Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 07, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-31911 | |
Entity Registrant Name | American National Group Inc. | |
Entity Incorporation, State or Country Code | DE | |
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 Information, Former Legal or Registered Name | American Equity Investment Life Holding Company | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 68,659,827 | |
Entity Central Index Key | 0001039828 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Common stock, par value $1 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common stock, par value $1 | |
Trading Symbol | AEL | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A | |
Trading Symbol | AELPRA | |
Security Exchange Name | NYSE | |
Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B | |
Trading Symbol | AELPRB | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments: | ||
Fixed maturity securities, available for sale, at fair value (amortized cost of $36,009,821 as of 2024 and $38,537,462 as of 2023; allowance for credit losses of $3,518 as of 2024 and $4,030 as of 2023) | $ 32,044,379 | $ 34,780,482 |
Mortgage loans on real estate (net of allowance for credit losses of $42,013 as of 2024 and $38,135 as of 2023) | 7,281,831 | 7,537,594 |
Real estate investments (2024 and 2023 include $1,353,864 and $1,327,704 related to consolidated variable interest entities) | 1,363,604 | 1,334,247 |
Limited partnerships and limited liability companies (2024 and 2023 include $501,084 and $506,685 related to consolidated variable interest entities) | 1,066,273 | 1,089,591 |
Derivative instruments | 1,617,000 | 1,207,288 |
Other investments (2024 includes $150,001 related to consolidated variable interest entities) | 1,624,752 | 2,277,822 |
Total investments | 44,997,839 | 48,227,024 |
Cash and cash equivalents (2024 and 2023 include $33,602 and $35,745 related to consolidated variable interest entities) | 13,495,847 | 9,772,586 |
Coinsurance deposits (net of allowance for credit losses of $1,096 as of 2024 and $1,149 as of 2023) | 14,743,795 | 14,582,728 |
Market risk benefits | 524,598 | 479,694 |
Accrued investment income (2024 and 2023 include $4,136 and $2,862 related to consolidated variable interest entities) | 431,105 | 459,332 |
Deferred policy acquisition costs | 3,184,757 | 3,070,280 |
Deferred sales inducements | 2,440,714 | 2,367,224 |
Deferred income taxes | 115,245 | 152,652 |
Income taxes recoverable | 24,342 | 37,854 |
Other assets (2024 and 2023 include $20,184 and $18,681 related to consolidated variable interest entities) | 821,281 | 768,928 |
Total assets | 80,779,523 | 79,918,302 |
Liabilities: | ||
Policy benefit reserves | 60,980,242 | 60,901,641 |
Market risk benefits | 3,122,918 | 3,146,554 |
Other policy funds and contract claims | 182,342 | 188,856 |
Notes and loan payable | 783,791 | 785,443 |
Subordinated debentures | 79,200 | 79,107 |
Funds withheld for reinsurance liabilities | 8,811,816 | 8,596,373 |
Other liabilities (2024 and 2023 include $80,627 and $93,520 related to consolidated variable interest entities) | 3,647,641 | 3,172,554 |
Total liabilities | 77,607,950 | 76,870,528 |
Stockholders' equity: | ||
Common stock; par value $1 per share; 200,000,000 shares authorized; issued and outstanding: 2024 - 79,572,172 shares (excluding 30,614,343 treasury shares); 2023 - 79,337,818 shares (excluding 30,765,023 treasury shares) | 79,572 | 79,338 |
Additional paid-in capital | 1,073,079 | 1,071,103 |
Accumulated other comprehensive loss | (3,189,720) | (2,979,657) |
Retained earnings | 5,184,527 | 4,852,448 |
Total stockholders' equity attributable to American Equity Investment Life Holding Company | 3,147,486 | 3,023,260 |
Noncontrolling interests | 24,087 | 24,514 |
Total stockholders' equity | 3,171,573 | 3,047,774 |
Total liabilities and stockholders' equity | 80,779,523 | 79,918,302 |
Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A | ||
Stockholders' equity: | ||
Preferred stock | 16 | 16 |
Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B | ||
Stockholders' equity: | ||
Preferred stock | $ 12 | $ 12 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fixed maturity securities, available for sale, amortized cost | $ 36,009,821 | $ 38,537,462 |
Fixed maturity securities, available for sale, allowance for credit losses | 3,518 | 4,030 |
Mortgage loans on real estate, allowance for credit losses | 42,013 | 38,135 |
Real estate investments (2024 and 2023 include $1,353,864 and $1,327,704 related to consolidated variable interest entities) | 1,363,604 | 1,334,247 |
Limited partnerships and limited liability companies (2024 and 2023 include $501,084 and $506,685 related to consolidated variable interest entities) | 1,066,273 | 1,089,591 |
Other investments (2024 includes $150,001 related to consolidated variable interest entities) | 1,624,752 | 2,277,822 |
Cash and cash equivalents (2024 and 2023 include $33,602 and $35,745 related to consolidated variable interest entities) | 13,495,847 | 9,772,586 |
Coinsurance deposits, allowance for credit losses | 1,096 | 1,149 |
Accrued investment income (2024 and 2023 include $4,136 and $2,862 related to consolidated variable interest entities) | 431,105 | 459,332 |
Other assets (2024 and 2023 include $20,184 and $18,681 related to consolidated variable interest entities) | 821,281 | 768,928 |
Other liabilities (2024 and 2023 include $80,627 and $93,520 related to consolidated variable interest entities) | $ 3,647,641 | $ 3,172,554 |
Common stock, par value (dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 79,572,172 | 79,337,818 |
Common stock, shares outstanding (in shares) | 79,572,172 | 79,337,818 |
Treasury stock, shares (in shares) | 30,614,343 | 30,765,023 |
Variable Interest Entities | ||
Real estate investments (2024 and 2023 include $1,353,864 and $1,327,704 related to consolidated variable interest entities) | $ 1,353,864 | $ 1,327,704 |
Limited partnerships and limited liability companies (2024 and 2023 include $501,084 and $506,685 related to consolidated variable interest entities) | 501,084 | 506,685 |
Other investments (2024 includes $150,001 related to consolidated variable interest entities) | 150,001 | |
Cash and cash equivalents (2024 and 2023 include $33,602 and $35,745 related to consolidated variable interest entities) | 33,602 | 35,745 |
Accrued investment income (2024 and 2023 include $4,136 and $2,862 related to consolidated variable interest entities) | 4,136 | 2,862 |
Other assets (2024 and 2023 include $20,184 and $18,681 related to consolidated variable interest entities) | 20,184 | 18,681 |
Other liabilities (2024 and 2023 include $80,627 and $93,520 related to consolidated variable interest entities) | $ 80,627 | $ 93,520 |
Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A | ||
Preferred stock, par value (dollars per share) | $ 1 | $ 1 |
Preferred stock, aggregate liquidation preference | $ 400,000 | $ 400,000 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 16,000 | 16,000 |
Preferred stock, shares outstanding (in shares) | 16,000 | 16,000 |
Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B | ||
Preferred stock, par value (dollars per share) | $ 1 | $ 1 |
Preferred stock, aggregate liquidation preference | $ 300,000 | $ 300,000 |
Preferred stock, shares authorized (in shares) | 12,000 | 12,000 |
Preferred stock, shares issued (in shares) | 12,000 | 12,000 |
Preferred stock, shares outstanding (in shares) | 12,000 | 12,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Premiums and other considerations | $ 640 | $ 4,137 |
Annuity product charges | 95,613 | 62,591 |
Net investment income | 554,739 | 561,323 |
Change in fair value of derivatives | 409,767 | 45,890 |
Net realized losses on investments | (94,050) | (27,787) |
Other revenue | 23,254 | 16,394 |
Total revenues | 989,963 | 662,548 |
Benefits and expenses: | ||
Insurance policy benefits and change in future policy benefits (remeasurement gains (losses) of future policy benefit reserves of $109 and $354 for 2024 and 2023, respectively) | 4,238 | 7,208 |
Interest sensitive and index product benefits | 304,220 | 57,911 |
Market risk benefits (gains) losses | (138,770) | 183,694 |
Amortization of deferred sales inducements | 54,214 | 46,601 |
Change in fair value of embedded derivatives | 162,202 | 404,440 |
Interest expense on notes and loan payable | 11,581 | 11,018 |
Interest expense on subordinated debentures | 1,342 | 1,336 |
Amortization of deferred policy acquisition costs | 77,337 | 68,235 |
Other operating costs and expenses | 77,708 | 74,004 |
Total benefits and expenses | 554,072 | 854,447 |
Income (loss) before income taxes | 435,891 | (191,899) |
Income tax expense (benefit) | 93,246 | (36,008) |
Net income (loss) | 342,645 | (155,891) |
Less: Net income (loss) available to noncontrolling interests | (353) | 103 |
Net income (loss) available to American Equity Investment Life Holding Company stockholders | 342,998 | (155,994) |
Less: Preferred stock dividends | 10,919 | 10,919 |
Net income (loss) available to American Equity Investment Life Holding Company common stockholders | $ 332,079 | $ (166,913) |
Earnings (loss) per common share | $ 4.20 | $ (2) |
Earnings (loss) per common share - assuming dilution | $ 4.13 | $ (2) |
Weighted average common shares outstanding (in thousands): | ||
Earnings (loss) per common share | 79,056,171 | 83,416,966 |
Earnings (loss) per common share - assuming dilution | 80,376,304 | 83,416,966 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Remeasurement gains (losses) of future policy benefit reserves | $ 109 | $ 354 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 342,645 | $ (155,891) |
Other comprehensive income (loss): | ||
Change in net unrealized investment gains/losses | (119,594) | 851,731 |
Change in current discount rate for liability for future policy benefits | 3,572 | (4,791) |
Change in instrument-specific credit risk for market risk benefits | (61,263) | 70,005 |
Reclassification of unrealized investment gains/losses to net income | (88,618) | (18,463) |
Other comprehensive income (loss) before income tax | (265,903) | 898,482 |
Income tax effect related to other comprehensive income (loss) | 55,840 | (188,681) |
Other comprehensive income (loss) | (210,063) | 709,801 |
Comprehensive income | $ 132,582 | $ 553,910 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Preferred Stock | Common Stock | Common Stock Common Stock | Additional Paid-in Capital | Additional Paid-in Capital Common Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Noncontrolling Interest | |
Stockholders' equity at beginning of period at Dec. 31, 2022 | [1] | $ 2,370,750 | $ 28 | $ 84,810 | $ 1,325,316 | $ (3,746,230) | $ 4,685,593 | $ 21,233 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) for period | (155,891) | (155,994) | 103 | ||||||||
Other comprehensive income (loss) | 709,801 | 709,801 | |||||||||
Share-based compensation | 9,904 | 9,904 | |||||||||
Issuance of common stock | $ (3,631) | $ 211 | $ (3,842) | ||||||||
Treasury stock acquired, common | (293,193) | (7,268) | (285,925) | ||||||||
Dividends on preferred stock | (10,919) | (10,919) | |||||||||
Contributions (distributions) from noncontrolling interests | 1,988 | 1,988 | |||||||||
Stockholders' equity at end of period at Mar. 31, 2023 | 2,628,809 | 28 | 77,753 | 1,045,453 | (3,036,429) | 4,518,680 | 23,324 | ||||
Stockholders' equity at beginning of period at Dec. 31, 2023 | 3,047,774 | 28 | 79,338 | 1,071,103 | (2,979,657) | 4,852,448 | 24,514 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) for period | 342,645 | 342,998 | (353) | ||||||||
Other comprehensive income (loss) | (210,063) | (210,063) | |||||||||
Share-based compensation | 1,946 | 1,946 | |||||||||
Issuance of common stock | $ 264 | $ 234 | $ 30 | ||||||||
Dividends on preferred stock | (10,919) | (10,919) | |||||||||
Contributions (distributions) from noncontrolling interests | (74) | (74) | |||||||||
Stockholders' equity at end of period at Mar. 31, 2024 | $ 3,171,573 | $ 28 | $ 79,572 | $ 1,073,079 | $ (3,189,720) | $ 5,184,527 | $ 24,087 | ||||
[1] Certain prior period amounts have been recast. See Note 1 - Significant Accounting Policies in our Annual Report on Form 10-K for the year ended December 31, 2023. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Operating activities | |||
Net income (loss) | $ 342,645 | $ (155,891) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Interest sensitive and index product benefits | 304,220 | 57,911 | |
Amortization of deferred sales inducements | 54,214 | 46,601 | $ 192,252 |
Annuity product charges | (95,613) | (62,591) | |
Change in fair value of embedded derivatives | 162,202 | 404,440 | |
Change in traditional life and accident and health insurance reserves | (9,563) | 1,720 | |
Policy acquisition costs deferred | (191,814) | (66,767) | |
Amortization of deferred policy acquisition costs | 77,337 | 68,235 | 279,700 |
Provision for depreciation and other amortization | 3,350 | 3,025 | |
Amortization of discounts and premiums on investments | 2,601 | 13,450 | |
Realized gains/losses on investments | 94,050 | 27,787 | |
Distributions from equity method investments | 24,601 | 0 | |
Change in fair value of derivatives | (409,767) | (45,890) | |
Deferred income taxes | 93,247 | (40,895) | |
Share-based compensation | 1,946 | 9,904 | |
Change in accrued investment income | 28,227 | 426 | |
Change in income taxes recoverable/payable | 13,512 | 4,677 | |
Change in other assets | (11,255) | (34,940) | |
Change in other policy funds and contract claims | (7,645) | (207,895) | |
Change in market risk benefits, net | (138,771) | 192,253 | |
Change in collateral held for derivatives | 390,978 | 184,088 | |
Change in funds withheld from reinsurers | 256,921 | 342,602 | |
Change in other liabilities | 58,489 | 145,648 | |
Other | 25,894 | (22,855) | |
Net cash provided by operating activities | 1,070,006 | 865,043 | |
Sales, maturities, or repayments of investments: | |||
Fixed maturity securities, available for sale | 4,707,376 | 3,150,639 | |
Mortgage loans on real estate | 442,126 | 279,348 | |
Derivative instruments | 303,371 | (132) | |
Other investments | 1,103,923 | 705,059 | |
Acquisitions of investments: | |||
Fixed maturity securities, available for sale | (2,323,893) | (2,039,525) | |
Mortgage loans on real estate | (191,028) | (534,632) | |
Real estate investments acquired | (35,649) | (120,907) | |
Derivative instruments | (203,551) | (205,561) | |
Other investments | (459,826) | (425,596) | |
Purchases of property, furniture and equipment | (4,631) | (4,192) | |
Net cash provided by investing activities | 3,338,218 | 804,501 | |
Financing activities | |||
Receipts credited to annuity policyholder account balances | 2,348,431 | 1,370,663 | |
Coinsurance deposits | (91,042) | (215,927) | |
Return of annuity policyholder account balances | (2,910,342) | (1,601,547) | |
Repayment of loan payable | (1,875) | (1,875) | |
Acquisition of treasury stock | 0 | (293,193) | |
Proceeds from issuance of common stock, net | 264 | (3,631) | |
Change in checks in excess of cash balance | (19,480) | (54,932) | |
Dividends paid on preferred stock | (10,919) | (10,919) | |
Net cash used in financing activities | (684,963) | (811,361) | |
Increase in cash and cash equivalents | 3,723,261 | 858,183 | |
Cash and cash equivalents at beginning of period | 9,772,586 | 1,919,669 | 1,919,669 |
Cash and cash equivalents at end of period | 13,495,847 | 2,777,852 | 9,772,586 |
Cash paid during period for: | |||
Interest expense | 6,358 | 5,803 | |
Income taxes | 546 | 262,020 | |
Income tax refunds received | 14,059 | 52,500 | |
Non-cash operating activity: | |||
Deferral of sales inducements | $ 127,704 | $ 45,267 | $ 513,793 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Consolidation and Basis of Presentation The accompanying consolidated financial statements of American Equity Investment Life Holding Company ("we", "us", "our" or the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The consolidated financial statements include variable interest entities (“VIE”) in which we are the primary beneficiary. All of the adjustments in the consolidated financial statements are normal recurring items which are necessary to present fairly our financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for the three month periods ended March 31, 2024 are not necessarily indicative of the results that may be expected for any other period, including for the year ended December 31, 2024. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements requires management estimates and assumptions using subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Our actual results could differ from these estimates. For further information related to a description of areas of judgment and estimates and other information necessary to understand our financial position and results of operations, refer to the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2023. 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 was 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 |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value (Dollars in thousands) Assets Fixed maturity securities, available for sale $ 32,044,379 $ 32,044,379 $ 34,780,482 $ 34,780,482 Mortgage loans on real estate 7,281,831 6,777,489 7,537,594 7,047,993 Real estate investments 1,363,604 1,382,633 1,334,247 1,336,247 Limited partnerships and limited liability companies 501,084 501,084 506,685 506,685 Derivative instruments 1,617,000 1,617,000 1,207,288 1,207,288 Other investments 1,624,752 1,624,752 2,277,822 2,277,822 Cash and cash equivalents 13,495,847 13,495,847 9,772,586 9,772,586 Coinsurance deposits 14,743,795 13,671,767 14,582,728 13,570,942 Market risk benefits 524,598 524,598 479,694 479,694 Liabilities Policy benefit reserves 60,638,086 56,103,251 60,549,922 56,366,631 Market risk benefits 3,122,918 3,122,918 3,146,554 3,146,554 Single premium immediate annuity (SPIA) benefit reserves 181,348 189,677 188,301 196,720 Notes and loan payable 783,791 775,660 785,443 770,570 Subordinated debentures 79,200 86,095 79,107 86,254 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 March 31, 2024 and December 31, 2023 are presented below based on the fair value hierarchy levels: Total NAV Quoted Significant Significant (Dollars in thousands) March 31, 2024 Assets Fixed maturity securities, available for sale: U.S. Government and agencies $ 27,137 $ — $ 17,068 $ 10,069 $ — States, municipalities and territories 2,816,974 — — 2,612,223 204,751 Foreign corporate securities and foreign governments 433,008 — — 433,008 — Corporate securities 19,264,788 — — 19,054,472 210,316 Residential mortgage backed securities 995,130 — — 972,609 22,521 Commercial mortgage backed securities 2,734,085 — — 2,734,085 — Other asset backed securities 5,773,257 — — 3,488,452 2,284,805 Other investments 351,142 — 140,458 60,683 150,001 Real estate investments 1,248,703 — — — 1,248,703 Limited partnerships and limited liability companies 501,084 358,429 — — 142,655 Derivative instruments 1,617,000 — — 1,617,000 — Cash and cash equivalents 13,495,847 — 13,495,847 — — Market risk benefits (a) 524,598 — — — 524,598 $ 49,782,753 $ 358,429 $ 13,653,373 $ 30,982,601 $ 4,788,350 Liabilities Funds withheld liability - embedded derivative $ (298,254) $ — $ — $ — $ (298,254) Fixed index annuities - embedded derivatives 5,273,407 — — — 5,273,407 Market risk benefits (a) 3,122,918 — — — 3,122,918 $ 8,098,071 $ — $ — $ — $ 8,098,071 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 (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 three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 (Dollars in thousands) Fixed maturity securities, available for sale - States, municipalities and territories Beginning balance $ 222,217 $ — Purchases and sales, net — — Transfers in 15,220 97,659 Transfers out — — Total realized/unrealized gains (losses) Included in net income — — Included in other comprehensive income (loss) (32,686) — Ending balance $ 204,751 $ 97,659 Fixed maturity securities, available for sale - Corporate securities Beginning balance $ 255,437 $ 402,348 Purchases and sales, net 23,369 (26,278) Transfers in 2,396 347 Transfers out (69,454) — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (1,432) (1,120) Ending balance $ 210,316 $ 375,297 Fixed maturity securities, available for sale - Residential mortgage backed securities Beginning balance $ — $ — Purchases and sales, net — — Transfers in 22,521 — Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) — — Ending balance $ 22,521 $ — Fixed maturity securities, available for sale - Other asset backed securities Beginning balance $ 1,590,974 $ 442,918 Purchases and sales, net 697,098 227,032 Transfers in 24,210 130,502 Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (27,477) 7,776 Ending balance $ 2,284,805 $ 808,228 Other investments Beginning balance $ — $ — Transfers in 150,001 — Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) — — Ending balance $ 150,001 $ — Three Months Ended 2024 2023 (Dollars in thousands) Real estate investments Beginning balance $ 1,217,271 $ 940,559 Purchases and sales, net 36,155 120,908 Change in fair value (4,723) (7,836) Ending balance $ 1,248,703 $ 1,053,631 Limited partnerships and limited liability companies Beginning balance $ 153,131 $ 64,209 Purchases and sales, net (1,635) 94,137 Change in fair value (8,841) 5,981 Ending balance $ 142,655 $ 164,327 Funds withheld liability - embedded derivative Beginning balance $ (256,776) $ (441,864) Transfers in — — Change in fair value (41,478) 64,380 Ending balance $ (298,254) $ (377,484) Fixed index annuities - embedded derivatives Beginning balance $ 5,181,894 $ 4,820,845 Premiums less benefits 15,845 (121,181) Change in fair value, net 75,668 205,469 Ending balance $ 5,273,407 $ 4,905,133 Transfers into and out of Level 3 during the three months ended March 31, 2024 and 2023 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. March 31, 2024 Assets / Valuation Unobservable Input / Weighted Assets: (in thousands) Fixed maturity securities: Corporate securities $ 83,513 Discounted cash flow Liquidity premium 20 basis points Other asset backed securities 1,399,798 Discounted cash flow Discount rate 3.20% 25.00% 6.44% Weighted average lives 1.13 years 11.77 years 4.39 years Real estate investments 1,248,703 Broker price opinion Limited partnerships and limited 32,974 Discounted cash flow Residual capitalization rate 5.19% 5.45% 5.32% liability companies - real estate Discount rate 6.50% 6.75% 6.63% Limited partnerships and limited 109,681 Discounted cash flow Discount rate 10.75% 10.75% 10.75% liability companies - infrastructure 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 (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 March 31, 2024 and December 31, 2023. 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. 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. 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. Our consolidated limited partnership fund, which is measured using NAV as a practical expedient, is a closed-end fund that invests in infrastructure credit assets. Redemptions are not allowed until the fund's termination date and liquidation begins. As of March 31, 2024 and December 31, 2023, our unfunded commitments for our consolidated limited partnership fund was $183.0 million and $180.9 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. 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. During Q1 2024, we purchased an investment company limited partnership, which invests in residual interest investments, and is a consolidated VIE. We initially recorded the investment at cost to purchase the investment. Due to proximity of the purchase to quarter end, the cost of $150.0 million approximates fair value as of March 31, 2024 and falls within Level 3 of the fair value hierarchy. 