Protective Life Insurance 10-Q 13 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 26, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-31901
Entity Registrant Name	PROTECTIVE LIFE INSURANCE CO
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	63-0169720
Entity Address, Address Line One	2801 Highway 280 South
Entity Address, City or Town	Birmingham
Entity Address, State or Province	AL
Entity Address, Postal Zip Code	35223
City Area Code	205
Local Phone Number	268-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,000,000
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0000310826
Current Fiscal Year End Date	--12-31

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Premiums and policy fees	$ 1,045,148	$ 1,021,152	$ 2,950,425	$ 2,883,935
Reinsurance ceded	(303,732)	(330,201)	(733,623)	(1,014,633)
Net of reinsurance ceded	741,416	690,951	2,216,802	1,869,302
Net investment income	738,171	739,711	2,231,586	2,066,327
Realized gains (losses) - investments/derivatives	38,156	119,685	20,147	216,308
Other income	115,484	115,679	354,018	297,987
Total revenues	1,633,227	1,666,026	4,822,553	4,449,924
Benefits and expenses
Benefits and settlement expenses, net of reinsurance ceded: (three and nine months 2020 - $245,983 and $565,374; three and nine months 2019 - $224,619 and $733,970)	1,258,824	1,171,034	3,735,160	3,147,641
Amortization of deferred policy acquisition costs and value of business acquired	109,141	61,350	144,596	125,560
Other operating expenses, net of reinsurance ceded: (three and nine months 2020 - $52,457 and $170,994; three and nine months 2019 - $59,692 and $168,566)	192,650	193,801	572,871	574,432
Total benefits and expenses	1,560,615	1,426,185	4,452,627	3,847,633
Income before income tax	72,612	239,841	369,926	602,291
Income tax expense	12,850	49,417	71,094	115,355
Net income	$ 59,762	$ 190,424	$ 298,832	$ 486,936

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Benefit and settlement expenses, reinsurance ceded	$ 245,983	$ 224,619	$ 565,374	$ 733,970
Other operating expenses, insurance ceded	$ 52,457	$ 59,692	$ 170,994	$ 168,566

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 59,762	$ 190,424	$ 298,832	$ 486,936
Other comprehensive income (loss):
Change in net unrealized gains (losses) on investments, net of income tax: (three and nine months 2020 - $127,602 and $334,656; three and nine months 2019 - $226,235 and $789,876)	480,024	851,075	1,258,943	2,971,442
Reclassification adjustment for investment amounts included in net income, net of income tax: (three and nine months 2020 - $7,513 and $16,011; three and nine months 2019 - $(1,022) and $(1,517))	28,265	(3,846)	60,231	(5,710)
Change in net unrealized gains (losses) for which a credit loss has been recognized in operations, net of income tax: (three and nine months 2020 - $7,290 and $6,821)	27,426	0	25,659	0
Change in net unrealized gains (losses) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, net of income tax: (three and nine months 2019 - $(5,318) and $1,146)	0	(20,008)	0	4,308
Change in accumulated (loss) gain - derivatives, net of income tax: (three and nine months 2020 - $405 and $(233); three and nine months 2019 - $(893) and $(2,157))	1,524	(3,362)	(877)	(8,116)
Reclassification adjustment for derivative amounts included in net income, net of income tax: (three and nine months 2020 - $84 and $645; three and nine months 2019 - $157 and $285)	317	589	2,427	1,075
Total other comprehensive income	537,556	824,448	1,346,383	2,962,999
Total comprehensive income	$ 597,318	$ 1,014,872	$ 1,645,215	$ 3,449,935

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Change in net unrealized gains (losses) on investments, income tax	$ 127,602	$ 226,235	$ 334,656	$ 789,876
Reclassification adjustment for investment amounts included in net income, income tax	7,513	(1,022)	16,011	(1,517)
Change in net unrealized gains (losses) on securities with credit losses, tax	7,290		6,821
Change in net unrealized gains (losses) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, income tax		(5,318)		1,146
Change in accumulated (loss) gain - derivatives, income tax	405	(893)	(233)	(2,157)
Reclassification adjustment for derivative amounts included in net income, income tax	$ 84	$ 157	$ 645	$ 285

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Fixed maturities, at fair value (amortized cost: 2020 - $64,620,056; 2019 - $63,268,660; allowance for credit losses: 2020 - $19,399)	$ 70,095,244	$ 66,043,992
Fixed maturities, at amortized cost (fair value: 2020 - $2,990,170; 2019 - $3,025,790)	2,680,324	2,823,881
Equity securities, at fair value (cost: 2020 - $519,972; 2019 - $534,463)	538,385	553,720
Commercial mortgage loans, net of allowance for credit losses (allowance for credit losses: 2020 - $175,050; 2019 - $4,884)	9,765,312	9,379,401
Investment real estate, net of accumulated depreciation (2020 - $329; 2019 - $203)	10,195	10,321
Policy loans	1,640,147	1,675,121
Other long-term investments	2,955,438	2,479,520
Short-term investments	1,239,028	1,320,864
Total investments	88,924,073	84,286,820
Cash	381,753	171,752
Accrued investment income	723,028	715,388
Accounts and premiums receivable	161,658	174,202
Reinsurance receivables, net of allowances for credit losses (allowances for credit losses: 2020 - $107,472; 2019 - $0)	4,679,727	4,371,865
Deferred policy acquisition costs and value of business acquired	3,461,920	3,519,555
Goodwill	825,511	825,511
Other intangibles, net of accumulated amortization (2020 - $297,439; 2019 - $253,759)	553,084	583,426
Property and equipment, net of accumulated depreciation (2020 - $53,527; 2019 - $49,357)	209,554	211,745
Other assets	293,875	308,544
Assets related to separate accounts
Variable annuity	11,487,408	12,730,090
Variable universal life	1,144,474	1,135,666
Reinsurance assumed	12,091,466	11,443,105
Total assets	124,937,531	120,477,669
Liabilities
Future policy benefits and claims	54,074,073	53,943,962
Unearned premiums	781,403	794,832
Total policy liabilities and accruals	54,855,476	54,738,794
Stable value product account balances	6,017,259	5,443,752
Annuity account balances	15,213,466	14,289,907
Other policyholders’ funds	1,715,231	1,576,856
Other liabilities	4,654,669	2,977,278
Income tax payable	41,135	34,224
Deferred income taxes	1,717,358	1,371,970
Senior Notes	696	968
Subordinated debt	110,000	110,000
Non-recourse funding obligations	2,942,126	3,082,753
Secured financing liabilities	232,826	335,480
Liabilities related to separate accounts
Variable annuity	11,487,408	12,730,090
Variable universal life	1,144,474	1,135,666
Reinsurance assumed	12,091,466	11,443,105
Total liabilities	112,223,590	109,270,843
Commitments and contingencies - Note 11
Shareowner’s equity
Preferred Stock; $1 par value, shares authorized: 2,000; Liquidation preference: $2	2	2
Common Stock, $1 par value, shares authorized and issued: 2020 and 2019 - 5,000,000	5,000	5,000
Additional paid-in-capital	8,260,537	8,260,537
Retained earnings	1,694,377	1,533,645
Accumulated other comprehensive income (loss):
Net unrealized gains (losses) on investments, net of income tax: (2020 - $733,977; 2019 - $383,311)	2,761,152	1,441,978
Net unrealized losses on investments for which a credit loss has been recognized in operations, net of income tax: (2020 - $(183))	(688)
Net unrealized losses relating to other-than-temporary impaired investments for which a portion has been recognized in operations, net of income tax: (2019 - $(7,004))		(26,347)
Accumulated gain (loss) - derivatives, net of income tax: (2020 - $(1,710); 2019 - $(2,123))	(6,439)	(7,989)
Total shareowner’s equity	12,713,941	11,206,826
Total liabilities and shareowner’s equity	$ 124,937,531	$ 120,477,669

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Fixed maturities, amortized cost	$ 64,620,056	$ 63,268,660
Fixed maturities, allowance for credit losses	19,399
Fixed maturities, fair value	2,990,170	3,025,790
Equity securities, cost	519,972	534,463
Mortgage loans, allowance for credit losses	175,050	4,884
Investment real estate, accumulated depreciation	329	203
Reinsurance allowance, allowance for credit loss	107,472	0
Other intangibles, accumulated amortization	297,439	253,759
Property and equipment, accumulated depreciation	$ 53,527	$ 49,357
Preferred Stock, par value (in dollars per share)	$ 1	$ 1
Preferred Stock, shares authorized (in shares)	2,000	2,000
Preferred Stock, Liquidation preference	$ 2	$ 2
Common Stock, par value (in dollars per share)	$ 1	$ 1
Common Stock, shares authorized (in shares)	5,000,000	5,000,000
Common Stock, shares issued (in shares)	5,000,000	5,000,000
Net unrealized gains on investments, income tax	$ 733,977	$ 383,311
Net unrealized gains on investments with credit losses, tax	(183)
Net unrealized (losses) gains relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, income tax		(7,004)
Accumulated loss - derivatives, income tax	$ (1,710)	$ (2,123)

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF SHAREOWNER'S EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect Adjustment	Preferred Stock	Common Stock	Additional Paid-In-Capital	Retained Earnings	Retained EarningsCumulative Effect Adjustment	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2018	$ 7,042,788	$ (50,804)	$ 2	$ 5,000	$ 7,410,537	$ 1,031,465	$ (50,804)	$ (1,404,216)
Increase (decrease) in shareowner's equity
Net income	486,936					486,936
Other comprehensive income	2,962,999							2,962,999
Comprehensive income	3,449,935
Capital contributions from parent	850,000				850,000
Ending Balance at Sep. 30, 2019	11,291,919		2	5,000	8,260,537	1,467,597		1,558,783
Beginning Balance at Jun. 30, 2019	10,277,047		2	5,000	8,260,537	1,277,173		734,335
Increase (decrease) in shareowner's equity
Net income	190,424					190,424
Other comprehensive income	824,448							824,448
Comprehensive income	1,014,872
Ending Balance at Sep. 30, 2019	11,291,919		2	5,000	8,260,537	1,467,597		1,558,783
Beginning Balance at Dec. 31, 2019	11,206,826	$ (138,100)	2	5,000	8,260,537	1,533,645	$ (138,100)	1,407,642
Increase (decrease) in shareowner's equity
Net income	298,832					298,832
Other comprehensive income	1,346,383							1,346,383
Comprehensive income	1,645,215
Ending Balance at Sep. 30, 2020	12,713,941		2	5,000	8,260,537	1,694,377		2,754,025
Beginning Balance at Jun. 30, 2020	12,116,623		2	5,000	8,260,537	1,634,615		2,216,469
Increase (decrease) in shareowner's equity
Net income	59,762					59,762
Other comprehensive income	537,556							537,556
Comprehensive income	597,318
Ending Balance at Sep. 30, 2020	$ 12,713,941		$ 2	$ 5,000	$ 8,260,537	$ 1,694,377		$ 2,754,025

CONSOLIDATED CONDENSED STATEM_6

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 298,832	$ 486,936
Adjustments to reconcile net income to net cash used in operating activities:
Realized (gains) losses - investments/derivatives	(20,147)	(216,308)
Amortization of DAC and VOBA	144,596	125,560
Capitalization of DAC	(354,315)	(341,481)
Depreciation and amortization expense	57,381	55,415
Deferred income tax	26,061	(189,599)
Accrued income tax	6,911	(63,824)
Interest credited to universal life and investment products	1,155,732	954,213
Policy fees assessed on universal life and investment products	(1,338,402)	(1,269,614)
Change in reinsurance receivables	42,910	292,029
Change in accrued investment income and other receivables	25,972	(14,148)
Change in policy liabilities and other policyholders’ funds of traditional life and health products	(747,627)	(545,930)
Trading securities:
Maturities and principal reductions of investments	69,276	82,603
Sale of investments	493,059	327,852
Cost of investments acquired	(719,682)	(270,800)
Other net change in trading securities	19,577	(57,240)
Amortization of premiums and accretion of discounts on investments and commercial mortgage loans	235,331	238,086
Change in other liabilities	423,942	551,569
Other, net	26,210	(159,074)
Net cash used in operating activities	(154,383)	(13,755)
Cash flows from investing activities
Maturities and principal reductions of investments, available-for-sale	3,157,821	1,339,764
Sale of investments, available-for-sale	2,507,683	3,149,829
Cost of investments acquired, available-for-sale	(7,000,496)	(4,827,926)
Commercial mortgage loans:
New lendings	(1,053,802)	(968,656)
Repayments	484,313	723,325
Change in investment real estate, net	126	(319)
Change in policy loans, net	34,974	53,056
Change in other long-term investments, net	200,905	83,286
Change in short-term investments, net	67,941	(310,120)
Net unsettled security transactions	105,366	(154,791)
Purchase of property, equipment, and intangibles	(25,137)	(22,425)
Payment for business acquisition, net of cash acquired	0	(777,807)
Net cash used in investing activities	(1,520,306)	(1,712,784)
Cash flows from financing activities
Secured financing liabilities	(102,655)	(142,575)
Capital contributions from parent	0	850,000
Deposits to universal life and investment contracts	5,040,986	4,258,248
Withdrawals from universal life and investment contracts	(3,053,347)	(3,166,505)
Other financing activities, net	(294)	(729)
Net cash provided by financing activities	1,884,690	1,798,439
Change in cash	210,001	71,900
Cash at beginning of period	171,752	151,400
Cash at end of period	$ 381,753	$ 223,300

