these agreements to AeBe was $38.0 million which is recorded in Other liabilities at December 31, 2022. American Equity Life has the option to cede liabilities of certain single premium fixed deferred annuities, or policies as otherwise agreed to by parties issued after the treaty effective date, at risk adjusted pricing terms that may be acceptable to American Equity Life at that time. For flow business ceded, American Equity Life will receive an annual ceding commission over the term of the policy of up to 0.50% of the premium received. Amounts ceded to EquiTrust, Athene, North End Re and AeBe under these agreements are as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Consolidated Statements of Operations Annuity product charges $ 49,093 $ 20,351 $ 7,021 Change in fair value of derivatives (184,388) 140,641 43,080 $ (135,295) $ 160,992 $ 50,101 Interest sensitive and index product benefits $ 103,542 $ 303,035 $ 152,485 Change in fair value of embedded derivatives 81,907 (76,915) 4,352 Other operating costs and expenses 18,318 16,440 17,663 $ 203,767 $ 242,560 $ 174,500 Consolidated Statements of Cash Flows Annuity deposits $ (982,176) $ (424,819) $ (35,667) Cash payments to policyholders 1,029,667 984,260 466,311 $ 47,491 $ 559,441 $ 430,644 We calculate estimated losses on reinsurance recoverable balances by determining an expected loss ratio. The expected loss ratio is based on industry historical loss experience and expected recovery timing adjusted for certain current and forecasted environmental factors management believes to be relevant. Estimated losses related to our reinsurance recoverable balances were $8.7 million and $2.3 million as of December 31, 2022 and 2021, respectively. We monitor concentration of reinsurance risk with third party reinsurers and monitor concentration as well as financial strength ratings of our reinsurers. Financing Arrangements Effective April 1, 2019, we entered into a reinsurance agreement with Hannover Life Reassurance Company of America ("Hannover"), which was treated as reinsurance under statutory accounting practices and as a financing arrangement under GAAP. The statutory surplus benefit under this agreement was eliminated under GAAP and the associated charges were recorded as risk charges and included in Other operating costs and expenses in the Consolidated Statements of Operations. The 2019 Hannover Agreement was a coinsurance funds withheld reinsurance agreement for statutory purposes covering 80% of lifetime income benefit rider payments in excess of policy fund values and waived surrender charges related to penalty free withdrawals on certain business. We paid a quarterly risk charge based on the pretax statutory benefit as of the end of each calendar quarter. Risk charges attributable to our 2019 agreement with Hannover were $33.1 million and $44.7 million during 2021 and 2020, respectively. Effective October 1, 2021, we recaptured the 2019 Hannover agreement. Intercompany Reinsurance Agreements Effective October 1, 2021, American Equity Life entered into a reinsurance agreement with AEL Re Vermont, a wholly-owned captive reinsurance company, to cede a portion of lifetime income benefit rider payments in excess of policy fund values on a funds withheld basis ("The AEL Re Vermont Agreement"). In connection with the agreement, AEL Re Vermont entered into an excess of loss ("XOL") reinsurance agreement with Hannover to retrocede the lifetime income benefit rider payments in excess of the policy fund values ceded under the AEL Re Vermont Agreement after the funds withheld account balance is exhausted. AEL Re Vermont is permitted to carry the XOL treaty as an admitted asset on the AEL Re Vermont statutory balance sheet. The effects of this agreement are not accounted for as reinsurance as it does not satisfy the risk transfer requirements for GAAP. AEL Re Vermont incurred risk charges of $11.7 million and $2.8 million during the years ended December 31, 2022 and 2021, respectively, in relation to this XOL agreement with Hannover. The risk charges are included in Other operating costs and expenses in the Consolidated Statements of Operations. Effective December 31, 2021, American Equity Life executed a coinsurance agreement with AEL Re Bermuda, an affiliated Bermuda reinsurer, wholly-owned by American Equity Investment Life Holding Company, to reinsure a quota share of fixed index annuities issued from January 1, 1997 through December 31, 2007. The treaty is maintained on a funds withheld basis.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We file consolidated federal income tax returns that include all of our wholly-owned subsidiaries. Our income tax expense as presented in the consolidated financial statements is summarized as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Consolidated statements of operations: Current income taxes $ 20,209 $ 332 $ 3,430 Deferred income taxes 304,946 128,423 141,071 Total income tax expense included in consolidated statements of operations 325,155 128,755 144,501 Stockholders' equity: Expense (benefit) relating to: Adoption of expected credit loss model — — (2,543) Change in net unrealized investment losses (1,067,791) (90,284) 225,746 Total income tax expense included in consolidated financial statements $ (742,636) $ 38,471 $ 367,704 Income tax expense in the consolidated statements of operations differed from the amount computed at the applicable statutory federal income tax rates of 21% for the years ended December 31, 2022, 2021, and 2020 as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Income before income taxes $ 1,546,457 $ 602,747 $ 815,961 Income tax expense on income before income taxes $ 324,756 $ 126,577 $ 171,352 Tax effect of: State income taxes 2,564 5,239 5,749 Tax exempt net investment income (4,065) (4,715) (4,602) Tax rate differential on net operating loss carryback — — (30,041) Other 1,900 1,654 2,043 Income tax expense $ 325,155 $ 128,755 $ 144,501 Effective tax rate 21.0 % 21.4 % 17.7 % The effective tax rate for the year ended December 31, 2020 was positively impacted by $30.0 million related to the provision of the CARES ACT which allowed net operating losses for 2018 through 2020 to be carried back to previous tax years in which a 35% statutory tax rate was in effect. Deferred income tax assets or liabilities are established for temporary differences between the financial reporting amounts and tax bases of assets and liabilities that will result in deductible or taxable amounts, respectively, in future years. The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2022 and 2021, are as follows: December 31, 2022 2021 (Dollars in thousands) Deferred income tax assets: Policy benefit reserves $ — $ 524,412 Credit losses/impairments 10,531 15,275 Net unrealized losses on available for sale fixed maturity securities 578,476 — Amounts due reinsurer 1,047,159 745,839 Other policyholder funds 358 3,332 Deferred compensation 3,866 3,434 Share-based compensation 422 5,171 Net operating loss carryforwards 50,913 87,314 Other 71,682 1,140 Gross deferred tax assets 1,763,407 1,385,917 Deferred income tax liabilities: Deferred policy acquisition costs and deferred sales inducements (655,164) (1,170,859) Net unrealized gains on available for sale fixed maturity securities — (489,290) Derivative instruments (145,785) (107,717) Policy benefit reserves (566,100) (98,616) Investment income items (155,864) (56,285) Other (19,621) (5,124) Gross deferred tax liabilities (1,542,534) (1,927,891) Net deferred income tax asset (liability) $ 220,873 $ (541,974) Included in deferred income taxes is the expected income tax benefit attributable to unrealized losses on available for sale fixed maturity securities. There is no valuation allowance provided for the deferred income tax asset attributable to unrealized losses on available for sale fixed maturity securities. We have the intent and ability to hold these securities to maturity or recovery of value, whichever is sooner. Realization of our deferred income tax assets is more likely than not based on expectations as to our future taxable income and considering all other available evidence, both positive and negative. Therefore, no valuation allowance against deferred income tax assets has been established as of December 31, 2022 and 2021. There were no material income tax contingencies requiring recognition in our consolidated financial statements as of December 31, 2022. Our tax returns are subject to audit by various federal, state and local tax authorities. The Company's income tax returns are subject to examination by the IRS and state tax authorities, generally for three years after they are due or filed, whichever is later. Tax years ended before December 31, 2019 are no longer open to examination by the IRS.

Notes and Loan Payable

Notes and Loan Payable	12 Months Ended
Notes and Loan Payable	Dec. 31, 2022
Debt Disclosure [Abstract]
Notes and Loan Payable	Notes and Loan Payable Notes and loan payable includes the following: December 31, 2022 2021 (Dollars in thousands) Senior notes due 2027 Principal $ 500,000 $ 500,000 Unamortized debt issue costs (2,960) (3,537) Unamortized discount (178) (213) Term loan due 2027 Principal 300,000 — Principal paydown (3,750) — Unamortized debt issue costs (1,039) — $ 792,073 $ 496,250 On June 16, 2017, we issued $500 million aggregate principal amount of senior unsecured notes due 2027 which bear interest at 5.0% per year and will mature on June 15, 2027 (the “2027 Notes”). The 2027 Notes were issued at a $0.3 million discount, which is being amortized over the term of the 2027 Notes using the effective interest method. Contractual interest is payable semi-annually in arrears each June 15th and December 15th. The initial transaction fees and costs totaling $5.8 million were capitalized as deferred financing costs and are being amortized over the term of the 2027 Notes using the effective interest method. On February 15, 2022, we entered into a five

Subordinated Debentures

Subordinated Debentures	12 Months Ended
Subordinated Debentures	Dec. 31, 2022
Subordinated Borrowings [Abstract]
Subordinated Debentures	Subordinated Debentures Our wholly-owned subsidiary trust (which is not consolidated) has issued fixed rate and floating rate trust preferred securities and has used the proceeds from these offerings to purchase subordinated debentures from us. We also issued subordinated debentures to the trust in exchange for all of the common securities of the trust. The sole assets of the trust are the subordinated debentures and any interest accrued thereon. The interest payment dates on the subordinated debentures correspond to the distribution dates on the trust preferred securities issued by the trust. The trust preferred securities mature simultaneously with the subordinated debentures. Our obligations under the subordinated debentures and related agreements provide a full and unconditional guarantee of payments due under the trust preferred securities. Following is a summary of subordinated debt obligations to the trusts at December 31, 2022 and 2021: December 31, 2022 2021 Interest Rate Due Date (Dollars in thousands) American Equity Capital Trust II $ 78,753 $ 78,421 5% June 1, 2047 The principal amount of the subordinated debentures issued by us to American Equity Capital Trust II ("Trust II") is $100.0 million. These debentures were assigned a fair value of $74.7 million at the date of issue (based upon an effective yield-to-maturity of 6.8%). The difference between the fair value at the date of issue and the principal amount is being accreted over the life of the debentures. The trust preferred securities issued by Trust II were issued to Iowa Farm Bureau Federation, which owns a majority of FBL Financial Group, Inc. ("FBL"). The consideration received by Trust II in connection with the issuance of its trust preferred securities consisted of fixed income securities of equal value which were issued by FBL.

Retirement and Share-based Comp

Retirement and Share-based Compensation Plans	12 Months Ended
Retirement and Share-based Compensation Plans	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Retirement and Share-based Compensation Plans	Retirement and Share-based Compensation Plans We have adopted a contributory defined contribution plan which is qualified under Section 401(k) of the Internal Revenue Code. The plan covers substantially all of our full-time employees subject to minimum eligibility requirements. Employees can contribute a percentage of their annual salary (up to a maximum annual contribution of $20,500 in 2022, $19,500 in 2021 and $19,500 in 2020) to the plan. We contribute an additional amount, subject to limitations, based on the voluntary contribution of the employee. Further, the plan provides for additional employer contributions based on the discretion of the Board of Directors. Plan contributions charged to expense were $3.3 million, $2.7 million and $2.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. The following table summarizes compensation expense recognized for employees and directors as a result of share-based compensation: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) ESOP $ 4,152 $ 3,377 $ 2,908 Employee Incentive Plans 14,454 22,886 7,855 Director Equity Plans 1,053 1,262 1,056 $ 19,659 $ 27,525 $ 11,819 ESOP The principal purpose of the American Equity Investment Employee Stock Ownership Plan ("ESOP") is to provide each eligible employee with an equity interest in us. Employees become eligible once they have completed a minimum of six months of service. Employees become 100% vested after two years of service. Our contribution to the ESOP is determined by the Board of Directors. Employee Incentive Plans During 2020, the 2016 Employee Incentive Plan ("2016 Plan") was amended and renamed the American Equity Investment Life Holding Company Amended and Restated Equity Incentive Plan ("Amended Plan"). The Amended Plan increased the number of shares of Common stock reserved for issuance by 3,000,000 shares to 5,500,000 shares of our Common stock which may be issued in the form of grants of options, stock appreciation rights, restricted stock awards and restricted stock units. In addition, the Amended Plan allows for awards to be granted to members of the Board of Directors of the Company. At December 31, 2022, we had 776,516 shares of common stock available for future grant under the Amended Plan. We have a long-term performance incentive plan under which certain members of our management team are granted performance-based restricted stock units pursuant to the Amended Plan or the 2016 Plan. During 2022, 2021 and 2020, we granted 229,880, 186,091 and 217,781 restricted stock units under these plans, respectively. For the 2022 and 2021 grants, vesting is tied to threshold, target and maximum performance goals for the three three three During 2022, 2021 and 2020 we granted 159,494, 199,597 and 133,429, respectively, time-based restricted stock units to employees under the Amended Plan or the 2016 Plan. These grants vest one During 2022, 2021 and 2020, we granted 0, 391,553 and 105,809, respectively, options to employees under the Amended Plan or the 2016 Plan at an exercise price equal to the fair market value of our common stock on the date of grant. These options vest over a period of one During 2022, a strategic incentive award was approved under the Amended Plan in which the Chief Executive Officer has the opportunity to earn the value of up to 1.2 million shares of AEL common stock based upon attainment of specified significant sustained increases in AEL's common stock price on or before December 31, 2027. The award has four tranches with a share value objective for each tranche based on AEL's 30-day volume weighted average common stock price. Fifty percent of each tranche is paid in shares of AEL common stock, subject to a stay requirement up to 2 years, and fifty percent of each tranche is paid in cash upon attainment of the share value objective. The portion of the award payable in shares is accounted for as an equity award, and the portion of the award payable in cash is accounted for as a liability award. The fair value of both the equity award and liability award were calculated using a Monte Carlo simulation. Compensation expense is recognized over a service period which is the longer of the stay requirement, where applicable, or a derived service period calculated using a Monte Carlo simulation. There was $4.2 million of compensation expense recognized for the year ended December 31, 2022 for this award. During 2021 and 2020, we granted 855,052 and 709,958 performance-based options ("Performance Options") to employees under the Amended Plan at an exercise price equal to the fair market value of our common stock on the date of grant. These Performance Options vest based upon the timing of meeting the market condition of a 30-day volume weighted average common stock price of $37.00 per common share. Fifty percent of the Performance Options granted vest upon the later of: (i) the market condition noted above being met; and (ii) the one year anniversary of the Grant Date. The remaining fifty percent of the Performance Options granted vest on the one year anniversary of the vesting of the initial fifty percent of the Performance Options. The market condition for these performance options was met on January 4, 2022. Compensation expense for the Performance Options is recognized over the requisite service period. Director Equity Plans During 2022, 2021 and 2020, we issued 32,409, 39,273 and 51,450 shares of common stock under the Amended Plan to our Directors, all of which are restricted stock, and which vest on the earlier of the next annual meeting date or one year from the grant date provided the individual remains a Director during that time period. Changes in the number of stock options granted to employees outstanding during the years ended December 31, 2022, 2021 and 2020 are as follows: Number of Weighted-Average Total (Dollars in thousands, except per share data) Outstanding at January 1, 2020 828,913 $ 19.91 $ 16,506 Granted 815,767 26.70 21,778 Canceled (31,200) 21.50 (670) Exercised (355,563) 16.98 (6,038) Outstanding at December 31, 2020 1,257,917 25.10 31,576 Granted 1,246,605 29.15 36,336 Canceled (146,803) 25.44 (3,735) Exercised (295,000) 22.88 (6,749) Outstanding at December 31, 2021 2,062,719 27.84 57,428 Granted — — — Canceled (102,143) 27.49 (2,808) Exercised (173,782) 24.59 (4,273) Outstanding at December 31, 2022 1,786,794 28.18 $ 50,347 The following table summarizes information about stock options outstanding at December 31, 2022: Stock Options Outstanding Stock Options Vested Range of Exercise Prices Number of Remaining Weighted-Average Number of Remaining Weighted-Average $21.89 - $26.72 375,820 7.83 $ 26.07 126,224 8.01 $ 26.72 $27.05 - $32.58 1,410,974 8.10 28.74 606,322 8.09 28.71 $21.89 - $32.58 1,786,794 8.05 28.18 732,546 8.08 28.37 The aggregate intrinsic value for stock options outstanding and vested awards was $31.2 million and $12.6 million, respectively, at December 31, 2022. For the years ended December 31, 2022, 2021 and 2020, the total intrinsic value of options exercised by officers, directors and employees was $3.7 million, $1.2 million and $2.2 million, respectively. Intrinsic value for stock options is calculated as the difference between the exercise price of the underlying awards and the price of our common stock as of the reporting date. Cash received from stock options exercised for the years ended December 31, 2022, 2021 and 2020 was $4.3 million, $6.7 million and $6.0 million, respectively. During 2022, a new incentive plan was approved under which certain members of management are awarded an initial cash grant that can accumulate additional value based on the performance of certain private asset investments during the vesting period. The cash grant cliff three three

Statutory Financial Information

Statutory Financial Information and Dividend Restrictions	12 Months Ended
Statutory Financial Information and Dividend Restrictions	Dec. 31, 2022
Insurance [Abstract]
Statutory Financial Information and Dividend Restrictions	Statutory Financial Information and Dividend Restrictions Statutory accounting practices prescribed or permitted by regulatory authorities for our life insurance subsidiaries differ from GAAP. Net income (loss) for our primary life insurance subsidiary as determined in accordance with statutory accounting practices was as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) American Equity Life $ 151,857 $ (863,818) $ (34,467) Statutory capital and surplus for our primary life insurance subsidiary was as follows: December 31, 2022 2021 (Dollars in thousands) American Equity Life $ 3,692,602 $ 4,078,532 American Equity Life is domiciled in the State of Iowa and is regulated by the Iowa Insurance Division. In some instances, the Iowa Insurance Division has adopted prescribed or permitted statutory accounting practices that differ from the required accounting outlined in National Association of Insurance Commissioners ("NAIC") Statutory Accounting Principles ("SAP"). For the year ended December 31, 2022, American Equity Life's use of prescribed statutory accounting practices resulted in higher statutory capital and surplus of $83.0 million relative to NAIC SAP due to its accounting for call option derivative instruments and fixed index annuity reserves. For the year ended December 31, 2021, American Equity Life's use of the same prescribed statutory accounting practice resulted in lower statutory capital and surplus of $210.2 million. We purchase call options to hedge the growth in interest credited on fixed index products. The Iowa Insurance Division allows an insurer to elect (1) to use an amortized cost method to account for such call options and (2) to use a fixed index annuity reserve calculation methodology under which call options associated with the current index interest crediting term are valued at zero. Prior approval of regulatory authorities is required for the payment of dividends to the parent company by American Equity Life which exceed an annual limitation. American Equity Life may pay dividends without prior approval, unless such payments, together with all other such payments within the preceding twelve months, exceed the greater of (1) net gain from operations before net realized capital gains/losses for the preceding calendar year or, (2) 10% of the American Equity Life's surplus at the preceding year-end. The amount of dividends permitted to be paid by American Equity Life to its parent company without prior approval of regulatory authorities is $369.3 million as of December 31, 2022. The Parent Company relies on its subsidiaries for cash flow, which has primarily been in the form of investment management fees and dividends. Retained earnings in our consolidated financial statements primarily represent undistributed earnings of American Equity Life. As such, our ability to pay dividends is limited by the regulatory restriction placed upon insurance companies as described above. In addition, American Equity Life retains funds to allow for sufficient capital for growth.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We lease our office spaces and certain equipment under various operating leases. Rent expense for the years ended December 31, 2022, 2021 and 2020 totaled $5.2 million, $3.8 million and $4.2 million, respectively. At December 31, 2022, the aggregate future minimum lease payments are $28.5 million. The following represents payments due by period for operating lease obligations as of December 31, 2022 (dollars in thousands): Year Ending December 31: 2023 $ 3,792 2024 4,112 2025 3,985 2026 3,587 2027 2,014 2028 and thereafter 11,013 We are occasionally involved in litigation, both as a defendant and as a plaintiff. In addition, state and federal regulatory bodies, such as state insurance departments, the Securities and Exchange Commission ("SEC") and the Department of Labor, regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws and the Employee Retirement Income Security Act of 1974, as amended. In accordance with applicable accounting guidelines, we establish an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. As a litigation or regulatory matter is developing we, in conjunction with outside counsel, evaluate on an ongoing basis whether the matter presents a loss contingency that meets conditions indicating the need for accrual and/or disclosure, and if not, the matter will continue to be monitored for further developments. If and when the loss contingency related to litigation or regulatory matters is deemed to be both probable and estimable, we will establish an accrued liability with respect to that matter and will continue to monitor the matter for further developments that may affect the amount of the accrued liability. There can be no assurance that any pending or future litigation will not have a material adverse effect on our business, financial condition, or results of operations. In addition to our commitments to fund mortgage loans, we have unfunded commitments at December 31, 2022 to limited partnerships of $1.7 billion and to fixed maturity securities of $237.4 million. Through our FHLB membership, we have issued funding agreements to the FHLB in exchange for cash advances. As of December 31, 2022, we had $300.0 million of FHLB funding agreements outstanding. We are required to provide collateral in excess of the funding agreement amounts outstanding. The fixed maturity security investments pledged for collateral had a fair value of $1.2 billion at December 31, 2022.

Earnings Per Common Share and S

Earnings Per Common Share and Stockholders' Equity	12 Months Ended
Earnings Per Common Share and Stockholders' Equity	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Common Share and Stockholders' Equity	Earnings Per Common Share and Stockholders' Equity Earnings Per Common Share The following table sets forth the computation of earnings per common share and earnings per common share - assuming dilution: Year Ended December 31, 2022 2021 2020 (Dollars in thousands, except per share data) Numerator: Net income available to common stockholders - numerator for earnings per common share $ 1,177,269 $ 430,317 $ 637,945 Denominator : Weighted average common shares outstanding 90,558,121 93,860,378 92,055,035 Effect of dilutive securities: Stock options and deferred compensation agreements 523,248 271,422 93,014 Restricted stock and restricted stock units 456,759 359,359 244,447 Denominator for earnings per common share - assuming dilution 91,538,128 94,491,159 92,392,496 Earnings per common share $ 13.00 $ 4.58 $ 6.93 Earnings per common share - assuming dilution $ 12.86 $ 4.55 $ 6.90 There were no options to purchase shares of our common stock outstanding excluded from the computation of diluted earnings per common share during the years ended December 31, 2022, 2021 and 2020, as the exercise price of all options outstanding was less than the average market price of our common shares for those periods. Stockholders' Equity On June 10, 2020, we issued 12,000 shares of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B ("Series B") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $290.3 million. On November 21, 2019 we issued 16,000 shares of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A ("Series A") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $388.9 million. Dividends on the Series A and Series B preferred stock are payable on a non-cumulative basis only when, as and if declared, quarterly in arrears on the first day of March, June, September and December of each year, commencing on March 1, 2020 for Series A and on December 1, 2020 for Series B. For the year ended December 31, 2022, 2021, and 2020, we paid dividends totaling $23.8 million, $23.8 million, and $24.5 million, respectively, for Series A preferred stock and $19.9 million, $19.9 million, and $9.0 million, respectively, for Series B preferred stock. 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 would acquire up to a 19.9% ownership interest of common stock in the Company. The equity investment by Brookfield took 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 an additional 6,775,000 shares which were issued to Brookfield at $37.33 per share in January of 2022, resulting in total ownership of approximately 16%. Brookfield also received the right to nominate one candidate for the Company’s Board of Directors following the initial equity investment. Share Repurchase Program As part of a share repurchase program, the Company's Board of Directors approved the repurchase of Company common stock of $500 million on October 18, 2020, an additional $500 million on November 19, 2021, and an additional $400 million on November 11, 2022. The share repurchase program has offset dilution from the issuance of shares to Brookfield, and its purpose remains to institute a regular cash return program for shareholders. From the 2020 inception of the share repurchase program through December 31, 2022, we have repurchased approximately 23.9 million shares of our common stock at an average price of $34.74 per common share, including 14.8 million shares repurchased during the year ended December 31, 2022. As of December 31, 2022, we had $569 million remaining under our share repurchase program. Treasury Stock As of December 31, 2022, we held 24,590,353 shares of treasury stock with a carrying value of $823.1 million. As of December 31, 2021, we held 9,936,715 shares of treasury stock with a carrying value of $260.6 million.

Schedule I - Summary of Investm

Schedule I - Summary of Investments - Other Than Investments in Related Parties	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]
Schedule I - Summary of Investments - Other Than Investments in Related Parties	Schedule I—Summary of Investments— Other Than Investments in Related Parties AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY December 31, 2022 Column A Column B Column C Column D Type of Investment Amortized Fair Amount at (Dollars in thousands) Fixed maturity securities: Available for sale: U.S. Government and agencies $ 173,638 $ 169,071 $ 169,071 States, municipalities and territories 4,356,251 3,822,982 3,822,982 Foreign corporate securities and foreign governments 748,770 676,852 676,852 Corporate securities 27,706,440 24,161,921 24,161,921 Residential mortgage backed securities 1,492,242 1,377,611 1,377,611 Commercial mortgage backed securities 4,098,755 3,687,478 3,687,478 Other asset backed securities 6,289,923 5,908,702 5,908,702 Total fixed maturity securities 44,866,019 39,804,617 39,804,617 Mortgage loans on real estate 6,949,027 6,502,463 6,949,027 Real estate investments 1,053,569 1,056,063 1,056,063 Derivative instruments 425,097 431,727 431,727 Limited partnerships and limited liability companies 1,266,779 1,266,779 Other investments 1,818,144 1,817,085 Total investments $ 56,378,635 $ 51,325,298 (1) On the basis of cost adjusted for repayments and amortization of premiums and accrual of discounts for fixed maturity securities and short-term investments, unpaid principal balance less allowance for credit losses for mortgage loans, original cost reduced by impairments and/or depreciation for real estate investments, amortized cost for derivative instruments and original cost adjusted for equity in earnings and distributions for limited partnerships and limited liability companies. See accompanying Report of Independent Registered Public Accounting Firm.

