American National (ANG-PB) 10-K 29 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 22, 2024	Jun. 30, 2023
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
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 4,028,960,860
Entity Common Stock, Shares Outstanding		79,400,008
Entity Central Index Key	0001039828
Document Period End Date	Dec. 31, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
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
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Des Moines, Iowa
Auditor Firm ID	42

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	[1]
Investments [Abstract]
Fixed maturity securities, available for sale, at fair value (amortized cost of $38,537,462 as of 2023 and $44,866,019 as of 2022; allowance for credit losses of $4,030 as of 2023 and $3,347 as of 2021)	$ 34,780,482	$ 39,804,617
Mortgage loans on real estate (net of allowance for credit losses of $38,135 as of 2023 and $36,972 as of 2022)	7,537,594	6,949,027
Real estate investments (2023 and 2022 include $1,327,704 and $1,056,063 related to consolidated variable interest entities)	1,334,247	1,056,063
Limited partnerships and limited liability companies (2023 and 2022 include $506,685 and $684,834 related to consolidated variable interest entities)	1,089,591	1,266,779
Derivative instruments	1,207,288	431,727
Other investments	2,277,822	1,817,085
Total investments	48,227,024	51,325,298
Cash and cash equivalents (2023 and 2022 include $35,745 and $27,235 related to consolidated variable interest entities)	9,772,586	1,919,669
Coinsurance deposits	14,582,728	13,254,956
Market risk benefits	479,694	229,871
Accrued investment income (2023 and 2022 include $2,862 and $3,444 related to consolidated variable interest entities)	459,332	497,851
Deferred policy acquisition costs	3,070,280	2,773,643
Deferred sales inducements	2,367,224	2,045,683
Deferred income taxes	152,652	438,434
Income taxes recoverable	37,854	55,498
Other assets (2023 and 2022 include $18,681 and $10,690 related to consolidated variable interest entities)	768,928	642,696
Total assets	79,918,302	73,183,599
Liabilities:
Policy benefit reserves	60,901,641	58,781,836
Market risk benefits	3,146,554	2,455,492
Other policy funds and contract claims	188,856	512,790
Notes and loan payable	785,443	792,073
Subordinated debentures	79,107	78,753
Funds withheld for reinsurance liabilities	8,596,373	6,577,426
Other liabilities (2023 and 2022 include $93,520 and $78,644 related to consolidated variable interest entities)	3,172,554	1,614,479
Total liabilities	76,870,528	70,812,849
Stockholders' equity:
Common stock; par value $1 per share; 200,000,000 shares authorized; issued and outstanding: 2023 - 79,337,818 shares (excluding 30,765,023 treasury shares); 2022 - 84,810,255 shares (excluding 24,590,353 treasury shares)	79,338	84,810
Additional paid-in capital	1,071,103	1,325,316
Accumulated other comprehensive loss	(2,979,657)	(3,746,230)
Retained earnings	4,852,448	4,685,593
Total stockholders' equity attributable to American Equity Investment Life Holding Company	3,023,260	2,349,517
Noncontrolling interests	24,514	21,233
Total stockholders' equity	3,047,774	2,370,750
Total liabilities and stockholders' equity	79,918,302	73,183,599
Preferred Stock, Series A
Stockholders' equity:
Preferred stock	16	16
Preferred Stock, Series B
Stockholders' equity:
Preferred stock	$ 12	$ 12
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fixed maturity securities, available for sale, amortized cost	$ 38,537,462	$ 44,866,019
Fixed maturity securities, available for sale, allowance for credit losses	4,030	3,347
Mortgage loans on real estate, allowance for credit losses	38,135	36,972
Real estate investments	1,334,247	1,056,063	[1]
Limited partnerships and limited liability companies	1,089,591	1,266,779	[1]
Cash and cash equivalents	9,772,586	1,919,669	[1]
Coinsurance deposits, allowance for credit losses	1,149	8,737
Accrued investment income	459,332	497,851	[1]
Other assets	768,928	642,696	[1]
Other liabilities	$ 3,172,554	$ 1,614,479	[1]
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	79,337,818	84,810,255
Common stock, shares outstanding	79,337,818	84,810,255
Common stock, shares held in treasury	30,765,023	24,590,353
Variable Interest Entities
Real estate investments	$ 1,327,704	$ 1,056,063
Limited partnerships and limited liability companies	506,685	684,834
Cash and cash equivalents	35,745	27,235
Accrued investment income	2,862	3,444
Other assets	18,681	10,690
Other liabilities	$ 93,520	$ 78,644
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] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	[1]	Dec. 31, 2021
Revenues:
Premiums and other considerations	$ 11,967	$ 19,739		$ 58,202	[1]
Annuity product charges	315,496	230,354	[2]	242,631	[1],[2]
Net investment income	2,272,798	2,307,463		2,037,475	[1]
Change in fair value of derivatives	259,046	(1,138,128)		1,348,735	[1]
Net realized losses on investments	(99,203)	(47,848)		(13,242)	[1]
Other revenue	75,866	42,245		16,160	[1]
Total revenues	2,835,970	1,413,825		3,689,961	[1]
Benefits and expenses:
Insurance policy benefits and change in future policy benefits (remeasurement gains (losses) of future policy benefit reserves of $(2,013), $(1,959), and $(1,907) for years ended 2023, 2022, 2021, respectively)	17,687	33,220		73,896	[1]
Interest sensitive and index product benefits	567,423	554,871		2,231,567	[1]
Market risk benefits (gains) losses	(14,546)	3,684		268,973	[1]
Amortization of deferred sales inducements	192,252	181,970	[2]	191,884	[1],[2]
Change in fair value of embedded derivatives	1,143,576	(2,352,598)	[2]	(358,302)	[1],[2]
Interest expense on notes and loan payable	45,890	32,098		25,581	[1]
Interest expense on subordinated debentures	5,355	5,331		5,324	[1]
Amortization of deferred policy acquisition costs	279,700	284,011	[2]	306,370	[1],[2]
Other operating costs and expenses	301,581	239,526		241,882	[1]
Total benefits and expenses	2,538,918	(1,017,887)		2,987,175	[1]
Income before income taxes	297,052	2,431,712		702,786	[1]
Income tax expense	85,133	511,135		149,763	[1]
Net income	211,919	1,920,577	[2]	553,023	[2],[3]
Less: Net income available to noncontrolling interests	1,389	358		0	[1]
Net income available to American Equity Investment Life Holding Company stockholders	210,530	1,920,219		553,023	[1]
Less: Preferred stock dividends	43,675	43,675		43,675	[1]
Net income available to American Equity Investment Life Holding Company common stockholders	$ 166,855	$ 1,876,544		$ 509,348	[1]
Earnings per common share	$ 2.10	$ 20.72		$ 5.43	[1]
Earnings per common share - assuming dilution	$ 2.06	$ 20.50		$ 5.39	[1]
Weighted average common shares outstanding: earnings per common share	79,476,080	90,558,121		93,860,378	[1]
Weighted average common shares outstanding: earnings per common share - assuming dilution	80,952,270	91,538,128		94,491,159	[1]
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Remeasurement gains (losses) of future policy benefit reserves	$ (2,013)	$ (1,959)	$ (1,907)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	[3]
Net income	$ 211,919	$ 1,920,577	[1],[2]	$ 553,023	[2]
Other comprehensive income (loss):
Change in net unrealized investment gains/losses	1,351,311	(9,361,135)	[3]	(978,461)
Change in current discount rate for liability for future policy benefits	(9,269)	73,091	[3]	19,065
Changes in instrument-specific credit risk for market risk benefits	(330,250)	519,525	[3]	(18,514)
Reclassification of unrealized investment gains/losses to net income	(41,578)	(13,893)	[3]	(8,973)
Other comprehensive income (loss) before income tax	970,214	(8,782,412)	[3]	(986,883)
Income tax effect related to other comprehensive income (loss)	(203,641)	1,843,635	[3]	207,353
Other comprehensive income (loss)	766,573	(6,938,777)	[3]	(779,530)
Comprehensive income (loss)	$ 978,492	$ (5,018,200)	[3]	$ (226,507)
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands		Total		Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Preferred Stock		Common Stock		Common Stock Common Stock	Additional Paid-in Capital		Additional Paid-in Capital Common Stock	Accumulated Other Comprehensive Income (Loss)		Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings		Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interest
Stockholders' equity at beginning of period at Dec. 31, 2020	[1]	$ 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	[1]	553,023	[2]														553,023
Other comprehensive income (loss)	[1]	(779,530)												(779,530)
Share-based compensation	[1]	24,601									24,601
Issuance of stock	[1]				$ 4,854					$ 460			$ 4,394
Treasury stock acquired, common	[1]	(99,415)						(3,667)			(95,748)
Dividends on preferred stock	[1]	(43,675)															(43,675)
Dividends on common stock	[1]	(31,450)															(31,450)
Stockholders' equity at end of period at Dec. 31, 2021	[1]	7,738,717		$ 1,761,321		28		92,514			1,614,374			3,192,547		$ 1,768,520	2,839,254		$ (7,199)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		1,920,577	[2],[3]														1,920,219	[1]		358	[1]
Other comprehensive income (loss)	[1]	(6,938,777)												(6,938,777)
Share-based compensation	[1]	15,827									15,827
Issuance of stock	[1]				253,978					7,112			246,866
Treasury stock acquired, common	[1]	(566,567)						(14,816)			(551,751)
Dividends on preferred stock	[1]	(43,675)															(43,675)
Dividends on common stock	[1]	(30,205)															(30,205)
Contributions from noncontrolling interests	[1]	20,875																		20,875
Stockholders' equity at end of period at Dec. 31, 2022		2,370,750	[4]			28	[1]	84,810	[1]		1,325,316	[1]		(3,746,230)	[1]		4,685,593	[1]		21,233	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		211,919															210,530			1,389
Other comprehensive income (loss)		766,573												766,573
Share-based compensation		29,296									29,296
Issuance of stock					$ 20,420					$ 1,796			$ 18,624
Treasury stock acquired, common		(309,401)						(7,268)			(302,133)
Dividends on preferred stock		(43,675)															(43,675)
Contributions from noncontrolling interests		1,892																		1,892
Stockholders' equity at end of period at Dec. 31, 2023		$ 3,047,774				$ 28		$ 79,338			$ 1,071,103			$ (2,979,657)			$ 4,852,448			$ 24,514
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Consolidated Statements of Ch_2

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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Operating activities
Net income		$ 211,919	$ 1,920,577	[1],[2]	$ 553,023	[2],[3]
Adjustments to reconcile net income to net cash provided by operating activities:
Interest sensitive and index product benefits		567,423	554,871	[2]	2,231,567	[2]
Amortization of deferred sales inducements		192,252	181,970	[1],[2]	191,884	[1],[2]
Annuity product charges		(315,496)	(230,354)	[1],[2]	(242,631)	[1],[2]
Change in fair value of embedded derivatives		1,143,576	(2,352,598)	[1],[2]	(358,302)	[1],[2]
Change in traditional life and accident and health insurance reserves		(10,206)	(83,456)	[2]	83,734	[2]
Policy acquisition costs deferred		(576,337)	(199,075)	[2]	(309,683)	[2]
Amortization of deferred policy acquisition costs		279,700	284,011	[1],[2]	306,370	[1],[2]
Provision for depreciation and other amortization		8,653	14,185	[2]	5,527	[2]
Amortization of discounts and premiums on investments		3,473	2,640	[2]	19,861	[2]
Realized gains/losses on investments		135,203	47,848	[2]	13,242	[2]
Change in fair value of derivatives		(259,046)	1,138,127	[2]	(1,348,704)	[2]
Distributions from equity method investments		148,388	4,090	[2]	12,409	[2]
Deferred income taxes		68,135	490,926	[2]	149,431	[2]
Share-based compensation		29,296	15,827	[2]	24,601	[2]
Change in accrued investment income		38,519	(52,754)	[2]	(47,015)	[2]
Change in income taxes recoverable/payable		31,651	111,088	[2]	(165,724)	[2]
Change in other assets		(154,726)	2,852	[2]	(5,085)	[2]
Change in other policy funds and contract claims		(329,126)	279,936	[2]	(19,809)	[2]
Change in market risk benefits, net		(16,867)	(22,915)	[2]	208,257	[2]
Change in collateral held for derivatives		786,836	(851,971)	[2]	17,423	[2]
Change in funds withheld from reinsurers		1,833,859	931,600	[2]	3,124,740	[2]
Change in other liabilities		132,743	9,033	[2]	(224,171)	[2]
Other		(10,013)	(152,639)	[2]	12,219	[2]
Net cash provided by operating activities		3,939,809	2,043,819	[2]	4,233,164	[2]
Sales, maturities, or repayments of investments:
Fixed maturity securities, available for sale		11,399,711	9,691,210	[2]	4,490,736	[2]
Mortgage loans on real estate		1,534,845	1,916,328	[2]	862,666	[2]
Real estate investments sold		4,973	0	[2]	0	[2]
Derivative instruments		491,475	584,055	[2]	2,260,959	[2]
Other investments		2,465,942	739,027	[2]	368,837	[2]
Acquisitions of investments:
Fixed maturity securities, available for sale		(4,753,743)	(8,894,629)	[2]	(9,206,733)	[2]
Mortgage loans on real estate		(2,233,026)	(3,092,385)	[2]	(2,386,712)	[2]
Real estate investments acquired		(317,570)	(724,484)	[2]	(335,767)	[2]
Derivative instruments		(950,811)	(790,229)	[2]	(748,061)	[2]
Other investments		(3,097,084)	(1,842,843)	[2]	(1,512,123)	[2]
Purchases of property, furniture and equipment		(50,084)	(40,961)	[2]	(18,109)	[2]
Net cash provided by (used in) investing activities		4,494,628	(2,454,911)	[2]	(6,224,307)	[2]
Financing activities
Receipts credited to annuity policyholder account balances		7,605,306	3,316,221	[2]	5,910,024	[2]
Coinsurance deposits		(448,828)	(186,637)	[2]	(3,187,332)	[2]
Return of annuity policyholder account balances		(7,573,944)	(5,257,487)	[2]	(5,145,193)	[2]
Repayment of loan payable		(7,500)	(3,750)	[2]	0	[2]
Proceeds from issuance of loan payable		0	300,000	[2]	0	[2]
Proceeds from issuance of common stock, net		20,420	253,978	[2]	4,854	[2]
Acquisition of treasury stock		(309,401)	(566,567)	[2]	(99,415)	[2]
Change in checks in excess of cash balance		176,102	39,901	[2]	(3,210)	[2]
Dividends paid on common stock		0	(30,205)	[2]	(31,450)	[2]
Dividends paid on preferred stock		(43,675)	(43,675)	[2]	(43,675)	[2]
Net cash used in financing activities		(581,520)	(2,178,221)	[2]	(2,595,397)	[2]
Increase (decrease) in cash and cash equivalents		7,852,917	(2,589,313)	[2]	(4,586,540)	[2]
Cash and cash equivalents at beginning of year	[2]	1,919,669	4,508,982		9,095,522
Cash and cash equivalents at end of year		9,772,586	1,919,669	[2]	4,508,982	[2]
Cash paid during the year for interest:
Interest expense		50,020	36,289	[2]	30,000	[2]
Cash paid during the year for income taxes:
Income taxes		7,002	4,873	[2]	165,537	[2]
Income tax refunds received		20,052	98,644	[2]	0	[2]
Non-cash operating activity:
Deferral of sales inducements		$ 513,793	$ 107,691	[2]	$ 95,161	[2]
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
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"), Eagle Life Insurance Company ("Eagle Life") and Entrada Life Insurance Company ("Entrada"), is licensed to sell insurance products in 50 states and the District of Columbia at December 31, 2023. We operate solely in the insurance business. We market fixed index and fixed rate annuities. Annuity deposits (net of coinsurance) collected in 2023, 2022 and 2021, by product type were as follows: Year Ended December 31, Product Type 2023 2022 2021 (Dollars in thousands) Fixed index annuities $ 5,041,981 $ 2,202,688 $ 3,026,211 Annual reset fixed rate annuities 4,898 5,535 6,000 Multi-year fixed rate annuities 176,415 139,092 2,452,994 Single premium immediate annuities (SPIA) 1,224 18,935 59,816 $ 5,224,518 $ 2,366,250 $ 5,545,021 Agents contracted with us through four national marketing organizations accounted for more than 10% of annuity deposits we collected during 2023 representing 16%, 13%, 12%, and 11% individually, of the annuity deposits collected. Agents contracted with us through four national marketing organization 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. 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, Entrada Life Insurance Company, AERL, L.C., AE Capital, LLC., American Equity Investment Properties, L.C., High Trestle Investment Management, LLC., AEL RE Vermont, Inc., AEL Re Vermont II, 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 fair value of embedded derivatives in fixed index annuity contracts, market risk benefits, 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. 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 Values 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. We hold 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 determined using broker price opinions for the year ended December 31, 2023 and discounted cash flows for the years ended December 31, 2022 and 2021. 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. The property is depreciated on a straight-line basis over its estimated useful life. Other real estate properties acquired when ownership is taken to satisfy a loan is initially recorded at the lower of the loan's carrying value or the property's fair value less estimated costs to sell. These properties are held with the intent to sell and therefore we do not recognize depreciation expense. 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 and consolidated infrastructure limited liability company 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, collateral loans and short-term debt securities and loans with maturities of greater than three months but less than twelve months when purchased. 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 15 - 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 Values of Financial Instruments and Note 15 - 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. 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 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 10 - Income Taxes for more information on deferred income taxes. Market Risk Benefits Market risk benefits (MRBs) are contracts or contract features that both provide protection to the policyholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. We issue certain fixed indexed annuity and fixed rate annuity contracts that provide minimum guarantees to policyholders including guaranteed minimum withdrawal benefits (GMWB) and guaranteed minimum death benefits (GMDB) that are MRBs. MRBs are measured at fair value, at the individual contract level, and can be either an asset or a liability. Contracts which contain more than one MRB feature are combined into one single MRB. The fair value is calculated using stochastic models that include a risk margin and incorporate a spread for our instrument specific credit risk. At contract inception, attributed fees are calculated based on the present value of the fees and assessments collectible from the policyholder relative to the present value of expected benefits paid attributable to the MRB. The attributed fees remain static over the life of the MRB and is used to calculate the fair value of the MRB using a risk neutral valuation method. The attributed fees cannot be negative and cannot exceed the total explicit fees collectible from the policyholder. The MRB assets and liabilities are presented separately on the Consolidated Balance Sheets. The ceded MRB assets are presented in coinsurance deposits on the Consolidated Balance Sheets. Changes in fair value of the MRB are recognized in market risk benefits (gains) losses on the Consolidated Statements of Operations each period with the exception of the portion of the change in fair value related to a changes in our nonperformance risk, which is recognized in other comprehensive income (OCI). See Note 8 - Policyholder Liabilities for more information on MRBs. Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) The Company incurs costs in connection with acquiring new and renewal business. The portion of these costs which are incremental and direct to the acquisition of a new or renewal policy are deferred as they are incurred. DAC and DSI are amortized on a constant level basis over the expected term of the contracts based on projected policy counts. Contracts are grouped consistent with the grouping used in the estimating of the liability. The assumptions used in the calculation of DAC and DSI include full surrenders, partial withdrawals, mortality, utilization and reset assumptions associated with lifetime income benefit riders, and the option budget assumption. If the actual experience is different from our expectations, the amortization pattern is adjusted prospectively. See Note 7 - Deferred Policy Acquisition Costs and Deferred Sales Inducements for more information on DAC and DSI. 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, 2023, 2022 and 2021, interest crediting rates for these products ranged from 1.45% to 5.65%. A liability for future policy benefits is recorded for our traditional limited-payment insurance contracts and is generally equal to the present value of expected future policy benefit payments. The present value calculation uses assumptions for mortality, morbidity, termination, and expense. The contracts are grouped into cohorts based on issue year and product type. The liability for future policy benefits is discounted using an upper-medium grade fixed-income instrument yield that reflects the duration characteristics of the liabilities and maximizes the use of observable data. The discount rate is updated each reporting period and any changes in the liability resulting from changes in the upper-medium grade fixed income instrument yield are recognized in AOCI. Any changes to the liability as a result of assumption changes will be recognized as remeasurement gains (losses) in insurance policy benefits and change in future policy benefits in the Consolidated Statement of Operations. See Note 8 - Policyholder Liabilities for more information on the liability for future policy benefits. ASU 2018-12 also requires disaggregated roll forwards for the liability for future policy benefits, MRBs, DAC and DSI. We disaggregated the roll forwards by product type consistent with how we internally view our business. 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 9 - Reinsurance and Policy Provisions ), benefits, losses and expenses are reported net of reinsurance ceded. Revenue and fees associated with reinsurance agreements (see Note 9 - 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. Adopted Accounting Pronouncements Troubled Debt Restructurings and Vintage Disclosures In March 2022, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") on troubled debt restructurings ("TDR") and vintage disclosures related to current period gross write-offs and recoveries. This guidance eliminates the accounting guidance for TDRs by creditors and enhances disclosure requirements for certain refinancing and restructuring of loans by creditors when a borrower is experiencing financial difficulty. The guidance also requires companies to disclosure current-period gross write-offs by year of origination for financing receivables and net investments in leases. This ASU was adopted on January 1, 2023 and will be applied prospectively. This guidance did not have a material impact on our consolidated financial statements. Targeted Improvements to the Accounting for Long-Duration Insurance Contracts 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 was effective for us January 1, 2023, the transition date (the remeasurement date) was January 1, 2021. We adopted the guidance for the liability for future policyholder benefits, deferred acquisition costs, and deferred sales inducements on a modified retrospective basis such that those balances were adjusted to conform to ASU 2018-12 on January 1, 2021. The guidance for market risk benefits was applied retrospectively. Below are the transition date impacts for each of these items. Liability for Future Policy Benefits for Payout Annuity With Life Contingency (Dollars in thousands) Pre-adoption 1/1/2021 balance $ 337,467 Adjustment to opening retained earnings for expected future policy benefits 2,566 Adjustment for the effect of remeasurement of liability at current single A rate 68,717 Post adoption 1/1/2021 balance $ 408,750 Market Risk (Dollars in thousands) Pre-adoption 1/1/2021 carrying amount for features now classified as MRBs $ 2,547,231 Adjustment for the removal of shadow adjustments (584,636) Adjustment for the cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date 229,108 Adjustment for the remaining difference between previous carrying amount and fair value measurement for the MRB, exclusive of the instrument specific credit risk 33,781 Post adoption 1/1/2021 MRB balance $ 2,225,484 Ceded Market Risk Benefit (a) (Dollars in thousands) Pre-adoption 1/1/2021 carrying amount for features now classified as MRBs $ 62,108 Adjustment for the difference between previous carrying amount and fair value measurement for the MRB, exclusive of the instrument specific credit risk 27,230 Post adoption 1/1/2021 ceded MRB balance $ 89,338 (a) The ceded market risk benefit is recognized in coinsurance deposits on the Consolidated Balance Sheets. Deferred Policy Fixed Index Annuities and (Dollars in thousands) Pre-adoption 1/1/2021 balance $ 2,225,199 Adjustments for the removal of shadow adjustments 1,183,306 Post adoption 1/1/2021 balance $ 3,408,505 Deferred Sales Fixed Index Annuities and (Dollars in thousands) Pre-adoption 1/1/2021 balance $ 1,448,375 Adjustments for the removal of shadow adjustments 768,310 Post adoption 1/1/2021 balance $ 2,216,685 For deferred acquisition costs, the Company removed shadow adjustments previously recorded in accumulated other comprehensive income for the impact of unrealized gains and losses that were included in the pre-ASU 2018-12 expected gross profits amortization calculation as of the transition date. As a result of the adoption of ASU 2018-12, the Company decreased beginning retained earnings by $7.2 million and increased accumulated other comprehensive income by $1.8 billion as of January 1, 2021. Certain amounts in the 2022 and 2021 consolidated financial statements and related footnotes thereto have been recast, to the extent impacted by ASU 2018-12, to conform to the new guidance. Agreement and Plan of Merger On July 4, 2023, American Equity Investment Life Holding Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Brookfield Reinsurance Ltd (“Brookfield Reinsurance”), Arches Merger Sub, Inc. (“Merger Sub”) a wholly owned subsidiary of Brookfield Reinsurance, and solely for the purposes set forth in the Merger Agreement, Brookfield Asset Management Ltd. (“BAM”). The Merger Agreement provides that each issued and outstanding share of AEL common stock (other than certain excluded common shares) will be converted into the right to receive $38.85 per share in cash and a number of fully-paid and nonassessable share of class A limited voting shares of Brookfield Asset Management Ltd equal to the Exchange Ratio as defined in the Merger Agreement. The Exchange Ratio is subject to adjustment based on the 10-day volume-weighted average share price of BAM Class A Stock such that the total value of the aggregate consideration delivered for each share of AEL common stock will be between $54.00 and $56.50 per share. The Merger Agreement does not provide for the payment of any consideration with respect to the issued and outstanding shares of AEL Series A and Series B preferred stock. These shares of preferred stock will be unaffected by the merger and will remain outstanding following the closing of the transactions contemplated by the Merger Agreement. The closing of the transactions contemplated by the Merger Agreement remains subject to the satisfaction of certain customary closing conditions, including among others (i) the receipt of required regulatory approvals from certain insurance regulators, (ii) approvals from the New York Stock Exchange and Toronto Stock Exchange for listing of the BAM Class A Stock to be issued as stock consideration in the Merger, (iii) the absence of any injunction or restraint otherwise preventing consummation of the merger, (iv) the absence of a Company Material Adverse Effect (as defined in the Merger Agreement) and (v) the absence of the imposition of a Burdensome Condition (as defined in the Merger Agreement) by any regulator as part of the regulatory approval process. The Merger Agreement contains customary Company representations and warranties and provides for customary pre-closing covenants, including covenants relating to the conduct of business by the Company in the ordinary course that also place certain restrictions on the Company’s business activities prior to the completion of the merger. The Merger Agreement provides termination rights for each of the Company and Brookfield Reinsurance Ltd., including, among others, in the event the closing of the merger does not occur on or before April 4, 2024, subject to extension in specified circumstances where all conditions to the merger are satisfied or validly waived other than with respect to conditions relating to regulatory approvals. A special meeting of shareholders of American Equity Investment Life Holding Company was held on November 10, 2023 in order to vote upon the approval of the Merger Agreement. The Merger Agreement was approved, having received "For" votes from a majority of the votes cast by shareholders who were present and voting together as a single class at the special meeting.

Fair Values of Financial Instru

Fair Values of Financial Instruments	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 Carrying Fair Value Carrying Fair Value (Dollars in thousands) Assets Fixed maturity securities, available for sale $ 34,780,482 $ 34,780,482 $ 39,804,617 $ 39,804,617 Mortgage loans on real estate 7,537,594 7,047,993 6,949,027 6,502,463 Real estate investments 1,334,247 1,336,247 1,056,063 1,056,063 Limited partnerships and limited liability companies 506,685 506,685 684,835 684,835 Derivative instruments 1,207,288 1,207,288 431,727 431,727 Other investments 2,277,822 2,277,822 1,817,085 1,817,085 Cash and cash equivalents 9,772,586 9,772,586 1,919,669 1,919,669 Coinsurance deposits 14,582,728 13,570,942 13,254,956 12,640,797 Market risk benefits 479,694 479,694 229,871 229,871 Liabilities Policy benefit reserves 60,549,922 56,366,631 58,419,911 55,572,896 Market risk benefits 3,146,554 3,146,554 2,455,492 2,455,492 Single premium immediate annuity (SPIA) benefit reserves 188,301 196,720 212,119 221,130 Other policy funds - FHLB — — 300,000 300,000 Notes and loan payable 785,443 770,570 792,073 774,220 Subordinated debentures 79,107 86,254 78,753 87,293 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. We record transfers between levels as of the beginning of the reporting period. Our assets and liabilities which are measured at fair value on a recurring basis as of December 31, 2023 and 2022 are presented below based on the fair value hierarchy levels: Total NAV Quoted Significant Significant (Dollars in thousands) December 31, 2023 Assets Fixed maturity securities, available for sale: U.S. Government and agencies $ 171,141 $ — $ 27,593 $ 143,548 $ — States, municipalities and territories 3,098,940 — — 2,876,723 222,217 Foreign corporate securities and foreign governments 493,739 — — 493,739 — Corporate securities 20,603,416 — — 20,347,979 255,437 Residential mortgage backed securities 1,402,501 — — 1,402,501 — Commercial mortgage backed securities 2,952,547 — — 2,952,547 — Other asset backed securities 6,058,198 — — 4,467,224 1,590,974 Other investments 1,795,511 — 875,596 919,915 — Real estate investments 1,217,271 — — — 1,217,271 Limited partnerships and limited liability companies 506,685 353,554 — — 153,131 Derivative instruments 1,207,288 — — 1,207,288 — Cash and cash equivalents 9,772,586 — 9,772,586 — — Market risk benefits (a) 479,694 — — — 479,694 $ 49,759,517 $ 353,554 $ 10,675,775 $ 34,811,464 $ 3,918,724 Liabilities Funds withheld liability - embedded derivative $ (256,776) $ — $ — $ — $ (256,776) Fixed index annuities - embedded derivatives 5,181,894 — — — 5,181,894 Market risk benefits (a) 3,146,554 — — — 3,146,554 $ 8,071,672 $ — $ — $ — $ 8,071,672 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 — — Market risk benefits (a) 229,871 — — — 229,871 $ 45,024,575 $ 620,626 $ 2,344,133 $ 39,979,911 $ 2,079,905 Liabilities Funds withheld liability - embedded derivative $ (441,864) $ — $ — $ — $ (441,864) Fixed index annuities - embedded derivatives 4,820,845 — — — 4,820,845 Market risk benefits (a) 2,455,492 — — — 2,455,492 $ 6,834,473 $ — $ — $ — $ 6,834,473 (a) See Note 8 - Policyholder Liabilities for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as significant inputs and assumptions used in the fair value measurements of market risk benefits. 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, 2023 and 2022: Year Ended 2023 2022 (Dollars in thousands) Fixed maturity securities, available for sale - States, municipalities and territories Beginning balance $ — $ — Purchases and sales, net — — Transfers in 203,757 — Transfers out (2,001) — Total realized/unrealized gains (losses) Included in net income — — Included in other comprehensive income (loss) 20,461 — Ending balance $ 222,217 $ — Fixed maturity securities, available for sale - Corporate securities Beginning balance $ 402,348 $ — Purchases and sales, net (45,187) 2,233 Transfers in 82,866 391,702 Transfers out (172,174) — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (12,416) 8,413 Ending balance $ 255,437 $ 402,348 Fixed maturity securities, available for sale - Other asset backed securities Beginning balance $ 442,918 $ — Purchases and sales, net 1,071,824 296,800 Transfers in 160,160 153,669 Transfers out (20,817) — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (63,111) (7,551) Ending balance $ 1,590,974 $ 442,918 Other investments Beginning balance $ — $ 6,349 Transfers in 9,821 — Transfers out (23,244) (3,867) Total realized/unrealized gains (losses): Included in net income — (2,482) Included in other comprehensive income (loss) 13,423 — Ending balance $ — $ — Real estate investments Beginning balance $ 940,559 $ 337,939 Purchases and sales, net 313,235 602,298 Change in fair value (36,523) 322 Ending balance $ 1,217,271 $ 940,559 Year Ended 2023 2022 (Dollars in thousands) Limited partnerships and limited liability companies Beginning balance $ 64,209 $ — Purchases and sales, net 99,963 57,574 Change in fair value (11,041) 6,635 Ending balance $ 153,131 $ 64,209 Funds withheld liability - embedded derivative Beginning balance $ (441,864) $ — Transfers in — (441,864) Change in fair value 185,088 — Ending balance $ (256,776) $ (441,864) Fixed index annuities - embedded derivatives Beginning balance $ 4,820,845 $ 7,964,961 Premiums less benefits (177,559) (125,940) Change in fair value, net 538,608 (2,561,676) Reserve release related to in-force ceded reinsurance — (456,500) Ending balance $ 5,181,894 $ 4,820,845 Transfers into and out of Level 3 during the years ended December 31, 2023 and 2022 were primarily the result of changes in observable pricing information. Quantitative Information about Level 3 Fair Value Measurements The following table provides quantitative information about the significant unobservable inputs used for recurring fair value measurements categorized within Level 3, excluding investments where third party valuation inputs were not reasonably available. The market risk benefits are also excluded from the table. See Note 8 - Policyholder Liabilities for information on the unobservable inputs used in the fair value measurements of market risk benefits. See discussion of the valuation technique and significant unobservable inputs used for the embedded derivative component of our fixed index annuities in the Fixed index annuities-embedded derivatives paragraph below. December 31, 2023 Assets / Valuation Unobservable Input / Weighted Assets: (in thousands) Fixed maturity securities: Corporate securities $ 83,666 Discounted cash flow Liquidity premium 20 basis points Other asset backed securities 591,992 Discounted cash flow Discount rate 5.26% 25.00% 6.92% Weighted average lives 1.14 years 12.09 years 5.69 years Real estate investments 1,217,271 Broker price opinion (a) Limited partnerships and limited 46,705 Discounted cash flow Residual capitalization rate 5.25% 5.25% 5.25% liability companies - real estate Discount rate 6.50% 6.75% 6.61% Limited partnerships and limited 106,426 Discounted cash flow Discount rate 11.00% 11.00% 11.00% liability companies - infrastructure December 31, 2022 Assets / Valuation Unobservable Input / Weighted Assets: (in thousands) Fixed maturity securities: Corporate securities $ 84,674 Discounted cash flow Liquidity premium 20 basis points Other asset backed securities 296,800 Discounted cash flow Discount rate 4.04% 28.58% 4.36% Weighted average lives 8.79 years 12.48 years 9.29 years Real estate investments 940,559 Discounted cash flow Residual capitalization rate 4.75% 6.50% 5.44% Discount rate 6.00% 8.00% 6.91% Limited partnerships and limited 64,209 Discounted cash flow Residual capitalization rate 4.25% 4.75% 4.46% liability companies - real estate Discount rate 5.75% 6.00% 5.86% (a) At December 31, 2023, we updated our valuation technique for real estate investments. See description of valuation technique, inputs and reason for update in the Real estate investments paragraph below. 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, 2023 and 2022. 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. 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 recorded based on the cost to purchase the properties and subsequently recorded at fair value on a recurring basis and falls within Level 3 of the fair value hierarchy. At December 31, 2023, the fair value of the residential real estate properties was determined using broker price opinions (BPOs). A BPO is an appraisal methodology commonly used in the industry to estimate net proceeds from the sale of a home. The significant inputs into the valuation include market comparable home sales, age and size of the home, location and property conditions. We moved from a discounted cash flow methodology to a BPO appraisal methodology during 2023 to better align property values with current market conditions. At December 31, 2022, the fair value of the residential real estate properties was determined using a discounted cash flow method. 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. 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 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. During 2023, we purchased an investment in an infrastructure limited liability company through a consolidated VIE that is measured at fair value on a recurring basis. We initially recorded the investment at the cost to purchase the investment and subsequently recorded based on a discounted cash flow methodology. At December 31, 2023, we held one consolidated limited partnership fund, which is measured using NAV as a practical expedient. This investment is a closed-end fund that invests in infrastructure credit assets. Redemptions are not allowed until the funds’ termination date and liquidations begin. At December 31, 2022, we held two consolidated limited partnership funds measured using NAV as a practical expedient, that were both closed-end funds that did not allow redemptions until termination date. During 2023, one of the consolidated limited partnership funds went through a restructure, resulting in the termination and liquidation of the fund. As of December 31, 2023 and December 31, 2022, our unfunded commitments for our consolidated limited partnership funds were $180.9 million and $926.3 million, respectively. 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 Certain financial instruments included in other investments 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. The following table presents financial instruments included in Other investments which are not measured at fair value on a recurring basis and fall within Level 2 of the fair value hierarchy. December 31, 2023 2022 (Dollars in thousands) FHLB common stock (1) $ 10,000 $ 22,000 Short-term loans (2) — 316,417 Collateral loans (3) 64,594 64,594 Company owned life insurance ("COLI") (4) 404,598 397,683 (1) FHLB common stock is carried at cost which approximates fair value. (2) Due to the short-term nature of the investments, the fair value of a portion of our short-term loans approximates the carrying value. (3) For certain of our collateral loans, we have concluded the carrying value approximates fair value. (4) The fair value of our COLI approximates the cash surrender value of the policies. 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 without life contingencies are not measured at fair value on a recurring basis. SPIA benefit reserves without life contingencies are recognized in other policy funds and contract claims on the Consolidated Balance Sheets. 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 rates. As of December 31, 2023 and 2022, we utilized an estimate of 2.35% and 2.40%, respectively, for the long-term 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 rates are based on our actual experience and our outlook as to future expectations for such assumptions. These assumptions 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 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 Contract Duration (Years) December 31, 2023 December 31, 2022 1 - 5 1.96% 2.17% 6 - 10 3.71% 3.28% 11 - 15 3.71% 3.63% 16 - 20 8.97% 8.55% 20+ 4.91% 4.90% 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 fair value of our fixed index annuities embedded derivatives is net of coinsurance ceded of $1,182.6 million and $1,173.4 million as of December 31, 2023 and 2022, 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, 2023, were to increase by 100 basis points, the fair value of the embedded derivatives would decrease by $364.7 million recorded through operations as a decrease in the change in fair value of embedded derivatives. 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 $419.7 million recorded through operations as an increase in the change in fair value of embedded derivatives. We review these assumptions quarterly and as a result of these reviews, we made updates to assumptions in 2023, 2022 and 2021. 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 2023 was the change in the discount rate. The long term discount rate assumption was lowered. This resulted in an increase in the fair value of the embedded derivative. In addition, changes in lapse rate assumptions based on actual historical experience resulted in an increase in the fair value of the embedded derivative. We updated shock lapse rates resulting in increases to the assumption for accumulation products with a shorter surrender charge period and decreases to the assumption for policies with a non-utilized, no fee lifetime income benefit rider. In addition, we increased the dynamic lapse factor based on the lifetime income benefit rider profitability. 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.