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Basis of Presentation Protective Life Insurance Company (the “Company”), a stock life insurance company, was founded in 1907. The Company is a wholly owned subsidiary of Protective Life Corporation (“PLC”), an insurance holding company. On February 1, 2015, PLC became a wholly owned subsidiary of The Dai-ichi Life Insurance Company, Limited, a kabushiki kaisha organized under the laws of Japan (now known as Dai-ichi Life Holdings, Inc., “Dai-ichi Life”), when DL Investment (Delaware), Inc., a wholly owned subsidiary of Dai-ichi Life, merged with and into PLC (the “Merger”). Prior to February 1, 2015, PLC’s stock was publicly traded on the New York Stock Exchange. Subsequent to the Merger, PLC remained an SEC registrant within the United States until January 23, 2020, when it suspended its reporting obligations with the SEC under the Securities Exchange Act of 1934. The Company has continued to be an SEC registrant for financial reporting purposes in the United States. The Company markets individual life insurance, credit life and disability insurance, guaranteed investment contracts, guaranteed funding agreements, fixed and variable annuities, and extended service contracts throughout the United States. The Company also maintains a separate segment devoted to the acquisition of insurance policies from other companies. PLC is a holding company with subsidiaries that provide financial services through the production, distribution, and administration of insurance and investment products. These consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the interim periods presented herein. In the opinion of management, the accompanying consolidated condensed financial statements reflect all adjustments (consisting only of normal recurring items) necessary for a fair presentation of the results for the interim periods presented. Operating results for the three and nine months ended September 30, 2020, are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2020. The year-end consolidated condensed financial data included herein was derived from audited financial statements but this report does not include all disclosures required by GAAP. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The operating results of companies in the insurance industry have historically been subject to significant fluctuations due to changing competition, economic conditions, interest rates, investment performance, insurance ratings, claims, persistency, and other factors. During the third quarter of 2020, the Company recorded certain adjustments related to prior periods to correct errors pertaining to the calculation of policyholder reserves and ceded reinsurance premiums. These adjustments resulted in a decrease to policy liabilities and benefit and settlement expenses of $18.1 million; an increase to deferred policy acquisition costs amortization expense of $6.1 million; and a decrease to ceded premiums and other ceded operating expenses of $10.2 million and $3.2 million, respectively in the consolidated financial statements. The result of these adjustments, in total, was to increase income before income taxes by $19.0 million and $9.4 million for the three months and nine months ended September 30, 2020, respectively. The Company concluded that the adjustments were not quantitatively or qualitatively material to previously reported periods or the 2020 estimated income or earnings trends. As a result, the adjustments were recorded by the Company within the consolidated condensed financial statements as of and for the three month and nine month periods ended September 30, 2020. During the nine months ended September 30, 2020, the Company identified certain reclassifications needed to appropriately present amounts related to reinsured vehicle service contracts. Also during the first half of 2020, the Company identified certain cash flows presented in its investing and financing activities that were determined to be non-cash items. The Company determined that the reclassifications were not material to the financial statements for any period. These amounts have been corrected in the consolidated condensed balance sheets, statements of income, and statements of cash flows for the three and nine months ended September 30, 2019. Beginning in the first quarter of 2020, the uncontained outbreak of the novel coronavirus, which causes the disease termed COVID-19, created significant economic and social disruption and impacted various operational and financial aspects of the Company’s business. While not all of the impacts of COVID-19 are identifiable or quantifiable, during the nine months ended September 30, 2020, there has been deterioration in actual and forecasted macroeconomic variables that has adversely impacted the fair values of certain of the Company’s investments and its allowance for credit losses on commercial mortgage loans. The Company has also recorded an increase associated with guaranteed benefits on certain of its variable annuity contracts, while realizing gains from derivatives held to hedge these guaranteed benefits. Additionally, there has been an increase in life insurance claims attributed to COVID-19. Entities Included The consolidated condensed financial statements in this report include the accounts of Protective Life Insurance Company and affiliate companies in which the Company holds a majority voting or economic interest. Intercompany balances and transactions have been eliminated.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies For a full description of the Company's significant accounting policies, refer to Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. There were no significant changes to the Company’s accounting policies during the nine months ended September 30, 2020, except the items noted below. Allowance for Credit Losses - Fixed Maturity and Structured Investments Each quarter the Company reviews investments with unrealized losses to determine whether such impairments are the result of credit losses. The Company analyzes various factors to make such determination including, but are not limited to: 1) actions taken by rating agencies, 2) default by the issuer, 3) the significance of the decline, 4) an assessment of the Company’s intent to sell the security (including a more likely than not assessment of whether the Company will be required to sell the security) before recovering the security’s amortized cost, 5) an economic analysis of the issuer’s industry, and 6) the financial strength, liquidity, and recoverability of the issuer. Management performs a security by security review each quarter to evaluate whether a credit loss has occurred. For securities which the Company does not intend to sell and does not expect to be required to sell before recovering the security’s amortized cost basis, analysis of expected cash flows is used to measure the amount of the credit loss. To the extent the amortized cost basis of the security exceeds the present value of future cash flows expected to be collected, this difference represents a credit loss. Beginning on January 1, 2020, credit losses are recorded in realized gains (losses) - investments/derivatives with a corresponding adjustment to the allowance for credit losses, except that the credit loss recognized cannot exceed the difference between the book value and fair value of the security as of the date of the analysis. In future periods, recoveries in the present value of expected cash flows are recorded as a reversal of the previously recognized allowance for credit losses with an offsetting adjustment to realized gains (losses) - investments/derivatives . See, “Accounting Pronouncements Recently Adopted” below for additional information. The Company considers contractual cash flows and all known market data related to cash flows when developing its estimates of expected cash flows. The Company uses the effective interest rate implicit in the security at the date of acquisition to discount expected cash flows. For floating rate securities, the Company’s policy is to lock in the interest rate at the first instance of an impairment. Estimates of expected cash flows are not probability-weighted but reflect the Company’s best estimate based on past events, current conditions, and reasonable and supportable forecasts of future events. Debt securities that the Company intends to sell or expects to be required to sell before recovery are written down to fair value with the change recognized in realized gains (losses) - investments/derivatives . The Company presents accrued interest receivable separately from other components of the amortized cost basis of its fixed maturity and structured investments and has made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. The Company’s policy is to write off uncollectible accrued interest receivables through a reversal of interest income in the period in which a credit loss is identified. Allowance for Credit Losses - Commercial Mortgage Loans and Unfunded Commitments The Company’s commercial mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, and net of the allowance for credit losses (“ACL”). Beginning January 1, 2020, the ACL represents the Company’s best estimate of expected credit losses over the contractual term of the loans. The allowance for credit losses for unfunded loan commitments is recognized as a component of other liabilities on the consolidated condensed balance sheet. Changes in the allowance for credit losses for both funded and unfunded commercial mortgage loans are recognized in realized gains (losses) - investments/derivatives . The Company uses a loan-level probability of default (“PD”) and loss given default (“LGD”) model to calculate the allowance for credit losses for substantially all of its commercial mortgage loans and unfunded loan commitments. Guidance in Accounting Standards Codification (“ASC”) Topic 326-20 - Credit Losses requires collective assessment of financial assets with similar risk characteristics. Consistent with this guidance, the model used by the Company (the “CML Model”) incorporates historical default data for a large number of loans with similar characteristics to the Company’s commercial mortgage loans in the measurement of the allowance for credit losses. Relevant risk characteristics include debt service coverage ratio (“DSCR”), loan-to-value ratio (“LTV”), geographic location, and property type. This historical default data is applied through the CML Model to forecast loan-level risk parameters including PD and LGD which provide the basis for the determination of expected losses. The CML Model incorporates both current conditions and reasonable and supportable forecasts when estimating the PD and LGD values that are used as the basis for calculating expected losses. Current conditions are incorporated by considering market-specific information, such as vacancy rates and property prices, to reflect the current position in the market cycle. To incorporate reasonable and supportable forecasts, loan-level risk parameters produced by the CML Model are conditioned by multiple probability-weighted macroeconomic forecast scenarios. CML Model results are also subject to adjustments based on other qualitative considerations to reflect management’s best estimate of the impact of future events and circumstances on the allowance for credit losses. PDs and LGDs are forecasted over a reasonable and supportable forecast period, which is reassessed on a quarterly basis. After the reasonable and supportable forecast period, the CML Model reverts to the Company’s own historical loss history at a portfolio segment level. The historical loss data used for reversion will be assessed annually in the third quarter, along with certain other model inputs and assumptions. All or a portion of a loan may be written off at such point that a) the Company no longer expects to receive cash payments, b) the present value of future expected payments of a renegotiated loan is less than the current principal balance, or c) at such time that the Company is party to foreclosure or bankruptcy proceedings associated with the borrower and does not expect to recover the principal balance of the loan. A write-off is recorded by eliminating the allowance against the commercial mortgage loan and recording the renegotiated loan or the collateral property related to the loan as investment real estate on the balance sheet, which is carried at the lower of the appraised fair value of the property or the unpaid principal balance of the loan, less estimated selling costs associated with the property. Certain loans which meet the definition of collateral dependent (as outlined in the Financial Accounting Standards Board “FASB” ASC Topic 326-20) are identified as part of the Company’s ongoing loan surveillance process. Loans are considered to be collateral dependent if foreclosure is deemed probable, or if a borrower is in financial difficulty and repayment is expected to be provided substantially through the operation or sale of the underlying collateral. The allowance for credit losses for loans identified as collateral dependent is measured based on the fair value of the underlying collateral, less costs to sell. The Company presents accrued interest receivable separately from other components of the amortized cost basis of its commercial mortgage loans and has made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. It is the Company’s policy to cease to carry accrued interest on loans that are over 90 days delinquent. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. In each scenario, accrued income is reversed through investment income. See Note 9, Commercial Mortgage Loans , for additional information. Allowance for Credit Losses - Reinsurance Receivables Beginning January 1, 2020, in accordance with FASB ASC Topic 326-20, the Company establishes an allowance for credit losses related to amounts receivable from reinsurers (the “Reinsurance ACL”). Changes in the Reinsurance ACL are recognized as a component of benefits and settlement expenses . The Reinsurance ACL is remeasured on a quarterly basis using an internally developed PD and LGD model. Key inputs to the calculation are a conditional probability of insurer liquidation by issuer credit rating and exposure at default derived from a runoff projection of ceded reserves by reinsurer to forecast future loss amounts. Management’s position is that the rate of return implicit in the financial asset (i.e. the ceded reserves) is associated with the discount rate used to value the underlying insurance reserves; that is, the rate of return on the asset portfolio(s) supporting the reserves. For reinsurance receivable exposures that do not share similar risk characteristics with other receivables, including those associated with counterparties that have experienced significant credit deterioration, the Company measures the allowance for credit losses individually, based on facts and circumstances associated with the specific reinsurer or transaction. The Reinsurance ACL was $96.0 million as of January 1, 2020 upon adoption of ASU No. 2016-13 The Company had total reinsurance receivables of $4.7 billion as of September 30, 2020, which includes both ceded policy benefit reserves and receivables for claims. Receivables for claims represented approximately 11% of total reinsurance receivables as of September 30, 2020. Receivables for claims are short-term in nature, and generally carry minimal credit risk. Of reserves ceded as of September 30, 2020, approximately 65% were receivables from reinsurers rated by A.M. Best Company. Of the total rated by A.M. Best, 74% were rated A+ or better, 16% were rated A, and 10% were rated A- or lower. The Company monitors the concentration of credit risk the Company has with any reinsurer, as well as the financial condition of its reinsurers, on an ongoing basis. Certain of the Company’s reinsurance receivables are supported by letters of credit, funds held or trust agreements. Accounting Pronouncements Recently Adopted Accounting Standards Update (“ASU” or “Update”) No. 2016-13 - Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. The amendments in this Update introduce a new current expected credit loss (“CECL”) model for certain financial assets, including commercial mortgage loans and reinsurance receivables. For assets within the scope of the new model, an entity will recognize as an allowance against earnings its estimate of the contractual cash flows not expected to be collected on day one of the asset’s acquisition. The allowance may be reversed through earnings if a security recovers in value. This differs from the current impairment model, which requires recognition of credit losses when they have been incurred and recognizes a security’s subsequent recovery in value in other comprehensive income. The Update also makes targeted changes to the current impairment model for available-for-sale (“AFS”) debt securities, which comprise the majority of the Company’s invested assets. Similar to the CECL model, credit loss impairments will be recorded in an allowance against earnings that may be reversed for subsequent recoveries in value. The amendments in this Update, along with related amendments in ASU No. 2018-19, ASU No. 2019-04, and ASU No. 2019-11 - Codification Improvements to Topic 326, Financial Instruments-Credit Losses , were effective for annual and interim periods beginning after December 15, 2019 on a modified retrospective basis. A vendor-provided credit loss model is utilized to measure the allowance for the majority of the Company’s commercial mortgage loans and unfunded commercial mortgage loan commitments, and the Company utilizes use an internally-developed model to measure the allowance for amounts recoverable from reinsurers. The Company applied the revisions in the Update through a cumulative effect adjustment to retained earnings as of January 1, 2020. The cumulative effect adjustment resulted in a decrease in retained earnings of $138.1 million, net of the impact to deferred taxes, deferred acquisition costs (“DAC”), value of business acquired (“VOBA”) and other items. The Company continues to apply the previous guidance to 2019 and prior periods. Accounting Pronouncements Not Yet Adopted ASU No. 2018-12 - Financial Services - Insurance (Topic 944): Targeted Improvements to Accounting for Long-Duration Contracts. The amendments in this Update are designed to make improvements to the existing recognition, measurement, presentation, and disclosure requirements for certain long-duration contracts issued by an insurance company. The new amendments require insurance entities to provide a more current measure of the liability for future policy benefits for traditional and limited-payment contracts by regularly refining the liability for actual past experience and updated future assumptions. This differs from current requirements where assumptions are locked-in at contract issuance for these contract types. In addition, the updated liability will be discounted using an upper-medium grade (low-credit-risk) fixed income instrument yield that reflects the characteristics of the liability which differs from currently used rates based on the invested assets supporting the liability. In addition, the amendments introduce new requirements to assess market-based insurance contract options and guarantees for Market Risk Benefits and measure them at fair value. This Update also requires insurance entities to amortize deferred acquisition costs on a constant-level basis over the expected life of the contract. Finally, this Update requires new disclosures including liability rollforwards and information about significant inputs, judgments, assumptions, and methods used in the measurement. In November 2020, FASB issued ASU No. 2020-11 - Financial Services - Insurance (Topic 944); Effective Date and Early Application which deferred the effective date to periods beginning after December 31, 2022. The Company is currently reviewing its policies, processes, and applicable systems to determine the impact this standard will have on its operations and financial results. ASU No. 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this Update remove certain exceptions to the general principles in Topic 740 related to intraperiod tax allocations, interim tax calculations, and outside basis differences. The amendments also clarify and amend guidance in certain other areas of Topic 740 in order to eliminate diversity in practice. The amendments in this Update are effective for public business entities in fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. This Update is not expected to have a material impact on the Company’s operations and financial results.