Schedule II - Condensed Financi

Schedule II - Condensed Financial Information of Registrant	12 Months Ended
Schedule II - Condensed Financial Information of Registrant	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Schedule II - Condensed Financial Information of Registrant	December 31, 2022 2021 Assets Cash and cash equivalents $ 531,347 $ 362,245 Equity securities of subsidiary trusts 2,360 2,353 Receivable from subsidiaries 8,868 2,783 Notes receivable from subsidiaries 85,654 165,000 Federal income tax recoverable, including amount from subsidiaries 267,076 217,174 Other assets 33,990 20,134 929,295 769,689 Investment in and advances to subsidiaries 3,437,579 6,387,912 Total assets $ 4,366,874 $ 7,157,601 Liabilities and Stockholders' Equity Liabilities: Notes and loan payable $ 792,073 $ 496,250 Subordinated debentures payable to subsidiary trusts 78,753 78,421 Deferred income taxes 268,639 223,304 Other liabilities 58,186 36,499 Total liabilities 1,197,651 834,474 Stockholders' equity: Preferred stock, Series A 16 16 Preferred stock, Series B 12 12 Common stock 84,810 92,514 Additional paid-in capital 1,325,316 1,614,374 Accumulated other comprehensive income (loss) (2,155,055) 1,848,789 Retained earnings 3,914,124 2,767,422 Total stockholders' equity attributable to American Equity Investment Life Holding Company 3,169,223 6,323,127 Total liabilities and stockholders' equity $ 4,366,874 $ 7,157,601 See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. Year Ended December 31, 2022 2021 2020 Revenues: Net investment income $ 6,733 $ 114 $ 1,115 Dividends from subsidiary trusts 155 159 167 Dividends from subsidiaries 325,000 250,000 — Investment advisory fees 110,094 126,643 114,228 Surplus note interest from subsidiary 4,080 4,080 4,080 Change in fair value of derivatives — — 62 Loss on extinguishment of debt — — (2,024) Other revenue 19,153 8,511 346 Total revenues 465,215 389,507 117,974 Expenses: Interest expense on notes and loan payable 32,098 25,581 25,552 Interest expense on subordinated debentures issued to subsidiary trusts 5,331 5,324 5,557 Other operating costs and expenses 114,792 72,435 46,686 Total expenses 152,221 103,340 77,795 Income before income taxes and equity in undistributed income of subsidiaries 312,994 286,167 40,179 Income tax expense (benefit) (1,067) 11,565 13,142 Income before equity in undistributed income of subsidiaries 314,061 274,602 27,037 Equity in undistributed income of subsidiaries 906,883 199,390 644,423 Net income available to American Equity Investment Life Holding Company stockholders 1,220,944 473,992 671,460 Less: Preferred stock dividends 43,675 43,675 33,515 Net income available to American Equity Investment Life Holding Company common stockholders $ 1,177,269 $ 430,317 $ 637,945 See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. Year Ended December 31, 2022 2021 2020 Operating activities Net income available to American Equity Investment Life Holding Company stockholders $ 1,220,944 $ 473,992 $ 671,460 Adjustments to reconcile net income to net cash provided by operating activities: Provision for depreciation and amortization 4,925 1,232 1,138 Accrual of discount on equity security (7) (10) (3) Equity in undistributed income of subsidiaries (906,883) (199,390) (644,423) Non cash dividend from subsidiaries — (80,000) — Change in fair value of derivatives — — (62) Loss on extinguishment of debt — — 2,024 Accrual of discount on debenture issued to subsidiary trust 332 309 289 Share-based compensation 6,023 10,235 3,303 Deferred income taxes 45,335 222,714 6,408 Changes in operating assets and liabilities: Receivable from subsidiaries (6,085) (365) (1,208) Federal income tax recoverable/payable (49,902) (222,569) (3,879) Other assets (16,363) (5,054) (320) Other liabilities 21,687 21,819 7,617 Net cash provided by operating activities 320,006 222,913 42,344 Investing activities Change in notes receivable from subsidiaries 79,346 (165,000) — Repayment of equity securities — — 2,445 Contribution to subsidiaries (137,002) — (210,000) Purchases of property, plant and equipment (1,432) (12,642) (48) Net cash used in investing activities (59,088) (177,642) (207,603) Financing activities Financing fees incurred and deferred (1,235) — — Repayment of loan payable (3,750) — — Proceeds from issuance of loan payable 300,000 — — Repayment of subordinated debentures — — (81,450) Proceeds from issuance of common stock 253,978 4,844 338,061 Acquisition of treasury stock (566,567) (99,415) (165,094) Proceeds from issuance of preferred stock, net — — 290,260 Dividends paid on common stock (30,567) (31,450) (28,859) Dividends paid on preferred stock (43,675) (43,675) (33,515) Net cash provided by (used in) financing activities (91,816) (169,696) 319,403 Increase (decrease) in cash and cash equivalents 169,102 (124,425) 154,144 Cash and cash equivalents at beginning of year 362,245 486,670 332,526 Cash and cash equivalents at end of year $ 531,347 $ 362,245 $ 486,670 Supplemental disclosures of cash flow information Cash paid during the year for: Interest on notes and loan payable $ 31,288 $ 25,000 $ 25,000 Interest on subordinated debentures 5,000 5,000 6,181 See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. 1. Basis of Presentation The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of American Equity Investment Life Holding Company (Parent Company). In the Parent Company financial statements, its investment in and advances to subsidiaries are stated at cost plus equity in undistributed income (losses) of subsidiaries since the date of acquisition and net unrealized gains/losses on the subsidiaries' fixed maturity securities classified as "available for sale" and equity securities. See Note 10- Notes and Loan Payable and Note 11 - Subordinated Debentures to our audited consolidated financial statements in this Form 10-K for a description of the Parent Company's notes payable and subordinated debentures payable to subsidiary trusts.

Schedule III - Supplementary In

Schedule III - Supplementary Insurance Information	12 Months Ended
Schedule III - Supplementary Insurance Information	Dec. 31, 2022
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Schedule III - Supplementary Insurance Information	Schedule III—Supplementary Insurance Information AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY Column A Column B Column C Column D Column E Deferred policy Future policy Unearned Other policy (Dollars in thousands) As of December 31, 2022: Life insurance $ 3,562,075 $ 61,118,134 $ — $ 512,790 As of December 31, 2021: Life insurance $ 2,222,769 $ 65,477,778 $ — $ 226,844 As of December 31, 2020: Life insurance $ 2,225,199 $ 62,352,882 $ — $ 240,904 Column A Column F Column G Column H Column I Column J Premium Net Benefits, Amortization Other (Dollars in thousands) For the year ended December 31, 2022: Life insurance $ 250,093 $ 2,307,463 $ (1,023,301) $ 615,300 $ 277,045 For the year ended December 31, 2021: Life insurance $ 300,833 $ 2,037,475 $ 2,543,779 $ 268,328 $ 274,617 For the year ended December 31, 2020: Life insurance $ 290,609 $ 2,182,078 $ 744,389 $ 649,554 $ 214,745 See accompanying Report of Independent Registered Public Accounting Firm.

Schedule IV - Reinsurance

Schedule IV - Reinsurance	12 Months Ended
Schedule IV - Reinsurance	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Schedule IV - Reinsurance	Schedule IV—Reinsurance AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY Column A Column B Column C Column D Column E Column F Gross amount Ceded to Assumed Net amount Percent of (Dollars in thousands) Year ended December 31, 2022 Life insurance in force, at end of year $ 44,003 $ 4,761 $ 43,607 $ 82,849 52.63 % Insurance premiums and other considerations: Annuity product charges $ 279,447 $ 49,093 $ — $ 230,354 — Traditional life, accident and health insurance, and life contingent immediate annuity premiums 19,660 91 170 19,739 0.86 % $ 299,107 $ 49,184 $ 170 $ 250,093 0.07 % Year ended December 31, 2021 Life insurance in force, at end of year $ 48,943 $ 5,131 $ 46,119 $ 89,931 51.28 % Insurance premiums and other considerations: Annuity product charges $ 262,982 $ 20,351 $ — $ 242,631 — Traditional life, accident and health insurance, and life contingent immediate annuity premiums 58,150 117 169 58,202 0.29 % $ 321,132 $ 20,468 $ 169 $ 300,833 0.06 % Year ended December 31, 2020 Life insurance in force, at end of year $ 52,234 $ 5,925 $ 49,577 $ 95,886 51.70 % Insurance premiums and other considerations: Annuity product charges $ 258,248 $ 7,021 $ — $ 251,227 — Traditional life, accident and health insurance, and life contingent immediate annuity premiums 39,323 139 198 39,382 0.50 % $ 297,571 $ 7,160 $ 198 $ 290,609 0.07 % See accompanying Report of Independent Registered Public Accounting Firm.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Consolidation, Policy	Consolidation and Basis of Presentation The consolidated financial statements include our accounts and our wholly-owned subsidiaries: American Equity Life, American Equity Life of New York, Eagle Life, AERL, L.C., AE Capital, LLC., American Equity Investment Properties, L.C., High Trestle Investment Management, LLC., AEL RE Vermont, Inc., AEL Re Bermuda, Ltd, NC Securities Holdco, LLC, AEL Financial Services, LLC, and North Wolf Bay Holdings, LLC. All significant intercompany accounts and transactions have been eliminated. In addition, our consolidated financial statements include variable interest entities ("VIE"s) in which we are the primary beneficiary. 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 5 – Variable Interest Entities .
Basis of Accounting, Policy	Consolidation and Basis of Presentation The consolidated financial statements include our accounts and our wholly-owned subsidiaries: American Equity Life, American Equity Life of New York, Eagle Life, AERL, L.C., AE Capital, LLC., American Equity Investment Properties, L.C., High Trestle Investment Management, LLC., AEL RE Vermont, Inc., AEL Re Bermuda, Ltd, NC Securities Holdco, LLC, AEL Financial Services, LLC, and North Wolf Bay Holdings, LLC. All significant intercompany accounts and transactions have been eliminated. In addition, our consolidated financial statements include variable interest entities ("VIE"s) in which we are the primary beneficiary. 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 5 – Variable Interest Entities .
Estimates and Assumptions, Policy	Estimates and Assumptions The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are utilized in the calculation of deferred policy acquisition costs, deferred sales inducements, policy benefit reserves, including the liability for lifetime income benefit riders and the fair value of embedded derivatives in fixed index annuity contracts, valuation of derivatives, valuation of investments, valuation of real estate, allowances for credit losses on available-for-sale fixed maturity securities, allowances for loan losses on mortgage loans and valuation allowances on deferred tax assets. A description of each critical estimate is incorporated within the discussion of the related accounting policies which follow. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized.
Investments, Policy	Investments Fixed maturity securities (bonds maturing more than one year after issuance) that may be sold prior to maturity are classified as available for sale. Available for sale securities are reported at fair value and unrealized gains and losses, if any, on these securities are included directly in a separate component of stockholders' equity, net of income taxes and certain adjustments for assumed changes in amortization of deferred policy acquisition costs, deferred sales inducements and policy benefit reserves. Fair values, as reported herein, of fixed maturity securities are based on quoted market prices in active markets when available, or for those fixed maturity securities not actively traded, yield data and other factors relating to instruments or securities with similar characteristics are used. See Note 2 - Fair Value of Financial Instruments for more information on the determination of fair value. Premiums and discounts are amortized/accrued using methods which result in a constant yield over the securities' expected lives. Amortization/accrual of premiums and discounts on residential and commercial mortgage backed securities incorporate prepayment assumptions to estimate the securities' expected lives. Interest income is recognized as earned. Available-for-sale fixed maturity securities are subject to an allowance for credit loss and changes in the allowance are reported in net income as a component of net realized losses on investments. See Note 3 - Investments for further discussion of the allowance for credit losses on available-for-sale fixed maturity securities. Mortgage loans on real estate are reported at cost adjusted for amortization of premiums and accrual of discounts and net of valuation allowances. Interest income is recorded when earned; however, interest ceases to accrue for loans on which interest is more than 90 days past due based upon contractual terms and/or when the collection of interest is not considered probable. Interest income on impaired loans is recorded on a cash basis. Any changes in the loan valuation allowances are reported in net realized losses on investments. See Note 4 - Mortgage Loans on Real Estate for further discussion of the valuation allowance on the mortgage loan portfolios. Beginning in 2021, we held residential real estate investments through consolidation of an investment company VIE. As this is an investment company VIE, the 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 investments are initially based on the cost to purchase the properties and subsequently based on a discounted cash flow methodology. See Note 2 – 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. Beginning in 2022, we held a commercial real estate investment in the ultra-luxury hospitality sector through consolidation of a VIE that is not an investment company. The commercial real estate investment is held at depreciated cost and was initially held at the cost to purchase the property. Our limited partnerships and limited liability companies are accounted for either using the equity method of accounting, NAV as a practical expedient, or fair value. For our equity method investments, we record our share of earnings and losses of the limited partnership or limited liability company as a component of net investment income. Our consolidated limited partnerships are measured using NAV as a practical expedient, as the investments do not have a readily determinable fair value and the investments are in an investment company within scope of Topic 946. Our consolidated real estate limited liability companies are fair valued on a recurring basis using the methods described in Note 2 – Fair Values of Financial Instruments . For all of our limited partnerships and limited liability company investments, recognition of income is reported on a quarter lag due to the availability of the related financial statements of the limited partnerships and limited liability companies. Other invested assets include company owned life insurance, equity securities, short-term debt securities with maturities of greater than three months but less than twelve months when purchased, and short-term loans and collateral loans with maturities less than one year. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the end of the reporting period, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Dividends are recognized when declared. Realized gains and losses on sales of investments are determined on the basis of specific identification based on the trade date. 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 pertinent facts and circumstances surrounding each security. Where the decline in fair value of debt securities is attributable to changes in market interest rates or to factors such as market volatility, liquidity and spread widening, and we anticipate recovery of all contractual or expected cash flows, we do not consider these investments to have credit loss because we do not intend to sell these investments and it is not more likely than not we will be required to sell these investments before a recovery of amortized cost, which may be maturity. If we intend to sell a debt security or if it is more likely than not that we will be required to sell a debt security before recovery of its amortized cost basis, credit loss has occurred and the difference between amortized cost and fair value will be recognized as a loss in operations. If we do not intend to sell and it is not more likely than not we will be required to sell the debt security but also do not expect to recover the entire amortized cost basis of the security, a credit loss would be recognized in operations for the amount of the expected credit loss. We determine the amount of expected credit loss by calculating the present value of the cash flows expected to be collected discounted at each security's acquisition yield based on our consideration of whether the security was of high credit quality at the time of acquisition. The difference between the present value of expected future cash flows and the amortized cost basis of the security is the amount of credit loss recognized in operations. The recognized credit loss is limited to the total unrealized loss on the security (i.e., the fair value floor). The determination of the credit loss component of a mortgage backed security is based on a number of factors. The primary consideration in this evaluation process is the issuer's ability to meet current and future interest and principal payments as contractually stated at time of purchase. Our review of these securities includes an analysis of the cash flow modeling under various default scenarios considering independent third party benchmarks, the seniority of the specific tranche within the structure of the security, the composition of the collateral and the actual default, loss severity and prepayment experience exhibited. With the input of third party assumptions for default projections, loss severity and prepayment expectations, we evaluate the cash flow projections to determine whether the security is performing in accordance with its contractual obligation. We utilize models from a leading structured product software specialist serving institutional investors. These models incorporate each security's seniority and cash flow structure. In circumstances where the analysis implies a potential for principal loss at some point in the future, we use the "best estimate" cash flow projection discounted at the security's effective yield at acquisition to determine the amount of our potential credit loss associated with this security. The discounted expected future cash flows equates to our expected recovery value. Any shortfall of the expected recovery when compared to the amortized cost of the security will be recorded as credit loss. The determination of the credit loss component of a corporate bond is based on the underlying financial performance of the issuer and their ability to meet their contractual obligations. Considerations in our evaluation include, but are not limited to, credit rating changes, financial statement and ratio analysis, changes in management, significant changes in credit spreads, breaches of financial covenants and a review of the economic outlook for the industry and markets in which they trade. In circumstances where an issuer appears unlikely to meet its future obligation, an estimate of credit loss is determined. Credit loss is calculated using default probabilities as derived from the credit default swaps markets in conjunction with recovery rates derived from independent third party analysis or a best estimate of credit loss. This credit loss rate is then incorporated into a present value calculation based on an expected principal loss in the future discounted at the yield at the date of purchase and compared to amortized cost to determine the amount of credit loss associated with the security. We do not measure a credit loss allowance on accrued interest receivable as we write off any accrued interest receivable balance to net investment income in a timely manner when we have concerns regarding collectability. Amounts on available for sale fixed maturities that are deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if we intend to sell a security or when it is more likely than not we will be required to sell the security before the recovery of its amortized cost.
Derivative Instruments, Policy	Derivative Instruments Our derivative instruments include call options used to fund fixed index annuity credits and interest rate swaps which were designated as fair value hedges. Our call option derivative instruments are recognized in the balance sheet at fair value and changes in fair value are recognized immediately in operations. A fair value hedge is a hedge of the exposure to changes in the fair value of a recognized asset or liability, or of an unrecognized firm commitment, that are attributable to a particular risk. The accounting for a fair value hedge is determined at hedge inception. Hedge accounting can be applied if, at inception, and throughout the hedging period, the changes in the fair value of the derivative are highly effective at offsetting the changes in fair value of the hedged asset, liability or unrecognized firm commitment that are attributable to the risk being hedged. When hedge accounting is applied, the change in fair value of the hedged asset, liability or unrecognized firm commitment attributable to the hedged risk are reported in the same line item in the Consolidated Statements of Operations as the changes in fair value of the derivative instrument. For fair value hedges of fixed maturity securities, the change in fair value attributable to the risk being hedged is recognized in the Change in fair value of derivatives line item of the Consolidated Statements of Operations. For any change in fair value of our interest rate swaps that are excluded from hedge effectiveness, we have elected to recognize the change immediately in earnings rather than amortizing over the life of the hedge. At hedge inception, we formally document our risk management objective and strategy for entering into hedging relationships for any fair value hedge. We also quantitatively test for hedge effectiveness using statistical regression analysis on both a prospective and retrospective basis. The results of the testing determine whether we have a highly effective hedging relationship and can apply hedge accounting. Prior to the redemption of our floating rate subordinated debentures in 2020, our derivative instruments also included an interest rate swap and interest rate caps which were used to manage interest rate risk associated with the floating rate component on certain of our subordinated debentures. These interest rate swaps and interest rate caps were recognized in the balance sheet at fair value and changes in fair value were recognized immediately in operations. See Note 6 - Derivative Instruments for more information on derivative instruments.
Cash and Cash Equivalents, Policy	Cash and Cash Equivalents We consider all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Book Overdrafts Under our cash management system, checks issued but not yet presented to banks frequently result in overdraft balances for accounting purposes and are classified as Other liabilities on our consolidated balance sheets. We report the changes in the amount of the overdraft balance as a financing activity in our consolidated statement of cash flows as Change in checks in excess of cash balance.
Deferred Policy Acquisition Costs, Policy	Deferred Policy Acquisition Costs and Deferred Sales Inducements For annuity products, these costs are being amortized in proportion to actual and expected gross profits. Actual and expected gross profits include the excess of net investment income earned over the interest credited or the cost of providing index credits to the policyholders, or the "investment spread"; and to a lesser extent, product charges and fees net of expected excess payments for lifetime income benefit riders and certain policy expenses. Actual and expected gross profits for fixed index annuities also include the impact of amounts recorded for the change in fair value of derivatives and the change in fair value of embedded derivatives. Current period amortization is adjusted retrospectively through an unlocking process when estimates of actual and expected gross profits (including the impact of net realized gains (losses) on investments) to be realized from a group of products are revised. Deferred policy acquisition costs and deferred sales inducements are also adjusted for the change in amortization that would have occurred if available for sale fixed maturity securities had been sold at their aggregate fair value at the end of the reporting period and the proceeds reinvested at current yields. The impact of this adjustment is included in accumulated other comprehensive income (loss) within consolidated stockholders' equity, net of applicable taxes. See Note 7 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders for more information on deferred policy acquisition costs and deferred sales inducements.
Deferred Sales Inducements, Policy	Deferred Policy Acquisition Costs and Deferred Sales Inducements For annuity products, these costs are being amortized in proportion to actual and expected gross profits. Actual and expected gross profits include the excess of net investment income earned over the interest credited or the cost of providing index credits to the policyholders, or the "investment spread"; and to a lesser extent, product charges and fees net of expected excess payments for lifetime income benefit riders and certain policy expenses. Actual and expected gross profits for fixed index annuities also include the impact of amounts recorded for the change in fair value of derivatives and the change in fair value of embedded derivatives. Current period amortization is adjusted retrospectively through an unlocking process when estimates of actual and expected gross profits (including the impact of net realized gains (losses) on investments) to be realized from a group of products are revised. Deferred policy acquisition costs and deferred sales inducements are also adjusted for the change in amortization that would have occurred if available for sale fixed maturity securities had been sold at their aggregate fair value at the end of the reporting period and the proceeds reinvested at current yields. The impact of this adjustment is included in accumulated other comprehensive income (loss) within consolidated stockholders' equity, net of applicable taxes. See Note 7 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders for more information on deferred policy acquisition costs and deferred sales inducements.
Policy Benefit Reserves, Policy	Policy Benefit Reserves Policy benefit reserves for fixed index annuities with returns linked to the performance of a specified market index are equal to the sum of the fair value of the embedded derivatives and the host (or guaranteed) component of the contracts. The host value is established at inception of the contract and accreted over the policy's life at a constant rate of interest. Future policy benefit reserves for fixed index annuities earning a fixed rate of interest and other deferred annuity products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. For the years ended December 31, 2022, 2021 and 2020, interest crediting rates for these products ranged from 1.45% to 2.65%. The liability for lifetime income benefit riders is based on the actual and present value of expected benefit payments to be paid in excess of projected policy values recognizing the excess over the expected lives of the underlying policies based on the actual and present value of expected assessments including investment spreads, product charges and fees. The inputs used in the calculation of the liability for lifetime income benefit riders include actual policy values, actual income account values, actual payout factors, actual roll-up rates and our best estimate assumptions for future policy growth, expected utilization of lifetime income benefit riders, which includes the ages at which policyholders are expected to elect to begin to receive lifetime income benefit payments and the percentage of policyholders who elect to receive lifetime income benefit payments, the type of income benefit payments selected upon election and future assumptions for lapse, partial withdrawal and mortality rates. See Note 7 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders for more information on lifetime income benefit rider reserves. Policy benefit reserves are not reduced for amounts ceded under coinsurance agreements which are reported as coinsurance deposits on our consolidated balance sheets. See Note 8 - Reinsurance and Policy Provisions for more information on reinsurance.
Deferred Income Taxes, Policy	Deferred Income Taxes Deferred income tax assets or liabilities are computed based on the temporary differences between the financial statement and income tax bases of assets and liabilities using the enacted marginal tax rate. The effect on deferred income tax assets and liabilities resulting from a change in the enacted marginal tax rate is recognized in income in the period that includes the enactment date. Deferred income tax expenses or benefits are based on the changes in the asset or liability from period to period. Deferred income tax assets are subject to ongoing evaluation of whether such assets will more likely than not be realized. The realization of deferred income tax assets primarily depends on generating future taxable income during the periods in which temporary differences become deductible. Deferred income tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. In making such a determination, all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations, is considered. The realization of deferred income tax assets related to unrealized losses on available-for-sale fixed maturity securities is also based upon our intent and ability to hold those securities for a period of time sufficient to allow for a recovery in fair value and not realize the unrealized loss. See Note 9 - Income Taxes for more information on deferred income taxes.
Recognition of Premium Revenues and Costs, Policy	Recognition of Premium Revenues and Costs Revenues for annuity products include surrender and living income benefit rider charges assessed against policyholder account balances during the period. Interest sensitive and index product benefits related to annuity products include interest credited or index credits to policyholder account balances pursuant to accounting by insurance companies for certain long-duration contracts. The change in fair value of the embedded derivatives for fixed index annuities equals the change in the difference between policy benefit reserves for fixed index annuities computed under the derivative accounting standard and the long-duration contracts accounting standard at each balance sheet date. Considerations from immediate annuities and supplemental contract annuities with life contingencies are recognized as revenue when the policy is issued. All insurance-related revenues, including the change in the fair value of derivatives for call options related to the business ceded under coinsurance agreements (see Note 8 - Reinsurance and Policy Provisions ), benefits, losses and expenses are reported net of reinsurance ceded. Revenue and fees associated with reinsurance agreements (see Note 8 - Reinsurance and Policy Provisions ) are recognized in Other revenue when earned over the life of the reinsured policies or when service is performed.
Other Comprehensive Income (Loss), Policy	Other Comprehensive Income (Loss) Other comprehensive income (loss) includes all changes in stockholders' equity during a period except those resulting from investments by and distributions to stockholders. Other comprehensive income (loss) excludes net realized investment gains (losses) included in net income which represents transfers from unrealized to realized gains and losses.
Reclassifications, Policy	Reclassifications Certain amounts in the prior years' consolidated financial statements and related footnotes thereto have been reclassified to conform with the current year presentation.
Adopted and New Accounting Pronouncements, Policy	Adopted Accounting Pronouncements 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 with the change in fair value recognized in net income excluding the change in fair value related to our own-credit risk which is recognized in AOCI and simplifying the method used to amortize deferred policy acquisition costs and deferred sales inducements to a constant level 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 January 1, 2023, the transition date (the remeasurement date) is January 1, 2021. We will adopt the guidance on a modified retrospective basis related to the future policy benefit and deferred acquisition costs. The guidance for market risk benefits will be applied retrospectively. While we continue to evaluate the impact of adopting this standard, we expect the adoption to have a material impact to our financial condition, results of operations, statements of cash flows, and disclosures. The estimated impact to stockholders' equity at January 1, 2021 is an increase between $1.5 billion and $2.0 billion, with most of this impact reflected in accumulated other comprehensive income ("AOCI"). The impact to retained earnings is expected to be less than $100.0 million. The most significant drivers of the transition adjustment include changes related to MRBs including the impacts of our own-credit risk adjustment and removal of the deferred acquisition cost, deferred sales inducement, and policy benefit reserve balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on available for sale fixed maturity securities.
Fair Value of Financial Instruments, Policy	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. NAV – Our consolidated limited partnership funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the investment fund financial statements and is recorded on a quarter lag due to the timing of when financial statements are available.
Mortgage Loans on Real Estate, Loan Valuation Allowance, Policy	Loan Valuation Allowance We establish a valuation allowance to provide for the risk of credit losses inherent in our mortgage loan portfolios. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost, which excludes accrued interest receivable. We do not measure a credit loss allowance on accrued interest receivable as we write off any uncollectible accrued interest receivable balances to net investment income in a timely manner. We did not charge off any uncollectible accrued interest receivable on our commercial, agricultural or residential mortgage loan portfolios for the years ended December 31, 2022 or 2021, respectively.
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 Real estate 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. There is no real estate in which ownership of the property was taken to satisfy an outstanding loan held in Real estate investments as of December 31, 2022 or December 31, 2021. 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 nonperforming when they become 90 days or more past due. When loans become nonperforming, we place them on non-accrual status and discontinue recognizing interest income. If payments are received on a nonperforming 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 nonperforming loan back to less than 90 days past due, we will resume accruing interest income on that loan. There were 59 loans in non-accrual status at December 31, 2022 and 13 loans in non-accrual status at December 31, 2021. During the years ended December 31, 2022 and 2021, we recognized interest income of $670 thousand and $36 thousand, respectively, on loans which were in non-accrual status at the respective period end. During the year ended December 31, 2020 we recognized no interest income on loans which were in non-accrual status at the respective period end.
Mortgage Loans on Real Estate, Troubled Debt Restructuring, Policy	A Troubled Debt Restructuring ("TDR") is a situation where we have granted a concession to a borrower for economic or legal reasons related to the borrower's financial difficulties that we would not otherwise consider. A mortgage loan that has been granted new terms, including workout terms as described previously, would be considered a TDR if it meets conditions that would indicate a borrower is experiencing financial difficulty and the new terms constitute a concession on our part. We analyze all loans where we have agreed to workout terms and all loans that we have refinanced to determine if they meet the definition of a TDR. We consider the following factors in determining whether or not a borrower is experiencing financial difficulty: • borrower is in default, • borrower has declared bankruptcy, • there is growing concern about the borrower's ability to continue as a going concern, • borrower has insufficient cash flows to service debt, • borrower's inability to obtain funds from other sources, and • there is a breach of financial covenants by the borrower. If the borrower is determined to be in financial difficulty, we consider the following conditions to determine if the borrower is granted a concession: • assets used to satisfy debt are less than our recorded investment, • interest rate is modified, • maturity date extension at an interest rate less than market rate, • capitalization of interest, • delaying principal and/or interest for a period of three months or more, and • partial forgiveness of the balance or charge-off.
Commitments and Contingencies, Policy	In accordance with applicable accounting guidelines, we establish an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. As a litigation or regulatory matter is developing we, in conjunction with outside counsel, evaluate on an ongoing basis whether the matter presents a loss contingency that meets conditions indicating the need for accrual and/or disclosure, and if not, the matter will continue to be monitored for further developments. If and when the loss contingency related to litigation or regulatory matters is deemed to be both probable and estimable, we will establish an accrued liability with respect to that matter and will continue to monitor the matter for further developments that may affect the amount of the accrued liability.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
Significant Accounting Policies (Tables)	Dec. 31, 2022
Accounting Policies [Abstract]
Annuity Deposits (Net of Coinsurance), By Product Type	Annuity deposits (net of coinsurance) collected in 2022, 2021 and 2020, by product type were as follows: Year Ended December 31, Product Type 2022 2021 2020 (Dollars in thousands) Fixed index annuities $ 2,202,688 $ 3,026,211 $ 2,309,580 Annual reset fixed rate annuities 5,535 6,000 7,846 Multi-year fixed rate annuities 139,092 2,452,994 1,295,843 Single premium immediate annuities (SPIA) 18,935 59,816 33,461 $ 2,366,250 $ 5,545,021 $ 3,646,730