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. March 31, 2024 December 31, 2023 (Dollars in thousands) FHLB common stock (1) $ 10,000 $ 10,000 Collateral loans (2) 853,457 64,594 Company owned life insurance ("COLI") (3) 406,859 404,598 (1) FHLB common stock is carried at cost which approximates fair value. (2) For certain of our collateral loans, we have concluded the carrying value approximates fair value. (3) 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 both March 31, 2024 and December 31, 2023, we utilized an estimate of 2.35% 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) March 31, 2024 December 31, 2023 1 - 5 1.92% 1.96% 6 - 10 3.84% 3.71% 11 - 15 3.73% 3.71% 16 - 20 8.43% 8.97% 20+ 4.92% 4.91% 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 $1,156.2 million and $1,182.6 million as of March 31, 2024 and December 31, 2023, 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 F ixed 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 March 31, 2024, were to increase by 100 basis points, the fair value of the embedded derivatives would decrease by $360.4 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 $413.6 million recorded through operations as an increase in the change in fair value of embedded derivatives. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Investments | Investments At March 31, 2024 and December 31, 2023, the amortized cost and fair value of fixed maturity securities were as follows: Amortized Gross Gross Unrealized Losses Allowance for Credit Losses Fair Value (Dollars in thousands) March 31, 2024 Fixed maturity securities, available for sale: U.S. Government and agencies $ 28,354 $ 13 $ (1,230) $ — $ 27,137 States, municipalities and territories 3,392,780 9,188 (584,994) — 2,816,974 Foreign corporate securities and foreign governments 513,299 643 (80,934) — 433,008 Corporate securities 21,952,356 124,669 (2,808,944) (3,293) 19,264,788 Residential mortgage backed securities 1,093,654 9,209 (107,733) — 995,130 Commercial mortgage backed securities 3,121,755 2,701 (390,371) — 2,734,085 Other asset backed securities 5,907,623 22,009 (156,150) (225) 5,773,257 $ 36,009,821 $ 168,432 $ (4,130,356) $ (3,518) $ 32,044,379 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 (1) Amortized cost excludes accrued interest receivable The amortized cost and fair value of fixed maturity securities at March 31, 2024, 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 $ 635,069 $ 628,657 Due after one year through five years 5,295,239 5,166,955 Due after five years through ten years 4,174,379 3,788,971 Due after ten years through twenty years 7,149,272 6,209,035 Due after twenty years 8,632,830 6,748,289 25,886,789 22,541,907 Residential mortgage backed securities 1,093,654 995,130 Commercial mortgage backed securities 3,121,755 2,734,085 Other asset backed securities 5,907,623 5,773,257 $ 36,009,821 $ 32,044,379 Net unrealized losses on investments reported as a separate component of stockholders' equity were comprised of the following: March 31, 2024 December 31, 2023 (Dollars in thousands) Net unrealized losses on investments $ (3,963,901) $ (3,755,689) Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax expense 831,961 788,236 Net unrealized losses reported as accumulated other comprehensive loss $ (3,109,406) $ (2,944,919) 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. The NAIC designations are utilized by insurers in preparing their annual statutory statements. NAIC Class 1 and 2 designations are considered "investment grade" while NAIC Class 3 through 6 designations are considered "non-investment grade." Based on the NAIC designations, we had 97% and 98% of our fixed maturity portfolio rated investment grade at March 31, 2024 and December 31, 2023, respectively. The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated: March 31, 2024 December 31, 2023 NAIC Designation (1) Amortized Fair Amortized Fair (Dollars in thousands) 1 $ 21,333,429 $ 18,916,331 $ 22,493,843 $ 20,209,842 2 13,523,795 12,096,461 14,910,687 13,529,169 3 657,003 613,090 583,131 527,556 4 183,294 152,918 201,610 168,191 5 88,840 67,345 88,581 68,538 6 5,398 3,922 9,400 10,132 $ 35,791,759 $ 31,850,067 $ 38,287,252 $ 34,513,428 (1) The table excludes residual tranche securities that are not rated with an amortized cost of $218,062 and $250,210, and fair value of $194,312 and $267,054 as of March 31, 2024 and December 31, 2023, respectively. 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 3,525 and 3,639 securities, respectively) have been in a continuous unrealized loss position, at March 31, 2024 and December 31, 2023: Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) March 31, 2024 Fixed maturity securities, available for sale: U.S. Government and agencies $ 3,990 $ (20) $ 22,732 $ (1,210) $ 26,722 $ (1,230) States, municipalities and territories 114,901 (10,035) 2,522,955 (574,959) 2,637,856 (584,994) Foreign corporate securities and foreign governments 17,385 (92) 382,787 (80,842) 400,172 (80,934) Corporate securities 1,280,454 (34,771) 14,276,990 (2,774,173) 15,557,444 (2,808,944) Residential mortgage backed securities 51,291 (836) 653,903 (106,897) 705,194 (107,733) Commercial mortgage backed securities 55,259 (1,517) 2,497,882 (388,854) 2,553,141 (390,371) Other asset backed securities 1,430,802 (61,836) 2,003,652 (94,314) 3,434,454 (156,150) $ 2,954,082 $ (109,107) $ 22,360,901 $ (4,021,249) $ 25,314,983 $ (4,130,356) 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) (1) Unrealized losses have been reduced to reflect the allowance for credit losses of $3.5 million and $4.0 million as of March 31, 2024 and December 31, 2023, respectively. The unrealized losses at March 31, 2024 are principally related to the timing of the purchases of certain securities, which carry less yield than those available at March 31, 2024. Approximately 98% of the unrealized losses on fixed maturity securities shown in the above table for both March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2024 and 2023 are as follows: Three Months Ended 2024 2023 (Dollars in thousands) Fixed maturity securities available for sale carried at fair value $ (208,212) $ 833,268 Adjustment for effect on other balance sheet accounts: Deferred income tax asset/liability 43,725 (174,986) 43,725 (174,986) Change in net unrealized gains/losses on investments carried at fair value $ (164,487) $ 658,282 Proceeds from sales of available for sale fixed maturity securities for the three months ended March 31, 2024 and 2023 were $4.9 billion and $2.3 billion, respectively. Scheduled principal repayments, calls and tenders for available for sale fixed maturity securities for the three months ended March 31, 2024 and 2023 were $0.6 billion and $0.9 billion, respectively. Net realized losses on investments for the three months ended March 31, 2024 and 2023, are as follows: Three Months Ended 2024 2023 (Dollars in thousands) Available for sale fixed maturity securities: Gross realized gains $ 15,887 $ 25,988 Gross realized losses (104,505) (44,451) Net credit loss recovery (provision) 512 (829) (88,106) (19,292) Other investments: Gross realized gains — 1,777 Gross realized losses — (432) — 1,345 Mortgage loans on real estate: Increase in allowance for credit losses (3,468) (8,654) Recovery of specific allowance — — Loss on sale of mortgage loans (2,476) (1,186) (5,944) (9,840) Total net realized losses $ (94,050) $ (27,787) Realized losses on available for sale fixed maturity securities in 2024 and 2023 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. 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: Three Months Ended March 31, 2024 Corporate Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ 3,412 $ — $ 618 $ 4,030 Change in allowance on securities with previous allowance — — — — Recoveries of amounts previously written off (119) — (393) (512) Ending balance $ 3,293 $ — $ 225 $ 3,518 Three Months Ended March 31, 2023 Corporate Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ 3,214 $ 133 $ — $ 3,347 Change in allowance on securities with previous allowance (1,300) — — (1,300) Recoveries of amounts previously written off — — — — Ending balance $ 1,914 $ 133 $ — $ 2,047 |
Mortgage Loans on Real Estate
Mortgage Loans on Real Estate | 3 Months Ended |
Mar. 31, 2024 | |
Loans Payable [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 $575.8 million at March 31, 2024. March 31, 2024 December 31, 2023 (Dollars in thousands) Commercial mortgage loans: Principal outstanding $ 3,480,752 $ 3,550,204 Deferred fees and costs, net (2,826) (2,494) Unamortized discounts and premiums, net (2,317) (2,711) Amortized cost 3,475,609 3,544,999 Valuation allowance (20,432) (17,902) Commercial mortgage loans, carrying value 3,455,177 3,527,097 Agricultural mortgage loans: Principal outstanding 576,185 581,287 Deferred fees and costs, net (1,600) (1,654) Amortized cost 574,585 579,633 Valuation allowance (1,202) (2,590) Agricultural mortgage loans, carrying value 573,383 577,043 Residential mortgage loans: Principal outstanding 3,207,707 3,384,737 Deferred fees and costs, net 453 558 Unamortized discounts and premiums, net 65,490 65,802 Amortized cost 3,273,650 3,451,097 Valuation allowance (20,379) (17,643) Residential mortgage loans, carrying value 3,253,271 3,433,454 Mortgage loans, carrying value $ 7,281,831 $ 7,537,594 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: March 31, 2024 December 31, 2023 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 455,366 13.1 % $ 471,707 13.3 % Middle Atlantic 273,050 7.8 % 274,017 7.7 % Mountain 401,678 11.5 % 404,143 11.4 % New England 90,619 2.6 % 87,041 2.4 % Pacific 831,311 23.9 % 835,085 23.5 % South Atlantic 879,052 25.3 % 927,547 26.1 % West North Central 178,616 5.1 % 183,856 5.2 % West South Central 333,171 9.6 % 328,918 9.3 % International 37,889 1.1 % 37,890 1.1 % $ 3,480,752 100.0 % $ 3,550,204 100.0 % Property type distribution Office $ 358,570 10.3 % $ 360,328 10.1 % Retail 789,223 22.7 % 801,977 22.6 % Industrial/Warehouse 892,092 25.6 % 940,546 26.5 % Apartment 1,041,957 29.9 % 1,047,740 29.5 % Hotel 320,171 9.2 % 319,733 9.0 % Mixed Use/Other 78,739 2.3 % 79,880 2.3 % $ 3,480,752 100.0 % $ 3,550,204 100.0 % Our agricultural mortgage loan portfolio consists of loans with an outstanding principal balance of $576.2 million and $581.3 million as of March 31, 2024 and December 31, 2023, 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 $3.2 billion and $3.4 billion as of March 31, 2024 and December 31, 2023, 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 $62.8 million and $69.5 million as of March 31, 2024 and December 31, 2023, 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 three month periods ended March 31, 2024 or 2023, 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: Three Months Ended March 31, 2024 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (17,902) $ (2,590) $ (17,643) $ (38,135) Charge-offs — — 213 213 Recoveries — — — — Change in provision for credit losses (2,530) 1,388 (2,949) (4,091) Ending allowance balance $ (20,432) $ (1,202) $ (20,379) $ (42,013) Three Months Ended March 31, 2023 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (22,428) $ (1,021) $ (13,523) $ (36,972) Charge-offs — — — — Recoveries — — — — Change in provision for credit losses (2,654) (335) (5,665) (8,654) Ending allowance balance $ (25,082) $ (1,356) $ (19,188) $ (45,626) 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 14 real estate properties totaling $9.7 million at March 31, 2024 and 12 real estate properties totaling $6.5 million in which ownership of the property was taken to satisfy an outstanding loan at December 31, 2023. 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 March 31, 2024 and December 31, 2023. 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 March 31, 2024 and December 31, 2023 (by year of origination): 2024 2023 2022 2021 2020 Prior Total As of March 31, 2024: 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 $ — — % $ 3,456 46 % $ 285,438 62 % $ 271,985 57 % $ 348,016 50 % $ 1,479,369 47 % $ 2,388,264 50 % Greater than or equal to 1.2 and less than 1.5 — — % — — % 81,084 48 % 4,453 54 % 27,150 52 % 282,786 60 % 395,473 57 % Greater than or equal to 1.0 and less than 1.2 — — % 27,144 33 % 86,871 29 % 328,457 45 % 30,270 56 % 63,302 71 % 536,044 46 % Less than 1.0 — — % — — % 53,486 54 % 26,968 52 % 18,378 54 % 56,996 63 % 155,828 57 % Total $ — — % $ 30,600 35 % $ 506,879 53 % $ 631,863 51 % $ 423,814 51 % $ 1,882,453 50 % $ 3,475,609 51 % 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: 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 % 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 March 31, 2024 and December 31, 2023. 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 March 31, 2024 and December 31, 2023 (by year of origination): 2024 2023 2022 2021 2020 Prior Total As of March 31, 2024: 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 $ — — % $ 26,865 59 % $ 61,331 53 % $ 45,598 56 % $ 90,066 45 % $ 34,000 42 % $ 257,860 50 % Greater than or equal to 1.2 and less than 1.5 — — % 17,755 59 % 88,146 53 % 51,510 51 % 26,352 34 % — — % 183,763 50 % Greater than or equal to 1.0 and less than 1.2 897 36 % 3,988 43 % 3,058 55 % 9,224 57 % 894 58 % — — % 18,061 52 % Less than 1.0 — — % — — % 37,943 36 % 25,954 50 % 48,877 48 % 2,127 33 % 114,901 44 % Total $ 897 36 % $ 48,608 58 % $ 190,478 50 % $ 132,286 53 % $ 166,189 44 % $ 36,127 41 % $ 574,585 49 % 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: 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 % 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): 2024 2023 2022 2021 2020 Prior Total As of March 31, 2024: (Dollars in thousands) Commercial mortgage loans Current $ — $ 30,600 $ 506,879 $ 631,863 $ 423,814 $ 1,882,453 $ 3,475,609 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — 90 days or more past due — — — — — — — Total commercial mortgage loans $ — $ 30,600 $ 506,879 $ 631,863 $ 423,814 $ 1,882,453 $ 3,475,609 Agricultural mortgage loans Current $ 897 $ 48,608 $ 190,478 $ 130,102 $ 166,189 $ 36,127 $ 572,401 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — 90 days or more past due — — — 2,184 — — 2,184 Total agricultural mortgage loans $ 897 $ 48,608 $ 190,478 $ 132,286 $ 166,189 $ 36,127 $ 574,585 Residential mortgage loans Current $ 28,212 $ 1,169,009 $ 1,415,122 $ 326,677 $ 152,853 $ 18,766 $ 3,110,639 30 - 59 days past due — — 2,760 — — — 2,760 60 - 89 days past due — 12,381 26,227 3,765 5,079 395 47,847 90 days or more past due — 25,880 52,277 22,965 9,155 2,127 112,404 Total residential mortgage loans $ 28,212 $ 1,207,270 $ 1,496,386 $ 353,407 $ 167,087 $ 21,288 $ 3,273,650 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 — — — — — — — 90 days or more 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 — — — — — — — 90 days or more 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 90 days or more 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 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 198 loans in non-accrual status at March 31, 2024 and 155 loans in non-accrual status at December 31, 2023. During the three months ended March 31, 2024 and 2023, we recognized interest income of $270 thousand and $15 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 three months ended March 31, 2024 and 2023, respectively. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2024 | |
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. 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 partnership which holds residual interest investments. The entity is a VIE as we have determined we are the primary beneficiary. Because the limited partnership is an investment, changes in fair value of the underlying residual interest investments are reported as a component of net investment income. 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: March 31, 2024 December 31, 2023 Total Total Total Total (Dollars in thousands) Real estate investments $ 1,408,777 $ 79,501 $ 1,383,120 $ 92,299 Real estate limited liability companies 33,421 138 47,005 149 Limited partnership funds 359,768 216 353,610 289 Residual interest 150,001 — — — Infrastructure limited liability companies 110,904 772 107,942 783 $ 2,062,871 $ 80,627 $ 1,891,677 $ 93,520 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: March 31, 2024 December 31, 2023 Asset Maximum Asset Maximum (Dollars in thousands) Fixed maturity securities, available for sale $ 2,304,405 $ 2,304,405 $ 2,438,074 $ 2,438,074 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 December 31, 2023 Notional Fair Value Notional Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments Assets Derivative instruments Call options $ 41,614,193 $ 1,617,000 $ 41,547,731 $ 1,207,288 $ 41,614,193 $ 1,617,000 $ 41,547,731 $ 1,207,288 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives, net $ 5,273,407 $ 5,181,894 Funds withheld for reinsurance liabilities Reinsurance related embedded derivative (298,254) (256,776) $ 4,975,153 $ 4,925,118 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 were 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) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (Dollars in thousands) Fixed maturities, available for sale: Current hedging relationships $ — $ — $ — $ — Discontinued hedging relationships 1,205,204 1,261,509 (57,146) (62,385) 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 three months ended March 31, 2024 Interest rate swaps $ — $ — $ — $ — For the three months ended March 31, 2023 Interest rate swaps $ (12,991) $ 14,116 $ 1,125 $ — 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: Three Months Ended 2024 2023 (Dollars in thousands) Change in fair value of derivatives: Call options $ 409,767 $ 43,444 Warrants — 1,321 $ 409,767 $ 44,765 Change in fair value of embedded derivatives: Fixed index annuities - embedded derivatives $ 203,680 $ 340,060 Reinsurance related embedded derivative (41,478) 64,380 $ 162,202 $ 404,440 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. We also have 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 by counterparty and each counterparty's current credit rating are as follows: March 31, 2024 December 31, 2023 Counterparty Credit Rating Credit Rating (Moody's) Notional Fair Value Notional Fair Value (Dollars in thousands) Bank of America A+ Aa1 $ 5,257,044 $ 155,608 $ 5,090,138 $ 101,863 Barclays A+ A1 1,507,128 58,281 1,787,748 60,495 Canadian Imperial Bank of Commerce A+ Aa2 1,696,844 60,795 1,438,835 48,660 Citibank, N.A. A+ Aa3 2,522,575 94,411 3,042,872 61,580 Credit Suisse A+ A3 42,607 1,532 378,613 7,130 Goldman Sachs A+ A1 590,973 13,441 250,609 2,958 J.P. Morgan A+ Aa2 4,709,373 183,431 4,389,528 91,162 Mizuho A A1 10,983,889 512,485 10,450,652 358,820 Morgan Stanley A+ Aa3 1,008,975 44,079 1,459,836 30,590 Royal Bank of Canada AA- A1 3,502,832 140,472 3,752,133 138,639 Societe Generale A A1 3,048,019 109,999 3,048,268 86,041 Truist A A2 1,465,739 55,459 1,500,167 50,502 UBS AG A+ Aa3 2,195,505 52,831 1,954,997 51,108 Wells Fargo A+ Aa2 3,082,690 134,176 2,998,787 117,626 Exchange traded — — 4,548 114 $ 41,614,193 $ 1,617,000 $ 41,547,731 $ 1,207,288 As of March 31, 2024 and December 31, 2023, we held $1.6 billion and $1.2 billion, respectively, of cash and cash equivalents and other investments from counterparties for derivative collateral, which is included in Other liabilities on our Consolidated Balance Sheets. This derivative collateral limits the maximum amount of economic loss due to credit risk that we would incur if the counterparties failed completely to perform according to the terms of the contracts to $22.1 million and $3.5 million at March 31, 2024 and December 31, 2023, 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. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs and Deferred Sales Inducements | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Charges, Insurers [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: Three Months Ended March 31, 2024 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of period $ 2,957,464 $ 109,187 $ 3,629 $ 3,070,280 Capitalizations 159,143 32,655 16 191,814 Amortization expense (69,525) (7,671) (141) (77,337) Balance, end of period $ 3,047,082 $ 134,171 $ 3,504 $ 3,184,757 Year Ended December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of period $ 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 period $ 2,957,464 $ 109,187 $ 3,629 $ 3,070,280 Deferred Sales Inducements The following tables present the balances and changes in deferred sales inducements: Three Months Ended March 31, 2024 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of period $ 2,342,486 $ 24,738 $ 2,367,224 Capitalizations 127,687 17 127,704 Amortization expense (53,526) (688) (54,214) Balance, end of period $ 2,416,647 $ 24,067 $ 2,440,714 Year Ended December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of period $ 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 period $ 2,342,486 $ 24,738 $ 2,367,224 |
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: Three Months Ended March 31, 2024 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of period $ 2,957,464 $ 109,187 $ 3,629 $ 3,070,280 Capitalizations 159,143 32,655 16 191,814 Amortization expense (69,525) (7,671) (141) (77,337) Balance, end of period $ 3,047,082 $ 134,171 $ 3,504 $ 3,184,757 Year Ended December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of period $ 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 period $ 2,957,464 $ 109,187 $ 3,629 $ 3,070,280 Deferred Sales Inducements The following tables present the balances and changes in deferred sales inducements: Three Months Ended March 31, 2024 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of period $ 2,342,486 $ 24,738 $ 2,367,224 Capitalizations 127,687 17 127,704 Amortization expense (53,526) (688) (54,214) Balance, end of period $ 2,416,647 $ 24,067 $ 2,440,714 Year Ended December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of period $ 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 period $ 2,342,486 $ 24,738 $ 2,367,224 |
Policyholder Liabilities