Investments

Investments	12 Months Ended
	Dec. 31, 2023
Investments [Abstract]
Investments	Investments At December 31, 2023 and 2022, 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, 2023 Fixed maturity securities, available for sale: U.S. Government and agencies $ 172,683 $ 606 $ (2,148) $ — $ 171,141 States, municipalities and territories 3,654,571 17,477 (573,108) — 3,098,940 Foreign corporate securities and foreign governments 563,890 1,669 (71,820) — 493,739 Corporate securities 23,036,862 175,014 (2,605,048) (3,412) 20,603,416 Residential mortgage backed securities 1,503,639 11,598 (112,736) — 1,402,501 Commercial mortgage backed securities 3,405,647 995 (454,095) — 2,952,547 Other asset backed securities 6,200,170 30,530 (171,884) (618) 6,058,198 $ 38,537,462 $ 237,889 $ (3,990,839) $ (4,030) $ 34,780,482 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 (1) Amortized cost excludes accrued interest receivable (2) Gross unrealized losses are net of allowance for credit losses. The amortized cost and fair value of fixed maturity securities at December 31, 2023, 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 $ 1,371,424 $ 1,368,322 Due after one year through five years 4,924,030 4,787,802 Due after five years through ten years 4,686,405 4,325,294 Due after ten years through twenty years 7,569,350 6,754,603 Due after twenty years 8,876,797 7,131,215 27,428,006 24,367,236 Residential mortgage backed securities 1,503,639 1,402,501 Commercial mortgage backed securities 3,405,647 2,952,547 Other asset backed securities 6,200,170 6,058,198 $ 38,537,462 $ 34,780,482 Net unrealized losses on investments reported as a separate component of stockholders' equity were comprised of the following: December 31, 2023 2022 (Dollars in thousands) Net unrealized losses on investments $ (3,755,689) $ (5,065,422) Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax expense 788,236 1,063,441 Net unrealized losses reported as accumulated other comprehensive loss $ (2,944,919) $ (3,979,447) 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, 2023 and 2022, 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, 2023 2022 NAIC Designation (1) Amortized Fair Amortized Fair (Dollars in thousands) 1 $ 22,493,843 $ 20,209,842 $ 27,061,903 $ 24,211,086 2 14,910,687 13,529,169 17,023,157 14,944,131 3 583,131 527,556 595,193 510,392 4 201,610 168,191 109,409 91,495 5 88,581 68,538 61,721 36,738 6 9,400 10,132 14,636 10,775 $ 38,287,252 $ 34,513,428 $ 44,866,019 $ 39,804,617 (1) The table excludes residual tranche securities that are not rated with an amortized cost of $250,210 and fair value of $267,054 as of December 31, 2023. 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 3,639 and 4,510 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2023 and 2022: Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) December 31, 2023 Fixed maturity securities, available for sale: U.S. Government and agencies $ 55,087 $ (279) $ 47,639 $ (1,869) $ 102,726 $ (2,148) States, municipalities and territories 451,091 (44,832) 2,290,704 (528,276) 2,741,795 (573,108) Foreign corporate securities and foreign governments 1,555 (195) 427,021 (71,625) 428,576 (71,820) Corporate securities 3,275,031 (237,744) 13,625,542 (2,367,304) 16,900,573 (2,605,048) Residential mortgage backed securities 145,093 (7,614) 858,821 (105,122) 1,003,914 (112,736) Commercial mortgage backed securities 431,947 (69,007) 2,416,868 (385,088) 2,848,815 (454,095) Other asset backed securities 968,026 (29,606) 3,057,618 (142,278) 4,025,644 (171,884) $ 5,327,830 $ (389,277) $ 22,724,213 $ (3,601,562) $ 28,052,043 $ (3,990,839) 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) (1) Unrealized losses have been reduced to reflect the allowance for credit losses of $4.0 million and $3.3 million as of December 31, 2023 and 2022, respectively. The unrealized losses at December 31, 2023 are principally related to the timing of the purchases of certain securities, which carry less yield than those available at December 31, 2023. Approximately 97% and 98% of the unrealized losses on fixed maturity securities shown in the above table for December 31, 2023 and 2022, 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, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Fixed maturity securities available for sale carried at fair value $ 1,309,733 $ (9,375,028) $ (987,434) Adjustment for effect on other balance sheet accounts: Deferred income tax asset/liability (275,205) 1,968,488 207,361 (275,205) 1,968,488 207,361 Change in net unrealized gains/losses on investments carried at fair value $ 1,034,528 $ (7,406,540) $ (780,073) Components of net investment income are as follows: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Fixed maturity securities $ 1,653,897 $ 1,849,915 $ 1,772,675 Real estate investments (7,303) 40,243 14,138 Mortgage loans on real estate 404,303 301,118 215,138 Cash and cash equivalents 208,923 24,985 3,385 Limited partnerships and limited liability companies 112,612 188,131 67,157 Other investments 43,510 49,537 29,399 2,415,942 2,453,929 2,101,892 Less: investment expenses (143,144) (146,466) (64,417) Net investment income $ 2,272,798 $ 2,307,463 $ 2,037,475 Proceeds from sales of available for sale fixed maturity securities for the years ended December 31, 2023, 2022 and 2021 were $9.3 billion, $7.8 billion and $0.8 billion, respectively. Scheduled principal repayments, calls and tenders for available for sale fixed maturity securities for the years ended December 31, 2023, 2022 and 2021 were $2.1 billion, $2.8 billion and $3.7 billion, respectively. Net realized losses on investments for the years ended December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Available for sale fixed maturity securities: Gross realized gains $ 137,901 $ 139,819 $ 10,167 Gross realized losses (179,479) (153,712) (19,140) Net credit loss (provision) (47,471) (15,536) (6,241) (89,049) (29,429) (15,214) Other investments: Gross realized gains 2,210 — — Gross realized losses (5,199) — — (2,989) — — Mortgage loans on real estate: Decrease (increase) in allowance for credit losses 252 (15,126) 7,005 Recovery of specific allowance — 1,677 — Loss on sale of mortgage loans (7,417) (4,970) (5,033) (7,165) (18,419) 1,972 Total net realized losses $ (99,203) $ (47,848) $ (13,242) Realized losses on available for sale fixed maturity securities in 2023, 2022 and 2021 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. 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, 2023 2022 (Dollars in thousands) Fixed maturity securities, available for sale $ 1,711 $ 10,708 Mortgage loans on real estate 14,479 1,483 Real estate owned 3,629 — $ 19,819 $ 12,191 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, 2023 States, Municipalities and Corporate Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ — $ 3,214 $ 133 $ — $ 3,347 Additions for credit losses not previously recorded — — 97 947 1,044 Change in allowance on securities with previous allowance — 198 (230) (329) (361) Reduction for securities sold during the period — — — — — Ending balance $ — $ 3,412 $ — $ 618 $ 4,030 Year Ended December 31, 2022 States, Municipalities and Corporate Securities Residential Mortgage Backed Securities Other Asset 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 sold during the period — — (428) — (428) Ending balance $ — $ 3,214 $ 133 $ — $ 3,347 At December 31, 2023 and 2022, cash and invested assets of $52.4 billion and $51.0 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
	Dec. 31, 2023
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 $786.4 million at December 31, 2023. December 31, 2023 2022 (Dollars in thousands) Commercial mortgage loans: Principal outstanding $ 3,550,204 $ 3,560,903 Deferred fees and costs, net (2,494) (6,345) Unamortized discounts and premiums, net (2,711) — Amortized cost 3,544,999 3,554,558 Valuation allowance (17,902) (22,428) Commercial mortgage loans, carrying value 3,527,097 3,532,130 Agricultural mortgage loans: Principal outstanding 581,287 567,630 Deferred fees and costs, net (1,654) (1,667) Amortized cost 579,633 565,963 Valuation allowance (2,590) (1,021) Agricultural mortgage loans, carrying value 577,043 564,942 Residential mortgage loans: Principal outstanding 3,384,737 2,807,652 Deferred fees and costs, net 558 1,909 Unamortized discounts and premiums, net 65,802 55,917 Amortized cost 3,451,097 2,865,478 Valuation allowance (17,643) (13,523) Residential mortgage loans, carrying value 3,433,454 2,851,955 Mortgage loans, carrying value $ 7,537,594 $ 6,949,027 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, 2023 2022 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 471,707 13.3 % $ 502,659 14.1 % Middle Atlantic 274,017 7.7 % 280,993 7.9 % Mountain 404,143 11.4 % 416,307 11.7 % New England 87,041 2.4 % 73,631 2.1 % Pacific 835,085 23.5 % 858,812 24.1 % South Atlantic 927,547 26.1 % 934,007 26.2 % West North Central 183,856 5.2 % 205,568 5.8 % West South Central 328,918 9.3 % 288,926 8.1 % International 37,890 1.1 % — — % $ 3,550,204 100.0 % $ 3,560,903 100.0 % Property type distribution Office $ 360,328 10.1 % $ 388,978 10.9 % Retail 801,977 22.6 % 896,351 25.2 % Industrial/Warehouse 940,546 26.5 % 866,623 24.3 % Apartment 1,047,740 29.5 % 912,984 25.6 % Hotel 319,733 9.0 % 285,271 8.0 % Mixed Use/Other 79,880 2.3 % 210,696 6.0 % $ 3,550,204 100.0 % $ 3,560,903 100.0 % Our agricultural mortgage loan portfolio consists of loans with an outstanding principal balance of $581.3 million and $567.6 million as of December 31, 2023 and 2022, 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 $3.4 billion and $2.8 billion as of December 31, 2023 and 2022, 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 $69.5 million and $58.2 million as of December 31, 2023 and 2022, respectively, is included in Accrued investment income 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, 2023 or 2022, 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, 2023 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (22,428) $ (1,021) $ (13,523) $ (36,972) Charge-offs — — 11 11 Recoveries — — — — Change in provision for credit losses 4,526 (1,569) (4,131) (1,174) Ending allowance balance $ (17,902) $ (2,590) $ (17,643) $ (38,135) 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) 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 were twelve real estate properties totaling $6.5 million at December 31, 2023 and no real estate properties at December 31, 2022 in which ownership of the property was taken to satisfy an outstanding loan. 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, 2023 and 2022. 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, 2023 and 2022 (by year of origination): 2023 2022 2021 2020 2019 Prior Total As of December 31, 2023: 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 $ 3,444 46 % $ 285,481 62 % $ 272,661 57 % $ 370,299 51 % $ 449,973 55 % $ 1,056,159 44 % $ 2,438,017 50 % Greater than or equal to 1.2 and less than 1.5 — — % 76,122 49 % 4,500 55 % 36,534 57 % 108,232 64 % 177,489 57 % 402,877 58 % Greater than or equal to 1.0 and less than 1.2 40,727 38 % 105,578 32 % 328,722 45 % 28,935 54 % — — % 63,972 71 % 567,934 46 % Less than 1.0 — — % 53,470 54 % 26,960 52 % — — % 2,545 80 % 53,196 52 % 136,171 53 % Total $ 44,171 39 % $ 520,651 53 % $ 632,843 51 % $ 435,768 52 % $ 560,750 57 % $ 1,350,816 47 % $ 3,544,999 51 % 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 % 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, 2023 and 2022. 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, 2023 and 2022 (by year of origination): 2023 2022 2021 2020 2019 Prior Total As of December 31, 2023: 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 $ 26,890 59 % $ 61,374 54 % $ 46,060 57 % $ 91,060 46 % $ — — % $ 34,000 42 % $ 259,384 50 % Greater than or equal to 1.2 and less than 1.5 17,798 59 % 89,548 54 % 51,819 52 % 27,433 32 % — — % — — % 186,598 51 % Greater than or equal to 1.0 and less than 1.2 3,988 43 % 3,080 55 % 9,246 57 % 902 59 % — — % — — % 17,216 53 % Less than 1.0 — — % 38,675 37 % 26,514 51 % 49,105 48 % 2,141 33 % — — % 116,435 45 % Total $ 48,676 58 % $ 192,677 51 % $ 133,639 54 % $ 168,500 44 % $ 2,141 33 % $ 34,000 42 % $ 579,633 49 % 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 % 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): 2023 2022 2021 2020 2019 Prior Total As of December 31, 2023: (Dollars in thousands) Commercial mortgage loans Current $ 44,171 $ 520,651 $ 632,843 $ 435,768 $ 560,750 $ 1,350,816 $ 3,544,999 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total commercial mortgage loans $ 44,171 $ 520,651 $ 632,843 $ 435,768 $ 560,750 $ 1,350,816 $ 3,544,999 Agricultural mortgage loans Current $ 48,676 $ 182,273 $ 131,448 $ 168,500 $ 2,141 $ 34,000 $ 567,038 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — 10,404 2,191 — — — 12,595 Total agricultural mortgage loans $ 48,676 $ 192,677 $ 133,639 $ 168,500 $ 2,141 $ 34,000 $ 579,633 Residential mortgage loans Current $ 1,183,248 $ 1,493,165 $ 365,704 $ 161,426 $ 22,654 $ 794 $ 3,226,991 30 - 59 days past due 21,367 58,420 10,253 5,731 4,988 — 100,759 60 - 89 days past due 5,017 22,383 3,908 1,839 99 — 33,246 Over 90 days past due 18,558 38,255 23,707 5,275 3,398 908 90,101 Total residential mortgage loans $ 1,228,190 $ 1,612,223 $ 403,572 $ 174,271 $ 31,139 $ 1,702 $ 3,451,097 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 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 155 loans in non-accrual status at December 31, 2023 and 59 loans in non-accrual status at December 31, 2022. During the years ended December 31, 2023, 2022, and 2021 we recognized interest income of $3.0 million, $670 thousand, and $36 thousand respectively, on loans which were in non-accrual status at the respective period end. Loan Modifications Our commercial, agricultural and residential mortgage loans may be subject to loan modifications. Loan modifications may be granted to borrowers experiencing financial difficulty and could include principal forgiveness, interest rate reduction, an other-than-significant delay or a term extension. 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. A loan modification typically does not result in a change in valuation allowance as it is already incorporated into our allowance methodology. However, if we grant a borrower experiencing financial difficulty principal forgiveness, the amount of principal forgiven would be written off, which would reduce the amortized cost of the loan and result in an adjustment to the valuation allowance. There were no significant mortgage loan modifications for the year ended December 31, 2023.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2023
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 multiple 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 investment company limited liability companies that invest in operating entities which hold multifamily real estate properties. The entities are VIEs and we have determined we are the primary beneficiary as a result of our power to control the entities through our significant ownership. The investment balance, which represent equity interests in the investment company limited liability companies, fluctuate based on changes in the fair value of the properties and the performance of the operating entities. We are invested in a limited partnership feeder fund which invests in a separate limited partnership fund, which holds infrastructure credit assets. The feeder fund limited partnership is a VIE, and we determined we are the primary beneficiary as a result of our significant ownership of the limited partnership and our obligation to absorb losses or receive benefits from the VIE. We have consolidated the assets and liabilities of the limited partnership, which primarily consists of equity interest in a limited partnership. We are invested in one investment company limited liability company that invests in core infrastructure assets typically held through an interest in limited liability companies. 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 significant ownership and our obligation to absorb losses or receive benefits from the VIE. The VIE meets the definition of an investment company, which requires the investment balance to be held at fair value. 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, 2023 2022 Total Total Total Total (Dollars in thousands) Real estate investments $ 1,383,120 $ 92,299 $ 1,095,267 $ 78,244 Real estate limited liability companies 47,005 149 66,258 287 Limited partnership funds 353,610 289 620,741 113 Infrastructure limited liability companies 107,942 783 — — $ 1,891,677 $ 93,520 $ 1,782,266 $ 78,644 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. The carrying value and maximum loss exposure for our unconsolidated VIEs were as follows: December 31, 2023 2022 Asset Maximum Asset Maximum (Dollars in thousands) Fixed maturity securities, available for sale $ 2,438,074 $ 2,438,074 $ 1,178,110 $ 1,178,110

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 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 $ 41,547,731 $ 1,207,288 $ 38,927,534 $ 397,789 Warrants — — 2,020 1,169 $ 41,547,731 $ 1,207,288 $ 38,929,554 $ 398,958 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives, net $ 5,181,894 $ 4,820,845 Funds withheld for reinsurance liabilities Reinsurance related embedded derivative (256,776) (441,864) $ 4,925,118 $ 4,378,981 Derivatives Designated as Hedging Instruments We used interest rate swaps 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 allowed 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 were carried at fair value and presented as Derivative instruments on the Consolidated Balance Sheets. For derivative instruments that were designated and qualified 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 were 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 were 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 was 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, 2023 December 31, 2022 December 31, 2023 December 31, 2022 (Dollars in thousands) Fixed maturities, available for sale: Current hedging relationships $ — $ 389,060 $ — $ (39,128) Discontinued hedging relationships 1,261,509 1,594,736 (62,385) (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, 2023 Interest rate swaps $ 5,856 $ 3,240 $ 9,096 $ — 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 $ — $ — $ — $ — 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 2023 2022 2020 (Dollars in thousands) Change in fair value of derivatives: Call options $ 248,744 $ (1,118,768) $ 1,347,925 Warrants 1,206 264 810 Interest rate swaps — 13,957 — $ 249,950 $ (1,104,547) $ 1,348,735 Change in fair value of embedded derivatives: Fixed index annuities - embedded derivatives $ 958,488 $ (1,913,096) $ (355,940) Reinsurance related embedded derivative 185,088 (439,502) (2,362) $ 1,143,576 $ (2,352,598) $ (358,302) 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, 2023 2022 Counterparty Credit Rating (S&P) Credit Rating (Moody's) Notional Fair Value Notional Fair Value (Dollars in thousands) Bank of America A+ Aa1 $ 5,090,138 $ 101,863 $ 3,574,125 $ 26,080 Barclays A+ A1 1,787,748 60,495 3,686,896 39,657 Canadian Imperial Bank of Commerce A+ Aa2 1,438,835 48,660 2,707,734 34,218 Citibank, N.A. A+ Aa3 3,042,872 61,580 3,748,162 29,873 Credit Suisse A+ A3 378,613 7,130 2,086,470 20,691 Goldman Sachs A+ A1 250,609 2,958 — — J.P. Morgan A+ Aa2 4,389,528 91,162 6,501,103 69,006 Mizuho A A1 10,450,652 358,820 — — Morgan Stanley A+ Aa3 1,459,836 30,590 2,957,389 38,470 Royal Bank of Canada AA- A1 3,752,133 138,639 4,378,132 58,026 Societe Generale A A1 3,048,268 86,041 2,099,081 17,157 Truist A A2 1,500,167 50,502 1,960,787 32,885 UBS AG A+ Aa3 1,954,997 51,108 — — Wells Fargo A+ Aa2 2,998,787 117,626 5,436,824 61,840 Exchange traded 4,548 114 199,200 2,655 $ 41,547,731 $ 1,207,288 $ 39,335,903 $ 430,558 As of December 31, 2023 and 2022, we held $1.2 billion and $0.4 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 $3.5 million and $3.3 million at December 31, 2023 and 2022, 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 9 - Reinsurance and Policy Provisions for further discussion on these reinsurance agreements.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs and Deferred Sales Inducements	12 Months Ended
	Dec. 31, 2023
Insurance [Abstract]
Deferred Policy Acquisition Costs and Deferred Sales Inducements	Deferred Policy Acquisition Costs and Deferred Sales Inducements Deferred Policy Acquisition Costs The following tables present the balances and changes in deferred policy acquisition costs: December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,649,322 $ 120,105 $ 4,216 $ 2,773,643 Capitalizations 557,749 18,536 52 576,337 Amortization expense (249,607) (29,454) (639) (279,700) Balance, end of year $ 2,957,464 $ 109,187 $ 3,629 $ 3,070,280 December 31, 2022 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,906,684 $ 151,322 $ 4,198 $ 3,062,204 Write-off related to in-force ceded reinsurance (196,417) (7,209) — (203,626) Capitalizations 193,989 4,424 663 199,076 Amortization expense (254,934) (28,432) (645) (284,011) Balance, end of year $ 2,649,322 $ 120,105 $ 4,216 $ 2,773,643 Deferred Sales Inducements The following tables present the balances and changes in deferred sales inducements: December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,017,960 $ 27,723 $ 2,045,683 Capitalizations 513,726 67 513,793 Amortization expense (189,200) (3,052) (192,252) Balance, end of year $ 2,342,486 $ 24,738 $ 2,367,224 December 31, 2022 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,088,591 $ 31,371 $ 2,119,962 Capitalizations 107,684 7 107,691 Amortization expense (178,315) (3,655) (181,970) Balance, end of year $ 2,017,960 $ 27,723 $ 2,045,683
Deferred Policy Acquisition Costs and Deferred Sales Inducements	Deferred Policy Acquisition Costs and Deferred Sales Inducements Deferred Policy Acquisition Costs The following tables present the balances and changes in deferred policy acquisition costs: December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,649,322 $ 120,105 $ 4,216 $ 2,773,643 Capitalizations 557,749 18,536 52 576,337 Amortization expense (249,607) (29,454) (639) (279,700) Balance, end of year $ 2,957,464 $ 109,187 $ 3,629 $ 3,070,280 December 31, 2022 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,906,684 $ 151,322 $ 4,198 $ 3,062,204 Write-off related to in-force ceded reinsurance (196,417) (7,209) — (203,626) Capitalizations 193,989 4,424 663 199,076 Amortization expense (254,934) (28,432) (645) (284,011) Balance, end of year $ 2,649,322 $ 120,105 $ 4,216 $ 2,773,643 Deferred Sales Inducements The following tables present the balances and changes in deferred sales inducements: December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,017,960 $ 27,723 $ 2,045,683 Capitalizations 513,726 67 513,793 Amortization expense (189,200) (3,052) (192,252) Balance, end of year $ 2,342,486 $ 24,738 $ 2,367,224 December 31, 2022 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,088,591 $ 31,371 $ 2,119,962 Capitalizations 107,684 7 107,691 Amortization expense (178,315) (3,655) (181,970) Balance, end of year $ 2,017,960 $ 27,723 $ 2,045,683

Policyholder Liabilities

Policyholder Liabilities	12 Months Ended
	Dec. 31, 2023
Insurance [Abstract]
Policyholder Liabilities	Policyholder Liabilities Liability for Future Policy Benefits The liability for future policy benefits consists only of the liability associated with single premium immediate annuities (SPIA) with life contingencies. As this business has no future expected premiums, the rollforward presented below is the present value of expected future benefits. The balances of and changes in the liability for future policy benefits for the years ended December 31, 2023 and 2022 is as follows: Present Value of Expected December 31, 2023 2022 (Dollars in thousands) Balance, beginning of year $ 318,677 $ 402,305 Beginning balance at original discount rate 342,453 352,708 Effect of changes in cash flow assumptions (4,607) 1,277 Effect of actual variances from expected experience (1,887) (1,941) Adjusted beginning of year balance 335,959 352,044 Issuances 6,945 16,072 Interest accrual 13,710 14,664 Derecognition (lapses and benefit payments) (38,980) (40,327) Ending balance at original discount rate 317,634 342,453 Effect of changes in discount rate assumptions (14,434) (23,776) Balance, end of year $ 303,200 $ 318,677 The reconciliation of the net liability for future policy benefits to the liability for future policy benefits included in policy benefit reserves in the Consolidated Balance Sheets is as follows: December 31, 2023 2022 (Dollars in thousands) Liability for future policy benefits $ 303,200 $ 318,677 Deferred profit liability 22,455 19,223 Liability for future policy benefits included in policy benefit reserves 325,655 337,900 Less: Reinsurance recoverable (2,496) (1,259) Net liability for future policy benefits, after reinsurance recoverable $ 323,159 $ 336,641 The weighted-average liability duration of the liability for future policy benefits is as follows: December 31, 2023 2022 SPIA With Life Contingency: Weighted-average liability duration of the liability for future policy benefits (years) 6.56 6.78 The following table presents the amount of undiscounted expected future benefit payments and expected gross premiums: December 31, 2023 2022 (Dollars in thousands) SPIA With Life Contingency: Expected future benefit payments $ 447,669 $ 467,627 Expected future gross premiums — — The amount of revenue and interest associated with the liability for future policy benefits recognized in the Consolidated Statement of Operations for the years ended December 31, 2023 and 2022 is as follows: December 31, 2023 December 31, 2022 Gross Premiums Interest Gross Premiums Interest (Dollars in thousands) SPIA With Life Contingency $ 7,608 $ 13,626 $ 16,994 $ 14,613 Total $ 7,608 $ 13,626 $ 16,994 $ 14,613 The weighted-average interest rate is as follows: December 31, 2023 2022 Interest accretion rate 4.26 % 4.25 % Current discount rate 5.00 % 5.37 % Market Risk Benefits The balances of and changes in the net market risk benefit (MRB) assets and liabilities for the years ended December 31, 2023 and 2022 is as follows: December 31, 2023 December 31, 2022 Fixed Rate Fixed Index Fixed Rate Fixed Index (Dollars in thousands) Balance, beginning of year $ 37,863 $ 2,187,758 $ 78,411 $ 2,557,378 Balance, beginning of year, before effect of changes in the instrument-specific credit risk 44,355 2,453,169 77,731 2,310,437 Issuances 32 289,939 376 59,452 Interest accrual 3,139 155,512 1,349 72,551 Attributed fees collected 1,216 128,437 1,270 125,168 Benefits payments — — — — Effect of changes in interest rates (380) (126,255) (19,421) (952,265) Effect of changes in equity markets — (48,164) — 186,618 Effect of changes in equity index volatility — (77,023) — 241,563 Effect of changes in future expected policyholder behavior (1,509) (11,582) 602 46,567 Effect of changes in other future expected assumptions 16,720 (219,094) (17,552) 363,078 Balance, end of year, before effect of changes in the instrument-specific credit 63,573 2,544,939 44,355 2,453,169 Effect of changes in the instrument-specific credit risk (3,386) 61,734 (6,492) (265,411) Balance, end of year 60,187 2,606,673 37,863 2,187,758 Reinsured MRB, end of period 18,391 640,826 10,656 593,959 Balance, end of period, net of reinsurance $ 41,796 $ 1,965,847 $ 27,207 $ 1,593,799 Net amount at risk (a) $ 266,438 $ 11,721,734 $ 258,826 $ 10,987,198 Weighted average attained age of contract holders (years) 70 71 69 71 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The following is a reconciliation of market risk benefits by amounts in an asset position and in a liability position to market risk benefit amounts included in Market risk benefit asset and Market risk benefit reserves, respectively, in the Consolidated Balance Sheets: December 31, 2023 Asset Liability Net Liability (Dollars in thousands) Fixed Index Annuities $ 477,306 $ 3,083,979 $ 2,606,673 Fixed Rate Annuities 2,388 62,575 60,187 Total $ 479,694 $ 3,146,554 $ 2,666,860 December 31, 2022 Asset Liability Net Liability (Dollars in thousands) Fixed Index Annuities $ 226,294 $ 2,414,052 $ 2,187,758 Fixed Rate Annuities 3,577 41,440 37,863 Total $ 229,871 $ 2,455,492 $ 2,225,621 Reinsured Market Risk Benefits The following table presents the balances and changes in reinsured market risk benefit assets and liabilities associated with fixed index annuities for the years ended December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Fixed Rate Fixed Index Fixed Rate Fixed Index (Dollars in thousands) Balance, beginning of year $ 10,656 $ 593,959 $ — $ 156,931 Write-off related to in-force ceded reinsurance — — 10,091 334,835 Issuances — 146,898 — 36,036 Interest accrual 775 33,503 104 7,598 Attributed fees collected 67 32,036 28 23,745 Benefits payments — — — — Effect of changes in interest rates 1,407 14,700 135 (171,948) Effect of changes in equity markets — (22,775) 118 43,799 Effect of changes in equity index volatility — (18,656) — 34,278 Effect of changes in future expected policyholder behavior (128) 5,855 180 12,598 Effect of changes in other future expected assumptions 5,614 (144,694) — 116,087 Balance, end of year $ 18,391 $ 640,826 $ 10,656 $ 593,959 Net amount at risk (a) $ 75,281 $ 2,853,318 $ 72,350 $ 2,402,964 Weighted average attained age of contract holders (years) 70 70 70 71 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The following is a reconciliation of reinsurance market risk benefits by amounts in an asset position and in liability position to market risk benefit amounts included in Coinsurance deposits and Other liabilities, respectively, in the Consolidated Balance Sheets: December 31, 2023 Asset Liability Net Asset (Dollars in thousands) Fixed Index Annuities $ 820,006 $ 179,180 $ 640,826 Fixed Rate Annuities 18,628 237 18,391 Total $ 838,634 $ 179,417 $ 659,217 December 31, 2022 Asset Liability Net Asset (Dollars in thousands) Fixed Index Annuities $ 629,611 $ 35,652 $ 593,959 Fixed Rate Annuities 11,070 414 10,656 Total $ 640,681 $ 36,066 $ 604,615 Significant Inputs for Fair Value Measurement - Market Risk Benefits The following tables provides a summary of the significant inputs and assumptions used in the fair value measurements of market risk benefits: December 31, 2023 Fair Value Valuation Significant Inputs Range Weighted (in thousands) Market risk benefits $ 2,666,860 Discounted cash flow Utilization (a) 0.04% - 47.37% 6.55% Ceded market risk benefits 659,217 Option budget (b) 1.85% - 2.75% 2.29% Risk-free interest rate (c) 2.98% - 4.76% 3.35% Nonperformance risk (d) 0.53% - 2.66% 1.98% Mortality (e) 0.01% - 46.00% 3.97% Lapse (f) 0.25% - 40.00% 3.70% December 31, 2022 Fair Value Valuation Significant Inputs Range Weighted (in thousands) Market risk benefits $ 2,225,621 Discounted cash flow Utilization (a) 0.04% - 78.75% 4.24% Ceded market risk benefits 604,615 Option budget (b) 1.65% - 2.50% 2.31% Risk-free interest rate (c) 2.51% - 4.90% 3.31% Nonperformance risk (d) 0.06% - 3.27% 2.59% Mortality (e) 0.01% - 44.00% 3.44% Lapse (f) 0.25% - 40.00% 3.65% (a) The utilization assumption represents the percentage of policyholders who will elect to receive lifetime income benefit payments in a given year. The range and weighted average of this assumption can vary from year to year depending on the characteristics of policies in a given cohort within the range. A decrease (increase) in the utilization assumption used in the fair value of market risk benefits could lead to favorable (unfavorable) changes in the market risk benefits. (b) The option budget assumption represents the expected cost of annual call options we will purchases in the future. An increase (decrease) in the option budget assumption used in the fair value of market risk benefits could lead to favorable (unfavorable) changes in the market risk benefits. (c) The risk-free interest rate assumption impacts the discount rate used in the discounted future cash flow valuation. An increase (decrease) in the risk-free interest rate assumption used in the fair value of market risk benefits could lead to favorable (unfavorable) changes in the market risk benefits. (d) The nonperformance risk assumption impacts the discount rate used in the discounted future cash flow valuation and includes our own credit risk based on the current market credit spreads for debt-like instruments we have issued and are available in the market. Additionally, the nonperformance risk assumption includes the counterparty credit risk used in the fair value measurement of ceded market risk benefits which is determined using the current market credit spreads based on the counterparty credit rating. An increase (decrease) in the nonperformance risk assumption for own credit risk used in the fair value of market risk benefits could lead to favorable (unfavorable) changes in the market risk benefits. An decrease (increase) in the nonperformance risk assumption for counterparty credit risk used in the fair value of ceded market risk benefits could lead to favorable (unfavorable) changes in the ceded market risk benefits. (e) The mortality rate assumptions are set based on a combination of company and industry experience, adjusted for improvement factors. Mortality rates vary by age and by demographic characteristics such as gender. An increase (decrease) in the mortality rate assumptions used in the fair value of market risk benefits could lead to favorable (unfavorable) changes in the market risk benefits. (f) The lapse rate assumptions represent the expected rate of full surrenders which are set based on product type or feature and whether a policy is subject to surrender charges. An increase (decrease) in lapse rate assumptions used in the fair value of market risk benefits could lead to favorable (unfavorable) changes in the market risk benefits. During the year ended December 31, 2023, the Company made the following notable changes to significant inputs and assumptions resulting in changes in the fair value measurement of market risk benefits: • Utilization assumptions were increased resulting in an increase to the market risk benefits liability and a decrease to net income. • Option budget assumptions were changed to increase the near term assumption and decrease the long-term assumption. There was no change to the grading of these assumptions. The net impact of these changes resulted in an increase in the market risk benefits and a decrease to net income. • Mortality assumptions were increased resulting in a decrease to the market risk benefits liability and an increase to net income. • Lapse assumptions were increased resulting in a decrease to the market risk benefits liability and an increase to net income. During the year ended December 31, 2022, the Company made the following notable changes to significant inputs and assumptions resulting in changes in the fair value measurement and market risk benefits: • Utilization assumptions were increased resulting in an increase to the market risk benefits liability and a decrease to net income. • Option budget assumptions were increased resulting in a decrease to the market risk benefits liability and an increase to net income. • Mortality assumptions were decreased resulting in an increase to the market risk benefits liability and a decrease to net income. • Lapse assumptions were increased resulting in a decrease to the market risk benefits liability and an increase to net income. Policyholder Account Balances The following table presents the balances and changes in policyholders’ account balances: December 31, 2023 December 31, 2022 Fixed Rate Fixed Index Fixed Rate Fixed Index (Dollars in thousands) Balance, beginning of year $ 6,589,577 $ 53,826,234 $ 6,860,060 $ 55,003,305 Issuances 840,022 7,555,709 159,570 3,001,738 Premiums received 12,472 152,532 4,811 170,493 Policy charges (3,428) (217,523) (6,587) (272,604) Surrenders and withdrawals (1,668,966) (6,122,084) (574,590) (3,945,504) Benefit payments (13,085) (836,507) (11,328) (727,847) Interest credited 163,918 1,096,493 151,762 599,259 Other (6,545) (882) 5,879 (2,606) Balance, end of year $ 5,913,965 $ 55,453,972 $ 6,589,577 $ 53,826,234 Weighted-average crediting rate 2.66 % 2.03 % 2.28 % 1.11 % Net amount at risk (a) $ 266,438 $ 11,721,734 $ 258,826 $ 10,987,198 Cash surrender value 5,571,171 50,983,033 6,208,597 49,551,657 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The following table presents the reconciliation of policyholders’ account balances to policy benefit reserves in the Consolidated Balance Sheets: December 31, 2023 December 31, 2022 (Dollars in thousands) Fixed index annuities policyholder account balances $ 55,453,972 $ 53,826,234 Fixed rate annuities policyholder account balances 5,913,965 6,589,577 Embedded derivative adjustment (b) (818,754) (1,996,640) Liability for future policy benefits 303,200 318,677 Deferred profit liability 22,455 19,223 Other 26,803 24,765 Total $ 60,901,641 $ 58,781,836 (b) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives. The following table presents the balance of account values by range of guaranteed minimum crediting rates and the related range of the difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums: December 31, 2023 Range of At guaranteed minimum 1 to 50 51 to 150 Greater than 150 basis points above Total (Dollars in thousands) Fixed Index Annuities 0.00% - 0.50% $ — $ 1,032,438 $ 466,789 $ 1,012,155 $ 2,511,382 0.50% - 1.00% 2,276,625 1,008,139 1,995,206 131,412 5,411,382 1.00% - 1.50% 43,029 8,190 — — 51,219 1.50% - 2.00% 50 — — — 50 2.00% - 2.50% 121,921 68,698 8 — 190,627 2.50% - 3.00% 759,353 — — — 759,353 Greater than 3.00% — — — — — Allocated to index strategies 46,529,959 Total $ 3,200,978 $ 2,117,465 $ 2,462,003 $ 1,143,567 $ 55,453,972 Fixed Rate Annuities 0.00% - 0.50% $ 53 $ — $ — $ — $ 53 0.50% - 1.00% 51,581 172,470 2,813,380 1,417,915 4,455,346 1.00% - 1.50% 430,052 237 — — 430,289 1.50% - 2.00% 352,184 29,378 224,846 217 606,625 2.00% - 2.50% 18,714 23 — — 18,737 2.50% - 3.00% 349,890 6,783 — — 356,673 Greater than 3.00% 46,242 — — — 46,242 Total $ 1,248,716 $ 208,891 $ 3,038,226 $ 1,418,132 $ 5,913,965 December 31, 2022 Range of At guaranteed minimum 1 to 50 51 to 150 Greater than 150 basis points above Total (Dollars in thousands) Fixed Index Annuities 0.00% - 0.50% $ — $ 462,356 $ 407,426 $ 314,929 $ 1,184,711 0.50% - 1.00% 2,421,795 1,098,332 2,258,992 77,901 5,857,020 1.00% - 1.50% 51,586 9,391 — — 60,977 1.50% - 2.00% 57 — — — 57 2.00% - 2.50% 133,059 100,205 8 — 233,272 2.50% - 3.00% 939,684 — — — 939,684 Greater than 3.00% — — — — — Allocated to index strategies 45,550,513 Total $ 3,546,181 $ 1,670,284 $ 2,666,426 $ 392,830 $ 53,826,234 Fixed Rate Annuities 0.00% - 0.50% $ 61 $ — $ — $ — $ 61 0.50% - 1.00% 55,458 203,523 4,000,203 701,836 4,961,020 1.00% - 1.50% 454,728 231 — — 454,959 1.50% - 2.00% 281,694 96,767 277,053 189 655,703 2.00% - 2.50% 21,887 22 — — 21,909 2.50% - 3.00% 434,042 7,417 — — 441,459 Greater than 3.00% 54,466 — — — 54,466 Total $ 1,302,336 $ 307,960 $ 4,277,256 $ 702,025 $ 6,589,577