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	12 Months Ended
Fair Values of Financial Instruments (Tables)	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	The following sets forth a comparison of the carrying amounts and fair values of our financial instruments: December 31, 2022 2021 Carrying Fair Value Carrying Fair Value (Dollars in thousands) Assets Fixed maturity securities, available for sale $ 39,804,617 $ 39,804,617 $ 51,305,943 $ 51,305,943 Mortgage loans on real estate 6,949,027 6,502,463 5,687,998 5,867,227 Real estate investments 1,056,063 1,056,063 337,939 337,939 Limited partnerships and limited liability companies 684,835 684,835 168,711 168,711 Derivative instruments 431,727 431,727 1,277,480 1,277,480 Other investments 1,817,085 1,817,085 1,247,024 1,247,024 Cash and cash equivalents 1,919,669 1,919,669 4,508,982 4,508,982 Coinsurance deposits 13,208,399 12,000,116 8,850,608 7,938,292 Liabilities Policy benefit reserves 60,743,370 55,572,896 65,076,041 56,375,076 Single premium immediate annuity (SPIA) benefit reserves 212,119 221,130 226,207 235,891 Other policy funds - FHLB 300,000 300,000 — — Notes and loan payable 792,073 774,220 496,250 569,485 Subordinated debentures 78,753 87,293 78,421 93,721
Assets and Liabilities Measured 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 December 31, 2022 and 2021 are presented below based on the fair value hierarchy levels: Total NAV Quoted Significant Significant (Dollars in thousands) December 31, 2022 Assets Fixed maturity securities, available for sale: U.S. Government and agencies $ 169,071 $ — $ 26,184 $ 142,887 $ — States, municipalities and territories 3,822,982 — — 3,822,982 — Foreign corporate securities and foreign governments 676,852 — — 676,852 — Corporate securities 24,161,921 — — 23,759,573 402,348 Residential mortgage backed securities 1,377,611 — — 1,377,611 — Commercial mortgage backed securities 3,687,478 — — 3,687,478 — Other asset backed securities 5,908,702 — — 5,465,784 442,918 Other investments 1,013,297 — 398,280 615,017 — Real estate investments 940,559 — — — 940,559 Limited partnerships and limited liability companies 684,835 620,626 — — 64,209 Derivative instruments 431,727 — — 431,727 — Cash and cash equivalents 1,919,669 — 1,919,669 — — $ 44,794,704 $ 620,626 $ 2,344,133 $ 39,979,911 $ 1,850,034 Liabilities Funds withheld liability - embedded derivative $ (441,864) $ — $ — $ — $ (441,864) Fixed index annuities - embedded derivatives 4,820,845 — — — 4,820,845 $ 4,378,981 $ — $ — $ — $ 4,378,981 December 31, 2021 Assets Fixed maturity securities, available for sale: U.S. Government and agencies $ 1,078,746 $ — $ 32,737 $ 1,046,009 $ — States, municipalities and territories 3,927,201 — — 3,927,201 — Foreign corporate securities and foreign governments 402,545 — — 402,545 — Corporate securities 34,660,234 — 32,700 34,627,534 — Residential mortgage backed securities 1,125,049 — — 1,125,049 — Commercial mortgage backed securities 4,840,311 — — 4,840,311 — Other asset backed securities 5,271,857 — — 5,271,857 — Other investments 12,226 — — 5,877 6,349 Real estate investments 337,939 — — — 337,939 Limited partnerships and limited liability companies 168,711 168,711 — — — Derivative instruments 1,277,480 — — 1,277,480 — Cash and cash equivalents 4,508,982 — 4,508,982 — — $ 57,611,281 $ 168,711 $ 4,574,419 $ 52,523,863 $ 344,288 Liabilities Funds withheld liability - embedded derivative $ (2,362) $ — $ — $ (2,362) $ — Fixed index annuities - embedded derivatives 7,964,961 — — — 7,964,961 $ 7,962,599 $ — $ — $ (2,362) $ 7,964,961
Schedule of Assumptions Used in Estimating Fair Value	The following table presents average lapse rate and partial withdrawal rate assumptions, by contract duration, used in estimating the fair value of the embedded derivative component of our fixed index annuity policy benefit reserves at each reporting date: Average Lapse Rates Average Partial Withdrawal Rates Contract Duration (Years) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 1 - 5 2.17% 3.04% 1.86% 2.19% 6 - 10 3.28% 2.84% 1.97% 2.26% 11 - 15 3.63% 4.47% 1.86% 2.14% 16 - 20 8.55% 8.93% 2.96% 1.33% 20+ 4.90% 4.93% 1.81% —%
Assets 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 years ended December 31, 2022 and 2021: Year Ended 2022 2021 Fixed maturity securities, available for sale - Corporate securities Beginning balance $ — $ — Purchases 2,233 — Transfers in 391,702 — Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) 8,413 — Ending balance $ 402,348 $ — Fixed maturity securities, available for sale - Other asset backed securities Beginning balance $ — $ — Purchases 296,800 — Transfers in 153,669 — Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (7,551) — Ending balance $ 442,918 $ — Other investments Beginning balance $ 6,349 $ — Transfers in — 6,349 Transfers out (3,867) — Total realized/unrealized gains (losses): Included in net income (2,482) — Included in other comprehensive income (loss) — — Ending balance $ — $ 6,349 Year Ended 2022 2021 Real estate investments Beginning balance $ 337,939 $ — Purchases and sales, net 602,298 335,767 Change in fair value 322 2,172 Ending balance $ 940,559 $ 337,939 Limited partnerships and limited liability companies Beginning balance $ — $ — Purchases and sales, net 57,574 — Change in fair value 6,635 — Ending balance $ 64,209 $ — Funds withheld liability - embedded derivative Beginning balance $ — $ — Transfers in (441,864) — Change in fair value — — Ending balance $ (441,864) $ — Fixed index annuities - embedded derivatives Beginning balance $ 7,964,961 $ 7,938,281 Premiums less benefits (125,940) 1,424,372 Change in fair value, net (2,561,676) (876,803) Reserve release related to in-force ceded reinsurance (456,500) (520,889) Ending balance $ 4,820,845 $ 7,964,961
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 years ended December 31, 2022 and 2021: Year Ended 2022 2021 Fixed maturity securities, available for sale - Corporate securities Beginning balance $ — $ — Purchases 2,233 — Transfers in 391,702 — Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) 8,413 — Ending balance $ 402,348 $ — Fixed maturity securities, available for sale - Other asset backed securities Beginning balance $ — $ — Purchases 296,800 — Transfers in 153,669 — Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (7,551) — Ending balance $ 442,918 $ — Other investments Beginning balance $ 6,349 $ — Transfers in — 6,349 Transfers out (3,867) — Total realized/unrealized gains (losses): Included in net income (2,482) — Included in other comprehensive income (loss) — — Ending balance $ — $ 6,349 Year Ended 2022 2021 Real estate investments Beginning balance $ 337,939 $ — Purchases and sales, net 602,298 335,767 Change in fair value 322 2,172 Ending balance $ 940,559 $ 337,939 Limited partnerships and limited liability companies Beginning balance $ — $ — Purchases and sales, net 57,574 — Change in fair value 6,635 — Ending balance $ 64,209 $ — Funds withheld liability - embedded derivative Beginning balance $ — $ — Transfers in (441,864) — Change in fair value — — Ending balance $ (441,864) $ — Fixed index annuities - embedded derivatives Beginning balance $ 7,964,961 $ 7,938,281 Premiums less benefits (125,940) 1,424,372 Change in fair value, net (2,561,676) (876,803) Reserve release related to in-force ceded reinsurance (456,500) (520,889) Ending balance $ 4,820,845 $ 7,964,961

Investments (Tables)

Investments (Tables)	12 Months Ended
Investments (Tables)	Dec. 31, 2022
Investments [Abstract]
Schedule of Fixed Maturity Securities	At December 31, 2022 and 2021, the amortized cost and fair value of fixed maturity securities were as follows: Amortized Gross Gross Allowance for Credit Losses Fair Value (Dollars in thousands) December 31, 2022 Fixed maturity securities, available for sale: U.S. Government and agencies $ 173,638 $ 70 $ (4,637) $ — $ 169,071 States, municipalities and territories 4,356,251 41,565 (574,834) — 3,822,982 Foreign corporate securities and foreign governments 748,770 11,661 (83,579) — 676,852 Corporate securities 27,706,440 146,065 (3,687,370) (3,214) 24,161,921 Residential mortgage backed securities 1,492,242 11,870 (126,368) (133) 1,377,611 Commercial mortgage backed securities 4,098,755 493 (411,770) — 3,687,478 Other asset backed securities 6,289,923 14,068 (395,289) — 5,908,702 $ 44,866,019 $ 225,792 $ (5,283,847) $ (3,347) $ 39,804,617 December 31, 2021 Fixed maturity securities, available for sale: U.S. Government and agencies $ 1,046,029 $ 32,841 $ (124) $ — $ 1,078,746 States, municipalities and territories 3,495,563 437,456 (3,042) (2,776) 3,927,201 Foreign corporate securities and foreign governments 380,646 22,742 (843) — 402,545 Corporate securities 31,084,629 3,614,047 (38,442) — 34,660,234 Residential mortgage backed securities 1,056,778 70,434 (2,093) (70) 1,125,049 Commercial mortgage backed securities 4,708,878 149,152 (17,719) — 4,840,311 Other asset backed securities 5,226,660 95,304 (50,107) — 5,271,857 $ 46,999,183 $ 4,421,976 $ (112,370) $ (2,846) $ 51,305,943 (1) Amortized cost excludes accrued interest receivable of $425.4 million and $400.7 million as of December 31, 2022 and 2021, respectively.
Schedule of Fixed Maturity Securities by Contractual Maturity Date	The amortized cost and fair value of fixed maturity securities at December 31, 2022, 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 $ 1,184,147 $ 1,180,124 Due after one year through five years 5,641,072 5,406,059 Due after five years through ten years 6,254,569 5,672,730 Due after ten years through twenty years 9,853,998 8,817,815 Due after twenty years 10,051,313 7,754,098 32,985,099 28,830,826 Residential mortgage backed securities 1,492,242 1,377,611 Commercial mortgage backed securities 4,098,755 3,687,478 Other asset backed securities 6,289,923 5,908,702 $ 44,866,019 $ 39,804,617
Net Unrealized Gains (Losses) on Available For Sale Fixed Maturity Securities Reported as Separate Component of Stockholders' Equity	Net unrealized gains (losses) on available for sale fixed maturity securities reported as a separate component of stockholders' equity were comprised of the following: December 31, 2022 2021 (Dollars in thousands) Net unrealized gains (losses) on available for sale fixed maturity securities $ (5,065,422) $ 4,309,606 Adjustments for assumed changes in amortization of deferred policy acquisition costs, deferred sales inducements and policy benefit reserves 2,309,357 (1,993,869) Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax expense 578,476 (489,482) Net unrealized gains (losses) reported as accumulated other comprehensive income (loss) $ (2,155,055) $ 1,848,789
Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation	The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated: December 31, 2022 2021 NAIC Amortized Fair Amortized Fair (Dollars in thousands) 1 $ 27,061,903 $ 24,211,086 $ 26,157,531 $ 28,785,839 2 17,023,157 14,944,131 19,758,594 21,396,020 3 595,193 510,392 909,311 941,210 4 109,409 91,495 133,070 147,160 5 61,721 36,738 16,496 15,357 6 14,636 10,775 24,181 20,357 $ 44,866,019 $ 39,804,617 $ 46,999,183 $ 51,305,943
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 4,510 and 1,427 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2022 and 2021: Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) December 31, 2022 Fixed maturity securities, available for sale: U.S. Government and agencies $ 160,201 $ (4,512) $ 908 $ (125) $ 161,109 $ (4,637) States, municipalities and territories 2,595,122 (537,313) 95,184 (37,521) 2,690,306 (574,834) Foreign corporate securities and foreign governments 522,826 (76,957) 21,816 (6,622) 544,642 (83,579) Corporate securities 18,784,181 (3,218,323) 1,411,177 (469,047) 20,195,358 (3,687,370) Residential mortgage backed securities 992,783 (101,100) 116,388 (25,268) 1,109,171 (126,368) Commercial mortgage backed securities 2,941,293 (302,513) 651,923 (109,257) 3,593,216 (411,770) Other asset backed securities 2,561,390 (162,821) 1,924,026 (232,468) 4,485,416 (395,289) $ 28,557,796 $ (4,403,539) $ 4,221,422 $ (880,308) $ 32,779,218 $ (5,283,847) December 31, 2021 Fixed maturity securities, available for sale: U.S. Government and agencies $ 760,977 $ (124) $ — $ — $ 760,977 $ (124) States, municipalities and territories 168,942 (2,468) 15,711 (3,350) 184,653 (5,818) Foreign corporate securities and foreign governments 42,861 (843) — — 42,861 (843) Corporate securities 2,375,603 (30,070) 116,819 (8,372) 2,492,422 (38,442) Residential mortgage backed securities 250,964 (1,408) 26,917 (755) 277,881 (2,163) Commercial mortgage backed securities 784,464 (5,500) 142,224 (12,219) 926,688 (17,719) Other asset backed securities 1,351,324 (11,345) 1,771,182 (38,762) 3,122,506 (50,107) $ 5,735,135 $ (51,758) $ 2,072,853 $ (63,458) $ 7,807,988 $ (115,216)
Schedule of Changes in Net Unrealized Gains/Losses on Investments	Changes in net unrealized gains/losses on investments for the years ended December 31, 2022, 2021 and 2020 are as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Fixed maturity securities available for sale carried at fair value $ (9,375,028) $ (987,434) $ 1,955,496 Adjustment for effect on other balance sheet accounts: Deferred policy acquisition costs, deferred sales inducements and policy benefit reserves 4,303,226 542,382 (880,517) Deferred income tax asset/liability 1,067,958 90,284 (225,746) 5,371,184 632,666 (1,106,263) Change in net unrealized gains/losses on investments carried at fair value $ (4,003,844) $ (354,768) $ 849,233
Components of Net Investment Income	Components of net investment income are as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Fixed maturity securities $ 1,849,915 $ 1,772,675 $ 2,035,762 Real estate investments 40,243 14,138 — Mortgage loans on real estate 301,118 215,138 170,749 Cash and cash equivalents 24,985 3,385 4,871 Limited partnerships and limited liability companies 188,131 67,157 (12,204) Other investments 49,537 29,399 15,372 2,453,929 2,101,892 2,214,550 Less: investment expenses (146,466) (64,417) (32,472) Net investment income $ 2,307,463 $ 2,037,475 $ 2,182,078
Net Realized Gains (Losses) on Investments	Net realized losses on investments for the years ended December 31, 2022, 2021 and 2020 are as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Fixed maturity securities, available for sale: Gross realized gains $ 139,819 $ 10,167 $ 305,170 Gross realized losses (153,712) (19,140) (276,847) Net credit loss (provision) release (15,536) (6,241) (94,560) (29,429) (15,214) (66,237) Mortgage loans on real estate: Decrease (increase) in allowance for credit losses (15,126) 7,005 (15,447) Recovery of specific allowance 1,677 — 712 Gain (loss) on sale of mortgage loans (4,970) (5,033) 292 (18,419) 1,972 (14,443) Total net realized losses $ (47,848) $ (13,242) $ (80,680)
Non-Income Producing Investments	The following table summarizes the carrying value of our investments that have been non-income producing for 12 consecutive months: December 31, 2022 2021 (Dollars in thousands) Fixed maturity securities, available for sale $ 10,708 $ 4,118 Mortgage loans on real estate 1,483 — $ 12,191 $ 4,118
Rollforward of Allowance for Credit Loss	The following table provides a rollforward of the allowance for credit loss: Year Ended December 31, 2022 States, Municipalities and Corporate Securities Residential Mortgage Backed Securities Total (Dollars in thousands) Beginning balance $ 2,776 $ — $ 70 $ 2,846 Additions for credit losses not previously recorded — 3,825 1,070 4,895 Change in allowance on securities with previous allowance (2,776) (611) (579) (3,966) Reduction for securities with credit losses due to intent to sell — — — — Reduction for securities sold during the period — — (428) (428) Write-offs charged against the allowance — — — — Recoveries of amounts previously written off — — — — Ending balance $ — $ 3,214 $ 133 $ 3,347 Year Ended December 31, 2021 States, Municipalities and Corporate Securities Residential Mortgage Backed Securities Total (Dollars in thousands) Beginning balance $ 2,844 $ 60,193 $ 1,734 $ 64,771 Additions for credit losses not previously recorded — 705 407 1,112 Change in allowance on securities with previous allowance (68) 443 (857) (482) Reduction for securities with credit losses due to intent to sell — (209) — (209) Reduction for securities sold during the period — (50,758) — (50,758) Write-offs charged against the allowance — (10,032) — (10,032) Recoveries of amounts previously written off — (342) (1,214) (1,556) Ending balance $ 2,776 $ — $ 70 $ 2,846

Mortgage Loans on Real Estate (

Mortgage Loans on Real Estate (Tables)	12 Months Ended
Mortgage Loans on Real Estate (Tables)	Dec. 31, 2022
Receivables [Abstract]
Summary of Mortgage Loan Portfolios	Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $420.2 million at December 31, 2022. December 31, 2022 2021 (Dollars in thousands) Commercial mortgage loans: Principal outstanding $ 3,560,903 $ 3,633,131 Deferred fees and costs, net (6,345) (4,629) Amortized cost 3,554,558 3,628,502 Valuation allowance (22,428) (17,926) Commercial mortgage loans, carrying value 3,532,130 3,610,576 Agricultural mortgage loans: Principal outstanding 567,630 408,135 Deferred fees and costs, net (1,667) (1,136) Amortized cost 565,963 406,999 Valuation allowance (1,021) (519) Agricultural mortgage loans, carrying value 564,942 406,480 Residential mortgage loans: Principal outstanding 2,807,652 1,652,910 Deferred fees and costs, net 1,909 1,468 Unamortized discounts and premiums, net 55,917 22,143 Amortized cost 2,865,478 1,676,521 Valuation allowance (13,523) (5,579) Residential mortgage loans, carrying value 2,851,955 1,670,942 Mortgage loans, carrying value $ 6,949,027 $ 5,687,998
Commercial Mortgage Loan Portfolio Summarized by Geographic Region and Property Type	The commercial mortgage loan portfolio is summarized by geographic region and property type as follows: December 31, 2022 2021 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 502,659 14.1 % $ 614,406 16.9 % Middle Atlantic 280,993 7.9 % 293,494 8.1 % Mountain 416,307 11.7 % 452,818 12.5 % New England 73,631 2.1 % 60,172 1.6 % Pacific 858,812 24.1 % 863,879 23.8 % South Atlantic 934,007 26.2 % 785,679 21.6 % West North Central 205,568 5.8 % 235,864 6.5 % West South Central 288,926 8.1 % 326,819 9.0 % $ 3,560,903 100.0 % $ 3,633,131 100.0 % Property type distribution Office $ 378,713 10.6 % $ 315,374 8.7 % Medical Office 10,265 0.3 % 10,827 0.3 % Retail 896,351 25.2 % 1,016,101 28.0 % Industrial/Warehouse 866,623 24.3 % 924,779 25.4 % Apartment 912,984 25.6 % 864,580 23.8 % Hotel 285,271 8.0 % 283,500 7.8 % Mixed Use/Other 210,696 6.0 % 217,970 6.0 % $ 3,560,903 100.0 % $ 3,633,131 100.0 %
Rollforward of Valuation Allowance on Mortgage Loan Portfolios	The following table represents a rollforward of the valuation allowance on our mortgage loan portfolios: Year Ended December 31, 2022 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (17,926) $ (519) $ (5,579) $ (24,024) Charge-offs 501 — — 501 Recoveries 1,677 — — 1,677 Change in provision for credit losses (6,680) (502) (7,944) (15,126) Ending allowance balance $ (22,428) $ (1,021) $ (13,523) $ (36,972) Year Ended December 31, 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 7,603 1,611 (2,209) 7,005 Ending allowance balance $ (17,926) $ (519) $ (5,579) $ (24,024)
Mortgage Loans By Credit Quality Indicator	The amortized cost of our commercial mortgage loan portfolio by LTV and DSC ratios based on the most recent information collected was as follows at December 31, 2022 and 2021 (by year of origination): 2022 2021 2020 2019 2018 Prior Total As of December 31, 2022: 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 $ 249,328 63 % $ 257,746 61 % $ 421,391 57 % $ 429,596 58 % $ 325,117 53 % $ 813,319 44 % $ 2,496,497 53 % Greater than or equal to 1.2 and less than 1.5 6,488 70 % 123,038 55 % 46,804 58 % 115,977 66 % 67,642 67 % 145,703 60 % 505,652 62 % Greater than or equal to 1.0 and less than 1.2 170,059 52 % 211,684 43 % 18,144 79 % 39,396 73 % 10,348 76 % 58,021 47 % 507,652 51 % Less than 1.0 — — % — — % — — % 6,107 64 % 13,025 70 % 25,625 65 % 44,757 66 % Total $ 425,875 59 % $ 592,468 53 % $ 486,339 58 % $ 591,076 61 % $ 416,132 57 % $ 1,042,668 47 % $ 3,554,558 54 % 2021 2020 2019 2018 2017 Prior Total As of December 31, 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 $ 260,623 64 % $ 454,828 60 % $ 464,059 61 % $ 344,170 58 % $ 246,854 52 % $ 758,494 45 % $ 2,529,028 55 % Greater than or equal to 1.2 and less than 1.5 12,836 67 % 58,960 66 % 128,301 70 % 89,293 66 % 135,818 66 % 129,833 57 % 555,041 65 % Greater than or equal to 1.0 and less than 1.2 318,636 45 % 17,762 82 % 69,684 72 % 11,937 75 % 6,343 60 % 42,125 58 % 466,487 53 % Less than 1.0 — — % 3,289 61 % 26,147 63 % 14,051 76 % 13,385 73 % 21,074 54 % 77,946 65 % Total $ 592,095 54 % $ 534,839 61 % $ 688,191 64 % $ 459,451 60 % $ 402,400 58 % $ 951,526 47 % $ 3,628,502 56 % The amortized cost of our agricultural mortgage loan portfolio by LTV and DSC ratios based on the most recent information collected was as follows at December 31, 2022 and 2021 (by year of origination): 2022 2021 2020 2019 2018 Prior Total As of December 31, 2022: 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 $ 85,367 47 % $ 84,186 46 % $ 97,143 41 % $ — — % $ — — % $ — — % $ 266,696 45 % Greater than or equal to 1.2 and less than 1.5 107,856 54 % 67,630 52 % 61,103 32 % — — % — — % — — % 236,589 48 % Greater than or equal to 1.0 and less than 1.2 3,124 56 % 8,825 38 % 3,125 25 % — — % — — % — — % 15,074 39 % Less than 1.0 — — % — — % 7,975 35 % 5,629 41 % 34,000 31 % — — % 47,604 33 % Total $ 196,347 51 % $ 160,641 48 % $ 169,346 37 % $ 5,629 41 % $ 34,000 31 % $ — — % $ 565,963 45 % 2021 2020 2019 2018 2017 Prior Total As of December 31, 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 $ 62,548 54 % $ 80,919 56 % $ 11,645 49 % $ 25,000 11 % $ — — % $ — — % $ 180,112 49 % Greater than or equal to 1.2 and less than 1.5 95,738 55 % 102,958 43 % 3,335 22 % — — % — — % — — % 202,031 48 % Greater than or equal to 1.0 and less than 1.2 7,478 44 % 4,092 36 % 4,734 50 % — — % — — % — — % 16,304 44 % Less than 1.0 — — % 8,552 59 % — — % — — % — — % — — % 8,552 59 % Total $ 165,764 54 % $ 196,521 49 % $ 19,714 45 % $ 25,000 11 % $ — — % $ — — % $ 406,999 48 %
Aging of Financing Receivables	Aging of financing receivables is summarized in the following table (by year of origination): 2022 2021 2020 2019 2018 Prior Total As of December 31, 2022: (Dollars in thousands) Commercial mortgage loans Current $ 425,875 $ 592,468 $ 486,339 $ 591,076 $ 416,132 $ 1,042,668 $ 3,554,558 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total commercial mortgage loans $ 425,875 $ 592,468 $ 486,339 $ 591,076 $ 416,132 $ 1,042,668 $ 3,554,558 Agricultural mortgage loans Current $ 196,347 $ 160,641 $ 166,211 $ 5,629 $ 34,000 $ — $ 562,828 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — 3,135 — — — 3,135 Total agricultural mortgage loans $ 196,347 $ 160,641 $ 169,346 $ 5,629 $ 34,000 $ — $ 565,963 Residential mortgage loans Current $ 1,915,169 $ 595,363 $ 211,119 $ 27,483 $ 1,710 $ 417 $ 2,751,261 30 - 59 days past due 39,179 8,238 13,073 1,960 — — 62,450 60 - 89 days past due 6,668 7,165 3,034 57 — — 16,924 Over 90 days past due 9,702 14,068 6,515 1,762 2,796 — 34,843 Total residential mortgage loans $ 1,970,718 $ 624,834 $ 233,741 $ 31,262 $ 4,506 $ 417 $ 2,865,478 2021 2020 2019 2018 2017 Prior Total As of December 31, 2021: (Dollars in thousands) Commercial mortgage loans Current $ 592,095 $ 534,839 $ 688,191 $ 459,451 $ 402,400 $ 951,526 $ 3,628,502 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total commercial mortgage loans $ 592,095 $ 534,839 $ 688,191 $ 459,451 $ 402,400 $ 951,526 $ 3,628,502 Agricultural mortgage loans Current $ 165,764 $ 196,521 $ 19,714 $ 25,000 $ — $ — $ 406,999 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total agricultural mortgage loans $ 165,764 $ 196,521 $ 19,714 $ 25,000 $ — $ — $ 406,999 Residential mortgage loans Current $ 1,092,438 $ 454,532 $ 67,380 $ 16,898 $ 751 $ — $ 1,631,999 30 - 59 days past due 10,284 12,363 11,373 427 — — 34,447 60 - 89 days past due 1,838 1,090 102 — — — 3,030 Over 90 days past due 679 5,459 907 — — — 7,045 Total residential mortgage loans $ 1,105,239 $ 473,444 $ 79,762 $ 17,325 $ 751 $ — $ 1,676,521