Policyholder Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 and year ended December 31, 2023 is as follows: Present Value of Expected Future Three Months Ended Year Ended December 31, 2023 (Dollars in thousands) Balance, beginning of period $ 303,200 $ 318,677 Beginning balance at original discount rate 317,634 342,453 Effect of changes in cash flow assumptions — (4,607) Effect of actual variances from expected experience (102) (1,887) Adjusted beginning of year balance 317,532 335,959 Issuances 796 6,945 Interest accrual 3,295 13,710 Derecognition (lapses and benefit payments) (9,493) (38,980) Ending balance at original discount rate 312,130 317,634 Effect of changes in discount rate assumptions (18,187) (14,434) Balance, end of period $ 293,943 $ 303,200 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: March 31, 2024 December 31, 2023 (Dollars in thousands) Liability for future policy benefits $ 293,943 $ 303,200 Deferred profit liability 22,281 22,455 Liability for future policy benefits included in policy benefit reserves 316,224 325,655 Less: Reinsurance recoverable (2,615) (2,496) Net liability for future policy benefits, after reinsurance recoverable $ 313,609 $ 323,159 The weighted-average liability duration of the liability for future policy benefits is as follows: March 31, 2024 December 31, 2023 SPIA With Life Contingency: Weighted-average liability duration of the liability for future policy benefits (years) 7.15 6.56 The following table presents the amount of undiscounted expected future benefit payments and expected gross premiums: March 31, 2024 December 31, 2023 (Dollars in thousands) SPIA With Life Contingency: Expected future benefit payments $ 410,285 $ 447,669 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 three months ended March 31, 2024 and year ended December 31, 2023 is as follows: Three Months Ended Year Ended December 31, 2023 Gross Premiums Interest Gross Premiums or Assessments Interest (Dollars in thousands) SPIA With Life Contingency $ 764 $ 3,271 $ 7,608 $ 13,626 Total $ 764 $ 3,271 $ 7,608 $ 13,626 The weighted-average interest rate is as follows: March 31, 2024 December 31, 2023 Interest accretion rate 4.26 % 4.26 % Current discount rate 5.23 % 5.00 % Market Risk Benefits The balances of and changes in the net market risk benefit (MRB) assets and liabilities for the three months ended March 31, 2024 and year ended December 31, 2023 is as follows: Three Months Ended Year Ended December 31, 2023 Fixed Rate Fixed Index Fixed Rate Fixed Index (Dollars in thousands) Balance, beginning of period $ 60,187 $ 2,606,673 $ 37,863 $ 2,187,758 Balance, beginning of period, before effect of changes in the instrument-specific credit risk 63,573 2,544,939 44,355 2,453,169 Issuances 7 41,126 32 289,939 Interest accrual 973 42,184 3,139 155,512 Attributed fees collected 284 33,800 1,216 128,437 Benefits payments — — — — Effect of changes in interest rates (3,912) (208,365) (380) (126,255) Effect of changes in equity markets — (64,867) — (48,164) Effect of changes in equity index volatility — 28,599 — (77,023) Effect of changes in future expected policyholder behavior 73 297 (1,509) (11,582) Effect of changes in other future expected assumptions — — 16,720 (219,094) Balance, end of period, before effect of changes in the instrument-specific credit 60,998 2,417,713 63,573 2,544,939 Effect of changes in the instrument-specific credit risk (1,899) 121,508 (3,386) 61,734 Balance, end of period 59,099 2,539,221 60,187 2,606,673 Reinsured MRB, end of period 18,256 609,566 18,391 640,826 Balance, end of period, net of reinsurance $ 40,843 $ 1,929,655 $ 41,796 $ 1,965,847 Net amount at risk (a) $ 268,085 $ 11,725,220 $ 266,438 $ 11,721,734 Weighted average attained age of contract holders (years) 70 71 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 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: March 31, 2024 Asset Liability Net Liability (Dollars in thousands) Fixed Index Annuities $ 522,323 $ 3,061,544 $ 2,539,221 Fixed Rate Annuities 2,275 61,374 59,099 Total $ 524,598 $ 3,122,918 $ 2,598,320 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 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 three months ended March 31, 2024 and year ended December 31, 2023: Three Months Ended Year Ended December 31, 2023 Fixed Rate Fixed Index Fixed Rate Fixed Index (Dollars in thousands) Balance, beginning of period $ 18,391 $ 640,826 $ 10,656 $ 593,959 Issuances — 57 — 146,898 Interest accrual 274 9,527 775 33,503 Attributed fees collected 7 10,276 67 32,036 Benefits payments — — — — Effect of changes in interest rates (634) (42,876) 1,407 14,700 Effect of changes in equity markets — (21,174) — (22,775) Effect of changes in equity index volatility — 6,817 — (18,656) Effect of changes in future expected policyholder behavior 218 6,113 (128) 5,855 Effect of changes in other future expected assumptions — — 5,614 (144,694) Balance, end of period $ 18,256 $ 609,566 $ 18,391 $ 640,826 Net amount at risk (a) $ 75,941 $ 2,877,855 $ 75,281 $ 2,853,318 Weighted average attained age of contract holders (years) 70 70 70 70 (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: March 31, 2024 Asset Liability Net Asset (Dollars in thousands) Fixed Index Annuities $ 785,410 $ 175,844 $ 609,566 Fixed Rate Annuities 18,488 232 18,256 Total $ 803,898 $ 176,076 $ 627,822 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 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: March 31, 2024 Fair Value Valuation Significant Inputs Range Weighted (in thousands) Market risk benefits $ 2,598,320 Discounted cash flow Utilization (a) 0.04% - 47.37% 6.54% Ceded market risk benefits 627,822 Option budget (b) 1.85% - 2.75% 2.30% Risk-free interest rate (c) 3.31% - 5.04% 3.65% Nonperformance risk (d) 0.39% - 2.59% 1.91% Mortality (e) 0.01% - 46.00% 3.99% Lapse (f) 0.25% - 40.00% 3.64% 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% (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 purchase 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 three months ended March 31, 2024, the Company did not make any changes to the significant inputs and assumptions used in the fair value measurements of 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. Policyholder Account Balances The following table presents the balances and changes in policyholders’ account balances: Three Months Ended Year Ended December 31, 2023 Fixed Rate Fixed Index Fixed Rate Annuities Fixed Index Annuities (Dollars in thousands) Balance, beginning of period $ 5,913,965 $ 55,453,972 $ 6,589,577 $ 53,826,234 Issuances 1,232,426 1,866,523 840,022 7,555,709 Premiums received 566 17,116 12,472 152,532 Policy charges (2,256) (123,631) (3,428) (217,523) Surrenders and withdrawals (1,464,230) (1,965,003) (1,668,966) (6,122,084) Benefit payments (3,715) (232,754) (13,085) (836,507) Interest credited 43,851 444,399 163,918 1,096,493 Other 5,426 1,099 (6,545) (882) Balance, end of period $ 5,726,033 $ 55,461,721 $ 5,913,965 $ 55,453,972 Weighted-average crediting rate 3.03 % 3.22 % 2.66 % 2.03 % Net amount at risk (a) $ 268,085 $ 11,725,220 $ 266,438 $ 11,721,734 Cash surrender value $ 5,385,577 $ 50,946,469 $ 5,571,171 $ 50,983,033 (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: March 31, 2024 December 31, 2023 (Dollars in thousands) Fixed index annuities policyholder account balances $ 55,461,721 $ 55,453,972 Fixed rate annuities policyholder account balances 5,726,033 5,913,965 Embedded derivative adjustment (b) (548,478) (818,754) Liability for future policy benefits 293,943 303,200 Deferred profit liability 22,281 22,455 Other 24,742 26,803 Total $ 60,980,242 $ 60,901,641 (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: March 31, 2024 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% $ — $ 1,265,350 $ 452,749 $ 1,127,714 $ 2,845,813 0.50% - 1.00% 2,161,233 962,799 1,870,378 131,984 5,126,394 1.00% - 1.50% 39,737 7,902 — — 47,639 1.50% - 2.00% 50 — — — 50 2.00% - 2.50% 118,170 63,016 8 — 181,194 2.50% - 3.00% 699,138 — — — 699,138 Greater than 3.00% — — — — — Allocated to index strategies 46,561,493 Total $ 3,018,328 $ 2,299,067 $ 2,323,135 $ 1,259,698 $ 55,461,721 Fixed Rate Annuities 0.00% - 0.50% $ 358 $ — $ — $ — $ 358 0.50% - 1.00% 50,765 167,501 1,479,169 2,586,341 4,283,776 1.00% - 1.50% 463,258 238 — — 463,496 1.50% - 2.00% 352,534 27,694 198,956 218 579,402 2.00% - 2.50% 17,408 23 — — 17,431 2.50% - 3.00% 329,920 6,686 — — 336,606 Greater than 3.00% 44,964 — — — 44,964 Total $ 1,259,207 $ 202,142 $ 1,678,125 $ 2,586,559 $ 5,726,033 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 |
Notes and Loan Payable
Notes and Loan Payable | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Notes and Loan Payable | Notes and Loan Payable Notes and loan payable includes the following: March 31, 2024 December 31, 2023 (Dollars in thousands) Senior notes due 2027 Principal $ 500,000 $ 500,000 Unamortized debt issue costs (2,196) (2,353) Unamortized discount (132) (142) Term loan due 2027 Original principal 300,000 300,000 Principal paydown (13,125) (11,250) Unamortized debt issue costs (756) (812) $ 783,791 $ 785,443 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 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are occasionally involved in litigation, both as a defendant and as a plaintiff. In addition, state and federal regulatory bodies, such as state insurance departments, the Securities and Exchange Commission ("SEC") and the Department of Labor, regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws and the Employee Retirement Income Security Act of 1974, as amended. In accordance with applicable accounting guidelines, we establish an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. As a litigation or regulatory matter is developing we, in conjunction with outside counsel, evaluate on an ongoing basis whether the matter presents a loss contingency that meets conditions indicating the need for accrual and/or disclosure, and if not, the matter will continue to be monitored for further developments. If and when the loss contingency related to litigation or regulatory matters is deemed to be both probable and estimable, we will establish an accrued liability with respect to that matter and will continue to monitor the matter for further developments that may affect the amount of the accrued liability. 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 March 31, 2024 to limited partnerships of $562.9 million, fixed maturity securities of $1.0 billion, and other investments of $30.6 million. Through our FHLB membership, we have issued funding agreements to the FHLB in exchange for cash advances. As of March 31, 2024, we had no FHLB funding agreements outstanding. We are required to provide collateral in excess of the funding agreement amounts outstanding. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share and Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share and Stockholders' Equity | Earnings (Loss) Per Common Share and Stockholders' Equity Earnings (Loss) Per Common Share The following table sets forth the computation of earnings (loss) per common share and earnings (loss) per common share - assuming dilution: Three Months Ended 2024 2023 (Dollars in thousands, except per share data) Numerator: Net income (loss) available to common stockholders - numerator for earnings (loss) per common share $ 332,079 $ (166,913) Denominator: Weighted average common shares outstanding 79,056,171 83,416,966 Effect of dilutive securities: Stock options and deferred compensation agreements 320,788 597,119 Restricted stock and restricted stock units 999,345 737,283 Antidilutive impact due to net loss — (1,334,402) Denominator for earnings (loss) per common share - assuming dilution 80,376,304 83,416,966 Earnings (loss) per common share $ 4.20 $ (2.00) Earnings (loss) per common share - assuming dilution $ 4.13 $ (2.00) There were no options to purchase shares of our common stock outstanding excluded from the computation of diluted earnings (loss) per common share during the three months ended March 31, 2024 and 2023, 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 three months ended March 31, 2024 and 2023, we paid dividends totaling $5.9 million and $5.9 million for Series A preferred stock and $5.0 million and $5.0 million for Series B preferred stock, respectively. The Series A and Series B preferred stock rank senior to our common stock with respect to dividends, to the extent declared, and in liquidation, to the extent of the liquidation preference. The Series A and Series B preferred stock are not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions. Brookfield Asset Management Equity Investment On October 18, 2020, we announced an agreement with Brookfield Asset Management, Inc. and its affiliated entities (collectively, "Brookfield") under which Brookfield 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 was 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 March 31, 2024, we have repurchased approximately 31.2 million shares of our common stock at an average price of $35.21 per common share. As of March 31, 2024, we had $276 million remaining under our share repurchase program. Treasury Stock As of March 31, 2024, we held 30,614,343 shares of treasury stock with a carrying value of $1.0 billion. As |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Common Stock Dividend On April 5, 2024, the Board of Directors of American Equity Investment Life Holding Company declared a cash dividend of $0.38 per share to Company common stockholders as of the close of NYSE trading on April 15, 2024. The dividend was paid to common stockholders on April 29, 2024. Agreement and Plan of Merger On May 2, 2024, the Company completed the transactions contemplated by the Agreement and Plan of Merger, dated as of July 4, 2023 (the “Merger Agreement”), by and among the Company, Brookfield Reinsurance Ltd., a Bermuda exempted company limited by shares (“Parent” or "Brookfield Reinsurance"), Arches Merger Sub Inc., an Iowa corporation and an indirect, wholly owned subsidiary of Parent (“Merger Sub”) and, solely for the purposes set forth in the Merger Agreement, Brookfield Asset Management Ltd., a company incorporated under the laws of the Province of British Columbia (“BAM”). Pursuant to the Merger Agreement, the Company merged with and into Merger Sub, with the Company surviving as a wholly owned subsidiary of Parent (the “Brookfield Merger”). At the effective time of the Brookfield Merger, each issued and outstanding share of common stock, par value $1.00 per share, of the Company was converted into the right to receive (i) $38.85 per share in cash, without interest and (ii) the Stock Consideration equal to 0.45464 fully-paid and nonassessable shares of class A limited voting shares of BAM. Due to the recent closing of the acquisition, the complete valuation and initial purchase price accounting for the business combination is not available as of the date of release of these financial statements. Preferred Stock Dividend In accordance with the terms of the Series A Preferred Stock, the Board of Directors of American National Group Inc. (as the successor entity to the Company) has declared a cash dividend of $371.8750000 per share of Series A Preferred Stock (equivalent to $0.371875000 per depositary share representing the Series A Preferred Stock). The dividend will be payable on June 1, 2024 to shareholders of Series A Preferred Stock of record as of May 17, 2024. Additionally, in accordance with the terms of the Series B Preferred Stock, the Board of Directors of American National Group Inc. (as the successor entity to the Company) has declared a cash dividend of $414.0625000 per share of Series B Preferred Stock (equivalent to $0.414062500 per depositary share representing the Series B Preferred Stock). The dividend will be payable on June 1, 2024 to shareholders of Series B Preferred Stock of record as of May 17, 2024. Post-Effective Merger and Redomestication On May 7, 2024 (the "Post-Closing Effective Date"), the Company completed its previously announced merger with American National Group, LLC, a Delaware limited liability company (“ANAT”) and an indirect, wholly-owned subsidiary of Brookfield Reinsurance. Pursuant to the Agreement and Plan of Merger, dated as of May 7, 2024, by and among the Company and ANAT (the “Post-Effective Merger Agreement”), ANAT merged with and into the Company (the “Post-Effective Merger”) in accordance with the Iowa Business Corporation Act (the “IBCA”), with the Company surviving the Merger as an indirect wholly-owned subsidiary of Brookfield Reinsurance (such entity, the “Iowa Surviving Company”). In connection with the Post-Effective Merger, the Iowa Surviving Company adopted an amendment to its articles of incorporation, a copy of which is incorporated by reference as Exhibit 3.1 to this Form 10-Q, and became the successor issuer of ANAT’s preferred shares designated as “Preferred Stock, Series C”. The Company’s issued and outstanding shares of 5.95% Fixed-Rate Reset NonCumulative Preferred Stock, Series A, par value $1.00 per share (the “Series A Preferred Stock”) and 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B, par value $1.00 per share (the “Series B Preferred Stock”) were unaffected by the Post-Effective Merger and remain outstanding. Pursuant to a Plan of Domestication, dated as of May 7, 2024 (the “Plan of Domestication”), the Iowa Surviving Company discontinued its existence as an Iowa Corporation as provided under IBCA, including Section 931 of the IBCA, and, pursuant to the General Corporation Law of the State of Delaware (the “DGCL”), including Section 388 of the DGCL, continued its existence under the DGCL as a corporation incorporated in the State of Delaware (the “Reincorporation”, and such corporation, the “Delaware Surviving Company”). In connection with the Reincorporation, the Delaware Surviving Company changed its name from American Equity Investment Life Holding Company to American National Group Inc. and adopted a new certificate of incorporation (the “Certificate of Incorporation”) and bylaws, copies of which are incorporated by reference as Exhibits 3.2 and 3.3 to this Form 10-Q. The Certificate of Incorporation and bylaws of American National Group Inc. are effective as of the Post-Closing Effective Date. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation and Basis of Presentation |
Basis of Presentation | Consolidation and Basis of Presentation |
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 was 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 |
Fair Values 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. |
Investments | 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. |
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 three month periods ended March 31, 2024 or 2023, 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. |
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 14 real estate properties totaling $9.7 million at March 31, 2024 and 12 real estate properties totaling $6.5 million in which ownership of the property was taken to satisfy an outstanding loan at December 31, 2023. 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. |
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. |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value (Dollars in thousands) Assets Fixed maturity securities, available for sale $ 32,044,379 $ 32,044,379 $ 34,780,482 $ 34,780,482 Mortgage loans on real estate 7,281,831 6,777,489 7,537,594 7,047,993 Real estate investments 1,363,604 1,382,633 1,334,247 1,336,247 Limited partnerships and limited liability companies 501,084 501,084 506,685 506,685 Derivative instruments 1,617,000 1,617,000 1,207,288 1,207,288 Other investments 1,624,752 1,624,752 2,277,822 2,277,822 Cash and cash equivalents 13,495,847 13,495,847 9,772,586 9,772,586 Coinsurance deposits 14,743,795 13,671,767 14,582,728 13,570,942 Market risk benefits 524,598 524,598 479,694 479,694 Liabilities Policy benefit reserves 60,638,086 56,103,251 60,549,922 56,366,631 Market risk benefits 3,122,918 3,122,918 3,146,554 3,146,554 Single premium immediate annuity (SPIA) benefit reserves 181,348 189,677 188,301 196,720 Notes and loan payable 783,791 775,660 785,443 770,570 Subordinated debentures 79,200 86,095 79,107 86,254 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis, By Fair Value Hierarchy Level | Our assets and liabilities which are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are presented below based on the fair value hierarchy levels: Total NAV Quoted Significant Significant (Dollars in thousands) March 31, 2024 Assets Fixed maturity securities, available for sale: U.S. Government and agencies $ 27,137 $ — $ 17,068 $ 10,069 $ — States, municipalities and territories 2,816,974 — — 2,612,223 204,751 Foreign corporate securities and foreign governments 433,008 — — 433,008 — Corporate securities 19,264,788 — — 19,054,472 210,316 Residential mortgage backed securities 995,130 — — 972,609 22,521 Commercial mortgage backed securities 2,734,085 — — 2,734,085 — Other asset backed securities 5,773,257 — — 3,488,452 2,284,805 Other investments 351,142 — 140,458 60,683 150,001 Real estate investments 1,248,703 — — — 1,248,703 Limited partnerships and limited liability companies 501,084 358,429 — — 142,655 Derivative instruments 1,617,000 — — 1,617,000 — Cash and cash equivalents 13,495,847 — 13,495,847 — — Market risk benefits (a) 524,598 — — — 524,598 $ 49,782,753 $ 358,429 $ 13,653,373 $ 30,982,601 $ 4,788,350 Liabilities Funds withheld liability - embedded derivative $ (298,254) $ — $ — $ — $ (298,254) Fixed index annuities - embedded derivatives 5,273,407 — — — 5,273,407 Market risk benefits (a) 3,122,918 — — — 3,122,918 $ 8,098,071 $ — $ — $ — $ 8,098,071 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 (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 three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 (Dollars in thousands) Fixed maturity securities, available for sale - States, municipalities and territories Beginning balance $ 222,217 $ — Purchases and sales, net — — Transfers in 15,220 97,659 Transfers out — — Total realized/unrealized gains (losses) Included in net income — — Included in other comprehensive income (loss) (32,686) — Ending balance $ 204,751 $ 97,659 Fixed maturity securities, available for sale - Corporate securities Beginning balance $ 255,437 $ 402,348 Purchases and sales, net 23,369 (26,278) Transfers in 2,396 347 Transfers out (69,454) — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (1,432) (1,120) Ending balance $ 210,316 $ 375,297 Fixed maturity securities, available for sale - Residential mortgage backed securities Beginning balance $ — $ — Purchases and sales, net — — Transfers in 22,521 — Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) — — Ending balance $ 22,521 $ — Fixed maturity securities, available for sale - Other asset backed securities Beginning balance $ 1,590,974 $ 442,918 Purchases and sales, net 697,098 227,032 Transfers in 24,210 130,502 Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (27,477) 7,776 Ending balance $ 2,284,805 $ 808,228 Other investments Beginning balance $ — $ — Transfers in 150,001 — Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) — — Ending balance $ 150,001 $ — Three Months Ended 2024 2023 (Dollars in thousands) Real estate investments Beginning balance $ 1,217,271 $ 940,559 Purchases and sales, net 36,155 120,908 Change in fair value (4,723) (7,836) Ending balance $ 1,248,703 $ 1,053,631 Limited partnerships and limited liability companies Beginning balance $ 153,131 $ 64,209 Purchases and sales, net (1,635) 94,137 Change in fair value (8,841) 5,981 Ending balance $ 142,655 $ 164,327 Funds withheld liability - embedded derivative Beginning balance $ (256,776) $ (441,864) Transfers in — — Change in fair value (41,478) 64,380 Ending balance $ (298,254) $ (377,484) Fixed index annuities - embedded derivatives Beginning balance $ 5,181,894 $ 4,820,845 Premiums less benefits 15,845 (121,181) Change in fair value, net 75,668 205,469 Ending balance $ 5,273,407 $ 4,905,133 |
Liabilities Measured at Fair Value on Recurring Basis, Level 3 Reconciliation | The following table provides a reconciliation of the beginning and ending balances for our Level 3 assets and liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs for the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 (Dollars in thousands) Fixed maturity securities, available for sale - States, municipalities and territories Beginning balance $ 222,217 $ — Purchases and sales, net — — Transfers in 15,220 97,659 Transfers out — — Total realized/unrealized gains (losses) Included in net income — — Included in other comprehensive income (loss) (32,686) — Ending balance $ 204,751 $ 97,659 Fixed maturity securities, available for sale - Corporate securities Beginning balance $ 255,437 $ 402,348 Purchases and sales, net 23,369 (26,278) Transfers in 2,396 347 Transfers out (69,454) — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (1,432) (1,120) Ending balance $ 210,316 $ 375,297 Fixed maturity securities, available for sale - Residential mortgage backed securities Beginning balance $ — $ — Purchases and sales, net — — Transfers in 22,521 — Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) — — Ending balance $ 22,521 $ — Fixed maturity securities, available for sale - Other asset backed securities Beginning balance $ 1,590,974 $ 442,918 Purchases and sales, net 697,098 227,032 Transfers in 24,210 130,502 Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) (27,477) 7,776 Ending balance $ 2,284,805 $ 808,228 Other investments Beginning balance $ — $ — Transfers in 150,001 — Transfers out — — Total realized/unrealized gains (losses): Included in net income — — Included in other comprehensive income (loss) — — Ending balance $ 150,001 $ — Three Months Ended 2024 2023 (Dollars in thousands) Real estate investments Beginning balance $ 1,217,271 $ 940,559 Purchases and sales, net 36,155 120,908 Change in fair value (4,723) (7,836) Ending balance $ 1,248,703 $ 1,053,631 Limited partnerships and limited liability companies Beginning balance $ 153,131 $ 64,209 Purchases and sales, net (1,635) 94,137 Change in fair value (8,841) 5,981 Ending balance $ 142,655 $ 164,327 Funds withheld liability - embedded derivative Beginning balance $ (256,776) $ (441,864) Transfers in — — Change in fair value (41,478) 64,380 Ending balance $ (298,254) $ (377,484) Fixed index annuities - embedded derivatives Beginning balance $ 5,181,894 $ 4,820,845 Premiums less benefits 15,845 (121,181) Change in fair value, net 75,668 205,469 Ending balance $ 5,273,407 $ 4,905,133 |