Reinsurance and Policy Provisio

Reinsurance and Policy Provisions	12 Months Ended
	Dec. 31, 2023
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 $275.1 million and $323.7 million at December 31, 2023 and 2022, 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 $0.6 million receivable and $0.8 million receivable at December 31, 2023 and 2022, respectively, and represents the net option activity (costs reimbursed less settlements passed through to reinsurer) 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 $2.2 billion and $3.1 billion at December 31, 2023 and 2022, 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 $3.7 million and $16.9 million at December 31, 2023 and 2022, respectively, and represents the net option activity (costs reimbursed less settlements passed through to reinsurer) 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 (the "North End Re reinsurance treaty"), a wholly-owned subsidiary of Brookfield Asset Management Reinsurance Partners Ltd. (“Brookfield Reinsurance” or “Brookfield”) to reinsure approximately $4.4 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 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 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. Effective as of October 1, 2023, North End Re and American Equity Life agreed to reduce the quota share of all newly issued flow policies to zero. North End Re and American Equity Life may agree to reinstate the flow arrangement by increasing the quota share back to 75% at any time in the future. As a result of the North End Re reinsurance treaty, there is a deferred gain of $776.3 million and $480.5 million which is recorded in Other liabilities as of December 31, 2023 and 2022, 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 2023 and 2022 was $38.5 million and $24.2 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 Brookfield Asset Management Reinsurance Advisor LLC, a Delaware Corporation, which is North End Re's affiliate. The assets in the modco account earned net investment income of $259.5 million, $95.4 million, and $11.4 million during 2023, 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, 2023 and 2022, coinsurance deposits (aggregate policy benefits reserves transferred to North End Re under these agreements) were $7.5 billion and $5.8 billion, respectively. The balance receivable under these agreements from North End Re was $32.4 million at December 31, 2023 and balance due to North End Re was $124.2 million at December 31, 2022 which are recorded in Other assets and Other liabilities, respectively. Separate from the reinsurance transaction, Brookfield Reinsurance, has an approximate 20.1% interest in the Company's outstanding common stock as of December 31, 2023. See Note 16 - 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 $4.2 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. Effective February 8, 2023, AeBe and American Equity Life commenced reinsuring flow business of certain single premium fixed deferred annuities, subject to an annual limit. 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 $61.1 million and $51.6 million which is recorded in Other liabilities as of December 31, 2023 and 2022, respectively. 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 2023 and 2022 were $6.5 million and $1.1 million, respectively. 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 $176.2 million and $42.3 million during 2023 and 2022, respectively 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, 2023 and 2022 coinsurance deposits (aggregate policy benefits reserves transferred to AeBe under these agreements) were $3.7 billion and $4.1 billion, respectively. The balance receivable under these agreements from AeBe was $41.6 million at December 31, 2023 and balance due to AeBe was $38.0 million at December 31, 2022 which is recorded in Other assets and Other liabilities, respectively. American Equity Life will receive an annual ceding commission of up to 35 basis points for the life of the policies and the Company will receive an annual management services fee on a per policy basis that increases annually. The net present value of the ceding commission related to the flow business ceded in 2023 was $4.6 million. The total management services fee recognized in Other revenue for both in-force and flow business in 2023 and 2022 was $4.5 million and $1.2 million, respectively. Amounts ceded to EquiTrust, Athene, North End Re and AeBe under these agreements are as follows: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Consolidated Statements of Operations Annuity product charges $ 82,554 $ 49,093 $ 20,351 Change in fair value of derivatives 71,566 (184,388) 140,641 $ 154,120 $ (135,295) $ 160,992 Interest sensitive and index product benefits $ 178,803 $ 103,542 $ 303,035 Market risk benefits (gains) losses 36,450 406,141 28,884 Change in fair value of embedded derivatives 34,310 81,907 (76,915) Other operating costs and expenses 16,653 18,318 16,440 $ 266,216 $ 609,908 $ 271,444 Consolidated Statements of Cash Flows Annuity deposits $ (2,204,329) $ (982,176) $ (424,819) Cash payments to policyholders 1,752,951 1,029,667 984,260 $ (451,378) $ 47,491 $ 559,441 We calculate estimated losses on reinsurance recoverable balances by determining an expected loss ratio. The expected loss ratio is based on industry historical loss experience and expected recovery timing adjusted for certain current and forecasted environmental factors management believes to be relevant. Estimated losses related to our reinsurance recoverable balances were $1.1 million and $8.7 million as of December 31, 2023 and 2022, respectively. We monitor concentration of reinsurance risk with third party reinsurers 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 during 2021. 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, its wholly-owned captive reinsurance company, to cede a portion of lifetime income benefit rider payments in excess of policy fund values and additional collateral contributed by American Equity Life 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, subject to a limit. AEL Re Vermont is permitted to carry the Hannover 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 $11.4 million, $11.7 million, and $2.8 million during the years ended December 31, 2023, 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 Ltd, an affiliated Bermuda reinsurer, wholly-owned by the 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. Effective October 1, 2023, American Equity Life entered into a reinsurance agreement with AEL Re Vermont II, its wholly-owned captive reinsurance company, to cede both in-force and ongoing flow of lifetime income benefit rider payments in excess of policy fund values and additional collateral contributed by American Equity Life on a funds withheld basis (the "VT II Agreement"). In connection with the agreement, AEL Re Vermont II entered into an excess of loss reinsurance agreement (the "Canada Life XOL treaty") with Canada Life to retrocede the lifetime income benefit rider payments in excess of the policy fund values ceded under the Vermont II Agreement after the funds withheld account balance is exhausted, subject to a limit. AEL Re Vermont II is permitted to carry the XOL treaty as an admitted asset on the AEL Re Vermont II 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 II incurred risk charges of $0.9 million during the year ended December 31, 2023, in relation to this XOL agreement with Canada Life Reinsurance. The risk charges are included in Other operating costs and expenses in the Consolidated Statements of Operations.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 (Dollars in thousands) Consolidated statements of operations: Current income taxes $ 16,998 $ 20,209 $ 332 Deferred income taxes 68,135 490,926 149,431 Total income tax expense included in consolidated statements of operations 85,133 511,135 149,763 Stockholders' equity: Expense (benefit) relating to: Changes in other comprehensive income 203,640 (1,843,635) 207,353 Total income tax expense included in consolidated financial statements $ 288,773 $ (1,332,500) $ 357,116 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, 2023, 2022, and 2021 as follows: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Income before income taxes $ 297,052 $ 2,431,712 $ 702,786 Income tax expense on income before income taxes $ 62,381 $ 510,660 $ 147,585 Tax effect of: State income taxes 2,570 2,564 5,239 Tax exempt net investment income (632) (4,065) (4,715) Non-deductible compensation 20,393 1,182 1,062 Other 421 794 592 Income tax expense $ 85,133 $ 511,135 $ 149,763 Effective tax rate 28.7 % 21.0 % 21.3 % 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, 2023 and 2022, are as follows: December 31, 2023 2022 (Dollars in thousands) Deferred income tax assets: Net unrealized losses on available for sale fixed maturity securities $ 788,236 $ 1,063,441 Investment income items 425,940 — Amounts due reinsurer 1,208,471 1,030,759 Other policyholder funds — 358 Deferred compensation 1,521 3,866 Share-based compensation 2,828 422 Net operating loss carryforwards 106,502 50,913 Capital loss carryforwards 38,916 — Other 15,835 71,417 Gross deferred tax assets 2,588,249 2,221,176 Deferred income tax liabilities: Deferred policy acquisition costs and deferred sales inducements (1,095,569) (976,103) Derivative instruments (217,220) (145,785) Policy benefit reserves (1,114,394) (612,454) Investment income items — (28,778) Other (8,414) (19,622) Gross deferred tax liabilities (2,435,597) (1,782,742) Net deferred income tax asset $ 152,652 $ 438,434 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, 2023 and 2022. There were no material income tax contingencies requiring recognition in our consolidated financial statements as of December 31, 2023. 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
	Dec. 31, 2023
Debt Disclosure [Abstract]
Notes and Loan Payable	Notes and Loan Payable Notes and loan payable includes the following: December 31, 2023 2022 (Dollars in thousands) Senior notes due 2027 Principal $ 500,000 $ 500,000 Unamortized debt issue costs (2,353) (2,960) Unamortized discount (142) (178) Term loan due 2027 Original Principal 300,000 300,000 Principal paydown (11,250) (3,750) Unamortized debt issue costs (812) (1,039) $ 785,443 $ 792,073 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
	Dec. 31, 2023
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, 2023 and 2022: December 31, 2023 2022 Interest Rate Due Date (Dollars in thousands) American Equity Capital Trust II $ 79,107 $ 78,753 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
	Dec. 31, 2023
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 $22,500 in 2023, $20,500 in 2022 and $19,500 in 2021) 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 $4.0 million, $3.3 million and $2.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table summarizes compensation expense recognized for employees and directors as a result of share-based compensation: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) ESOP $ 5,438 $ 4,152 $ 3,377 Employee Incentive Plans 39,234 14,454 22,886 Director Equity Plans 1,231 1,053 1,262 $ 45,903 $ 19,659 $ 27,525 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 2023, the 2023 Equity Incentive Plan ("2023 Plan") was approved which authorized the issuance of up to 3,000,000 shares of our Common stock in the form of grants of options, stock appreciation rights, restricted stock units and restricted stock awards. The 2023 Plan allows for awards to be granted to employees and members of the Board of Directors of the Company. At December 31, 2023, we had 2,961,678 shares of common stock available for future grant under the 2023 Plan. 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, 2023, we had no 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. During 2023, 2022 and 2021, we granted 267,175, 229,880 and 186,091 restricted stock units under these plans, respectively. Vesting is tied to threshold, target and maximum performance goals for the three three three During 2023, 2022 and 2021 we granted 169,196, 159,494 and 199,597, respectively, time-based restricted stock units to employees under the Amended Plan. These grants vest one During 2023 and 2022 we granted no options and during 2021 we granted 391,553 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 options vest over a period of one 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 vests after three years. Plan participants must remain employed during the three three 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 two 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 $40.2 million and $4.2 million of compensation expense recognized for the years ended December 31, 2023 and 2022, respectively, for this award. During 2021, we granted 855,052 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 2023, 2022 and 2021, we issued 30,419, 32,409 and 39,273 shares of common stock under the 2023 Plan or 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. Stock Options Changes in the number of stock options granted to employees outstanding during the years ended December 31, 2023, 2022 and 2021 are as follows: Number of Weighted-Average Total (Dollars in thousands, except per share data) Outstanding at January 1, 2021 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 Granted — — — Canceled (4,864) 28.37 (138) Exercised (1,090,419) 28.42 (30,990) Outstanding at December 31, 2023 691,511 27.79 $ 19,219 The following table summarizes information about stock options outstanding at December 31, 2023: Stock Options Outstanding Stock Options Vested Range of Exercise Prices Number of Remaining Weighted-Average Number of Remaining Weighted-Average $21.89 - $26.72 234,148 6.79 $ 26.41 184,148 6.99 $ 26.34 $27.05 - $32.35 457,363 7.14 28.50 355,736 7.12 28.61 $21.89 - $32.35 691,511 7.02 27.79 539,884 7.07 27.83

Statutory Financial Information

Statutory Financial Information and Dividend Restrictions	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 (Dollars in thousands) American Equity Life $ (93,007) $ 151,857 $ (863,818) Statutory capital and surplus for our primary life insurance subsidiary was as follows: December 31, 2023 2022 (Dollars in thousands) American Equity Life $ 3,730,940 $ 3,692,602 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, 2023, American Equity Life's use of the prescribed statutory accounting practice related to its accounting for call option derivative instruments and fixed index annuity reserves resulted in lower statutory capital and surplus of $140.0 million relative to NAIC SAP. For the year ended December 31, 2022, American Equity Life's use of the same prescribed statutory accounting practice resulted in higher statutory capital and surplus of $83.0 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 $373.1 million as of December 31, 2023. In January 2024, a $320.0 million dividend was approved and paid by American Equity Life to the Company. 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
	Dec. 31, 2023
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, 2023, 2022 and 2021 totaled $6.3 million, $5.2 million and $3.8 million, respectively. At December 31, 2023, the aggregate future minimum lease payments are $24.8 million. The following represents payments due by period for operating lease obligations as of December 31, 2023 (dollars in thousands): Year Ending December 31: 2024 $ 4,155 2025 4,037 2026 3,590 2027 2,014 2028 2,125 2029 and thereafter 8,888 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, 2023 to limited partnerships of $559.4 million and fixed maturity securities of $1.2 billion.

Earnings Per Common Share and S

Earnings Per Common Share and Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 (Dollars in thousands, except per share data) Numerator: Net income available to common stockholders - numerator for earnings per common share $ 166,855 $ 1,876,544 $ 509,348 Denominator : Weighted average common shares outstanding 79,476,080 90,558,121 93,860,378 Effect of dilutive securities: Stock options and deferred compensation agreements 546,204 523,248 271,422 Restricted stock and restricted stock units 929,986 456,759 359,359 Denominator for earnings per common share - assuming dilution 80,952,270 91,538,128 94,491,159 Earnings per common share $ 2.10 $ 20.72 $ 5.43 Earnings per common share - assuming dilution $ 2.06 $ 20.50 $ 5.39 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, 2023, 2022 and 2021, 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 years ended December 31, 2023, 2022, and 2021, we paid dividends totaling $23.8 million, $23.8 million, and $23.8 million, respectively, for Series A preferred stock and $19.9 million, $19.9 million, and $19.9 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 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. On March 17, 2023 we entered into an accelerated share repurchase (ASR) agreement with JPMorgan Chase Bank, National Association to repurchase an aggregate of $200 million of our common stock. Under the ASR agreement, we received an initial share delivery of approximately 4.8 million shares representing approximately 80% of the number of shares initially underlying the ASR. The average price paid for the initial share delivery under the ASR was $33.12 per common share. The ASR agreement was determined to be an equity contract. The ASR was terminated on July 13, 2023, and a payment of $14 million was made to settle for the final volume-weighted average price associated with the initial share delivery. From the 2020 inception of the share repurchase program through December 31, 2023, we have repurchased approximately 31.2 million shares of our common stock at an average price of $35.21 per common share, including 2.4 million shares repurchased during the year ended December 31, 2023. As of December 31, 2023, we had $276 million remaining under our share repurchase program. Treasury Stock As of December 31, 2023, we held 30,765,023 shares of treasury stock with a carrying value of $1.0 billion. As of December 31, 2022, we held 24,590,353 shares of treasury stock with a carrying value of $823.1 million.

Schedule I - Summary of Investm

Schedule I - Summary of Investments - Other Than Investments in Related Parties	12 Months Ended
	Dec. 31, 2023
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, 2023 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 $ 172,683 $ 171,141 $ 171,141 States, municipalities and territories 3,654,571 3,098,940 3,098,940 Foreign corporate securities and foreign governments 563,890 493,739 493,739 Corporate securities 23,036,862 20,603,416 20,603,416 Residential mortgage backed securities 1,503,639 1,402,501 1,402,501 Commercial mortgage backed securities 3,405,647 2,952,547 2,952,547 Other asset backed securities 6,200,170 6,058,198 6,058,198 Total fixed maturity securities 38,537,462 34,780,482 34,780,482 Mortgage loans on real estate 7,537,594 7,047,993 7,537,594 Real estate investments 1,368,275 1,334,247 1,334,247 Derivative instruments 522,387 1,207,288 1,207,288 Limited partnerships and limited liability companies 1,089,591 1,089,591 Other investments 2,275,221 2,277,822 Total investments $ 51,330,530 $ 48,227,024 (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, original cost reduced by pro rata amortization 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
	Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Schedule II - Condensed Financial Information of Registrant	December 31, 2023 2022 Assets Cash and cash equivalents $ 557,731 $ 531,347 Equity securities of subsidiary trusts 2,373 2,360 Receivable from subsidiaries 2,092 8,868 Notes receivable from subsidiaries — 85,654 Federal income tax recoverable, including amount from subsidiaries 135,238 267,076 Other assets 47,585 33,990 745,019 929,295 Investment in and advances to subsidiaries 3,558,395 2,617,873 Total assets $ 4,303,414 $ 3,547,168 Liabilities and Stockholders' Equity Liabilities: Notes and loan payable $ 785,443 $ 792,073 Subordinated debentures payable to subsidiary trusts 79,107 78,753 Deferred income taxes 323,855 268,639 Intercompany payable 26,384 522 Other liabilities 65,365 57,664 Total liabilities 1,280,154 1,197,651 Stockholders' equity: Preferred stock, Series A 16 16 Preferred stock, Series B 12 12 Common stock 79,338 84,810 Additional paid-in capital 1,071,103 1,325,316 Accumulated other comprehensive loss (2,979,657) (3,746,230) Retained earnings 4,852,448 4,685,593 Total stockholders' equity attributable to American Equity Investment Life Holding Company 3,023,260 2,349,517 Total liabilities and stockholders' equity $ 4,303,414 $ 3,547,168 See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. Year Ended December 31, 2023 2022 2021 Revenues: Net investment income $ 24,469 $ 6,733 $ 114 Dividends from subsidiary trusts 165 155 159 Dividends from subsidiaries — 325,000 250,000 Investment advisory fees 93,005 110,094 126,643 Surplus note interest from subsidiary 4,274 4,080 4,080 Other revenue 31,049 19,153 8,511 Total revenues 152,962 465,215 389,507 Expenses: Interest expense on notes and loan payable 45,890 32,098 25,581 Interest expense on subordinated debentures issued to subsidiary trusts 5,355 5,331 5,324 Other operating costs and expenses 133,831 114,792 72,435 Total expenses 185,076 152,221 103,340 Income (loss) before income taxes and equity in undistributed income of subsidiaries (32,114) 312,994 286,167 Income tax expense (benefit) (112,986) (1,067) 11,565 Income before equity in undistributed income of subsidiaries 80,872 314,061 274,602 Equity in undistributed income of subsidiaries 129,658 1,606,158 278,421 Net income available to American Equity Investment Life Holding Company stockholders 210,530 1,920,219 553,023 Less: Preferred stock dividends 43,675 43,675 43,675 Net income available to American Equity Investment Life Holding Company common stockholders $ 166,855 $ 1,876,544 $ 509,348 See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. Year Ended December 31, 2023 2022 2021 Operating activities Net income available to American Equity Investment Life Holding Company stockholders $ 210,530 $ 1,920,219 $ 553,023 Adjustments to reconcile net income to net cash provided by operating activities: Provision for depreciation and amortization 2,655 4,925 1,232 Accrual of discount on equity security (13) (7) (10) Equity in undistributed income of subsidiaries (129,658) (1,606,158) (278,421) Non cash dividend from subsidiaries — — (80,000) Accrual of discount on debenture issued to subsidiary trust 354 332 309 Share-based compensation 6,425 6,023 10,235 Deferred income taxes 55,216 45,335 222,714 Changes in operating assets and liabilities: Receivable from subsidiaries 6,776 (6,085) (365) Federal income tax recoverable/payable 131,838 (49,902) (222,569) Other assets (7,978) (16,363) (5,054) Other liabilities and intercompany payable 33,563 21,687 21,819 Net cash provided by operating activities 309,708 320,006 222,913 Investing activities Change in notes receivable from subsidiaries 85,654 79,346 (165,000) Contribution to subsidiaries (21,420) (137,002) — Purchases of property, plant and equipment (7,402) (1,432) (12,642) Net cash provided by (used in) investing activities 56,832 (59,088) (177,642) Financing activities Financing fees incurred and deferred — (1,235) — Repayment of loan payable (7,500) (3,750) — Proceeds from issuance of loan payable — 300,000 — Proceeds from issuance of common stock 20,420 253,978 4,844 Acquisition of treasury stock (309,401) (566,567) (99,415) Dividends paid on common stock — (30,567) (31,450) Dividends paid on preferred stock (43,675) (43,675) (43,675) Net cash used in financing activities (340,156) (91,816) (169,696) Increase (decrease) in cash and cash equivalents 26,384 169,102 (124,425) Cash and cash equivalents at beginning of year 531,347 362,245 486,670 Cash and cash equivalents at end of year $ 557,731 $ 531,347 $ 362,245 Supplemental disclosures of cash flow information Cash paid during the year for: Interest on notes and loan payable $ 45,020 $ 31,288 $ 25,000 Interest on subordinated debentures 5,000 5,000 5,000 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 11 - Notes and Loan Payable and Note 12 - Subordinated Debentures to our audited consolidated financial statements in this Form 10-K for a description of the Parent Company's notes payable and subordinated debentures payable to subsidiary trusts.

Schedule III - Supplementary In

Schedule III - Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2023
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, 2023: Life insurance $ 3,070,280 $ 60,901,641 $ — $ 188,856 As of December 31, 2022: $ 2,773,643 $ 58,781,836 $ — $ 512,790 As of December 31, 2021: $ 3,062,204 $ 62,614,822 $ — $ 226,844 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, 2023: Life insurance $ 327,463 $ 2,272,798 $ 1,920,938 $ 279,700 $ 352,826 For the year ended December 31, 2022: Life insurance $ 250,093 $ 2,307,463 $ (1,582,537) $ 284,011 $ 276,955 For the year ended December 31, 2021: Life insurance $ 300,833 $ 2,037,475 $ 2,139,045 $ 306,370 $ 272,787 See accompanying Report of Independent Registered Public Accounting Firm.