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
Variable Interest Entities (Tables)	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The carrying amounts of our consolidated VIE assets, which can only be used to settle obligations of the consolidated VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse were as follows: December 31, 2022 2021 Total Total Total Total (Dollars in thousands) Real estate investments $ 1,095,267 $ 78,244 $ 363,229 $ 20,168 Real estate limited liability companies 66,258 287 — — Limited partnership funds 620,741 113 168,711 — $ 1,782,266 $ 78,644 $ 531,940 $ 20,168 The carrying value and maximum loss exposure for our unconsolidated VIEs were as follows: December 31, 2022 2021 Asset Maximum Asset Maximum (Dollars in thousands) Fixed maturity securities, available for sale $ 1,178,110 $ 1,178,110 $ 459,681 $ 459,681 Other investments — — 345,000 345,000

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
Derivative Instruments (Tables)	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional and Fair Value of Derivative Instruments	The notional and fair values of our derivative instruments, including derivative instruments embedded in fixed index annuity contracts, presented in the Consolidated Balance Sheets are as follows: December 31, 2022 December 31, 2021 Notional Fair Value Notional Fair Value (Dollars in thousands) Derivatives designated as hedging instruments Assets Derivative instruments Interest rate swaps $ 408,369 $ 32,769 $ — $ — Derivatives not designated as hedging instruments Assets Derivative instruments Call options $ 38,927,534 $ 397,789 $ 40,091,353 $ 1,276,574 Warrants 2,020 1,169 2,020 906 $ 38,929,554 $ 398,958 $ 40,093,373 $ 1,277,480 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives, net $ 4,820,845 $ 7,964,961 Funds withheld for reinsurance liabilities Reinsurance related embedded derivative (441,864) (2,362) $ 4,378,981 $ 7,962,599
Schedule of Fair Value Hedging Instruments	The following represents the amortized cost and cumulative fair value hedging adjustments included in the hedged assets: Line Item in the Consolidated Balance Sheets in Which Hedged Item is Included Amortized Cost Cumulative Amount of Fair Value Basis Adjustment Gain (Loss) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 (Dollars in thousands) Fixed maturities, available for sale: Current hedging relationships $ 389,060 $ — $ (39,128) $ — Discontinued hedging relationships 1,594,736 — (94,681) — The following represents a summary of the gains (losses) related to the derivatives and hedged items that qualify for fair value hedge accounting: Derivative Hedged Item Net Amount Excluded: (Dollars in thousands) For the year ended December 31, 2022 Interest rate swaps $ 215,587 $ (249,168) $ (33,581) $ 13,957 For the year ended December 31, 2021 Interest rate swaps $ — $ — $ — $ — For the year ended December 31, 2020 Interest rate swaps $ — $ — $ — $ —
Change in Fair Value of Derivatives Not Designated as Hedging	The changes in fair value of derivatives not designated as hedging instruments included in the Consolidated Statements of Operations are as follows: Year Ended 2022 2021 2020 (Dollars in thousands) Change in fair value of derivatives: Call options $ (1,118,768) $ 1,347,925 $ 34,604 Warrants 264 810 — Interest rate swaps 13,957 — — Interest rate caps — — 62 $ (1,104,547) $ 1,348,735 $ 34,666 Change in fair value of embedded derivatives: Fixed index annuities - embedded derivatives $ (2,561,676) $ (876,803) $ (1,922,085) Other changes in difference between policy benefit reserves computed using derivative accounting vs. long-duration contracts accounting 648,580 520,863 635,298 Reinsurance related embedded derivative (439,502) (2,362) — $ (2,352,598) $ (358,302) $ (1,286,787)
Schedule of Call Options and Interest Rate Swaps by Counterparty	The notional amount and fair value of our call options and interest rate swaps by counterparty and each counterparty's current credit rating are as follows: December 31, 2022 2021 Counterparty Credit Rating (S&P) Credit Rating (Moody's) Notional Fair Value Notional Fair Value (Dollars in thousands) Bank of America A+ Aa2 $ 3,574,125 $ 26,080 $ 3,556,256 $ 99,229 Barclays A A1 3,686,896 39,657 4,213,658 157,865 Canadian Imperial Bank of Commerce A+ Aa2 2,707,734 34,218 3,956,329 141,540 Citibank, N.A. A+ Aa3 3,748,162 29,873 3,190,833 115,860 Credit Suisse A- A3 2,086,470 20,691 3,716,868 113,295 J.P. Morgan A+ Aa2 6,501,103 69,006 4,482,832 105,899 Morgan Stanley A+ Aa3 2,957,389 38,470 2,223,743 47,950 Royal Bank of Canada AA- A2 4,378,132 58,026 3,567,972 100,472 Societe Generale A A1 2,099,081 17,157 2,548,072 86,494 Truist A A2 1,960,787 32,885 2,547,808 94,924 Wells Fargo A+ Aa2 5,436,824 61,840 5,820,381 206,403 Exchange traded 199,200 2,655 266,601 6,643 $ 39,335,903 $ 430,558 $ 40,091,353 $ 1,276,574

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders (Tables)	12 Months Ended
	Dec. 31, 2022
Insurance [Abstract]
Rollforward of Deferred Policy Acquisition Costs	Policy acquisition costs deferred and amortized are as follows: December 31, 2022 2021 2020 (Dollars in thousands) Balance at beginning of year $ 2,222,769 $ 2,225,199 $ 3,033,649 Costs deferred during the year: Commissions 194,856 303,192 251,428 Policy issue costs 3,767 4,665 3,725 Amortization: Amortization (558,447) (313,990) (2,769) Impact of unlocking (56,853) 45,662 (646,785) Effect of net unrealized gains/losses 1,944,039 299,478 (414,049) Write-off related to in-force ceded reinsurance (188,056) (341,437) — Balance at end of year $ 3,562,075 $ 2,222,769 $ 2,225,199
Rollforward of Deferred Sales Inducements	Sales inducements deferred and amortized are as follows: December 31, 2022 2021 2020 (Dollars in thousands) Balance at beginning of year $ 1,546,073 $ 1,448,375 $ 2,042,060 Costs deferred during the year 107,691 95,160 93,610 Amortization: Amortization (362,866) (197,799) (10,063) Impact of unlocking (45,682) 45,107 (428,101) Effect of net unrealized gains/losses 1,348,134 155,230 (249,131) Balance at end of year $ 2,593,350 $ 1,546,073 $ 1,448,375
Rollforward of Liability for Lifetime Income Benefit Riders (Net of Coinsurance Ceded)	The following table presents a rollforward of the liability for lifetime income benefit riders (net of coinsurance ceded): December 31, 2022 2021 2020 (Dollars in thousands) Balance at beginning of year $ 2,794,629 $ 2,485,123 $ 1,670,750 Benefit expense accrual 387,821 206,180 311,211 Impact of unlocking (53,042) 243,658 285,825 Effect of net unrealized gains/losses (996,876) (101,848) 217,337 Reduction related to in-force ceded reinsurance (403,406) (38,484) — Claim payments — — — Balance at end of year $ 1,729,126 $ 2,794,629 $ 2,485,123

Reinsurance and Policy Provis_2

Reinsurance and Policy Provisions (Tables)	12 Months Ended
Reinsurance and Policy Provisions (Tables)	Dec. 31, 2022
Reinsurance Disclosures [Abstract]
Amounts Ceded Under Reinsurance Agreements, Effects of Reinsurance	Amounts ceded to EquiTrust, Athene, North End Re and AeBe under these agreements are as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Consolidated Statements of Operations Annuity product charges $ 49,093 $ 20,351 $ 7,021 Change in fair value of derivatives (184,388) 140,641 43,080 $ (135,295) $ 160,992 $ 50,101 Interest sensitive and index product benefits $ 103,542 $ 303,035 $ 152,485 Change in fair value of embedded derivatives 81,907 (76,915) 4,352 Other operating costs and expenses 18,318 16,440 17,663 $ 203,767 $ 242,560 $ 174,500 Consolidated Statements of Cash Flows Annuity deposits $ (982,176) $ (424,819) $ (35,667) Cash payments to policyholders 1,029,667 984,260 466,311 $ 47,491 $ 559,441 $ 430,644

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Components of Income Tax Expense	Our income tax expense as presented in the consolidated financial statements is summarized as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Consolidated statements of operations: Current income taxes $ 20,209 $ 332 $ 3,430 Deferred income taxes 304,946 128,423 141,071 Total income tax expense included in consolidated statements of operations 325,155 128,755 144,501 Stockholders' equity: Expense (benefit) relating to: Adoption of expected credit loss model — — (2,543) Change in net unrealized investment losses (1,067,791) (90,284) 225,746 Total income tax expense included in consolidated financial statements $ (742,636) $ 38,471 $ 367,704
Effective Income Tax Rate Reconciliation	Income tax expense in the consolidated statements of operations differed from the amount computed at the applicable statutory federal income tax rates of 21% for the years ended December 31, 2022, 2021, and 2020 as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Income before income taxes $ 1,546,457 $ 602,747 $ 815,961 Income tax expense on income before income taxes $ 324,756 $ 126,577 $ 171,352 Tax effect of: State income taxes 2,564 5,239 5,749 Tax exempt net investment income (4,065) (4,715) (4,602) Tax rate differential on net operating loss carryback — — (30,041) Other 1,900 1,654 2,043 Income tax expense $ 325,155 $ 128,755 $ 144,501 Effective tax rate 21.0 % 21.4 % 17.7 %
Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2022 and 2021, are as follows: December 31, 2022 2021 (Dollars in thousands) Deferred income tax assets: Policy benefit reserves $ — $ 524,412 Credit losses/impairments 10,531 15,275 Net unrealized losses on available for sale fixed maturity securities 578,476 — Amounts due reinsurer 1,047,159 745,839 Other policyholder funds 358 3,332 Deferred compensation 3,866 3,434 Share-based compensation 422 5,171 Net operating loss carryforwards 50,913 87,314 Other 71,682 1,140 Gross deferred tax assets 1,763,407 1,385,917 Deferred income tax liabilities: Deferred policy acquisition costs and deferred sales inducements (655,164) (1,170,859) Net unrealized gains on available for sale fixed maturity securities — (489,290) Derivative instruments (145,785) (107,717) Policy benefit reserves (566,100) (98,616) Investment income items (155,864) (56,285) Other (19,621) (5,124) Gross deferred tax liabilities (1,542,534) (1,927,891) Net deferred income tax asset (liability) $ 220,873 $ (541,974)

Notes and Loan Payable (Tables)

Notes and Loan Payable (Tables)	12 Months Ended
Notes and Loan Payable (Tables)	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Notes and Loan Payable	Notes and loan payable includes the following: December 31, 2022 2021 (Dollars in thousands) Senior notes due 2027 Principal $ 500,000 $ 500,000 Unamortized debt issue costs (2,960) (3,537) Unamortized discount (178) (213) Term loan due 2027 Principal 300,000 — Principal paydown (3,750) — Unamortized debt issue costs (1,039) — $ 792,073 $ 496,250

Subordinated Debentures (Tables

Subordinated Debentures (Tables)	12 Months Ended
Subordinated Debentures (Tables)	Dec. 31, 2022
Subordinated Borrowings [Abstract]
Summary of Subordinated Debt Obligations to the Trusts	Following is a summary of subordinated debt obligations to the trusts at December 31, 2022 and 2021: December 31, 2022 2021 Interest Rate Due Date (Dollars in thousands) American Equity Capital Trust II $ 78,753 $ 78,421 5% June 1, 2047

Retirement and Share-based Co_2

Retirement and Share-based Compensation Plans (Tables)	12 Months Ended
Retirement and Share-based Compensation Plans (Tables)	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Expense By Plan	The following table summarizes compensation expense recognized for employees and directors as a result of share-based compensation: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) ESOP $ 4,152 $ 3,377 $ 2,908 Employee Incentive Plans 14,454 22,886 7,855 Director Equity Plans 1,053 1,262 1,056 $ 19,659 $ 27,525 $ 11,819
Changes in Stock Options Outstanding	Changes in the number of stock options granted to employees outstanding during the years ended December 31, 2022, 2021 and 2020 are as follows: Number of Weighted-Average Total (Dollars in thousands, except per share data) Outstanding at January 1, 2020 828,913 $ 19.91 $ 16,506 Granted 815,767 26.70 21,778 Canceled (31,200) 21.50 (670) Exercised (355,563) 16.98 (6,038) Outstanding at December 31, 2020 1,257,917 25.10 31,576 Granted 1,246,605 29.15 36,336 Canceled (146,803) 25.44 (3,735) Exercised (295,000) 22.88 (6,749) Outstanding at December 31, 2021 2,062,719 27.84 57,428 Granted — — — Canceled (102,143) 27.49 (2,808) Exercised (173,782) 24.59 (4,273) Outstanding at December 31, 2022 1,786,794 28.18 $ 50,347
Schedule of Stock Options Outstanding, By Exercise Price Range	The following table summarizes information about stock options outstanding at December 31, 2022: Stock Options Outstanding Stock Options Vested Range of Exercise Prices Number of Remaining Weighted-Average Number of Remaining Weighted-Average $21.89 - $26.72 375,820 7.83 $ 26.07 126,224 8.01 $ 26.72 $27.05 - $32.58 1,410,974 8.10 28.74 606,322 8.09 28.71 $21.89 - $32.58 1,786,794 8.05 28.18 732,546 8.08 28.37

Statutory Financial Informati_2

Statutory Financial Information and Dividend Restrictions (Tables)	12 Months Ended
	Dec. 31, 2022
Insurance [Abstract]
Statutory Accounting Practices Disclosure	Net income (loss) for our primary life insurance subsidiary as determined in accordance with statutory accounting practices was as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) American Equity Life $ 151,857 $ (863,818) $ (34,467) Statutory capital and surplus for our primary life insurance subsidiary was as follows: December 31, 2022 2021 (Dollars in thousands) American Equity Life $ 3,692,602 $ 4,078,532

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following represents payments due by period for operating lease obligations as of December 31, 2022 (dollars in thousands): Year Ending December 31: 2023 $ 3,792 2024 4,112 2025 3,985 2026 3,587 2027 2,014 2028 and thereafter 11,013

Earnings Per Common Share and_2

Earnings Per Common Share and Stockholders' Equity (Tables)	12 Months Ended
Earnings Per Common Share and Stockholders' Equity (Tables)	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Common Share, Basic and Diluted	The following table sets forth the computation of earnings per common share and earnings per common share - assuming dilution: Year Ended December 31, 2022 2021 2020 (Dollars in thousands, except per share data) Numerator: Net income available to common stockholders - numerator for earnings per common share $ 1,177,269 $ 430,317 $ 637,945 Denominator : Weighted average common shares outstanding 90,558,121 93,860,378 92,055,035 Effect of dilutive securities: Stock options and deferred compensation agreements 523,248 271,422 93,014 Restricted stock and restricted stock units 456,759 359,359 244,447 Denominator for earnings per common share - assuming dilution 91,538,128 94,491,159 92,392,496 Earnings per common share $ 13.00 $ 4.58 $ 6.93 Earnings per common share - assuming dilution $ 12.86 $ 4.55 $ 6.90

Significant Accounting Polici_4

Significant Accounting Policies (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) states	Dec. 31, 2021 USD ($)	Jan. 01, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)
Number of states in which entity is licensed to sell insurance products \| states	50
Mortgage loans on real estate, allowance for credit losses	$ 36,972	$ 24,024		$ 31,029
Coinsurance deposits, allowance for credit losses	8,737	2,264
Retained earnings	3,914,124	2,767,422
Estimated impact to stockholders' equity at January 1, 2021	$ 3,190,456	$ 6,323,127		$ 6,348,988		$ 4,426,522
Minimum
Number of days past due, non-accrual status	90 days
Interest crediting rate, range for fixed index annuities and other deferred annuity products	1.45%	1.45%		1.45%
Minimum \| Fixed Maturity Securities, Available For Sale
Investment maturity period	1 year
Minimum \| Other Invested Assets - COLI, Equity Securities, Short-Term Debt Securities
Investment maturity period	3 months
Maximum
Interest crediting rate, range for fixed index annuities and other deferred annuity products	2.65%	2.65%		2.65%
Maximum \| Other Invested Assets - COLI, Equity Securities, Short-Term Debt Securities
Investment maturity period	12 months
Maximum \| Other Invested Assets - Short-Term Loans and Collateral Loans
Investment maturity period	1 year
Maximum \| Cash and Cash Equivalents
Investment maturity period	3 months
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)
Accounting Standards Update 2018-12 \| Cumulative Effect, Period of Adoption, Adjustment \| Minimum \| Pro Forma
Estimated impact to stockholders' equity at January 1, 2021			$ 1,500,000
Accounting Standards Update 2018-12 \| Cumulative Effect, Period of Adoption, Adjustment \| Maximum \| Pro Forma
Retained earnings			100,000
Estimated impact to stockholders' equity at January 1, 2021			$ 2,000,000

Significant Accounting Polici_5

Significant Accounting Policies (Annuity Deposits (Net of Coinsurance), By Product Type) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) NMOs	Dec. 31, 2021 USD ($) NMOs	Dec. 31, 2020 USD ($) NMOs
Product Information [Line Items]
Fixed index annuities	$ 2,202,688	$ 3,026,211	$ 2,309,580
Annual reset fixed rate annuities	5,535	6,000	7,846
Multi-year fixed rate annuities	139,092	2,452,994	1,295,843
Single premium immediate annuities (SPIA)	18,935	59,816	33,461
Annuity deposits, net of coinsurance	$ 2,366,250	$ 5,545,021	$ 3,646,730
Customer Concentration Risk \| Annuity Deposits Benchmark
Product Information [Line Items]
National marketing organizations, number of organizations accounting for more than 10% of annuity deposits collected \| NMOs	4	2	2
Customer Concentration Risk \| Annuity Deposits Benchmark \| National Marketing Organization, Greater than 10%, NMO 1
Product Information [Line Items]
National marketing organizations, percent of annuity deposits collected individually	22%	14%	17%
Customer Concentration Risk \| Annuity Deposits Benchmark \| National Marketing Organization, Greater than 10%, NMO 2
Product Information [Line Items]
National marketing organizations, percent of annuity deposits collected individually	16%	11%	10%
Customer Concentration Risk \| Annuity Deposits Benchmark \| National Marketing Organization, Greater than 10%, NMO 3
Product Information [Line Items]
National marketing organizations, percent of annuity deposits collected individually	10%
Customer Concentration Risk \| Annuity Deposits Benchmark \| National Marketing Organization, Greater than 10%, NMO 4
Product Information [Line Items]
National marketing organizations, percent of annuity deposits collected individually	10%

Fair Values of Financial Inst_3

Fair Values of Financial Instruments (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Basis_Points Investment variable_interest_entities	Dec. 31, 2021 USD ($)	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected cost of annual call options	2.40%	2.10%	2.10%	2.90%
Variable Interest Entity, Primary Beneficiary, Limited Partnership Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable interest entities, number of consolidated variable interest entities \| variable_interest_entities	2
Unfunded commitments	$ 926,300
Minimum \| Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, sensitivity, discount rate adjustment (basis points) \| Basis_Points	(100)
Fixed index annuities embedded derivative, adjustment due to change in discount rate	$ 386,400
Deferred policy acquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate	$ 147,000
Maximum \| Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, sensitivity, discount rate adjustment (basis points) \| Basis_Points	100
Fixed index annuities embedded derivative, adjustment due to change in discount rate	$ (336,200)
Deferred policy acquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate	(124,300)
Fair Value, Measurements, Recurring \| Corporate Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	24,161,921	$ 34,660,234
Fair Value, Measurements, Recurring \| Other Asset Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	5,908,702	5,271,857
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	402,348	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Other Asset Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 442,918	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Fixed Maturity Securities \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable liquidity premium, basis points	20
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Fixed Maturity Securities \| Valuation Technique, Discounted Cash Flow \| Corporate Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 84,700	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Fixed Maturity Securities \| Valuation Technique, Discounted Cash Flow \| Other Asset Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 296,800	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Real Estate Investments \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash flow modeling period	10 years
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Limited Partnerships and Limited Liability Companies \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable interest entities, number of consolidated variable interest entities \| variable_interest_entities	2
Variable interest entity, fair value	$ 64,200
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	23,759,573	34,627,534
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Other Asset Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 5,465,784	$ 5,271,857
Fair Value, Measurements, Recurring \| Minimum \| Equity Securities and Short-Term Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment maturity period	3 months
Fair Value, Measurements, Recurring \| Minimum \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Discount Rate \| Fixed Maturity Securities \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, measurement input	0.0404
Fair Value, Measurements, Recurring \| Minimum \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Discount Rate \| Real Estate Investments \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investments, measurement input	6%	6.25%
Fair Value, Measurements, Recurring \| Minimum \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Discount Rate \| Limited Partnerships and Limited Liability Companies \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Limited partnerships and limited liability companies, measurement input	5.75%
Fair Value, Measurements, Recurring \| Minimum \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Expected Term \| Fixed Maturity Securities \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, weighted average lives	8 years 9 months 14 days
Fair Value, Measurements, Recurring \| Minimum \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Cap Rate \| Real Estate Investments \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investments, measurement input	4.75%	5%
Fair Value, Measurements, Recurring \| Minimum \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Cap Rate \| Limited Partnerships and Limited Liability Companies \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Limited partnerships and limited liability companies, measurement input	4.25%
Fair Value, Measurements, Recurring \| Maximum \| Equity Securities and Short-Term Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment maturity period	12 months
Fair Value, Measurements, Recurring \| Maximum \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Discount Rate \| Fixed Maturity Securities \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, measurement input	0.2858
Fair Value, Measurements, Recurring \| Maximum \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Discount Rate \| Real Estate Investments \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investments, measurement input	8%	7.50%
Fair Value, Measurements, Recurring \| Maximum \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Discount Rate \| Limited Partnerships and Limited Liability Companies \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Limited partnerships and limited liability companies, measurement input	6%
Fair Value, Measurements, Recurring \| Maximum \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Expected Term \| Fixed Maturity Securities \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, weighted average lives	12 years 5 months 23 days
Fair Value, Measurements, Recurring \| Maximum \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Cap Rate \| Real Estate Investments \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investments, measurement input	6.50%	6.25%
Fair Value, Measurements, Recurring \| Maximum \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Cap Rate \| Limited Partnerships and Limited Liability Companies \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Limited partnerships and limited liability companies, measurement input	4.75%
Fair Value, Measurements, Recurring \| Weighted Average \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Discount Rate \| Fixed Maturity Securities \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, measurement input	0.0436
Fair Value, Measurements, Recurring \| Weighted Average \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Discount Rate \| Limited Partnerships and Limited Liability Companies \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Limited partnerships and limited liability companies, measurement input	5.86%
Fair Value, Measurements, Recurring \| Weighted Average \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Expected Term \| Fixed Maturity Securities \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturity securities, weighted average lives	9 years 3 months 14 days
Fair Value, Measurements, Recurring \| Weighted Average \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Cap Rate \| Limited Partnerships and Limited Liability Companies \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Limited partnerships and limited liability companies, measurement input	4.46%
Fair Value, Measurements, Recurring \| Average \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Discount Rate \| Real Estate Investments \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investments, measurement input	6.91%	6.97%
Fair Value, Measurements, Recurring \| Average \| Significant Unobservable Inputs (Level 3) \| Measurement Input, Cap Rate \| Real Estate Investments \| Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investments, measurement input	5.44%	5.72%
Fair Value, Nonrecurring \| Real Estate Investments \| Variable Interest Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate investments not measured at fair value on a recurring basis \| Investment	1
Fair Value, Nonrecurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
FHLB common stock	$ 22,000
Short-term loans, fair value	316,400	$ 320,000
Collateral loans, fair value	64,600	0
COLI, fair value	$ 397,700	$ 384,300