Quantitative Information, 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. March 31, 2024 Assets / Valuation Unobservable Input / Weighted Assets: (in thousands) Fixed maturity securities: Corporate securities $ 83,513 Discounted cash flow Liquidity premium 20 basis points Other asset backed securities 1,399,798 Discounted cash flow Discount rate 3.20% 25.00% 6.44% Weighted average lives 1.13 years 11.77 years 4.39 years Real estate investments 1,248,703 Broker price opinion Limited partnerships and limited 32,974 Discounted cash flow Residual capitalization rate 5.19% 5.45% 5.32% liability companies - real estate Discount rate 6.50% 6.75% 6.63% Limited partnerships and limited 109,681 Discounted cash flow Discount rate 10.75% 10.75% 10.75% liability companies - infrastructure 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 (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. March 31, 2024 December 31, 2023 (Dollars in thousands) FHLB common stock (1) $ 10,000 $ 10,000 Collateral loans (2) 853,457 64,594 Company owned life insurance ("COLI") (3) 406,859 404,598 (1) FHLB common stock is carried at cost which approximates fair value. (2) For certain of our collateral loans, we have concluded the carrying value approximates fair value. (3) 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) March 31, 2024 December 31, 2023 1 - 5 1.92% 1.96% 6 - 10 3.84% 3.71% 11 - 15 3.73% 3.71% 16 - 20 8.43% 8.97% 20+ 4.92% 4.91% |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Schedule of Fixed Maturity Securities | At March 31, 2024 and December 31, 2023, the amortized cost and fair value of fixed maturity securities were as follows: Amortized Gross Gross Unrealized Losses Allowance for Credit Losses Fair Value (Dollars in thousands) March 31, 2024 Fixed maturity securities, available for sale: U.S. Government and agencies $ 28,354 $ 13 $ (1,230) $ — $ 27,137 States, municipalities and territories 3,392,780 9,188 (584,994) — 2,816,974 Foreign corporate securities and foreign governments 513,299 643 (80,934) — 433,008 Corporate securities 21,952,356 124,669 (2,808,944) (3,293) 19,264,788 Residential mortgage backed securities 1,093,654 9,209 (107,733) — 995,130 Commercial mortgage backed securities 3,121,755 2,701 (390,371) — 2,734,085 Other asset backed securities 5,907,623 22,009 (156,150) (225) 5,773,257 $ 36,009,821 $ 168,432 $ (4,130,356) $ (3,518) $ 32,044,379 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 (1) receivable |
Schedule of Fixed Maturity Securities by Contractual Maturity Date | The amortized cost and fair value of fixed maturity securities at March 31, 2024, 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 $ 635,069 $ 628,657 Due after one year through five years 5,295,239 5,166,955 Due after five years through ten years 4,174,379 3,788,971 Due after ten years through twenty years 7,149,272 6,209,035 Due after twenty years 8,632,830 6,748,289 25,886,789 22,541,907 Residential mortgage backed securities 1,093,654 995,130 Commercial mortgage backed securities 3,121,755 2,734,085 Other asset backed securities 5,907,623 5,773,257 $ 36,009,821 $ 32,044,379 |
Schedule of 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: March 31, 2024 December 31, 2023 (Dollars in thousands) Net unrealized losses on investments $ (3,963,901) $ (3,755,689) Deferred income tax valuation allowance reversal 22,534 22,534 Deferred income tax expense 831,961 788,236 Net unrealized losses reported as accumulated other comprehensive loss $ (3,109,406) $ (2,944,919) |
Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation | The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated: March 31, 2024 December 31, 2023 NAIC Designation (1) Amortized Fair Amortized Fair (Dollars in thousands) 1 $ 21,333,429 $ 18,916,331 $ 22,493,843 $ 20,209,842 2 13,523,795 12,096,461 14,910,687 13,529,169 3 657,003 613,090 583,131 527,556 4 183,294 152,918 201,610 168,191 5 88,840 67,345 88,581 68,538 6 5,398 3,922 9,400 10,132 $ 35,791,759 $ 31,850,067 $ 38,287,252 $ 34,513,428 (1) |
Unrealized Gains (Losses) 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 3,525 and 3,639 securities, respectively) have been in a continuous unrealized loss position, at March 31, 2024 and December 31, 2023: Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (Dollars in thousands) March 31, 2024 Fixed maturity securities, available for sale: U.S. Government and agencies $ 3,990 $ (20) $ 22,732 $ (1,210) $ 26,722 $ (1,230) States, municipalities and territories 114,901 (10,035) 2,522,955 (574,959) 2,637,856 (584,994) Foreign corporate securities and foreign governments 17,385 (92) 382,787 (80,842) 400,172 (80,934) Corporate securities 1,280,454 (34,771) 14,276,990 (2,774,173) 15,557,444 (2,808,944) Residential mortgage backed securities 51,291 (836) 653,903 (106,897) 705,194 (107,733) Commercial mortgage backed securities 55,259 (1,517) 2,497,882 (388,854) 2,553,141 (390,371) Other asset backed securities 1,430,802 (61,836) 2,003,652 (94,314) 3,434,454 (156,150) $ 2,954,082 $ (109,107) $ 22,360,901 $ (4,021,249) $ 25,314,983 $ (4,130,356) 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) (1) Unrealized losses have been reduced to reflect the allowance for credit losses of $3.5 million and $4.0 million as of March 31, 2024 and December 31, 2023, respectively. Changes in net unrealized gains/losses on investments for the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended 2024 2023 (Dollars in thousands) Fixed maturity securities available for sale carried at fair value $ (208,212) $ 833,268 Adjustment for effect on other balance sheet accounts: Deferred income tax asset/liability 43,725 (174,986) 43,725 (174,986) Change in net unrealized gains/losses on investments carried at fair value $ (164,487) $ 658,282 |
Net Realized Gains (Losses) on Investments | Net realized losses on investments for the three months ended March 31, 2024 and 2023, are as follows: Three Months Ended 2024 2023 (Dollars in thousands) Available for sale fixed maturity securities: Gross realized gains $ 15,887 $ 25,988 Gross realized losses (104,505) (44,451) Net credit loss recovery (provision) 512 (829) (88,106) (19,292) Other investments: Gross realized gains — 1,777 Gross realized losses — (432) — 1,345 Mortgage loans on real estate: Increase in allowance for credit losses (3,468) (8,654) Recovery of specific allowance — — Loss on sale of mortgage loans (2,476) (1,186) (5,944) (9,840) Total net realized losses $ (94,050) $ (27,787) |
Rollforward of Allowance for Credit Loss | The following table provides a rollforward of the allowance for credit loss: Three Months Ended March 31, 2024 Corporate Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ 3,412 $ — $ 618 $ 4,030 Change in allowance on securities with previous allowance — — — — Recoveries of amounts previously written off (119) — (393) (512) Ending balance $ 3,293 $ — $ 225 $ 3,518 Three Months Ended March 31, 2023 Corporate Securities Residential Mortgage Backed Securities Other Asset Backed Securities Total (Dollars in thousands) Beginning balance $ 3,214 $ 133 $ — $ 3,347 Change in allowance on securities with previous allowance (1,300) — — (1,300) Recoveries of amounts previously written off — — — — Ending balance $ 1,914 $ 133 $ — $ 2,047 |
Mortgage Loans on Real Estate (
Mortgage Loans on Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Loans Payable [Abstract] | |
Summary of Mortgage Loan Portfolios | Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $575.8 million at March 31, 2024. March 31, 2024 December 31, 2023 (Dollars in thousands) Commercial mortgage loans: Principal outstanding $ 3,480,752 $ 3,550,204 Deferred fees and costs, net (2,826) (2,494) Unamortized discounts and premiums, net (2,317) (2,711) Amortized cost 3,475,609 3,544,999 Valuation allowance (20,432) (17,902) Commercial mortgage loans, carrying value 3,455,177 3,527,097 Agricultural mortgage loans: Principal outstanding 576,185 581,287 Deferred fees and costs, net (1,600) (1,654) Amortized cost 574,585 579,633 Valuation allowance (1,202) (2,590) Agricultural mortgage loans, carrying value 573,383 577,043 Residential mortgage loans: Principal outstanding 3,207,707 3,384,737 Deferred fees and costs, net 453 558 Unamortized discounts and premiums, net 65,490 65,802 Amortized cost 3,273,650 3,451,097 Valuation allowance (20,379) (17,643) Residential mortgage loans, carrying value 3,253,271 3,433,454 Mortgage loans, carrying value $ 7,281,831 $ 7,537,594 |
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: March 31, 2024 December 31, 2023 Principal Percent Principal Percent (Dollars in thousands) Geographic distribution East $ 455,366 13.1 % $ 471,707 13.3 % Middle Atlantic 273,050 7.8 % 274,017 7.7 % Mountain 401,678 11.5 % 404,143 11.4 % New England 90,619 2.6 % 87,041 2.4 % Pacific 831,311 23.9 % 835,085 23.5 % South Atlantic 879,052 25.3 % 927,547 26.1 % West North Central 178,616 5.1 % 183,856 5.2 % West South Central 333,171 9.6 % 328,918 9.3 % International 37,889 1.1 % 37,890 1.1 % $ 3,480,752 100.0 % $ 3,550,204 100.0 % Property type distribution Office $ 358,570 10.3 % $ 360,328 10.1 % Retail 789,223 22.7 % 801,977 22.6 % Industrial/Warehouse 892,092 25.6 % 940,546 26.5 % Apartment 1,041,957 29.9 % 1,047,740 29.5 % Hotel 320,171 9.2 % 319,733 9.0 % Mixed Use/Other 78,739 2.3 % 79,880 2.3 % $ 3,480,752 100.0 % $ 3,550,204 100.0 % |
Rollforward of Valuation Allowance on Mortgage Loan Portfolios | The following table represents a rollforward of the valuation allowance on our mortgage loan portfolios: Three Months Ended March 31, 2024 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (17,902) $ (2,590) $ (17,643) $ (38,135) Charge-offs — — 213 213 Recoveries — — — — Change in provision for credit losses (2,530) 1,388 (2,949) (4,091) Ending allowance balance $ (20,432) $ (1,202) $ (20,379) $ (42,013) Three Months Ended March 31, 2023 Commercial Agricultural Residential Total (Dollars in thousands) Beginning allowance balance $ (22,428) $ (1,021) $ (13,523) $ (36,972) Charge-offs — — — — Recoveries — — — — Change in provision for credit losses (2,654) (335) (5,665) (8,654) Ending allowance balance $ (25,082) $ (1,356) $ (19,188) $ (45,626) |
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 March 31, 2024 and December 31, 2023 (by year of origination): 2024 2023 2022 2021 2020 Prior Total As of March 31, 2024: 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 $ — — % $ 3,456 46 % $ 285,438 62 % $ 271,985 57 % $ 348,016 50 % $ 1,479,369 47 % $ 2,388,264 50 % Greater than or equal to 1.2 and less than 1.5 — — % — — % 81,084 48 % 4,453 54 % 27,150 52 % 282,786 60 % 395,473 57 % Greater than or equal to 1.0 and less than 1.2 — — % 27,144 33 % 86,871 29 % 328,457 45 % 30,270 56 % 63,302 71 % 536,044 46 % Less than 1.0 — — % — — % 53,486 54 % 26,968 52 % 18,378 54 % 56,996 63 % 155,828 57 % Total $ — — % $ 30,600 35 % $ 506,879 53 % $ 631,863 51 % $ 423,814 51 % $ 1,882,453 50 % $ 3,475,609 51 % 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: 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 % 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 March 31, 2024 and December 31, 2023 (by year of origination): 2024 2023 2022 2021 2020 Prior Total As of March 31, 2024: 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 $ — — % $ 26,865 59 % $ 61,331 53 % $ 45,598 56 % $ 90,066 45 % $ 34,000 42 % $ 257,860 50 % Greater than or equal to 1.2 and less than 1.5 — — % 17,755 59 % 88,146 53 % 51,510 51 % 26,352 34 % — — % 183,763 50 % Greater than or equal to 1.0 and less than 1.2 897 36 % 3,988 43 % 3,058 55 % 9,224 57 % 894 58 % — — % 18,061 52 % Less than 1.0 — — % — — % 37,943 36 % 25,954 50 % 48,877 48 % 2,127 33 % 114,901 44 % Total $ 897 36 % $ 48,608 58 % $ 190,478 50 % $ 132,286 53 % $ 166,189 44 % $ 36,127 41 % $ 574,585 49 % 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: 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 % |
Aging of Financing Receivables | Aging of financing receivables is summarized in the following table (by year of origination): 2024 2023 2022 2021 2020 Prior Total As of March 31, 2024: (Dollars in thousands) Commercial mortgage loans Current $ — $ 30,600 $ 506,879 $ 631,863 $ 423,814 $ 1,882,453 $ 3,475,609 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — 90 days or more past due — — — — — — — Total commercial mortgage loans $ — $ 30,600 $ 506,879 $ 631,863 $ 423,814 $ 1,882,453 $ 3,475,609 Agricultural mortgage loans Current $ 897 $ 48,608 $ 190,478 $ 130,102 $ 166,189 $ 36,127 $ 572,401 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — 90 days or more past due — — — 2,184 — — 2,184 Total agricultural mortgage loans $ 897 $ 48,608 $ 190,478 $ 132,286 $ 166,189 $ 36,127 $ 574,585 Residential mortgage loans Current $ 28,212 $ 1,169,009 $ 1,415,122 $ 326,677 $ 152,853 $ 18,766 $ 3,110,639 30 - 59 days past due — — 2,760 — — — 2,760 60 - 89 days past due — 12,381 26,227 3,765 5,079 395 47,847 90 days or more past due — 25,880 52,277 22,965 9,155 2,127 112,404 Total residential mortgage loans $ 28,212 $ 1,207,270 $ 1,496,386 $ 353,407 $ 167,087 $ 21,288 $ 3,273,650 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 — — — — — — — 90 days or more 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 — — — — — — — 90 days or more 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 90 days or more 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 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 December 31, 2023 Total Total Total Total (Dollars in thousands) Real estate investments $ 1,408,777 $ 79,501 $ 1,383,120 $ 92,299 Real estate limited liability companies 33,421 138 47,005 149 Limited partnership funds 359,768 216 353,610 289 Residual interest 150,001 — — — Infrastructure limited liability companies 110,904 772 107,942 783 $ 2,062,871 $ 80,627 $ 1,891,677 $ 93,520 The carrying value and maximum loss exposure for our unconsolidated VIEs were as follows: March 31, 2024 December 31, 2023 Asset Maximum Asset Maximum (Dollars in thousands) Fixed maturity securities, available for sale $ 2,304,405 $ 2,304,405 $ 2,438,074 $ 2,438,074 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 December 31, 2023 Notional Fair Value Notional Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments Assets Derivative instruments Call options $ 41,614,193 $ 1,617,000 $ 41,547,731 $ 1,207,288 $ 41,614,193 $ 1,617,000 $ 41,547,731 $ 1,207,288 Liabilities Policy benefit reserves - annuity products Fixed index annuities - embedded derivatives, net $ 5,273,407 $ 5,181,894 Funds withheld for reinsurance liabilities Reinsurance related embedded derivative (298,254) (256,776) $ 4,975,153 $ 4,925,118 |
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) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (Dollars in thousands) Fixed maturities, available for sale: Current hedging relationships $ — $ — $ — $ — Discontinued hedging relationships 1,205,204 1,261,509 (57,146) (62,385) 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 three months ended March 31, 2024 Interest rate swaps $ — $ — $ — $ — For the three months ended March 31, 2023 Interest rate swaps $ (12,991) $ 14,116 $ 1,125 $ — |
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: Three Months Ended 2024 2023 (Dollars in thousands) Change in fair value of derivatives: Call options $ 409,767 $ 43,444 Warrants — 1,321 $ 409,767 $ 44,765 Change in fair value of embedded derivatives: Fixed index annuities - embedded derivatives $ 203,680 $ 340,060 Reinsurance related embedded derivative (41,478) 64,380 $ 162,202 $ 404,440 |
Schedule of Call Options by Counterparty | The notional amount and fair value of our call options by counterparty and each counterparty's current credit rating are as follows: March 31, 2024 December 31, 2023 Counterparty Credit Rating Credit Rating (Moody's) Notional Fair Value Notional Fair Value (Dollars in thousands) Bank of America A+ Aa1 $ 5,257,044 $ 155,608 $ 5,090,138 $ 101,863 Barclays A+ A1 1,507,128 58,281 1,787,748 60,495 Canadian Imperial Bank of Commerce A+ Aa2 1,696,844 60,795 1,438,835 48,660 Citibank, N.A. A+ Aa3 2,522,575 94,411 3,042,872 61,580 Credit Suisse A+ A3 42,607 1,532 378,613 7,130 Goldman Sachs A+ A1 590,973 13,441 250,609 2,958 J.P. Morgan A+ Aa2 4,709,373 183,431 4,389,528 91,162 Mizuho A A1 10,983,889 512,485 10,450,652 358,820 Morgan Stanley A+ Aa3 1,008,975 44,079 1,459,836 30,590 Royal Bank of Canada AA- A1 3,502,832 140,472 3,752,133 138,639 Societe Generale A A1 3,048,019 109,999 3,048,268 86,041 Truist A A2 1,465,739 55,459 1,500,167 50,502 UBS AG A+ Aa3 2,195,505 52,831 1,954,997 51,108 Wells Fargo A+ Aa2 3,082,690 134,176 2,998,787 117,626 Exchange traded — — 4,548 114 $ 41,614,193 $ 1,617,000 $ 41,547,731 $ 1,207,288 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs and Deferred Sales Inducements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Charges, Insurers [Abstract] | |
Deferred Policy Acquisition Costs | The following tables present the balances and changes in deferred policy acquisition costs: Three Months Ended March 31, 2024 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of period $ 2,957,464 $ 109,187 $ 3,629 $ 3,070,280 Capitalizations 159,143 32,655 16 191,814 Amortization expense (69,525) (7,671) (141) (77,337) Balance, end of period $ 3,047,082 $ 134,171 $ 3,504 $ 3,184,757 Year Ended December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Single Premium Immediate Annuities Total (Dollars in thousands) Balance, beginning of period $ 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 period $ 2,957,464 $ 109,187 $ 3,629 $ 3,070,280 |
Deferred Sales Inducements | The following tables present the balances and changes in deferred sales inducements: Three Months Ended March 31, 2024 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of period $ 2,342,486 $ 24,738 $ 2,367,224 Capitalizations 127,687 17 127,704 Amortization expense (53,526) (688) (54,214) Balance, end of period $ 2,416,647 $ 24,067 $ 2,440,714 Year Ended December 31, 2023 Fixed Index Annuities Fixed Rate Annuities Total (Dollars in thousands) Balance, beginning of period $ 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 period $ 2,342,486 $ 24,738 $ 2,367,224 |
Policyholder Liabilities (Table
Policyholder Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Liability for Future Policy Benefit, Activity | The balances of and changes in the liability for future policy benefits for the three months ended March 31, 2024 and year ended December 31, 2023 is as follows: Present Value of Expected Future Three Months Ended Year Ended December 31, 2023 (Dollars in thousands) Balance, beginning of period $ 303,200 $ 318,677 Beginning balance at original discount rate 317,634 342,453 Effect of changes in cash flow assumptions — (4,607) Effect of actual variances from expected experience (102) (1,887) Adjusted beginning of year balance 317,532 335,959 Issuances 796 6,945 Interest accrual 3,295 13,710 Derecognition (lapses and benefit payments) (9,493) (38,980) Ending balance at original discount rate 312,130 317,634 Effect of changes in discount rate assumptions (18,187) (14,434) Balance, end of period $ 293,943 $ 303,200 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: March 31, 2024 December 31, 2023 (Dollars in thousands) Liability for future policy benefits $ 293,943 $ 303,200 Deferred profit liability 22,281 22,455 Liability for future policy benefits included in policy benefit reserves 316,224 325,655 Less: Reinsurance recoverable (2,615) (2,496) Net liability for future policy benefits, after reinsurance recoverable $ 313,609 $ 323,159 The weighted-average liability duration of the liability for future policy benefits is as follows: March 31, 2024 December 31, 2023 SPIA With Life Contingency: Weighted-average liability duration of the liability for future policy benefits (years) 7.15 6.56 The amount of revenue and interest associated with the liability for future policy benefits recognized in the Consolidated Statement of Operations for the three months ended March 31, 2024 and year ended December 31, 2023 is as follows: Three Months Ended Year Ended December 31, 2023 Gross Premiums Interest Gross Premiums or Assessments Interest (Dollars in thousands) SPIA With Life Contingency $ 764 $ 3,271 $ 7,608 $ 13,626 Total $ 764 $ 3,271 $ 7,608 $ 13,626 The weighted-average interest rate is as follows: March 31, 2024 December 31, 2023 Interest accretion rate 4.26 % 4.26 % Current discount rate 5.23 % 5.00 % |
Schedule of Expected Future Benefit Payments and Expected Gross Premiums | The following table presents the amount of undiscounted expected future benefit payments and expected gross premiums: March 31, 2024 December 31, 2023 (Dollars in thousands) SPIA With Life Contingency: Expected future benefit payments $ 410,285 $ 447,669 Expected future gross premiums — — |
Market Risk Benefit, Activity | The balances of and changes in the net market risk benefit (MRB) assets and liabilities for the three months ended March 31, 2024 and year ended December 31, 2023 is as follows: Three Months Ended Year Ended December 31, 2023 Fixed Rate Fixed Index Fixed Rate Fixed Index (Dollars in thousands) Balance, beginning of period $ 60,187 $ 2,606,673 $ 37,863 $ 2,187,758 Balance, beginning of period, before effect of changes in the instrument-specific credit risk 63,573 2,544,939 44,355 2,453,169 Issuances 7 41,126 32 289,939 Interest accrual 973 42,184 3,139 155,512 Attributed fees collected 284 33,800 1,216 128,437 Benefits payments — — — — Effect of changes in interest rates (3,912) (208,365) (380) (126,255) Effect of changes in equity markets — (64,867) — (48,164) Effect of changes in equity index volatility — 28,599 — (77,023) Effect of changes in future expected policyholder behavior 73 297 (1,509) (11,582) Effect of changes in other future expected assumptions — — 16,720 (219,094) Balance, end of period, before effect of changes in the instrument-specific credit 60,998 2,417,713 63,573 2,544,939 Effect of changes in the instrument-specific credit risk (1,899) 121,508 (3,386) 61,734 Balance, end of period 59,099 2,539,221 60,187 2,606,673 Reinsured MRB, end of period 18,256 609,566 18,391 640,826 Balance, end of period, net of reinsurance $ 40,843 $ 1,929,655 $ 41,796 $ 1,965,847 Net amount at risk (a) $ 268,085 $ 11,725,220 $ 266,438 $ 11,721,734 Weighted average attained age of contract holders (years) 70 71 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 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: March 31, 2024 Asset Liability Net Liability (Dollars in thousands) Fixed Index Annuities $ 522,323 $ 3,061,544 $ 2,539,221 Fixed Rate Annuities 2,275 61,374 59,099 Total $ 524,598 $ 3,122,918 $ 2,598,320 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 The following table presents the balances and changes in reinsured market risk benefit assets and liabilities associated with fixed index annuities for the three months ended March 31, 2024 and year ended December 31, 2023: Three Months Ended Year Ended December 31, 2023 Fixed Rate Fixed Index Fixed Rate Fixed Index (Dollars in thousands) Balance, beginning of period $ 18,391 $ 640,826 $ 10,656 $ 593,959 Issuances — 57 — 146,898 Interest accrual 274 9,527 775 33,503 Attributed fees collected 7 10,276 67 32,036 Benefits payments — — — — Effect of changes in interest rates (634) (42,876) 1,407 14,700 Effect of changes in equity markets — (21,174) — (22,775) Effect of changes in equity index volatility — 6,817 — (18,656) Effect of changes in future expected policyholder behavior 218 6,113 (128) 5,855 Effect of changes in other future expected assumptions — — 5,614 (144,694) Balance, end of period $ 18,256 $ 609,566 $ 18,391 $ 640,826 Net amount at risk (a) $ 75,941 $ 2,877,855 $ 75,281 $ 2,853,318 Weighted average attained age of contract holders (years) 70 70 70 70 (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: March 31, 2024 Asset Liability Net Asset (Dollars in thousands) Fixed Index Annuities $ 785,410 $ 175,844 $ 609,566 Fixed Rate Annuities 18,488 232 18,256 Total $ 803,898 $ 176,076 $ 627,822 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 |