Schedule IV - Reinsurance

Schedule IV - Reinsurance	12 Months Ended
	Dec. 31, 2023
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, 2023 Life insurance in force, at end of year $ 40,943 $ 4,462 $ 40,848 $ 77,329 52.82 % Insurance premiums and other considerations: Annuity product charges $ 398,050 $ 82,554 $ — $ 315,496 — Traditional life, accident and health insurance, and life contingent immediate annuity premiums 11,868 44 143 11,967 1.19 % $ 409,918 $ 82,598 $ 143 $ 327,463 0.04 % 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 % See accompanying Report of Independent Registered Public Accounting Firm.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Consolidation	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, Entrada Life Insurance Company, AERL, L.C., AE Capital, LLC., American Equity Investment Properties, L.C., High Trestle Investment Management, LLC., AEL RE Vermont, Inc., AEL Re Vermont II, 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 Presentation	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, Entrada Life Insurance Company, AERL, L.C., AE Capital, LLC., American Equity Investment Properties, L.C., High Trestle Investment Management, LLC., AEL RE Vermont, Inc., AEL Re Vermont II, 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	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 fair value of embedded derivatives in fixed index annuity contracts, market risk benefits, 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	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. 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 Values 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. We hold 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 determined using broker price opinions for the year ended December 31, 2023 and discounted cash flows for the years ended December 31, 2022 and 2021. 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. The property is depreciated on a straight-line basis over its estimated useful life. Other real estate properties acquired when ownership is taken to satisfy a loan is initially recorded at the lower of the loan's carrying value or the property's fair value less estimated costs to sell. These properties are held with the intent to sell and therefore we do not recognize depreciation expense. 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 and consolidated infrastructure limited liability company 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, collateral loans and short-term debt securities and loans with maturities of greater than three months but less than twelve months when purchased. 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 15 - 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 Values of Financial Instruments and Note 15 - Commitments and Contingencies for more information on the common stock purchased and assets pledged as collateral. 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.
Derivative Instruments	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. See Note 6 - Derivative Instruments for more information on derivative instruments.
Cash and Cash Equivalents	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 Income Taxes	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 10 - Income Taxes for more information on deferred income taxes.
Market Risk Benefits	Market Risk Benefits Market risk benefits (MRBs) are contracts or contract features that both provide protection to the policyholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. We issue certain fixed indexed annuity and fixed rate annuity contracts that provide minimum guarantees to policyholders including guaranteed minimum withdrawal benefits (GMWB) and guaranteed minimum death benefits (GMDB) that are MRBs. MRBs are measured at fair value, at the individual contract level, and can be either an asset or a liability. Contracts which contain more than one MRB feature are combined into one single MRB. The fair value is calculated using stochastic models that include a risk margin and incorporate a spread for our instrument specific credit risk. At contract inception, attributed fees are calculated based on the present value of the fees and assessments collectible from the policyholder relative to the present value of expected benefits paid attributable to the MRB. The attributed fees remain static over the life of the MRB and is used to calculate the fair value of the MRB using a risk neutral valuation method. The attributed fees cannot be negative and cannot exceed the total explicit fees collectible from the policyholder. The MRB assets and liabilities are presented separately on the Consolidated Balance Sheets. The ceded MRB assets are presented in coinsurance deposits on the Consolidated Balance Sheets. Changes in fair value of the MRB are recognized in market risk benefits (gains) losses on the Consolidated Statements of Operations each period with the exception of the portion of the change in fair value related to a changes in our nonperformance risk, which is recognized in other comprehensive income (OCI). See Note 8 - Policyholder Liabilities for more information on MRBs.
Deferred Policy Acquisition Costs (DAC)	Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) The Company incurs costs in connection with acquiring new and renewal business. The portion of these costs which are incremental and direct to the acquisition of a new or renewal policy are deferred as they are incurred. DAC and DSI are amortized on a constant level basis over the expected term of the contracts based on projected policy counts. Contracts are grouped consistent with the grouping used in the estimating of the liability. The assumptions used in the calculation of DAC and DSI include full surrenders, partial withdrawals, mortality, utilization and reset assumptions associated with lifetime income benefit riders, and the option budget assumption. If the actual experience is different from our expectations, the amortization pattern is adjusted prospectively. See Note 7 - Deferred Policy Acquisition Costs and Deferred Sales Inducements for more information on DAC and DSI.
Deferred Sales Inducements (DSI)	Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) The Company incurs costs in connection with acquiring new and renewal business. The portion of these costs which are incremental and direct to the acquisition of a new or renewal policy are deferred as they are incurred. DAC and DSI are amortized on a constant level basis over the expected term of the contracts based on projected policy counts. Contracts are grouped consistent with the grouping used in the estimating of the liability. The assumptions used in the calculation of DAC and DSI include full surrenders, partial withdrawals, mortality, utilization and reset assumptions associated with lifetime income benefit riders, and the option budget assumption. If the actual experience is different from our expectations, the amortization pattern is adjusted prospectively. See Note 7 - Deferred Policy Acquisition Costs and Deferred Sales Inducements for more information on DAC and DSI.
Policy Benefit Reserves	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, 2023, 2022 and 2021, interest crediting rates for these products ranged from 1.45% to 5.65%. A liability for future policy benefits is recorded for our traditional limited-payment insurance contracts and is generally equal to the present value of expected future policy benefit payments. The present value calculation uses assumptions for mortality, morbidity, termination, and expense. The contracts are grouped into cohorts based on issue year and product type. The liability for future policy benefits is discounted using an upper-medium grade fixed-income instrument yield that reflects the duration characteristics of the liabilities and maximizes the use of observable data. The discount rate is updated each reporting period and any changes in the liability resulting from changes in the upper-medium grade fixed income instrument yield are recognized in AOCI. Any changes to the liability as a result of assumption changes will be recognized as remeasurement gains (losses) in insurance policy benefits and change in future policy benefits in the Consolidated Statement of Operations. See Note 8 - Policyholder Liabilities for more information on the liability for future policy benefits. ASU 2018-12 also requires disaggregated roll forwards for the liability for future policy benefits, MRBs, DAC and DSI. We disaggregated the roll forwards by product type consistent with how we internally view our business.
Recognition of Premium Revenues and Costs	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 9 - Reinsurance and Policy Provisions ), benefits, losses and expenses are reported net of reinsurance ceded. Revenue and fees associated with reinsurance agreements (see Note 9 - 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) 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.
Adopted Accounting Pronouncements	Adopted Accounting Pronouncements Troubled Debt Restructurings and Vintage Disclosures In March 2022, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") on troubled debt restructurings ("TDR") and vintage disclosures related to current period gross write-offs and recoveries. This guidance eliminates the accounting guidance for TDRs by creditors and enhances disclosure requirements for certain refinancing and restructuring of loans by creditors when a borrower is experiencing financial difficulty. The guidance also requires companies to disclosure current-period gross write-offs by year of origination for financing receivables and net investments in leases. This ASU was adopted on January 1, 2023 and will be applied prospectively. This guidance did not have a material impact on our consolidated financial statements. Targeted Improvements to the Accounting for Long-Duration Insurance Contracts 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 was effective for us January 1, 2023, the transition date (the remeasurement date) was January 1, 2021. We adopted the guidance for the liability for future policyholder benefits, deferred acquisition costs, and deferred sales inducements on a modified retrospective basis such that those balances were adjusted to conform to ASU 2018-12 on January 1, 2021. The guidance for market risk benefits was applied retrospectively. Below are the transition date impacts for each of these items. For deferred acquisition costs, the Company removed shadow adjustments previously recorded in accumulated other comprehensive income for the impact of unrealized gains and losses that were included in the pre-ASU 2018-12 expected gross profits amortization calculation as of the transition date.
Fair Value of Financial Instruments	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	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, 2023 or 2022, respectively.
Mortgage Loans on Real Estate, Real Estate Acquired Through Foreclosure	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 were twelve real estate properties totaling $6.5 million at December 31, 2023 and no real estate properties at December 31, 2022 in which ownership of the property was taken to satisfy an outstanding loan. 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	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.
Mortgage Loans on Real Estate, Troubled Debt Restructuring	Prior to adoption of authoritative guidance on January 1, 2023, we evaluated whether a troubled debt restructuring (TDR) had occurred on our commercial, agricultural or residential mortgage loans.
Commitments and Contingencies	In accordance with applicable accounting guidelines, we establish an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. As a litigation or regulatory matter is developing we, in conjunction with outside counsel, evaluate on an ongoing basis whether the matter presents a loss contingency that meets conditions indicating the need for accrual and/or disclosure, and if not, the matter will continue to be monitored for further developments. If and when the loss contingency related to litigation or regulatory matters is deemed to be both probable and estimable, we will establish an accrued liability with respect to that matter and will continue to monitor the matter for further developments that may affect the amount of the accrued liability.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Annuity Deposits (Net of Coinsurance), By Product Type	Annuity deposits (net of coinsurance) collected in 2023, 2022 and 2021, by product type were as follows: Year Ended December 31, Product Type 2023 2022 2021 (Dollars in thousands) Fixed index annuities $ 5,041,981 $ 2,202,688 $ 3,026,211 Annual reset fixed rate annuities 4,898 5,535 6,000 Multi-year fixed rate annuities 176,415 139,092 2,452,994 Single premium immediate annuities (SPIA) 1,224 18,935 59,816 $ 5,224,518 $ 2,366,250 $ 5,545,021
Liability for Future Policy Benefit, Activity	Liability for Future Policy Benefits for Payout Annuity With Life Contingency (Dollars in thousands) Pre-adoption 1/1/2021 balance $ 337,467 Adjustment to opening retained earnings for expected future policy benefits 2,566 Adjustment for the effect of remeasurement of liability at current single A rate 68,717 Post adoption 1/1/2021 balance $ 408,750 Present Value of Expected December 31, 2023 2022 (Dollars in thousands) Balance, beginning of year $ 318,677 $ 402,305 Beginning balance at original discount rate 342,453 352,708 Effect of changes in cash flow assumptions (4,607) 1,277 Effect of actual variances from expected experience (1,887) (1,941) Adjusted beginning of year balance 335,959 352,044 Issuances 6,945 16,072 Interest accrual 13,710 14,664 Derecognition (lapses and benefit payments) (38,980) (40,327) Ending balance at original discount rate 317,634 342,453 Effect of changes in discount rate assumptions (14,434) (23,776) Balance, end of year $ 303,200 $ 318,677 The reconciliation of the net liability for future policy benefits to the liability for future policy benefits included in policy benefit reserves in the Consolidated Balance Sheets is as follows: December 31, 2023 2022 (Dollars in thousands) Liability for future policy benefits $ 303,200 $ 318,677 Deferred profit liability 22,455 19,223 Liability for future policy benefits included in policy benefit reserves 325,655 337,900 Less: Reinsurance recoverable (2,496) (1,259) Net liability for future policy benefits, after reinsurance recoverable $ 323,159 $ 336,641 The weighted-average liability duration of the liability for future policy benefits is as follows: December 31, 2023 2022 SPIA With Life Contingency: Weighted-average liability duration of the liability for future policy benefits (years) 6.56 6.78 The amount of revenue and interest associated with the liability for future policy benefits recognized in the Consolidated Statement of Operations for the years ended December 31, 2023 and 2022 is as follows: December 31, 2023 December 31, 2022 Gross Premiums Interest Gross Premiums Interest (Dollars in thousands) SPIA With Life Contingency $ 7,608 $ 13,626 $ 16,994 $ 14,613 Total $ 7,608 $ 13,626 $ 16,994 $ 14,613 The weighted-average interest rate is as follows: December 31, 2023 2022 Interest accretion rate 4.26 % 4.25 % Current discount rate 5.00 % 5.37 %
Market Risk Benefit, Activity	Market Risk (Dollars in thousands) Pre-adoption 1/1/2021 carrying amount for features now classified as MRBs $ 2,547,231 Adjustment for the removal of shadow adjustments (584,636) Adjustment for the cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date 229,108 Adjustment for the remaining difference between previous carrying amount and fair value measurement for the MRB, exclusive of the instrument specific credit risk 33,781 Post adoption 1/1/2021 MRB balance $ 2,225,484 Ceded Market Risk Benefit (a) (Dollars in thousands) Pre-adoption 1/1/2021 carrying amount for features now classified as MRBs $ 62,108 Adjustment for the difference between previous carrying amount and fair value measurement for the MRB, exclusive of the instrument specific credit risk 27,230 Post adoption 1/1/2021 ceded MRB balance $ 89,338 (a) The ceded market risk benefit is recognized in coinsurance deposits on the Consolidated Balance Sheets. The balances of and changes in the net market risk benefit (MRB) assets and liabilities for the years ended December 31, 2023 and 2022 is as follows: December 31, 2023 December 31, 2022 Fixed Rate Fixed Index Fixed Rate Fixed Index (Dollars in thousands) Balance, beginning of year $ 37,863 $ 2,187,758 $ 78,411 $ 2,557,378 Balance, beginning of year, before effect of changes in the instrument-specific credit risk 44,355 2,453,169 77,731 2,310,437 Issuances 32 289,939 376 59,452 Interest accrual 3,139 155,512 1,349 72,551 Attributed fees collected 1,216 128,437 1,270 125,168 Benefits payments — — — — Effect of changes in interest rates (380) (126,255) (19,421) (952,265) Effect of changes in equity markets — (48,164) — 186,618 Effect of changes in equity index volatility — (77,023) — 241,563 Effect of changes in future expected policyholder behavior (1,509) (11,582) 602 46,567 Effect of changes in other future expected assumptions 16,720 (219,094) (17,552) 363,078 Balance, end of year, before effect of changes in the instrument-specific credit 63,573 2,544,939 44,355 2,453,169 Effect of changes in the instrument-specific credit risk (3,386) 61,734 (6,492) (265,411) Balance, end of year 60,187 2,606,673 37,863 2,187,758 Reinsured MRB, end of period 18,391 640,826 10,656 593,959 Balance, end of period, net of reinsurance $ 41,796 $ 1,965,847 $ 27,207 $ 1,593,799 Net amount at risk (a) $ 266,438 $ 11,721,734 $ 258,826 $ 10,987,198 Weighted average attained age of contract holders (years) 70 71 69 71 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The following is a reconciliation of market risk benefits by amounts in an asset position and in a liability position to market risk benefit amounts included in Market risk benefit asset and Market risk benefit reserves, respectively, in the Consolidated Balance Sheets: December 31, 2023 Asset Liability Net Liability (Dollars in thousands) Fixed Index Annuities $ 477,306 $ 3,083,979 $ 2,606,673 Fixed Rate Annuities 2,388 62,575 60,187 Total $ 479,694 $ 3,146,554 $ 2,666,860 December 31, 2022 Asset Liability Net Liability (Dollars in thousands) Fixed Index Annuities $ 226,294 $ 2,414,052 $ 2,187,758 Fixed Rate Annuities 3,577 41,440 37,863 Total $ 229,871 $ 2,455,492 $ 2,225,621 The following table presents the balances and changes in reinsured market risk benefit assets and liabilities associated with fixed index annuities for the years ended December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Fixed Rate Fixed Index Fixed Rate Fixed Index (Dollars in thousands) Balance, beginning of year $ 10,656 $ 593,959 $ — $ 156,931 Write-off related to in-force ceded reinsurance — — 10,091 334,835 Issuances — 146,898 — 36,036 Interest accrual 775 33,503 104 7,598 Attributed fees collected 67 32,036 28 23,745 Benefits payments — — — — Effect of changes in interest rates 1,407 14,700 135 (171,948) Effect of changes in equity markets — (22,775) 118 43,799 Effect of changes in equity index volatility — (18,656) — 34,278 Effect of changes in future expected policyholder behavior (128) 5,855 180 12,598 Effect of changes in other future expected assumptions 5,614 (144,694) — 116,087 Balance, end of year $ 18,391 $ 640,826 $ 10,656 $ 593,959 Net amount at risk (a) $ 75,281 $ 2,853,318 $ 72,350 $ 2,402,964 Weighted average attained age of contract holders (years) 70 70 70 71 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The following is a reconciliation of reinsurance market risk benefits by amounts in an asset position and in liability position to market risk benefit amounts included in Coinsurance deposits and Other liabilities, respectively, in the Consolidated Balance Sheets: December 31, 2023 Asset Liability Net Asset (Dollars in thousands) Fixed Index Annuities $ 820,006 $ 179,180 $ 640,826 Fixed Rate Annuities 18,628 237 18,391 Total $ 838,634 $ 179,417 $ 659,217 December 31, 2022 Asset Liability Net Asset (Dollars in thousands) Fixed Index Annuities $ 629,611 $ 35,652 $ 593,959 Fixed Rate Annuities 11,070 414 10,656 Total $ 640,681 $ 36,066 $ 604,615
Rollforward of Deferred Policy Acquisition Costs	Deferred Policy Fixed Index Annuities and (Dollars in thousands) Pre-adoption 1/1/2021 balance $ 2,225,199 Adjustments for the removal of shadow adjustments 1,183,306 Post adoption 1/1/2021 balance $ 3,408,505 The following tables present the balances and changes in deferred policy acquisition costs: December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,649,322 $ 120,105 $ 4,216 $ 2,773,643 Capitalizations 557,749 18,536 52 576,337 Amortization expense (249,607) (29,454) (639) (279,700) Balance, end of year $ 2,957,464 $ 109,187 $ 3,629 $ 3,070,280 December 31, 2022 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,906,684 $ 151,322 $ 4,198 $ 3,062,204 Write-off related to in-force ceded reinsurance (196,417) (7,209) — (203,626) Capitalizations 193,989 4,424 663 199,076 Amortization expense (254,934) (28,432) (645) (284,011) Balance, end of year $ 2,649,322 $ 120,105 $ 4,216 $ 2,773,643
Rollforward of Deferred Sales Inducements	Deferred Sales Fixed Index Annuities and (Dollars in thousands) Pre-adoption 1/1/2021 balance $ 1,448,375 Adjustments for the removal of shadow adjustments 768,310 Post adoption 1/1/2021 balance $ 2,216,685 The following tables present the balances and changes in deferred sales inducements: December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,017,960 $ 27,723 $ 2,045,683 Capitalizations 513,726 67 513,793 Amortization expense (189,200) (3,052) (192,252) Balance, end of year $ 2,342,486 $ 24,738 $ 2,367,224 December 31, 2022 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,088,591 $ 31,371 $ 2,119,962 Capitalizations 107,684 7 107,691 Amortization expense (178,315) (3,655) (181,970) Balance, end of year $ 2,017,960 $ 27,723 $ 2,045,683

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 Carrying Fair Value Carrying Fair Value (Dollars in thousands) Assets Fixed maturity securities, available for sale $ 34,780,482 $ 34,780,482 $ 39,804,617 $ 39,804,617 Mortgage loans on real estate 7,537,594 7,047,993 6,949,027 6,502,463 Real estate investments 1,334,247 1,336,247 1,056,063 1,056,063 Limited partnerships and limited liability companies 506,685 506,685 684,835 684,835 Derivative instruments 1,207,288 1,207,288 431,727 431,727 Other investments 2,277,822 2,277,822 1,817,085 1,817,085 Cash and cash equivalents 9,772,586 9,772,586 1,919,669 1,919,669 Coinsurance deposits 14,582,728 13,570,942 13,254,956 12,640,797 Market risk benefits 479,694 479,694 229,871 229,871 Liabilities Policy benefit reserves 60,549,922 56,366,631 58,419,911 55,572,896 Market risk benefits 3,146,554 3,146,554 2,455,492 2,455,492 Single premium immediate annuity (SPIA) benefit reserves 188,301 196,720 212,119 221,130 Other policy funds - FHLB — — 300,000 300,000 Notes and loan payable 785,443 770,570 792,073 774,220 Subordinated debentures 79,107 86,254 78,753 87,293
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, 2023 and 2022 are presented below based on the fair value hierarchy levels: Total NAV Quoted Significant Significant (Dollars in thousands) December 31, 2023 Assets Fixed maturity securities, available for sale: U.S. Government and agencies $ 171,141 $ — $ 27,593 $ 143,548 $ — States, municipalities and territories 3,098,940 — — 2,876,723 222,217 Foreign corporate securities and foreign governments 493,739 — — 493,739 — Corporate securities 20,603,416 — — 20,347,979 255,437 Residential mortgage backed securities 1,402,501 — — 1,402,501 — Commercial mortgage backed securities 2,952,547 — — 2,952,547 — Other asset backed securities 6,058,198 — — 4,467,224 1,590,974 Other investments 1,795,511 — 875,596 919,915 — Real estate investments 1,217,271 — — — 1,217,271 Limited partnerships and limited liability companies 506,685 353,554 — — 153,131 Derivative instruments 1,207,288 — — 1,207,288 — Cash and cash equivalents 9,772,586 — 9,772,586 — — Market risk benefits (a) 479,694 — — — 479,694 $ 49,759,517 $ 353,554 $ 10,675,775 $ 34,811,464 $ 3,918,724 Liabilities Funds withheld liability - embedded derivative $ (256,776) $ — $ — $ — $ (256,776) Fixed index annuities - embedded derivatives 5,181,894 — — — 5,181,894 Market risk benefits (a) 3,146,554 — — — 3,146,554 $ 8,071,672 $ — $ — $ — $ 8,071,672 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 — — Market risk benefits (a) 229,871 — — — 229,871 $ 45,024,575 $ 620,626 $ 2,344,133 $ 39,979,911 $ 2,079,905 Liabilities Funds withheld liability - embedded derivative $ (441,864) $ — $ — $ — $ (441,864) Fixed index annuities - embedded derivatives 4,820,845 — — — 4,820,845 Market risk benefits (a) 2,455,492 — — — 2,455,492 $ 6,834,473 $ — $ — $ — $ 6,834,473 (a) See Note 8 - Policyholder Liabilities for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as significant inputs and assumptions used in the fair value measurements of market risk benefits.
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, 2023 and 2022: Year Ended 2023 2022 (Dollars in thousands) Fixed maturity securities, available for sale - States, municipalities and territories Beginning balance $ — $ — Purchases and sales, net — — Transfers in 203,757 — Transfers out (2,001) — Total realized/unrealized gains (losses) Included in net income — — Included in other comprehensive income (loss) 20,461 — Ending balance $ 222,217 $ — Fixed maturity securities, available for sale - Corporate securities Beginning balance $ 402,348 $ — Purchases and sales, net (45,187) 2,233 Transfers in 82,866 391,702 Transfers out (172,174) — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (12,416) 8,413 Ending balance $ 255,437 $ 402,348 Fixed maturity securities, available for sale - Other asset backed securities Beginning balance $ 442,918 $ — Purchases and sales, net 1,071,824 296,800 Transfers in 160,160 153,669 Transfers out (20,817) — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (63,111) (7,551) Ending balance $ 1,590,974 $ 442,918 Other investments Beginning balance $ — $ 6,349 Transfers in 9,821 — Transfers out (23,244) (3,867) Total realized/unrealized gains (losses): Included in net income — (2,482) Included in other comprehensive income (loss) 13,423 — Ending balance $ — $ — Real estate investments Beginning balance $ 940,559 $ 337,939 Purchases and sales, net 313,235 602,298 Change in fair value (36,523) 322 Ending balance $ 1,217,271 $ 940,559 Year Ended 2023 2022 (Dollars in thousands) Limited partnerships and limited liability companies Beginning balance $ 64,209 $ — Purchases and sales, net 99,963 57,574 Change in fair value (11,041) 6,635 Ending balance $ 153,131 $ 64,209 Funds withheld liability - embedded derivative Beginning balance $ (441,864) $ — Transfers in — (441,864) Change in fair value 185,088 — Ending balance $ (256,776) $ (441,864) Fixed index annuities - embedded derivatives Beginning balance $ 4,820,845 $ 7,964,961 Premiums less benefits (177,559) (125,940) Change in fair value, net 538,608 (2,561,676) Reserve release related to in-force ceded reinsurance — (456,500) Ending balance $ 5,181,894 $ 4,820,845
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, 2023 and 2022: Year Ended 2023 2022 (Dollars in thousands) Fixed maturity securities, available for sale - States, municipalities and territories Beginning balance $ — $ — Purchases and sales, net — — Transfers in 203,757 — Transfers out (2,001) — Total realized/unrealized gains (losses) Included in net income — — Included in other comprehensive income (loss) 20,461 — Ending balance $ 222,217 $ — Fixed maturity securities, available for sale - Corporate securities Beginning balance $ 402,348 $ — Purchases and sales, net (45,187) 2,233 Transfers in 82,866 391,702 Transfers out (172,174) — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (12,416) 8,413 Ending balance $ 255,437 $ 402,348 Fixed maturity securities, available for sale - Other asset backed securities Beginning balance $ 442,918 $ — Purchases and sales, net 1,071,824 296,800 Transfers in 160,160 153,669 Transfers out (20,817) — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (63,111) (7,551) Ending balance $ 1,590,974 $ 442,918 Other investments Beginning balance $ — $ 6,349 Transfers in 9,821 — Transfers out (23,244) (3,867) Total realized/unrealized gains (losses): Included in net income — (2,482) Included in other comprehensive income (loss) 13,423 — Ending balance $ — $ — Real estate investments Beginning balance $ 940,559 $ 337,939 Purchases and sales, net 313,235 602,298 Change in fair value (36,523) 322 Ending balance $ 1,217,271 $ 940,559 Year Ended 2023 2022 (Dollars in thousands) Limited partnerships and limited liability companies Beginning balance $ 64,209 $ — Purchases and sales, net 99,963 57,574 Change in fair value (11,041) 6,635 Ending balance $ 153,131 $ 64,209 Funds withheld liability - embedded derivative Beginning balance $ (441,864) $ — Transfers in — (441,864) Change in fair value 185,088 — Ending balance $ (256,776) $ (441,864) Fixed index annuities - embedded derivatives Beginning balance $ 4,820,845 $ 7,964,961 Premiums less benefits (177,559) (125,940) Change in fair value, net 538,608 (2,561,676) Reserve release related to in-force ceded reinsurance — (456,500) Ending balance $ 5,181,894 $ 4,820,845
Quantitative Information About Level 3 Fair Value Measurements	The following table provides quantitative information about the significant unobservable inputs used for recurring fair value measurements categorized within Level 3, excluding investments where third party valuation inputs were not reasonably available. The market risk benefits are also excluded from the table. See Note 8 - Policyholder Liabilities for information on the unobservable inputs used in the fair value measurements of market risk benefits. See discussion of the valuation technique and significant unobservable inputs used for the embedded derivative component of our fixed index annuities in the Fixed index annuities-embedded derivatives paragraph below. December 31, 2023 Assets / Valuation Unobservable Input / Weighted Assets: (in thousands) Fixed maturity securities: Corporate securities $ 83,666 Discounted cash flow Liquidity premium 20 basis points Other asset backed securities 591,992 Discounted cash flow Discount rate 5.26% 25.00% 6.92% Weighted average lives 1.14 years 12.09 years 5.69 years Real estate investments 1,217,271 Broker price opinion (a) Limited partnerships and limited 46,705 Discounted cash flow Residual capitalization rate 5.25% 5.25% 5.25% liability companies - real estate Discount rate 6.50% 6.75% 6.61% Limited partnerships and limited 106,426 Discounted cash flow Discount rate 11.00% 11.00% 11.00% liability companies - infrastructure December 31, 2022 Assets / Valuation Unobservable Input / Weighted Assets: (in thousands) Fixed maturity securities: Corporate securities $ 84,674 Discounted cash flow Liquidity premium 20 basis points Other asset backed securities 296,800 Discounted cash flow Discount rate 4.04% 28.58% 4.36% Weighted average lives 8.79 years 12.48 years 9.29 years Real estate investments 940,559 Discounted cash flow Residual capitalization rate 4.75% 6.50% 5.44% Discount rate 6.00% 8.00% 6.91% Limited partnerships and limited 64,209 Discounted cash flow Residual capitalization rate 4.25% 4.75% 4.46% liability companies - real estate Discount rate 5.75% 6.00% 5.86% (a) At December 31, 2023, we updated our valuation technique for real estate investments. See description of valuation technique, inputs and reason for update in the Real estate investments paragraph below.
Fair Value Measurements, Nonrecurring	The following table presents financial instruments included in Other investments which are not measured at fair value on a recurring basis and fall within Level 2 of the fair value hierarchy. December 31, 2023 2022 (Dollars in thousands) FHLB common stock (1) $ 10,000 $ 22,000 Short-term loans (2) — 316,417 Collateral loans (3) 64,594 64,594 Company owned life insurance ("COLI") (4) 404,598 397,683 (1) FHLB common stock is carried at cost which approximates fair value. (2) Due to the short-term nature of the investments, the fair value of a portion of our short-term loans approximates the carrying value. (3) For certain of our collateral loans, we have concluded the carrying value approximates fair value. (4) The fair value of our COLI approximates the cash surrender value of the policies.
Schedule of Assumptions Used in Estimating Fair Value	The following table presents average lapse 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 Contract Duration (Years) December 31, 2023 December 31, 2022 1 - 5 1.96% 2.17% 6 - 10 3.71% 3.28% 11 - 15 3.71% 3.63% 16 - 20 8.97% 8.55% 20+ 4.91% 4.90%

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Investments [Abstract]
Schedule of Fixed Maturity Securities	At December 31, 2023 and 2022, 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, 2023 Fixed maturity securities, available for sale: U.S. Government and agencies $ 172,683 $ 606 $ (2,148) $ — $ 171,141 States, municipalities and territories 3,654,571 17,477 (573,108) — 3,098,940 Foreign corporate securities and foreign governments 563,890 1,669 (71,820) — 493,739 Corporate securities 23,036,862 175,014 (2,605,048) (3,412) 20,603,416 Residential mortgage backed securities 1,503,639 11,598 (112,736) — 1,402,501 Commercial mortgage backed securities 3,405,647 995 (454,095) — 2,952,547 Other asset backed securities 6,200,170 30,530 (171,884) (618) 6,058,198 $ 38,537,462 $ 237,889 $ (3,990,839) $ (4,030) $ 34,780,482 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 (1) Amortized cost excludes accrued interest receivable (2)
Schedule of Fixed Maturity Securities by Contractual Maturity Date	The amortized cost and fair value of fixed maturity securities at December 31, 2023, 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 $ 1,371,424 $ 1,368,322 Due after one year through five years 4,924,030 4,787,802 Due after five years through ten years 4,686,405 4,325,294 Due after ten years through twenty years 7,569,350 6,754,603 Due after twenty years 8,876,797 7,131,215 27,428,006 24,367,236 Residential mortgage backed securities 1,503,639 1,402,501 Commercial mortgage backed securities 3,405,647 2,952,547 Other asset backed securities 6,200,170 6,058,198 $ 38,537,462 $ 34,780,482
Net Unrealized Gains (Losses) on Investments Reported as Separate Component of Stockholders' Equity	Net unrealized losses on investments reported as a separate component of stockholders' equity were comprised of the following: December 31, 2023 2022 (Dollars in thousands) Net unrealized losses on investments $ (3,755,689) $ (5,065,422) Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax expense 788,236 1,063,441 Net unrealized losses reported as accumulated other comprehensive loss $ (2,944,919) $ (3,979,447)
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, 2023 2022 NAIC Designation (1) Amortized Fair Amortized Fair (Dollars in thousands) 1 $ 22,493,843 $ 20,209,842 $ 27,061,903 $ 24,211,086 2 14,910,687 13,529,169 17,023,157 14,944,131 3 583,131 527,556 595,193 510,392 4 201,610 168,191 109,409 91,495 5 88,581 68,538 61,721 36,738 6 9,400 10,132 14,636 10,775 $ 38,287,252 $ 34,513,428 $ 44,866,019 $ 39,804,617 (1) The table excludes residual tranche securities that are not rated with an amortized cost of $250,210 and fair value of $267,054 as of December 31, 2023.
Schedule of Unrealized Gain (Loss) on Investments	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 3,639 and 4,510 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2023 and 2022: Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) December 31, 2023 Fixed maturity securities, available for sale: U.S. Government and agencies $ 55,087 $ (279) $ 47,639 $ (1,869) $ 102,726 $ (2,148) States, municipalities and territories 451,091 (44,832) 2,290,704 (528,276) 2,741,795 (573,108) Foreign corporate securities and foreign governments 1,555 (195) 427,021 (71,625) 428,576 (71,820) Corporate securities 3,275,031 (237,744) 13,625,542 (2,367,304) 16,900,573 (2,605,048) Residential mortgage backed securities 145,093 (7,614) 858,821 (105,122) 1,003,914 (112,736) Commercial mortgage backed securities 431,947 (69,007) 2,416,868 (385,088) 2,848,815 (454,095) Other asset backed securities 968,026 (29,606) 3,057,618 (142,278) 4,025,644 (171,884) $ 5,327,830 $ (389,277) $ 22,724,213 $ (3,601,562) $ 28,052,043 $ (3,990,839) 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) (1) Unrealized losses have been reduced to reflect the allowance for credit losses of $4.0 million and $3.3 million as of December 31, 2023 and 2022, respectively. Changes in net unrealized gains/losses on investments for the years ended December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Fixed maturity securities available for sale carried at fair value $ 1,309,733 $ (9,375,028) $ (987,434) Adjustment for effect on other balance sheet accounts: Deferred income tax asset/liability (275,205) 1,968,488 207,361 (275,205) 1,968,488 207,361 Change in net unrealized gains/losses on investments carried at fair value $ 1,034,528 $ (7,406,540) $ (780,073)
Components of Net Investment Income	Components of net investment income are as follows: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Fixed maturity securities $ 1,653,897 $ 1,849,915 $ 1,772,675 Real estate investments (7,303) 40,243 14,138 Mortgage loans on real estate 404,303 301,118 215,138 Cash and cash equivalents 208,923 24,985 3,385 Limited partnerships and limited liability companies 112,612 188,131 67,157 Other investments 43,510 49,537 29,399 2,415,942 2,453,929 2,101,892 Less: investment expenses (143,144) (146,466) (64,417) Net investment income $ 2,272,798 $ 2,307,463 $ 2,037,475
Net Realized Gains (Losses) on Investments	Net realized losses on investments for the years ended December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Available for sale fixed maturity securities: Gross realized gains $ 137,901 $ 139,819 $ 10,167 Gross realized losses (179,479) (153,712) (19,140) Net credit loss (provision) (47,471) (15,536) (6,241) (89,049) (29,429) (15,214) Other investments: Gross realized gains 2,210 — — Gross realized losses (5,199) — — (2,989) — — Mortgage loans on real estate: Decrease (increase) in allowance for credit losses 252 (15,126) 7,005 Recovery of specific allowance — 1,677 — Loss on sale of mortgage loans (7,417) (4,970) (5,033) (7,165) (18,419) 1,972 Total net realized losses $ (99,203) $ (47,848) $ (13,242)
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, 2023 2022 (Dollars in thousands) Fixed maturity securities, available for sale $ 1,711 $ 10,708 Mortgage loans on real estate 14,479 1,483 Real estate owned 3,629 — $ 19,819 $ 12,191
Rollforward of Allowance for Credit Loss	The following table provides a rollforward of the allowance for credit loss: Year Ended December 31, 2023 States, Municipalities and Corporate Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ — $ 3,214 $ 133 $ — $ 3,347 Additions for credit losses not previously recorded — — 97 947 1,044 Change in allowance on securities with previous allowance — 198 (230) (329) (361) Reduction for securities sold during the period — — — — — Ending balance $ — $ 3,412 $ — $ 618 $ 4,030 Year Ended December 31, 2022 States, Municipalities and Corporate Securities Residential Mortgage Backed Securities Other Asset 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 sold during the period — — (428) — (428) Ending balance $ — $ 3,214 $ 133 $ — $ 3,347

Mortgage Loans on Real Estate (

Mortgage Loans on Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Summary of Mortgage Loan Portfolios	Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $786.4 million at December 31, 2023. December 31, 2023 2022 (Dollars in thousands) Commercial mortgage loans: Principal outstanding $ 3,550,204 $ 3,560,903 Deferred fees and costs, net (2,494) (6,345) Unamortized discounts and premiums, net (2,711) — Amortized cost 3,544,999 3,554,558 Valuation allowance (17,902) (22,428) Commercial mortgage loans, carrying value 3,527,097 3,532,130 Agricultural mortgage loans: Principal outstanding 581,287 567,630 Deferred fees and costs, net (1,654) (1,667) Amortized cost 579,633 565,963 Valuation allowance (2,590) (1,021) Agricultural mortgage loans, carrying value 577,043 564,942 Residential mortgage loans: Principal outstanding 3,384,737 2,807,652 Deferred fees and costs, net 558 1,909 Unamortized discounts and premiums, net 65,802 55,917 Amortized cost 3,451,097 2,865,478 Valuation allowance (17,643) (13,523) Residential mortgage loans, carrying value 3,433,454 2,851,955 Mortgage loans, carrying value $ 7,537,594 $ 6,949,027
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, 2023 2022 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 471,707 13.3 % $ 502,659 14.1 % Middle Atlantic 274,017 7.7 % 280,993 7.9 % Mountain 404,143 11.4 % 416,307 11.7 % New England 87,041 2.4 % 73,631 2.1 % Pacific 835,085 23.5 % 858,812 24.1 % South Atlantic 927,547 26.1 % 934,007 26.2 % West North Central 183,856 5.2 % 205,568 5.8 % West South Central 328,918 9.3 % 288,926 8.1 % International 37,890 1.1 % — — % $ 3,550,204 100.0 % $ 3,560,903 100.0 % Property type distribution Office $ 360,328 10.1 % $ 388,978 10.9 % Retail 801,977 22.6 % 896,351 25.2 % Industrial/Warehouse 940,546 26.5 % 866,623 24.3 % Apartment 1,047,740 29.5 % 912,984 25.6 % Hotel 319,733 9.0 % 285,271 8.0 % Mixed Use/Other 79,880 2.3 % 210,696 6.0 % $ 3,550,204 100.0 % $ 3,560,903 100.0 %
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, 2023 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (22,428) $ (1,021) $ (13,523) $ (36,972) Charge-offs — — 11 11 Recoveries — — — — Change in provision for credit losses 4,526 (1,569) (4,131) (1,174) Ending allowance balance $ (17,902) $ (2,590) $ (17,643) $ (38,135) 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)
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, 2023 and 2022 (by year of origination): 2023 2022 2021 2020 2019 Prior Total As of December 31, 2023: 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 $ 3,444 46 % $ 285,481 62 % $ 272,661 57 % $ 370,299 51 % $ 449,973 55 % $ 1,056,159 44 % $ 2,438,017 50 % Greater than or equal to 1.2 and less than 1.5 — — % 76,122 49 % 4,500 55 % 36,534 57 % 108,232 64 % 177,489 57 % 402,877 58 % Greater than or equal to 1.0 and less than 1.2 40,727 38 % 105,578 32 % 328,722 45 % 28,935 54 % — — % 63,972 71 % 567,934 46 % Less than 1.0 — — % 53,470 54 % 26,960 52 % — — % 2,545 80 % 53,196 52 % 136,171 53 % Total $ 44,171 39 % $ 520,651 53 % $ 632,843 51 % $ 435,768 52 % $ 560,750 57 % $ 1,350,816 47 % $ 3,544,999 51 % 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 % 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, 2023 and 2022 (by year of origination): 2023 2022 2021 2020 2019 Prior Total As of December 31, 2023: 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 $ 26,890 59 % $ 61,374 54 % $ 46,060 57 % $ 91,060 46 % $ — — % $ 34,000 42 % $ 259,384 50 % Greater than or equal to 1.2 and less than 1.5 17,798 59 % 89,548 54 % 51,819 52 % 27,433 32 % — — % — — % 186,598 51 % Greater than or equal to 1.0 and less than 1.2 3,988 43 % 3,080 55 % 9,246 57 % 902 59 % — — % — — % 17,216 53 % Less than 1.0 — — % 38,675 37 % 26,514 51 % 49,105 48 % 2,141 33 % — — % 116,435 45 % Total $ 48,676 58 % $ 192,677 51 % $ 133,639 54 % $ 168,500 44 % $ 2,141 33 % $ 34,000 42 % $ 579,633 49 % 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 %
Aging of Financing Receivables	Aging of financing receivables is summarized in the following table (by year of origination): 2023 2022 2021 2020 2019 Prior Total As of December 31, 2023: (Dollars in thousands) Commercial mortgage loans Current $ 44,171 $ 520,651 $ 632,843 $ 435,768 $ 560,750 $ 1,350,816 $ 3,544,999 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — — — — — — — Total commercial mortgage loans $ 44,171 $ 520,651 $ 632,843 $ 435,768 $ 560,750 $ 1,350,816 $ 3,544,999 Agricultural mortgage loans Current $ 48,676 $ 182,273 $ 131,448 $ 168,500 $ 2,141 $ 34,000 $ 567,038 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Over 90 days past due — 10,404 2,191 — — — 12,595 Total agricultural mortgage loans $ 48,676 $ 192,677 $ 133,639 $ 168,500 $ 2,141 $ 34,000 $ 579,633 Residential mortgage loans Current $ 1,183,248 $ 1,493,165 $ 365,704 $ 161,426 $ 22,654 $ 794 $ 3,226,991 30 - 59 days past due 21,367 58,420 10,253 5,731 4,988 — 100,759 60 - 89 days past due 5,017 22,383 3,908 1,839 99 — 33,246 Over 90 days past due 18,558 38,255 23,707 5,275 3,398 908 90,101 Total residential mortgage loans $ 1,228,190 $ 1,612,223 $ 403,572 $ 174,271 $ 31,139 $ 1,702 $ 3,451,097 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