Fair Values of Financial Inst_4

Fair Values of Financial Instruments (Carrying Amounts and Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Fixed maturity securities, available for sale	$ 39,804,617	$ 51,305,943
Derivative instruments	431,727	1,277,480
Other investments	1,817,085	1,247,024
Coinsurance deposits (net of allowance for credit losses of $8,737 as of 2022 and $2,264 as of 2021)	13,208,399	8,850,608
Liabilities
Policy benefit reserves	61,118,134	65,477,778
Other policy funds - FHLB	300,000
Carrying Amount
Assets
Fixed maturity securities, available for sale	39,804,617	51,305,943
Mortgage loans on real estate	6,949,027	5,687,998
Real estate investments	1,056,063	337,939
Limited partnerships and limited liability companies	684,835	168,711
Derivative instruments	431,727	1,277,480
Other investments	1,817,085	1,247,024
Cash and cash equivalents	1,919,669	4,508,982
Coinsurance deposits (net of allowance for credit losses of $8,737 as of 2022 and $2,264 as of 2021)	13,208,399	8,850,608
Liabilities
Policy benefit reserves	60,743,370	65,076,041
Single premium immediate annuity (SPIA) benefit reserves	212,119	226,207
Other policy funds - FHLB	300,000	0
Notes and loan payable	792,073	496,250
Subordinated debentures	78,753	78,421
Fair Value
Assets
Fixed maturity securities, available for sale	39,804,617	51,305,943
Mortgage loans on real estate	6,502,463	5,867,227
Real estate investments	1,056,063	337,939
Limited partnerships and limited liability companies	684,835	168,711
Derivative instruments	431,727	1,277,480
Other investments	1,817,085	1,247,024
Cash and cash equivalents	1,919,669	4,508,982
Coinsurance deposits (net of allowance for credit losses of $8,737 as of 2022 and $2,264 as of 2021)	12,000,116	7,938,292
Liabilities
Policy benefit reserves	55,572,896	56,375,076
Single premium immediate annuity (SPIA) benefit reserves	221,130	235,891
Other policy funds - FHLB	300,000	0
Notes and loan payable	774,220	569,485
Subordinated debentures	$ 87,293	$ 93,721

Fair Values of Financial Inst_5

Fair Values of Financial Instruments (Assets and Liabilities Measured on a Recurring Basis by Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Derivative instruments	$ 431,727	$ 1,277,480
Fair Value, Measurements, Recurring
Assets
Real estate investments	940,559	337,939
Limited partnerships and limited liability companies	684,835	168,711
Derivative instruments	431,727	1,277,480
Cash and cash equivalents	1,919,669	4,508,982
Assets	44,794,704	57,611,281
Liabilities
Liabilities	4,378,981	7,962,599
Fair Value, Measurements, Recurring \| Funds Withheld Liability - Embedded Derivative
Liabilities
Derivative liabilities	(441,864)	(2,362)
Fair Value, Measurements, Recurring \| Fixed Index Annuities - Embedded Derivatives
Liabilities
Derivative liabilities	4,820,845	7,964,961
Fair Value, Measurements, Recurring \| U.S. Government and Agencies
Assets
Investments	169,071	1,078,746
Fair Value, Measurements, Recurring \| States, Municipalities and Territories
Assets
Investments	3,822,982	3,927,201
Fair Value, Measurements, Recurring \| Foreign Corporate Securities and Foreign Governments
Assets
Investments	676,852	402,545
Fair Value, Measurements, Recurring \| Corporate Securities
Assets
Investments	24,161,921	34,660,234
Fair Value, Measurements, Recurring \| Residential Mortgage Backed Securities
Assets
Investments	1,377,611	1,125,049
Fair Value, Measurements, Recurring \| Commercial Mortgage Backed Securities
Assets
Investments	3,687,478	4,840,311
Fair Value, Measurements, Recurring \| Other Asset Backed Securities
Assets
Investments	5,908,702	5,271,857
Fair Value, Measurements, Recurring \| Other Investments
Assets
Investments	1,013,297	12,226
Fair Value, Measurements, Recurring \| NAV
Assets
Real estate investments	0	0
Limited partnerships and limited liability companies	620,626	168,711
Derivative instruments	0	0
Cash and cash equivalents	0	0
Assets	620,626	168,711
Liabilities
Liabilities	0	0
Fair Value, Measurements, Recurring \| NAV \| Funds Withheld Liability - Embedded Derivative
Liabilities
Derivative liabilities	0	0
Fair Value, Measurements, Recurring \| NAV \| Fixed Index Annuities - Embedded Derivatives
Liabilities
Derivative liabilities	0	0
Fair Value, Measurements, Recurring \| NAV \| U.S. Government and Agencies
Assets
Investments	0	0
Fair Value, Measurements, Recurring \| NAV \| States, Municipalities and Territories
Assets
Investments	0	0
Fair Value, Measurements, Recurring \| NAV \| Foreign Corporate Securities and Foreign Governments
Assets
Investments	0	0
Fair Value, Measurements, Recurring \| NAV \| Corporate Securities
Assets
Investments	0	0
Fair Value, Measurements, Recurring \| NAV \| Residential Mortgage Backed Securities
Assets
Investments	0	0
Fair Value, Measurements, Recurring \| NAV \| Commercial Mortgage Backed Securities
Assets
Investments	0	0
Fair Value, Measurements, Recurring \| NAV \| Other Asset Backed Securities
Assets
Investments	0	0
Fair Value, Measurements, Recurring \| NAV \| Other Investments
Assets
Investments	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets (Level 1)
Assets
Real estate investments	0	0
Limited partnerships and limited liability companies	0	0
Derivative instruments	0	0
Cash and cash equivalents	1,919,669	4,508,982
Assets	2,344,133	4,574,419
Liabilities
Liabilities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets (Level 1) \| Funds Withheld Liability - Embedded Derivative
Liabilities
Derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets (Level 1) \| Fixed Index Annuities - Embedded Derivatives
Liabilities
Derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets (Level 1) \| U.S. Government and Agencies
Assets
Investments	26,184	32,737
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets (Level 1) \| States, Municipalities and Territories
Assets
Investments	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets (Level 1) \| Foreign Corporate Securities and Foreign Governments
Assets
Investments	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets (Level 1) \| Corporate Securities
Assets
Investments	0	32,700
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) \| Other Investments
Assets
Investments	398,280	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Real estate investments	0	0
Limited partnerships and limited liability companies	0	0
Derivative instruments	431,727	1,277,480
Cash and cash equivalents	0	0
Assets	39,979,911	52,523,863
Liabilities
Liabilities	0	(2,362)
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Funds Withheld Liability - Embedded Derivative
Liabilities
Derivative liabilities	0	(2,362)
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Fixed Index Annuities - Embedded Derivatives
Liabilities
Derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Government and Agencies
Assets
Investments	142,887	1,046,009
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| States, Municipalities and Territories
Assets
Investments	3,822,982	3,927,201
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Foreign Corporate Securities and Foreign Governments
Assets
Investments	676,852	402,545
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate Securities
Assets
Investments	23,759,573	34,627,534
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Residential Mortgage Backed Securities
Assets
Investments	1,377,611	1,125,049
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial Mortgage Backed Securities
Assets
Investments	3,687,478	4,840,311
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Other Asset Backed Securities
Assets
Investments	5,465,784	5,271,857
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Other Investments
Assets
Investments	615,017	5,877
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Assets
Real estate investments	940,559	337,939
Limited partnerships and limited liability companies	64,209	0
Derivative instruments	0	0
Cash and cash equivalents	0	0
Assets	1,850,034	344,288
Liabilities
Liabilities	4,378,981	7,964,961
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Funds Withheld Liability - Embedded Derivative
Liabilities
Derivative liabilities	(441,864)	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Fixed Index Annuities - Embedded Derivatives
Liabilities
Derivative liabilities	4,820,845	7,964,961
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Government and Agencies
Assets
Investments	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| States, Municipalities and Territories
Assets
Investments	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Foreign Corporate Securities and Foreign Governments
Assets
Investments	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate Securities
Assets
Investments	402,348	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	442,918	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Other Investments
Assets
Investments	$ 0	$ 6,349

Fair Values of Financial Inst_6

Fair Values of Financial Instruments (Assumptions Used in Estimating Fair Value) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Expected cost of annual call options	2.40%	2.10%	2.10%	2.90%
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	2.17%	3.04%
Average partial withdrawal rates	1.86%	2.19%
Fixed Index Annuities \| Average \| Contract Duration (Years), 6-10
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	3.28%	2.84%
Average partial withdrawal rates	1.97%	2.26%
Fixed Index Annuities \| Average \| Contract Duration (Years), 11-15
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	3.63%	4.47%
Average partial withdrawal rates	1.86%	2.14%
Fixed Index Annuities \| Average \| Contract Duration (Years), 16-20
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	8.55%	8.93%
Average partial withdrawal rates	2.96%	1.33%
Fixed Index Annuities \| Average \| Contract Duration (Years), 20 or More
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	4.90%	4.93%
Average partial withdrawal rates	1.81%	0%

Fair Values of Financial Inst_7

Fair Values of Financial Instruments (Reconciliation of Beginning and Ending Balances of Level 3 Assets and Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Coinsurance ceded, fixed index annuities embedded derivatives	$ 13,208,399	$ 8,850,608
Fair Value, Measurements, Recurring \| Corporate Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0	0
Purchases	2,233	0
Transfers in	391,702	0
Transfers out	0	0
Included in net income	0	0
Included in other comprehensive income (loss)	8,413	0
Ending balance	402,348	0
Fair Value, Measurements, Recurring \| Other Asset Backed Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0	0
Purchases	296,800	0
Transfers in	153,669	0
Transfers out	0	0
Included in net income	0	0
Included in other comprehensive income (loss)	(7,551)	0
Ending balance	442,918	0
Fair Value, Measurements, Recurring \| Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	6,349	0
Transfers in	0	6,349
Transfers out	(3,867)	0
Included in net income	(2,482)	0
Included in other comprehensive income (loss)	0	0
Ending balance	0	6,349
Fair Value, Measurements, Recurring \| Limited Partnerships and Limited Liability Companies
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0	0
Purchases and sales, net	57,574	0
Included in net income	6,635	0
Ending balance	64,209	0
Fair Value, Measurements, Recurring \| Real Estate Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	337,939	0
Purchases and sales, net	602,298	335,767
Included in net income	322	2,172
Ending balance	940,559	337,939
Funds Withheld Liability - Embedded Derivative \| Fair Value, Measurements, Recurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0	0
Transfers in	(441,864)	0
Change in fair value, net	0	0
Ending balance	(441,864)	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	1,173,400	1,245,000
Fixed Index Annuities - Embedded Derivatives \| Fair Value, Measurements, Recurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	7,964,961	7,938,281
Premiums less benefits	(125,940)	1,424,372
Change in fair value, net	(2,561,676)	(876,803)
Reserve release related to in-force ceded reinsurance	(456,500)	(520,889)
Ending balance	$ 4,820,845	$ 7,964,961

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	12 Months Ended
Investments (Narrative) (Details) $ in Thousands	Dec. 31, 2022 USD ($) Securities	Dec. 31, 2021 USD ($) Securities	Dec. 31, 2020 USD ($)
Investments [Abstract]
Percentage of fixed maturity portfolio rated investment grade based on NAIC designations	98%	98%
Number of securities in unrealized loss position \| Securities	4,510	1,427
Percentage of unrealized losses on fixed maturity securities where securities are rated investment grade	98%	85%
Proceeds from sales of available for sale fixed maturity securities	$ 7,800,000	$ 800,000	$ 5,400,000
Principal repayments, calls and tenders of available for sale fixed maturity securities	2,800,000	3,700,000	$ 2,900,000
Cash and invested assets on deposit with state agencies to meet regulatory requirements	51,000,000	49,300,000
Fair value, concentration of risk, investments	$ 0	$ 0

Investments (Schedule of Fixed

Investments (Schedule of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	$ 44,866,019	$ 46,999,183
Fixed maturity securities, available for sale, gross unrealized gains		225,792	4,421,976
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(5,283,847)	(112,370)
Fixed maturity securities, available for sale, allowance for credit losses		(3,347)	(2,846)	$ (64,771)
Fixed maturity securities, available for sale		39,804,617	51,305,943
U.S. Government and Agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	173,638	1,046,029
Fixed maturity securities, available for sale, gross unrealized gains		70	32,841
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(4,637)	(124)
Fixed maturity securities, available for sale, allowance for credit losses		0	0
Fixed maturity securities, available for sale		169,071	1,078,746
States, Municipalities and Territories
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	4,356,251	3,495,563
Fixed maturity securities, available for sale, gross unrealized gains		41,565	437,456
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(574,834)	(3,042)
Fixed maturity securities, available for sale, allowance for credit losses		0	(2,776)	(2,844)
Fixed maturity securities, available for sale		3,822,982	3,927,201
Foreign Corporate Securities and Foreign Governments
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	748,770	380,646
Fixed maturity securities, available for sale, gross unrealized gains		11,661	22,742
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(83,579)	(843)
Fixed maturity securities, available for sale, allowance for credit losses		0	0
Fixed maturity securities, available for sale		676,852	402,545
Corporate Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	27,706,440	31,084,629
Fixed maturity securities, available for sale, gross unrealized gains		146,065	3,614,047
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(3,687,370)	(38,442)
Fixed maturity securities, available for sale, allowance for credit losses		(3,214)	0	(60,193)
Fixed maturity securities, available for sale		24,161,921	34,660,234
Residential Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	1,492,242	1,056,778
Fixed maturity securities, available for sale, gross unrealized gains		11,870	70,434
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(126,368)	(2,093)
Fixed maturity securities, available for sale, allowance for credit losses		(133)	(70)	$ (1,734)
Fixed maturity securities, available for sale		1,377,611	1,125,049
Commercial Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	4,098,755	4,708,878
Fixed maturity securities, available for sale, gross unrealized gains		493	149,152
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(411,770)	(17,719)
Fixed maturity securities, available for sale, allowance for credit losses		0	0
Fixed maturity securities, available for sale		3,687,478	4,840,311
Other Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	6,289,923	5,226,660
Fixed maturity securities, available for sale, gross unrealized gains		14,068	95,304
Fixed maturity securities, available for sale, gross unrealized losses	[2]	(395,289)	(50,107)
Fixed maturity securities, available for sale, allowance for credit losses		0	0
Fixed maturity securities, available for sale		5,908,702	5,271,857
Fixed Maturity Securities, Available For Sale
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable		$ 425,400	$ 400,700

[1]Amortized cost excludes accrued interest receivable of $425.4 million and $400.7 million as of December 31, 2022 and 2021, 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		Dec. 31, 2022	Dec. 31, 2021
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Fixed maturity securities, available for sale, due in one year or less, amortized cost		$ 1,184,147
Fixed maturity securities, available for sale, due after one year through five years, amortized cost		5,641,072
Fixed maturity securities, available for sale, due after five years through ten years, amortized cost		6,254,569
Fixed maturity securities, available for sale, due after ten years through twenty years, amortized cost		9,853,998
Fixed maturity securities, available for sale, due after twenty years, amortized cost		10,051,313
Fixed maturity securities, available for sale, securities with a single maturity date, amortized cost		32,985,099
Fixed maturity securities, available for sale, amortized cost	[1]	44,866,019	$ 46,999,183
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fixed maturity securities, available for sale, due in one year or less, fair value		1,180,124
Fixed maturity securities, available for sale, due after one year through five years, fair value		5,406,059
Fixed maturity securities, available for sale, due after five years through ten years, fair value		5,672,730
Fixed maturity securities, available for sale, due after ten years through twenty years, fair value		8,817,815
Fixed maturity securities, available for sale, due after twenty years, fair value		7,754,098
Fixed maturity securities, available for sale, securities with a single maturity date, fair value		28,830,826
Fixed maturity securities, available for sale		39,804,617	51,305,943
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		1,492,242
Fixed maturity securities, available for sale, amortized cost	[1]	1,492,242	1,056,778
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fixed maturity securities, available for sale, securities without a single maturity date, fair value		1,377,611
Fixed maturity securities, available for sale		1,377,611	1,125,049
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		4,098,755
Fixed maturity securities, available for sale, amortized cost	[1]	4,098,755	4,708,878
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fixed maturity securities, available for sale, securities without a single maturity date, fair value		3,687,478
Fixed maturity securities, available for sale		3,687,478	4,840,311
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		6,289,923
Fixed maturity securities, available for sale, amortized cost	[1]	6,289,923	5,226,660
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fixed maturity securities, available for sale, securities without a single maturity date, fair value		5,908,702
Fixed maturity securities, available for sale		$ 5,908,702	$ 5,271,857

[1]Amortized cost excludes accrued interest receivable of $425.4 million and $400.7 million as of December 31, 2022 and 2021, respectively.

Investments (Net Unrealized Gai

Investments (Net Unrealized Gains (Losses) on Available for Sale Fixed Maturity Securities Reported as a Seperate Component of Stockholders' Equity) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments [Abstract]
Net unrealized gains (losses) on available for sale fixed maturity securities	$ (5,065,422)	$ 4,309,606
Adjustments for assumed changes in amortization of deferred policy acquisition costs, deferred sales inducements and policy benefit reserves	2,309,357	(1,993,869)
Deferred income tax valuation allowance reversal	22,534	22,534
Deferred income tax expense	578,476	(489,482)
Net unrealized gains (losses) reported as accumulated other comprehensive income (loss)	$ (2,155,055)	$ 1,848,789

Investments (Credit Quality of

Investments (Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation) (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost	[1]	$ 44,866,019	$ 46,999,183
Fixed maturity securities, available for sale		39,804,617	51,305,943
NAIC, Class 1 Designation
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost		27,061,903	26,157,531
Fixed maturity securities, available for sale		24,211,086	28,785,839
NAIC, Class 2 Designation
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost		17,023,157	19,758,594
Fixed maturity securities, available for sale		14,944,131	21,396,020
NAIC, Class 3 Designation
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost		595,193	909,311
Fixed maturity securities, available for sale		510,392	941,210
NAIC, Class 4 Designation
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost		109,409	133,070
Fixed maturity securities, available for sale		91,495	147,160
NAIC, Class 5 Designation
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost		61,721	16,496
Fixed maturity securities, available for sale		36,738	15,357
NAIC, Class 6 Designation
Investment Holdings [Line Items]
Fixed maturity securities, available for sale, amortized cost		14,636	24,181
Fixed maturity securities, available for sale		$ 10,775	$ 20,357

[1]Amortized cost excludes accrued interest receivable of $425.4 million and $400.7 million as of December 31, 2022 and 2021, respectively.

Investments (Gross Unrealized L

Investments (Gross Unrealized Losses on Investments, By Category and Length of Time) (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value		$ 28,557,796	$ 5,735,135
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(4,403,539)	(51,758)
Available for sale, continuous unrealized loss position, 12 months or more, fair value		4,221,422	2,072,853
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(880,308)	(63,458)
Available for sale, continuous unrealized loss position, total, fair value		32,779,218	7,807,988
Available for sale, continuous unrealized loss position, total, unrealized losses	[1]	(5,283,847)	(115,216)
Fixed maturity securities, available for sale, allowance for credit losses		3,347	2,846	$ 64,771
U.S. Government and Agencies
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value		160,201	760,977
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(4,512)	(124)
Available for sale, continuous unrealized loss position, 12 months or more, fair value		908	0
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(125)	0
Available for sale, continuous unrealized loss position, total, fair value		161,109	760,977
Available for sale, continuous unrealized loss position, total, unrealized losses	[1]	(4,637)	(124)
Fixed maturity securities, available for sale, allowance for credit losses		0	0
States, Municipalities and Territories
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value		2,595,122	168,942
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(537,313)	(2,468)
Available for sale, continuous unrealized loss position, 12 months or more, fair value		95,184	15,711
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(37,521)	(3,350)
Available for sale, continuous unrealized loss position, total, fair value		2,690,306	184,653
Available for sale, continuous unrealized loss position, total, unrealized losses	[1]	(574,834)	(5,818)
Fixed maturity securities, available for sale, allowance for credit losses		0	2,776	2,844
Foreign Corporate Securities and Foreign Governments
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value		522,826	42,861
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(76,957)	(843)
Available for sale, continuous unrealized loss position, 12 months or more, fair value		21,816	0
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(6,622)	0
Available for sale, continuous unrealized loss position, total, fair value		544,642	42,861
Available for sale, continuous unrealized loss position, total, unrealized losses	[1]	(83,579)	(843)
Fixed maturity securities, available for sale, allowance for credit losses		0	0
Corporate Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value		18,784,181	2,375,603
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(3,218,323)	(30,070)
Available for sale, continuous unrealized loss position, 12 months or more, fair value		1,411,177	116,819
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(469,047)	(8,372)
Available for sale, continuous unrealized loss position, total, fair value		20,195,358	2,492,422
Available for sale, continuous unrealized loss position, total, unrealized losses	[1]	(3,687,370)	(38,442)
Fixed maturity securities, available for sale, allowance for credit losses		3,214	0	60,193
Residential Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value		992,783	250,964
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(101,100)	(1,408)
Available for sale, continuous unrealized loss position, 12 months or more, fair value		116,388	26,917
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(25,268)	(755)
Available for sale, continuous unrealized loss position, total, fair value		1,109,171	277,881
Available for sale, continuous unrealized loss position, total, unrealized losses	[1]	(126,368)	(2,163)
Fixed maturity securities, available for sale, allowance for credit losses		133	70	$ 1,734
Commercial Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value		2,941,293	784,464
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(302,513)	(5,500)
Available for sale, continuous unrealized loss position, 12 months or more, fair value		651,923	142,224
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(109,257)	(12,219)
Available for sale, continuous unrealized loss position, total, fair value		3,593,216	926,688
Available for sale, continuous unrealized loss position, total, unrealized losses	[1]	(411,770)	(17,719)
Fixed maturity securities, available for sale, allowance for credit losses		0	0
Other Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value		2,561,390	1,351,324
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	[1]	(162,821)	(11,345)
Available for sale, continuous unrealized loss position, 12 months or more, fair value		1,924,026	1,771,182
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	[1]	(232,468)	(38,762)
Available for sale, continuous unrealized loss position, total, fair value		4,485,416	3,122,506
Available for sale, continuous unrealized loss position, total, unrealized losses	[1]	(395,289)	(50,107)
Fixed maturity securities, available for sale, allowance for credit losses		$ 0	$ 0

[1]Unrealized losses have not been reduced to reflect the allowance for credit losses of $3.3 million and $2.8 million as of December 31, 2022 and 2021, respectively.