Schedule Of Fair Value Measurements Of 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: March 31, 2024 Fair Value Valuation Significant Inputs Range Weighted (in thousands) Market risk benefits $ 2,598,320 Discounted cash flow Utilization (a) 0.04% - 47.37% 6.54% Ceded market risk benefits 627,822 Option budget (b) 1.85% - 2.75% 2.30% Risk-free interest rate (c) 3.31% - 5.04% 3.65% Nonperformance risk (d) 0.39% - 2.59% 1.91% Mortality (e) 0.01% - 46.00% 3.99% Lapse (f) 0.25% - 40.00% 3.64% 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% (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 purchase 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: Three Months Ended Year Ended December 31, 2023 Fixed Rate Fixed Index Fixed Rate Annuities Fixed Index Annuities (Dollars in thousands) Balance, beginning of period $ 5,913,965 $ 55,453,972 $ 6,589,577 $ 53,826,234 Issuances 1,232,426 1,866,523 840,022 7,555,709 Premiums received 566 17,116 12,472 152,532 Policy charges (2,256) (123,631) (3,428) (217,523) Surrenders and withdrawals (1,464,230) (1,965,003) (1,668,966) (6,122,084) Benefit payments (3,715) (232,754) (13,085) (836,507) Interest credited 43,851 444,399 163,918 1,096,493 Other 5,426 1,099 (6,545) (882) Balance, end of period $ 5,726,033 $ 55,461,721 $ 5,913,965 $ 55,453,972 Weighted-average crediting rate 3.03 % 3.22 % 2.66 % 2.03 % Net amount at risk (a) $ 268,085 $ 11,725,220 $ 266,438 $ 11,721,734 Cash surrender value $ 5,385,577 $ 50,946,469 $ 5,571,171 $ 50,983,033 (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: March 31, 2024 December 31, 2023 (Dollars in thousands) Fixed index annuities policyholder account balances $ 55,461,721 $ 55,453,972 Fixed rate annuities policyholder account balances 5,726,033 5,913,965 Embedded derivative adjustment (b) (548,478) (818,754) Liability for future policy benefits 293,943 303,200 Deferred profit liability 22,281 22,455 Other 24,742 26,803 Total $ 60,980,242 $ 60,901,641 (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: March 31, 2024 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% $ — $ 1,265,350 $ 452,749 $ 1,127,714 $ 2,845,813 0.50% - 1.00% 2,161,233 962,799 1,870,378 131,984 5,126,394 1.00% - 1.50% 39,737 7,902 — — 47,639 1.50% - 2.00% 50 — — — 50 2.00% - 2.50% 118,170 63,016 8 — 181,194 2.50% - 3.00% 699,138 — — — 699,138 Greater than 3.00% — — — — — Allocated to index strategies 46,561,493 Total $ 3,018,328 $ 2,299,067 $ 2,323,135 $ 1,259,698 $ 55,461,721 Fixed Rate Annuities 0.00% - 0.50% $ 358 $ — $ — $ — $ 358 0.50% - 1.00% 50,765 167,501 1,479,169 2,586,341 4,283,776 1.00% - 1.50% 463,258 238 — — 463,496 1.50% - 2.00% 352,534 27,694 198,956 218 579,402 2.00% - 2.50% 17,408 23 — — 17,431 2.50% - 3.00% 329,920 6,686 — — 336,606 Greater than 3.00% 44,964 — — — 44,964 Total $ 1,259,207 $ 202,142 $ 1,678,125 $ 2,586,559 $ 5,726,033 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 |
Notes and Loan Payable (Tables)
Notes and Loan Payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Notes and Loan Payable | Notes and loan payable includes the following: March 31, 2024 December 31, 2023 (Dollars in thousands) Senior notes due 2027 Principal $ 500,000 $ 500,000 Unamortized debt issue costs (2,196) (2,353) Unamortized discount (132) (142) Term loan due 2027 Original principal 300,000 300,000 Principal paydown (13,125) (11,250) Unamortized debt issue costs (756) (812) $ 783,791 $ 785,443 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share and Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Common Share, Basic and Diluted | The following table sets forth the computation of earnings (loss) per common share and earnings (loss) per common share - assuming dilution: Three Months Ended 2024 2023 (Dollars in thousands, except per share data) Numerator: Net income (loss) available to common stockholders - numerator for earnings (loss) per common share $ 332,079 $ (166,913) Denominator: Weighted average common shares outstanding 79,056,171 83,416,966 Effect of dilutive securities: Stock options and deferred compensation agreements 320,788 597,119 Restricted stock and restricted stock units 999,345 737,283 Antidilutive impact due to net loss — (1,334,402) Denominator for earnings (loss) per common share - assuming dilution 80,376,304 83,416,966 Earnings (loss) per common share $ 4.20 $ (2.00) Earnings (loss) per common share - assuming dilution $ 4.13 $ (2.00) |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) entity | Dec. 31, 2023 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Coinsurance ceded, fixed index annuities embedded derivatives | $ 14,743,795 | $ 14,582,728 |
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 | $ 413,600 | |
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 | $ (360,400) | |
Fixed index annuities - embedded derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Coinsurance ceded, fixed index annuities embedded derivatives | 1,156,200 | 1,182,600 |
Limited partnership funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unfunded commitments | 183,000 | 180,900 |
Fair Value, Measurements, Recurring | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 351,142 | 1,795,511 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | $ 150,001 | $ 0 |
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 |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments (Fair Values and Carrying Amounts of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Derivative instruments | $ 1,617,000 | $ 1,207,288 |
Other investments | 1,624,752 | 2,277,822 |
Coinsurance deposits | 14,743,795 | 14,582,728 |
Market risk benefits | 524,598 | 479,694 |
Liabilities | ||
Policy benefit reserves | 293,943 | 303,200 |
Market risk benefits | 3,122,918 | 3,146,554 |
Carrying Amount | ||
Assets | ||
Fixed maturity securities, available for sale, fair value | 32,044,379 | 34,780,482 |
Mortgage loans on real estate | 7,281,831 | 7,537,594 |
Real estate investments | 1,363,604 | 1,334,247 |
Limited partnerships and limited liability companies | 501,084 | 506,685 |
Derivative instruments | 1,617,000 | 1,207,288 |
Other investments | 1,624,752 | 2,277,822 |
Cash and cash equivalents | 13,495,847 | 9,772,586 |
Coinsurance deposits | 14,743,795 | 14,582,728 |
Market risk benefits | 524,598 | 479,694 |
Liabilities | ||
Policy benefit reserves | 60,638,086 | 60,549,922 |
Market risk benefits | 3,122,918 | 3,146,554 |
Single premium immediate annuity (SPIA) benefit reserves | 181,348 | 188,301 |
Notes and loan payable | 783,791 | 785,443 |
Subordinated debentures | 79,200 | 79,107 |
Fair Value | ||
Assets | ||
Fixed maturity securities, available for sale, fair value | 32,044,379 | 34,780,482 |
Mortgage loans on real estate | 6,777,489 | 7,047,993 |
Real estate investments | 1,382,633 | 1,336,247 |
Limited partnerships and limited liability companies | 501,084 | 506,685 |
Derivative instruments | 1,617,000 | 1,207,288 |
Other investments | 1,624,752 | 2,277,822 |
Cash and cash equivalents | 13,495,847 | 9,772,586 |
Coinsurance deposits | 13,671,767 | 13,570,942 |
Market risk benefits | 524,598 | 479,694 |
Liabilities | ||
Policy benefit reserves | 56,103,251 | 56,366,631 |
Market risk benefits | 3,122,918 | 3,146,554 |
Single premium immediate annuity (SPIA) benefit reserves | 189,677 | 196,720 |
Notes and loan payable | 775,660 | 770,570 |
Subordinated debentures | $ 86,095 | $ 86,254 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Derivative instruments | $ 1,617,000 | $ 1,207,288 |
Market risk benefits | 524,598 | 479,694 |
Liabilities | ||
Market risk benefits | 3,122,918 | 3,146,554 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Real estate investments | 1,248,703 | 1,217,271 |
Limited partnerships and limited liability companies | 501,084 | 506,685 |
Derivative instruments | 1,617,000 | 1,207,288 |
Cash and cash equivalents | 13,495,847 | 9,772,586 |
Market risk benefits | 524,598 | 479,694 |
Assets | 49,782,753 | 49,759,517 |
Liabilities | ||
Market risk benefits | 3,122,918 | 3,146,554 |
Liabilities | 8,098,071 | 8,071,672 |
Fair Value, Measurements, Recurring | U.S. Government and agencies | ||
Assets | ||
Investments | 27,137 | 171,141 |
Fair Value, Measurements, Recurring | States, municipalities and territories | ||
Assets | ||
Investments | 2,816,974 | 3,098,940 |
Fair Value, Measurements, Recurring | Foreign corporate securities and foreign governments | ||
Assets | ||
Investments | 433,008 | 493,739 |
Fair Value, Measurements, Recurring | Corporate securities | ||
Assets | ||
Investments | 19,264,788 | 20,603,416 |
Fair Value, Measurements, Recurring | Residential mortgage backed securities | ||
Assets | ||
Investments | 995,130 | 1,402,501 |
Fair Value, Measurements, Recurring | Commercial mortgage backed securities | ||
Assets | ||
Investments | 2,734,085 | 2,952,547 |
Fair Value, Measurements, Recurring | Other asset backed securities | ||
Assets | ||
Investments | 5,773,257 | 6,058,198 |
Fair Value, Measurements, Recurring | Other investments | ||
Assets | ||
Investments | 351,142 | 1,795,511 |
Fair Value, Measurements, Recurring | Funds withheld liability - embedded derivative | ||
Liabilities | ||
Derivative liabilities | (298,254) | (256,776) |
Fair Value, Measurements, Recurring | Fixed index annuities - embedded derivatives | ||
Liabilities | ||
Derivative liabilities | 5,273,407 | 5,181,894 |
Fair Value, Measurements, Recurring | NAV | ||
Assets | ||
Real estate investments | 0 | 0 |
Limited partnerships and limited liability companies | 358,429 | 353,554 |
Derivative instruments | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Market risk benefits | 0 | 0 |
Assets | 358,429 | 353,554 |
Liabilities | ||
Market risk benefits | 0 | 0 |
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 | 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 | 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 | 13,495,847 | 9,772,586 |
Market risk benefits | 0 | 0 |
Assets | 13,653,373 | 10,675,775 |
Liabilities | ||
Market risk benefits | 0 | 0 |
Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | U.S. Government and agencies | ||
Assets | ||
Investments | 17,068 | 27,593 |
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 | 140,458 | 875,596 |
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 | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Real estate investments | 0 | 0 |
Limited partnerships and limited liability companies | 0 | 0 |
Derivative instruments | 1,617,000 | 1,207,288 |
Cash and cash equivalents | 0 | 0 |
Market risk benefits | 0 | 0 |
Assets | 30,982,601 | 34,811,464 |
Liabilities | ||
Market risk benefits | 0 | 0 |
Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Government and agencies | ||
Assets | ||
Investments | 10,069 | 143,548 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | States, municipalities and territories | ||
Assets | ||
Investments | 2,612,223 | 2,876,723 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign corporate securities and foreign governments | ||
Assets | ||
Investments | 433,008 | 493,739 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate securities | ||
Assets | ||
Investments | 19,054,472 | 20,347,979 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Residential mortgage backed securities | ||
Assets | ||
Investments | 972,609 | 1,402,501 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commercial mortgage backed securities | ||
Assets | ||
Investments | 2,734,085 | 2,952,547 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other asset backed securities | ||
Assets | ||
Investments | 3,488,452 | 4,467,224 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other investments | ||
Assets | ||
Investments | 60,683 | 919,915 |
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 Unobservable Inputs (Level 3) | ||
Assets | ||
Real estate investments | 1,248,703 | 1,217,271 |
Limited partnerships and limited liability companies | 142,655 | 153,131 |
Derivative instruments | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Market risk benefits | 524,598 | 479,694 |
Assets | 4,788,350 | 3,918,724 |
Liabilities | ||
Market risk benefits | 3,122,918 | 3,146,554 |
Liabilities | 8,098,071 | 8,071,672 |
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 | 204,751 | 222,217 |
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 | 210,316 | 255,437 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Residential mortgage backed securities | ||
Assets | ||
Investments | 22,521 | 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 | 2,284,805 | 1,590,974 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Other investments | ||
Assets | ||
Investments | 150,001 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Funds withheld liability - embedded derivative | ||
Liabilities | ||
Derivative liabilities | (298,254) | (256,776) |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fixed index annuities - embedded derivatives | ||
Liabilities | ||
Derivative liabilities | $ 5,273,407 | $ 5,181,894 |
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
States, municipalities and territories | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 222,217 | $ 0 |
Purchases and sales, net | 0 | 0 |
Transfers in | 15,220 | 97,659 |
Transfers out | 0 | 0 |
Included in net income | 0 | 0 |
Included in other comprehensive income (loss) | (32,686) | 0 |
Ending balance | 204,751 | 97,659 |
Corporate securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 255,437 | 402,348 |
Purchases and sales, net | 23,369 | (26,278) |
Transfers in | 2,396 | 347 |
Transfers out | (69,454) | 0 |
Included in net income | 0 | 0 |
Included in other comprehensive income (loss) | (1,432) | (1,120) |
Ending balance | 210,316 | 375,297 |
Residential mortgage backed securities | ||
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 | 22,521 | 0 |
Transfers out | 0 | 0 |
Included in net income | 0 | 0 |
Included in other comprehensive income (loss) | 0 | 0 |
Ending balance | 22,521 | 0 |
Other asset backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,590,974 | 442,918 |
Purchases and sales, net | 697,098 | 227,032 |
Transfers in | 24,210 | 130,502 |
Transfers out | 0 | 0 |
Included in net income | 0 | 0 |
Included in other comprehensive income (loss) | (27,477) | 7,776 |
Ending balance | 2,284,805 | 808,228 |
Other investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 0 | 0 |
Transfers in | 150,001 | 0 |
Transfers out | 0 | 0 |
Included in net income | 0 | 0 |
Included in other comprehensive income (loss) | 0 | 0 |
Ending balance | 150,001 | 0 |
Real estate investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,217,271 | 940,559 |
Purchases and sales, net | 36,155 | 120,908 |
Included in net income | (4,723) | (7,836) |
Ending balance | 1,248,703 | 1,053,631 |
Limited partnerships and limited liability companies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 153,131 | 64,209 |
Purchases and sales, net | (1,635) | 94,137 |
Included in net income | (8,841) | 5,981 |
Ending balance | 142,655 | 164,327 |
Funds withheld liability - embedded derivative | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | (256,776) | (441,864) |
Transfers in | 0 | 0 |
Change in fair value, net | (41,478) | 64,380 |
Ending balance | (298,254) | (377,484) |
Fixed index annuities - embedded derivatives | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 5,181,894 | 4,820,845 |
Premiums less benefits | 15,845 | (121,181) |
Change in fair value, net | 75,668 | 205,469 |
Ending balance | $ 5,273,407 | $ 4,905,133 |
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 | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate investments | $ 1,248,703 | $ 1,217,271 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate investments | 1,248,703 | 1,217,271 |
Real estate investments | Significant Unobservable Inputs (Level 3) | Broker Price Opinion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Real estate investments | 1,248,703 | 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] | ||
Variable interest entity, fair value | $ 32,974 | $ 46,705 |
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% | 6.50% |
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 | 5.19% | 5.25% |
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% | 6.75% |
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 | 5.45% | 5.25% |
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 | 6.63% | 6.61% |
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 | 5.32% | 5.25% |
Limited Partnerships and Limited Liability Companies, Infrastructure | Significant Unobservable Inputs (Level 3) | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Variable interest entity, fair value | $ 109,681 | $ 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 | 10.75% | 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 | 10.75% | 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 | 10.75% | 11% |
Corporate securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments | $ 19,264,788 | $ 20,603,416 |
Corporate securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments | 210,316 | 255,437 |
Corporate securities | Significant Unobservable Inputs (Level 3) | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments | $ 83,513 | $ 83,666 |
Unobservable liquidity premium, basis points | 0.0020 | 0.0020 |
Other asset backed securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments | $ 5,773,257 | $ 6,058,198 |
Other asset backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments | 2,284,805 | 1,590,974 |
Other asset backed securities | Significant Unobservable Inputs (Level 3) | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments | $ 1,399,798 | $ 591,992 |
Other asset backed securities | Significant Unobservable Inputs (Level 3) | Discounted cash flow | Minimum | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities, measurement input | 0.0320 | 0.0526 |
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] | ||
Weighted average lives | 1 year 1 month 17 days | 1 year 1 month 20 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] | ||
Debt securities, measurement input | 0.2500 | 0.2500 |
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] | ||
Weighted average lives | 11 years 9 months 7 days | 12 years 1 month 2 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] | ||
Debt securities, measurement input | 0.0644 | 0.0692 |
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] | ||
Weighted average lives | 4 years 4 months 20 days | 5 years 8 months 8 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 - Significant Other Observable Inputs (Level 2) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
FHLB common stock (1) | $ 10,000 | $ 10,000 |
Collateral loans (2) | 853,457 | 64,594 |
Company owned life insurance ("COLI") (3) | $ 406,859 | $ 404,598 |
Fair Values of Financial Inst_9
Fair Values of Financial Instruments (Assumptions Used in Estimating Fair Value) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Expected cost of annual call options | 2.35% | 2.35% |
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 | 1.92% | 1.96% |
Fixed Index Annuities | Average | Contract Duration (Years), 6-10 | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Average lapse rates | 3.84% | 3.71% |
Fixed Index Annuities | Average | Contract Duration (Years), 11-15 | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Average lapse rates | 3.73% | 3.71% |
Fixed Index Annuities | Average | Contract Duration (Years), 16-20 | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Average lapse rates | 8.43% | 8.97% |
Fixed Index Annuities | Average | Contract Duration (Years), 20 or More | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Average lapse rates | 4.92% | 4.91% |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Billions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) security | Mar. 31, 2023 USD ($) | Dec. 31, 2023 security | |
Investments [Abstract] | |||
Percentage of fixed maturity portfolio rated investment grade based on NAIC designations | 97% | 98% | |
Number of securities in unrealized loss position | security | 3,525 | 3,639 | |
Percentage of unrealized losses on fixed maturity securities where securities are rated investment grade | 98% | 98% | |
Proceeds from sales of available for sale fixed maturity securities | $ 4.9 | $ 2.3 | |
Principal repayments, calls and tenders for available for sale fixed maturity securities | $ 0.6 | $ 0.9 |
Investments (Schedule of Fixed
Investments (Schedule of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, amortized cost | $ 36,009,821 | $ 38,537,462 | ||
Fixed maturity securities, available for sale, gross unrealized gains | 168,432 | 237,889 | ||
Fixed maturity securities, available for sale, gross unrealized losses | (4,130,356) | (3,990,839) | ||
Fixed maturity securities, available for sale, allowance for credit losses | (3,518) | (4,030) | $ (2,047) | $ (3,347) |
Fair Value | $ 32,044,379 | 34,780,482 | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued investment income (2024 and 2023 include $4,136 and $2,862 related to consolidated variable interest entities) | |||
Accrued interest receivable | $ 352,800 | 360,900 | ||
U.S. Government and agencies | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, amortized cost | 28,354 | 172,683 | ||
Fixed maturity securities, available for sale, gross unrealized gains | 13 | 606 | ||
Fixed maturity securities, available for sale, gross unrealized losses | (1,230) | (2,148) | ||
Fixed maturity securities, available for sale, allowance for credit losses | 0 | 0 | ||
Fair Value | 27,137 | 171,141 | ||
States, municipalities and territories | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, amortized cost | 3,392,780 | 3,654,571 | ||
Fixed maturity securities, available for sale, gross unrealized gains | 9,188 | 17,477 | ||
Fixed maturity securities, available for sale, gross unrealized losses | (584,994) | (573,108) | ||
Fixed maturity securities, available for sale, allowance for credit losses | 0 | 0 | ||
Fair Value | 2,816,974 | 3,098,940 | ||
Foreign corporate securities and foreign governments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, amortized cost | 513,299 | 563,890 | ||
Fixed maturity securities, available for sale, gross unrealized gains | 643 | 1,669 | ||
Fixed maturity securities, available for sale, gross unrealized losses | (80,934) | (71,820) | ||
Fixed maturity securities, available for sale, allowance for credit losses | 0 | 0 | ||
Fair Value | 433,008 | 493,739 | ||
Corporate securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, amortized cost | 21,952,356 | 23,036,862 | ||
Fixed maturity securities, available for sale, gross unrealized gains | 124,669 | 175,014 | ||
Fixed maturity securities, available for sale, gross unrealized losses | (2,808,944) | (2,605,048) | ||
Fixed maturity securities, available for sale, allowance for credit losses | (3,293) | (3,412) | (1,914) | (3,214) |
Fair Value | 19,264,788 | 20,603,416 | ||
Residential mortgage backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, amortized cost | 1,093,654 | 1,503,639 | ||
Fixed maturity securities, available for sale, gross unrealized gains | 9,209 | 11,598 | ||
Fixed maturity securities, available for sale, gross unrealized losses | (107,733) | (112,736) | ||
Fixed maturity securities, available for sale, allowance for credit losses | 0 | 0 | (133) | (133) |
Fair Value | 995,130 | 1,402,501 | ||
Commercial mortgage backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, amortized cost | 3,121,755 | 3,405,647 | ||
Fixed maturity securities, available for sale, gross unrealized gains | 2,701 | 995 | ||
Fixed maturity securities, available for sale, gross unrealized losses | (390,371) | (454,095) | ||
Fixed maturity securities, available for sale, allowance for credit losses | 0 | 0 | ||
Fair Value | 2,734,085 | 2,952,547 | ||
Other asset backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, amortized cost | 5,907,623 | 6,200,170 | ||
Fixed maturity securities, available for sale, gross unrealized gains | 22,009 | 30,530 | ||
Fixed maturity securities, available for sale, gross unrealized losses | (156,150) | (171,884) | ||
Fixed maturity securities, available for sale, allowance for credit losses | (225) | (618) | $ 0 | $ 0 |
Fair Value | $ 5,773,257 | $ 6,058,198 |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract] | ||
Fixed maturity securities, available for sale, due in one year or less, amortized cost | $ 635,069 | |
Fixed maturity securities, available for sale, due after one year through five years, amortized cost | 5,295,239 | |
Fixed maturity securities, available for sale, due after five years through ten years, amortized cost | 4,174,379 | |
Fixed maturity securities, available for sale, due after ten years through twenty years, amortized cost | 7,149,272 | |
Fixed maturity securities, available for sale, due after twenty years, amortized cost | 8,632,830 | |
Fixed maturity securities, available for sale, securities with a single maturity date, amortized cost | 25,886,789 | |