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 Total Total Total Total (Dollars in thousands) Real estate investments $ 1,383,120 $ 92,299 $ 1,095,267 $ 78,244 Real estate limited liability companies 47,005 149 66,258 287 Limited partnership funds 353,610 289 620,741 113 Infrastructure limited liability companies 107,942 783 — — $ 1,891,677 $ 93,520 $ 1,782,266 $ 78,644 The carrying value and maximum loss exposure for our unconsolidated VIEs were as follows: December 31, 2023 2022 Asset Maximum Asset Maximum (Dollars in thousands) Fixed maturity securities, available for sale $ 2,438,074 $ 2,438,074 $ 1,178,110 $ 1,178,110

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 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 $ 41,547,731 $ 1,207,288 $ 38,927,534 $ 397,789 Warrants — — 2,020 1,169 $ 41,547,731 $ 1,207,288 $ 38,929,554 $ 398,958 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives, net $ 5,181,894 $ 4,820,845 Funds withheld for reinsurance liabilities Reinsurance related embedded derivative (256,776) (441,864) $ 4,925,118 $ 4,378,981
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, 2023 December 31, 2022 December 31, 2023 December 31, 2022 (Dollars in thousands) Fixed maturities, available for sale: Current hedging relationships $ — $ 389,060 $ — $ (39,128) Discontinued hedging relationships 1,261,509 1,594,736 (62,385) (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, 2023 Interest rate swaps $ 5,856 $ 3,240 $ 9,096 $ — 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 $ — $ — $ — $ —
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 2023 2022 2020 (Dollars in thousands) Change in fair value of derivatives: Call options $ 248,744 $ (1,118,768) $ 1,347,925 Warrants 1,206 264 810 Interest rate swaps — 13,957 — $ 249,950 $ (1,104,547) $ 1,348,735 Change in fair value of embedded derivatives: Fixed index annuities - embedded derivatives $ 958,488 $ (1,913,096) $ (355,940) Reinsurance related embedded derivative 185,088 (439,502) (2,362) $ 1,143,576 $ (2,352,598) $ (358,302)
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, 2023 2022 Counterparty Credit Rating (S&P) Credit Rating (Moody's) Notional Fair Value Notional Fair Value (Dollars in thousands) Bank of America A+ Aa1 $ 5,090,138 $ 101,863 $ 3,574,125 $ 26,080 Barclays A+ A1 1,787,748 60,495 3,686,896 39,657 Canadian Imperial Bank of Commerce A+ Aa2 1,438,835 48,660 2,707,734 34,218 Citibank, N.A. A+ Aa3 3,042,872 61,580 3,748,162 29,873 Credit Suisse A+ A3 378,613 7,130 2,086,470 20,691 Goldman Sachs A+ A1 250,609 2,958 — — J.P. Morgan A+ Aa2 4,389,528 91,162 6,501,103 69,006 Mizuho A A1 10,450,652 358,820 — — Morgan Stanley A+ Aa3 1,459,836 30,590 2,957,389 38,470 Royal Bank of Canada AA- A1 3,752,133 138,639 4,378,132 58,026 Societe Generale A A1 3,048,268 86,041 2,099,081 17,157 Truist A A2 1,500,167 50,502 1,960,787 32,885 UBS AG A+ Aa3 1,954,997 51,108 — — Wells Fargo A+ Aa2 2,998,787 117,626 5,436,824 61,840 Exchange traded 4,548 114 199,200 2,655 $ 41,547,731 $ 1,207,288 $ 39,335,903 $ 430,558

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs and Deferred Sales Inducements (Tables)	12 Months Ended
	Dec. 31, 2023
Insurance [Abstract]
Rollforward of Deferred Policy Acquisition Costs	Deferred Policy Fixed Index Annuities and (Dollars in thousands) Pre-adoption 1/1/2021 balance $ 2,225,199 Adjustments for the removal of shadow adjustments 1,183,306 Post adoption 1/1/2021 balance $ 3,408,505 The following tables present the balances and changes in deferred policy acquisition costs: December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,649,322 $ 120,105 $ 4,216 $ 2,773,643 Capitalizations 557,749 18,536 52 576,337 Amortization expense (249,607) (29,454) (639) (279,700) Balance, end of year $ 2,957,464 $ 109,187 $ 3,629 $ 3,070,280 December 31, 2022 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,906,684 $ 151,322 $ 4,198 $ 3,062,204 Write-off related to in-force ceded reinsurance (196,417) (7,209) — (203,626) Capitalizations 193,989 4,424 663 199,076 Amortization expense (254,934) (28,432) (645) (284,011) Balance, end of year $ 2,649,322 $ 120,105 $ 4,216 $ 2,773,643
Rollforward of Deferred Sales Inducements	Deferred Sales Fixed Index Annuities and (Dollars in thousands) Pre-adoption 1/1/2021 balance $ 1,448,375 Adjustments for the removal of shadow adjustments 768,310 Post adoption 1/1/2021 balance $ 2,216,685 The following tables present the balances and changes in deferred sales inducements: December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,017,960 $ 27,723 $ 2,045,683 Capitalizations 513,726 67 513,793 Amortization expense (189,200) (3,052) (192,252) Balance, end of year $ 2,342,486 $ 24,738 $ 2,367,224 December 31, 2022 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of year $ 2,088,591 $ 31,371 $ 2,119,962 Capitalizations 107,684 7 107,691 Amortization expense (178,315) (3,655) (181,970) Balance, end of year $ 2,017,960 $ 27,723 $ 2,045,683

Policyholder Liabilities (Table

Policyholder Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Insurance [Abstract]
Liability for Future Policy Benefit, Activity	Liability for Future Policy Benefits for Payout Annuity With Life Contingency (Dollars in thousands) Pre-adoption 1/1/2021 balance $ 337,467 Adjustment to opening retained earnings for expected future policy benefits 2,566 Adjustment for the effect of remeasurement of liability at current single A rate 68,717 Post adoption 1/1/2021 balance $ 408,750 Present Value of Expected December 31, 2023 2022 (Dollars in thousands) Balance, beginning of year $ 318,677 $ 402,305 Beginning balance at original discount rate 342,453 352,708 Effect of changes in cash flow assumptions (4,607) 1,277 Effect of actual variances from expected experience (1,887) (1,941) Adjusted beginning of year balance 335,959 352,044 Issuances 6,945 16,072 Interest accrual 13,710 14,664 Derecognition (lapses and benefit payments) (38,980) (40,327) Ending balance at original discount rate 317,634 342,453 Effect of changes in discount rate assumptions (14,434) (23,776) Balance, end of year $ 303,200 $ 318,677 The reconciliation of the net liability for future policy benefits to the liability for future policy benefits included in policy benefit reserves in the Consolidated Balance Sheets is as follows: December 31, 2023 2022 (Dollars in thousands) Liability for future policy benefits $ 303,200 $ 318,677 Deferred profit liability 22,455 19,223 Liability for future policy benefits included in policy benefit reserves 325,655 337,900 Less: Reinsurance recoverable (2,496) (1,259) Net liability for future policy benefits, after reinsurance recoverable $ 323,159 $ 336,641 The weighted-average liability duration of the liability for future policy benefits is as follows: December 31, 2023 2022 SPIA With Life Contingency: Weighted-average liability duration of the liability for future policy benefits (years) 6.56 6.78 The amount of revenue and interest associated with the liability for future policy benefits recognized in the Consolidated Statement of Operations for the years ended December 31, 2023 and 2022 is as follows: December 31, 2023 December 31, 2022 Gross Premiums Interest Gross Premiums Interest (Dollars in thousands) SPIA With Life Contingency $ 7,608 $ 13,626 $ 16,994 $ 14,613 Total $ 7,608 $ 13,626 $ 16,994 $ 14,613 The weighted-average interest rate is as follows: December 31, 2023 2022 Interest accretion rate 4.26 % 4.25 % Current discount rate 5.00 % 5.37 %
Schedule of Expected Benefit Payments	The following table presents the amount of undiscounted expected future benefit payments and expected gross premiums: December 31, 2023 2022 (Dollars in thousands) SPIA With Life Contingency: Expected future benefit payments $ 447,669 $ 467,627 Expected future gross premiums — —
Market Risk Benefit, Activity	Market Risk (Dollars in thousands) Pre-adoption 1/1/2021 carrying amount for features now classified as MRBs $ 2,547,231 Adjustment for the removal of shadow adjustments (584,636) Adjustment for the cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date 229,108 Adjustment for the remaining difference between previous carrying amount and fair value measurement for the MRB, exclusive of the instrument specific credit risk 33,781 Post adoption 1/1/2021 MRB balance $ 2,225,484 Ceded Market Risk Benefit (a) (Dollars in thousands) Pre-adoption 1/1/2021 carrying amount for features now classified as MRBs $ 62,108 Adjustment for the difference between previous carrying amount and fair value measurement for the MRB, exclusive of the instrument specific credit risk 27,230 Post adoption 1/1/2021 ceded MRB balance $ 89,338 (a) The ceded market risk benefit is recognized in coinsurance deposits on the Consolidated Balance Sheets. The balances of and changes in the net market risk benefit (MRB) assets and liabilities for the years ended December 31, 2023 and 2022 is as follows: December 31, 2023 December 31, 2022 Fixed Rate Fixed Index Fixed Rate Fixed Index (Dollars in thousands) Balance, beginning of year $ 37,863 $ 2,187,758 $ 78,411 $ 2,557,378 Balance, beginning of year, before effect of changes in the instrument-specific credit risk 44,355 2,453,169 77,731 2,310,437 Issuances 32 289,939 376 59,452 Interest accrual 3,139 155,512 1,349 72,551 Attributed fees collected 1,216 128,437 1,270 125,168 Benefits payments — — — — Effect of changes in interest rates (380) (126,255) (19,421) (952,265) Effect of changes in equity markets — (48,164) — 186,618 Effect of changes in equity index volatility — (77,023) — 241,563 Effect of changes in future expected policyholder behavior (1,509) (11,582) 602 46,567 Effect of changes in other future expected assumptions 16,720 (219,094) (17,552) 363,078 Balance, end of year, before effect of changes in the instrument-specific credit 63,573 2,544,939 44,355 2,453,169 Effect of changes in the instrument-specific credit risk (3,386) 61,734 (6,492) (265,411) Balance, end of year 60,187 2,606,673 37,863 2,187,758 Reinsured MRB, end of period 18,391 640,826 10,656 593,959 Balance, end of period, net of reinsurance $ 41,796 $ 1,965,847 $ 27,207 $ 1,593,799 Net amount at risk (a) $ 266,438 $ 11,721,734 $ 258,826 $ 10,987,198 Weighted average attained age of contract holders (years) 70 71 69 71 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The following is a reconciliation of market risk benefits by amounts in an asset position and in a liability position to market risk benefit amounts included in Market risk benefit asset and Market risk benefit reserves, respectively, in the Consolidated Balance Sheets: December 31, 2023 Asset Liability Net Liability (Dollars in thousands) Fixed Index Annuities $ 477,306 $ 3,083,979 $ 2,606,673 Fixed Rate Annuities 2,388 62,575 60,187 Total $ 479,694 $ 3,146,554 $ 2,666,860 December 31, 2022 Asset Liability Net Liability (Dollars in thousands) Fixed Index Annuities $ 226,294 $ 2,414,052 $ 2,187,758 Fixed Rate Annuities 3,577 41,440 37,863 Total $ 229,871 $ 2,455,492 $ 2,225,621 The following table presents the balances and changes in reinsured market risk benefit assets and liabilities associated with fixed index annuities for the years ended December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Fixed Rate Fixed Index Fixed Rate Fixed Index (Dollars in thousands) Balance, beginning of year $ 10,656 $ 593,959 $ — $ 156,931 Write-off related to in-force ceded reinsurance — — 10,091 334,835 Issuances — 146,898 — 36,036 Interest accrual 775 33,503 104 7,598 Attributed fees collected 67 32,036 28 23,745 Benefits payments — — — — Effect of changes in interest rates 1,407 14,700 135 (171,948) Effect of changes in equity markets — (22,775) 118 43,799 Effect of changes in equity index volatility — (18,656) — 34,278 Effect of changes in future expected policyholder behavior (128) 5,855 180 12,598 Effect of changes in other future expected assumptions 5,614 (144,694) — 116,087 Balance, end of year $ 18,391 $ 640,826 $ 10,656 $ 593,959 Net amount at risk (a) $ 75,281 $ 2,853,318 $ 72,350 $ 2,402,964 Weighted average attained age of contract holders (years) 70 70 70 71 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The following is a reconciliation of reinsurance market risk benefits by amounts in an asset position and in liability position to market risk benefit amounts included in Coinsurance deposits and Other liabilities, respectively, in the Consolidated Balance Sheets: December 31, 2023 Asset Liability Net Asset (Dollars in thousands) Fixed Index Annuities $ 820,006 $ 179,180 $ 640,826 Fixed Rate Annuities 18,628 237 18,391 Total $ 838,634 $ 179,417 $ 659,217 December 31, 2022 Asset Liability Net Asset (Dollars in thousands) Fixed Index Annuities $ 629,611 $ 35,652 $ 593,959 Fixed Rate Annuities 11,070 414 10,656 Total $ 640,681 $ 36,066 $ 604,615
Significant Inputs for Fair Value Measurement, Market Risk Benefits	The following tables provides a summary of the significant inputs and assumptions used in the fair value measurements of market risk benefits: December 31, 2023 Fair Value Valuation Significant Inputs Range Weighted (in thousands) Market risk benefits $ 2,666,860 Discounted cash flow Utilization (a) 0.04% - 47.37% 6.55% Ceded market risk benefits 659,217 Option budget (b) 1.85% - 2.75% 2.29% Risk-free interest rate (c) 2.98% - 4.76% 3.35% Nonperformance risk (d) 0.53% - 2.66% 1.98% Mortality (e) 0.01% - 46.00% 3.97% Lapse (f) 0.25% - 40.00% 3.70% December 31, 2022 Fair Value Valuation Significant Inputs Range Weighted (in thousands) Market risk benefits $ 2,225,621 Discounted cash flow Utilization (a) 0.04% - 78.75% 4.24% Ceded market risk benefits 604,615 Option budget (b) 1.65% - 2.50% 2.31% Risk-free interest rate (c) 2.51% - 4.90% 3.31% Nonperformance risk (d) 0.06% - 3.27% 2.59% Mortality (e) 0.01% - 44.00% 3.44% Lapse (f) 0.25% - 40.00% 3.65% (a) The utilization assumption represents the percentage of policyholders who will elect to receive lifetime income benefit payments in a given year. The range and weighted average of this assumption can vary from year to year depending on the characteristics of policies in a given cohort within the range. A decrease (increase) in the utilization assumption used in the fair value of market risk benefits could lead to favorable (unfavorable) changes in the market risk benefits. (b) The option budget assumption represents the expected cost of annual call options we will purchases in the future. An increase (decrease) in the option budget assumption used in the fair value of market risk benefits could lead to favorable (unfavorable) changes in the market risk benefits. (c) The risk-free interest rate assumption impacts the discount rate used in the discounted future cash flow valuation. An increase (decrease) in the risk-free interest rate assumption used in the fair value of market risk benefits could lead to favorable (unfavorable) changes in the market risk benefits. (d) The nonperformance risk assumption impacts the discount rate used in the discounted future cash flow valuation and includes our own credit risk based on the current market credit spreads for debt-like instruments we have issued and are available in the market. Additionally, the nonperformance risk assumption includes the counterparty credit risk used in the fair value measurement of ceded market risk benefits which is determined using the current market credit spreads based on the counterparty credit rating. An increase (decrease) in the nonperformance risk assumption for own credit risk used in the fair value of market risk benefits could lead to favorable (unfavorable) changes in the market risk benefits. An decrease (increase) in the nonperformance risk assumption for counterparty credit risk used in the fair value of ceded market risk benefits could lead to favorable (unfavorable) changes in the ceded market risk benefits. (e) The mortality rate assumptions are set based on a combination of company and industry experience, adjusted for improvement factors. Mortality rates vary by age and by demographic characteristics such as gender. An increase (decrease) in the mortality rate assumptions used in the fair value of market risk benefits could lead to favorable (unfavorable) changes in the market risk benefits. (f) The lapse rate assumptions represent the expected rate of full surrenders which are set based on product type or feature and whether a policy is subject to surrender charges. An increase (decrease) in lapse rate assumptions used in the fair value of market risk benefits could lead to favorable (unfavorable) changes in the market risk benefits.
Policyholder Account Balances	The following table presents the balances and changes in policyholders’ account balances: December 31, 2023 December 31, 2022 Fixed Rate Fixed Index Fixed Rate Fixed Index (Dollars in thousands) Balance, beginning of year $ 6,589,577 $ 53,826,234 $ 6,860,060 $ 55,003,305 Issuances 840,022 7,555,709 159,570 3,001,738 Premiums received 12,472 152,532 4,811 170,493 Policy charges (3,428) (217,523) (6,587) (272,604) Surrenders and withdrawals (1,668,966) (6,122,084) (574,590) (3,945,504) Benefit payments (13,085) (836,507) (11,328) (727,847) Interest credited 163,918 1,096,493 151,762 599,259 Other (6,545) (882) 5,879 (2,606) Balance, end of year $ 5,913,965 $ 55,453,972 $ 6,589,577 $ 53,826,234 Weighted-average crediting rate 2.66 % 2.03 % 2.28 % 1.11 % Net amount at risk (a) $ 266,438 $ 11,721,734 $ 258,826 $ 10,987,198 Cash surrender value 5,571,171 50,983,033 6,208,597 49,551,657 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The following table presents the reconciliation of policyholders’ account balances to policy benefit reserves in the Consolidated Balance Sheets: December 31, 2023 December 31, 2022 (Dollars in thousands) Fixed index annuities policyholder account balances $ 55,453,972 $ 53,826,234 Fixed rate annuities policyholder account balances 5,913,965 6,589,577 Embedded derivative adjustment (b) (818,754) (1,996,640) Liability for future policy benefits 303,200 318,677 Deferred profit liability 22,455 19,223 Other 26,803 24,765 Total $ 60,901,641 $ 58,781,836 (b) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	The following table presents the balance of account values by range of guaranteed minimum crediting rates and the related range of the difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums: December 31, 2023 Range of At guaranteed minimum 1 to 50 51 to 150 Greater than 150 basis points above Total (Dollars in thousands) Fixed Index Annuities 0.00% - 0.50% $ — $ 1,032,438 $ 466,789 $ 1,012,155 $ 2,511,382 0.50% - 1.00% 2,276,625 1,008,139 1,995,206 131,412 5,411,382 1.00% - 1.50% 43,029 8,190 — — 51,219 1.50% - 2.00% 50 — — — 50 2.00% - 2.50% 121,921 68,698 8 — 190,627 2.50% - 3.00% 759,353 — — — 759,353 Greater than 3.00% — — — — — Allocated to index strategies 46,529,959 Total $ 3,200,978 $ 2,117,465 $ 2,462,003 $ 1,143,567 $ 55,453,972 Fixed Rate Annuities 0.00% - 0.50% $ 53 $ — $ — $ — $ 53 0.50% - 1.00% 51,581 172,470 2,813,380 1,417,915 4,455,346 1.00% - 1.50% 430,052 237 — — 430,289 1.50% - 2.00% 352,184 29,378 224,846 217 606,625 2.00% - 2.50% 18,714 23 — — 18,737 2.50% - 3.00% 349,890 6,783 — — 356,673 Greater than 3.00% 46,242 — — — 46,242 Total $ 1,248,716 $ 208,891 $ 3,038,226 $ 1,418,132 $ 5,913,965 December 31, 2022 Range of At guaranteed minimum 1 to 50 51 to 150 Greater than 150 basis points above Total (Dollars in thousands) Fixed Index Annuities 0.00% - 0.50% $ — $ 462,356 $ 407,426 $ 314,929 $ 1,184,711 0.50% - 1.00% 2,421,795 1,098,332 2,258,992 77,901 5,857,020 1.00% - 1.50% 51,586 9,391 — — 60,977 1.50% - 2.00% 57 — — — 57 2.00% - 2.50% 133,059 100,205 8 — 233,272 2.50% - 3.00% 939,684 — — — 939,684 Greater than 3.00% — — — — — Allocated to index strategies 45,550,513 Total $ 3,546,181 $ 1,670,284 $ 2,666,426 $ 392,830 $ 53,826,234 Fixed Rate Annuities 0.00% - 0.50% $ 61 $ — $ — $ — $ 61 0.50% - 1.00% 55,458 203,523 4,000,203 701,836 4,961,020 1.00% - 1.50% 454,728 231 — — 454,959 1.50% - 2.00% 281,694 96,767 277,053 189 655,703 2.00% - 2.50% 21,887 22 — — 21,909 2.50% - 3.00% 434,042 7,417 — — 441,459 Greater than 3.00% 54,466 — — — 54,466 Total $ 1,302,336 $ 307,960 $ 4,277,256 $ 702,025 $ 6,589,577

Reinsurance and Policy Provis_2

Reinsurance and Policy Provisions (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 (Dollars in thousands) Consolidated Statements of Operations Annuity product charges $ 82,554 $ 49,093 $ 20,351 Change in fair value of derivatives 71,566 (184,388) 140,641 $ 154,120 $ (135,295) $ 160,992 Interest sensitive and index product benefits $ 178,803 $ 103,542 $ 303,035 Market risk benefits (gains) losses 36,450 406,141 28,884 Change in fair value of embedded derivatives 34,310 81,907 (76,915) Other operating costs and expenses 16,653 18,318 16,440 $ 266,216 $ 609,908 $ 271,444 Consolidated Statements of Cash Flows Annuity deposits $ (2,204,329) $ (982,176) $ (424,819) Cash payments to policyholders 1,752,951 1,029,667 984,260 $ (451,378) $ 47,491 $ 559,441

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 (Dollars in thousands) Consolidated statements of operations: Current income taxes $ 16,998 $ 20,209 $ 332 Deferred income taxes 68,135 490,926 149,431 Total income tax expense included in consolidated statements of operations 85,133 511,135 149,763 Stockholders' equity: Expense (benefit) relating to: Changes in other comprehensive income 203,640 (1,843,635) 207,353 Total income tax expense included in consolidated financial statements $ 288,773 $ (1,332,500) $ 357,116
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, 2023, 2022, and 2021 as follows: Year Ended December 31, 2023 2022 2021 (Dollars in thousands) Income before income taxes $ 297,052 $ 2,431,712 $ 702,786 Income tax expense on income before income taxes $ 62,381 $ 510,660 $ 147,585 Tax effect of: State income taxes 2,570 2,564 5,239 Tax exempt net investment income (632) (4,065) (4,715) Non-deductible compensation 20,393 1,182 1,062 Other 421 794 592 Income tax expense $ 85,133 $ 511,135 $ 149,763 Effective tax rate 28.7 % 21.0 % 21.3 %
Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2023 and 2022, are as follows: December 31, 2023 2022 (Dollars in thousands) Deferred income tax assets: Net unrealized losses on available for sale fixed maturity securities $ 788,236 $ 1,063,441 Investment income items 425,940 — Amounts due reinsurer 1,208,471 1,030,759 Other policyholder funds — 358 Deferred compensation 1,521 3,866 Share-based compensation 2,828 422 Net operating loss carryforwards 106,502 50,913 Capital loss carryforwards 38,916 — Other 15,835 71,417 Gross deferred tax assets 2,588,249 2,221,176 Deferred income tax liabilities: Deferred policy acquisition costs and deferred sales inducements (1,095,569) (976,103) Derivative instruments (217,220) (145,785) Policy benefit reserves (1,114,394) (612,454) Investment income items — (28,778) Other (8,414) (19,622) Gross deferred tax liabilities (2,435,597) (1,782,742) Net deferred income tax asset $ 152,652 $ 438,434

Notes and Loan Payable (Tables)

Notes and Loan Payable (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Notes and Loan Payable	Notes and loan payable includes the following: December 31, 2023 2022 (Dollars in thousands) Senior notes due 2027 Principal $ 500,000 $ 500,000 Unamortized debt issue costs (2,353) (2,960) Unamortized discount (142) (178) Term loan due 2027 Original Principal 300,000 300,000 Principal paydown (11,250) (3,750) Unamortized debt issue costs (812) (1,039) $ 785,443 $ 792,073

Subordinated Debentures (Tables

Subordinated Debentures (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022: December 31, 2023 2022 Interest Rate Due Date (Dollars in thousands) American Equity Capital Trust II $ 79,107 $ 78,753 5% June 1, 2047

Retirement and Share-based Co_2

Retirement and Share-based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 (Dollars in thousands) ESOP $ 5,438 $ 4,152 $ 3,377 Employee Incentive Plans 39,234 14,454 22,886 Director Equity Plans 1,231 1,053 1,262 $ 45,903 $ 19,659 $ 27,525
Changes in Stock Options Outstanding	Changes in the number of stock options granted to employees outstanding during the years ended December 31, 2023, 2022 and 2021 are as follows: Number of Weighted-Average Total (Dollars in thousands, except per share data) Outstanding at January 1, 2021 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 Granted — — — Canceled (4,864) 28.37 (138) Exercised (1,090,419) 28.42 (30,990) Outstanding at December 31, 2023 691,511 27.79 $ 19,219
Schedule of Stock Options Outstanding, By Exercise Price Range	The following table summarizes information about stock options outstanding at December 31, 2023: Stock Options Outstanding Stock Options Vested Range of Exercise Prices Number of Remaining Weighted-Average Number of Remaining Weighted-Average $21.89 - $26.72 234,148 6.79 $ 26.41 184,148 6.99 $ 26.34 $27.05 - $32.35 457,363 7.14 28.50 355,736 7.12 28.61 $21.89 - $32.35 691,511 7.02 27.79 539,884 7.07 27.83

Statutory Financial Informati_2

Statutory Financial Information and Dividend Restrictions (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 (Dollars in thousands) American Equity Life $ (93,007) $ 151,857 $ (863,818) Statutory capital and surplus for our primary life insurance subsidiary was as follows: December 31, 2023 2022 (Dollars in thousands) American Equity Life $ 3,730,940 $ 3,692,602

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 (dollars in thousands): Year Ending December 31: 2024 $ 4,155 2025 4,037 2026 3,590 2027 2,014 2028 2,125 2029 and thereafter 8,888

Earnings Per Common Share and_2

Earnings Per Common Share and Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 (Dollars in thousands, except per share data) Numerator: Net income available to common stockholders - numerator for earnings per common share $ 166,855 $ 1,876,544 $ 509,348 Denominator : Weighted average common shares outstanding 79,476,080 90,558,121 93,860,378 Effect of dilutive securities: Stock options and deferred compensation agreements 546,204 523,248 271,422 Restricted stock and restricted stock units 929,986 456,759 359,359 Denominator for earnings per common share - assuming dilution 80,952,270 91,538,128 94,491,159 Earnings per common share $ 2.10 $ 20.72 $ 5.43 Earnings per common share - assuming dilution $ 2.06 $ 20.50 $ 5.39

Significant Accounting Polici_4

Significant Accounting Policies (Narrative) (Details) - states	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of states in which entity is licensed to sell insurance products	50
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
Investment maturity period	3 months
Maximum
Interest crediting rate, range for fixed index annuities and other deferred annuity products	5.65%	5.65%	5.65%
Maximum | Other Invested Assets
Investment maturity period	12 months
Maximum | Cash and Cash Equivalents
Investment maturity period	3 months

Significant Accounting Polici_5

Significant Accounting Policies (Annuity Deposits (Net of Coinsurance), By Product Type) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) NMOs	Dec. 31, 2022 USD ($) NMOs	Dec. 31, 2021 USD ($) NMOs
Product Information [Line Items]
Fixed index annuities	$ 5,041,981	$ 2,202,688	$ 3,026,211
Annual reset fixed rate annuities	4,898	5,535	6,000
Multi-year fixed rate annuities	176,415	139,092	2,452,994
Single premium immediate annuities (SPIA)	1,224	18,935	59,816
Annuity deposits, net of coinsurance	$ 5,224,518	$ 2,366,250	$ 5,545,021
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	4	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	16%	22%	14%
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	13%	16%	11%
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	12%	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	11%	10%

Significant Accounting Polici_6

Significant Accounting Policies (Schedule of Long-Duration Contracts) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021	Dec. 31, 2020
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Liability for future policy benefits, adjustment	$ 303,200	$ 318,677		$ 402,305
Market risk benefits, after increase (decrease) from instrument-specific credit risk	2,666,860	2,225,621
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs	3,070,280	2,773,643	[1]	3,062,204
Movement in Deferred Sales Inducements [Roll Forward]
Deferred sales inducements	2,367,224	2,045,683	[1]	$ 2,119,962
Retained earnings	4,852,448	4,685,593	[1]
Accumulated other comprehensive loss	$ (2,979,657)	$ (3,746,230)	[1]
Cumulative Effect, Period of Adoption, Adjustment
Movement in Deferred Sales Inducements [Roll Forward]
Retained earnings					$ 7,200
Accumulated other comprehensive loss					1,800,000
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Liability for future policy benefits, adjustment					408,750
Market Risk Benefit Liability
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Market risk benefits, after increase (decrease) from instrument-specific credit risk					2,225,484
Ceded Market Risk Benefit (a)
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Market risk benefits, after increase (decrease) from instrument-specific credit risk					89,338
Fixed Index Annuities and Fixed Rate Annuities
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs					3,408,505
Movement in Deferred Sales Inducements [Roll Forward]
Deferred sales inducements					2,216,685
As Reported | Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Liability for future policy benefits, adjustment					337,467
As Reported | Market Risk Benefit Liability
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Market risk benefits, after increase (decrease) from instrument-specific credit risk					2,547,231
As Reported | Ceded Market Risk Benefit (a)
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Market risk benefits, after increase (decrease) from instrument-specific credit risk					62,108
As Reported | Fixed Index Annuities and Fixed Rate Annuities
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs					2,225,199
Movement in Deferred Sales Inducements [Roll Forward]
Deferred sales inducements					1,448,375
Adjustment to opening retained earnings for expected future policy benefits | Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Liability for future policy benefits, adjustment					2,566
Adjustment for the effect of remeasurement of liability at current single A rate | Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Liability for future policy benefits, adjustment					68,717
Adjustment for the removal of shadow adjustments | Market Risk Benefit Liability
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Market risk benefits, after increase (decrease) from instrument-specific credit risk					(584,636)
Adjustment for the cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date | Market Risk Benefit Liability
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Market risk benefits, after increase (decrease) from instrument-specific credit risk					229,108
Adjustment for the remaining difference between previous carrying amount and fair value measurement for the MRB, exclusive of the instrument specific credit risk | Market Risk Benefit Liability
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Market risk benefits, after increase (decrease) from instrument-specific credit risk					33,781
Adjustment for the remaining difference between previous carrying amount and fair value measurement for the MRB, exclusive of the instrument specific credit risk | Ceded Market Risk Benefit (a)
Liability for Future Policy Benefits for Payout Annuity With Life Contingency
Market risk benefits, after increase (decrease) from instrument-specific credit risk					27,230
Adjustments for the removal of shadow adjustments | Fixed Index Annuities and Fixed Rate Annuities
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs					1,183,306
Movement in Deferred Sales Inducements [Roll Forward]
Deferred sales inducements					$ 768,310
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Significant Accounting Polici_7

Significant Accounting Policies (Agreement and Plan of Merger) (Details) - Forecast - Brookfield Reinsurance Ltd.	Dec. 31, 2024 $ / shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Business acquisition, share price (in dollars per share)	$ 38.85
Business combination, weighted average share price, exchange ratio adjustment, duration	10 days
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Business acquisition, total consideration, share price (in dollars per share)	$ 54
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Business acquisition, total consideration, share price (in dollars per share)	$ 56.50

Fair Values of Financial Inst_3

Fair Values of Financial Instruments (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) limitedPartnershipFund entity	Dec. 31, 2022 USD ($) limitedPartnershipFund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Coinsurance deposits	$ 14,582,728	$ 13,254,956	[1]
Fixed Index Annuities - Embedded Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Coinsurance deposits	$ 1,182,600	$ 1,173,400
Limited partnership funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Limited partnerships and limited liability companies, number of consolidated limited partnership funds measured using NAV as practical expedient | limitedPartnershipFund	1	2
Limited partnerships and limited liability companies, number of consolidated limited partnership funds that terminated and liquidated during the period | limitedPartnershipFund	1
Unfunded commitments	$ 180,900	$ 926,300
Significant Unobservable Inputs (Level 3) | Real estate investments | Fair Value, Measurements, Recurring | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash flow modeling period	10 years
Significant Unobservable Inputs (Level 3) | Limited partnerships and limited liability companies | Fair Value, Measurements, Recurring | 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 | entity	2
Discount Rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, sensitivity, discount rate adjustment (basis points)	0.0100
Fixed index annuities embedded derivative, adjustment due to change in discount rate	$ (364,700)
Discount Rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, sensitivity, discount rate adjustment (basis points)	0.0100
Fixed index annuities embedded derivative, adjustment due to change in discount rate	$ 419,700
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

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, 2023	Dec. 31, 2022
Assets
Derivative instruments	$ 1,207,288	$ 431,727	[1]
Other investments	2,277,822	1,817,085	[1]
Coinsurance deposits	14,582,728	13,254,956	[1]
Market risk benefits	479,694	229,871	[1]
Liabilities
Policy benefit reserves	303,200	318,677
Market risk benefits	3,146,554	2,455,492	[1]
Other policy funds - FHLB	0
Carrying Amount
Assets
Fixed maturity securities, available for sale	34,780,482	39,804,617
Mortgage loans on real estate	7,537,594	6,949,027
Real estate investments	1,334,247	1,056,063
Limited partnerships and limited liability companies	506,685	684,835
Derivative instruments	1,207,288	431,727
Other investments	2,277,822	1,817,085
Cash and cash equivalents	9,772,586	1,919,669
Coinsurance deposits	14,582,728	13,254,956
Market risk benefits	479,694	229,871
Liabilities
Policy benefit reserves	60,549,922	58,419,911
Market risk benefits	3,146,554	2,455,492
Single premium immediate annuity (SPIA) benefit reserves	188,301	212,119
Other policy funds - FHLB	0	300,000
Notes and loan payable	785,443	792,073
Subordinated debentures	79,107	78,753
Fair Value
Assets
Fixed maturity securities, available for sale	34,780,482	39,804,617
Mortgage loans on real estate	7,047,993	6,502,463
Real estate investments	1,336,247	1,056,063
Limited partnerships and limited liability companies	506,685	684,835
Derivative instruments	1,207,288	431,727
Other investments	2,277,822	1,817,085
Cash and cash equivalents	9,772,586	1,919,669
Coinsurance deposits	13,570,942	12,640,797
Market risk benefits	479,694	229,871
Liabilities
Policy benefit reserves	56,366,631	55,572,896
Market risk benefits	3,146,554	2,455,492
Single premium immediate annuity (SPIA) benefit reserves	196,720	221,130
Other policy funds - FHLB	0	300,000
Notes and loan payable	770,570	774,220
Subordinated debentures	$ 86,254	$ 87,293
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