Investments (Changes in Net Unr

Investments (Changes in Net Unrealized Gains/Losses on Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments [Abstract]
Fixed maturity securities available for sale carried at fair value	$ (9,375,028)	$ (987,434)	$ 1,955,496
Adjustment for effect on other balance sheet accounts:
Deferred policy acquisition costs, deferred sales inducements and policy benefit reserves	4,303,226	542,382	(880,517)
Deferred income tax asset/liability	1,067,958	90,284	(225,746)
Total adjustment for effect on other balance sheet accounts	5,371,184	632,666	(1,106,263)
Change in net unrealized gains/losses on investments carried at fair value	$ (4,003,844)	$ (354,768)	$ 849,233

Investments (Components of Net

Investments (Components of Net Investment Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Investment income, gross	$ 2,453,929	$ 2,101,892	$ 2,214,550
Less: investment expenses	(146,466)	(64,417)	(32,472)
Net investment income	2,307,463	2,037,475	2,182,078
Fixed Maturity Securities, Available For Sale
Net Investment Income [Line Items]
Investment income, gross	1,849,915	1,772,675	2,035,762
Real Estate Investments
Net Investment Income [Line Items]
Investment income, gross	40,243	14,138	0
Mortgage Loans on Real Estate
Net Investment Income [Line Items]
Investment income, gross	301,118	215,138	170,749
Cash and Cash Equivalents
Net Investment Income [Line Items]
Investment income, gross	24,985	3,385	4,871
Limited Partnerships and Limited Liability Companies
Net Investment Income [Line Items]
Investment income, gross	188,131	67,157	(12,204)
Other Investments
Net Investment Income [Line Items]
Investment income, gross	$ 49,537	$ 29,399	$ 15,372

Investments (Net Realized Losse

Investments (Net Realized Losses on Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gain (Loss) on Securities [Line Items]
Decrease (increase) in allowance for credit losses	$ (15,126)	$ 7,005
Recovery of specific allowance	1,677	0
Net realized losses on investments	(47,848)	(13,242)	$ (80,680)
Fixed Maturity Securities, Available For Sale
Gain (Loss) on Securities [Line Items]
Gross realized gains	139,819	10,167	305,170
Gross realized losses	(153,712)	(19,140)	(276,847)
Net credit loss (provision) release	(15,536)	(6,241)	(94,560)
Realized losses	(29,429)	(15,214)	(66,237)
Mortgage Loans on Real Estate
Gain (Loss) on Securities [Line Items]
Decrease (increase) in allowance for credit losses	(15,126)	7,005	(15,447)
Recovery of specific allowance	1,677	0	712
Gain (loss) on sale of mortgage loans	(4,970)	(5,033)	292
Gain (loss) on mortgage loans	$ (18,419)	$ 1,972	$ (14,443)

Investments (Non-Income Produci

Investments (Non-Income Producing Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investment Holdings [Line Items]
Non-income producing investments	$ 12,191	$ 4,118
Fixed Maturity Securities, Available For Sale
Investment Holdings [Line Items]
Non-income producing investments	10,708	4,118
Mortgage Loans on Real Estate
Investment Holdings [Line Items]
Non-income producing investments	$ 1,483	$ 0

Investments (Rollforward of All

Investments (Rollforward of Allowance for Credit Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,846	$ 64,771
Additions for credit losses not previously recorded	4,895	1,112
Change in allowance on securities with previous allowance	(3,966)	(482)
Reduction for securities with credit losses due to intent to sell	0	(209)
Reduction for securities sold during the period	(428)	(50,758)
Write-offs charged against the allowance	0	(10,032)
Recoveries of amounts previously written off	0	(1,556)
Ending balance	3,347	2,846
States, Municipalities and Territories
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,776	2,844
Additions for credit losses not previously recorded	0	0
Change in allowance on securities with previous allowance	(2,776)	(68)
Reduction for securities with credit losses due to intent to sell		0
Reduction for securities sold during the period	0	0
Write-offs charged against the allowance	0	0
Recoveries of amounts previously written off	0	0
Ending balance	0	2,776
Corporate Securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	60,193
Additions for credit losses not previously recorded	3,825	705
Change in allowance on securities with previous allowance	(611)	443
Reduction for securities with credit losses due to intent to sell	0	(209)
Reduction for securities sold during the period	0	(50,758)
Write-offs charged against the allowance	0	(10,032)
Recoveries of amounts previously written off	0	(342)
Ending balance	3,214	0
Residential Mortgage Backed Securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	70	1,734
Additions for credit losses not previously recorded	1,070	407
Change in allowance on securities with previous allowance	(579)	(857)
Reduction for securities with credit losses due to intent to sell	0	0
Reduction for securities sold during the period	(428)	0
Write-offs charged against the allowance	0	0
Recoveries of amounts previously written off	0	(1,214)
Ending balance	$ 133	$ 70

Mortgage Loans on Real Estate_2

Mortgage Loans on Real Estate (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loans portfolio_segment	Dec. 31, 2021 USD ($) loans	Dec. 31, 2020 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Number of portfolio segments that make up financing receivables \| portfolio_segment	3
Commitments outstanding	$ 420,200
Real estate acquired through foreclosure	$ 0	$ 0
Non-accrual status, number of loans \| loans	59	13
Interest income recognized on non-accrual loans	$ 670	$ 36	$ 0
Number of TDRs \| loans	0	0
Minimum
Loans and Leases Receivable Disclosure [Line Items]
Number of days past due, nonperforming	90 days
Financing receivable, modifications, period of time of delaying principal and/or interest (months)	3 months
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 Mortgage Loans
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	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowance	$ (36,972)	$ (24,024)	$ (31,029)
Mortgage loans, carrying value	6,949,027	5,687,998
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	3,560,903	3,633,131
Deferred fees and costs, net	(6,345)	(4,629)
Mortgage loans, amortized cost	3,554,558	3,628,502
Valuation allowance	(22,428)	(17,926)	(25,529)
Mortgage loans, carrying value	3,532,130	3,610,576
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	567,630	408,135
Deferred fees and costs, net	(1,667)	(1,136)
Mortgage loans, amortized cost	565,963	406,999
Valuation allowance	(1,021)	(519)	(2,130)
Mortgage loans, carrying value	564,942	406,480
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	2,807,652	1,652,910
Deferred fees and costs, net	1,909	1,468
Unamortized discounts and premiums, net	55,917	22,143
Mortgage loans, amortized cost	2,865,478	1,676,521
Valuation allowance	(13,523)	(5,579)	$ (3,370)
Mortgage loans, carrying value	$ 2,851,955	$ 1,670,942

Mortgage Loans on Real Estate_4

Mortgage Loans on Real Estate (Commercial Mortgage Loan Portfolio Summarized by Geographic Region and Property Type) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Mortgage Loans on Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 58,200	$ 37,000
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 3,560,903	$ 3,633,131
Percent	100%	100%
Commercial Mortgage Loans \| East
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 502,659	$ 614,406
Percent	14.10%	16.90%
Commercial Mortgage Loans \| Middle Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 280,993	$ 293,494
Percent	7.90%	8.10%
Commercial Mortgage Loans \| Mountain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 416,307	$ 452,818
Percent	11.70%	12.50%
Commercial Mortgage Loans \| New England
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 73,631	$ 60,172
Percent	2.10%	1.60%
Commercial Mortgage Loans \| Pacific
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 858,812	$ 863,879
Percent	24.10%	23.80%
Commercial Mortgage Loans \| South Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 934,007	$ 785,679
Percent	26.20%	21.60%
Commercial Mortgage Loans \| West North Central
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 205,568	$ 235,864
Percent	5.80%	6.50%
Commercial Mortgage Loans \| West South Central
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 288,926	$ 326,819
Percent	8.10%	9%
Commercial Mortgage Loans \| Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 378,713	$ 315,374
Percent	10.60%	8.70%
Commercial Mortgage Loans \| Medical Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 10,265	$ 10,827
Percent	0.30%	0.30%
Commercial Mortgage Loans \| Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 896,351	$ 1,016,101
Percent	25.20%	28%
Commercial Mortgage Loans \| Industrial/Warehouse
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 866,623	$ 924,779
Percent	24.30%	25.40%
Commercial Mortgage Loans \| Apartment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 912,984	$ 864,580
Percent	25.60%	23.80%
Commercial Mortgage Loans \| Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 285,271	$ 283,500
Percent	8%	7.80%
Commercial Mortgage Loans \| Mixed Use/Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 210,696	$ 217,970
Percent	6%	6%
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 567,630	$ 408,135
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 2,807,652	$ 1,652,910

Mortgage Loans on Real Estate_5

Mortgage Loans on Real Estate (Rollforward of Valuation Allowance on Mortgage Loan Portfolios) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	$ (24,024)	$ (31,029)
Charge-offs	501	0
Recoveries	1,677	0
Change in provision for credit losses	(15,126)	7,005
Ending allowance balance	(36,972)	(24,024)
Commercial Mortgage Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	(17,926)	(25,529)
Charge-offs	501	0
Recoveries	1,677	0
Change in provision for credit losses	(6,680)	7,603
Ending allowance balance	(22,428)	(17,926)
Agricultural Mortgage Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	(519)	(2,130)
Charge-offs	0	0
Recoveries	0	0
Change in provision for credit losses	(502)	1,611
Ending allowance balance	(1,021)	(519)
Residential Mortgage Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	(5,579)	(3,370)
Charge-offs	0	0
Recoveries	0	0
Change in provision for credit losses	(7,944)	(2,209)
Ending allowance balance	$ (13,523)	$ (5,579)

Mortgage Loans on Real Estate_6

Mortgage Loans on Real Estate (Summary By Debt Service Coverage and Loan to Value Ratios) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Commercial Mortgage Loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Amortized cost, originated in current fiscal year	$ 425,875	$ 592,095
Average LTV, year one, originated in current fiscal year	59%	54%
Amortized cost, originated in fiscal year before current fiscal year	$ 592,468	$ 534,839
Average LTV, year two, originated in fiscal year before current fiscal year	53%	61%
Amortized cost, originated two years before current fiscal year	$ 486,339	$ 688,191
Average LTV, year three, originated two years before current fiscal year	58%	64%
Amortized cost, originated three years before current fiscal year	$ 591,076	$ 459,451
Average LTV, year four, originated three years before current fiscal year	61%	60%
Amortized cost, originated four years before current fiscal year	$ 416,132	$ 402,400
Average LTV, year five, originated four years before current fiscal year	57%	58%
Amortized cost, originated more than five years before current fiscal year	$ 1,042,668	$ 951,526
Average LTV, originated more than five years before current fiscal year	47%	47%
Mortgage loans, amortized cost	$ 3,554,558	$ 3,628,502
Total - Average LTV	54%	56%
Commercial Mortgage Loans \| Debt Service Coverage Ratio: Greater Than or Equal to 1.5
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Amortized cost, originated in current fiscal year	$ 249,328	$ 260,623
Average LTV, year one, originated in current fiscal year	63%	64%
Amortized cost, originated in fiscal year before current fiscal year	$ 257,746	$ 454,828
Average LTV, year two, originated in fiscal year before current fiscal year	61%	60%
Amortized cost, originated two years before current fiscal year	$ 421,391	$ 464,059
Average LTV, year three, originated two years before current fiscal year	57%	61%
Amortized cost, originated three years before current fiscal year	$ 429,596	$ 344,170
Average LTV, year four, originated three years before current fiscal year	58%	58%
Amortized cost, originated four years before current fiscal year	$ 325,117	$ 246,854
Average LTV, year five, originated four years before current fiscal year	53%	52%
Amortized cost, originated more than five years before current fiscal year	$ 813,319	$ 758,494
Average LTV, originated more than five years before current fiscal year	44%	45%
Mortgage loans, amortized cost	$ 2,496,497	$ 2,529,028
Total - Average LTV	53%	55%
Commercial Mortgage Loans \| Debt Service Coverage Ratio: Greater Than or Equal to 1.2 and Less Than 1.5
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Amortized cost, originated in current fiscal year	$ 6,488	$ 12,836
Average LTV, year one, originated in current fiscal year	70%	67%
Amortized cost, originated in fiscal year before current fiscal year	$ 123,038	$ 58,960
Average LTV, year two, originated in fiscal year before current fiscal year	55%	66%
Amortized cost, originated two years before current fiscal year	$ 46,804	$ 128,301
Average LTV, year three, originated two years before current fiscal year	58%	70%
Amortized cost, originated three years before current fiscal year	$ 115,977	$ 89,293
Average LTV, year four, originated three years before current fiscal year	66%	66%
Amortized cost, originated four years before current fiscal year	$ 67,642	$ 135,818
Average LTV, year five, originated four years before current fiscal year	67%	66%
Amortized cost, originated more than five years before current fiscal year	$ 145,703	$ 129,833
Average LTV, originated more than five years before current fiscal year	60%	57%
Mortgage loans, amortized cost	$ 505,652	$ 555,041
Total - Average LTV	62%	65%
Commercial Mortgage Loans \| Debt Service Coverage Ratio: Greater Than or Equal to 1.0 and Less Than 1.2
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Amortized cost, originated in current fiscal year	$ 170,059	$ 318,636
Average LTV, year one, originated in current fiscal year	52%	45%
Amortized cost, originated in fiscal year before current fiscal year	$ 211,684	$ 17,762
Average LTV, year two, originated in fiscal year before current fiscal year	43%	82%
Amortized cost, originated two years before current fiscal year	$ 18,144	$ 69,684
Average LTV, year three, originated two years before current fiscal year	79%	72%
Amortized cost, originated three years before current fiscal year	$ 39,396	$ 11,937
Average LTV, year four, originated three years before current fiscal year	73%	75%
Amortized cost, originated four years before current fiscal year	$ 10,348	$ 6,343
Average LTV, year five, originated four years before current fiscal year	76%	60%
Amortized cost, originated more than five years before current fiscal year	$ 58,021	$ 42,125
Average LTV, originated more than five years before current fiscal year	47%	58%
Mortgage loans, amortized cost	$ 507,652	$ 466,487
Total - Average LTV	51%	53%
Commercial Mortgage Loans \| Debt Service Coverage Ratio: Less Than 1.0
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Amortized cost, originated in current fiscal year	$ 0	$ 0
Average LTV, year one, originated in current fiscal year	0%	0%
Amortized cost, originated in fiscal year before current fiscal year	$ 0	$ 3,289
Average LTV, year two, originated in fiscal year before current fiscal year	0%	61%
Amortized cost, originated two years before current fiscal year	$ 0	$ 26,147
Average LTV, year three, originated two years before current fiscal year	0%	63%
Amortized cost, originated three years before current fiscal year	$ 6,107	$ 14,051
Average LTV, year four, originated three years before current fiscal year	64%	76%
Amortized cost, originated four years before current fiscal year	$ 13,025	$ 13,385
Average LTV, year five, originated four years before current fiscal year	70%	73%
Amortized cost, originated more than five years before current fiscal year	$ 25,625	$ 21,074
Average LTV, originated more than five years before current fiscal year	65%	54%
Mortgage loans, amortized cost	$ 44,757	$ 77,946
Total - Average LTV	66%	65%
Agricultural Mortgage Loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Amortized cost, originated in current fiscal year	$ 196,347	$ 165,764
Average LTV, year one, originated in current fiscal year	51%	54%
Amortized cost, originated in fiscal year before current fiscal year	$ 160,641	$ 196,521
Average LTV, year two, originated in fiscal year before current fiscal year	48%	49%
Amortized cost, originated two years before current fiscal year	$ 169,346	$ 19,714
Average LTV, year three, originated two years before current fiscal year	37%	45%
Amortized cost, originated three years before current fiscal year	$ 5,629	$ 25,000
Average LTV, year four, originated three years before current fiscal year	41%	11%
Amortized cost, originated four years before current fiscal year	$ 34,000	$ 0
Average LTV, year five, originated four years before current fiscal year	31%	0%
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%	0%
Mortgage loans, amortized cost	$ 565,963	$ 406,999
Total - Average LTV	45%	48%
Agricultural Mortgage Loans \| Debt Service Coverage Ratio: Greater Than or Equal to 1.5
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Amortized cost, originated in current fiscal year	$ 85,367	$ 62,548
Average LTV, year one, originated in current fiscal year	47%	54%
Amortized cost, originated in fiscal year before current fiscal year	$ 84,186	$ 80,919
Average LTV, year two, originated in fiscal year before current fiscal year	46%	56%
Amortized cost, originated two years before current fiscal year	$ 97,143	$ 11,645
Average LTV, year three, originated two years before current fiscal year	41%	49%
Amortized cost, originated three years before current fiscal year	$ 0	$ 25,000
Average LTV, year four, originated three years before current fiscal year	0%	11%
Amortized cost, originated four years before current fiscal year	$ 0	$ 0
Average LTV, year five, originated four years before current fiscal year	0%	0%
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%	0%
Mortgage loans, amortized cost	$ 266,696	$ 180,112
Total - Average LTV	45%	49%
Agricultural Mortgage Loans \| Debt Service Coverage Ratio: Greater Than or Equal to 1.2 and Less Than 1.5
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Amortized cost, originated in current fiscal year	$ 107,856	$ 95,738
Average LTV, year one, originated in current fiscal year	54%	55%
Amortized cost, originated in fiscal year before current fiscal year	$ 67,630	$ 102,958
Average LTV, year two, originated in fiscal year before current fiscal year	52%	43%
Amortized cost, originated two years before current fiscal year	$ 61,103	$ 3,335
Average LTV, year three, originated two years before current fiscal year	32%	22%
Amortized cost, originated three years before current fiscal year	$ 0	$ 0
Average LTV, year four, originated three years before current fiscal year	0%	0%
Amortized cost, originated four years before current fiscal year	$ 0	$ 0
Average LTV, year five, originated four years before current fiscal year	0%	0%
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%	0%
Mortgage loans, amortized cost	$ 236,589	$ 202,031
Total - Average LTV	48%	48%
Agricultural Mortgage Loans \| Debt Service Coverage Ratio: Greater Than or Equal to 1.0 and Less Than 1.2
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Amortized cost, originated in current fiscal year	$ 3,124	$ 7,478
Average LTV, year one, originated in current fiscal year	56%	44%
Amortized cost, originated in fiscal year before current fiscal year	$ 8,825	$ 4,092
Average LTV, year two, originated in fiscal year before current fiscal year	38%	36%
Amortized cost, originated two years before current fiscal year	$ 3,125	$ 4,734
Average LTV, year three, originated two years before current fiscal year	25%	50%
Amortized cost, originated three years before current fiscal year	$ 0	$ 0
Average LTV, year four, originated three years before current fiscal year	0%	0%
Amortized cost, originated four years before current fiscal year	$ 0	$ 0
Average LTV, year five, originated four years before current fiscal year	0%	0%
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%	0%
Mortgage loans, amortized cost	$ 15,074	$ 16,304
Total - Average LTV	39%	44%
Agricultural Mortgage Loans \| Debt Service Coverage Ratio: Less Than 1.0
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Amortized cost, originated in current fiscal year	$ 0	$ 0
Average LTV, year one, originated in current fiscal year	0%	0%
Amortized cost, originated in fiscal year before current fiscal year	$ 0	$ 8,552
Average LTV, year two, originated in fiscal year before current fiscal year	0%	59%
Amortized cost, originated two years before current fiscal year	$ 7,975	$ 0
Average LTV, year three, originated two years before current fiscal year	35%	0%
Amortized cost, originated three years before current fiscal year	$ 5,629	$ 0
Average LTV, year four, originated three years before current fiscal year	41%	0%
Amortized cost, originated four years before current fiscal year	$ 34,000	$ 0
Average LTV, year five, originated four years before current fiscal year	31%	0%
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%	0%
Mortgage loans, amortized cost	$ 47,604	$ 8,552
Total - Average LTV	33%	59%

Mortgage Loans on Real Estate_7

Mortgage Loans on Real Estate (Aging of Financing Receivables) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Commercial Mortgage Loans
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	$ 425,875	$ 592,095
Amortized cost, originated in fiscal year before current fiscal year	592,468	534,839
Amortized cost, originated two years before current fiscal year	486,339	688,191
Amortized cost, originated three years before current fiscal year	591,076	459,451
Amortized cost, originated four years before current fiscal year	416,132	402,400
Amortized cost, originated more than five years before current fiscal year	1,042,668	951,526
Mortgage loans, amortized cost	3,554,558	3,628,502
Commercial Mortgage Loans \| Current
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	425,875	592,095
Amortized cost, originated in fiscal year before current fiscal year	592,468	534,839
Amortized cost, originated two years before current fiscal year	486,339	688,191
Amortized cost, originated three years before current fiscal year	591,076	459,451
Amortized cost, originated four years before current fiscal year	416,132	402,400
Amortized cost, originated more than five years before current fiscal year	1,042,668	951,526
Mortgage loans, amortized cost	3,554,558	3,628,502
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 current fiscal year	0	0
Amortized cost, originated two years before current fiscal year	0	0
Amortized cost, originated three years before current fiscal year	0	0
Amortized cost, originated four years before current fiscal year	0	0
Amortized cost, originated more than five years before current 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 current fiscal year	0	0
Amortized cost, originated two years before current fiscal year	0	0
Amortized cost, originated three years before current fiscal year	0	0
Amortized cost, originated four years before current fiscal year	0	0
Amortized cost, originated more than five years before current 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 current fiscal year	0	0
Amortized cost, originated two years before current fiscal year	0	0
Amortized cost, originated three years before current fiscal year	0	0
Amortized cost, originated four years before current fiscal year	0	0
Amortized cost, originated more than five years before current fiscal year	0	0
Mortgage loans, amortized cost	0	0
Agricultural Mortgage Loans
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	196,347	165,764
Amortized cost, originated in fiscal year before current fiscal year	160,641	196,521
Amortized cost, originated two years before current fiscal year	169,346	19,714
Amortized cost, originated three years before current fiscal year	5,629	25,000
Amortized cost, originated four years before current fiscal year	34,000	0
Amortized cost, originated more than five years before current fiscal year	0	0
Mortgage loans, amortized cost	565,963	406,999
Agricultural Mortgage Loans \| Current
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	196,347	165,764
Amortized cost, originated in fiscal year before current fiscal year	160,641	196,521
Amortized cost, originated two years before current fiscal year	166,211	19,714
Amortized cost, originated three years before current fiscal year	5,629	25,000
Amortized cost, originated four years before current fiscal year	34,000	0
Amortized cost, originated more than five years before current fiscal year	0	0
Mortgage loans, amortized cost	562,828	406,999
Agricultural 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 current fiscal year	0	0
Amortized cost, originated two years before current fiscal year	0	0
Amortized cost, originated three years before current fiscal year	0	0
Amortized cost, originated four years before current fiscal year	0	0
Amortized cost, originated more than five years before current fiscal year	0	0
Mortgage loans, amortized cost	0	0
Agricultural 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 current fiscal year	0	0
Amortized cost, originated two years before current fiscal year	0	0
Amortized cost, originated three years before current fiscal year	0	0
Amortized cost, originated four years before current fiscal year	0	0
Amortized cost, originated more than five years before current fiscal year	0	0
Mortgage loans, amortized cost	0	0
Agricultural 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 current fiscal year	0	0
Amortized cost, originated two years before current fiscal year	3,135	0
Amortized cost, originated three years before current fiscal year	0	0
Amortized cost, originated four years before current fiscal year	0	0
Amortized cost, originated more than five years before current fiscal year	0	0
Mortgage loans, amortized cost	3,135	0
Residential Mortgage Loans
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	1,970,718	1,105,239
Amortized cost, originated in fiscal year before current fiscal year	624,834	473,444
Amortized cost, originated two years before current fiscal year	233,741	79,762
Amortized cost, originated three years before current fiscal year	31,262	17,325
Amortized cost, originated four years before current fiscal year	4,506	751
Amortized cost, originated more than five years before current fiscal year	417	0
Mortgage loans, amortized cost	2,865,478	1,676,521
Residential Mortgage Loans \| Current
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	1,915,169	1,092,438
Amortized cost, originated in fiscal year before current fiscal year	595,363	454,532
Amortized cost, originated two years before current fiscal year	211,119	67,380
Amortized cost, originated three years before current fiscal year	27,483	16,898
Amortized cost, originated four years before current fiscal year	1,710	751
Amortized cost, originated more than five years before current fiscal year	417	0
Mortgage loans, amortized cost	2,751,261	1,631,999
Residential Mortgage Loans \| 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	39,179	10,284
Amortized cost, originated in fiscal year before current fiscal year	8,238	12,363
Amortized cost, originated two years before current fiscal year	13,073	11,373
Amortized cost, originated three years before current fiscal year	1,960	427
Amortized cost, originated four years before current fiscal year	0	0
Amortized cost, originated more than five years before current fiscal year	0	0
Mortgage loans, amortized cost	62,450	34,447
Residential Mortgage Loans \| 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	6,668	1,838
Amortized cost, originated in fiscal year before current fiscal year	7,165	1,090
Amortized cost, originated two years before current fiscal year	3,034	102
Amortized cost, originated three years before current fiscal year	57	0
Amortized cost, originated four years before current fiscal year	0	0
Amortized cost, originated more than five years before current fiscal year	0	0
Mortgage loans, amortized cost	16,924	3,030
Residential Mortgage Loans \| Over 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	9,702	679
Amortized cost, originated in fiscal year before current fiscal year	14,068	5,459
Amortized cost, originated two years before current fiscal year	6,515	907
Amortized cost, originated three years before current fiscal year	1,762	0
Amortized cost, originated four years before current fiscal year	2,796	0
Amortized cost, originated more than five years before current fiscal year	0	0
Mortgage loans, amortized cost	$ 34,843	$ 7,045

Variable Interest Entities (Con

Variable Interest Entities (Consolidated VIEs) (Details) $ in Thousands	Dec. 31, 2022 USD ($) variable_interest_entities	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Consolidated VIE assets	$ 73,926,141	$ 78,349,109
Consolidated VIE liabilities	70,735,685	72,025,982
Variable Interest Entity, Primary Beneficiary, Real Estate Investments
Variable Interest Entity [Line Items]
Consolidated VIE assets	1,095,267	363,229
Consolidated VIE liabilities	$ 78,244	20,168
Variable Interest Entity, Primary Beneficiary, Real Estate Investments, Residential Real Estate
Variable Interest Entity [Line Items]
Variable interest entities, number of consolidated variable interest entities \| variable_interest_entities	4
Variable Interest Entity, Primary Beneficiary, Real Estate Investments, Commercial Real Estate
Variable Interest Entity [Line Items]
Variable interest entities, number of consolidated variable interest entities \| variable_interest_entities	1
Variable Interest Entity, Primary Beneficiary, Real Estate Limited Liability Companies
Variable Interest Entity [Line Items]
Variable interest entities, number of consolidated variable interest entities \| variable_interest_entities	2
Consolidated VIE assets	$ 66,258	0
Consolidated VIE liabilities	$ 287	0
Variable Interest Entity, Primary Beneficiary, Limited Partnership Funds
Variable Interest Entity [Line Items]
Variable interest entities, number of consolidated variable interest entities \| variable_interest_entities	2
Consolidated VIE assets	$ 620,741	168,711
Consolidated VIE liabilities	$ 113	0
Variable Interest Entity, Primary Beneficiary, Limited Partnership Funds, Infrastructure Credit Assets
Variable Interest Entity [Line Items]
Variable interest entities, number of consolidated variable interest entities \| variable_interest_entities	1
Variable Interest Entities
Variable Interest Entity [Line Items]
Consolidated VIE assets	$ 1,782,266	531,940
Consolidated VIE liabilities	$ 78,644	$ 20,168