SIGNIFICANT TRANSACTIONS

SIGNIFICANT TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
SIGNIFICANT TRANSACTIONS	SIGNIFICANT TRANSACTIONS Great-West Life & Annuity Insurance Company On January 23, 2019, the Company entered into a Master Transaction Agreement (the “GWL&A Master Transaction Agreement”) with Great-West Life & Annuity Insurance Company (“GWL&A”), Great-West Life & Annuity Insurance Company of New York (“GWL&A of NY”), The Canada Life Assurance Company (“CLAC”) and The Great-West Life Assurance Company (“GWL” and, together with GWL&A, GWL&A of NY and CLAC, the “Sellers”), pursuant to which the Company will acquire via reinsurance (the “Transaction”) substantially all of the Sellers’ individual life insurance and annuity business (the “GW Individual Life Business”). On June 3, 2019, the Company and PLAIC completed the Transaction (the “GWL&A Closing”). Pursuant to the GWL&A Master Transaction Agreement, the Company and PLAIC entered into reinsurance agreements (the “GWL&A Reinsurance Agreements”) and related ancillary documents at the GWL&A Closing. On the terms and subject to the conditions of the GWL&A Reinsurance Agreements, the Sellers ceded to the Company and PLAIC, effective as of the date of the GWL&A Closing, substantially all of the insurance policies related to the Individual Life Business on a 100% indemnity basis net of reinsurance recoveries. The aggregate ceding commission for the reinsurance of the Individual Life Business paid at the GWL&A Closing was $765.7 million. All policies issued in states other than New York were ceded to the Company under reinsurance agreements between the applicable Seller and the Company, and all policies issued in New York were ceded to PLAIC under a reinsurance agreement between GWL&A of NY and PLAIC. In addition, there were certain pending items related to the Master Transaction Agreement, which remained subject to negotiation as of September 30, 2020. On October 30, 2020, the Company reached a final settlement on all of the remaining pending items. As the one year purchase price measurement period had concluded, the Company will recognize approximately $90 million in income before income tax during the quarter ended December 31, 2020 related to the final settlement. To support its obligations under the GWL&A Reinsurance Agreements, the Company established trust accounts for the benefit of GWL&A, CLAC and GWL, and PLAIC established a trust account for the benefit of GWL&A of NY. The Sellers retained a block of participating policies, which are administered by the Company. The GWL&A Master Transaction Agreement and other transaction documents contain certain customary representations and warranties made by each of the parties, and certain customary covenants regarding the Sellers and the Individual Life Business, and provide for indemnification, among other things, for breaches of those representations, warranties, and covenants. The terms of the GWL&A Reinsurance Agreements resulted in an acquisition of the Individual Life Business by the Company in accordance with ASC Topic 805, Business Combinations . The following table details the final allocation of assets acquired and liabilities assumed from the Individual Life Business reinsurance transaction as of the date of the GWL&A Closing: Fair Value (Dollars In Thousands) ASSETS Fixed maturities $ 8,697,966 Commercial mortgage loans 1,386,228 Policy loans 44,002 Other long-term investments 1,521,965 Total investments 11,650,161 Cash 34,835 Accrued investment income 101,452 Reinsurance receivables 62 Accounts and premiums receivable 1,642 Value of business acquired 535,421 Other intangibles 21,300 Other assets 5,525 Assets related to separate accounts 9,583,217 Total assets 21,933,615 LIABILITIES Future policy benefits and claims $ 11,022,177 Annuity account balances 220,064 Other policyholders’ funds 220,147 Other liabilities 75,367 Liabilities related to separate accounts 9,583,217 Total liabilities 21,120,972 NET ASSETS ACQUIRED $ 812,643 Assets related to separate accounts and liabilities related to separate accounts represent amounts receivable and payable for variable annuity and variable universal life products reinsured on a modified co-insurance basis. The following unaudited pro forma condensed consolidated results of operations assumes that the aforementioned transactions of the Individual Life Business were completed as of January 1, 2019. The unaudited pro forma condensed results of operations are presented solely for informational purposes and are not necessarily indicative of the consolidated condensed results of operations that might have been achieved had the transaction been completed as of the date indicated: Unaudited Unaudited For The For The (Dollars In Thousands) Revenue $ 1,681,993 $ 4,868,168 Net income $ 190,424 $ 504,031

MONY CLOSED BLOCK OF BUSINESS

MONY CLOSED BLOCK OF BUSINESS	9 Months Ended
	Sep. 30, 2020
Closed Block Disclosure [Abstract]
MONY CLOSED BLOCK OF BUSINESS	MONY CLOSED BLOCK OF BUSINESS In 1998, MONY Life Insurance Company (“MONY”) converted from a mutual insurance company to a stock corporation (“demutualization”). In connection with its demutualization, an accounting mechanism known as a closed block (the “Closed Block”) was established for certain individuals’ participating policies in force as of the date of demutualization. Assets, liabilities, and earnings of the Closed Block are specifically identified to support its participating policyholders. The Company acquired the Closed Block in conjunction with the acquisition of MONY in 2013. Assets allocated to the Closed Block inure solely to the benefit of the Closed Block’s policyholders and will not revert to the benefit of MONY or the Company. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of MONY’s general account, any of MONY’s separate accounts or any affiliate of MONY without the approval of the Superintendent of The New York State Department of Financial Services (the “Superintendent”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the general account. Summarized financial information for the Closed Block as of September 30, 2020 and December 31, 2019 is as follows: As of September 30, 2020 December 31, 2019 (Dollars In Thousands) Closed block liabilities Future policy benefits, policyholders’ account balances and other policyholder liabilities $ 5,458,772 $ 5,836,815 Policyholder dividend obligation 473,380 278,505 Other liabilities 8,328 11,247 Total closed block liabilities 5,940,480 6,126,567 Closed block assets Fixed maturities, available-for-sale, at fair value $ 4,827,002 $ 4,682,731 Commercial mortgage loans 69,422 72,829 Policy loans 633,609 640,134 Cash and other invested assets 24,614 44,877 Other assets 96,865 107,177 Total closed block assets 5,651,512 5,547,748 Excess of reported closed block liabilities over closed block assets 288,968 578,819 Portion of above representing accumulated other comprehensive income: Net unrealized gains (losses) - investments/derivatives net of policyholder dividend obligation: 2020 - $383,309 and 2019 - $167,285; and net of income tax: 2020 - $(80,495) and 2019 - $(35,130) — — Future earnings to be recognized from closed block assets and closed block liabilities $ 288,968 $ 578,819 Reconciliation of the policyholder dividend obligation is as follows: For The 2020 2019 (Dollars In Thousands) Policyholder dividend obligation, beginning balance $ 278,505 $ — Applicable to net revenue (losses) (21,150) (19,548) Change in net unrealized gains (losses) - investments/derivatives allocated to the policyholder dividend obligation 216,025 339,413 Policyholder dividend obligation, ending balance $ 473,380 $ 319,865 Closed Block revenues and expenses were as follows: For The For The 2020 2019 2020 2019 (Dollars In Thousands) Revenues Premiums and other income $ 36,394 $ 37,652 $ 109,656 $ 115,202 Net investment income 50,557 52,018 152,609 154,808 Net gains (losses) - investments/derivatives (499) 1,104 (1,284) 693 Total revenues 86,452 90,774 260,981 270,703 Benefits and other deductions Benefits and settlement expenses 80,797 84,531 242,474 250,410 Other operating expenses 284 229 877 836 Total benefits and other deductions 81,081 84,760 243,351 251,246 Net revenues before income taxes 5,371 6,014 17,630 19,457 Income tax expense 1,242 1,263 3,396 4,086 Net revenues $ 4,129 $ 4,751 $ 14,234 $ 15,371