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, 2023	Dec. 31, 2022
Assets
Derivative instruments	$ 1,207,288	$ 431,727	[1]
Market risk benefits	479,694	229,871	[1]
Liabilities
Market risk benefits	3,146,554	2,455,492	[1]
Fair Value, Measurements, Recurring
Assets
Real estate investments	1,217,271	940,559
Limited partnerships and limited liability companies	506,685	684,835
Derivative instruments	1,207,288	431,727
Cash and cash equivalents	9,772,586	1,919,669
Market risk benefits	479,694	229,871
Assets	49,759,517	45,024,575
Liabilities
Market risk benefits	3,146,554	2,455,492
Liabilities	8,071,672	6,834,473
Fair Value, Measurements, Recurring | Funds Withheld Liability - Embedded Derivative
Liabilities
Derivative liabilities	(256,776)	(441,864)
Fair Value, Measurements, Recurring | Fixed Index Annuities - Embedded Derivatives
Liabilities
Derivative liabilities	5,181,894	4,820,845
Fair Value, Measurements, Recurring | U.S. Government and agencies
Assets
Investments	171,141	169,071
Fair Value, Measurements, Recurring | States, municipalities and territories
Assets
Investments	3,098,940	3,822,982
Fair Value, Measurements, Recurring | Foreign corporate securities and foreign governments
Assets
Investments	493,739	676,852
Fair Value, Measurements, Recurring | Corporate securities
Assets
Investments	20,603,416	24,161,921
Fair Value, Measurements, Recurring | Residential mortgage backed securities
Assets
Investments	1,402,501	1,377,611
Fair Value, Measurements, Recurring | Commercial mortgage backed securities
Assets
Investments	2,952,547	3,687,478
Fair Value, Measurements, Recurring | Other asset backed securities
Assets
Investments	6,058,198	5,908,702
Fair Value, Measurements, Recurring | Other investments
Assets
Investments	1,795,511	1,013,297
Fair Value, Measurements, Recurring | NAV
Assets
Real estate investments	0	0
Limited partnerships and limited liability companies	353,554	620,626
Derivative instruments	0	0
Cash and cash equivalents	0	0
Market risk benefits	0	0
Assets	353,554	620,626
Liabilities
Market risk benefits	0	0
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	9,772,586	1,919,669
Market risk benefits	0	0
Assets	10,675,775	2,344,133
Liabilities
Market risk benefits	0	0
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	27,593	26,184
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	0
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	875,596	398,280
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	1,207,288	431,727
Cash and cash equivalents	0	0
Market risk benefits	0	0
Assets	34,811,464	39,979,911
Liabilities
Market risk benefits	0	0
Liabilities	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Funds Withheld Liability - Embedded Derivative
Liabilities
Derivative liabilities	0	0
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	143,548	142,887
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | States, municipalities and territories
Assets
Investments	2,876,723	3,822,982
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign corporate securities and foreign governments
Assets
Investments	493,739	676,852
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate securities
Assets
Investments	20,347,979	23,759,573
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Residential mortgage backed securities
Assets
Investments	1,402,501	1,377,611
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commercial mortgage backed securities
Assets
Investments	2,952,547	3,687,478
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other asset backed securities
Assets
Investments	4,467,224	5,465,784
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other investments
Assets
Investments	919,915	615,017
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Real estate investments	1,217,271	940,559
Limited partnerships and limited liability companies	153,131	64,209
Derivative instruments	0	0
Cash and cash equivalents	0	0
Market risk benefits	479,694	229,871
Assets	3,918,724	2,079,905
Liabilities
Market risk benefits	3,146,554	2,455,492
Liabilities	8,071,672	6,834,473
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Funds Withheld Liability - Embedded Derivative
Liabilities
Derivative liabilities	(256,776)	(441,864)
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fixed Index Annuities - Embedded Derivatives
Liabilities
Derivative liabilities	5,181,894	4,820,845
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	222,217	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	255,437	402,348
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	1,590,974	442,918
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Other investments
Assets
Investments	$ 0	$ 0
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Fair Values of Financial Inst_6

Fair Values of Financial Instruments (Reconciliation of Beginning and Ending Balances of Level 3 Assets and Liabilities) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
States, municipalities and territories
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 0
Purchases and sales, net	0	0
Transfers in	203,757	0
Transfers out	(2,001)	0
Included in net income	0	0
Included in other comprehensive income (loss)	20,461	0
Ending balance	222,217	0
Corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	402,348	0
Purchases and sales, net	(45,187)	2,233
Transfers in	82,866	391,702
Transfers out	(172,174)	0
Included in net income	0	0
Included in other comprehensive income (loss)	(12,416)	8,413
Ending balance	255,437	402,348
Other asset backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	442,918	0
Purchases and sales, net	1,071,824	296,800
Transfers in	160,160	153,669
Transfers out	(20,817)	0
Included in net income	0	0
Included in other comprehensive income (loss)	(63,111)	(7,551)
Ending balance	1,590,974	442,918
Other investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	6,349
Transfers in	9,821	0
Transfers out	(23,244)	(3,867)
Included in net income	0	(2,482)
Included in other comprehensive income (loss)	13,423	0
Ending balance	0	0
Real estate investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	940,559	337,939
Purchases and sales, net	313,235	602,298
Included in net income	(36,523)	322
Ending balance	1,217,271	940,559
Limited partnerships and limited liability companies
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	64,209	0
Purchases and sales, net	99,963	57,574
Included in net income	(11,041)	6,635
Ending balance	153,131	64,209
Funds Withheld Liability - Embedded Derivative
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	(441,864)	0
Transfers in	0	(441,864)
Change in fair value, net	185,088	0
Ending balance	(256,776)	(441,864)
Fixed Index Annuities - Embedded Derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	4,820,845	7,964,961
Premiums less benefits	(177,559)	(125,940)
Change in fair value, net	538,608	(2,561,676)
Reserve release related to in-force ceded reinsurance	0	(456,500)
Ending balance	$ 5,181,894	$ 4,820,845

Fair Values of Financial Inst_7

Fair Values of Financial Instruments (Quantitative Information About Level 3 Fair Value Measurements) (Details) - Fair Value, Measurements, Recurring $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments	$ 1,217,271	$ 940,559
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments	1,217,271	940,559
Real estate investments | Significant Unobservable Inputs (Level 3) | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments		$ 940,559
Real estate investments | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments, measurement input		6%
Real estate investments | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Minimum | Residual Capitalization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments, measurement input		4.75%
Real estate investments | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments, measurement input		8%
Real estate investments | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Maximum | Residual Capitalization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments, measurement input		6.50%
Real estate investments | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments, measurement input		6.91%
Real estate investments | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Weighted Average | Residual Capitalization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments, measurement input		5.44%
Real estate investments | Significant Unobservable Inputs (Level 3) | Broker price opinion
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate investments	1,217,271
Limited Partnerships and Limited Liability Companies, Real Estate | Significant Unobservable Inputs (Level 3) | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Limited partnerships and limited liability companies	$ 46,705	$ 64,209
Limited Partnerships and Limited Liability Companies, Real Estate | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Limited partnerships and limited liability companies, measurement input	6.50%	5.75%
Limited Partnerships and Limited Liability Companies, Real Estate | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Minimum | Residual Capitalization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Limited partnerships and limited liability companies, measurement input	5.25%	4.25%
Limited Partnerships and Limited Liability Companies, Real Estate | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Limited partnerships and limited liability companies, measurement input	6.75%	6%
Limited Partnerships and Limited Liability Companies, Real Estate | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Maximum | Residual Capitalization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Limited partnerships and limited liability companies, measurement input	5.25%	4.75%
Limited Partnerships and Limited Liability Companies, Real Estate | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Limited partnerships and limited liability companies, measurement input	6.61%	5.86%
Limited Partnerships and Limited Liability Companies, Real Estate | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Weighted Average | Residual Capitalization Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Limited partnerships and limited liability companies, measurement input	5.25%	4.46%
Limited Partnerships and Limited Liability Companies, Infrastructure | Significant Unobservable Inputs (Level 3) | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Limited partnerships and limited liability companies	$ 106,426
Limited Partnerships and Limited Liability Companies, Infrastructure | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Limited partnerships and limited liability companies, measurement input	11%
Limited Partnerships and Limited Liability Companies, Infrastructure | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Limited partnerships and limited liability companies, measurement input	11%
Limited Partnerships and Limited Liability Companies, Infrastructure | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Limited partnerships and limited liability companies, measurement input	11%
Corporate securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	$ 20,603,416	$ 24,161,921
Corporate securities | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	255,437	402,348
Corporate securities | Significant Unobservable Inputs (Level 3) | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	$ 83,666	$ 84,674
Unobservable liquidity premium, basis points	0.0020	0.0020
Other asset backed securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	$ 6,058,198	$ 5,908,702
Other asset backed securities | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	1,590,974	442,918
Other asset backed securities | Significant Unobservable Inputs (Level 3) | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	$ 591,992	$ 296,800
Other asset backed securities | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	0.0526	0.0404
Other asset backed securities | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Minimum | Weighted Average Lives
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, weighted average lives	1 year 1 month 20 days	8 years 9 months 14 days
Other asset backed securities | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	0.2500	0.2858
Other asset backed securities | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Maximum | Weighted Average Lives
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, weighted average lives	12 years 1 month 2 days	12 years 5 months 23 days
Other asset backed securities | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, measurement input	0.0692	0.0436
Other asset backed securities | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Weighted Average | Weighted Average Lives
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, weighted average lives	5 years 8 months 8 days	9 years 3 months 14 days

Fair Values of Financial Inst_8

Fair Values of Financial Instruments (Other Investments Not Measured at Fair Value on a Recurring Basis) (Details) - Fair Value, Nonrecurring - Fair Value Inputs, Level 2 - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
FHLB common stock (1)	$ 10,000	$ 22,000
Short-term loans (2)	0	316,417
Collateral loans (3)	64,594	64,594
Company owned life insurance ("COLI") (4)	$ 404,598	$ 397,683

Fair Values of Financial Inst_9

Fair Values of Financial Instruments (Assumptions Used in Estimating Fair Value) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Expected cost of annual call options	2.35%	2.40%
Fixed Index Annuities | Minimum | Contract Duration (Years), 1-5
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	1 year	1 year
Fixed Index Annuities | Minimum | Contract Duration (Years), 6-10
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	6 years	6 years
Fixed Index Annuities | Minimum | Contract Duration (Years), 11-15
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	11 years	11 years
Fixed Index Annuities | Minimum | Contract Duration (Years), 16-20
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	16 years	16 years
Fixed Index Annuities | Minimum | Contract Duration (Years), 20 or More
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	20 years	20 years
Fixed Index Annuities | Maximum | Contract Duration (Years), 1-5
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	5 years	5 years
Fixed Index Annuities | Maximum | Contract Duration (Years), 6-10
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	10 years	10 years
Fixed Index Annuities | Maximum | Contract Duration (Years), 11-15
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	15 years	15 years
Fixed Index Annuities | Maximum | Contract Duration (Years), 16-20
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Contract duration (years)	20 years	20 years
Fixed Index Annuities | Average | Contract Duration (Years), 1-5
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	1.96%	2.17%
Fixed Index Annuities | Average | Contract Duration (Years), 6-10
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	3.71%	3.28%
Fixed Index Annuities | Average | Contract Duration (Years), 11-15
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	3.71%	3.63%
Fixed Index Annuities | Average | Contract Duration (Years), 16-20
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	8.97%	8.55%
Fixed Index Annuities | Average | Contract Duration (Years), 20 or More
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
Average lapse rates	4.91%	4.90%

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)
Investments [Abstract]
Percentage of fixed maturity portfolio rated investment grade based on NAIC designations	98%	98%
Number of securities in unrealized loss position | security	3,639	4,510
Percentage of unrealized losses on fixed maturity securities where securities are rated investment grade	97%	98%
Proceeds from sales of available for sale fixed maturity securities	$ 9,300,000	$ 7,800,000	$ 800,000
Principal repayments, calls and tenders of available for sale fixed maturity securities	2,100,000	2,800,000	$ 3,700,000
Cash and invested assets on deposit with state agencies to meet regulatory requirements	52,400,000	51,000,000
Fair value, concentration of risk, investments	$ 0	$ 0

Investments (Schedule of Fixed

Investments (Schedule of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	$ 38,537,462	$ 44,866,019
Fixed maturity securities, available for sale, gross unrealized gains	237,889	225,792
Fixed maturity securities, available for sale, gross unrealized losses	(3,990,839)	(5,283,847)
Fixed maturity securities, available for sale, allowance for credit losses	(4,030)	(3,347)		$ (2,846)
Fair value	34,780,482	39,804,617	[1]
Accrued interest receivable	$ 360,900	425,400
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Accrued investment income (2023 and 2022 include $2,862 and $3,444 related to consolidated variable interest entities)
U.S. Government and agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	$ 172,683	173,638
Fixed maturity securities, available for sale, gross unrealized gains	606	70
Fixed maturity securities, available for sale, gross unrealized losses	(2,148)	(4,637)
Fixed maturity securities, available for sale, allowance for credit losses	0	0
Fair value	171,141	169,071
States, municipalities and territories
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	3,654,571	4,356,251
Fixed maturity securities, available for sale, gross unrealized gains	17,477	41,565
Fixed maturity securities, available for sale, gross unrealized losses	(573,108)	(574,834)
Fixed maturity securities, available for sale, allowance for credit losses	0	0		(2,776)
Fair value	3,098,940	3,822,982
Foreign corporate securities and foreign governments
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	563,890	748,770
Fixed maturity securities, available for sale, gross unrealized gains	1,669	11,661
Fixed maturity securities, available for sale, gross unrealized losses	(71,820)	(83,579)
Fixed maturity securities, available for sale, allowance for credit losses	0	0
Fair value	493,739	676,852
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	23,036,862	27,706,440
Fixed maturity securities, available for sale, gross unrealized gains	175,014	146,065
Fixed maturity securities, available for sale, gross unrealized losses	(2,605,048)	(3,687,370)
Fixed maturity securities, available for sale, allowance for credit losses	(3,412)	(3,214)		0
Fair value	20,603,416	24,161,921
Residential mortgage backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	1,503,639	1,492,242
Fixed maturity securities, available for sale, gross unrealized gains	11,598	11,870
Fixed maturity securities, available for sale, gross unrealized losses	(112,736)	(126,368)
Fixed maturity securities, available for sale, allowance for credit losses	0	(133)		(70)
Fair value	1,402,501	1,377,611
Commercial mortgage backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	3,405,647	4,098,755
Fixed maturity securities, available for sale, gross unrealized gains	995	493
Fixed maturity securities, available for sale, gross unrealized losses	(454,095)	(411,770)
Fixed maturity securities, available for sale, allowance for credit losses	0	0
Fair value	2,952,547	3,687,478
Other asset backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available for sale, amortized cost	6,200,170	6,289,923
Fixed maturity securities, available for sale, gross unrealized gains	30,530	14,068
Fixed maturity securities, available for sale, gross unrealized losses	(171,884)	(395,289)
Fixed maturity securities, available for sale, allowance for credit losses	(618)	0		$ 0
Fair value	$ 6,058,198	$ 5,908,702
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Investments (Fixed Maturity Sec

Investments (Fixed Maturity Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Fixed maturity securities, available for sale, due in one year or less, amortized cost	$ 1,371,424
Fixed maturity securities, available for sale, due after one year through five years, amortized cost	4,924,030
Fixed maturity securities, available for sale, due after five years through ten years, amortized cost	4,686,405
Fixed maturity securities, available for sale, due after ten years through twenty years, amortized cost	7,569,350
Fixed maturity securities, available for sale, due after twenty years, amortized cost	8,876,797
Fixed maturity securities, available for sale, securities with a single maturity date, amortized cost	27,428,006
Amortized cost	38,537,462	$ 44,866,019
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fixed maturity securities, available for sale, due in one year or less, fair value	1,368,322
Fixed maturity securities, available for sale, due after one year through five years, fair value	4,787,802
Fixed maturity securities, available for sale, due after five years through ten years, fair value	4,325,294
Fixed maturity securities, available for sale, due after ten years through twenty years, fair value	6,754,603
Fixed maturity securities, available for sale, due after twenty years, fair value	7,131,215
Fixed maturity securities, available for sale, securities with a single maturity date, fair value	24,367,236
Fair value	34,780,482	39,804,617	[1]
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	1,503,639
Amortized cost	1,503,639	1,492,242
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fixed maturity securities, available for sale, securities without a single maturity date, fair value	1,402,501
Fair value	1,402,501	1,377,611
Commercial mortgage backed securities
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Fixed maturity securities, available for sale, securities without a single maturity date, amortized cost	3,405,647
Amortized cost	3,405,647	4,098,755
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fixed maturity securities, available for sale, securities without a single maturity date, fair value	2,952,547
Fair value	2,952,547	3,687,478
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	6,200,170
Amortized cost	6,200,170	6,289,923
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fixed maturity securities, available for sale, securities without a single maturity date, fair value	6,058,198
Fair value	$ 6,058,198	$ 5,908,702
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

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, 2023	Dec. 31, 2022
Investments [Abstract]
Net unrealized losses on investments	$ (3,755,689)	$ (5,065,422)
Deferred income tax valuation allowance reversal	22,534	22,534
Deferred income tax expense	788,236	1,063,441
Net unrealized losses reported as accumulated other comprehensive loss	$ (2,944,919)	$ (3,979,447)

Investments (Credit Quality of

Investments (Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 38,537,462	$ 44,866,019
Fair value	34,780,482	39,804,617	[1]
NAIC, Class 1 Designation
Debt Securities, Available-for-sale [Line Items]
Amortized cost	22,493,843	27,061,903
Fair value	20,209,842	24,211,086
NAIC, Class 2 Designation
Debt Securities, Available-for-sale [Line Items]
Amortized cost	14,910,687	17,023,157
Fair value	13,529,169	14,944,131
NAIC, Class 3 Designation
Debt Securities, Available-for-sale [Line Items]
Amortized cost	583,131	595,193
Fair value	527,556	510,392
NAIC, Class 4 Designation
Debt Securities, Available-for-sale [Line Items]
Amortized cost	201,610	109,409
Fair value	168,191	91,495
NAIC, Class 5 Designation
Debt Securities, Available-for-sale [Line Items]
Amortized cost	88,581	61,721
Fair value	68,538	36,738
NAIC, Class 6 Designation
Debt Securities, Available-for-sale [Line Items]
Amortized cost	9,400	14,636
Fair value	10,132	10,775
Fixed Maturities, NAIC Rated Securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	38,287,252	44,866,019
Fair value	34,513,428	$ 39,804,617
Fixed Maturities, Residual Tranche Securities, Not Rated
Debt Securities, Available-for-sale [Line Items]
Amortized cost	250,210
Fair value	$ 267,054
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Investments (Gross Unrealized L

Investments (Gross Unrealized Losses on Investments, By Category and Length of Time) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	$ 5,327,830	$ 28,557,796
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(389,277)	(4,403,539)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	22,724,213	4,221,422
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(3,601,562)	(880,308)
Available for sale, continuous unrealized loss position, total, fair value	28,052,043	32,779,218
Available for sale, continuous unrealized loss position, total, unrealized losses	(3,990,839)	(5,283,847)
Fixed maturity securities, available for sale, allowance for credit losses	4,030	3,347	$ 2,846
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	55,087	160,201
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(279)	(4,512)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	47,639	908
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(1,869)	(125)
Available for sale, continuous unrealized loss position, total, fair value	102,726	161,109
Available for sale, continuous unrealized loss position, total, unrealized losses	(2,148)	(4,637)
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	451,091	2,595,122
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(44,832)	(537,313)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	2,290,704	95,184
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(528,276)	(37,521)
Available for sale, continuous unrealized loss position, total, fair value	2,741,795	2,690,306
Available for sale, continuous unrealized loss position, total, unrealized losses	(573,108)	(574,834)
Fixed maturity securities, available for sale, allowance for credit losses	0	0	2,776
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	1,555	522,826
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(195)	(76,957)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	427,021	21,816
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(71,625)	(6,622)
Available for sale, continuous unrealized loss position, total, fair value	428,576	544,642
Available for sale, continuous unrealized loss position, total, unrealized losses	(71,820)	(83,579)
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	3,275,031	18,784,181
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(237,744)	(3,218,323)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	13,625,542	1,411,177
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(2,367,304)	(469,047)
Available for sale, continuous unrealized loss position, total, fair value	16,900,573	20,195,358
Available for sale, continuous unrealized loss position, total, unrealized losses	(2,605,048)	(3,687,370)
Fixed maturity securities, available for sale, allowance for credit losses	3,412	3,214	0
Residential mortgage backed securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	145,093	992,783
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(7,614)	(101,100)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	858,821	116,388
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(105,122)	(25,268)
Available for sale, continuous unrealized loss position, total, fair value	1,003,914	1,109,171
Available for sale, continuous unrealized loss position, total, unrealized losses	(112,736)	(126,368)
Fixed maturity securities, available for sale, allowance for credit losses	0	133	70
Commercial mortgage backed securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	431,947	2,941,293
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(69,007)	(302,513)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	2,416,868	651,923
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(385,088)	(109,257)
Available for sale, continuous unrealized loss position, total, fair value	2,848,815	3,593,216
Available for sale, continuous unrealized loss position, total, unrealized losses	(454,095)	(411,770)
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	968,026	2,561,390
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(29,606)	(162,821)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	3,057,618	1,924,026
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(142,278)	(232,468)
Available for sale, continuous unrealized loss position, total, fair value	4,025,644	4,485,416
Available for sale, continuous unrealized loss position, total, unrealized losses	(171,884)	(395,289)
Fixed maturity securities, available for sale, allowance for credit losses	$ 618	$ 0	$ 0

Investments (Changes in Net Unr

Investments (Changes in Net Unrealized Gains/Losses on Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments [Abstract]
Fixed maturity securities available for sale carried at fair value	$ 1,309,733	$ (9,375,028)	$ (987,434)
Adjustment for effect on other balance sheet accounts:
Deferred income tax asset/liability	(275,205)	1,968,488	207,361
Total adjustment for effect on other balance sheet accounts	(275,205)	1,968,488	207,361
Change in net unrealized gains/losses on investments carried at fair value	$ 1,034,528	$ (7,406,540)	$ (780,073)

Investments (Components of Net

Investments (Components of Net Investment Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Net Investment Income [Line Items]
Investment income, gross	$ 2,415,942	$ 2,453,929		$ 2,101,892
Less: investment expenses	(143,144)	(146,466)		(64,417)
Net investment income	2,272,798	2,307,463	[1]	2,037,475	[1]
Fixed Maturity Securities, Available For Sale
Net Investment Income [Line Items]
Investment income, gross	1,653,897	1,849,915		1,772,675
Real estate investments
Net Investment Income [Line Items]
Investment income, gross	(7,303)	40,243		14,138
Mortgage loans on real estate
Net Investment Income [Line Items]
Investment income, gross	404,303	301,118		215,138
Cash and Cash Equivalents
Net Investment Income [Line Items]
Investment income, gross	208,923	24,985		3,385
Limited partnerships and limited liability companies
Net Investment Income [Line Items]
Investment income, gross	112,612	188,131		67,157
Other investments
Net Investment Income [Line Items]
Investment income, gross	$ 43,510	$ 49,537		$ 29,399
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Investments (Net Realized Losse

Investments (Net Realized Losses on Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Gain (Loss) on Securities [Line Items]
Decrease (increase) in allowance for credit losses	$ (1,174)	$ (15,126)
Net realized gains (losses) on investments	(99,203)	(47,848)	[1]	$ (13,242)	[1]
Fixed Maturity Securities, Available For Sale
Gain (Loss) on Securities [Line Items]
Gross realized gains	137,901	139,819		10,167
Gross realized losses	(179,479)	(153,712)		(19,140)
Net credit loss (provision)	(47,471)	(15,536)		(6,241)
Realized gains (losses)	(89,049)	(29,429)		(15,214)
Other investments
Gain (Loss) on Securities [Line Items]
Gross realized gains	2,210	0		0
Gross realized losses	(5,199)	0		0
Realized gains (losses)	(2,989)	0		0
Mortgage loans on real estate
Gain (Loss) on Securities [Line Items]
Decrease (increase) in allowance for credit losses	252	(15,126)		7,005
Recovery of specific allowance	0	1,677		0
Loss on sale of mortgage loans	(7,417)	(4,970)		(5,033)
Gain (loss) on mortgage loans	$ (7,165)	$ (18,419)		$ 1,972
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Investments (Non-Income Produci

Investments (Non-Income Producing Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Non-income producing investments	$ 19,819	$ 12,191
Fixed Maturity Securities, Available For Sale
Debt Securities, Available-for-sale [Line Items]
Non-income producing investments	1,711	10,708
Mortgage loans on real estate
Debt Securities, Available-for-sale [Line Items]
Non-income producing investments	14,479	1,483
Real estate owned
Debt Securities, Available-for-sale [Line Items]
Non-income producing investments	$ 3,629	$ 0

Investments (Rollforward of All

Investments (Rollforward of Allowance for Credit Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,347	$ 2,846
Additions for credit losses not previously recorded	1,044	4,895
Change in allowance on securities with previous allowance	(361)	(3,966)
Reduction for securities sold during the period	0	(428)
Ending balance	4,030	3,347
States, municipalities and territories
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	2,776
Additions for credit losses not previously recorded	0	0
Change in allowance on securities with previous allowance	0	(2,776)
Reduction for securities sold during the period	0	0
Ending balance	0	0
Corporate securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	3,214	0
Additions for credit losses not previously recorded	0	3,825
Change in allowance on securities with previous allowance	198	(611)
Reduction for securities sold during the period	0	0
Ending balance	3,412	3,214
Residential mortgage backed securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	133	70
Additions for credit losses not previously recorded	97	1,070
Change in allowance on securities with previous allowance	(230)	(579)
Reduction for securities sold during the period	0	(428)
Ending balance	0	133
Other asset backed securities
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0
Additions for credit losses not previously recorded	947	0
Change in allowance on securities with previous allowance	(329)	0
Reduction for securities sold during the period	0	0
Ending balance	$ 618	$ 0

Mortgage Loans on Real Estate_2

Mortgage Loans on Real Estate (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan segment properties	Dec. 31, 2022 USD ($) loan properties	Dec. 31, 2021 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Number of portfolio segments that make up financing receivables | segment	3
Commitments outstanding	$ 786,400
Accrued interest receivable	$ 69,500	$ 58,200
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Accrued investment income (2023 and 2022 include $2,862 and $3,444 related to consolidated variable interest entities)
Real estate acquired through foreclosure, number of units | properties	12	0
Real estate acquired through foreclosure	$ 6,500
Non-accrual status, number of loans | loan	155	59
Interest income recognized on non-accrual loans	$ 3,000	$ 670	$ 36
Number of significant loan modifications | loan	0
Minimum
Loans and Leases Receivable Disclosure [Line Items]
Number of days past due, nonperforming	90 days
Commercial 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
Residential 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, 2023	Dec. 31, 2022		Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowance	$ (38,135)	$ (36,972)		$ (24,024)
Mortgage loans, carrying value	7,537,594	6,949,027	[1]
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	3,550,204	3,560,903
Deferred fees and costs, net	(2,494)	(6,345)
Unamortized discounts and premiums, net	(2,711)	0
Mortgage loans, amortized cost	3,544,999	3,554,558
Valuation allowance	(17,902)	(22,428)		(17,926)
Mortgage loans, carrying value	3,527,097	3,532,130
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	581,287	567,630
Deferred fees and costs, net	(1,654)	(1,667)
Mortgage loans, amortized cost	579,633	565,963
Valuation allowance	(2,590)	(1,021)		(519)
Mortgage loans, carrying value	577,043	564,942
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	3,384,737	2,807,652
Deferred fees and costs, net	558	1,909
Unamortized discounts and premiums, net	65,802	55,917
Mortgage loans, amortized cost	3,451,097	2,865,478
Valuation allowance	(17,643)	(13,523)		$ (5,579)
Mortgage loans, carrying value	$ 3,433,454	$ 2,851,955
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

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, 2023	Dec. 31, 2022
Commercial Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 3,550,204	$ 3,560,903
Percent	100%	100%
Commercial Mortgage Loans | East
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 471,707	$ 502,659
Percent	13.30%	14.10%
Commercial Mortgage Loans | Middle Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 274,017	$ 280,993
Percent	7.70%	7.90%
Commercial Mortgage Loans | Mountain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 404,143	$ 416,307
Percent	11.40%	11.70%
Commercial Mortgage Loans | New England
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 87,041	$ 73,631
Percent	2.40%	2.10%
Commercial Mortgage Loans | Pacific
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 835,085	$ 858,812
Percent	23.50%	24.10%
Commercial Mortgage Loans | South Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 927,547	$ 934,007
Percent	26.10%	26.20%
Commercial Mortgage Loans | West North Central
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 183,856	$ 205,568
Percent	5.20%	5.80%
Commercial Mortgage Loans | West South Central
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 328,918	$ 288,926
Percent	9.30%	8.10%
Commercial Mortgage Loans | International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 37,890	$ 0
Percent	1.10%	0%
Commercial Mortgage Loans | Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 360,328	$ 388,978
Percent	10.10%	10.90%
Commercial Mortgage Loans | Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 801,977	$ 896,351
Percent	22.60%	25.20%
Commercial Mortgage Loans | Industrial/Warehouse
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 940,546	$ 866,623
Percent	26.50%	24.30%
Commercial Mortgage Loans | Apartment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 1,047,740	$ 912,984
Percent	29.50%	25.60%
Commercial Mortgage Loans | Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 319,733	$ 285,271
Percent	9%	8%
Commercial Mortgage Loans | Mixed Use/Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 79,880	$ 210,696
Percent	2.30%	6%
Agricultural Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 581,287	$ 567,630
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 3,384,737	$ 2,807,652

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, 2023	Dec. 31, 2022
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	$ (36,972)	$ (24,024)
Charge-offs	11	501
Recoveries	0	1,677
Change in provision for credit losses	(1,174)	(15,126)
Ending allowance balance	(38,135)	(36,972)
Commercial Mortgage Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	(22,428)	(17,926)
Charge-offs	0	501
Recoveries	0	1,677
Change in provision for credit losses	4,526	(6,680)
Ending allowance balance	(17,902)	(22,428)
Agricultural Mortgage Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	(1,021)	(519)
Charge-offs	0	0
Recoveries	0	0
Change in provision for credit losses	(1,569)	(502)
Ending allowance balance	(2,590)	(1,021)
Residential Mortgage Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning allowance balance	(13,523)	(5,579)
Charge-offs	11	0
Recoveries	0	0
Change in provision for credit losses	(4,131)	(7,944)
Ending allowance balance	$ (17,643)	$ (13,523)