Amortized Cost | 36,009,821 | $ 38,537,462 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Fixed maturity securities, available for sale, due in one year or less, fair value | 628,657 | |
Fixed maturity securities, available for sale, due after one year through five years, fair value | 5,166,955 | |
Fixed maturity securities, available for sale, due after five years through ten years, fair value | 3,788,971 | |
Fixed maturity securities, available for sale, due after ten years through twenty years, fair value | 6,209,035 | |
Fixed maturity securities, available for sale, due after twenty years, fair value | 6,748,289 | |
Fixed maturity securities, available for sale, securities with a single maturity date, fair value | 22,541,907 | |
Fair Value | 32,044,379 | 34,780,482 |
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 | 1,093,654 | |
Amortized Cost | 1,093,654 | 1,503,639 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Fixed maturity securities, available for sale, securities without a single maturity date, fair value | 995,130 | |
Fair Value | 995,130 | 1,402,501 |
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 | 3,121,755 | |
Amortized Cost | 3,121,755 | 3,405,647 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Fixed maturity securities, available for sale, securities without a single maturity date, fair value | 2,734,085 | |
Fair Value | 2,734,085 | 2,952,547 |
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 | 5,907,623 | |
Amortized Cost | 5,907,623 | 6,200,170 |
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract] | ||
Fixed maturity securities, available for sale, securities without a single maturity date, fair value | 5,773,257 | |
Fair Value | $ 5,773,257 | $ 6,058,198 |
Investments (Net Unrealized Gai
Investments (Net Unrealized Gains (Losses) on Investments Reported as a Separate Component of Stockholders' Equity) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments [Abstract] | ||
Net unrealized losses on investments | $ (3,963,901) | $ (3,755,689) |
Deferred income tax valuation allowance reversal | 22,534 | 22,534 |
Deferred income tax expense | 831,961 | 788,236 |
Net unrealized losses reported as accumulated other comprehensive loss | $ (3,109,406) | $ (2,944,919) |
Investments (Credit Quality of
Investments (Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 36,009,821 | $ 38,537,462 |
Fair value | 32,044,379 | 34,780,482 |
Fixed Maturities, NAIC Rated Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 35,791,759 | 38,287,252 |
Fair value | 31,850,067 | 34,513,428 |
NAIC, Class 1 Designation | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 21,333,429 | 22,493,843 |
Fair value | 18,916,331 | 20,209,842 |
NAIC, Class 2 Designation | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 13,523,795 | 14,910,687 |
Fair value | 12,096,461 | 13,529,169 |
NAIC, Class 3 Designation | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 657,003 | 583,131 |
Fair value | 613,090 | 527,556 |
NAIC, Class 4 Designation | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 183,294 | 201,610 |
Fair value | 152,918 | 168,191 |
NAIC, Class 5 Designation | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 88,840 | 88,581 |
Fair value | 67,345 | 68,538 |
NAIC, Class 6 Designation | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 5,398 | 9,400 |
Fair value | 3,922 | 10,132 |
Fixed Maturities, Residual Tranche Securities, Not Rated | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 218,062 | 250,210 |
Fair value | $ 194,312 | $ 267,054 |
Investments (Gross Unrealized L
Investments (Gross Unrealized Losses on Investments, By Category and Length of Time) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value | $ 2,954,082 | $ 5,327,830 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses | (109,107) | (389,277) | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value | 22,360,901 | 22,724,213 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses | (4,021,249) | (3,601,562) | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value | 25,314,983 | 28,052,043 | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses | (4,130,356) | (3,990,839) | ||
Fixed maturity securities, available for sale, allowance for credit losses | 3,518 | 4,030 | $ 2,047 | $ 3,347 |
U.S. Government and agencies | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value | 3,990 | 55,087 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses | (20) | (279) | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value | 22,732 | 47,639 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses | (1,210) | (1,869) | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value | 26,722 | 102,726 | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses | (1,230) | (2,148) | ||
Fixed maturity securities, available for sale, allowance for credit losses | 0 | 0 | ||
States, municipalities and territories | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value | 114,901 | 451,091 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses | (10,035) | (44,832) | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value | 2,522,955 | 2,290,704 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses | (574,959) | (528,276) | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value | 2,637,856 | 2,741,795 | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses | (584,994) | (573,108) | ||
Fixed maturity securities, available for sale, allowance for credit losses | 0 | 0 | ||
Foreign corporate securities and foreign governments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value | 17,385 | 1,555 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses | (92) | (195) | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value | 382,787 | 427,021 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses | (80,842) | (71,625) | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value | 400,172 | 428,576 | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses | (80,934) | (71,820) | ||
Fixed maturity securities, available for sale, allowance for credit losses | 0 | 0 | ||
Corporate securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value | 1,280,454 | 3,275,031 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses | (34,771) | (237,744) | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value | 14,276,990 | 13,625,542 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses | (2,774,173) | (2,367,304) | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value | 15,557,444 | 16,900,573 | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses | (2,808,944) | (2,605,048) | ||
Fixed maturity securities, available for sale, allowance for credit losses | 3,293 | 3,412 | 1,914 | 3,214 |
Residential mortgage backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value | 51,291 | 145,093 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses | (836) | (7,614) | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value | 653,903 | 858,821 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses | (106,897) | (105,122) | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value | 705,194 | 1,003,914 | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses | (107,733) | (112,736) | ||
Fixed maturity securities, available for sale, allowance for credit losses | 0 | 0 | 133 | 133 |
Commercial mortgage backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value | 55,259 | 431,947 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses | (1,517) | (69,007) | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value | 2,497,882 | 2,416,868 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses | (388,854) | (385,088) | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value | 2,553,141 | 2,848,815 | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses | (390,371) | (454,095) | ||
Fixed maturity securities, available for sale, allowance for credit losses | 0 | 0 | ||
Other asset backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, fair value | 1,430,802 | 968,026 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, less than 12 months, unrealized losses | (61,836) | (29,606) | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, fair value | 2,003,652 | 3,057,618 | ||
Fixed maturity securities, available for sale, continuous unrealized loss position, 12 months or more, unrealized losses | (94,314) | (142,278) | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, fair value | 3,434,454 | 4,025,644 | ||
Fixed maturity securities, available for sale securities, continuous unrealized loss position, total, unrealized losses | (156,150) | (171,884) | ||
Fixed maturity securities, available for sale, allowance for credit losses | $ 225 | $ 618 | $ 0 | $ 0 |
Investments (Changes in Net Unr
Investments (Changes in Net Unrealized Gains/Losses on Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments [Abstract] | ||
Fixed maturity securities available for sale carried at fair value | $ (208,212) | $ 833,268 |
Adjustment for effect on other balance sheet accounts: | ||
Deferred income tax asset/liability | 43,725 | (174,986) |
Total adjustment for effect on other balance sheet accounts | 43,725 | (174,986) |
Change in net unrealized gains/losses on investments carried at fair value | $ (164,487) | $ 658,282 |
Investments (Net Realized Gains
Investments (Net Realized Gains (Losses) on Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Gain (Loss) on Securities [Line Items] | ||
Increase in allowance for credit losses | $ (4,091) | $ (8,654) |
Net realized losses on investments | (94,050) | (27,787) |
Fixed Maturity Securities, Available For Sale | ||
Gain (Loss) on Securities [Line Items] | ||
Gross realized gains | 15,887 | 25,988 |
Gross realized losses | (104,505) | (44,451) |
Net credit loss recovery (provision) | 512 | (829) |
Realized gains (losses) | (88,106) | (19,292) |
Other Investments | ||
Gain (Loss) on Securities [Line Items] | ||
Gross realized gains | 0 | 1,777 |
Gross realized losses | 0 | (432) |
Realized gains (losses) | 0 | 1,345 |
Mortgage Loans on Real Estate | ||
Gain (Loss) on Securities [Line Items] | ||
Increase in allowance for credit losses | (3,468) | (8,654) |
Recovery of specific allowance | 0 | 0 |
Loss on sale of mortgage loans | (2,476) | (1,186) |
Gain (loss) on mortgage loans | $ (5,944) | $ (9,840) |
Investments (Rollforward of All
Investments (Rollforward of Allowance for Credit Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 4,030 | $ 3,347 |
Change in allowance on securities with previous allowance | 0 | (1,300) |
Recoveries of amounts previously written off | (512) | 0 |
Ending balance | 3,518 | 2,047 |
Corporate securities | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 3,412 | 3,214 |
Change in allowance on securities with previous allowance | 0 | (1,300) |
Recoveries of amounts previously written off | (119) | 0 |
Ending balance | 3,293 | 1,914 |
Residential mortgage backed securities | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 0 | 133 |
Change in allowance on securities with previous allowance | 0 | 0 |
Recoveries of amounts previously written off | 0 | 0 |
Ending balance | 0 | 133 |
Other asset backed securities | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 618 | 0 |
Change in allowance on securities with previous allowance | 0 | 0 |
Recoveries of amounts previously written off | (393) | 0 |
Ending balance | $ 225 | $ 0 |
Mortgage Loans on Real Estate_2
Mortgage Loans on Real Estate (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) segment loan properties | Mar. 31, 2023 USD ($) loan | Dec. 31, 2023 USD ($) loan properties | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of portfolio segments that make up financing receivables | segment | 3 | ||
Commitments outstanding | $ 575,800 | ||
Accrued interest receivable | $ 62,800 | $ 69,500 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued investment income (2024 and 2023 include $4,136 and $2,862 related to consolidated variable interest entities) | ||
Real estate owned, number of properties | properties | 14 | 12 | |
Real estate owned | $ 9,700 | $ 6,500 | |
Non-accrual status, number of loans | loan | 198 | 155 | |
Interest income recognized on non-accrual loans | $ 270 | $ 15 | |
Number of significant mortgage loan modifications | loan | 0 | 0 | |
Minimum | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of days past due, nonperforming | 90 days | ||
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 | |
Commercial 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 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Valuation allowance | $ (42,013) | $ (38,135) | $ (45,626) | $ (36,972) |
Mortgage loans, carrying value | 7,281,831 | 7,537,594 | ||
Commercial Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Principal outstanding | 3,480,752 | 3,550,204 | ||
Deferred fees and costs, net | (2,826) | (2,494) | ||
Unamortized discounts and premiums, net | (2,317) | (2,711) | ||
Mortgage loans, amortized cost | 3,475,609 | 3,544,999 | ||
Valuation allowance | (20,432) | (17,902) | (25,082) | (22,428) |
Mortgage loans, carrying value | 3,455,177 | 3,527,097 | ||
Agricultural Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Principal outstanding | 576,185 | 581,287 | ||
Deferred fees and costs, net | (1,600) | (1,654) | ||
Mortgage loans, amortized cost | 574,585 | 579,633 | ||
Valuation allowance | (1,202) | (2,590) | (1,356) | (1,021) |
Mortgage loans, carrying value | 573,383 | 577,043 | ||
Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Principal outstanding | 3,207,707 | 3,384,737 | ||
Deferred fees and costs, net | 453 | 558 | ||
Unamortized discounts and premiums, net | 65,490 | 65,802 | ||
Mortgage loans, amortized cost | 3,273,650 | 3,451,097 | ||
Valuation allowance | (20,379) | (17,643) | $ (19,188) | $ (13,523) |
Mortgage loans, carrying value | $ 3,253,271 | $ 3,433,454 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Commercial Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 3,480,752 | $ 3,550,204 |
Percent | 100% | 100% |
Commercial Mortgage Loans | East | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 455,366 | $ 471,707 |
Percent | 13.10% | 13.30% |
Commercial Mortgage Loans | Middle Atlantic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 273,050 | $ 274,017 |
Percent | 7.80% | 7.70% |
Commercial Mortgage Loans | Mountain | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 401,678 | $ 404,143 |
Percent | 11.50% | 11.40% |
Commercial Mortgage Loans | New England | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 90,619 | $ 87,041 |
Percent | 2.60% | 2.40% |
Commercial Mortgage Loans | Pacific | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 831,311 | $ 835,085 |
Percent | 23.90% | 23.50% |
Commercial Mortgage Loans | South Atlantic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 879,052 | $ 927,547 |
Percent | 25.30% | 26.10% |
Commercial Mortgage Loans | West North Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 178,616 | $ 183,856 |
Percent | 5.10% | 5.20% |
Commercial Mortgage Loans | West South Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 333,171 | $ 328,918 |
Percent | 9.60% | 9.30% |
Commercial Mortgage Loans | International | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 37,889 | $ 37,890 |
Percent | 1.10% | 1.10% |
Commercial Mortgage Loans | Office | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 358,570 | $ 360,328 |
Percent | 10.30% | 10.10% |
Commercial Mortgage Loans | Retail | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 789,223 | $ 801,977 |
Percent | 22.70% | 22.60% |
Commercial Mortgage Loans | Industrial/Warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 892,092 | $ 940,546 |
Percent | 25.60% | 26.50% |
Commercial Mortgage Loans | Apartment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 1,041,957 | $ 1,047,740 |
Percent | 29.90% | 29.50% |
Commercial Mortgage Loans | Hotel | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 320,171 | $ 319,733 |
Percent | 9.20% | 9% |
Commercial Mortgage Loans | Mixed Use/Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 78,739 | $ 79,880 |
Percent | 2.30% | 2.30% |
Agricultural Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 576,185 | $ 581,287 |
Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal outstanding | $ 3,207,707 | $ 3,384,737 |
Mortgage Loans on Real Estate_5
Mortgage Loans on Real Estate (Rollforward of Valuation Allowance on Mortgage Loan Portfolios) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning allowance balance | $ (38,135) | $ (36,972) |
Charge-offs | 213 | 0 |
Recoveries | 0 | 0 |
Change in provision for credit losses | (4,091) | (8,654) |
Ending allowance balance | (42,013) | (45,626) |
Commercial | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning allowance balance | (17,902) | (22,428) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Change in provision for credit losses | (2,530) | (2,654) |
Ending allowance balance | (20,432) | (25,082) |
Agricultural | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning allowance balance | (2,590) | (1,021) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Change in provision for credit losses | 1,388 | (335) |
Ending allowance balance | (1,202) | (1,356) |
Residential | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning allowance balance | (17,643) | (13,523) |
Charge-offs | 213 | 0 |
Recoveries | 0 | 0 |
Change in provision for credit losses | (2,949) | (5,665) |
Ending allowance balance | $ (20,379) | $ (19,188) |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Commercial Mortgage Loans | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Amortized cost, year one, originated in current fiscal year | $ 0 | $ 44,171 |
Average LTV, year one, originated in current fiscal year | 0% | 39% |
Amortized cost, year two, originated in fiscal year before current fiscal year | $ 30,600 | $ 520,651 |
Average LTV, year two, originated in fiscal year before current fiscal year | 35% | 53% |
Amortized cost, year three, originated two years before current fiscal year | $ 506,879 | $ 632,843 |
Average LTV, year three, originated two years before current fiscal year | 53% | 51% |
Amortized cost, year four, originated three years before current fiscal year | $ 631,863 | $ 435,768 |
Average LTV, year four, originated three years before current fiscal year | 51% | 52% |
Amortized cost, year five, originated four years before current fiscal year | $ 423,814 | $ 560,750 |
Average LTV, year five, originated four years before current fiscal year | 51% | 57% |
Amortized cost, originated more than five years before current fiscal year | $ 1,882,453 | $ 1,350,816 |
Average LTV, originated more than five years before current fiscal year | 50% | 47% |
Mortgage loans, amortized cost | $ 3,475,609 | $ 3,544,999 |
Total - Average LTV | 51% | 51% |
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, year one, originated in current fiscal year | $ 0 | $ 3,444 |
Average LTV, year one, originated in current fiscal year | 0% | 46% |
Amortized cost, year two, originated in fiscal year before current fiscal year | $ 3,456 | $ 285,481 |
Average LTV, year two, originated in fiscal year before current fiscal year | 46% | 62% |
Amortized cost, year three, originated two years before current fiscal year | $ 285,438 | $ 272,661 |
Average LTV, year three, originated two years before current fiscal year | 62% | 57% |
Amortized cost, year four, originated three years before current fiscal year | $ 271,985 | $ 370,299 |
Average LTV, year four, originated three years before current fiscal year | 57% | 51% |
Amortized cost, year five, originated four years before current fiscal year | $ 348,016 | $ 449,973 |
Average LTV, year five, originated four years before current fiscal year | 50% | 55% |
Amortized cost, originated more than five years before current fiscal year | $ 1,479,369 | $ 1,056,159 |
Average LTV, originated more than five years before current fiscal year | 47% | 44% |
Mortgage loans, amortized cost | $ 2,388,264 | $ 2,438,017 |
Total - Average LTV | 50% | 50% |
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, year one, originated in current fiscal year | $ 0 | $ 0 |
Average LTV, year one, originated in current fiscal year | 0% | 0% |
Amortized cost, year two, originated in fiscal year before current fiscal year | $ 0 | $ 76,122 |
Average LTV, year two, originated in fiscal year before current fiscal year | 0% | 49% |
Amortized cost, year three, originated two years before current fiscal year | $ 81,084 | $ 4,500 |
Average LTV, year three, originated two years before current fiscal year | 48% | 55% |
Amortized cost, year four, originated three years before current fiscal year | $ 4,453 | $ 36,534 |
Average LTV, year four, originated three years before current fiscal year | 54% | 57% |
Amortized cost, year five, originated four years before current fiscal year | $ 27,150 | $ 108,232 |
Average LTV, year five, originated four years before current fiscal year | 52% | 64% |
Amortized cost, originated more than five years before current fiscal year | $ 282,786 | $ 177,489 |
Average LTV, originated more than five years before current fiscal year | 60% | 57% |
Mortgage loans, amortized cost | $ 395,473 | $ 402,877 |
Total - Average LTV | 57% | 58% |
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, year one, originated in current fiscal year | $ 0 | $ 40,727 |
Average LTV, year one, originated in current fiscal year | 0% | 38% |
Amortized cost, year two, originated in fiscal year before current fiscal year | $ 27,144 | $ 105,578 |
Average LTV, year two, originated in fiscal year before current fiscal year | 33% | 32% |
Amortized cost, year three, originated two years before current fiscal year | $ 86,871 | $ 328,722 |
Average LTV, year three, originated two years before current fiscal year | 29% | 45% |
Amortized cost, year four, originated three years before current fiscal year | $ 328,457 | $ 28,935 |
Average LTV, year four, originated three years before current fiscal year | 45% | 54% |
Amortized cost, year five, originated four years before current fiscal year | $ 30,270 | $ 0 |
Average LTV, year five, originated four years before current fiscal year | 56% | 0% |
Amortized cost, originated more than five years before current fiscal year | $ 63,302 | $ 63,972 |
Average LTV, originated more than five years before current fiscal year | 71% | 71% |
Mortgage loans, amortized cost | $ 536,044 | $ 567,934 |
Total - Average LTV | 46% | 46% |
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, year one, originated in current fiscal year | $ 0 | $ 0 |
Average LTV, year one, originated in current fiscal year | 0% | 0% |
Amortized cost, year two, originated in fiscal year before current fiscal year | $ 0 | $ 53,470 |
Average LTV, year two, originated in fiscal year before current fiscal year | 0% | 54% |
Amortized cost, year three, originated two years before current fiscal year | $ 53,486 | $ 26,960 |
Average LTV, year three, originated two years before current fiscal year | 54% | 52% |
Amortized cost, year four, originated three years before current fiscal year | $ 26,968 | $ 0 |
Average LTV, year four, originated three years before current fiscal year | 52% | 0% |
Amortized cost, year five, originated four years before current fiscal year | $ 18,378 | $ 2,545 |
Average LTV, year five, originated four years before current fiscal year | 54% | 80% |
Amortized cost, originated more than five years before current fiscal year | $ 56,996 | $ 53,196 |
Average LTV, originated more than five years before current fiscal year | 63% | 52% |
Mortgage loans, amortized cost | $ 155,828 | $ 136,171 |
Total - Average LTV | 57% | 53% |
Agricultural Mortgage Loans | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Amortized cost, year one, originated in current fiscal year | $ 897 | $ 48,676 |
Average LTV, year one, originated in current fiscal year | 36% | 58% |
Amortized cost, year two, originated in fiscal year before current fiscal year | $ 48,608 | $ 192,677 |
Average LTV, year two, originated in fiscal year before current fiscal year | 58% | 51% |
Amortized cost, year three, originated two years before current fiscal year | $ 190,478 | $ 133,639 |
Average LTV, year three, originated two years before current fiscal year | 50% | 54% |
Amortized cost, year four, originated three years before current fiscal year | $ 132,286 | $ 168,500 |
Average LTV, year four, originated three years before current fiscal year | 53% | 44% |