INVESTMENT OPERATIONS

INVESTMENT OPERATIONS	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
INVESTMENT OPERATIONS	INVESTMENT OPERATIONS Realized gains (losses) - investments includes realized gains and losses from the sale of investments, changes in fair value of equity securities, net credit losses, and trading securities. Realized gains and losses on investments are calculated on the basis of specific identification on the trade date. Realized gains (losses) - derivatives includes certain derivative and embedded derivative gains and losses and gains and losses on reinsurance-related embedded derivatives Net realized gains (losses) - investments/derivatives are summarized as follows: For The For The 2020 2019 2020 2019 (Dollars In Thousands) Fixed maturities $ 2,681 $ 15,686 $ 44,298 $ 21,885 Equity securities 16,918 6,117 (652) 44,292 Modco trading portfolios 44,918 67,674 108,223 252,147 Net credit losses recognized in operations (1) (38,459) — (120,540) — Net impairment losses recognized in operations (2) — (10,818) — (14,658) Commercial mortgage loans (2,174) (1,575) (101,256) (1,435) Other investments (1,065) 315 (2,825) 365 Realized gains (losses) - investments 22,819 77,399 (72,752) 302,596 Realized gains (losses) - derivatives (3) 15,337 42,286 92,899 (86,288) Realized gains (losses) - investments/derivatives $ 38,156 $ 119,685 $ 20,147 $ 216,308 (1) Represents credit losses recognized under FASB ASC 326 (2) Represents other-than-temporary impairment losses recognized under FASB ASC 320 (3) See Note 7, Derivative Financial Instruments Gross realized gains and gross realized losses on investments available-for-sale (fixed maturities and short-term investments) are as follows: For The For The 2020 2019 2020 2019 (Dollars In Thousands) Gross realized gains $ 2,750 $ 20,155 $ 49,189 $ 34,801 Gross realized losses: Credit losses (1) $ (38,459) $ — $ (120,540) $ — Impairment losses (2) $ — $ (10,818) $ — $ (14,658) Other realized losses $ (69) $ (4,469) $ (4,891) $ (12,916) (1) Represents credit losses recognized under FASB ASC 326 (2) Represents other-than-temporary impairment losses recognized in prior periods under FASB ASC 320 The chart below summarizes the fair value (proceeds) and the gains (losses) realized on securities the Company sold that were in an unrealized gain position and an unrealized loss position. For The For The 2020 2019 2020 2019 (Dollars In Thousands) Securities in an unrealized gain position: Fair value proceeds $ 415,440 $ 679,514 $ 1,351,653 $ 1,812,992 Gains realized $ 2,750 $ 20,155 $ 49,189 $ 34,801 Securities in an unrealized loss position: Fair value proceeds $ 8,228 $ 37,488 $ 33,062 $ 368,416 Losses realized $ (69) $ (4,469) $ (4,891) $ (12,916) The chart below summarizes the realized gains (losses) on equity securities sold during the period and equity securities still held at the reporting date. For The For The 2020 2019 2020 2019 (Dollars In Thousands) Gains (losses) recognized during the period on equity securities still held $ 16,846 $ 6,765 $ (844) $ 44,687 Net gains (losses) recognized on equity securities sold during the period 72 (648) 192 (395) Net gains (losses) recognized during the period on equity securities $ 16,918 $ 6,117 $ (652) $ 44,292 The amortized cost, gross unrealized gains and losses, allowance for expected credit losses, and fair value of the Company’s investments classified as available-for-sale are as follows: As of September 30, 2020 Amortized Gross Gross Allowance Fair (Dollars In Thousands) Fixed maturities: Residential mortgage-backed securities $ 6,636,849 $ 211,313 $ (889) $ — $ 6,847,273 Commercial mortgage-backed securities 2,464,104 120,335 (27,437) — 2,557,002 Other asset-backed securities 1,562,104 40,536 (17,756) (645) 1,584,239 U.S. government-related securities 1,054,690 28,822 (3,219) — 1,080,293 Other government-related securities 566,924 73,814 (2,662) — 638,076 States, municipals, and political subdivisions 4,051,031 505,479 (2,881) — 4,553,629 Corporate securities 45,435,036 4,857,669 (289,933) (18,754) 49,984,018 Redeemable preferred stocks 65,933 1,396 — — 67,329 61,836,671 5,839,364 (344,777) (19,399) 67,311,859 Short-term investments 1,161,706 — — — 1,161,706 $ 62,998,377 $ 5,839,364 $ (344,777) $ (19,399) $ 68,473,565 As of December 31, 2019 Amortized Gross Gross Fair (Dollars In Thousands) Fixed maturities: Residential mortgage-backed securities $ 5,812,170 $ 125,493 $ (6,322) $ 5,931,341 Commercial mortgage-backed securities 2,588,575 54,385 (3,292) 2,639,668 Other asset-backed securities 1,764,120 32,041 (14,926) 1,781,235 U.S. government-related securities 1,032,048 5,664 (5,316) 1,032,396 Other government-related securities 548,136 51,024 (1,991) 597,169 States, municipals, and political subdivisions 4,415,008 225,072 (1,230) 4,638,850 Corporate securities 44,493,799 2,603,636 (288,334) 46,809,101 Redeemable preferred stocks 87,237 3,677 (4,249) 86,665 60,741,093 3,100,992 (325,660) 63,516,425 Short-term investments 1,229,651 — — 1,229,651 $ 61,970,744 $ 3,100,992 $ (325,660) $ 64,746,076 The Company holds certain investments pursuant to certain modified coinsurance (“Modco”) arrangements. The fixed maturities, equity securities, and short-term investments held as part of these arrangements are classified as trading securities. The fair value of the investments held pursuant to these Modco arrangements are as follows: As of September 30, 2020 December 31, 2019 (Dollars In Thousands) Fixed maturities: Residential mortgage-backed securities $ 207,507 $ 209,521 Commercial mortgage-backed securities 208,036 201,284 Other asset-backed securities 150,290 143,361 U.S. government-related securities 36,991 47,067 Other government-related securities 29,571 28,775 States, municipals, and political subdivisions 288,085 293,791 Corporate securities 1,850,471 1,590,936 Redeemable preferred stocks 12,434 12,832 2,783,385 2,527,567 Equity securities 16,742 6,656 Short-term investments 77,322 91,213 $ 2,877,449 $ 2,625,436 The amortized cost and fair value of available-for-sale and held-to-maturity fixed maturities as of September 30, 2020, by expected maturity, are shown below. Expected maturities of securities without a single maturity date are allocated based on estimated rates of prepayment that may differ from actual rates of prepayment. Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair (Dollars In Thousands) Due in one year or less $ 2,067,896 $ 2,077,964 $ — $ — Due after one year through five years 11,455,625 11,970,027 — — Due after five years through ten years 14,897,323 16,103,285 — — Due after ten years 33,415,827 37,160,583 2,680,324 2,990,170 $ 61,836,671 $ 67,311,859 $ 2,680,324 $ 2,990,170 The following chart is a rollforward of available-for-sale allowance for expected credit losses on fixed maturities held by the Company: For The For The Corporate Other Asset-Backed Securities Total Corporate Other Asset-Backed Securities Total (Dollars In Thousands) Beginning Balance $ 81,426 $ 655 $ 82,081 $ — $ — $ — Additions for securities for which allowance was not previously recorded — — — 62,442 658 63,100 Adjustments on previously recorded allowances due to change in expected cash flows 945 — 945 19,929 — 19,929 Reductions on previously recorded allowances due to disposal of security in the current period — (10) (10) — (13) (13) Write-offs of previously recorded allowances due to intent or requirement to sell (63,617) — (63,617) (63,617) $ — (63,617) Ending Balance $ 18,754 $ 645 $ 19,399 $ 18,754 $ 645 $ 19,399 The following table includes the gross unrealized losses, for which an allowance for credit losses has not been recorded, and fair value of the Company’s AFS fixed maturities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2020: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars In Thousands) Residential mortgage-backed securities $ 176,534 $ (653) $ 6,895 $ (236) $ 183,429 $ (889) Commercial mortgage-backed securities 354,926 (21,686) 28,103 (5,751) 383,029 (27,437) Other asset-backed securities 379,311 (6,209) 312,368 (11,547) 691,679 (17,756) U.S. government-related securities 251,534 (3,193) 787 (26) 252,321 (3,219) Other government-related securities 23,328 (1,900) 6,776 (762) 30,104 (2,662) States, municipals, and political subdivisions 105,894 (2,829) 4,895 (52) 110,789 (2,881) Corporate securities 2,847,045 (152,100) 1,076,575 (137,833) 3,923,620 (289,933) Redeemable preferred stocks — — — — — — $ 4,138,572 $ (188,570) $ 1,436,399 $ (156,207) $ 5,574,971 $ (344,777) Commercial mortgage-backed securities (“CMBS”) had gross unrealized losses greater than twelve months $5.8 million as of September 30, 2020. Factors such as the credit enhancement within the deal structure, the average life of the securities, and the performance of the underlying collateral support the recoverability of these investments. The other asset-backed securities have a gross unrealized loss greater than twelve months of $11.5 million as of September 30, 2020, excluding losses of $0.6 million that were considered credit related. This category predominately includes student loan backed auction rate securities (“ARS”) whose underlying collateral is at least 97% guaranteed by the Federal Family Education Loan Program (“FFELP”). At this time, the Company has no reason to believe that the U.S. Department of Education would not honor the FFELP guarantee, if it were necessary. The other government-related securities had gross unrealized losses greater than twelve months of $0.8 million as of September 30, 2020. These declines were related to changes in interest rates. The corporate securities category had gross unrealized losses greater than twelve months of $137.8 million as of September 30, 2020, excluding losses of $18.7 million that were considered credit related. The overall deterioration in the macroeconomic environment as a result of the impact of COVID-19 as well as the continued pressure on commodity prices has negatively affected the values of certain of our investments. The largest impacts have been in the oil & gas, real estate, and consumer and retail industries. For the nine months ended September 30, 2020, we have recognized $120.5 million of impairments for the Company which primarily reflect declines in the value of certain oil and gas securities. As of September 30, 2020, the Company had a total of 645 positions that were in an unrealized loss position, including 5 positions for which an allowance for credit losses was established. For unrealized losses for which an allowance for credit losses was not established, the Company does not consider these unrealized loss positions to be credit-related. This is based on the aggregate factors discussed previously and because the Company has the ability and intent to hold these investments until the fair values recover. The Company does not intend to sell or expect to be required to sell the securities before recovering the Company’s amortized cost of the securities. The following table includes the gross unrealized losses and fair value of the Company’s investments that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2019: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars In Thousands) Residential mortgage-backed securities $ 851,333 $ (4,231) $ 220,843 $ (2,091) $ 1,072,176 $ (6,322) Commercial mortgage-backed securities 371,945 (1,721) 115,566 (1,571) 487,511 (3,292) Other asset-backed securities 482,547 (6,516) 214,058 (8,410) 696,605 (14,926) U.S. government-related securities 383,451 (3,373) 353,517 (1,943) 736,968 (5,316) Other government-related securities 22,962 (669) 6,230 (1,322) 29,192 (1,991) States, municipals, and political subdivisions 56,470 (1,001) 12,907 (229) 69,377 (1,230) Corporate securities 3,176,489 (68,289) 2,886,648 (220,045) 6,063,137 (288,334) Redeemable preferred stocks — — 16,689 (4,249) 16,689 (4,249) $ 5,345,197 $ (85,800) $ 3,826,458 $ (239,860) $ 9,171,655 $ (325,660) As of September 30, 2020, the Company had securities in its available-for-sale portfolio which were rated below investment grade of $2.3 billion and had an amortized cost of $2.4 billion. Approximately $381.8 million of below investment grade securities held by the Company were not publicly traded. In addition, included in the Company’s trading portfolio, the Company held $125.0 million of securities which were rated below investment grade. The change in unrealized gains (losses), excluding the allowance for expected credit losses, net of income tax, on fixed matur ities, classified as available-for-sale is summarized as follows: For The For The 2020 2019 2020 2019 (Dollars In Thousands) Fixed maturities $ 785,093 $ 1,308,054 $ 2,148,211 $ 4,396,173 The amortized cost and fair value of the Company’s investments classified as held-to-maturity as of September 30, 2020 and December 31, 2019, are as follows: As of September 30, 2020 Amortized Gross Gross Fair (Dollars In Thousands) Fixed maturities: Securities issued by affiliates: Red Mountain, LLC $ 822,324 $ 140,435 $ — $ 962,759 Steel City, LLC 1,858,000 169,411 — 2,027,411 $ 2,680,324 $ 309,846 $ — $ 2,990,170 As of December 31, 2019 Amortized Gross Gross Fair (Dollars In Thousands) Fixed maturities: Securities issued by affiliates: Red Mountain, LLC $ 795,881 $ 81,022 $ — $ 876,903 Steel City, LLC 2,028,000 120,887 — 2,148,887 $ 2,823,881 $ 201,909 $ — $ 3,025,790 During the three and nine months ended September 30, 2020 and 2019, the Company recorded no credit losses on held-to-maturity securities. The Company’s held-to-maturity securities are issued by affiliates of the Company which are considered variable interest entities. The Company is not the primary beneficiary of these entities and thus the securities are not eliminated in consolidation. These securities are collateralized by non-recourse funding obligations issued by captive insurance companies that are affiliates of the Company. See Note 15, Subsequent Events for additional information on Red Mountain, LLC and Steel City, LLC.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The Company determined the fair value of its financial instruments based on the fair value hierarchy established in FASB guidance referenced in the Fair Value Measurements and Disclosures Topic which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company has adopted the provisions from the FASB guidance that is referenced in the Fair Value Measurements and Disclosures Topic for non-financial assets and liabilities (such as property and equipment, goodwill, and other intangible assets) that are required to be measured at fair value on a periodic basis. The effect on the Company’s periodic fair value measurements for non-financial assets and liabilities was not material. The Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into a three level hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the consolidated balance sheets are categorized as follows: • Level 1: Unadjusted quoted prices for identical assets or liabilities in an active market. • Level 2: Quoted prices in markets that are not active or significant inputs that are observable either directly or indirectly. Level 2 inputs include the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in non-active markets; c) Inputs other than quoted market prices that are observable; and d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means. • Level 3: Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect management’s own estimates about the assumptions a market participant would use in pricing the asset or liability. The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of September 30, 2020: Measurement Level 1 Level 2 Level 3 Total (Dollars In Thousands) Assets: Fixed maturity securities - available-for-sale Residential mortgage-backed securities 4 $ — $ 6,847,273 $ — $ 6,847,273 Commercial mortgage-backed securities 4 — 2,546,317 10,685 2,557,002 Other asset-backed securities 4 — 1,149,743 434,496 1,584,239 U.S. government-related securities 4 578,554 501,739 — 1,080,293 State, municipals, and political subdivisions 4 — 4,553,629 — 4,553,629 Other government-related securities 4 — 638,076 — 638,076 Corporate securities 4 — 48,626,474 1,357,544 49,984,018 Redeemable preferred stocks 4 67,329 — — 67,329 Total fixed maturity securities - available-for-sale 645,883 64,863,251 1,802,725 67,311,859 Fixed maturity securities - trading Residential mortgage-backed securities 3 — 207,507 — 207,507 Commercial mortgage-backed securities 3 — 208,036 — 208,036 Other asset-backed securities 3 — 87,848 62,442 150,290 U.S. government-related securities 3 21,761 15,230 — 36,991 State, municipals, and political subdivisions 3 — 288,085 — 288,085 Other government-related securities 3 — 29,571 — 29,571 Corporate securities 3 — 1,832,592 17,879 1,850,471 Redeemable preferred stocks 3 12,434 — — 12,434 Total fixed maturity securities - trading 34,195 2,668,869 80,321 2,783,385 Total fixed maturity securities 680,078 67,532,120 1,883,046 70,095,244 Equity securities 3 452,042 — 86,343 538,385 Other long-term investments (1) 3 & 4 73,934 1,013,846 319,994 1,407,774 Short-term investments 3 1,156,203 82,825 — 1,239,028 Total investments 2,362,257 68,628,791 2,289,383 73,280,431 Cash 3 381,753 — — 381,753 Assets related to separate accounts Variable annuity 3 11,487,408 — — 11,487,408 Variable universal life 3 1,144,474 — — 1,144,474 Total assets measured at fair value on a recurring basis $ 15,375,892 $ 68,628,791 $ 2,289,383 $ 86,294,066 Liabilities: Annuity account balances (2) 3 $ — $ — $ 67,591 $ 67,591 Other liabilities (1) 3 & 4 9,480 675,209 1,718,905 2,403,594 Total liabilities measured at fair value on a recurring basis $ 9,480 $ 675,209 $ 1,786,496 $ 2,471,185 (1) Includes certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities. (3) Fair Value through Net Income (4) Fair Value through Other Comprehensive Income (Loss) The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2019: Measurement Level 1 Level 2 Level 3 Total (Dollars In Thousands) Assets: Fixed maturity securities - available-for-sale Residential mortgage-backed securities 4 $ — $ 5,931,341 $ — $ 5,931,341 Commercial mortgage-backed securities 4 — 2,629,639 10,029 2,639,668 Other asset-backed securities 4 — 1,360,016 421,219 1,781,235 U.S. government-related securities 4 662,581 369,815 — 1,032,396 State, municipals, and political subdivisions 4 — 4,638,850 — 4,638,850 Other government-related securities 4 — 597,169 — 597,169 Corporate securities 4 — 45,435,387 1,373,714 46,809,101 Redeemable preferred stocks 4 69,976 16,689 — 86,665 Total fixed maturity securities - available-for-sale 732,557 60,978,906 1,804,962 63,516,425 Fixed maturity securities - trading Residential mortgage-backed securities 3 — 209,521 — 209,521 Commercial mortgage-backed securities 3 — 201,284 — 201,284 Other asset-backed securities 3 — 77,954 65,407 143,361 U.S. government-related securities 3 24,810 22,257 — 47,067 State, municipals, and political subdivisions 3 — 293,791 — 293,791 Other government-related securities 3 — 28,775 — 28,775 Corporate securities 3 — 1,579,565 11,371 1,590,936 Redeemable preferred stocks 3 12,832 — — 12,832 Total fixed maturity securities - trading 37,642 2,413,147 76,778 2,527,567 Total fixed maturity securities 770,199 63,392,053 1,881,740 66,043,992 Equity securities 3 480,750 — 72,970 553,720 Other long-term investments (1) 3 & 4 52,225 733,425 209,843 995,493 Short-term investments 3 1,255,384 65,480 — 1,320,864 Total investments 2,558,558 64,190,958 2,164,553 68,914,069 Cash 3 171,752 — — 171,752 Assets related to separate accounts Variable annuity 3 12,730,090 — — 12,730,090 Variable universal life 3 1,135,666 — — 1,135,666 Total assets measured at fair value on a recurring basis $ 16,596,066 $ 64,190,958 $ 2,164,553 $ 82,951,577 Liabilities: Annuity account balances (2) 3 $ — $ — $ 69,728 $ 69,728 Other liabilities (1) 3 & 4 19,561 509,645 1,017,972 1,547,178 Total liabilities measured at fair value on a recurring basis $ 19,561 $ 509,645 $ 1,087,700 $ 1,616,906 (1) Includes certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities. (3) Fair Value through Net Income (4) Fair Value through Other Comprehensive Income (Loss) Determination of Fair Values The valuation methodologies used to determine the fair values of assets and liabilities reflect market participant assumptions and are based on the application of the fair value hierarchy that prioritizes observable market inputs over unobservable inputs. The Company determines the fair values of certain financial assets and financial liabilities based on quoted market prices, where available. The Company also determines certain fair values based on future cash flows discounted at the appropriate current market rate. Fair values reflect adjustments for counterparty credit quality, the Company’s credit standing, liquidity, and where appropriate, risk margins on unobservable parameters. The following is a discussion of the methodologies used to determine fair values for the financial instruments as listed in the above table. The fair value of fixed maturity, short-term, and equity securities is determined by management after considering one of three primary sources of information: third party pricing services, non-binding independent broker quotations, or pricing matrices. Security pricing is applied using a “waterfall” approach whereby publicly available prices are first sought from third party pricing services, the remaining unpriced securities are submitted to independent brokers for non-binding prices, or lastly, securities are priced using a pricing matrix. Typical inputs used by these three pricing methods include, but are not limited to: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. Third party pricing services price 92.6% of the Company’s available-for-sale and trading fixed maturity securities. Based on the typical trading volumes and the lack of quoted market prices for available-for-sale and trading fixed maturities, third party pricing services derive the majority of security prices from observable market inputs such as recent reported trades for identical or similar securities making adjustments through the reporting date based upon available market observable information outlined above. If there are no recent reported trades, the third party pricing services and brokers may use matrix or model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Certain securities are priced via independent non-binding broker quotations. When using non-binding