American National (ANG-PB) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

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