Amortized cost, year five, originated four years before current fiscal year | $ 166,189 | $ 2,141 |
Average LTV, year five, originated four years before current fiscal year | 44% | 33% |
Amortized cost, originated more than five years before current fiscal year | $ 36,127 | $ 34,000 |
Average LTV, originated more than five years before current fiscal year | 41% | 42% |
Mortgage loans, amortized cost | $ 574,585 | $ 579,633 |
Total - Average LTV | 49% | 49% |
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, year one, originated in current fiscal year | $ 0 | $ 26,890 |
Average LTV, year one, originated in current fiscal year | 0% | 59% |
Amortized cost, year two, originated in fiscal year before current fiscal year | $ 26,865 | $ 61,374 |
Average LTV, year two, originated in fiscal year before current fiscal year | 59% | 54% |
Amortized cost, year three, originated two years before current fiscal year | $ 61,331 | $ 46,060 |
Average LTV, year three, originated two years before current fiscal year | 53% | 57% |
Amortized cost, year four, originated three years before current fiscal year | $ 45,598 | $ 91,060 |
Average LTV, year four, originated three years before current fiscal year | 56% | 46% |
Amortized cost, year five, originated four years before current fiscal year | $ 90,066 | $ 0 |
Average LTV, year five, originated four years before current fiscal year | 45% | 0% |
Amortized cost, originated more than five years before current fiscal year | $ 34,000 | $ 34,000 |
Average LTV, originated more than five years before current fiscal year | 42% | 42% |
Mortgage loans, amortized cost | $ 257,860 | $ 259,384 |
Total - Average LTV | 50% | 50% |
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, year one, originated in current fiscal year | $ 0 | $ 17,798 |
Average LTV, year one, originated in current fiscal year | 0% | 59% |
Amortized cost, year two, originated in fiscal year before current fiscal year | $ 17,755 | $ 89,548 |
Average LTV, year two, originated in fiscal year before current fiscal year | 59% | 54% |
Amortized cost, year three, originated two years before current fiscal year | $ 88,146 | $ 51,819 |
Average LTV, year three, originated two years before current fiscal year | 53% | 52% |
Amortized cost, year four, originated three years before current fiscal year | $ 51,510 | $ 27,433 |
Average LTV, year four, originated three years before current fiscal year | 51% | 32% |
Amortized cost, year five, originated four years before current fiscal year | $ 26,352 | $ 0 |
Average LTV, year five, originated four years before current fiscal year | 34% | 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 | $ 183,763 | $ 186,598 |
Total - Average LTV | 50% | 51% |
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, year one, originated in current fiscal year | $ 897 | $ 3,988 |
Average LTV, year one, originated in current fiscal year | 36% | 43% |
Amortized cost, year two, originated in fiscal year before current fiscal year | $ 3,988 | $ 3,080 |
Average LTV, year two, originated in fiscal year before current fiscal year | 43% | 55% |
Amortized cost, year three, originated two years before current fiscal year | $ 3,058 | $ 9,246 |
Average LTV, year three, originated two years before current fiscal year | 55% | 57% |
Amortized cost, year four, originated three years before current fiscal year | $ 9,224 | $ 902 |
Average LTV, year four, originated three years before current fiscal year | 57% | 59% |
Amortized cost, year five, originated four years before current fiscal year | $ 894 | $ 0 |
Average LTV, year five, originated four years before current fiscal year | 58% | 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 | $ 18,061 | $ 17,216 |
Total - Average LTV | 52% | 53% |
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, year one, originated in current fiscal year | $ 0 | $ 0 |
Average LTV, year one, originated in current fiscal year | 0% | 0% |
Amortized cost, year two, originated in fiscal year before current fiscal year | $ 0 | $ 38,675 |
Average LTV, year two, originated in fiscal year before current fiscal year | 0% | 37% |
Amortized cost, year three, originated two years before current fiscal year | $ 37,943 | $ 26,514 |
Average LTV, year three, originated two years before current fiscal year | 36% | 51% |
Amortized cost, year four, originated three years before current fiscal year | $ 25,954 | $ 49,105 |
Average LTV, year four, originated three years before current fiscal year | 50% | 48% |
Amortized cost, year five, originated four years before current fiscal year | $ 48,877 | $ 2,141 |
Average LTV, year five, originated four years before current fiscal year | 48% | 33% |
Amortized cost, originated more than five years before current fiscal year | $ 2,127 | $ 0 |
Average LTV, originated more than five years before current fiscal year | 33% | 0% |
Mortgage loans, amortized cost | $ 114,901 | $ 116,435 |
Total - Average LTV | 44% | 45% |
Mortgage Loans on Real Estate_7
Mortgage Loans on Real Estate (Aging of Financing Receivables) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Commercial Mortgage Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost, year one, originated in current fiscal year | $ 0 | $ 44,171 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 30,600 | 520,651 |
Amortized cost, year three, originated two years before current fiscal year | 506,879 | 632,843 |
Amortized cost, year four, originated three years before current fiscal year | 631,863 | 435,768 |
Amortized cost, year five, originated four years before current fiscal year | 423,814 | 560,750 |
Amortized cost, originated more than five years before current fiscal year | 1,882,453 | 1,350,816 |
Mortgage loans, amortized cost | 3,475,609 | 3,544,999 |
Commercial Mortgage Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost, year one, originated in current fiscal year | 0 | 44,171 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 30,600 | 520,651 |
Amortized cost, year three, originated two years before current fiscal year | 506,879 | 632,843 |
Amortized cost, year four, originated three years before current fiscal year | 631,863 | 435,768 |
Amortized cost, year five, originated four years before current fiscal year | 423,814 | 560,750 |
Amortized cost, originated more than five years before current fiscal year | 1,882,453 | 1,350,816 |
Mortgage loans, amortized cost | 3,475,609 | 3,544,999 |
Commercial Mortgage Loans | 30 - 59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost, year one, originated in current fiscal year | 0 | 0 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 0 | 0 |
Amortized cost, year three, originated two years before current fiscal year | 0 | 0 |
Amortized cost, year four, originated three years before current fiscal year | 0 | 0 |
Amortized cost, year five, 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, year one, originated in current fiscal year | 0 | 0 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 0 | 0 |
Amortized cost, year three, originated two years before current fiscal year | 0 | 0 |
Amortized cost, year four, originated three years before current fiscal year | 0 | 0 |
Amortized cost, year five, 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 | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost, year one, originated in current fiscal year | 0 | 0 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 0 | 0 |
Amortized cost, year three, originated two years before current fiscal year | 0 | 0 |
Amortized cost, year four, originated three years before current fiscal year | 0 | 0 |
Amortized cost, year five, 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, year one, originated in current fiscal year | 897 | 48,676 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 48,608 | 192,677 |
Amortized cost, year three, originated two years before current fiscal year | 190,478 | 133,639 |
Amortized cost, year four, originated three years before current fiscal year | 132,286 | 168,500 |
Amortized cost, year five, originated four years before current fiscal year | 166,189 | 2,141 |
Amortized cost, originated more than five years before current fiscal year | 36,127 | 34,000 |
Mortgage loans, amortized cost | 574,585 | 579,633 |
Agricultural Mortgage Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost, year one, originated in current fiscal year | 897 | 48,676 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 48,608 | 182,273 |
Amortized cost, year three, originated two years before current fiscal year | 190,478 | 131,448 |
Amortized cost, year four, originated three years before current fiscal year | 130,102 | 168,500 |
Amortized cost, year five, originated four years before current fiscal year | 166,189 | 2,141 |
Amortized cost, originated more than five years before current fiscal year | 36,127 | 34,000 |
Mortgage loans, amortized cost | 572,401 | 567,038 |
Agricultural Mortgage Loans | 30 - 59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost, year one, originated in current fiscal year | 0 | 0 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 0 | 0 |
Amortized cost, year three, originated two years before current fiscal year | 0 | 0 |
Amortized cost, year four, originated three years before current fiscal year | 0 | 0 |
Amortized cost, year five, 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, year one, originated in current fiscal year | 0 | 0 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 0 | 0 |
Amortized cost, year three, originated two years before current fiscal year | 0 | 0 |
Amortized cost, year four, originated three years before current fiscal year | 0 | 0 |
Amortized cost, year five, 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 | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost, year one, originated in current fiscal year | 0 | 0 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 0 | 10,404 |
Amortized cost, year three, originated two years before current fiscal year | 0 | 2,191 |
Amortized cost, year four, originated three years before current fiscal year | 2,184 | 0 |
Amortized cost, year five, 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 | 2,184 | 12,595 |
Residential Mortgage Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost, year one, originated in current fiscal year | 28,212 | 1,228,190 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 1,207,270 | 1,612,223 |
Amortized cost, year three, originated two years before current fiscal year | 1,496,386 | 403,572 |
Amortized cost, year four, originated three years before current fiscal year | 353,407 | 174,271 |
Amortized cost, year five, originated four years before current fiscal year | 167,087 | 31,139 |
Amortized cost, originated more than five years before current fiscal year | 21,288 | 1,702 |
Mortgage loans, amortized cost | 3,273,650 | 3,451,097 |
Residential Mortgage Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost, year one, originated in current fiscal year | 28,212 | 1,183,248 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 1,169,009 | 1,493,165 |
Amortized cost, year three, originated two years before current fiscal year | 1,415,122 | 365,704 |
Amortized cost, year four, originated three years before current fiscal year | 326,677 | 161,426 |
Amortized cost, year five, originated four years before current fiscal year | 152,853 | 22,654 |
Amortized cost, originated more than five years before current fiscal year | 18,766 | 794 |
Mortgage loans, amortized cost | 3,110,639 | 3,226,991 |
Residential Mortgage Loans | 30 - 59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost, year one, originated in current fiscal year | 0 | 21,367 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 0 | 58,420 |
Amortized cost, year three, originated two years before current fiscal year | 2,760 | 10,253 |
Amortized cost, year four, originated three years before current fiscal year | 0 | 5,731 |
Amortized cost, year five, originated four years before current fiscal year | 0 | 4,988 |
Amortized cost, originated more than five years before current fiscal year | 0 | 0 |
Mortgage loans, amortized cost | 2,760 | 100,759 |
Residential Mortgage Loans | 60 - 89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost, year one, originated in current fiscal year | 0 | 5,017 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 12,381 | 22,383 |
Amortized cost, year three, originated two years before current fiscal year | 26,227 | 3,908 |
Amortized cost, year four, originated three years before current fiscal year | 3,765 | 1,839 |
Amortized cost, year five, originated four years before current fiscal year | 5,079 | 99 |
Amortized cost, originated more than five years before current fiscal year | 395 | 0 |
Mortgage loans, amortized cost | 47,847 | 33,246 |
Residential Mortgage Loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Amortized cost, year one, originated in current fiscal year | 0 | 18,558 |
Amortized cost, year two, originated in fiscal year before current fiscal year | 25,880 | 38,255 |
Amortized cost, year three, originated two years before current fiscal year | 52,277 | 23,707 |
Amortized cost, year four, originated three years before current fiscal year | 22,965 | 5,275 |
Amortized cost, year five, originated four years before current fiscal year | 9,155 | 3,398 |
Amortized cost, originated more than five years before current fiscal year | 2,127 | 908 |
Mortgage loans, amortized cost | $ 112,404 | $ 90,101 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) | Mar. 31, 2024 limitedLiabilityCompany |
Variable Interest Entity, Real Estate Investments, Commercial Real Estate | |
Variable Interest Entity [Line Items] | |
Variable interest entities, number of consolidated variable interest entities | 1 |
Variable Interest Entity, Real Estate Limited Liability Companies | |
Variable Interest Entity [Line Items] | |
Variable interest entities, number of consolidated variable interest entities | 2 |
Variable Interest Entity, Residual Interest | |
Variable Interest Entity [Line Items] | |
Variable interest entities, number of consolidated variable interest entities | 1 |
Variable Interest Entity, 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 80,779,523 | $ 79,918,302 |
Total Liabilities | 77,607,950 | 76,870,528 |
Real estate investments | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 1,408,777 | 1,383,120 |
Total Liabilities | 79,501 | 92,299 |
Real estate limited liability companies | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 33,421 | 47,005 |
Total Liabilities | 138 | 149 |
Limited partnership funds | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 359,768 | 353,610 |
Total Liabilities | 216 | 289 |
Residual interest | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 150,001 | 0 |
Total Liabilities | 0 | 0 |
Infrastructure limited liability companies | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 110,904 | 107,942 |
Total Liabilities | 772 | 783 |
Variable Interest Entities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 2,062,871 | 1,891,677 |
Total Liabilities | $ 80,627 | $ 93,520 |
Variable Interest Entities (Unc
Variable Interest Entities (Unconsolidated VIEs) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Asset carrying value | $ 80,779,523 | $ 79,918,302 |
Variable Interest Entity, Not Primary Beneficiary | Fixed Maturity Securities, Available For Sale | ||
Variable Interest Entity [Line Items] | ||
Asset carrying value | 2,304,405 | 2,438,074 |
Maximum exposure to loss | $ 2,304,405 | $ 2,438,074 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Derivative [Line Items] | ||
Derivative collateral | $ 1,600 | $ 1,200 |
Credit risk, maximum exposure | $ 22.1 | $ 3.5 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 1,617,000 | $ 1,207,288 |
Call Options | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 41,614,193 | 41,547,731 |
Derivative assets | 1,617,000 | 1,207,288 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 41,614,193 | 41,547,731 |
Derivative assets | 1,617,000 | 1,207,288 |
Derivative liabilities | 4,975,153 | 4,925,118 |
Not Designated as Hedging Instrument | Call Options | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 41,614,193 | 41,547,731 |
Derivative assets | 1,617,000 | 1,207,288 |
Not Designated as Hedging Instrument | Fixed index annuities - embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 5,273,407 | 5,181,894 |
Not Designated as Hedging Instrument | Reinsurance Related Embedded Derivative | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ (298,254) | $ (256,776) |
Derivative Instruments (Carryin
Derivative Instruments (Carrying Amount and Cumulative Fair Value Hedging Adjustments) (Details) - Fair Value Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Current hedging relationships, amortized cost of hedged item | $ 0 | $ 0 |
Current hedging relationships, cumulative amount of fair value basis adjustment gain (loss) | 0 | 0 |
Discontinued hedging relationships, amortized cost of hedged item | 1,205,204 | 1,261,509 |
Discontinued hedging relationships, cumulative amount of fair value basis adjustment gain (loss) | $ (57,146) | $ (62,385) |
Derivative Instruments (Gains (
Derivative Instruments (Gains (Losses) Related to Derivatives and Hedged Items) (Details) - Interest rate swaps - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Designated as Hedging Instrument | Fair Value Hedging | ||
Derivative [Line Items] | ||
Derivative, change in unrealized gain (loss) on fair value hedging instruments | $ 0 | $ (12,991) |
Change in unrealized gain (loss) on hedged item in fair value hedge | 0 | 14,116 |
Net, derivative, fair value hedge, included in effectiveness, gain (loss) | 0 | 1,125 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount excluded: recognized in income immediately | $ 0 | $ 0 |
Derivative Instruments (Change
Derivative Instruments (Change in Fair Value of Derivatives Not Designated as Hedging) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in fair value of embedded derivatives | $ 162,202 | $ 404,440 |
Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in fair value of derivatives | 409,767 | 44,765 |
Change in fair value of embedded derivatives | 162,202 | 404,440 |
Not Designated as Hedging Instrument | Call Options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in fair value of derivatives | 409,767 | 43,444 |
Not Designated as Hedging Instrument | Warrants | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in fair value of derivatives | 0 | 1,321 |
Not Designated as Hedging Instrument | Fixed index annuities - embedded derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in fair value of embedded derivatives | 203,680 | 340,060 |
Not Designated as Hedging Instrument | Reinsurance Related Embedded Derivative | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in fair value of embedded derivatives | $ (41,478) | $ 64,380 |
Derivative Instruments (Derivat
Derivative Instruments (Derivative Call Options by Counterparty) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Derivative instruments | $ 1,617,000 | $ 1,207,288 |
Call Options | ||
Derivative [Line Items] | ||
Notional amount | 41,614,193 | 41,547,731 |
Derivative instruments | 1,617,000 | 1,207,288 |
Bank of America | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 5,257,044 | 5,090,138 |
Derivative instruments | 155,608 | 101,863 |
Barclays | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 1,507,128 | 1,787,748 |
Derivative instruments | 58,281 | 60,495 |
Canadian Imperial Bank of Commerce | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 1,696,844 | 1,438,835 |
Derivative instruments | 60,795 | 48,660 |
Citibank, N.A. | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 2,522,575 | 3,042,872 |
Derivative instruments | 94,411 | 61,580 |
Credit Suisse | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 42,607 | 378,613 |
Derivative instruments | 1,532 | 7,130 |
Goldman Sachs | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 590,973 | 250,609 |
Derivative instruments | 13,441 | 2,958 |
J.P. Morgan | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 4,709,373 | 4,389,528 |
Derivative instruments | 183,431 | 91,162 |
Mizuho | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 10,983,889 | 10,450,652 |
Derivative instruments | 512,485 | 358,820 |
Morgan Stanley | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 1,008,975 | 1,459,836 |
Derivative instruments | 44,079 | 30,590 |
Royal Bank of Canada | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 3,502,832 | 3,752,133 |
Derivative instruments | 140,472 | 138,639 |
Societe Generale | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 3,048,019 | 3,048,268 |
Derivative instruments | 109,999 | 86,041 |
Truist | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 1,465,739 | 1,500,167 |
Derivative instruments | 55,459 | 50,502 |
UBS AG | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 2,195,505 | 1,954,997 |
Derivative instruments | 52,831 | 51,108 |
Wells Fargo | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 3,082,690 | 2,998,787 |
Derivative instruments | 134,176 | 117,626 |
Exchange traded | Call Options | ||
Derivative [Line Items] | ||
Notional amount | 0 | 4,548 |
Derivative instruments | $ 0 | $ 114 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs and Deferred Sales Inducements (Schedule of Deferred Policy Acquisition Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance, deferred policy acquisition costs | $ 3,070,280 | $ 2,773,643 | $ 2,773,643 |
Capitalizations | 191,814 | 576,337 | |
Amortization of deferred policy acquisition costs | (77,337) | (68,235) | (279,700) |
Ending balance, deferred policy acquisition costs | 3,184,757 | 3,070,280 | |
Fixed Index Annuities | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance, deferred policy acquisition costs | 2,957,464 | 2,649,322 | 2,649,322 |
Capitalizations | 159,143 | 557,749 | |
Amortization of deferred policy acquisition costs | (69,525) | (249,607) | |
Ending balance, deferred policy acquisition costs | 3,047,082 | 2,957,464 | |
Fixed Rate Annuities | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance, deferred policy acquisition costs | 109,187 | 120,105 | 120,105 |
Capitalizations | 32,655 | 18,536 | |
Amortization of deferred policy acquisition costs | (7,671) | (29,454) | |
Ending balance, deferred policy acquisition costs | 134,171 | 109,187 | |
Single Premium Immediate Annuities | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance, deferred policy acquisition costs | 3,629 | $ 4,216 | 4,216 |
Capitalizations | 16 | 52 | |
Amortization of deferred policy acquisition costs | (141) | (639) | |
Ending balance, deferred policy acquisition costs | $ 3,504 | $ 3,629 |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs and Deferred Sales Inducements (Schedule of Deferred Sales Inducements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Movement in Deferred Sales Inducements [Roll Forward] | |||
Beginning balance, deferred sales inducement costs | $ 2,367,224 | $ 2,045,683 | $ 2,045,683 |
Capitalizations | 127,704 | 45,267 | 513,793 |
Amortization expense | (54,214) | (46,601) | (192,252) |
Ending balance, deferred sales inducement costs | 2,440,714 | 2,367,224 | |
Fixed Index Annuities | |||
Movement in Deferred Sales Inducements [Roll Forward] | |||
Beginning balance, deferred sales inducement costs | 2,342,486 | 2,017,960 | 2,017,960 |
Capitalizations | 127,687 | 513,726 | |
Amortization expense | (53,526) | (189,200) | |
Ending balance, deferred sales inducement costs | 2,416,647 | 2,342,486 | |
Fixed Rate Annuities | |||
Movement in Deferred Sales Inducements [Roll Forward] | |||
Beginning balance, deferred sales inducement costs | 24,738 | $ 27,723 | 27,723 |
Capitalizations | 17 | 67 | |
Amortization expense | (688) | (3,052) | |
Ending balance, deferred sales inducement costs | $ 24,067 | $ 24,738 |
Policyholder Liabilities (Sched
Policyholder Liabilities (Schedule of Present Value of Expected Future Policy Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||
Beginning balance, liability for future policy benefits | $ 303,200 | $ 318,677 | |
Beginning balance at original discount rate | 317,634 | 342,453 | |
Effect of changes in cash flow assumptions | 0 | $ (4,607) | |
Effect of actual variances from expected experience | (102) | (1,887) | |
Adjusted beginning of year balance | 317,532 | $ 335,959 | |
Issuances | 796 | 6,945 | |
Interest accrual | 3,295 | 13,710 | |
Derecognition (lapses and benefit payments) | (9,493) | (38,980) | |