independent broker quotations, when available the Company obtains two quotes per security. Where multiple broker quotes are obtained, the Company reviews the quotes and selects the quote that provides the best estimate of the price a market participant would pay for these specific assets in an arm’s length transaction. A pricing matrix is used to price securities for which the Company is unable to obtain or effectively rely on either a price from a third party pricing service or an independent broker quotation. The pricing matrix used by the Company begins with current spread levels to determine the market price for the security. The credit spreads, assigned by brokers, incorporate the issuer’s credit rating, liquidity discounts, weighted-average of contracted cash flows, risk premium, if warranted, due to the issuer’s industry, and the security’s time to maturity. The Company uses credit ratings provided by nationally recognized rating agencies. For securities that are priced via non-binding independent broker quotations, the Company assesses whether prices received from independent brokers represent a reasonable estimate of fair value. The Company’s assessment incorporates various metrics (yield curves, credit spreads, prepayment rates, etc.) along with other information available to the Company from both internal and external sources to determine the valuation of such holdings. As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the analytics, the price received from the independent broker is adjusted accordingly. The Company did not adjust any quotes or prices received from brokers during the nine months ended September 30, 2020. The Company has analyzed the third party pricing services’ valuation methodologies and related inputs and has also evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs that is in accordance with the Fair Value Measurements and Disclosures Topic of the ASC. Based on this evaluation and investment class analysis, each price was classified into Level 1, 2, or 3. Most prices provided by third party pricing services are classified into Level 2 because the significant inputs used in pricing the securities are market observable and the observable inputs are corroborated by the Company. Since the matrix pricing of certain debt securities includes significant non-observable inputs, they are classified as Level 3. Asset-Backed Securities This category mainly consists of residential mortgage-backed securities, commercial mortgage-backed securities, and other asset-backed securities (collectively referred to as asset-backed securities or “ABS”). As of September 30, 2020, the Company held $11.0 billion of ABS classified as Level 2. These securities are priced from information provided by a third party pricing service and independent broker quotes. The third party pricing services and brokers mainly value securities using both a market and income approach to valuation. As part of this valuation process they consider the following characteristics of the item being measured to be relevant inputs: 1) weighted-average coupon rate, 2) weighted-average years to maturity, 3) types of underlying assets, 4) weighted-average coupon rate of the underlying assets, 5) weighted-average years to maturity of the underlying assets, 6) seniority level of the tranches owned, and 7) credit ratings of the securities. After reviewing these characteristics of the ABS, the third party pricing service and brokers use certain inputs to determine the value of the security. For ABS classified as Level 2, the valuation would consist of predominantly market observable inputs such as, but not limited to: 1) monthly principal and interest payments on the underlying assets, 2) average life of the security, 3) prepayment speeds, 4) credit spreads, 5) treasury and swap yield curves, and 6) discount margin. The Company reviews the methodologies and valuation techniques (including the ability to observe inputs) in assessing the information received from external pricing services and in consideration of the fair value presentation. As of September 30, 2020, the Company held $507.6 million of Level 3 ABS, which included $445.2 million of other asset-backed securities classified as available-for-sale and $62.4 million of other asset-backed securities classified as trading. These securities are predominantly ARS whose underlying collateral is at least 97% guaranteed by the FFELP. The Company prices its ARS using an income approach valuation model. As part of the valuation process the Company reviews the following characteristics of the ARS in determining the relevant inputs: 1) weighted-average coupon rate, 2) weighted-average years to maturity, 3) types of underlying assets, 4) weighted-average coupon rate of the underlying assets, 5) weighted-average years to maturity of the underlying assets, 6) seniority level of the tranches owned, 7) credit ratings of the securities, 8) liquidity premium, and 9) paydown rate. In periods where market activity increases and there are transactions at a price that is not the result of a distressed or forced sale we consider those prices as part of our valuation. If the market activity during a period is solely the result of the issuer redeeming positions we consider those transactions in our valuation, but still consider them to be Level 3 measurements due to the nature of the transaction. Corporate Securities, Redeemable Preferred Stocks, U.S. Government-Related Securities, States, Municipals, and Political Subdivisions, and Other Government-Related Securities As of September 30, 2020, the Company classified approximately $56.5 billion of corporate securities, redeemable preferred stocks, U.S. government-related securities, states, municipals, and political subdivisions, and other government-related securities as Level 2. The fair value of the Level 2 securities is predominantly priced by broker quotes and a third party pricing service. The Company has reviewed the valuation techniques of the brokers and third party pricing service and has determined that such techniques used Level 2 market observable inputs. The following characteristics of the securities are considered to be the primary relevant inputs to the valuation: 1) weighted- average coupon rate, 2) weighted-average years to maturity, 3) seniority, and 4) credit ratings. The Company reviews the methodologies and valuation techniques (including the ability to observe inputs) in assessing the information received from external pricing services and in consideration of the fair value presentation. The brokers and third party pricing service utilize valuation models that consist of a hybrid methodology that utilizes a cash flow analysis and market approach to valuation. The pricing models utilize the following inputs: 1) principal and interest payments, 2) treasury yield curve, 3) credit spreads from new issue and secondary trading markets, 4) dealer quotes with adjustments for issues with early redemption features, 5) liquidity premiums present on private placements, and 6) discount margins from dealers in the new issue market. As of September 30, 2020, the Company classified approximately $1.4 billion of securities as Level 3 valuations. Level 3 securities primarily represent investments in illiquid bonds for which no price is readily available. To determine a price, the Company uses a discounted cash flow model with both observable and unobservable inputs. These inputs are entered into an industry standard pricing model to determine the final price of the security. These inputs include: 1) principal and interest payments, 2) coupon rate, 3) sector and issuer level spread over treasury, 4) underlying collateral, 5) credit ratings, 6) maturity, 7) embedded options, 8) recent new issuance, 9) comparative bond analysis, and 10) an illiquidity premium. Equities As of September 30, 2020, the Company held approximately $86.3 million of equity securities classified as Level 3. Of this total, $80.3 million represents Federal Home Loan Bank (“FHLB”) stock. The Company believes that the cost of the FHLB stock approximates fair value. Other Long-Term Investments and Other Liabilities Derivative Financial Instruments Other long-term investments and other liabilities include free-standing and embedded derivative financial instruments. Refer to Note 7, Derivative Financial Instruments for additional information related to derivatives. Derivative financial instruments are valued using exchange prices, independent broker quotations, or pricing valuation models, which utilize market data inputs. Excluding embedded derivatives, as of September 30, 2020, 87.4% of derivatives based upon notional values were priced using exchange prices or independent broker quotations. The remaining derivatives were priced by pricing valuation models, which utilize observable market data inputs to the extent they are available. Inputs used to value derivatives include, but are not limited to, interest swap rates, credit spreads, interest rate and equity market volatility indices, equity index levels, and treasury rates. The Company performs monthly analysis on derivative valuations that includes both quantitative and qualitative analyses. Derivative instruments classified as Level 1 generally include futures and options, which are traded on active exchange markets. Derivative instruments classified as Level 2 primarily include swaps, options, and swaptions, which are traded over-the-counter. Level 2 also includes certain centrally cleared derivatives. These derivative valuations are determined using independent broker quotations, which are corroborated with observable market inputs. Derivative instruments classified as Level 3 were embedded derivatives and include at least one significant non-observable input. A derivative instrument containing Level 1 and Level 2 inputs will be classified as a Level 3 financial instrument in its entirety if it has at least one significant Level 3 input. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instruments may not be classified within the same fair value hierarchy level as the associated assets and liabilities. Therefore, the changes in fair value on derivatives reported in Level 3 may not reflect the offsetting impact of the changes in fair value of the associated assets and liabilities. Embedded derivatives are carried at fair value in other long-term investments and other liabilities on the Company’s consolidated condensed balance sheet. The changes in fair value of embedded derivatives are recorded as realized gains (losses) - investments/derivatives . Refer to Note 7, Derivative Financial Instruments for more information. The fair value of the guaranteed living withdrawal benefits (“GLWB”) embedded derivative is derived through the income method of valuation using a valuation model that projects future cash flows using multiple risk neutral stochastic equity scenarios and policyholder behavior assumptions. The risk neutral scenarios are generated using the current swap curve and projected equity volatilities and correlations. The projected equity volatilities are based on a blend of historical volatility and near-term equity market implied volatilities. The equity correlations are based on historical price observations. For policyholder behavior assumptions, expected lapse and utilization assumptions are used and updated for actual experience, as necessary. The Company assumes age-based mortality from the Ruark 2015 ALB table, with attained age factors varying from 88.0% - 100.0% based on company experience. The present value of the cash flows is determined using the discount rate curve, which is based upon LIBOR plus a credit spread (to represent the Company’s non-performance risk). For expected lapse and utilization, assumptions are used and updated for actual experience, as necessary, using an internal predictive model developed by the Company. As a result of using significant unobservable inputs, the GLWB embedded derivative is categorized as Level 3. Policyholder assumptions are reviewed on an annual basis. The balance of the fixed indexed annuity (“FIA”) embedded derivative is impacted by policyholder cash flows associated with the FIA product that are allocated to the embedded derivative in addition to changes in the fair value of the embedded derivative during the reporting period. The fair value of the FIA embedded derivative is derived through the income method of valuation using a valuation model that projects future cash flows using current index values and volatility, the hedge budget used to price the product, and policyholder assumptions (both elective and non-elective). For policyholder behavior, assumptions are used and updated for actual experience, as necessary. The Company assumes age-based mortality from the 2015 Ruark ALB mortality table with attained age factors varying from 88.0% - 100.0% based on company experience. The present value of the cash flows is determined using the discount rate curve, which is based upon LIBOR up to one year and constant maturity treasury rates plus a credit spread (to represent the Company’s non-performance risk) thereafter. Policyholder assumptions are reviewed on an annual basis. As a result of using significant unobservable inputs, the FIA embedded derivative is categorized as Level 3. The balance of the indexed universal life (“IUL”) embedded derivative is impacted by policyholder cash flows associated with the IUL product that are allocated to the embedded derivative in addition to changes in the fair value of the embedded derivative during the reporting period. The fair value of the IUL embedded derivative is derived through the income method of valuation using a valuation model that projects future cash flows using current index values and volatility, the hedge budget used to price the product, and policyholder assumptions (both elective and non-elective). For policyholder behavior assumptions, expected lapse and withdrawal assumptions are used and updated for actual experience, as necessary. The Company assumes age-based mortality from the SOA 2015 VBT Primary Tables, with attained age factors varying from 36.0% - 161.0% based on company experience. The present value of the cash flows is determined using the discount rate curve, which is based upon LIBOR up to one year and constant maturity treasury rates plus a credit spread (to represent the Company’s non-performance risk) thereafter. Policyholder assumptions are reviewed on an annual basis. As a result of using significant unobservable inputs, the IUL embedded derivative is categorized as Level 3. The Company has assumed and ceded certain blocks of policies under modified coinsurance agreements in which the investment results of the underlying portfolios inure directly to the reinsurers. Funds withheld arrangements related to such agreements contain embedded derivatives that are reported at fair value. Changes in their fair value are reported in realized gains (losses) - investments/derivatives . The fair value of embedded derivatives related to funds withheld under modified coinsurance agreements are a function of the unrealized gains or losses on the underlying assets and are calculated in a manner consistent with the terms of the agreements. The investments supporting certain of these agreements are designated as “trading securities”; therefore changes in their fair value are also reported in realized gains (losses) - investments/derivatives . The fair value of embedded derivatives is estimated based on market standard valuation methodology and is considered a Level 3 valuation. The Company and certain of its subsidiaries have entered into interest support, yearly renewable term (“YRT”) premium support, and portfolio maintenance agreements with PLC. These agreements meet the definition of a derivative and are accounted for at fair value and are considered Level 3 valuations. The fair value of these derivatives as of September 30, 2020 was $133.5 million and is included in other long-term investments . For information regarding realized gains on these derivatives please refer to Note 7, Derivative Financial Instruments . The Interest Support Agreement provides that PLC will make payments to Golden Gate II Captive Insurance Company (“Golden Gate II”), a wholly owned subsidiary of the Company, if actual investment income on certain of Golden Gate II’s asset portfolios falls below a calculated investment income amount as defined in the Interest Support Agreement. The calculated investment income amount is a level of investment income deemed to be sufficient to support certain of Golden Gate II’s obligations under a reinsurance agreement with the Company, dated July 1, 2007. The derivative is valued using an internal valuation model that assumes a conservative projection of investment income under an adverse interest rate scenario and the probability that the expectation falls below the calculated investment income amount. This derivative had a fair value of $78.6 million as of September 30, 2020. Golden Gate II recognized $2.4 million in gains related to payments made under this agreement for the nine months ended September 30, 2020. As of September 30, 2020, certain interest support agreement obligations to Golden Gate II of approximately $5.5 million have been collateralized by PLC. Re-evaluation and, if necessary, adjustments of any support agreement collateralization amounts occur annually during the first quarter pursuant to the terms of the support agreement. The YRT premium support agreements provide that PLC will make payments to Golden Gate Captive Insurance Company (“Golden Gate”), a wholly owned subsidiary of the Company, and Golden Gate II in the event that YRT premium rates increase. The derivatives are valued using an internal valuation model. The valuation model is a probability weighted discounted cash flow model. The value is primarily a function of the likelihood and severity of future YRT premium increases. The fair value of these derivatives as of September 30, 2020 was $53.2 million. Golden Gate II recognized $1.6 million in gains related to payments made under this agreement for the nine months ended September 30, 2020. The portfolio maintenance agreements provide that PLC will make payments to Golden Gate, Golden Gate V, and West Coast Life Insurance Company (“WCL”), a wholly owned subsidiary of the Company, in the event of other-than-temporary impairments on investments, measured in accordance with Statutory Accounting Principles, that exceed defined thresholds. The derivatives are valued using an internal discounted cash flow model. The significant unobservable inputs are the projected probability and severity of credit losses used to project future cash flows on the investment portfolios. The fair value of the portfolio maintenance agreements as of September 30, 2020, was $1.7 million. As of September 30, 2020, no payments have been made under these agreements. The Funds Withheld derivative results from reinsurance agreements with subsidiaries of PLC, where the economic performance of certain hedging instruments held by the Company are ceded to the subsidiaries. The value of the Funds Withheld derivative is directly tied to the value of the hedging instruments held in the funds withheld account. The hedging instruments predominantly consist of derivative instruments the fair values of which are classified as a Level 2 measurement; as such, the fair value of the Funds Withheld derivative has been classified as a Level 2 measurement. The fair value of the Funds Withheld derivative as of September 30, 2020, was a liability of $145.0 million. Annuity Account Balances The Company records a certain legacy block of FIA reserves at fair value. Based on the characteristics of these reserves, the Company believes that the fund value approximates fair value. The fair value measurement of these reserves is considered a Level 3 valuation due to the unobservable nature of the fund values. Separate Accounts Separate account assets are invested in open-ended mutual funds and are included in Level 1. Valuation of Level 3 Financial Instruments The following table presents the valuation method for material financial instruments included in Level 3, as well as the unobservable inputs used in the valuation of those financial instruments as of September 30, 2020: Fair Value Valuation Unobservable Range (Dollars In Thousands) Assets: Commercial mortgage-backed securities $ 10,685 Discounted cash flow Spread over treasury 2.78% Other asset-backed securities 434,496 Liquidation Liquidation value $95.75 - $97.00 ($96.40) Discounted cash flow Liquidity premium 0.51% - 2.33% (1.61%) Paydown rate 8.75% - 12.55% (11.38%) Corporate securities 1,357,544 Discounted cash flow Spread over treasury 0.60% - 4.75% (2.24%) Liabilities: (1) Embedded derivatives - GLWB (2) 518,246 Actuarial cash flow model Mortality 88% to 100% of Ruark 2015 ALB Table Lapse PL-RBA Predictive Model Utilization PL-RBA Predictive Model Nonperformance risk 0.22% - 0.88% Embedded derivative - FIA 531,814 Actuarial cash flow model Expenses $207 per policy Withdrawal rate 0.4% - 2.4% prior to age 70, 100% of the RMD for ages 70+ or WB withdrawal rate. Assume underutilized RMD for non-WB policies ages 70-81. Mortality 88% to 100% of Ruark 2015 ALB table Lapse 0.2% - 50.0%, depending on duration/surrender charge period Dynamically adjusted for WB moneyness and projected market rates vs credited rates Nonperformance risk 0.22% - 0.88% Embedded derivative - IUL 194,228 Actuarial cash flow model Mortality 37% - 161% of 2015 VBT Primary Tables 94% - 248% of duration 8 point in scale 2015 VBT Primary Tables, depending on type of business Lapse 0.4% - 10%, depending on duration/distribution channel and smoking class Nonperformance risk 0.22% - 0.88% (1) Excludes modified coinsurance arrangements. (2) The fair value for the GLWB embedded derivative is presented as a net liability. The chart above excludes Level 3 financial instruments that are valued using broker quotes and for which book value approximates fair value. Unobservable inputs were weighted by the relative fair value of instruments, except for other asset-backed securities which were weighted by the relative par amounts. The Company has considered all reasonably available quantitative inputs as of September 30, 2020, but the valuation techniques and inputs used by some brokers in pricing certain financial instruments are not shared with the Company. This resulted in $98.1 mill