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, 2023	Dec. 31, 2022
Commercial Mortgage Loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Amortized cost, originated in current fiscal year	$ 44,171	$ 425,875
Average LTV, year one, originated in current fiscal year	39%	59%
Amortized cost, originated in fiscal year before current fiscal year	$ 520,651	$ 592,468
Average LTV, year two, originated in fiscal year before current fiscal year	53%	53%
Amortized cost, originated two years before current fiscal year	$ 632,843	$ 486,339
Average LTV, year three, originated two years before current fiscal year	51%	58%
Amortized cost, originated three years before current fiscal year	$ 435,768	$ 591,076
Average LTV, year four, originated three years before current fiscal year	52%	61%
Amortized cost, originated four years before current fiscal year	$ 560,750	$ 416,132
Average LTV, year five, originated four years before current fiscal year	57%	57%
Amortized cost, originated more than five years before current fiscal year	$ 1,350,816	$ 1,042,668
Average LTV, originated more than five years before current fiscal year	47%	47%
Mortgage loans, amortized cost	$ 3,544,999	$ 3,554,558
Total - Average LTV	51%	54%
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	$ 3,444	$ 249,328
Average LTV, year one, originated in current fiscal year	46%	63%
Amortized cost, originated in fiscal year before current fiscal year	$ 285,481	$ 257,746
Average LTV, year two, originated in fiscal year before current fiscal year	62%	61%
Amortized cost, originated two years before current fiscal year	$ 272,661	$ 421,391
Average LTV, year three, originated two years before current fiscal year	57%	57%
Amortized cost, originated three years before current fiscal year	$ 370,299	$ 429,596
Average LTV, year four, originated three years before current fiscal year	51%	58%
Amortized cost, originated four years before current fiscal year	$ 449,973	$ 325,117
Average LTV, year five, originated four years before current fiscal year	55%	53%
Amortized cost, originated more than five years before current fiscal year	$ 1,056,159	$ 813,319
Average LTV, originated more than five years before current fiscal year	44%	44%
Mortgage loans, amortized cost	$ 2,438,017	$ 2,496,497
Total - Average LTV	50%	53%
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	$ 0	$ 6,488
Average LTV, year one, originated in current fiscal year	0%	70%
Amortized cost, originated in fiscal year before current fiscal year	$ 76,122	$ 123,038
Average LTV, year two, originated in fiscal year before current fiscal year	49%	55%
Amortized cost, originated two years before current fiscal year	$ 4,500	$ 46,804
Average LTV, year three, originated two years before current fiscal year	55%	58%
Amortized cost, originated three years before current fiscal year	$ 36,534	$ 115,977
Average LTV, year four, originated three years before current fiscal year	57%	66%
Amortized cost, originated four years before current fiscal year	$ 108,232	$ 67,642
Average LTV, year five, originated four years before current fiscal year	64%	67%
Amortized cost, originated more than five years before current fiscal year	$ 177,489	$ 145,703
Average LTV, originated more than five years before current fiscal year	57%	60%
Mortgage loans, amortized cost	$ 402,877	$ 505,652
Total - Average LTV	58%	62%
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	$ 40,727	$ 170,059
Average LTV, year one, originated in current fiscal year	38%	52%
Amortized cost, originated in fiscal year before current fiscal year	$ 105,578	$ 211,684
Average LTV, year two, originated in fiscal year before current fiscal year	32%	43%
Amortized cost, originated two years before current fiscal year	$ 328,722	$ 18,144
Average LTV, year three, originated two years before current fiscal year	45%	79%
Amortized cost, originated three years before current fiscal year	$ 28,935	$ 39,396
Average LTV, year four, originated three years before current fiscal year	54%	73%
Amortized cost, originated four years before current fiscal year	$ 0	$ 10,348
Average LTV, year five, originated four years before current fiscal year	0%	76%
Amortized cost, originated more than five years before current fiscal year	$ 63,972	$ 58,021
Average LTV, originated more than five years before current fiscal year	71%	47%
Mortgage loans, amortized cost	$ 567,934	$ 507,652
Total - Average LTV	46%	51%
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	$ 53,470	$ 0
Average LTV, year two, originated in fiscal year before current fiscal year	54%	0%
Amortized cost, originated two years before current fiscal year	$ 26,960	$ 0
Average LTV, year three, originated two years before current fiscal year	52%	0%
Amortized cost, originated three years before current fiscal year	$ 0	$ 6,107
Average LTV, year four, originated three years before current fiscal year	0%	64%
Amortized cost, originated four years before current fiscal year	$ 2,545	$ 13,025
Average LTV, year five, originated four years before current fiscal year	80%	70%
Amortized cost, originated more than five years before current fiscal year	$ 53,196	$ 25,625
Average LTV, originated more than five years before current fiscal year	52%	65%
Mortgage loans, amortized cost	$ 136,171	$ 44,757
Total - Average LTV	53%	66%
Agricultural Mortgage Loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Amortized cost, originated in current fiscal year	$ 48,676	$ 196,347
Average LTV, year one, originated in current fiscal year	58%	51%
Amortized cost, originated in fiscal year before current fiscal year	$ 192,677	$ 160,641
Average LTV, year two, originated in fiscal year before current fiscal year	51%	48%
Amortized cost, originated two years before current fiscal year	$ 133,639	$ 169,346
Average LTV, year three, originated two years before current fiscal year	54%	37%
Amortized cost, originated three years before current fiscal year	$ 168,500	$ 5,629
Average LTV, year four, originated three years before current fiscal year	44%	41%
Amortized cost, originated four years before current fiscal year	$ 2,141	$ 34,000
Average LTV, year five, originated four years before current fiscal year	33%	31%
Amortized cost, originated more than five years before current fiscal year	$ 34,000	$ 0
Average LTV, originated more than five years before current fiscal year	42%	0%
Mortgage loans, amortized cost	$ 579,633	$ 565,963
Total - Average LTV	49%	45%
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	$ 26,890	$ 85,367
Average LTV, year one, originated in current fiscal year	59%	47%
Amortized cost, originated in fiscal year before current fiscal year	$ 61,374	$ 84,186
Average LTV, year two, originated in fiscal year before current fiscal year	54%	46%
Amortized cost, originated two years before current fiscal year	$ 46,060	$ 97,143
Average LTV, year three, originated two years before current fiscal year	57%	41%
Amortized cost, originated three years before current fiscal year	$ 91,060	$ 0
Average LTV, year four, originated three years before current fiscal year	46%	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	$ 34,000	$ 0
Average LTV, originated more than five years before current fiscal year	42%	0%
Mortgage loans, amortized cost	$ 259,384	$ 266,696
Total - Average LTV	50%	45%
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	$ 17,798	$ 107,856
Average LTV, year one, originated in current fiscal year	59%	54%
Amortized cost, originated in fiscal year before current fiscal year	$ 89,548	$ 67,630
Average LTV, year two, originated in fiscal year before current fiscal year	54%	52%
Amortized cost, originated two years before current fiscal year	$ 51,819	$ 61,103
Average LTV, year three, originated two years before current fiscal year	52%	32%
Amortized cost, originated three years before current fiscal year	$ 27,433	$ 0
Average LTV, year four, originated three years before current fiscal year	32%	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	$ 186,598	$ 236,589
Total - Average LTV	51%	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	$ 3,988	$ 3,124
Average LTV, year one, originated in current fiscal year	43%	56%
Amortized cost, originated in fiscal year before current fiscal year	$ 3,080	$ 8,825
Average LTV, year two, originated in fiscal year before current fiscal year	55%	38%
Amortized cost, originated two years before current fiscal year	$ 9,246	$ 3,125
Average LTV, year three, originated two years before current fiscal year	57%	25%
Amortized cost, originated three years before current fiscal year	$ 902	$ 0
Average LTV, year four, originated three years before current fiscal year	59%	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	$ 17,216	$ 15,074
Total - Average LTV	53%	39%
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	$ 38,675	$ 0
Average LTV, year two, originated in fiscal year before current fiscal year	37%	0%
Amortized cost, originated two years before current fiscal year	$ 26,514	$ 7,975
Average LTV, year three, originated two years before current fiscal year	51%	35%
Amortized cost, originated three years before current fiscal year	$ 49,105	$ 5,629
Average LTV, year four, originated three years before current fiscal year	48%	41%
Amortized cost, originated four years before current fiscal year	$ 2,141	$ 34,000
Average LTV, year five, originated four years before current fiscal year	33%	31%
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	$ 116,435	$ 47,604
Total - Average LTV	45%	33%

Mortgage Loans on Real Estate_7

Mortgage Loans on Real Estate (Aging of Financing Receivables) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commercial Mortgage Loans
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	$ 44,171	$ 425,875
Amortized cost, originated in fiscal year before current fiscal year	520,651	592,468
Amortized cost, originated two years before current fiscal year	632,843	486,339
Amortized cost, originated three years before current fiscal year	435,768	591,076
Amortized cost, originated four years before current fiscal year	560,750	416,132
Amortized cost, originated more than five years before current fiscal year	1,350,816	1,042,668
Mortgage loans, amortized cost	3,544,999	3,554,558
Commercial Mortgage Loans | Current
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	44,171	425,875
Amortized cost, originated in fiscal year before current fiscal year	520,651	592,468
Amortized cost, originated two years before current fiscal year	632,843	486,339
Amortized cost, originated three years before current fiscal year	435,768	591,076
Amortized cost, originated four years before current fiscal year	560,750	416,132
Amortized cost, originated more than five years before current fiscal year	1,350,816	1,042,668
Mortgage loans, amortized cost	3,544,999	3,554,558
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	48,676	196,347
Amortized cost, originated in fiscal year before current fiscal year	192,677	160,641
Amortized cost, originated two years before current fiscal year	133,639	169,346
Amortized cost, originated three years before current fiscal year	168,500	5,629
Amortized cost, originated four years before current fiscal year	2,141	34,000
Amortized cost, originated more than five years before current fiscal year	34,000	0
Mortgage loans, amortized cost	579,633	565,963
Agricultural Mortgage Loans | Current
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	48,676	196,347
Amortized cost, originated in fiscal year before current fiscal year	182,273	160,641
Amortized cost, originated two years before current fiscal year	131,448	166,211
Amortized cost, originated three years before current fiscal year	168,500	5,629
Amortized cost, originated four years before current fiscal year	2,141	34,000
Amortized cost, originated more than five years before current fiscal year	34,000	0
Mortgage loans, amortized cost	567,038	562,828
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	10,404	0
Amortized cost, originated two years before current fiscal year	2,191	3,135
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	12,595	3,135
Residential Mortgage Loans
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	1,228,190	1,970,718
Amortized cost, originated in fiscal year before current fiscal year	1,612,223	624,834
Amortized cost, originated two years before current fiscal year	403,572	233,741
Amortized cost, originated three years before current fiscal year	174,271	31,262
Amortized cost, originated four years before current fiscal year	31,139	4,506
Amortized cost, originated more than five years before current fiscal year	1,702	417
Mortgage loans, amortized cost	3,451,097	2,865,478
Residential Mortgage Loans | Current
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	1,183,248	1,915,169
Amortized cost, originated in fiscal year before current fiscal year	1,493,165	595,363
Amortized cost, originated two years before current fiscal year	365,704	211,119
Amortized cost, originated three years before current fiscal year	161,426	27,483
Amortized cost, originated four years before current fiscal year	22,654	1,710
Amortized cost, originated more than five years before current fiscal year	794	417
Mortgage loans, amortized cost	3,226,991	2,751,261
Residential Mortgage Loans | 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	21,367	39,179
Amortized cost, originated in fiscal year before current fiscal year	58,420	8,238
Amortized cost, originated two years before current fiscal year	10,253	13,073
Amortized cost, originated three years before current fiscal year	5,731	1,960
Amortized cost, originated four years before current fiscal year	4,988	0
Amortized cost, originated more than five years before current fiscal year	0	0
Mortgage loans, amortized cost	100,759	62,450
Residential Mortgage Loans | 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	5,017	6,668
Amortized cost, originated in fiscal year before current fiscal year	22,383	7,165
Amortized cost, originated two years before current fiscal year	3,908	3,034
Amortized cost, originated three years before current fiscal year	1,839	57
Amortized cost, originated four years before current fiscal year	99	0
Amortized cost, originated more than five years before current fiscal year	0	0
Mortgage loans, amortized cost	33,246	16,924
Residential Mortgage Loans | Over 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Amortized cost, originated in current fiscal year	18,558	9,702
Amortized cost, originated in fiscal year before current fiscal year	38,255	14,068
Amortized cost, originated two years before current fiscal year	23,707	6,515
Amortized cost, originated three years before current fiscal year	5,275	1,762
Amortized cost, originated four years before current fiscal year	3,398	2,796
Amortized cost, originated more than five years before current fiscal year	908	0
Mortgage loans, amortized cost	$ 90,101	$ 34,843

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details)	Dec. 31, 2023 limitedLiabilityCompany
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	1
Real estate limited liability companies
Variable Interest Entity [Line Items]
Variable interest entities, number of consolidated variable interest entities	2
Variable Interest Entity, Primary Beneficiary, Limited Liability Company
Variable Interest Entity [Line Items]
Variable interest entities, number of consolidated variable interest entities	1

Variable Interest Entities (Con

Variable Interest Entities (Consolidated VIEs) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Total Assets	$ 79,918,302	$ 73,183,599	[1]
Total Liabilities	76,870,528	70,812,849	[1]
Real estate investments
Variable Interest Entity [Line Items]
Total Assets	1,383,120	1,095,267
Total Liabilities	92,299	78,244
Real estate limited liability companies
Variable Interest Entity [Line Items]
Total Assets	47,005	66,258
Total Liabilities	149	287
Limited partnership funds
Variable Interest Entity [Line Items]
Total Assets	353,610	620,741
Total Liabilities	289	113
Infrastructure limited liability companies
Variable Interest Entity [Line Items]
Total Assets	107,942	0
Total Liabilities	783	0
Variable Interest Entities
Variable Interest Entity [Line Items]
Total Assets	1,891,677	1,782,266
Total Liabilities	$ 93,520	$ 78,644
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Variable Interest Entities (Unc

Variable Interest Entities (Unconsolidated VIEs) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Asset Carrying Value	$ 79,918,302	$ 73,183,599	[1]
Variable Interest Entity, Not Primary Beneficiary | Fixed Maturity Securities, Available For Sale
Variable Interest Entity [Line Items]
Asset Carrying Value	2,438,074	1,178,110
Maximum Exposure to Loss	$ 2,438,074	$ 1,178,110
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative collateral	$ 1,200	$ 400
Credit risk, maximum exposure	$ 3.5	$ 3.3
Call Options
Derivative [Line Items]
Derivative, term of contract	1 year

Derivative Instruments (Notiona

Derivative Instruments (Notional and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets	$ 1,207,288	$ 431,727	[1]
Designated as Hedging Instrument | Fair Value Hedging | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional amount	0	408,369
Derivative assets	0	32,769
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount	41,547,731	38,929,554
Derivative assets	1,207,288	398,958
Derivative liabilities	4,925,118	4,378,981
Not Designated as Hedging Instrument | Call Options
Derivatives, Fair Value [Line Items]
Notional amount	41,547,731	38,927,534
Derivative assets	1,207,288	397,789
Not Designated as Hedging Instrument | Warrants
Derivatives, Fair Value [Line Items]
Notional amount	0	2,020
Derivative assets	0	1,169
Not Designated as Hedging Instrument | Fixed Index Annuities - Embedded Derivatives
Derivatives, Fair Value [Line Items]
Derivative liabilities	5,181,894	4,820,845
Not Designated as Hedging Instrument | Reinsurance Related Embedded Derivative
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (256,776)	$ (441,864)
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Derivative Instruments (Carryin

Derivative Instruments (Carrying Amount and Cumulative Fair Value Hedging Adjustments) (Details) - Fair Value Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Current hedging relationships, amortized cost of hedged item	$ 0	$ 389,060
Current hedging relationships, cumulative amount of fair value basis adjustment gain (loss)	0	(39,128)
Discontinued hedging relationships, amortized cost of hedged item	1,261,509	1,594,736
Discontinued hedging relationships, cumulative amount of fair value basis adjustment gain (loss)	$ (62,385)	$ (94,681)

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Designated as Hedging Instrument | Fair Value Hedging
Derivative [Line Items]
Derivative, change in unrealized gain (loss) on fair value hedging instruments	$ 5,856	$ 215,587	$ 0
Hedged item, change in unrealized gain (loss) on hedged item in fair value hedge	3,240	(249,168)	0
Net, derivative, fair value hedge, included in effectiveness, gain (loss)	9,096	(33,581)	0
Not Designated as Hedging Instrument
Derivative [Line Items]
Amount excluded: recognized in income immediately	$ 0	$ 13,957	$ 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, 2023	Dec. 31, 2022		Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	$ 1,143,576	$ (2,352,598)	[1],[2]	$ (358,302)	[1],[2]
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	249,950	(1,104,547)		1,348,735
Change in fair value of embedded derivatives	1,143,576	(2,352,598)		(358,302)
Not Designated as Hedging Instrument | Call Options
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	248,744	(1,118,768)		1,347,925
Not Designated as Hedging Instrument | Warrants
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	1,206	264		810
Not Designated as Hedging Instrument | Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	0	13,957		0
Not Designated as Hedging Instrument | Fixed Index Annuities - Embedded Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	958,488	(1,913,096)		(355,940)
Not Designated as Hedging Instrument | Reinsurance Related Embedded Derivative
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	$ 185,088	$ (439,502)		$ (2,362)
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Derivative Instruments (Schedul

Derivative Instruments (Schedule of Call Options and Interest Rate Swaps by Counterparty) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative instruments	$ 1,207,288	$ 431,727	[1]
Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	41,547,731	39,335,903
Derivative instruments	1,207,288	430,558
Bank of America | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	5,090,138	3,574,125
Derivative instruments	101,863	26,080
Barclays | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	1,787,748	3,686,896
Derivative instruments	60,495	39,657
Canadian Imperial Bank of Commerce | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	1,438,835	2,707,734
Derivative instruments	48,660	34,218
Citibank, N.A. | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	3,042,872	3,748,162
Derivative instruments	61,580	29,873
Credit Suisse | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	378,613	2,086,470
Derivative instruments	7,130	20,691
Goldman Sachs | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	250,609	0
Derivative instruments	2,958	0
J.P. Morgan | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	4,389,528	6,501,103
Derivative instruments	91,162	69,006
Mizuho | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	10,450,652	0
Derivative instruments	358,820	0
Morgan Stanley | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	1,459,836	2,957,389
Derivative instruments	30,590	38,470
Royal Bank of Canada | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	3,752,133	4,378,132
Derivative instruments	138,639	58,026
Societe Generale | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	3,048,268	2,099,081
Derivative instruments	86,041	17,157
Truist | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	1,500,167	1,960,787
Derivative instruments	50,502	32,885
UBS AG | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	1,954,997	0
Derivative instruments	51,108	0
Wells Fargo | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	2,998,787	5,436,824
Derivative instruments	117,626	61,840
Exchange traded | Call Options And Interest Rate Swaps
Derivative [Line Items]
Notional amount	4,548	199,200
Derivative instruments	$ 114	$ 2,655
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs and Deferred Sales Inducements (Deferred Policy Acquisition Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Liability for Future Policy Benefit, by Product Segment [Line Items]
Beginning balance, deferred policy acquisition costs	$ 2,773,643	[1]	$ 3,062,204
Write-off related to in-force ceded reinsurance			(203,626)
Capitalizations	576,337		199,076
Amortization expense	(279,700)		(284,011)	[2],[3]	$ (306,370)	[2],[3]
Ending balance, deferred policy acquisition costs	3,070,280		2,773,643	[1]	3,062,204
Fixed Index Annuities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Beginning balance, deferred policy acquisition costs	2,649,322		2,906,684
Write-off related to in-force ceded reinsurance			(196,417)
Capitalizations	557,749		193,989
Amortization expense	(249,607)		(254,934)
Ending balance, deferred policy acquisition costs	2,957,464		2,649,322		2,906,684
Fixed Rate Annuities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Beginning balance, deferred policy acquisition costs	120,105		151,322
Write-off related to in-force ceded reinsurance			(7,209)
Capitalizations	18,536		4,424
Amortization expense	(29,454)		(28,432)
Ending balance, deferred policy acquisition costs	109,187		120,105		151,322
Single Premium Immediate Annuities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Beginning balance, deferred policy acquisition costs	4,216		4,198
Write-off related to in-force ceded reinsurance			0
Capitalizations	52		663
Amortization expense	(639)		(645)
Ending balance, deferred policy acquisition costs	$ 3,629		$ 4,216		$ 4,198
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs and Deferred Sales Inducements (Deferred Sales Inducements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Liability for Future Policy Benefit, by Product Segment [Line Items]
Beginning balance, deferred sales inducement costs	$ 2,045,683	[1]	$ 2,119,962
Capitalizations	513,793		107,691	[2]	$ 95,161	[2]
Amortization expense	(192,252)		(181,970)	[2],[3]	(191,884)	[2],[3]
Ending balance, deferred sales inducement costs	2,367,224		2,045,683	[1]	2,119,962
Fixed Index Annuities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Beginning balance, deferred sales inducement costs	2,017,960		2,088,591
Capitalizations	513,726		107,684
Amortization expense	(189,200)		(178,315)
Ending balance, deferred sales inducement costs	2,342,486		2,017,960		2,088,591
Fixed Rate Annuities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Beginning balance, deferred sales inducement costs	27,723		31,371
Capitalizations	67		7
Amortization expense	(3,052)		(3,655)
Ending balance, deferred sales inducement costs	$ 24,738		$ 27,723		$ 31,371
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Policyholder Liabilities (Sched

Policyholder Liabilities (Schedule of Present Value of Expected Future Policy Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance, liability for future policy benefits	$ 318,677	$ 402,305
Beginning balance at original discount rate	342,453	352,708
Effect of changes in cash flow assumptions		(4,607)	$ 1,277
Effect of actual variances from expected experience		(1,887)	(1,941)
Adjusted beginning of year balance		335,959	$ 352,044
Issuances	6,945	16,072
Interest accrual	13,710	14,664
Derecognition (lapses and benefit payments)	(38,980)	(40,327)
Ending balance at original discount rate	317,634	342,453
Effect of changes in discount rate assumptions	(14,434)	(23,776)
Ending balance, liability for future policy benefits	$ 303,200	$ 318,677

Policyholder Liabilities (Summa

Policyholder Liabilities (Summary of Liability For Future Policy Benefits Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Policy benefit reserves	$ 303,200	$ 318,677
Deferred profit liability	22,455	19,223
Liability for future policy benefits included in policy benefit reserves	325,655	337,900
Less: Reinsurance recoverable	(2,496)	(1,259)
Net liability for future policy benefits, after reinsurance recoverable	$ 323,159	$ 336,641
Interest accretion rate	4.26%	4.25%
Current discount rate	5%	5.37%
SPIA With Life Contingency
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average liability duration of the liability for future policy benefits (years)	6 years 6 months 21 days	6 years 9 months 10 days
Expected future benefit payments	$ 447,669	$ 467,627
Expected future gross premiums	0	0
Gross premiums or assessments	7,608	16,994
Interest expense	$ 13,626	$ 14,613

Policyholder Liabilities (Sch_2

Policyholder Liabilities (Schedule of Changes in the Net Market Risk Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Market Risk Benefit Liability
Beginning balance, market risk benefits	$ 2,225,621
Ending balance, market risk benefits	2,666,860	$ 2,225,621
Fixed Rate Annuities
Market Risk Benefit Liability
Beginning balance, market risk benefits	37,863	78,411
Balance, beginning of year, before effect of changes in the instrument-specific credit risk	44,355	77,731
Issuances	32	376
Interest accrual	3,139	1,349
Attributed fees collected	1,216	1,270
Benefits payments	0	0
Effect of changes in interest rates	(380)	(19,421)
Effect of changes in equity markets	0	0
Effect of changes in equity index volatility	0	0
Effect of changes in future expected policyholder behavior	(1,509)	602
Effect of changes in other future expected assumptions	16,720	(17,552)
Balance, end of year, before effect of changes in the instrument-specific credit	63,573	44,355
Effect of changes in the instrument-specific credit risk	(3,386)	(6,492)
Ending balance, market risk benefits	60,187	37,863
Reinsured MRB, end of period	18,391	10,656	$ 0
Balance, end of period, net of reinsurance	41,796	27,207
Net amount at risk (a)	$ 266,438	$ 258,826
Weighted average attained age of contract holders (years)	70 years	69 years
Fixed Index Annuities
Market Risk Benefit Liability
Beginning balance, market risk benefits	$ 2,187,758	$ 2,557,378
Balance, beginning of year, before effect of changes in the instrument-specific credit risk	2,453,169	2,310,437
Issuances	289,939	59,452
Interest accrual	155,512	72,551
Attributed fees collected	128,437	125,168
Benefits payments	0	0
Effect of changes in interest rates	(126,255)	(952,265)
Effect of changes in equity markets	(48,164)	186,618
Effect of changes in equity index volatility	(77,023)	241,563
Effect of changes in future expected policyholder behavior	(11,582)	46,567
Effect of changes in other future expected assumptions	(219,094)	363,078
Balance, end of year, before effect of changes in the instrument-specific credit	2,544,939	2,453,169
Effect of changes in the instrument-specific credit risk	61,734	(265,411)
Ending balance, market risk benefits	2,606,673	2,187,758
Reinsured MRB, end of period	640,826	593,959	$ 156,931
Balance, end of period, net of reinsurance	1,965,847	1,593,799
Net amount at risk (a)	$ 11,721,734	$ 10,987,198
Weighted average attained age of contract holders (years)	71 years	71 years

Policyholder Liabilities (Recon

Policyholder Liabilities (Reconciliation of Market Risk Benefits in an Asset Position and in a Liability Position) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Market Risk Benefit [Line Items]
Market risk benefits	$ 479,694	$ 229,871	[1]
MRB liability balance	3,146,554	2,455,492	[1]
Net liability	2,666,860	2,225,621
Fixed Index Annuities
Market Risk Benefit [Line Items]
Market risk benefits	477,306	226,294
MRB liability balance	3,083,979	2,414,052
Net liability	2,606,673	2,187,758		$ 2,557,378
Fixed Rate Annuities
Market Risk Benefit [Line Items]
Market risk benefits	2,388	3,577
MRB liability balance	62,575	41,440
Net liability	$ 60,187	$ 37,863		$ 78,411
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Policyholder Liabilities (Sch_3

Policyholder Liabilities (Schedule of Reinsured Market Risk Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fixed Rate Annuities
Market Risk Benefit Liability
Balance, beginning of year	$ 10,656	$ 0
Write-off related to in-force ceded reinsurance	0	10,091
Issuances	0	0
Interest accrual	775	104
Attributed fees collected	67	28
Benefits payments	0	0
Effect of changes in interest rates	1,407	135
Effect of changes in equity markets	0	118
Effect of changes in equity index volatility	0	0
Effect of changes in future expected policyholder behavior	(128)	180
Effect of changes in other future expected assumptions	5,614	0
Balance, end of year	18,391	10,656
Net amount at risk (a)	$ 75,281	$ 72,350
Weighted average attained age of contract holders (years)	70 years	70 years
Fixed Index Annuities
Market Risk Benefit Liability
Balance, beginning of year	$ 593,959	$ 156,931
Write-off related to in-force ceded reinsurance	0	334,835
Issuances	146,898	36,036
Interest accrual	33,503	7,598
Attributed fees collected	32,036	23,745
Benefits payments	0	0
Effect of changes in interest rates	14,700	(171,948)
Effect of changes in equity markets	(22,775)	43,799
Effect of changes in equity index volatility	(18,656)	34,278
Effect of changes in future expected policyholder behavior	5,855	12,598
Effect of changes in other future expected assumptions	(144,694)	116,087
Balance, end of year	640,826	593,959
Net amount at risk (a)	$ 2,853,318	$ 2,402,964
Weighted average attained age of contract holders (years)	70 years	71 years

Policyholder Liabilities (Sch_4

Policyholder Liabilities (Schedule of Reconciliation of Reinsurance Market Risk Benefits by Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Market Risk Benefit [Line Items]
Asset	$ 838,634	$ 640,681
Liability	179,417	36,066
Net asset	659,217	604,615
Fixed Index Annuities
Market Risk Benefit [Line Items]
Asset	820,006	629,611
Liability	179,180	35,652
Net asset	640,826	593,959
Fixed Rate Annuities
Market Risk Benefit [Line Items]
Asset	18,628	11,070
Liability	237	414
Net asset	$ 18,391	$ 10,656

Policyholder Liabilities (Signi

Policyholder Liabilities (Significant Inputs and Assumptions) (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Market Risk Benefit [Line Items]
Market risk benefits	$ 2,666,860	$ 2,225,621
Ceded market risk benefits	$ 659,217	$ 604,615
Minimum | Utilization | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0004	0.0004
Minimum | Option Budget | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0185	0.0165
Minimum | Risk-Free Interest Rate | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0298	0.0251
Minimum | Nonperformance Risk | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0053	0.0006
Minimum | Mortality | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0001	0.0001
Minimum | Lapse | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0025	0.0025
Maximum | Utilization | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.4737	0.7875
Maximum | Option Budget | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0275	0.0250
Maximum | Risk-Free Interest Rate | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0476	0.0490
Maximum | Nonperformance Risk | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0266	0.0327
Maximum | Mortality | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.4600	0.4400
Maximum | Lapse | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.4000	0.4000
Weighted Average | Utilization | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0655	0.0424
Weighted Average | Option Budget | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0229	0.0231
Weighted Average | Risk-Free Interest Rate | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0335	0.0331
Weighted Average | Nonperformance Risk | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0198	0.0259
Weighted Average | Mortality | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0397	0.0344
Weighted Average | Lapse | Discounted cash flow
Market Risk Benefit [Line Items]
Market risk benefit, measurement input	0.0370	0.0365

Policyholder Liabilities (Chang

Policyholder Liabilities (Changes in Policyholder Account Balances) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	$ 58,781,836
Balance, end of year	60,901,641	$ 58,781,836
Fixed Rate Annuities
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	6,589,577	6,860,060
Issuances	840,022	159,570
Premiums received	12,472	4,811
Policy charges	(3,428)	(6,587)
Surrenders and withdrawals	(1,668,966)	(574,590)
Benefit payments	(13,085)	(11,328)
Interest credited	163,918	151,762
Other	(6,545)	5,879
Balance, end of year	$ 5,913,965	$ 6,589,577
Weighted-average crediting rate	2.66%	2.28%
Net amount at risk (a)	$ 266,438	$ 258,826
Cash surrender value	5,571,171	6,208,597
Fixed Index Annuities
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	53,826,234	55,003,305
Issuances	7,555,709	3,001,738
Premiums received	152,532	170,493
Policy charges	(217,523)	(272,604)
Surrenders and withdrawals	(6,122,084)	(3,945,504)
Benefit payments	(836,507)	(727,847)
Interest credited	1,096,493	599,259
Other	(882)	(2,606)
Balance, end of year	$ 55,453,972	$ 53,826,234
Weighted-average crediting rate	2.03%	1.11%
Net amount at risk (a)	$ 11,721,734	$ 10,987,198
Cash surrender value	$ 50,983,033	$ 49,551,657

Policyholder Liabilities (Rec_2

Policyholder Liabilities (Reconciliation of Policyholders’ Account Balances to the Policyholders’ Account Balances’ Liability) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 60,901,641	$ 58,781,836
Embedded derivative adjustment	(818,754)	(1,996,640)
Policy benefit reserves	303,200	318,677
Deferred profit liability	22,455	19,223
Fixed Index Annuities
Policyholder Account Balance [Line Items]
Policyholder account balance	55,453,972	53,826,234	$ 55,003,305
Fixed Rate Annuities
Policyholder Account Balance [Line Items]
Policyholder account balance	5,913,965	6,589,577	$ 6,860,060
Other
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 26,803	$ 24,765

Policyholder Liabilities (Accou

Policyholder Liabilities (Account Balances by Guaranteed Minimum Interest Rates) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 60,901,641	$ 58,781,836
Fixed Index Annuities
Policyholder Account Balance [Line Items]
Policyholder account balance	55,453,972	53,826,234	$ 55,003,305
Allocated to index strategies	46,529,959	45,550,513
Fixed Index Annuities | 0.00% - 0.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 2,511,382	$ 1,184,711
Fixed Index Annuities | 0.00% - 0.50% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	0%	0%
Fixed Index Annuities | 0.00% - 0.50% | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	0.50%	0.50%
Fixed Index Annuities | 0.50% - 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 5,411,382	$ 5,857,020
Fixed Index Annuities | 0.50% - 1.00% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	0.50%	0.50%
Fixed Index Annuities | 0.50% - 1.00% | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1%	1%
Fixed Index Annuities | 1.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 51,219	$ 60,977
Fixed Index Annuities | 1.00% - 1.50% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1%	1%
Fixed Index Annuities | 1.00% - 1.50% | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1.50%	1.50%
Fixed Index Annuities | 1.50% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 50	$ 57
Fixed Index Annuities | 1.50% - 2.00% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1.50%	1.50%
Fixed Index Annuities | 1.50% - 2.00% | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2%	2%
Fixed Index Annuities | 2.00% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 190,627	$ 233,272
Fixed Index Annuities | 2.00% - 2.50% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2%	2%
Fixed Index Annuities | 2.00% - 2.50% | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2.50%	2.50%
Fixed Index Annuities | 2.50% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 759,353	$ 939,684
Fixed Index Annuities | 2.50% - 3.00% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2.50%	2.50%
Fixed Index Annuities | 2.50% - 3.00% | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	3%	3%
Fixed Index Annuities | Greater than 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 0	$ 0
Fixed Index Annuities | Greater than 3.00% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	3%	3%
Fixed Index Annuities | At guaranteed minimum
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 3,200,978	$ 3,546,181
Fixed Index Annuities | At guaranteed minimum | 0.00% - 0.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Index Annuities | At guaranteed minimum | 0.50% - 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	2,276,625	2,421,795
Fixed Index Annuities | At guaranteed minimum | 1.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	43,029	51,586
Fixed Index Annuities | At guaranteed minimum | 1.50% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	50	57
Fixed Index Annuities | At guaranteed minimum | 2.00% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	121,921	133,059
Fixed Index Annuities | At guaranteed minimum | 2.50% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	759,353	939,684
Fixed Index Annuities | At guaranteed minimum | Greater than 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Index Annuities | 1 to 50
Policyholder Account Balance [Line Items]
Policyholder account balance	2,117,465	1,670,284
Fixed Index Annuities | 1 to 50 | 0.00% - 0.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	1,032,438	462,356
Fixed Index Annuities | 1 to 50 | 0.50% - 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	1,008,139	1,098,332
Fixed Index Annuities | 1 to 50 | 1.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	8,190	9,391
Fixed Index Annuities | 1 to 50 | 1.50% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Index Annuities | 1 to 50 | 2.00% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	68,698	100,205
Fixed Index Annuities | 1 to 50 | 2.50% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Index Annuities | 1 to 50 | Greater than 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Index Annuities | 51 to 150
Policyholder Account Balance [Line Items]
Policyholder account balance	2,462,003	2,666,426
Fixed Index Annuities | 51 to 150 | 0.00% - 0.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	466,789	407,426
Fixed Index Annuities | 51 to 150 | 0.50% - 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	1,995,206	2,258,992
Fixed Index Annuities | 51 to 150 | 1.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Index Annuities | 51 to 150 | 1.50% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Index Annuities | 51 to 150 | 2.00% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	8	8
Fixed Index Annuities | 51 to 150 | 2.50% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Index Annuities | 51 to 150 | Greater than 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Index Annuities | Greater than 150 basis points above
Policyholder Account Balance [Line Items]
Policyholder account balance	1,143,567	392,830
Fixed Index Annuities | Greater than 150 basis points above | 0.00% - 0.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	1,012,155	314,929
Fixed Index Annuities | Greater than 150 basis points above | 0.50% - 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	131,412	77,901
Fixed Index Annuities | Greater than 150 basis points above | 1.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Index Annuities | Greater than 150 basis points above | 1.50% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Index Annuities | Greater than 150 basis points above | 2.00% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Index Annuities | Greater than 150 basis points above | 2.50% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Index Annuities | Greater than 150 basis points above | Greater than 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Rate Annuities
Policyholder Account Balance [Line Items]
Policyholder account balance	5,913,965	6,589,577	$ 6,860,060
Fixed Rate Annuities | 0.00% - 0.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 53	$ 61
Fixed Rate Annuities | 0.00% - 0.50% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	0%	0%
Fixed Rate Annuities | 0.00% - 0.50% | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	0.50%	0.50%
Fixed Rate Annuities | 0.50% - 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 4,455,346	$ 4,961,020
Fixed Rate Annuities | 0.50% - 1.00% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	0.50%	0.50%
Fixed Rate Annuities | 0.50% - 1.00% | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1%	1%
Fixed Rate Annuities | 1.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 430,289	$ 454,959
Fixed Rate Annuities | 1.00% - 1.50% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1%	1%
Fixed Rate Annuities | 1.00% - 1.50% | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1.50%	1.50%
Fixed Rate Annuities | 1.50% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 606,625	$ 655,703
Fixed Rate Annuities | 1.50% - 2.00% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1.50%	1.50%
Fixed Rate Annuities | 1.50% - 2.00% | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2%	2%
Fixed Rate Annuities | 2.00% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 18,737	$ 21,909
Fixed Rate Annuities | 2.00% - 2.50% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2%	2%
Fixed Rate Annuities | 2.00% - 2.50% | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2.50%	2.50%
Fixed Rate Annuities | 2.50% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 356,673	$ 441,459
Fixed Rate Annuities | 2.50% - 3.00% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2.50%	2.50%
Fixed Rate Annuities | 2.50% - 3.00% | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	3%	3%
Fixed Rate Annuities | Greater than 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 46,242	$ 54,466
Fixed Rate Annuities | Greater than 3.00% | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	3%	3%
Fixed Rate Annuities | At guaranteed minimum
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 1,248,716	$ 1,302,336
Fixed Rate Annuities | At guaranteed minimum | 0.00% - 0.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	53	61
Fixed Rate Annuities | At guaranteed minimum | 0.50% - 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	51,581	55,458
Fixed Rate Annuities | At guaranteed minimum | 1.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	430,052	454,728
Fixed Rate Annuities | At guaranteed minimum | 1.50% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	352,184	281,694
Fixed Rate Annuities | At guaranteed minimum | 2.00% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	18,714	21,887
Fixed Rate Annuities | At guaranteed minimum | 2.50% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	349,890	434,042
Fixed Rate Annuities | At guaranteed minimum | Greater than 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	46,242	54,466
Fixed Rate Annuities | 1 to 50
Policyholder Account Balance [Line Items]
Policyholder account balance	208,891	307,960
Fixed Rate Annuities | 1 to 50 | 0.00% - 0.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Rate Annuities | 1 to 50 | 0.50% - 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	172,470	203,523
Fixed Rate Annuities | 1 to 50 | 1.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	237	231
Fixed Rate Annuities | 1 to 50 | 1.50% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	29,378	96,767
Fixed Rate Annuities | 1 to 50 | 2.00% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	23	22
Fixed Rate Annuities | 1 to 50 | 2.50% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	6,783	7,417
Fixed Rate Annuities | 1 to 50 | Greater than 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Rate Annuities | 51 to 150
Policyholder Account Balance [Line Items]
Policyholder account balance	3,038,226	4,277,256
Fixed Rate Annuities | 51 to 150 | 0.00% - 0.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Rate Annuities | 51 to 150 | 0.50% - 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	2,813,380	4,000,203
Fixed Rate Annuities | 51 to 150 | 1.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Rate Annuities | 51 to 150 | 1.50% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	224,846	277,053
Fixed Rate Annuities | 51 to 150 | 2.00% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Rate Annuities | 51 to 150 | 2.50% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Rate Annuities | 51 to 150 | Greater than 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Rate Annuities | Greater than 150 basis points above
Policyholder Account Balance [Line Items]
Policyholder account balance	1,418,132	702,025
Fixed Rate Annuities | Greater than 150 basis points above | 0.00% - 0.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Rate Annuities | Greater than 150 basis points above | 0.50% - 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	1,417,915	701,836
Fixed Rate Annuities | Greater than 150 basis points above | 1.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Rate Annuities | Greater than 150 basis points above | 1.50% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	217	189
Fixed Rate Annuities | Greater than 150 basis points above | 2.00% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Rate Annuities | Greater than 150 basis points above | 2.50% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	0	0
Fixed Rate Annuities | Greater than 150 basis points above | Greater than 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance	$ 0	$ 0