Ending balance at original discount rate | 312,130 | 317,634 | |
Effect of changes in discount rate assumptions | (18,187) | (14,434) | |
Ending balance, liability for future policy benefits | $ 293,943 | $ 303,200 |
Policyholder Liabilities (Summa
Policyholder Liabilities (Summary of Liability For Future Policy Benefits Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Policy benefit reserves | $ 293,943 | $ 303,200 |
Deferred profit liability | 22,281 | 22,455 |
Liability for future policy benefits included in policy benefit reserves | 316,224 | 325,655 |
Less: Reinsurance recoverable | (2,615) | (2,496) |
Net liability for future policy benefits, after reinsurance recoverable | $ 313,609 | $ 323,159 |
Interest accretion rate | 4.26% | 4.26% |
Current discount rate | 5.23% | 5% |
SPIA With Life Contingency | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted-average liability duration of the liability for future policy benefits (years) | 7 years 1 month 24 days | 6 years 6 months 21 days |
Expected future benefit payments | $ 410,285 | $ 447,669 |
Expected future gross premiums | 0 | 0 |
Gross premiums or assessments | 764 | 7,608 |
Interest expense | $ 3,271 | $ 13,626 |
Policyholder Liabilities (Sch_2
Policyholder Liabilities (Schedule of Changes in the Liability for Market Risk Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Market Risk Benefit [Roll Forward] | |||
Beginning balance, market risk benefits | $ 2,666,860 | ||
Ending balance, market risk benefits | 2,598,320 | $ 2,666,860 | |
Fixed Rate Annuities | |||
Market Risk Benefit [Roll Forward] | |||
Beginning balance, market risk benefits | 60,187 | 37,863 | |
Balance, beginning of period, before effect of changes in the instrument-specific credit risk | 63,573 | 44,355 | |
Issuances | 7 | 32 | |
Interest accrual | 973 | 3,139 | |
Attributed fees collected | 284 | 1,216 | |
Benefits payments | 0 | 0 | |
Effect of changes in interest rates | (3,912) | (380) | |
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 | 73 | (1,509) | |
Effect of changes in other future expected assumptions | 0 | 16,720 | |
Balance, end of period, before effect of changes in the instrument-specific credit | 60,998 | 63,573 | |
Effect of changes in the instrument-specific credit risk | (1,899) | (3,386) | |
Ending balance, market risk benefits | 59,099 | 60,187 | |
Reinsured MRB, end of period | 18,256 | 18,391 | $ 10,656 |
Balance, end of period, net of reinsurance | 40,843 | 41,796 | |
Net amount at risk (a) | $ 268,085 | $ 266,438 | |
Weighted average attained age of contract holders (years) | 70 years | 70 years | |
Fixed Index Annuities | |||
Market Risk Benefit [Roll Forward] | |||
Beginning balance, market risk benefits | $ 2,606,673 | $ 2,187,758 | |
Balance, beginning of period, before effect of changes in the instrument-specific credit risk | 2,544,939 | 2,453,169 | |
Issuances | 41,126 | 289,939 | |
Interest accrual | 42,184 | 155,512 | |
Attributed fees collected | 33,800 | 128,437 | |
Benefits payments | 0 | 0 | |
Effect of changes in interest rates | (208,365) | (126,255) | |
Effect of changes in equity markets | (64,867) | (48,164) | |
Effect of changes in equity index volatility | 28,599 | (77,023) | |
Effect of changes in future expected policyholder behavior | 297 | (11,582) | |
Effect of changes in other future expected assumptions | 0 | (219,094) | |
Balance, end of period, before effect of changes in the instrument-specific credit | 2,417,713 | 2,544,939 | |
Effect of changes in the instrument-specific credit risk | 121,508 | 61,734 | |
Ending balance, market risk benefits | 2,539,221 | 2,606,673 | |
Reinsured MRB, end of period | 609,566 | 640,826 | $ 593,959 |
Balance, end of period, net of reinsurance | 1,929,655 | 1,965,847 | |
Net amount at risk (a) | $ 11,725,220 | $ 11,721,734 | |
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 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Market Risk Benefit [Line Items] | |||
MRB asset balance | $ 524,598 | $ 479,694 | |
MRB liability balance | 3,122,918 | 3,146,554 | |
Net liability | 2,598,320 | 2,666,860 | |
Fixed Index Annuities | |||
Market Risk Benefit [Line Items] | |||
MRB asset balance | 522,323 | 477,306 | |
MRB liability balance | 3,061,544 | 3,083,979 | |
Net liability | 2,539,221 | 2,606,673 | $ 2,187,758 |
Fixed Rate Annuities | |||
Market Risk Benefit [Line Items] | |||
MRB asset balance | 2,275 | 2,388 | |
MRB liability balance | 61,374 | 62,575 | |
Net liability | $ 59,099 | $ 60,187 | $ 37,863 |
Policyholder Liabilities (Sch_3
Policyholder Liabilities (Schedule of Reinsured Market Risk Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fixed Rate Annuities | ||
Market Risk Benefit [Roll Forward] | ||
Balance, beginning of period | $ 18,391 | $ 10,656 |
Issuances | 0 | 0 |
Interest accrual | 274 | 775 |
Attributed fees collected | 7 | 67 |
Benefits payments | 0 | 0 |
Effect of changes in interest rates | (634) | 1,407 |
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 | 218 | (128) |
Effect of changes in other future expected assumptions | 0 | 5,614 |
Balance, end of period | 18,256 | 18,391 |
Net amount at risk (a) | $ 75,941 | $ 75,281 |
Weighted average attained age of contract holders (years) | 70 years | 70 years |
Fixed Index Annuities | ||
Market Risk Benefit [Roll Forward] | ||
Balance, beginning of period | $ 640,826 | $ 593,959 |
Issuances | 57 | 146,898 |
Interest accrual | 9,527 | 33,503 |
Attributed fees collected | 10,276 | 32,036 |
Benefits payments | 0 | 0 |
Effect of changes in interest rates | (42,876) | 14,700 |
Effect of changes in equity markets | (21,174) | (22,775) |
Effect of changes in equity index volatility | 6,817 | (18,656) |
Effect of changes in future expected policyholder behavior | 6,113 | 5,855 |
Effect of changes in other future expected assumptions | 0 | (144,694) |
Balance, end of period | 609,566 | 640,826 |
Net amount at risk (a) | $ 2,877,855 | $ 2,853,318 |
Weighted average attained age of contract holders (years) | 70 years | 70 years |
Policyholder Liabilities (Sch_4
Policyholder Liabilities (Schedule of Reconciliation of Reinsurance Market Risk Benefits by Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Market Risk Benefit [Line Items] | ||
Asset | $ 803,898 | $ 838,634 |
Liability | 176,076 | 179,417 |
Net asset | 627,822 | 659,217 |
Fixed Index Annuities | ||
Market Risk Benefit [Line Items] | ||
Asset | 785,410 | 820,006 |
Liability | 175,844 | 179,180 |
Net asset | 609,566 | 640,826 |
Fixed Rate Annuities | ||
Market Risk Benefit [Line Items] | ||
Asset | 18,488 | 18,628 |
Liability | 232 | 237 |
Net asset | $ 18,256 | $ 18,391 |
Policyholder Liabilities (Signi
Policyholder Liabilities (Significant Inputs and Assumptions) (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Market Risk Benefit [Line Items] | ||
Market risk benefits | $ 2,598,320 | $ 2,666,860 |
Ceded market risk benefits | $ 627,822 | $ 659,217 |
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 | 0.0185 |
Minimum | Risk-Free Interest Rate | Discounted cash flow | ||
Market Risk Benefit [Line Items] | ||
Market risk benefit, measurement input | 0.0331 | 0.0298 |
Minimum | Nonperformance Risk | Discounted cash flow | ||
Market Risk Benefit [Line Items] | ||
Market risk benefit, measurement input | 0.0039 | 0.0053 |
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 | 0.4737 |
Maximum | Option Budget | Discounted cash flow | ||
Market Risk Benefit [Line Items] | ||
Market risk benefit, measurement input | 0.0275 | 0.0275 |
Maximum | Risk-Free Interest Rate | Discounted cash flow | ||
Market Risk Benefit [Line Items] | ||
Market risk benefit, measurement input | 0.0504 | 0.0476 |
Maximum | Nonperformance Risk | Discounted cash flow | ||
Market Risk Benefit [Line Items] | ||
Market risk benefit, measurement input | 0.0259 | 0.0266 |
Maximum | Mortality | Discounted cash flow | ||
Market Risk Benefit [Line Items] | ||
Market risk benefit, measurement input | 0.4600 | 0.4600 |
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 | 0.0654 | 0.0655 |
Weighted Average | Option Budget | Discounted cash flow | ||
Market Risk Benefit [Line Items] | ||
Market risk benefit, measurement input | 0.0230 | 0.0229 |
Weighted Average | Risk-Free Interest Rate | Discounted cash flow | ||
Market Risk Benefit [Line Items] | ||
Market risk benefit, measurement input | 0.0365 | 0.0335 |
Weighted Average | Nonperformance Risk | Discounted cash flow | ||
Market Risk Benefit [Line Items] | ||
Market risk benefit, measurement input | 0.0191 | 0.0198 |
Weighted Average | Mortality | Discounted cash flow | ||
Market Risk Benefit [Line Items] | ||
Market risk benefit, measurement input | 0.0399 | 0.0397 |
Weighted Average | Lapse | Discounted cash flow | ||
Market Risk Benefit [Line Items] | ||
Market risk benefit, measurement input | 0.0364 | 0.0370 |
Policyholder Liabilities (Chang
Policyholder Liabilities (Changes in Policyholder Account Balances) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Policyholder Account Balance [Roll Forward] | ||
Balance, beginning of period | $ 60,901,641 | |
Balance, end of period | 60,980,242 | $ 60,901,641 |
Fixed Rate Annuities | ||
Policyholder Account Balance [Roll Forward] | ||
Balance, beginning of period | 5,913,965 | 6,589,577 |
Issuances | 1,232,426 | 840,022 |
Premiums received | 566 | 12,472 |
Policy charges | (2,256) | (3,428) |
Surrenders and withdrawals | (1,464,230) | (1,668,966) |
Benefit payments | (3,715) | (13,085) |
Interest credited | 43,851 | 163,918 |
Other | 5,426 | (6,545) |
Balance, end of period | $ 5,726,033 | $ 5,913,965 |
Weighted-average crediting rate | 3.03% | 2.66% |
Net amount at risk (a) | $ 268,085 | $ 266,438 |
Cash surrender value | 5,385,577 | 5,571,171 |
Fixed Index Annuities | ||
Policyholder Account Balance [Roll Forward] | ||
Balance, beginning of period | 55,453,972 | 53,826,234 |
Issuances | 1,866,523 | 7,555,709 |
Premiums received | 17,116 | 152,532 |
Policy charges | (123,631) | (217,523) |
Surrenders and withdrawals | (1,965,003) | (6,122,084) |
Benefit payments | (232,754) | (836,507) |
Interest credited | 444,399 | 1,096,493 |
Other | 1,099 | (882) |
Balance, end of period | $ 55,461,721 | $ 55,453,972 |
Weighted-average crediting rate | 3.22% | 2.03% |
Net amount at risk (a) | $ 11,725,220 | $ 11,721,734 |
Cash surrender value | $ 50,946,469 | $ 50,983,033 |
Policyholder Liabilities (Rec_2
Policyholder Liabilities (Reconciliation of Policyholders’ Account Balances to the Policyholders’ Account Balances’ Liability) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | $ 60,980,242 | $ 60,901,641 | |
Embedded derivative adjustment | (548,478) | (818,754) | |
Policy benefit reserves | 293,943 | 303,200 | |
Deferred profit liability | 22,281 | 22,455 | |
Fixed Index Annuities | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 55,461,721 | 55,453,972 | $ 53,826,234 |
Fixed Rate Annuities | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 5,726,033 | 5,913,965 | $ 6,589,577 |
Other | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | $ 24,742 | $ 26,803 |
Policyholder Liabilities (Accou
Policyholder Liabilities (Account Balances by Guaranteed Minimum Interest Rates) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | $ 60,980,242 | $ 60,901,641 | |
Fixed Index Annuities | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 55,461,721 | 55,453,972 | $ 53,826,234 |
Allocated to index strategies | 46,561,493 | 46,529,959 | |
Fixed Index Annuities | 0.00% - 0.50% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | $ 2,845,813 | $ 2,511,382 | |
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 | $ 5,126,394 | $ 5,411,382 | |
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 | $ 47,639 | $ 51,219 | |
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 | $ 50 | |
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 | $ 181,194 | $ 190,627 | |
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 | $ 699,138 | $ 759,353 | |
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 | $ 3,018,328 | $ 3,200,978 | |
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 | 2,161,233 | 2,276,625 | |
Fixed Index Annuities | At guaranteed minimum | 1.00% - 1.50% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 39,737 | 43,029 | |
Fixed Index Annuities | At guaranteed minimum | 1.50% - 2.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 50 | 50 | |
Fixed Index Annuities | At guaranteed minimum | 2.00% - 2.50% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 118,170 | 121,921 | |
Fixed Index Annuities | At guaranteed minimum | 2.50% - 3.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 699,138 | 759,353 | |
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 | 2,299,067 | 2,117,465 | |
Fixed Index Annuities | 1 to 50 | 0.00% - 0.50% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 1,265,350 | 1,032,438 | |
Fixed Index Annuities | 1 to 50 | 0.50% - 1.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 962,799 | 1,008,139 | |
Fixed Index Annuities | 1 to 50 | 1.00% - 1.50% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 7,902 | 8,190 | |
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 | 63,016 | 68,698 | |
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 | 2,323,135 | 2,462,003 | |
Fixed Index Annuities | 51 to 150 | 0.00% - 0.50% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 452,749 | 466,789 | |
Fixed Index Annuities | 51 to 150 | 0.50% - 1.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 1,870,378 | 1,995,206 | |
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 | 1,259,698 | 1,143,567 | |
Fixed Index Annuities | Greater than 150 basis points above | 0.00% - 0.50% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 1,127,714 | 1,012,155 | |
Fixed Index Annuities | Greater than 150 basis points above | 0.50% - 1.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 131,984 | 131,412 | |
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 | 5,726,033 | 5,913,965 | $ 6,589,577 |
Fixed Rate Annuities | 0.00% - 0.50% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | $ 358 | $ 53 | |
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 | $ 4,283,776 | $ 4,455,346 | |
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 | $ 463,496 | $ 430,289 | |
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 | $ 579,402 | $ 606,625 | |
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 | $ 17,431 | $ 18,737 | |
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 | $ 336,606 | $ 356,673 | |
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 | $ 44,964 | $ 46,242 | |
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 | $ 1,259,207 | $ 1,248,716 | |
Fixed Rate Annuities | At guaranteed minimum | 0.00% - 0.50% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 358 | 53 | |
Fixed Rate Annuities | At guaranteed minimum | 0.50% - 1.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 50,765 | 51,581 | |
Fixed Rate Annuities | At guaranteed minimum | 1.00% - 1.50% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 463,258 | 430,052 | |
Fixed Rate Annuities | At guaranteed minimum | 1.50% - 2.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 352,534 | 352,184 | |
Fixed Rate Annuities | At guaranteed minimum | 2.00% - 2.50% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 17,408 | 18,714 | |
Fixed Rate Annuities | At guaranteed minimum | 2.50% - 3.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 329,920 | 349,890 | |
Fixed Rate Annuities | At guaranteed minimum | Greater than 3.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 44,964 | 46,242 | |
Fixed Rate Annuities | 1 to 50 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 202,142 | 208,891 | |
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 | 167,501 | 172,470 | |
Fixed Rate Annuities | 1 to 50 | 1.00% - 1.50% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 238 | 237 | |
Fixed Rate Annuities | 1 to 50 | 1.50% - 2.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 27,694 | 29,378 | |
Fixed Rate Annuities | 1 to 50 | 2.00% - 2.50% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 23 | 23 | |
Fixed Rate Annuities | 1 to 50 | 2.50% - 3.00% | |||
Policyholder Account Balance [Line Items] | |||
Policyholder account balance | 6,686 | 6,783 | |
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 | 1,678,125 | 3,038,226 | |
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 | 1,479,169 | 2,813,380 | |
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 | 198,956 | 224,846 | |
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 | 2,586,559 | 1,418,132 | |
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 | 2,586,341 | 1,417,915 | |
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 | 218 | 217 | |
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 |
Notes and Loan Payable (Schedul
Notes and Loan Payable (Schedule of Notes and Loan Payable) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 16, 2017 |
Debt Instrument [Line Items] | |||
Notes and loans payable | $ 783,791 | $ 785,443 | |
June 2027 Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 500,000 | 500,000 | $ 500,000 |
Unamortized debt issue costs | (2,196) | (2,353) | |
Unamortized discount | (132) | (142) | $ (300) |
Term Loan Due 2027 | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 300,000 | 300,000 | |
Unamortized debt issue costs | (756) | (812) | |
Principal paydown | $ (13,125) | $ (11,250) |
Notes and Loan Payable (2027 No
Notes and Loan Payable (2027 Notes Narrative) (Details) - June 2027 Notes - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 16, 2017 |
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 500,000 | $ 500,000 | $ 500,000 |
Interest rate | 5% | ||
Unamortized discount | $ 132 | $ 142 | $ 300 |
Debt financing costs | $ 5,800 |
Notes and Loan Payable (Term Lo
Notes and Loan Payable (Term Loan Narrative) (Details) - Term Loan Due 2027 $ in Millions | Feb. 15, 2022 USD ($) | Mar. 31, 2024 | Jul. 06, 2022 USD ($) |
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 | 0.025 | ||
Years 4 - 5 | |||
Debt Instrument [Line Items] | |||
Term note, annual principal repayment rate | 0.050 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Other Commitments [Line Items] | |
FHLB funding agreements outstanding | $ 0 |
Limited Partnerships | |
Other Commitments [Line Items] | |
Unfunded commitments | 562,900 |
Fixed Maturity Securities | |
Other Commitments [Line Items] | |
Unfunded commitments | 1,000,000 |
Other Investments | |
Other Commitments [Line Items] | |
Unfunded commitments | $ 30,600 |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share and Stockholders' Equity (Schedule of Earnings (Loss) Per Common Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share, Basic and Diluted [Line Items] | ||
Net income (loss) available to common stockholders - numerator for earnings (loss) per common share | $ 332,079 | $ (166,913) |
Weighted average common shares outstanding | 79,056,171 | 83,416,966 |
Antidilutive impact due to net loss | 0 | (1,334,402) |
Denominator for earnings (loss) per common share - assuming dilution | 80,376,304 | 83,416,966 |
Earnings (loss) per common share | $ 4.20 | $ (2) |
Earnings (loss) per common share - assuming dilution | $ 4.13 | $ (2) |
Stock Options | ||
Earnings Per Share, Basic and Diluted [Line Items] | ||
Antidilutive impact due to net loss | 0 | 0 |
Stock options and deferred compensation agreements | ||
Earnings Per Share, Basic and Diluted [Line Items] | ||
Effect of dilutive securities: | 320,788 | 597,119 |
Restricted stock and restricted stock units | ||
Earnings Per Share, Basic and Diluted [Line Items] | ||
Effect of dilutive securities: | 999,345 | 737,283 |
Earnings (Loss) Per Common Sh_4
Earnings (Loss) Per Common Share and Stockholders' Equity (Stockholders' Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Jun. 10, 2020 | Nov. 21, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||||
Dividends paid on preferred stock | $ 10,919 | $ 10,919 | |||
Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued (in shares) | 12,000 | 12,000 | 12,000 | ||
Preferred stock, dividend rate, percentage | 6.625% | ||||
Preferred stock, par value per share (dollars per share) | $ 1 | $ 1 | $ 1 | ||
Preferred stock, liquidation preference, per share (dollars per share) | $ 25,000 | ||||
Proceeds received from issuance of preferred stock | $ 290,300 | ||||
Dividends paid on preferred stock | $ 5,000 | 5,000 | |||
Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued (in shares) | 16,000 | 16,000 | 16,000 | ||
Preferred stock, dividend rate, percentage | 5.95% | ||||
Preferred stock, par value per share (dollars per share) | $ 1 | $ 1 | $ 1 | ||
Preferred stock, liquidation preference, per share (dollars per share) | $ 25,000 | ||||
Proceeds received from issuance of preferred stock | $ 388,900 | ||||
Dividends paid on preferred stock | $ 5,900 | $ 5,900 |
Earnings (Loss) Per Common Sh_5
Earnings (Loss) Per Common Share and Stockholders' Equity (Brookfield) (Details) | 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 | 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 (in dollars per share) | $ / shares | $ 37 | ||
Third party ownership interest in Company's common stock, shares (in shares) | shares | 9,106,042 | ||
Second Purchase | |||
Third party ownership interest in Company's common stock, price per share (in dollars per share) | $ / shares | $ 37.33 | ||
Third party ownership interest in Company's common stock, shares (in shares) | shares | 6,775,000 | ||
Maximum | |||
Expected future third party ownership interest in Company's common stock | 19.90% |
Earnings (Loss) Per Common Sh_6
Earnings (Loss) Per Common Share and Stockholders' Equity (Share Repurchase Program and Treasury Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 41 Months Ended | |||||
Mar. 17, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Jul. 13, 2023 | Nov. 11, 2022 | Nov. 19, 2021 | |
Class of Stock [Line Items] | ||||||
Share repurchase program, authorized amount | $ 400 | $ 500 | ||||
Treasury stock acquired, shares (in shares) | 31,200,000 | |||||
Treasury stock acquired, average price per common share (in dollars per share) | $ 35.21 | |||||
Stock repurchase program, remaining authorized repurchase amount | $ 276 | |||||
Treasury stock, shares (in shares) | 30,614,343 | 30,765,023 | ||||
Treasury stock, carrying value | $ 1,000 | $ 1,000 | ||||
Accelerated Share Repurchase (ASR) | ||||||
Class of Stock [Line Items] | ||||||
Share repurchase program, authorized amount | $ 200 | |||||
Treasury stock acquired, shares (in shares) | 4,800,000 | |||||
Treasury stock, acquired, percentage | 80% | |||||
Treasury stock acquired, average price per common share (in dollars per share) | $ 33.12 | |||||
Accelerated share repurchases, settlement (payment) or receipt | $ 14 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - $ / shares | May 07, 2024 | Apr. 05, 2024 | Jun. 10, 2020 | Nov. 21, 2019 | May 02, 2024 | Mar. 31, 2024 | Dec. 31, 2023 |
Subsequent Event [Line Items] | |||||||
Common stock, par value (dollars per share) | $ 1 | $ 1 | |||||
Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 6.625% | ||||||
Preferred stock, par value (dollars per share) | $ 1 | 1 | 1 | ||||
Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 5.95% | ||||||
Preferred stock, par value (dollars per share) | $ 1 | $ 1 | $ 1 | ||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Common stock dividend declared, per share | $ 0.38 | ||||||
Subsequent Event | Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock dividends declared, per share | $ 414.0625000 | ||||||
Preferred stock dividends declared, per depositary share | $ 0.414062500 | ||||||
Preferred stock, dividend rate, percentage | 6.625% | ||||||
Preferred stock, par value (dollars per share) | $ 1 | ||||||
Subsequent Event | Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock dividends declared, per share | 371.8750000 | ||||||
Preferred stock dividends declared, per depositary share | $ 0.371875000 | ||||||
Preferred stock, dividend rate, percentage | 5.95% | ||||||
Preferred stock, par value (dollars per share) | $ 1 | ||||||
Subsequent Event | Brookfield Reinsurance Ltd. | |||||||
Subsequent Event [Line Items] | |||||||
Common stock, par value (dollars per share) | $ 1 | ||||||
Business acquisition, share price (in dollars per share) | $ 38.85 | ||||||
Business acquisition, stock consideration | 0.45464 |