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS Types of Derivative Instruments and Derivative Strategies The Company utilizes a risk management strategy that incorporates the use of derivative financial instruments to reduce exposure to certain risks, including but not limited to, interest rate risk, currency exchange risk, volatility risk, and equity market risk. These strategies are developed through the Company’s analysis of data from financial simulation models and other internal and industry sources, and are then incorporated into the Company’s risk management program. Derivative instruments expose the Company to credit and market risk and could result in material changes from period to period. The Company attempts to minimize its credit in connection with its overall asset/liability management programs and risk management strategies. In addition, all derivative programs are monitored by our risk management department. Derivatives Related to Interest Rate Risk Management Derivative instruments that are used as part of the Company’s interest rate risk management strategy include interest rate swaps, interest rate futures, interest rate caps, and interest rate swaptions. Derivatives Related to Foreign Currency Exchange Risk Management Derivative instruments that are used as part of the Company’s foreign currency exchange risk management strategy include foreign currency swaps, foreign currency futures, foreign equity futures, and foreign equity options. Derivatives Related to Risk Mitigation of Certain Annuity Contracts The Company may use the following types of derivative contracts to mitigate its exposure to certain guaranteed benefits related to variable annuity (“VA”) contracts, fixed indexed annuities, and indexed universal life contracts: • Foreign Currency Futures • Variance Swaps • Interest Rate Futures • Equity Options • Equity Futures • Credit Derivatives • Interest Rate Swaps • Interest Rate Swaptions • Volatility Futures • Volatility Options • Funds Withheld Agreements • Total Return Swaps • Foreign Currency Options Other Derivatives The Company and certain of its subsidiaries have derivatives with PLC. These derivatives consist of an interest support agreement, YRT premium support agreements, and portfolio maintenance agreements with PLC. The Company has a funds withheld account that consists of various derivative instruments held by the Company that are used to hedge the GLWB and GMDB riders and the fixed indexed annuity products. The economic performance of derivatives in the funds withheld account is ceded to subsidiaries of PLC. The funds withheld account is accounted for as a derivative financial instrument. Accounting for Derivative Instruments GAAP requires that all derivative instruments be recognized in the balance sheet at fair value. The Company records its derivative financial instruments in the consolidated condensed balance sheet in other long-term investments and other liabilities . The change in the fair value of derivative financial instruments is reported either in the statement of income or in other comprehensive income (loss), depending upon whether it qualified for and also has been properly identified as being part of a hedging relationship, and also on the type of hedging relationship that exists. It is the Company's policy not to offset assets and liabilities associated with open derivative contracts. However, the Chicago Mercantile Exchange (“CME”) rules characterize variation margin transfers as settlement payments, as opposed to adjustments to collateral. As a result, derivative assets and liabilities associated with centrally cleared derivatives for which the CME serves as the central clearing party are presented as if these derivatives had been settled as of the reporting date. For a derivative financial instrument to be accounted for as an accounting hedge, it must be identified and documented as such on the date of designation. For cash flow hedges, the effective portion of their realized gain or loss is reported as a component of other comprehensive income (loss) and reclassified into operations in the same period during which the hedged item impacts operations. Any remaining gain or loss, the ineffective portion, is recognized in current operations. For fair value hedge derivatives, their gain or loss as well as the offsetting loss or gain attributable to the hedged risk of the hedged item is recognized in current operations. Effectiveness of the Company’s hedge relationships is assessed on a quarterly basis. The Company reports changes in fair values of derivatives that are not part of a qualifying hedge relationship through operations in the period of change. Changes in the fair value of these derivatives are recognized in realized gains (losses) - investments/derivatives in the consolidated condensed statements of income. Derivative Instruments Designated and Qualifying as Hedging Instruments Cash-Flow Hedges • To hedge a fixed rate note denominated in a foreign currency, the Company entered into a fixed-to-fixed foreign currency swap in order to hedge the foreign currency exchange risk associated with the note. The cash flows received on the swap are identical to the cash flows paid on the note. • To hedge a floating rate note, the Company entered into an interest rate swap to exchange the floating rate on the note for a fixed rate in order to hedge the interest rate risk associated with the note. The cash flows received on the swap are identical to the cash flow variability paid on the note. Derivative Instruments Not Designated and Not Qualifying as Hedging Instruments The Company uses various other derivative instruments for risk management purposes that do not qualify for hedge accounting treatment. Changes in the fair value of these derivatives are recognized in realized gains (losses) - investments/derivatives in the consolidated condensed statements of income. Derivatives Related to Variable Annuity Contracts • The Company uses equity futures, equity options, total return swaps, interest rate futures, interest rate swaps, interest rate swaptions, currency futures, currency options, volatility futures, volatility options, and variance swaps to mitigate the risk related to certain guaranteed minimum benefits, including GLWB, within its VA products. In general, the cost of such benefits varies with the level of equity and interest rate markets, foreign currency levels, and overall volatility. • The Company markets certain VA products with a GLWB rider. The GLWB component is considered an embedded derivative, not considered to be clearly and closely related to the host contract. • The Company has a funds withheld account that consists of various derivative instruments held by the Company that are used to hedge the GLWB and GMDB riders. The economic performance of derivatives in the funds withheld account is ceded to Shades Creek Captive Insurance Company (“Shades Creek”), a direct wholly owned subsidiary of PLC. The funds withheld account is accounted for as a derivative financial instrument. Derivatives Related to Fixed Annuity Contracts • The Company uses equity futures and options to mitigate the risk within its fixed indexed annuity products. In general, the cost of such benefits varies with the level of equity and overall volatility. • The Company markets certain fixed indexed annuity products. The FIA component is considered an embedded derivative as it is not considered to be clearly and closely related to the host contract. • The Company has a funds withheld account that consists of various derivative instruments held by the Company that are used to hedge the fixed indexed annuity products. The economic performance of derivatives in the funds withheld account is ceded to Protective Life Reinsurance Bermuda Ltd. The funds withheld account is accounted for as a derivative financial instrument. Derivatives Related to Indexed Universal Life Contracts • The Company uses equity futures and options to mitigate the risk within its indexed universal life products. In general, the cost of such benefits varies with the level of equity markets. • The Company markets certain IUL products. The IUL component is considered an embedded derivative as it is not considered to be clearly and closely related to the host contract. Other Derivatives • The Company and certain of its subsidiaries have an interest support agreement, YRT premium support agreements, and portfolio maintenance agreements with PLC. See Note 15, Subsequent Events for additional information on these agreements. • The Company uses various swaps and other types of derivatives to manage risk related to other exposures. • The Company is involved in various modified coinsurance and funds withheld arrangements which contain embedded derivatives. Changes in their fair value are recorded in realized gains (losses) - investments/derivatives in the consolidated condensed statements of income. The investment portfolios that support the related modified coinsurance reserves and funds withheld arrangements had fair value changes which substantially offset the gains or losses on these embedded derivatives. The following table sets forth realized gains (losses) - derivatives for the periods shown: Realized gains (losses) - derivative financial instruments For The For The 2020 2019 2020 2019 (Dollars In Thousands) Derivatives related to VA contracts: Interest rate futures $ 2,257 $ 727 $ (3,565) $ (16,575) Equity futures (1,187) 5,220 131,912 37,517 Currency futures (9,536) 9,181 1,438 11,028 Equity options (41,584) (3,957) 66,647 (97,354) Interest rate swaps (57,657) 149,766 363,644 342,561 Total return swaps (31,465) (1,950) 30,680 (50,522) Embedded derivative - GLWB 72,519 (86,635) (332,202) (189,624) Funds withheld derivative 45,787 (350) (103,494) 80,198 Total derivatives related to VA contracts (20,866) 72,002 155,060 117,229 Derivatives related to FIA contracts: Embedded derivative (8,642) (4,335) (38,065) (67,968) Funds withheld derivative (2,804) — (9,586) — Equity futures 518 962 (6,550) 964 Equity options 24,870 4,785 15,031 60,026 Other derivatives 483 — 258 — Total derivatives related to FIA contracts 14,425 1,412 (38,912) (6,978) Derivatives related to IUL contracts: Embedded derivative 15,648 6,261 1,409 (18,395) Equity futures (230) 91 (2,374) 347 Equity options 6,535 586 583 9,372 Total derivatives related to IUL contracts 21,953 6,938 (382) (8,676) Embedded derivative - Modco reinsurance treaties (25,438) (44,027) (55,864) (199,704) Derivatives with PLC (1) 19,833 7,583 22,179 14,852 Other derivatives 5,430 (1,622) 10,818 (3,011) Total realized gains (losses) - derivatives $ 15,337 $ 42,286 $ 92,899 $ (86,288) (1) These derivatives include the Interest Support, YRT premium support, and portfolio maintenance agreements between certain of the Company’s subsidiaries and PLC. The following table presents the components of the gain or loss on derivatives that qualify as a cash flow hedging relationship. Gain (Loss) on Derivatives in Cash Flow Hedging Relationship Amount of Gains (Losses) Amount and Location of Amount and Location of (Effective Portion) (Effective Portion) (Ineffective Portion) Benefits and settlement Realized gains (losses) - investments/derivatives (Dollars In Thousands) For The Three Months Ended September 30, 2020 Foreign currency swaps $ 808 $ (224) $ — Interest rate swaps 1,121 (177) — Total $ 1,929 $ (401) $ — For The Nine Months Ended September 30, 2020 Foreign currency swaps $ (1,316) $ (841) $ — Interest rate swaps 206 (2,231) — Total $ (1,110) $ (3,072) $ — For The Three Months Ended September 30, 2019 Foreign currency swaps $ (4,163) $ (373) $ — Interest rate swaps (93) (373) — Total $ (4,256) $ (746) $ — For The Nine Months Ended September 30, 2019 Foreign currency swaps $ (7,789) $ (767) $ — Interest rate swaps (2,484) (593) — Total $ (10,273) $ (1,360) $ — Based on expected cash flows of the underlying hedged items, the Company expects to reclassify $1.0 million out of accumulated other comprehensive income (loss) into realized gains (losses) - investments/derivatives in the consolidated condensed statements of income during the next twelve months. The table below presents information about the nature and accounting treatment of the Company’s primary derivative financial instruments and the location in and effect on the consolidated condensed financial statements for the periods presented below: As of September 30, 2020 December 31, 2019 Notional Fair Notional Fair (Dollars In Thousands) Other long-term investments Derivatives not designated as hedging instruments: Interest rate swaps $ 1,628,000 $ 210,420 $ 2,228,000 $ 98,655 Total return swaps 433,231 7,018 269,772 941 Derivatives with PLC (1) 2,618,962 133,486 2,830,889 115,379 Embedded derivative - Modco reinsurance treaties 1,269,954 83,379 1,280,189 31,926 Embedded derivative - GLWB 610,426 48,091 1,147,436 62,538 Embedded derivative - FIA 310,468 55,038 — — Interest rate futures 700,637 4,818 896,073 7,557 Equity futures 156,317 2,063 159,901 2,109 Currency futures 161,793 1,750 72,593 131 Equity options 7,740,526 861,711 6,685,670 676,257 $ 15,630,314 $ 1,407,774 $ 15,570,523 $ 995,493 Other liabilities Cash flow hedges: Interest rate swaps $ — $ — $ 350,000 $ — Foreign currency swaps 117,178 18,727 117,178 11,373 Derivatives not designated as hedging instruments: Interest rate swaps 1,194,000 — 50,000 — Total return swaps 418,088 7,112 579,675 3,229 Embedded derivative - Modco reinsurance treaties 2,892,930 331,836 2,263,685 231,516 Funds withheld derivative 3,810,657 145,030 1,845,649 70,583 Embedded derivative - GLWB 3,359,799 566,337 2,892,926 248,577 Embedded derivative - FIA 3,656,227 580,268 2,892,803 332,869 Embedded derivative - IUL 339,564 194,228 301,598 151,765 Interest rate futures 421,631 1,825 669,223 10,375 Equity futures 162,260 3,571 174,743 2,376 Currency futures 128,613 1,016 192,306 1,836 Equity options 5,465,007 507,408 4,827,714 429,434 Other 268,436 46,236 199,387 53,245 $ 22,234,390 $ 2,403,594 $ 17,356,887 $ 1,547,178 (1) These derivatives include the Interest, YRT premium support, and portfolio maintenance agreements between certain of the Company’s subsidiaries and PLC.