Reinsurance and Policy Provis_3

Reinsurance and Policy Provisions (EquiTrust Coinsurance Agreements) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) coinsurance_agreement	Dec. 31, 2022 USD ($)
Ceded Credit Risk [Line Items]
Coinsurance deposits	$ 14,582,728	$ 13,254,956	[1]
EquiTrust Coinsurance Agreements, All Periods
Ceded Credit Risk [Line Items]
Number of coinsurance agreements | coinsurance_agreement	2
Coinsurance deposits	$ 275,100	323,700
Reinsurance recoverable	$ 600	$ 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%
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Reinsurance and Policy Provis_4

Reinsurance and Policy Provisions (Athene Coinsurance Agreements) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) coinsurance_agreement	Dec. 31, 2022 USD ($)
Ceded Credit Risk [Line Items]
Coinsurance deposits	$ 14,582,728	$ 13,254,956	[1]
Athene Coinsurance Agreements, All Periods
Ceded Credit Risk [Line Items]
Number of coinsurance agreements | coinsurance_agreement	3
Coinsurance deposits	$ 2,200,000	3,100,000
Reinsurance payable	$ 3,700	$ 16,900
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%
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Reinsurance and Policy Provis_5

Reinsurance and Policy Provisions (North End Re) (Details) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)		Dec. 31, 2021 USD ($)		Jan. 31, 2022	Oct. 08, 2021 USD ($)	Jul. 01, 2021 USD ($)
Ceded Credit Risk [Line Items]
Other revenue				$ 75,866	$ 42,245	[1]	$ 16,160	[1]
Other liabilities	$ 3,172,554			3,172,554	1,614,479	[2]
Coinsurance deposits	$ 14,582,728			$ 14,582,728	13,254,956	[2]
Third party ownership interest in Company's common stock	20.10%			20.10%					16%
North End Re, Reinsurance Agreement, In Force as of July 1, 2021
Ceded Credit Risk [Line Items]
Reinsurance liabilities, amount ceded											$ 4,400,000
Modified coinsurance basis, percentage				70%
Coinsurance basis, percentage				30%
Annual ceding commission, basis points	0.0049			0.0049
Annual asset liability management fee, basis points	0.0030			0.0030
Ceding commission, net present value		$ 114,100
North End Re, Reinsurance Agreement, In Force as of July 1, 2021 | Minimum
Ceded Credit Risk [Line Items]
Contractually guaranteed fees, duration				6 years
North End Re, Reinsurance Agreement, In Force as of July 1, 2021 | Maximum
Ceded Credit Risk [Line Items]
Contractually guaranteed fees, duration				7 years
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	0.0140			0.0140
Annual asset liability management fee, basis points	0.0030			0.0030
Ceding commission, net present value		$ 27,100		$ 123,600	67,700
Coninsurance on certain annuities, percentage			75%
North End Re, Reinsurance Agreement, July 1, 2021 Going Forward | Minimum
Ceded Credit Risk [Line Items]
Contractually guaranteed fees, duration				6 years
North End Re, Reinsurance Agreement, July 1, 2021 Going Forward | Maximum
Ceded Credit Risk [Line Items]
Contractually guaranteed fees, duration				7 years
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	0%		75%
Coninsurance on certain annuities, future potential	75%
North End Re
Ceded Credit Risk [Line Items]
Net investment income earned by assets in modco account				$ 259,500	95,400		11,400
Coinsurance deposits	$ 7,500,000			7,500,000	5,800,000
Reinsurance recoverable	32,400			32,400
Reinsurance payable					124,200
North End Re | Other Liabilities, Deferred Gain
Ceded Credit Risk [Line Items]
Other liabilities	$ 776,300			776,300	480,500
North End Re | Other Revenue, Asset Liability Management Fee
Ceded Credit Risk [Line Items]
Other revenue				16,800	12,700		$ 5,500
North End Re | Other Revenue, Deferred Gain
Ceded Credit Risk [Line Items]
Other revenue				$ 38,500	$ 24,200
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Reinsurance and Policy Provis_6

Reinsurance and Policy Provisions (AeBe) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($)		Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)		Dec. 31, 2021 USD ($)	[2]	Oct. 03, 2022 USD ($)	Oct. 01, 2022 USD ($)
Ceded Credit Risk [Line Items]
Other liabilities	$ 1,614,479	[1]	$ 3,172,554	$ 1,614,479	[1]
Other revenue			75,866	42,245	[2]	$ 16,160
Coinsurance deposits	13,254,956	[1]	$ 14,582,728	13,254,956	[1]
AeBe ISA LTD
Ceded Credit Risk [Line Items]
Reinsurance liabilities, amount ceded									$ 4,200,000
Funds withheld coinsurance basis, percentage			75%
Coinsurance basis, percentage			25%
Closing ceding commission received at close of reinsurance agreement								$ 70,000
Coinsurance deposits	4,100,000		$ 3,700,000	4,100,000
Reinsurance recoverable			41,600
Reinsurance payable	38,000			38,000
Ceding commission, net present value			$ 4,600
AeBe ISA LTD | Maximum
Ceded Credit Risk [Line Items]
Annual ceding commission, basis points			0.0035
AeBe ISA LTD | Other Liabilities, Deferred Gain
Ceded Credit Risk [Line Items]
Other liabilities	51,600		$ 61,100	51,600
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, 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 Revenue, Deferred Gain
Ceded Credit Risk [Line Items]
Other revenue	1,100		6,500
AeBe ISA LTD | Other Revenue, Management Services Fee
Ceded Credit Risk [Line Items]
Other revenue			4,500	$ 1,200
26North
Ceded Credit Risk [Line Items]
Net investment income earned by assets in funds withheld account	$ 42,300		$ 176,200
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

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, 2023	Dec. 31, 2022		Dec. 31, 2021
Effects of Reinsurance [Line Items]
Annuity product charges	$ 315,496	$ 230,354	[1],[2]	$ 242,631	[1],[2]
Change in fair value of derivatives	259,046	(1,138,128)	[1]	1,348,735	[1]
Interest sensitive and index product benefits	567,423	554,871	[1]	2,231,567	[1]
Market risk benefits (gains) losses	(14,546)	3,684	[1]	268,973	[1]
Change in fair value of embedded derivatives	1,143,576	(2,352,598)	[1],[2]	(358,302)	[1],[2]
Other operating costs and expenses	301,581	239,526	[1]	241,882	[1]
Coinsurance deposits, allowance for credit losses	1,149	8,737
Coinsurance Agreements, EquiTrust, Athene, North End Re and AeBe
Effects of Reinsurance [Line Items]
Annuity product charges	82,554	49,093		20,351
Change in fair value of derivatives	71,566	(184,388)		140,641
Coinsurance, revenues included in consolidated statement of operations	154,120	(135,295)		160,992
Interest sensitive and index product benefits	178,803	103,542		303,035
Market risk benefits (gains) losses	36,450	406,141		28,884
Change in fair value of embedded derivatives	34,310	81,907		(76,915)
Other operating costs and expenses	16,653	18,318		16,440
Coinsurance, benefits and expenses included in the consolidated statement of operations	266,216	609,908		271,444
Annuity deposits	(2,204,329)	(982,176)		(424,819)
Cash payments to policyholders	1,752,951	1,029,667		984,260
Coinsurance deposits	$ (451,378)	$ 47,491		$ 559,441
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Reinsurance and Policy Provis_8

Reinsurance and Policy Provisions (Hannover Financing Arrangements) (Details) - 2019 Hannover Reinsurance Agreement $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
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

Reinsurance and Policy Provis_9

Reinsurance and Policy Provisions (Intercompany Reinsurance Agreements) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AEL Re Vermont
Ceded Credit Risk [Line Items]
Risk charges	$ 11.4	$ 11.7	$ 2.8
AEL Re Vermont II
Ceded Credit Risk [Line Items]
Risk charges	$ 0.9

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Consolidated statements of operations:
Current income taxes	$ 16,998	$ 20,209		$ 332
Deferred income taxes	68,135	490,926	[1]	149,431	[1]
Total income tax expense included in consolidated statements of operations	85,133	511,135	[2]	149,763	[2]
Stockholders' equity:
Expense (benefit) relating to: Changes in other comprehensive income	203,640	(1,843,635)		207,353
Total income tax expense included in consolidated financial statements	$ 288,773	$ (1,332,500)		$ 357,116
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Income Taxes (Effective Income

Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income before income taxes	$ 297,052	$ 2,431,712	[1]	$ 702,786	[1]
Income tax expense on income before income taxes	62,381	510,660		147,585
Tax effect of: State income taxes	2,570	2,564		5,239
Tax effect of: Tax exempt net investment income	(632)	(4,065)		(4,715)
Tax effect of: Non-deductible compensation	20,393	1,182		1,062
Tax effect of: Other	421	794		592
Total income tax expense included in consolidated statements of operations	$ 85,133	$ 511,135	[1]	$ 149,763	[1]
Effective tax rate	28.70%	21%		21.30%
Statutory federal income tax rate	21%	21%		21%
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Income Taxes (Deferred Tax Asse

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Net unrealized losses on available for sale fixed maturity securities	$ 788,236	$ 1,063,441
Investment income items	425,940	0
Amounts due reinsurer	1,208,471	1,030,759
Other policyholder funds	0	358
Deferred compensation	1,521	3,866
Share-based compensation	2,828	422
Net operating loss carryforwards	106,502	50,913
Capital loss carryforwards	38,916	0
Other	15,835	71,417
Gross deferred tax assets	2,588,249	2,221,176
Deferred income tax liabilities:
Deferred policy acquisition costs and deferred sales inducements	(1,095,569)	(976,103)
Derivative instruments	(217,220)	(145,785)
Policy benefit reserves	(1,114,394)	(612,454)
Investment income items	0	(28,778)
Other	(8,414)	(19,622)
Gross deferred tax liabilities	(2,435,597)	(1,782,742)
Net deferred income tax asset	152,652	438,434
Deferred tax assets, valuation allowance	$ 0	0
Period subject to examination	3 years
Net operating loss carryforwards	$ 506,800	170,500
Capital Loss Carryforward
Deferred income tax liabilities:
Capital loss carryforward	$ 185,300	$ 45,700
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, 2023	Dec. 31, 2022		Jun. 16, 2017
Debt Instrument [Line Items]
Notes and loans payable	$ 785,443	$ 792,073	[1]
June 2027 Notes
Debt Instrument [Line Items]
Debt instrument, face amount	500,000	500,000		$ 500,000
Unamortized debt issue costs	(2,353)	(2,960)
Unamortized discount	(142)	(178)		$ (300)
Term Loan Due 2027
Debt Instrument [Line Items]
Debt instrument, face amount	300,000	300,000
Unamortized debt issue costs	(812)	(1,039)
Principal paydown	$ (11,250)	$ (3,750)
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Notes and Loan Payable (2027 No

Notes and Loan Payable (2027 Notes Narrative) (Details) - June 2027 Notes - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jun. 16, 2017
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000	$ 500,000	$ 500,000
Interest rate			5%
Unamortized discount	$ 142	$ 178	$ 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, 2023	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%

Subordinated Debentures (Summar

Subordinated Debentures (Summary of Subordinated Debt Obligations to the Trusts) (Details) - American Equity Capital Trust II - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
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	$ 79,107	$ 78,753
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Defined contribution plan, maximum annual employee contribution	$ 22,500	$ 20,500	$ 19,500
Defined contribution plan, employer plan contributions	$ 4,000,000	$ 3,300,000	$ 2,700,000

Retirement and Share-based Co_4

Retirement and Share-based Compensation Plans (Compensation Expense Recognized For Employees and Directors) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESOP, compensation expense	$ 5,438	$ 4,152	$ 3,377
Compensation expense	45,903	19,659	27,525
Employee Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	39,234	14,454	22,886
Director Equity Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,231	$ 1,053	$ 1,262

Retirement and Share-based Co_5

Retirement and Share-based Compensation Plans (Employee Stock Ownership Plan) (Details)	12 Months Ended
	Dec. 31, 2023
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	1 Months Ended	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) tranche shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		0	0	1,246,605
Award vesting period, years		3 years
Compensation expense | $		$ 4,000	$ 6,700
Compensation expense | $		$ 45,903	$ 19,659	$ 27,525
2023 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	3,000,000	3,000,000
Number of shares available for future grant	2,961,678	2,961,678
Amended Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	5,500,000	5,500,000
Number of shares available for future grant	0	0
Number of additional shares authorized					3,000,000
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 | $		$ 40,200	$ 4,200
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
Amended Plan | Performance Units | Award Date, 2023 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted		267,175
Amended Plan | Performance Units | Award Date, 2022 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted			229,880
Amended Plan | Performance Units | Award Date, 2021 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted				186,091
Awards settled in cash	201,168
Amended Plan | Performance Units | Threshold Goals, Vesting Percentage | Award Date, 2023 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		50%
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%
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%
Amended Plan | Performance Units | Target Performance Goals, Vesting Percentage | Award Date, 2023 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		100%
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%
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%
Amended Plan | Performance Units | Maximum Performance Goals, Vesting Percentage | Award Date, 2023 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		200%
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%
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%
Amended Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted		169,196	159,494	199,597
Participant age for full vesting		65 years
Requisite service period for full vesting		10 years
Amended Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		0	0	391,553
Duration of award		10 years
Amended Plan | Performance Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted				855,052
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
2023 Plan or Amended Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period		30,419	32,409	39,273
Minimum | Amended Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Minimum | 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 Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual cash installment payout option, period (years)		15 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 Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Maximum | Amended Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		5 years
Maximum | 2023 Plan or 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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Outstanding, number of shares	691,511	1,786,794	2,062,719	1,257,917
Outstanding, weighted-average exercise price per share	$ 27.79	$ 28.18	$ 27.84	$ 25.10
Outstanding, total exercise price	$ 19,219	$ 50,347	$ 57,428	$ 31,576
Granted, number of shares	0	0	1,246,605
Granted, weighted-average exercise price per share	$ 0	$ 0	$ 29.15
Granted, total exercise price	$ 0	$ 0	$ 36,336
Canceled, number of shares	(4,864)	(102,143)	(146,803)
Canceled, weighted-average exercise price per share	$ 28.37	$ 27.49	$ 25.44
Canceled, total exercise price	$ (138)	$ (2,808)	$ (3,735)
Exercised, number of shares	(1,090,419)	(173,782)	(295,000)
Exercised, weighted-average exercise price per share	$ 28.42	$ 24.59	$ 22.88
Exercised, total exercise price	$ (30,990)	$ (4,273)	$ (6,749)

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, intrinsic value	$ 19.4
Options vested, intrinsic value	15.1
Options exercised in period, total intrinsic value	29.9	$ 3.7	$ 1.2
Proceeds from stock options exercised	$ 31	$ 4.3	$ 6.7
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	234,148
Stock options outstanding, remaining life (yrs)	6 years 9 months 14 days
Stock options outstanding, weighted-average exercise price per share	$ 26.41
Stock options vested, number of awards	184,148
Stock options vested, remaining life (yrs)	6 years 11 months 26 days
Stock options vested, weighted-average exercise price per share	$ 26.34
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	$ 32.35
Stock options outstanding, number of awards	457,363
Stock options outstanding, remaining life (yrs)	7 years 1 month 20 days
Stock options outstanding, weighted-average exercise price per share	$ 28.50
Stock options vested, number of awards	355,736
Stock options vested, remaining life (yrs)	7 years 1 month 13 days
Stock options vested, weighted-average exercise price per share	$ 28.61
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	$ 32.35
Stock options outstanding, number of awards	691,511
Stock options outstanding, remaining life (yrs)	7 years 7 days
Stock options outstanding, weighted-average exercise price per share	$ 27.79
Stock options vested, number of awards	539,884
Stock options vested, remaining life (yrs)	7 years 25 days
Stock options vested, weighted-average exercise price per share	$ 27.83

Statutory Financial Informati_3

Statutory Financial Information and Dividend Restrictions (Narrative and Statutory Accounting Practices Tables) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statutory Accounting Practices [Line Items]
American Equity Life, statutory net income (loss)		$ (93,007)	$ 151,857	$ (863,818)
American Equity Life, statutory capital and surplus balance		3,730,940	3,692,602
Statutory accounting practices, permitted practice, amount		$ (140,000)	$ 83,000
Dividend restriction, percentage policyholders surplus		10%
Statutory amount available for dividend payments without regulatory approval		$ 373,100
Subsequent Event
Statutory Accounting Practices [Line Items]
Dividend paid by insurance subsidiaries	$ 320,000

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 6,300	$ 5,200	$ 3,800
Aggregate future minimum lease payments due	24,800
2024	4,155
2025	4,037
2026	3,590
2027	2,014
2028	2,125
2029 and thereafter	8,888
Other Commitments [Line Items]
FHLB funding agreements outstanding	0
Limited Partnerships
Other Commitments [Line Items]
Unfunded commitments	559,400
Fixed Maturity Securities
Other Commitments [Line Items]
Unfunded commitments	$ 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, 2023	Dec. 31, 2022		Dec. 31, 2021
Earnings Per Share, Basic and Diluted [Line Items]
Net income available to common stockholders - numerator for earnings per common share	$ 166,855	$ 1,876,544	[1]	$ 509,348	[1]
Weighted average common shares outstanding (shares)	79,476,080	90,558,121	[1]	93,860,378	[1]
Denominator for earnings per common share - assuming dilution (shares)	80,952,270	91,538,128	[1]	94,491,159	[1]
Earnings per common share	$ 2.10	$ 20.72	[1]	$ 5.43	[1]
Earnings per common share - assuming dilution	$ 2.06	$ 20.50	[1]	$ 5.39	[1]
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
Stock Options And Deferred Compensation Agreements
Earnings Per Share, Basic and Diluted [Line Items]
Effect of dilutive securities: Share-based payment agreements (shares)	546,204	523,248		271,422
Restricted Stock And Restricted Stock Units
Earnings Per Share, Basic and Diluted [Line Items]
Effect of dilutive securities: Share-based payment agreements (shares)	929,986	456,759		359,359
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

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, 2023	Dec. 31, 2022		Dec. 31, 2021
Class of Stock [Line Items]
Dividends paid on preferred stock			$ 43,675	$ 43,675	[1]	$ 43,675	[1]
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		19,900
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		$ 23,800
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Earnings Per Common Share and_5

Earnings Per Common Share and Stockholders' Equity (Brookfield) (Details)	Dec. 31, 2023	Jan. 31, 2022 $ / shares shares	Nov. 30, 2020 candidate $ / shares shares	Oct. 18, 2020 stage
Third party equity investment, number of stages | stage				2
Third party ownership interest in Company's common stock	20.10%	16%
Number of Board of Directors seats third party received right to nominate following initial equity investment | candidate			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	38 Months Ended
	Mar. 17, 2023	Dec. 31, 2023	Dec. 31, 2023	Jul. 13, 2023	Dec. 31, 2022	Nov. 11, 2022	Nov. 19, 2021
Class of Stock [Line Items]
Stock repurchase program, authorized amount						$ 400	$ 500
Treasury stock acquired, shares		2,400,000	31,200,000
Treasury stock acquired, average cost per share			$ 35.21
Stock repurchase program, remaining authorized repurchase amount		$ 276	$ 276
Treasury stock, shares		30,765,023	30,765,023		24,590,353
Treasury stock, carrying value		$ 1,000	$ 1,000		$ 823.1
Accelerated Share Repurchase Agreement (ASR)
Class of Stock [Line Items]
Stock repurchase program, authorized amount	$ 200
Treasury stock acquired, shares	4,800,000
Treasury stock acquired, percentage of shares authorized	80%
Treasury stock acquired, average cost per share	$ 33.12
Accelerated share repurchase agreement, settlement payment				$ 14

Schedule I - Summary of Inves_2

Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) $ in Thousands	Dec. 31, 2023 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	$ 51,330,530	[1]
Amount at which shown in the balance sheet	48,227,024
Total Fixed Maturity Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	38,537,462	[1]
Fair value	34,780,482
Amount at which shown in the balance sheet	34,780,482
U.S. Government and agencies
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	172,683	[1]
Fair value	171,141
Amount at which shown in the balance sheet	171,141
States, municipalities and territories
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	3,654,571	[1]
Fair value	3,098,940
Amount at which shown in the balance sheet	3,098,940
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	563,890	[1]
Fair value	493,739
Amount at which shown in the balance sheet	493,739
Corporate securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	23,036,862	[1]
Fair value	20,603,416
Amount at which shown in the balance sheet	20,603,416
Residential mortgage backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	1,503,639	[1]
Fair value	1,402,501
Amount at which shown in the balance sheet	1,402,501
Commercial mortgage backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	3,405,647	[1]
Fair value	2,952,547
Amount at which shown in the balance sheet	2,952,547
Other asset backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	6,200,170	[1]
Fair value	6,058,198
Amount at which shown in the balance sheet	6,058,198
Mortgage loans on real estate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	7,537,594	[1]
Fair value	7,047,993
Amount at which shown in the balance sheet	7,537,594
Real estate investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	1,368,275	[1]
Fair value	1,334,247
Amount at which shown in the balance sheet	1,334,247
Derivative instruments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	522,387	[1]
Fair value	1,207,288
Amount at which shown in the balance sheet	1,207,288
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	1,089,591	[1]
Amount at which shown in the balance sheet	1,089,591
Other investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized cost	2,275,221	[1]
Amount at which shown in the balance sheet	$ 2,277,822
[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, original cost reduced by pro rata amortization 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, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 9,772,586	$ 1,919,669	[1]
Federal income tax recoverable, including amount from subsidiaries	37,854	55,498	[1]
Other assets	768,928	642,696	[1]
Total assets	79,918,302	73,183,599	[1]
Liabilities:
Notes and loan payable	785,443	792,073	[1]
Subordinated debentures payable to subsidiary trusts	79,107	78,753	[1]
Other liabilities	3,172,554	1,614,479	[1]
Total liabilities	76,870,528	70,812,849	[1]
Stockholders' equity:
Common stock	79,338	84,810	[1]
Additional paid-in capital	1,071,103	1,325,316	[1]
Accumulated other comprehensive loss	(2,979,657)	(3,746,230)	[1]
Retained earnings	4,852,448	4,685,593	[1]
Total stockholders' equity attributable to American Equity Investment Life Holding Company	3,023,260	2,349,517	[1]
Total liabilities and stockholders' equity	79,918,302	73,183,599	[1]
Preferred Stock, Series A
Stockholders' equity:
Preferred stock	16	16	[1]
Preferred Stock, Series B
Stockholders' equity:
Preferred stock	12	12	[1]
Parent Company
Assets
Cash and cash equivalents	557,731	531,347
Equity securities of subsidiary trusts	2,373	2,360
Federal income tax recoverable, including amount from subsidiaries	135,238	267,076
Other assets	47,585	33,990
Total assets, excluding investment in and advances to subsidiaries	745,019	929,295
Investment in and advances to subsidiaries	3,558,395	2,617,873
Total assets	4,303,414	3,547,168
Liabilities:
Notes and loan payable	785,443	792,073
Subordinated debentures payable to subsidiary trusts	79,107	78,753
Deferred income taxes	323,855	268,639
Other liabilities	65,365	57,664
Total liabilities	1,280,154	1,197,651
Stockholders' equity:
Common stock	79,338	84,810
Additional paid-in capital	1,071,103	1,325,316
Accumulated other comprehensive loss	(2,979,657)	(3,746,230)
Retained earnings	4,852,448	4,685,593
Total stockholders' equity attributable to American Equity Investment Life Holding Company	3,023,260	2,349,517
Total liabilities and stockholders' equity	4,303,414	3,547,168
Parent Company | Affiliated Entity
Assets
Receivable from subsidiaries	2,092	8,868
Notes receivable from subsidiaries	0	85,654
Liabilities:
Intercompany payable	26,384	522
Parent Company | Preferred Stock, Series A
Stockholders' equity:
Preferred stock	16	16
Parent Company | Preferred Stock, Series B
Stockholders' equity:
Preferred stock	$ 12	$ 12
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

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, 2023	Dec. 31, 2022		Dec. 31, 2021
Revenues:
Net investment income	$ 2,272,798	$ 2,307,463	[1]	$ 2,037,475	[1]
Other revenue	75,866	42,245	[1]	16,160	[1]
Total revenues	2,835,970	1,413,825	[1]	3,689,961	[1]
Expenses:
Interest expense on notes and loan payable	45,890	32,098	[1]	25,581	[1]
Interest expense on subordinated debentures issued to subsidiary trusts	5,355	5,331	[1]	5,324	[1]
Other operating costs and expenses	301,581	239,526	[1]	241,882	[1]
Total benefits and expenses	2,538,918	(1,017,887)	[1]	2,987,175	[1]
Income tax expense (benefit)	85,133	511,135	[1]	149,763	[1]
Net income available to American Equity Investment Life Holding Company stockholders	210,530	1,920,219	[1]	553,023	[1]
Less: Preferred stock dividends	43,675	43,675	[1]	43,675	[1]
Net income available to American Equity Investment Life Holding Company common stockholders	166,855	1,876,544	[1]	509,348	[1]
Parent Company
Revenues:
Net investment income	24,469	6,733		114
Dividends from subsidiary trusts	165	155		159
Dividends from subsidiaries	0	325,000		250,000
Other revenue	31,049	19,153		8,511
Total revenues	152,962	465,215		389,507
Expenses:
Interest expense on notes and loan payable	45,890	32,098		25,581
Interest expense on subordinated debentures issued to subsidiary trusts	5,355	5,331		5,324
Other operating costs and expenses	133,831	114,792		72,435
Total benefits and expenses	185,076	152,221		103,340
Income (loss) before income taxes and equity in undistributed income of subsidiaries	(32,114)	312,994		286,167
Income tax expense (benefit)	(112,986)	(1,067)		11,565
Income before equity in undistributed income of subsidiaries	80,872	314,061		274,602
Equity in undistributed income of subsidiaries	129,658	1,606,158		278,421
Net income available to American Equity Investment Life Holding Company stockholders	210,530	1,920,219		553,023
Less: Preferred stock dividends	43,675	43,675		43,675
Net income available to American Equity Investment Life Holding Company common stockholders	166,855	1,876,544		509,348
Investment Advisory Fees | Parent Company
Revenues:
Investment advisory fees	93,005	110,094		126,643
Affiliated Entity | Parent Company
Revenues:
Surplus note interest from subsidiary	$ 4,274	$ 4,080		$ 4,080
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

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, 2023	Dec. 31, 2022		Dec. 31, 2021
Operating activities
Net income available to American Equity Investment Life Holding Company stockholders		$ 210,530	$ 1,920,219	[1]	$ 553,023	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Accrual of discount on equity security		3,473	2,640	[2]	19,861	[2]
Share-based compensation		29,296	15,827	[2]	24,601	[2]
Deferred income taxes		68,135	490,926	[2]	149,431	[2]
Changes in operating assets and liabilities:
Other assets		(154,726)	2,852	[2]	(5,085)	[2]
Other liabilities and intercompany payable		132,743	9,033	[2]	(224,171)	[2]
Net cash provided by operating activities		3,939,809	2,043,819	[2]	4,233,164	[2]
Investing activities
Purchases of property, plant and equipment		(50,084)	(40,961)	[2]	(18,109)	[2]
Net cash provided by (used in) investing activities		4,494,628	(2,454,911)	[2]	(6,224,307)	[2]
Financing activities
Repayment of loan payable		(7,500)	(3,750)	[2]	0	[2]
Proceeds from issuance of loan payable		0	300,000	[2]	0	[2]
Proceeds from issuance of common stock, net		20,420	253,978	[2]	4,854	[2]
Acquisition of treasury stock		(309,401)	(566,567)	[2]	(99,415)	[2]
Dividends paid on common stock		0	(30,205)	[2]	(31,450)	[2]
Dividends paid on preferred stock		(43,675)	(43,675)	[2]	(43,675)	[2]
Net cash used in financing activities		(581,520)	(2,178,221)	[2]	(2,595,397)	[2]
Increase (decrease) in cash and cash equivalents		7,852,917	(2,589,313)	[2]	(4,586,540)	[2]
Cash and cash equivalents at beginning of year	[2]	1,919,669	4,508,982		9,095,522
Cash and cash equivalents at end of year		9,772,586	1,919,669	[2]	4,508,982	[2]
Cash paid during the year for interest:
Interest paid		50,020	36,289	[2]	30,000	[2]
Parent Company
Operating activities
Net income available to American Equity Investment Life Holding Company stockholders		210,530	1,920,219		553,023
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for depreciation and amortization		2,655	4,925		1,232
Accrual of discount on equity security		(13)	(7)		(10)
Equity in undistributed income of subsidiaries		(129,658)	(1,606,158)		(278,421)
Non cash dividend from subsidiaries		0	0		(80,000)
Accrual of discount on debenture issued to subsidiary trust		354	332		309
Share-based compensation		6,425	6,023		10,235
Deferred income taxes		55,216	45,335		222,714
Changes in operating assets and liabilities:
Receivable from subsidiaries		6,776	(6,085)		(365)
Federal income tax recoverable/payable		131,838	(49,902)		(222,569)
Other assets		(7,978)	(16,363)		(5,054)
Other liabilities and intercompany payable		33,563	21,687		21,819
Net cash provided by operating activities		309,708	320,006		222,913
Investing activities
Change in notes receivable from subsidiaries		85,654	79,346		(165,000)
Contribution to subsidiaries		(21,420)	(137,002)		0
Purchases of property, plant and equipment		(7,402)	(1,432)		(12,642)
Net cash provided by (used in) investing activities		56,832	(59,088)		(177,642)
Financing activities
Financing fees incurred and deferred		0	(1,235)		0
Repayment of loan payable		(7,500)	(3,750)		0
Proceeds from issuance of loan payable		0	300,000		0
Proceeds from issuance of common stock, net		20,420	253,978		4,844
Acquisition of treasury stock		(309,401)	(566,567)		(99,415)
Dividends paid on common stock		0	(30,567)		(31,450)
Dividends paid on preferred stock		(43,675)	(43,675)		(43,675)
Net cash used in financing activities		(340,156)	(91,816)		(169,696)
Increase (decrease) in cash and cash equivalents		26,384	169,102		(124,425)
Cash and cash equivalents at beginning of year		531,347	362,245		486,670
Cash and cash equivalents at end of year		557,731	531,347		362,245
Parent Company | Notes and Loan Payable
Cash paid during the year for interest:
Interest paid		45,020	31,288		25,000
Parent Company | Subordinated Debentures
Cash paid during the year for interest:
Interest paid		$ 5,000	$ 5,000		$ 5,000
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information. Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.

Schedule III - Supplementary _2

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Deferred policy acquisition costs	$ 3,070,280	$ 2,773,643	$ 3,062,204
Future policy benefits, losses, claims and loss expenses	60,901,641	58,781,836	62,614,822
Unearned premiums	0	0	0
Other policy claims and benefits payable	188,856	512,790	226,844
Premium revenue	327,463	250,093	300,833
Net investment income	2,272,798	2,307,463	2,037,475
Benefits, claims, losses and settlement expenses	1,920,938	(1,582,537)	2,139,045
Amortization of deferred policy acquisition costs	279,700	284,011	306,370
Other operating expenses	$ 352,826	$ 276,955	$ 272,787

Schedule IV - Reinsurance (Deta

Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, life insurance in force	$ 40,943	$ 44,003		$ 48,943
Ceded to other companies, life insurance in force	4,462	4,761		5,131
Assumed from other companies, life insurance in force	40,848	43,607		46,119
Net amount, life insurance in force	77,329	82,849		89,931
Net amount, insurance premiums and other considerations	$ 11,967	$ 19,739	[1]	$ 58,202	[1]
Percent of amount assumed to net, life insurance in force	52.82%	52.63%		51.28%
Insurance Premiums and Other Considerations
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, insurance premiums and other considerations	$ 409,918	$ 299,107		$ 321,132
Ceded to other companies, insurance premiums and other considerations	82,598	49,184		20,468
Assumed from other companies, insurance premiums and other considerations	143	170		169
Net amount, insurance premiums and other considerations	$ 327,463	$ 250,093		$ 300,833
Percent of amount assumed to net, insurance premiums and other considerations	0.04%	0.07%		0.06%
Annuity Product Charges
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Gross amount, insurance premiums and other considerations	$ 398,050	$ 279,447		$ 262,982
Ceded to other companies, insurance premiums and other considerations	82,554	49,093		20,351
Assumed from other companies, insurance premiums and other considerations	0	0		0
Net amount, insurance premiums and other considerations	$ 315,496	$ 230,354		$ 242,631
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	$ 11,868	$ 19,660		$ 58,150
Ceded to other companies, insurance premiums and other considerations	44	91		117
Assumed from other companies, insurance premiums and other considerations	143	170		169
Net amount, insurance premiums and other considerations	$ 11,967	$ 19,739		$ 58,202
Percent of amount assumed to net, insurance premiums and other considerations	1.19%	0.86%		0.29%
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies for more information.