Variable Interest Entities (Unc

Variable Interest Entities (Unconsolidated VIEs) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Total assets	$ 73,926,141	$ 78,349,109
Variable Interest Entity, Not Primary Beneficiary \| Fixed Maturity Securities, Available For Sale
Variable Interest Entity [Line Items]
Total assets	1,178,110	459,681
VIE, not the primary beneficiary, maximum loss exposure, amount	1,178,110	459,681
Variable Interest Entity, Not Primary Beneficiary \| Other Investments
Variable Interest Entity [Line Items]
Total assets	0	345,000
VIE, not the primary beneficiary, maximum loss exposure, amount	$ 0	$ 345,000

Derivative Instruments (Notiona

Derivative Instruments (Notional and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative assets	$ 431,727	$ 1,277,480
Designated as Hedging Instrument \| Fair Value Hedging \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount	408,369	0
Derivative assets	32,769	0
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount	38,929,554	40,093,373
Derivative assets	398,958	1,277,480
Derivative liabilities	4,378,981	7,962,599
Not Designated as Hedging Instrument \| Call Options
Derivatives, Fair Value [Line Items]
Notional amount	38,927,534	40,091,353
Derivative assets	397,789	1,276,574
Not Designated as Hedging Instrument \| Warrants
Derivatives, Fair Value [Line Items]
Notional amount	2,020	2,020
Derivative assets	1,169	906
Not Designated as Hedging Instrument \| Fixed Index Annuities - Embedded Derivatives
Derivatives, Fair Value [Line Items]
Derivative liabilities	4,820,845	7,964,961
Not Designated as Hedging Instrument \| Reinsurance Related Embedded Derivative
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (441,864)	$ (2,362)

Derivative Instruments (Carryin

Derivative Instruments (Carrying Amount and Cumulative Fair Value Hedging Adjustments) (Details) - Fixed Maturity Securities, Available For Sale - Fair Value Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Current hedging relationships, amortized cost of hedged item	$ 389,060	$ 0
Current hedging relationships, cumulative amount of fair value basis adjustment gain (loss)	(39,128)	0
Discontinued hedging relationships, amortized cost of hedged item	1,594,736	0
Discontinued hedging relationships, cumulative amount of fair value basis adjustment gain (loss)	$ (94,681)	$ 0

Derivative Instruments (Gains (

Derivative Instruments (Gains (Losses) Related to Derivatives and Hedged Items) (Details) - Interest Rate Swaps - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Designated as Hedging Instrument \| Fair Value Hedging
Derivative [Line Items]
Derivative, change in unrealized gain (loss) on fair value hedging instruments	$ 215,587	$ 0	$ 0
Hedged item, change in unrealized gain (loss) on hedged item in fair value hedge	(249,168)	0	0
Net, derivative, fair value hedge, included in effectiveness, gain (loss)	(33,581)	0	0
Not Designated as Hedging Instrument
Derivative [Line Items]
Amount excluded: recognized in income immediately	$ 13,957	$ 0	$ 0

Derivative Instruments (Change

Derivative Instruments (Change in Fair Value of Derivatives Not Designated as Hedging) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	$ (2,352,598)	$ (358,302)	$ (1,286,787)
Call Options
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, term of contract	1 year
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	$ (1,104,547)	1,348,735	34,666
Change in fair value of embedded derivatives	(2,352,598)	(358,302)	(1,286,787)
Not Designated as Hedging Instrument \| Call Options
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	(1,118,768)	1,347,925	34,604
Not Designated as Hedging Instrument \| Warrants
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	264	810	0
Not Designated as Hedging Instrument \| Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	13,957	0	0
Not Designated as Hedging Instrument \| Interest Rate Caps
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	0	0	62
Not Designated as Hedging Instrument \| Fixed Index Annuities - Embedded Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	(2,561,676)	(876,803)	(1,922,085)
Not Designated as Hedging Instrument \| 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	648,580	520,863	635,298
Not Designated as Hedging Instrument \| Reinsurance Related Embedded Derivative
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	$ (439,502)	$ (2,362)	$ 0

Derivative Instruments (Schedul

Derivative Instruments (Schedule of Call Options and Interest Rate Swaps by Counterparty) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative instruments	$ 431,727	$ 1,277,480
Derivative collateral	400,000	1,300,000
Credit risk, maximum exposure	3,300	8,500
Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	39,335,903	40,091,353
Derivative instruments	430,558	1,276,574
Bank of America \| Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	3,574,125	3,556,256
Derivative instruments	26,080	99,229
Barclays \| Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	3,686,896	4,213,658
Derivative instruments	39,657	157,865
Canadian Imperial Bank of Commerce \| Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	2,707,734	3,956,329
Derivative instruments	34,218	141,540
Citibank, N.A. \| Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	3,748,162	3,190,833
Derivative instruments	29,873	115,860
Credit Suisse \| Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	2,086,470	3,716,868
Derivative instruments	20,691	113,295
J.P. Morgan \| Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	6,501,103	4,482,832
Derivative instruments	69,006	105,899
Morgan Stanley \| Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	2,957,389	2,223,743
Derivative instruments	38,470	47,950
Royal Bank of Canada \| Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	4,378,132	3,567,972
Derivative instruments	58,026	100,472
Societe Generale \| Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	2,099,081	2,548,072
Derivative instruments	17,157	86,494
Truist \| Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	1,960,787	2,547,808
Derivative instruments	32,885	94,924
Wells Fargo \| Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	5,436,824	5,820,381
Derivative instruments	61,840	206,403
Exchange Traded \| Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	199,200	266,601
Derivative instruments	$ 2,655	$ 6,643

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders (Deferred Policy Acquisition Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance at beginning of year	$ 2,222,769	$ 2,225,199	$ 3,033,649
Costs deferred during the year: commissions	194,856	303,192	251,428
Costs deferred during the year: policy issue costs	3,767	4,665	3,725
Amortization: Amortization	(558,447)	(313,990)	(2,769)
Amortization: Impact of unlocking	(56,853)	45,662	(646,785)
Effect of net unrealized gains/losses	1,944,039	299,478	(414,049)
Write-off related to in-force ceded reinsurance	(188,056)	(341,437)	0
Balance at end of year	$ 3,562,075	$ 2,222,769	$ 2,225,199

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders (Deferred Sales Inducements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement in Deferred Sales Inducements [Roll Forward]
Balance at beginning of year	$ 1,546,073	$ 1,448,375	$ 2,042,060
Costs deferred during the year	107,691	95,160	93,610
Amortization: Amortization	(362,866)	(197,799)	(10,063)
Amortization: Impact of unlocking	(45,682)	45,107	(428,101)
Effect of net unrealized gains/losses	1,348,134	155,230	(249,131)
Balance at end of year	$ 2,593,350	$ 1,546,073	$ 1,448,375

Deferred Policy Acquisition C_5

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders (Liability for Lifetime Income Benefit Riders) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, by Product Segment [Line Items]
Balance at beginning of year	$ 65,477,778
Balance at end of year	61,118,134	$ 65,477,778
Liability for Lifetime Income Benefit Riders
Liability for Future Policy Benefit, by Product Segment [Line Items]
Balance at beginning of year	2,794,629	2,485,123	$ 1,670,750
Benefit expense accrual	387,821	206,180	311,211
Impact of unlocking	(53,042)	243,658	285,825
Effect of net unrealized gains/losses	(996,876)	(101,848)	217,337
Reduction related to in-force ceded reinsurance	(403,406)	(38,484)	0
Claim payments	0	0	0
Balance at end of year	$ 1,729,126	$ 2,794,629	$ 2,485,123

Deferred Policy Acquisition C_6

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders (Assumption Updates) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Insurance [Abstract]
Aggregate investment spread assumption, near term, rate	2.60%	2.25%	2.40%
Aggregate investment spread assumption, long term, rate	2.60%	2.50%	2.60%	2.60%
Mean reversion period	8 years	8 years	8 years	20 years
Net investment earned rate, rate increase (decrease), basis points	40
Net investment earned rate assumption, near term, rate	4.25%
Net investment earned rate assumption, long term, rate	5%
Crediting / discount rate, rate increase (decrease), basis points	30
Crediting / Discount rate assumption, near term, rate	1.65%	1.55%	1.60%	1.90%
Crediting / Discount rate assumption, long term, rate	2.40%	2.10%	2.10%	2.90%
Lapse tables, period of experience	5 years
Lapse floor, rate	1%

Reinsurance and Policy Provis_3

Reinsurance and Policy Provisions (EquiTrust Coinsurance Agreements) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) coinsurance_agreement	Dec. 31, 2021 USD ($)
Ceded Credit Risk [Line Items]
Coinsurance deposits (net of allowance for credit losses of $8,737 as of 2022 and $2,264 as of 2021)	$ 13,208,399	$ 8,850,608
EquiTrust Coinsurance Agreements, All Periods
Ceded Credit Risk [Line Items]
Number of coinsurance agreements \| coinsurance_agreement	2
Coinsurance deposits (net of allowance for credit losses of $8,737 as of 2022 and $2,264 as of 2021)	$ 323,700	381,400
Reinsurance recoverable	$ 800
Reinsurance payable		$ 7,800
EquiTrust Coinsurance Agreement, August 1, 2001 to December 31, 2001
Ceded Credit Risk [Line Items]
Coninsurance on certain annuities, percentage	70%
EquiTrust Coinsurance Agreement, January 1, 2002 to December 31, 2003
Ceded Credit Risk [Line Items]
Coninsurance on certain annuities, percentage	40%
EquiTrust Coinsurance Agreement, January 1, 2004 to July 31, 2004
Ceded Credit Risk [Line Items]
Coninsurance on certain annuities, percentage	20%

Reinsurance and Policy Provis_4

Reinsurance and Policy Provisions (Athene Coinsurance Agreements) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) coinsurance_agreement	Dec. 31, 2021 USD ($)
Ceded Credit Risk [Line Items]
Coinsurance deposits (net of allowance for credit losses of $8,737 as of 2022 and $2,264 as of 2021)	$ 13,208,399	$ 8,850,608
Athene Coinsurance Agreements, All Periods
Ceded Credit Risk [Line Items]
Number of coinsurance agreements \| coinsurance_agreement	3
Coinsurance deposits (net of allowance for credit losses of $8,737 as of 2022 and $2,264 as of 2021)	$ 3,100,000	3,700,000
Reinsurance payable	$ 16,900	$ 74,800
Fixed Index Annuities \| American Equity Life \| Athene, 1st Coinsurance Agreement, January 1, 2009 to March 31, 2010
Ceded Credit Risk [Line Items]
Coninsurance on certain annuities, percentage	20%
Fixed Index Annuities \| American Equity Life \| Athene, 3rd Coinsurance Agreement, August 1, 2016 to December 31, 2016
Ceded Credit Risk [Line Items]
Coninsurance on certain annuities, percentage	80%
Fixed Index Annuities \| Eagle Life \| Athene, 3rd Coinsurance Agreement, January 1, 2014 to December 31, 2016
Ceded Credit Risk [Line Items]
Coninsurance on certain annuities, percentage	80%
Fixed Index Annuities \| Eagle Life \| Athene, 3rd Coinsurance Agreement, January 1, 2017 to December 31, 2018
Ceded Credit Risk [Line Items]
Coninsurance on certain annuities, percentage	50%
Fixed Index Annuities \| Eagle Life \| Athene, 3rd Coinsurance Agreement, January 1, 2019 to December 31, 2020
Ceded Credit Risk [Line Items]
Coninsurance on certain annuities, percentage	20%
Multi-Year Rate Guaranteed Annuities \| American Equity Life \| Athene, 2nd Coinsurance Agreement, July 1, 2009 to December 31, 2013
Ceded Credit Risk [Line Items]
Coninsurance on certain annuities, percentage	80%
Multi-Year Rate Guaranteed Annuities \| American Equity Life \| Athene, 3rd Coinsurance Agreement, January 1, 2014 to December 31, 2020
Ceded Credit Risk [Line Items]
Coninsurance on certain annuities, percentage	80%
Multi-Year Rate Guaranteed Annuities \| Eagle Life \| Athene, 2nd Coinsurance Agreement, November 20, 2013 to December 31, 2013
Ceded Credit Risk [Line Items]
Coninsurance on certain annuities, percentage	80%
Multi-Year Rate Guaranteed Annuities \| Eagle Life \| Athene, 3rd Coinsurance Agreement, January 1, 2014 to December 31, 2020
Ceded Credit Risk [Line Items]
Coninsurance on certain annuities, percentage	80%

Reinsurance and Policy Provis_5

Reinsurance and Policy Provisions (North End Re) (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($) Basis_Points	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) Basis_Points yearOfAgreement	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 31, 2022	Oct. 08, 2021 USD ($)	Jul. 01, 2021 USD ($)
Ceded Credit Risk [Line Items]
Other revenue			$ 43,921	$ 15,670	$ 0
Other liabilities	$ 1,656,509	$ 2,079,977	1,656,509	2,079,977
Coinsurance deposits (net of allowance for credit losses of $8,737 as of 2022 and $2,264 as of 2021)	$ 13,208,399	8,850,608	$ 13,208,399	8,850,608
Third party ownership interest in Company's common stock	18.70%		18.70%			16%
North End Re, Reinsurance Agreement, In Force as of July 1, 2021
Ceded Credit Risk [Line Items]
Reinsurance liabilities, amount ceded								$ 4,300,000
Modified coinsurance basis, percentage			70%
Coinsurance basis, percentage			30%
Annual ceding commission, basis points \| Basis_Points	49		49
Annual asset liability management fee, basis points \| Basis_Points	30		30
Contractually guaranteed fees, duration			6 years
Fees contingent on certain performance obligations, agreement year \| yearOfAgreement			7
Ceding commission, initial net present value		114,100
North End Re, Reinsurance Agreement, In Force as of July 1, 2021 \| Reinsurance Contract [Axis]: North End Re, Coinsurance Basis
Ceded Credit Risk [Line Items]
Cash transferred at close of reinsurance agreement							$ 1,100,000
North End Re, Reinsurance Agreement, In Force as of July 1, 2021 \| Reinsurance Contract [Axis]: North End Re, Modified Coinsurance Basis
Ceded Credit Risk [Line Items]
Cash transferred at close of reinsurance agreement							$ 2,600,000
North End Re, Reinsurance Agreement, July 1, 2021 Going Forward
Ceded Credit Risk [Line Items]
Modified coinsurance basis, percentage			70%
Coinsurance basis, percentage			30%
Annual ceding commission, basis points \| Basis_Points	140		140
Annual asset liability management fee, basis points \| Basis_Points	30		30
Contractually guaranteed fees, duration			6 years
Fees contingent on certain performance obligations, agreement year \| yearOfAgreement			7
Ceding commission, initial net present value		27,100	$ 67,700
Coninsurance on certain annuities, percentage			75%
North End Re, Reinsurance Agreement Amendment, In Force Issued After July 1, 2021
Ceded Credit Risk [Line Items]
Modified coinsurance basis, percentage	70%
Coinsurance basis, percentage	30%
Coninsurance on certain annuities, percentage	75%
North End Re
Ceded Credit Risk [Line Items]
Net investment income earned by assets in modco account			$ 95,400	11,400
Coinsurance deposits (net of allowance for credit losses of $8,737 as of 2022 and $2,264 as of 2021)	$ 5,700,000	4,600,000	5,700,000	4,600,000
Reinsurance payable	124,200	127,900	124,200	127,900
North End Re \| Other Liabilities, Deferred Gain
Ceded Credit Risk [Line Items]
Other liabilities	$ 481,200	$ 321,700	481,200	321,700
North End Re \| Other Income, Asset Liability Management Fee
Ceded Credit Risk [Line Items]
Other revenue			12,700	5,500
North End Re \| Other Income, Deferred Gain
Ceded Credit Risk [Line Items]
Other revenue			$ 28,400	$ 10,200

Reinsurance and Policy Provis_6

Reinsurance and Policy Provisions (AeBe) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 03, 2022	Oct. 01, 2022
Ceded Credit Risk [Line Items]
Other liabilities	$ 1,656,509	$ 1,656,509	$ 2,079,977
Other revenue		43,921	15,670	$ 0
Coinsurance deposits (net of allowance for credit losses of $8,737 as of 2022 and $2,264 as of 2021)	$ 13,208,399	13,208,399	$ 8,850,608
AeBe ISA LTD
Ceded Credit Risk [Line Items]
Reinsurance liabilities, amount ceded						$ 4,300,000
Funds withheld coinsurance basis, percentage	75%
Coinsurance basis, percentage	25%
Closing ceding commission received at close of reinsurance agreement					$ 70,000
Coinsurance deposits (net of allowance for credit losses of $8,737 as of 2022 and $2,264 as of 2021)	$ 4,200,000	4,200,000
Reinsurance payable	38,000	38,000
AeBe ISA LTD \| Other Liabilities, Deferred Gain
Ceded Credit Risk [Line Items]
Other liabilities	$ 126,300	$ 126,300
AeBe ISA LTD \| Reinsurance Contract [Axis]: AeBe ISA LTD, Coinsurance Basis
Ceded Credit Risk [Line Items]
Cash and investments transferred at close of reinsurance agreement					1,000,000
AeBe ISA LTD \| Reinsurance Contract [Axis]: AeBe ISA LTD, Flow Business Ceded \| Maximum
Ceded Credit Risk [Line Items]
Annual ceding commission as percent of premium received	0.50%	0.50%
AeBe ISA LTD \| Reinsurance Contract [Axis]: AeBe ISA LTD, Funds Withheld Coinsurance Basis
Ceded Credit Risk [Line Items]
Cash and investments transferred at close of reinsurance agreement					$ 3,000,000
AeBe ISA LTD \| Other Income, Deferred Gain
Ceded Credit Risk [Line Items]
Other revenue	$ 2,800
26North
Ceded Credit Risk [Line Items]
Net investment income earned by assets in funds withheld account	$ 42,300

Reinsurance and Policy Provis_7

Reinsurance and Policy Provisions (Amounts Ceded, Impact on Consolidated Statements of Operations and Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effects of Reinsurance [Line Items]
Annuity product charges	$ 230,354	$ 242,631	$ 251,227
Change in fair value of derivatives	(1,138,128)	1,348,735	34,666
Interest sensitive and index product benefits	889,650	2,681,406	1,543,270
Change in fair value of embedded derivatives	(2,352,598)	(358,302)	(1,286,787)
Other operating costs and expenses	239,616	243,712	183,636
Coinsurance deposits	(186,637)	(3,187,332)	430,644
Coinsurance deposits, allowance for credit losses	8,737	2,264
Coinsurance Agreements, EquiTrust, Athene, North End Re and AeBe
Effects of Reinsurance [Line Items]
Annuity product charges	49,093	20,351	7,021
Change in fair value of derivatives	(184,388)	140,641	43,080
Coinsurance, revenues included in consolidated statement of operations	(135,295)	160,992	50,101
Interest sensitive and index product benefits	103,542	303,035	152,485
Change in fair value of embedded derivatives	81,907	(76,915)	4,352
Other operating costs and expenses	18,318	16,440	17,663
Coinsurance, benefits and expenses included in the consolidated statement of operations	203,767	242,560	174,500
Annuity deposits	(982,176)	(424,819)	(35,667)
Cash payments to policyholders	1,029,667	984,260	466,311
Coinsurance deposits	$ 47,491	$ 559,441	$ 430,644

Reinsurance and Policy Provis_8

Reinsurance and Policy Provisions (Hannover Financing Arrangements) (Details) - 2019 Hannover Reinsurance Agreement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Ceded Credit Risk [Line Items]
Lifetime income benefit rider payments in excess of policy fund values and waived surrender charges related to penalty free withdrawals on certain business, percentage	80%
Risk charges	$ 33.1	$ 44.7

Reinsurance and Policy Provis_9

Reinsurance and Policy Provisions (Intercompany Reinsurance Agreements) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
AEL Re Vermont
Ceded Credit Risk [Line Items]
Risk charges	$ 11.7	$ 2.8

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated statements of operations:
Current income taxes	$ 20,209	$ 332	$ 3,430
Deferred income taxes	304,946	128,423	141,071
Total income tax expense included in consolidated statements of operations	325,155	128,755	144,501
Stockholders' equity:
Expense (benefit) relating to: Adoption of expected credit loss model	0	0	(2,543)
Expense (benefit) relating to: Change in net unrealized investment losses	(1,067,791)	(90,284)	225,746
Total income tax expense included in consolidated financial statements	$ (742,636)	$ 38,471	$ 367,704

Income Taxes (Effective Income

Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income before income taxes	$ 1,546,457	$ 602,747	$ 815,961
Income tax expense on income before income taxes	324,756	126,577	171,352
Tax effect of: State income taxes	2,564	5,239	5,749
Tax effect of: Tax exempt net investment income	(4,065)	(4,715)	(4,602)
Tax effect of: Tax rate differential on net operating loss carryback	0	0	(30,041)
Tax effect of: Other	1,900	1,654	2,043
Total income tax expense included in consolidated statements of operations	$ 325,155	$ 128,755	$ 144,501
Effective tax rate	21%	21.40%	17.70%
Statutory federal income tax rate	21%	21%	21%
Effective statutory tax rate used for net operating loss carryback			35%

Income Taxes (Deferred Tax Asse

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax assets:
Policy benefit reserves	$ 0	$ 524,412
Credit losses/impairments	10,531	15,275
Net unrealized losses on available for sale fixed maturity securities	578,476	0
Amounts due reinsurer	1,047,159	745,839
Other policyholder funds	358	3,332
Deferred compensation	3,866	3,434
Share-based compensation	422	5,171
Net operating loss carryforwards	50,913	87,314
Other	71,682	1,140
Gross deferred tax assets	1,763,407	1,385,917
Deferred income tax liabilities:
Deferred policy acquisition costs and deferred sales inducements	(655,164)	(1,170,859)
Net unrealized gains on available for sale fixed maturity securities	0	(489,290)
Derivative instruments	(145,785)	(107,717)
Policy benefit reserves	(566,100)	(98,616)
Investment income items	(155,864)	(56,285)
Other	(19,621)	(5,124)
Gross deferred tax liabilities	(1,542,534)	(1,927,891)
Net deferred income tax asset (liability)	220,873
Net deferred income tax asset (liability)		(541,974)
Deferred tax assets, valuation allowance	$ 0	0
Period subject to examination	3 years
Net operating loss carryforwards	$ 170,500	419,500
Capital Loss Carryforward
Deferred income tax liabilities:
Capital loss carryforward	$ 45,700	$ 0
Capital loss carryforward, period	5 years
Deferred Tax Asset, Valuation Allowance, Unrealized Losses on Available For Sale Fixed Maturity Securities
Deferred income tax liabilities:
Deferred tax assets, valuation allowance	$ 0

Notes and Loan Payable (Schedul

Notes and Loan Payable (Schedule of Notes and Loan Payable) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 16, 2017
Debt Instrument [Line Items]
Notes and loans payable	$ 792,073	$ 496,250
June 2027 Notes
Debt Instrument [Line Items]
Debt instrument, face amount	500,000	500,000	$ 500,000
Unamortized debt issue costs	(2,960)	(3,537)
Unamortized discount	(178)	(213)	$ (300)
Term Loan Due 2027
Debt Instrument [Line Items]
Debt instrument, face amount	300,000	0
Principal paydown	(3,750)	0
Unamortized debt issue costs	$ (1,039)	$ 0

Notes and Loan Payable (2027 No

Notes and Loan Payable (2027 Notes Narrative) (Details) - June 2027 Notes - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 16, 2017
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000	$ 500,000	$ 500,000
Interest rate			5%
Unamortized discount	$ 178	$ 213	$ 300
Deferred financing costs			$ 5,800

Notes and Loan Payable (Term Lo

Notes and Loan Payable (Term Loan Narrative) (Details) - Term Loan Due 2027 - USD ($) $ in Millions	Feb. 15, 2022	Dec. 31, 2022	Jul. 06, 2022
Debt Instrument [Line Items]
Debt instrument, term	5 years
Debt instrument, maximum borrowing capacity	$ 300
Debt instrument, face amount			$ 300
Years 1 - 3
Debt Instrument [Line Items]
Term note, annual principal repayment rate		2.50%
Years 4 - 5
Debt Instrument [Line Items]
Term note, annual principal repayment rate		5%

Notes and Loan Payable (Line of

Notes and Loan Payable (Line of Credit and Term Loan Narrative) (Details) $ in Millions	Jul. 06, 2022 USD ($)	Sep. 30, 2016 USD ($) banks
Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 300
September 30, 2016 Credit Agreement
Line of Credit Facility [Line Items]
Credit agreement, number of banks in the agreement \| banks		6
September 30, 2016 Credit Agreement \| 2016 Line of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity		$ 150
September 30, 2016 Credit Agreement \| Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 100

Subordinated Debentures (Summar

Subordinated Debentures (Summary of Subordinated Debt Obligations to the Trusts) (Details) - American Equity Capital Trust II - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Subordinated Borrowing [Line Items]
Debt instrument, face amount	$ 100,000
Subordinated debentures, fair value at issuance	$ 74,700
Interest rate, effective percentage	6.80%
Subordinated Debentures
Subordinated Borrowing [Line Items]
Subordinated debentures, gross	$ 78,753	$ 78,421
Interest rate	5%

Retirement and Share-based Co_3

Retirement and Share-based Compensation Plans (Defined Contribution Plan) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Defined contribution plan, maximum annual employee contribution	$ 20,500	$ 19,500	$ 19,500
Defined contribution plan, employer plan contributions	$ 3,300,000	$ 2,700,000	$ 2,400,000