OFFSETTING OF ASSETS AND LIABIL

OFFSETTING OF ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2020
Offsetting [Abstract]
OFFSETTING OF ASSETS AND LIABILITIES	OFFSETTING OF ASSETS AND LIABILITIES Certain of the Company’s derivative instruments are subject to enforceable master netting arrangements that provide for the net settlement of all derivative contracts between the Company and a counterparty in the event of default or upon the occurrence of certain termination events. Collateral support agreements associated with each master netting arrangement provide that the Company will receive or pledge financial collateral in the event either minimum thresholds, or in certain cases ratings levels, have been reached. Additionally, certain of the Company’s repurchase agreements provide for net settlement on termination of the agreement. Refer to Note 10, Debt and Other Obligations for details of the Company’s repurchase agreement programs. Collateral received includes both cash and non-cash collateral. Cash collateral received by the Company is recorded on the consolidated condensed balance sheet as “cash”, with a corresponding amount recorded in “other liabilities” to represent the Company’s obligation to return the collateral. Non-cash collateral received by the Company is not recognized on the consolidated condensed balance sheet unless the Company exercises its right to sell or re-pledge the underlying asset. As of September 30, 2020 and December 31, 2019, the fair value of non-cash collateral received was $29.5 million and $21.3 million, respectively. The tables below present the derivative instruments by assets and liabilities for the Company as of September 30, 2020. Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Net Amount (Dollars In Thousands) Offsetting of Assets Derivatives: Free-Standing derivatives $ 1,087,780 $ — $ 1,087,780 $ 537,340 $ 391,941 $ 158,499 Total derivatives, subject to a master netting arrangement or similar arrangement 1,087,780 — 1,087,780 537,340 391,941 158,499 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 83,379 — 83,379 — — 83,379 Embedded derivative - GLWB 48,091 — 48,091 — — 48,091 Derivatives with PLC 133,486 — 133,486 — — 133,486 Other 55,038 — 55,038 — — 55,038 Total derivatives, not subject to a master netting arrangement or similar arrangement 319,994 — 319,994 — — 319,994 Total derivatives 1,407,774 — 1,407,774 537,340 391,941 478,493 Total Assets $ 1,407,774 $ — $ 1,407,774 $ 537,340 $ 391,941 $ 478,493 Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Net Amount (Dollars In Thousands) Offsetting of Liabilities Derivatives: Free-Standing derivatives $ 539,659 $ — $ 539,659 $ 537,340 $ 2,319 $ — Total derivatives, subject to a master netting arrangement or similar arrangement 539,659 — 539,659 537,340 2,319 — Derivatives, not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 331,836 — 331,836 — — 331,836 Funds withheld derivative 145,030 — 145,030 — — 145,030 Embedded derivative - GLWB 566,337 — 566,337 — — 566,337 Embedded derivative - FIA 580,268 — 580,268 — — 580,268 Embedded derivative - IUL 194,228 — 194,228 — — 194,228 Other 46,236 — 46,236 — — 46,236 Total derivatives, not subject to a master netting arrangement or similar arrangement 1,863,935 — 1,863,935 — — 1,863,935 Total derivatives 2,403,594 — 2,403,594 537,340 2,319 1,863,935 Repurchase agreements (1) 150,000 — 150,000 — — 150,000 Total Liabilities $ 2,553,594 $ — $ 2,553,594 $ 537,340 $ 2,319 $ 2,013,935 (1) Borrowings under repurchase agreements are for a term less than 90 days. The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2019. Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Net Amount (Dollars In Thousands) Offsetting of Assets Derivatives: Free-Standing derivatives $ 785,650 $ — $ 785,650 $ 452,562 $ 215,587 $ 117,501 Total derivatives, subject to a master netting arrangement or similar arrangement 785,650 — 785,650 452,562 215,587 117,501 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 31,926 — 31,926 — — 31,926 Embedded derivative - GLWB 62,538 — 62,538 — — 62,538 Derivatives with PLC 115,379 — 115,379 — — 115,379 Other — — — — — — Total derivatives, not subject to a master netting arrangement or similar arrangement 209,843 — 209,843 — — 209,843 Total derivatives 995,493 — 995,493 452,562 215,587 327,344 Total Assets $ 995,493 $ — $ 995,493 $ 452,562 $ 215,587 $ 327,344 Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Net Amount (Dollars In Thousands) Offsetting of Liabilities Derivatives: Free-Standing derivatives $ 458,623 $ — $ 458,623 $ 452,562 $ 4,791 $ 1,270 Total derivatives, subject to a master netting arrangement or similar arrangement 458,623 — 458,623 452,562 4,791 1,270 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 231,516 — 231,516 — — 231,516 Funds withheld derivative 70,583 — 70,583 — — 70,583 Embedded derivative - GLWB 248,577 — 248,577 — — 248,577 Embedded derivative - FIA 332,869 — 332,869 — — 332,869 Embedded derivative - IUL 151,765 — 151,765 — — 151,765 Other 53,245 — 53,245 — — 53,245 Total derivatives, not subject to a master netting arrangement or similar arrangement 1,088,555 — 1,088,555 — — 1,088,555 Total derivatives 1,547,178 — 1,547,178 452,562 4,791 1,089,825 Repurchase agreements (1) 270,000 — 270,000 — — 270,000 Total Liabilities $ 1,817,178 $ — $ 1,817,178 $ 452,562 $ 4,791 $ 1,359,825 (1) Borrowings under repurchase agreements are for a term less than 90 days.