Retirement and Share-based Co_4

Retirement and Share-based Compensation Plans (Share-based Compensation Expense By Plan) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESOP, compensation expense	$ 4,152	$ 3,377	$ 2,908
Compensation expense	19,659	27,525	11,819
Employee Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	14,454	22,886	7,855
Director Equity Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,053	$ 1,262	$ 1,056

Retirement and Share-based Co_5

Retirement and Share-based Compensation Plans (Employee Stock Ownership Plan) (Details)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
ESOP, requisite service period	6 months
ESOP, vesting percentage	100%
ESOP, vesting period	2 years

Retirement and Share-based Co_6

Retirement and Share-based Compensation Plans (Incentive Plans) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) tranche shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	0	1,246,605	815,767
Compensation expense \| $	$ 19,659	$ 27,525	$ 11,819
2016 Employee Incentive Plan or Amended Plan \| Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance period	3 years	3 years	3 years
Award vesting period	3 years	3 years	3 years
2016 Employee Incentive Plan or Amended Plan \| Performance Units \| Award Date, 2022 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted	229,880
2016 Employee Incentive Plan or Amended Plan \| Performance Units \| Award Date, 2021 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted		186,091
2016 Employee Incentive Plan or Amended Plan \| Performance Units \| Award Date, 2020 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted			217,781
2016 Employee Incentive Plan or Amended Plan \| Performance Units \| Threshold Goals, Vesting Percentage \| Award Date, 2022 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	50%
2016 Employee Incentive Plan or Amended Plan \| Performance Units \| Threshold Goals, Vesting Percentage \| Award Date, 2021 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		50%
2016 Employee Incentive Plan or Amended Plan \| Performance Units \| Threshold Goals, Vesting Percentage \| Award Date, 2020 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			50%
2016 Employee Incentive Plan or Amended Plan \| Performance Units \| Target Performance Goals, Vesting Percentage \| Award Date, 2022 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	100%
2016 Employee Incentive Plan or Amended Plan \| Performance Units \| Target Performance Goals, Vesting Percentage \| Award Date, 2021 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		100%
2016 Employee Incentive Plan or Amended Plan \| Performance Units \| Target Performance Goals, Vesting Percentage \| Award Date, 2020 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			100%
2016 Employee Incentive Plan or Amended Plan \| Performance Units \| Maximum Performance Goals, Vesting Percentage \| Award Date, 2022 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	200%
2016 Employee Incentive Plan or Amended Plan \| Performance Units \| Maximum Performance Goals, Vesting Percentage \| Award Date, 2021 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		200%
2016 Employee Incentive Plan or Amended Plan \| Performance Units \| Maximum Performance Goals, Vesting Percentage \| Award Date, 2020 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			150%
2016 Employee Incentive Plan or Amended Plan \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted	159,494	199,597	133,429
Participant age for full vesting	65 years
Requisite service period for full vesting	10 years
2016 Employee Incentive Plan or Amended Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	0	391,553	105,809
Duration of award	10 years
Amended Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized			3,000,000
Number of shares authorized	5,500,000
Number of shares available for future grant	776,516
Amended Plan \| Strategic Incentive Award, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches of award \| tranche	4
Period market condition must be met	30 days
Amount of each tranche paid in shares, percentage	50%
Amount of each tranche paid in cash, percentage	50%
Compensation expense \| $	$ 4,200
Amended Plan \| Performance Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		855,052	709,958
Period market condition must be met		30 days
Market condition, weighted average common stock price per common share \| $ / shares		$ 37
Amended Plan \| Performance Options \| Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		50%
Amended Plan \| Performance Options \| Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		50%
Award vesting period		1 year
Amended Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period	32,409	39,273	51,450
Minimum \| 2016 Employee Incentive Plan or Amended Plan \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Minimum \| 2016 Employee Incentive Plan or Amended Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Minimum \| Amended Plan \| Performance Options \| Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Maximum \| 2016 Employee Incentive Plan or Amended Plan \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum \| 2016 Employee Incentive Plan or Amended Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Maximum \| Amended Plan \| Strategic Incentive Award, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award, value (shares)	1,200,000
Stay requirement, years	2 years
Maximum \| Amended Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year

Retirement and Share-based Co_7

Retirement and Share-based Compensation Plans (Changes in Stock Options Outstanding) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-Based Payment Arrangement [Abstract]
Outstanding, number of shares	1,786,794	2,062,719	1,257,917	828,913
Outstanding, weighted-average exercise price per share	$ 28.18	$ 27.84	$ 25.10	$ 19.91
Outstanding, total exercise price	$ 50,347	$ 57,428	$ 31,576	$ 16,506
Granted, number of shares	0	1,246,605	815,767
Granted, weighted-average exercise price per share	$ 0	$ 29.15	$ 26.70
Granted, total exercise price	$ 0	$ 36,336	$ 21,778
Canceled, number of shares	(102,143)	(146,803)	(31,200)
Canceled, weighted-average exercise price per share	$ 27.49	$ 25.44	$ 21.50
Canceled, total exercise price	$ (2,808)	$ (3,735)	$ (670)
Exercised, number of shares	(173,782)	(295,000)	(355,563)
Exercised, weighted-average exercise price per share	$ 24.59	$ 22.88	$ 16.98
Exercised, total exercise price	$ (4,273)	$ (6,749)	$ (6,038)

Retirement and Share-based Co_8

Retirement and Share-based Compensation Plans (Schedule of Stock Options Outstanding, By Exercise Price Range) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, intrinsic value	$ 31.2
Options vested, intrinsic value	12.6
Proceeds from stock options exercised	4.3	$ 6.7	$ 6
Stock Option Plans For Officers, Directors And Employees
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options exercised in period, total intrinsic value	$ 3.7	$ 1.2	$ 2.2
Exercise Price Range I
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit	$ 21.89
Exercise price range, upper range limit	$ 26.72
Stock options outstanding, number of awards	375,820
Stock options outstanding, remaining life (yrs)	7 years 9 months 29 days
Stock options outstanding, weighted-average exercise price per share	$ 26.07
Stock options vested, number of awards	126,224
Stock options vested, remaining life (yrs)	8 years 3 days
Stock options vested, weighted-average exercise price per share	$ 26.72
Exercise Price Range II
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit	27.05
Exercise price range, upper range limit	$ 32.58
Stock options outstanding, number of awards	1,410,974
Stock options outstanding, remaining life (yrs)	8 years 1 month 6 days
Stock options outstanding, weighted-average exercise price per share	$ 28.74
Stock options vested, number of awards	606,322
Stock options vested, remaining life (yrs)	8 years 1 month 2 days
Stock options vested, weighted-average exercise price per share	$ 28.71
Exercise Price Range, All Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit	21.89
Exercise price range, upper range limit	$ 32.58
Stock options outstanding, number of awards	1,786,794
Stock options outstanding, remaining life (yrs)	8 years 18 days
Stock options outstanding, weighted-average exercise price per share	$ 28.18
Stock options vested, number of awards	732,546
Stock options vested, remaining life (yrs)	8 years 29 days
Stock options vested, weighted-average exercise price per share	$ 28.37

Retirement and Share-based Co_9

Retirement and Share-based Compensation Plans (Deferred Compensation Arrangements) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Award vesting period, years	3 years
Compensation expense	$ 6.7
Maximum
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Annual cash installment payout option, period (years)	15 years

Statutory Financial Informati_3

Statutory Financial Information and Dividend Restrictions (Narrative and Statutory Accounting Practices Tables) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Insurance [Abstract]
American Equity Life, statutory net income (loss)	$ 151,857	$ (863,818)	$ (34,467)
American Equity Life, statutory capital and surplus balance	3,692,602	4,078,532
Statutory accounting practices, permitted practice, amount	$ 83,000	$ (210,200)
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]
Dividend restriction, percentage policyholders surplus	10%
Statutory amount available for dividend payments without regulatory approval	$ 369,300

Commitments and Contingencies_2

Commitments and Contingencies (Narrative and Schedule of Future Minimum Rental Payments for Operating Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 5,200	$ 3,800	$ 4,200
Aggregate future minimum lease payments due	28,500
2023	3,792
2024	4,112
2025	3,985
2026	3,587
2027	2,014
2028 and thereafter	11,013
Other Commitments [Line Items]
FHLB funding agreements outstanding	300,000
Limited Partnerships
Other Commitments [Line Items]
Unfunded commitments	1,700,000
Fixed Maturity Securities
Other Commitments [Line Items]
Unfunded commitments	237,400
Asset Pledged as Collateral without Right \| Federal Home Loan Bank Advances
Other Commitments [Line Items]
Fixed maturity security investments pledged for FHLB	$ 1,200,000

Earnings Per Common Share and_3

Earnings Per Common Share and Stockholders' Equity (Schedule of Earnings Per Common Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share, Basic and Diluted [Line Items]
Net income available to common stockholders - numerator for earnings per common share	$ 1,177,269	$ 430,317	$ 637,945
Weighted average common shares outstanding (shares)	90,558,121	93,860,378	92,055,035
Denominator for earnings per common share - assuming dilution (shares)	91,538,128	94,491,159	92,392,496
Earnings per common share	$ 13	$ 4.58	$ 6.93
Earnings per common share - assuming dilution	$ 12.86	$ 4.55	$ 6.90
Stock Options And Deferred Compensation Agreements
Earnings Per Share, Basic and Diluted [Line Items]
Effect of dilutive securities: Share-based payment agreements (shares)	523,248	271,422	93,014
Restricted Stock And Restricted Stock Units
Earnings Per Share, Basic and Diluted [Line Items]
Effect of dilutive securities: Share-based payment agreements (shares)	456,759	359,359	244,447
Stock Options
Earnings Per Share, Basic and Diluted [Line Items]
Antidilutive securities excluded from computation of diluted earnings per common share, amount (shares)	0	0	0

Earnings Per Common Share and_4

Earnings Per Common Share and Stockholders' Equity (Stockholders' Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jun. 10, 2020	Nov. 21, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Proceeds from issuance of preferred stock, net			$ 0	$ 0	$ 290,260
Dividends paid on preferred stock			$ 43,675	$ 43,675	33,515
Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, shares issued	12,000		12,000	12,000
Preferred stock dividend rate, percentage	6.625%
Preferred stock, par value (dollars per share)	$ 1		$ 1	$ 1
Preferred stock, liquidation preference, per share	$ 25,000
Proceeds from issuance of preferred stock, net	$ 290,300
Dividends paid on preferred stock			$ 19,900	$ 19,900	9,000
Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, shares issued		16,000	16,000	16,000
Preferred stock dividend rate, percentage		5.95%
Preferred stock, par value (dollars per share)		$ 1	$ 1	$ 1
Preferred stock, liquidation preference, per share		$ 25,000
Proceeds from issuance of preferred stock, net		$ 388,900
Dividends paid on preferred stock			$ 23,800	$ 23,800	$ 24,500

Earnings Per Common Share and_5

Earnings Per Common Share and Stockholders' Equity (Brookfield) (Details)	Dec. 31, 2022	Jan. 31, 2022 $ / shares shares	Nov. 30, 2020 boardOfDirectorsSeats $ / shares shares	Oct. 18, 2020 numberOfStages
Third party equity investment, number of stages \| numberOfStages				2
Third party ownership interest in Company's common stock	18.70%	16%
Number of Board of Directors seats third party received right to nominate 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 \| $ / shares			$ 37
Third party ownership interest in Company's common stock, shares \| shares			9,106,042
Second Purchase
Third party ownership interest in Company's common stock, price per share \| $ / shares		$ 37.33
Third party ownership interest in Company's common stock, shares \| shares		6,775,000
Maximum
Expected future third party ownership interest in Company's common stock				19.90%

Earnings Per Common Share and_6

Earnings Per Common Share and Stockholders' Equity (Share Repurchase Program and Treasury Stock) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended	26 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Nov. 11, 2022	Dec. 31, 2021	Nov. 19, 2021	Oct. 18, 2020
Earnings Per Share [Abstract]
Stock repurchase program, authorized amount			$ 400		$ 500	$ 500
Treasury stock acquired, shares	14,800,000	23,900,000
Treasury stock acquired, average cost per share		$ 34.74
Stock repurchase program, remaining authorized repurchase amount	$ 569	$ 569
Treasury stock, shares	24,590,353	24,590,353		9,936,715
Treasury stock, carrying value	$ 823.1	$ 823.1		$ 260.6

Schedule I - Summary of Inves_2

Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) $ in Thousands	Dec. 31, 2022 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	$ 56,378,635	[1]
Amount at which shown in the balance sheet	51,325,298
Total Fixed Maturity Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	44,866,019	[1]
Fair value	39,804,617
Amount at which shown in the balance sheet	39,804,617
U.S. Government and Agencies
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	173,638	[1]
Fair value	169,071
Amount at which shown in the balance sheet	169,071
States, Municipalities and Territories
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	4,356,251	[1]
Fair value	3,822,982
Amount at which shown in the balance sheet	3,822,982
Foreign Corporate Securities and Foreign Governments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	748,770	[1]
Fair value	676,852
Amount at which shown in the balance sheet	676,852
Corporate Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	27,706,440	[1]
Fair value	24,161,921
Amount at which shown in the balance sheet	24,161,921
Residential Mortgage Backed Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	1,492,242	[1]
Fair value	1,377,611
Amount at which shown in the balance sheet	1,377,611
Commercial Mortgage Backed Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	4,098,755	[1]
Fair value	3,687,478
Amount at which shown in the balance sheet	3,687,478
Other Asset Backed Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	6,289,923	[1]
Fair value	5,908,702
Amount at which shown in the balance sheet	5,908,702
Mortgage Loans on Real Estate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	6,949,027	[1]
Fair value	6,502,463
Amount at which shown in the balance sheet	6,949,027
Real Estate Investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	1,053,569	[1]
Fair value	1,056,063
Amount at which shown in the balance sheet	1,056,063
Derivative Instruments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	425,097	[1]
Fair value	431,727
Amount at which shown in the balance sheet	431,727
Limited Partnerships and Limited Liability Companies
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	1,266,779	[1]
Amount at which shown in the balance sheet	1,266,779
Other Investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	1,818,144	[1]
Amount at which shown in the balance sheet	$ 1,817,085

[1]On the basis of cost adjusted for repayments and amortization of premiums and accrual of discounts for fixed maturity securities and short-term investments, unpaid principal balance less allowance for credit losses for mortgage loans, original cost reduced by impairments and/or depreciation for real estate investments, amortized cost for derivative instruments and original cost adjusted for equity in earnings and distributions for limited partnerships and limited liability companies.

Schedule II - Condensed Finan_2

Schedule II - Condensed Financial Information of Registrant (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 1,919,669	$ 4,508,982
Federal income tax recoverable, including amount from subsidiaries	55,498	166,586
Other assets	543,128	232,490
Total assets	73,926,141	78,349,109
Liabilities:
Notes and loan payable	792,073	496,250
Subordinated debentures payable to subsidiary trusts	78,753	78,421
Deferred income taxes	0	541,972
Other liabilities	1,656,509	2,079,977
Total liabilities	70,735,685	72,025,982
Stockholders' equity:
Common stock	84,810	92,514
Additional paid-in capital	1,325,316	1,614,374
Accumulated other comprehensive income (loss)	(2,155,055)	1,848,789
Retained earnings	3,914,124	2,767,422
Total stockholders' equity attributable to American Equity Investment Life Holding Company	3,169,223	6,323,127
Total liabilities and stockholders' equity	73,926,141	78,349,109
Preferred Stock, Series A
Stockholders' equity:
Preferred stock	16	16
Preferred Stock, Series B
Stockholders' equity:
Preferred stock	12	12
Parent Company
Assets
Cash and cash equivalents	531,347	362,245
Equity securities of subsidiary trusts	2,360	2,353
Receivable from subsidiaries	8,868	2,783
Notes receivable from subsidiaries	85,654	165,000
Federal income tax recoverable, including amount from subsidiaries	267,076	217,174
Other assets	33,990	20,134
Total assets, excluding investment in and advances to subsidiaries	929,295	769,689
Investment in and advances to subsidiaries	3,437,579	6,387,912
Total assets	4,366,874	7,157,601
Liabilities:
Notes and loan payable	792,073	496,250
Subordinated debentures payable to subsidiary trusts	78,753	78,421
Deferred income taxes	268,639	223,304
Other liabilities	58,186	36,499
Total liabilities	1,197,651	834,474
Stockholders' equity:
Common stock	84,810	92,514
Additional paid-in capital	1,325,316	1,614,374
Accumulated other comprehensive income (loss)	(2,155,055)	1,848,789
Retained earnings	3,914,124	2,767,422
Total stockholders' equity attributable to American Equity Investment Life Holding Company	3,169,223	6,323,127
Total liabilities and stockholders' equity	4,366,874	7,157,601
Parent Company \| Preferred Stock, Series A
Stockholders' equity:
Preferred stock	16	16
Parent Company \| Preferred Stock, Series B
Stockholders' equity:
Preferred stock	$ 12	$ 12

Schedule II - Condensed Finan_3

Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Net investment income	$ 2,307,463	$ 2,037,475	$ 2,182,078
Change in fair value of derivatives	(1,138,128)	1,348,735	34,666
Loss on extinguishment of debt	0	0	(2,024)
Other revenue	43,921	15,670	0
Total revenues	1,415,501	3,689,471	2,424,649
Expenses:
Interest expense on notes and loan payable	32,098	25,581	25,552
Interest expense on subordinated debentures issued to subsidiary trusts	5,331	5,324	5,557
Other operating costs and expenses	239,616	243,712	183,636
Total benefits and expenses	(130,956)	3,086,724	1,608,688
Income tax expense (benefit)	325,155	128,755	144,501
Net income available to American Equity Investment Life Holding Company stockholders	1,220,944	473,992	671,460
Less: Preferred stock dividends	43,675	43,675	33,515
Net income available to American Equity Investment Life Holding Company common stockholders	1,177,269	430,317	637,945
Parent Company
Revenues:
Net investment income	6,733	114	1,115
Dividends from subsidiary trusts	155	159	167
Dividends from subsidiaries	325,000	250,000	0
Surplus note interest from subsidiary	4,080	4,080	4,080
Change in fair value of derivatives	0	0	62
Loss on extinguishment of debt	0	0	(2,024)
Other revenue	19,153	8,511	346
Total revenues	465,215	389,507	117,974
Expenses:
Interest expense on notes and loan payable	32,098	25,581	25,552
Interest expense on subordinated debentures issued to subsidiary trusts	5,331	5,324	5,557
Other operating costs and expenses	114,792	72,435	46,686
Total benefits and expenses	152,221	103,340	77,795
Income before income taxes and equity in undistributed income of subsidiaries	312,994	286,167	40,179
Income tax expense (benefit)	(1,067)	11,565	13,142
Income before equity in undistributed income of subsidiaries	314,061	274,602	27,037
Equity in undistributed income of subsidiaries	906,883	199,390	644,423
Net income available to American Equity Investment Life Holding Company stockholders	1,220,944	473,992	671,460
Less: Preferred stock dividends	43,675	43,675	33,515
Net income available to American Equity Investment Life Holding Company common stockholders	1,177,269	430,317	637,945
Investment Advisory Fees \| Parent Company
Revenues:
Investment advisory fees	$ 110,094	$ 126,643	$ 114,228

Schedule II - Condensed Finan_4

Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net income available to American Equity Investment Life Holding Company stockholders	$ 1,220,944	$ 473,992	$ 671,460
Adjustments to reconcile net income to net cash provided by operating activities:
Accrual of discount on equity security	2,640	19,861	57,437
Change in fair value of derivatives	1,138,127	(1,348,704)	(34,668)
Loss on extinguishment of debt	0	0	2,024
Share-based compensation	15,827	24,601	10,215
Deferred income taxes	304,946	128,423	141,071
Changes in operating assets and liabilities:
Other assets	(30,973)	(4,464)	(849)
Other liabilities	24,987	(221,726)	38,995
Net cash provided by operating activities	2,044,181	4,233,164	1,304,986
Investing activities
Purchases of property, plant and equipment	(40,961)	(18,109)	(13,240)
Net cash provided by (used in) investing activities	(2,454,911)	(6,224,307)	5,134,604
Financing activities
Repayment of loan payable	(3,750)	0	0
Proceeds from issuance of loan payable	300,000	0	0
Repayment of subordinated debentures	0	0	(81,450)
Proceeds from issuance of common stock, net	253,978	4,854	338,061
Acquisition of treasury stock	(566,567)	(99,415)	(165,094)
Proceeds from issuance of preferred stock, net	0	0	290,260
Dividends paid on common stock	(30,567)	(31,450)	(28,859)
Dividends paid on preferred stock	(43,675)	(43,675)	(33,515)
Net cash provided by (used in) financing activities	(2,178,583)	(2,595,397)	362,540
Increase (decrease) in cash and cash equivalents	(2,589,313)	(4,586,540)	6,802,130
Cash and cash equivalents at beginning of year	4,508,982	9,095,522	2,293,392
Cash and cash equivalents at end of year	1,919,669	4,508,982	9,095,522
Cash paid during the year for interest:
Interest paid	36,289	30,000	31,427
Parent Company
Operating activities
Net income available to American Equity Investment Life Holding Company stockholders	1,220,944	473,992	671,460
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for depreciation and amortization	4,925	1,232	1,138
Accrual of discount on equity security	(7)	(10)	(3)
Equity in undistributed income of subsidiaries	(906,883)	(199,390)	(644,423)
Non cash dividend from subsidiaries	0	(80,000)	0
Change in fair value of derivatives	0	0	(62)
Loss on extinguishment of debt	0	0	2,024
Accrual of discount on debenture issued to subsidiary trust	332	309	289
Share-based compensation	6,023	10,235	3,303
Deferred income taxes	45,335	222,714	6,408
Changes in operating assets and liabilities:
Receivable from subsidiaries	(6,085)	(365)	(1,208)
Federal income tax recoverable/payable	(49,902)	(222,569)	(3,879)
Other assets	(16,363)	(5,054)	(320)
Other liabilities	21,687	21,819	7,617
Net cash provided by operating activities	320,006	222,913	42,344
Investing activities
Change in notes receivable from subsidiaries	79,346	(165,000)	0
Repayment of equity securities	0	0	2,445
Contribution to subsidiaries	(137,002)	0	(210,000)
Purchases of property, plant and equipment	(1,432)	(12,642)	(48)
Net cash provided by (used in) investing activities	(59,088)	(177,642)	(207,603)
Financing activities
Financing fees incurred and deferred	(1,235)	0	0
Repayment of loan payable	(3,750)	0	0
Proceeds from issuance of loan payable	300,000	0	0
Repayment of subordinated debentures	0	0	(81,450)
Proceeds from issuance of common stock, net	253,978	4,844	338,061
Acquisition of treasury stock	(566,567)	(99,415)	(165,094)
Proceeds from issuance of preferred stock, net	0	0	290,260
Dividends paid on common stock	(30,567)	(31,450)	(28,859)
Dividends paid on preferred stock	(43,675)	(43,675)	(33,515)
Net cash provided by (used in) financing activities	(91,816)	(169,696)	319,403
Increase (decrease) in cash and cash equivalents	169,102	(124,425)	154,144
Cash and cash equivalents at beginning of year	362,245	486,670	332,526
Cash and cash equivalents at end of year	531,347	362,245	486,670
Parent Company \| Notes and Loan Payable
Cash paid during the year for interest:
Interest paid	31,288	25,000	25,000
Parent Company \| Subordinated Debentures
Cash paid during the year for interest:
Interest paid	$ 5,000	$ 5,000	$ 6,181

Schedule III - Supplementary _2

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Deferred policy acquisition costs	$ 3,562,075	$ 2,222,769	$ 2,225,199
Future policy benefits, losses, claims and loss expenses	61,118,134	65,477,778	62,352,882
Unearned premiums	0	0	0
Other policy claims and benefits payable	512,790	226,844	240,904
Premium revenue	250,093	300,833	290,609
Net investment income	2,307,463	2,037,475	2,182,078
Benefits, claims, losses and settlement expenses	(1,023,301)	2,543,779	744,389
Amortization of deferred policy acquisition costs	615,300	268,328	649,554
Other operating expenses	$ 277,045	$ 274,617	$ 214,745

Schedule IV - Reinsurance (Deta

Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, life insurance in force	$ 44,003	$ 48,943	$ 52,234
Ceded to other companies, life insurance in force	4,761	5,131	5,925
Assumed from other companies, life insurance in force	43,607	46,119	49,577
Net amount, life insurance in force	82,849	89,931	95,886
Net amount, insurance premiums and other considerations	$ 19,739	$ 58,202	$ 39,382
Percent of amount assumed to net, life insurance in force	52.63%	51.28%	51.70%
Insurance Premiums and Other Considerations
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, insurance premiums and other considerations	$ 299,107	$ 321,132	$ 297,571
Ceded to other companies, insurance premiums and other considerations	49,184	20,468	7,160
Assumed from other companies, insurance premiums and other considerations	170	169	198
Net amount, insurance premiums and other considerations	$ 250,093	$ 300,833	$ 290,609
Percent of amount assumed to net, insurance premiums and other considerations	0.07%	0.06%	0.07%
Annuity Product Charges
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, insurance premiums and other considerations	$ 279,447	$ 262,982	$ 258,248
Ceded to other companies, insurance premiums and other considerations	49,093	20,351	7,021
Assumed from other companies, insurance premiums and other considerations	0	0	0
Net amount, insurance premiums and other considerations	$ 230,354	$ 242,631	$ 251,227
Percent of amount assumed to net, insurance premiums and other considerations	0%	0%	0%
Traditional Life, Accident and Health Insurance, and Life Contingent Immediate Annuity Premiums
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, insurance premiums and other considerations	$ 19,660	$ 58,150	$ 39,323
Ceded to other companies, insurance premiums and other considerations	91	117	139
Assumed from other companies, insurance premiums and other considerations	170	169	198
Net amount, insurance premiums and other considerations	$ 19,739	$ 58,202	$ 39,382
Percent of amount assumed to net, insurance premiums and other considerations	0.86%	0.29%	0.50%