COMMERCIAL MORTGAGE LOANS

COMMERCIAL MORTGAGE LOANS	9 Months Ended
	Sep. 30, 2020
COMMERCIAL MORTGAGE LOANS [Abstract]
COMMERCIAL MORTGAGE LOANS	COMMERCIAL MORTGAGE LOANS Commercial Mortgage Loans The Company invests a portion of its investment portfolio in commercial mortgage loans. As of September 30, 2020, the Company’s commercial mortgage loan holdings were appr oximately $9.9 billion, and $9.8 billion net of allowance for credit losses . The Company has specialized in making loans on credit-oriented commercial properties, credit-anchored strip shopping centers, senior living facilities, and apartments. The Company’s underwriting procedures relative to its commercial mortgage loan portfolio are based, in the Company’s view, on a conservative and disciplined approach. The Company concentrates on a small number of commercial real estate asset classes (retail, industrial, senior living, office, and multi-family). With respect to retail, the Company’s focus is on the necessities of life sector. The Company believes that this retail focus, along with the other preferred asset classes tend to weather economic downturns better than other commercial real estate asset classes in which it has chosen not to participate. The Company believes this disciplined approach has helped to maintain a relatively low delinquency and foreclosure rate throughout its history. The majority of the Company’s commercial mortgage loan portfolio was underwritten by the Company. From time to time, the Company may acquire loans in conjunction with an acquisition. The Company’s commercial mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, and net of the allowance for credit losses. See Note 2, Summary of Significant Accounting Policies , for a detailed discussion of the Company’s policies with respect to the measurement of the allowance for credit losses. Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Amortization of premiums and discounts is recorded using the effective yield method. Interest income, amortization of premiums and discounts and prepayment fees are reported in net investment income. Certain of the commercial mortgage loans have call options that occur within the next 10 years. However, if interest rates were to significantly increase, the Company may be unable to exercise the call options on its existing commercial mortgage loans commensurate with the significantly increased market rates. As of September 30, 2020, assuming the loans are called at their next call dates, approximately $8.1 million of principal would become due for the remainder of 2020, $763.7 million in 2021 through 2025 and $56.7 million in 2026 through 2029. The Company offers a type of commercial mortgage loan under which the Company will permit a loan-to-value ratio of up to 85% in exchange for a participating interest in the cash flows from the underlying real estate. As of September 30, 2020 and December 31, 2019, approximately $805.2 million and $717.0 million, respectively, of the Company’s total commercial mortgage loans principal balance have this participation feature. Cash flows received as a result of this participation feature are recorded as interest income. During the three and nine months ended September 30, 2020 and 2019, the Company recognized $0.9 million, $3.8 million, $17.3 million, and $18.0 million respectively, of participation commercial mortgage loan income. As of September 30, 2020, the Company had $1.2 million of invested assets that consisted of nonperforming commercial mortgage loans, restructured commercial mortgage loans, or commercial mortgage loans that were foreclosed and were converted to real estate properties. The Company does not expect these investments to adversely affect its liquidity or ability to maintain proper matching of assets and liabilities. Non-performing commercial mortgage loans include loans that are greater than 90 days delinquent, or otherwise deemed uncollectible. During the nine months ended September 30, 2020, the Company recognized two troubled debt restructurings as a result of granting concessions to borrowers which included loan terms unavailable from other lenders. During the three and nine months ended September 30, 2020, the Company did not have any commercial mortgage loans that were foreclosed and were converted to real estate properties. It is the Company’s policy to write off loan amounts that are deemed uncollectible. No amounts were written off during the three and nine months ended September 30, 2020. As of September 30, 2019, $3.2 million of the Company’s invested assets consisted of nonperforming commercial mortgage loans, restructured commercial mortgage loans, or commercial mortgage loans that were foreclosed and were converted to real estate properties. The Company does not expect these investments to adversely affect its liquidity or ability to maintain proper matching of assets and liabilities. Non-performing commercial mortgage loans include loans that are greater than 90 days delinquent, or otherwise deemed uncollectible. During the nine months ended September 30, 2019, the Company recognized four troubled debt restructurings as a result of granting concessions to borrowers which included loan terms unavailable from other lenders. During the three and nine months ended September 30, 2019, the Company did not have any commercial mortgage loans that were foreclosed and were converted to real estate properties. The Company did not identify any loans whose principal was permanently impaired during the three and nine months ended September 30, 2019. On March 27, 2020, H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (“the CARES Act”) was signed into legislation. Section 4013 of the CARES Act provides additional relief for certain loan modifications made as a result of the COVID-19 pandemic. Specifically, the CARES Act specifies that a financial institution may suspend the requirements under GAAP with respect to troubled debt restructuring classification and reporting for loan modifications made in response to the COVID-19 pandemic which meet the following criteria: 1) the borrower was not more than 30 days past due as of December 31, 2019 and 2) the modifications are related to arrangements that defer or delay the payment of principal or interest, or change the interest rate on the loan. The relief provided by the CARES Act terminates on the earlier of December 31, 2020 or 60 days after the end of the national emergency declared on March 13, 2020. Accordingly, the Company provided certain relief under the CARES Act under its COVID-19 Commercial Mortgage Loan Program (the “Loan Modification Program”). As of September 30, 2020, the Company had a total of 308 loans with $2.2 billion in unpaid principal balance under the Loan Modification Program. The modifications under this program include agreements to defer principal payments only and/or to defer principal and interest payments for a specified period of time. None of these modifications were considered troubled debt restructurings. As of September 30, 2020, the amortized cost basis of the Company's commercial mortgage loan receivables by origination year, net of the allowance, for credit losses is as follows: Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (Dollars In Thousands) As of September 30, 2020 Commercial mortgage loans: Performing $ 937,464 $ 2,528,592 $ 1,606,876 $ 1,361,092 $ 956,593 $ 2,549,745 $ 9,940,362 Non-performing — — — — — — — Amortized cost $ 937,464 $ 2,528,592 $ 1,606,876 $ 1,361,092 $ 956,593 $ 2,549,745 $ 9,940,362 Allowance for credit losses (11,139) (39,465) (43,172) (30,722) (15,789) (34,763) (175,050) Total commercial mortgage loans $ 926,325 $ 2,489,127 $ 1,563,704 $ 1,330,370 $ 940,804 $ 2,514,982 $ 9,765,312 The following table presents loan-to-value ratios for commercial mortgages by year of vintage: Loan-to-Value Ratios for Commercial Mortgages by Year of Vintage 2020 2019 2018 2017 2016 Prior Total (Dollars In Thousands) As of September 30, 2020 Commercial mortgage loans: Greater than 75% $ 37,291 $ 105,608 $ 104,885 $ 51,973 $ 6,605 $ 6,122 $ 312,484 50% - 75% 688,487 1,589,323 1,017,753 1,027,418 778,876 1,368,660 6,470,517 Less than 50% 211,686 833,661 484,238 281,701 171,112 1,174,963 3,157,361 Amortized Cost 937,464 2,528,592 $ 1,606,876 $ 1,361,092 $ 956,593 $ 2,549,745 $ 9,940,362 Allowance for credit losses (11,139) (39,465) (43,172) (30,722) (15,789) (34,763) (175,050) Total commercial mortgage loans $ 926,325 $ 2,489,127 $ 1,563,704 $ 1,330,370 $ 940,804 $ 2,514,982 $ 9,765,312 (1) The loan-to-value ratio compares the current unpaid principal of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 54% at both September 30, 2020 and December 31, 2019. The following table presents debt service coverage ratios for commercial mortgages by year of vintage: Debt Service Coverage Ratios for Commercial Mortgages by Year of Vintage 2020 2019 2018 2017 2016 Prior Total (Dollars In Thousands) As of September 30, 2020 Commercial mortgage loans: >1.20x $ 900,073 $ 2,073,671 $ 1,202,174 $ 1,059,070 $ 725,071 $ 1,943,864 $ 7,903,923 1.00x - 1.20x 37,391 354,960 330,495 237,527 143,886 360,784 1,465,043 <1.00x — 99,961 74,207 64,495 87,636 245,097 571,396 Amortized Cost 937,464 2,528,592 1,606,876 1,361,092 956,593 2,549,745 9,940,362 Allowance for credit losses (11,139) (39,465) (43,172) (30,722) (15,789) (34,763) (175,050) Total commercial mortgage loans $ 926,325 $ 2,489,127 $ 1,563,704 $ 1,330,370 $ 940,804 $ 2,514,982 $ 9,765,312 (1) The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.74x at September 30, 2020 and 1.73x at December 31, 2019. The ACL increased by $99.1 million during the nine months ended September 30, 2020, primarily as a result of deterioration in the macroeconomic forecasts, as a result of COVID-19, used in the measurement of the ACL since the initial allowance was established. For The For The (Dollars In Thousands) Allowance for Funded Commercial Mortgage Loan Credit Losses Beginning balance $ 173,186 $ 4,884 Cumulative effect adjustment — 80,239 Charge offs — — Recoveries — (1,839) Provision 1,864 91,766 Ending balance $ 175,050 $ 175,050 Allowance for Unfunded Commercial Mortgage Loan Commitments Credit Losses Beginning balance $ 19,550 $ — Cumulative effect adjustment — 10,610 Charge offs — — Recoveries — — Provision 247 9,187 Ending balance $ 19,797 $ 19,797 An analysis of delinquent loans is shown in the following chart: Greater 30-59 Days 60-89 Days than 90 Days Total As of September 30, 2020 Delinquent Delinquent Delinquent Delinquent (Dollars In Thousands) Commercial mortgage loans $ — $ — $ — $ — Number of delinquent commercial mortgage loans — — — — As of December 31, 2019 Commercial mortgage loans $ 6,455 $ — $ 710 $ 7,165 Number of delinquent commercial mortgage loans 2 — 3 5 The Company limits accrued interest income on loans to ninety days of interest. For loans in nonaccrual status, interest income is recognized on a cash basis. For the nine months ended September 30, 2020, an immaterial amount of accrued interest was excluded from the amortized cost basis pursuant to the Company's nonaccrual policy. An analysis of loans in a nonaccrual status is shown in the following chart: Recorded Unpaid Related Average Interest Cash Basis (Dollars In Thousands) As of September 30, 2020 Commercial mortgage loans: With no related allowance recorded $ — $ — $ — $ — $ — $ — With an allowance recorded $ — $ — $ — $ — $ — $ — As of December 31, 2019 Commercial mortgage loans: With no related allowance recorded $ 710 $ 702 $ — $ 237 $ 20 $ 28 With an allowance recorded $ 16,209 $ 16,102 $ 4,884 $ 3,242 $ 841 $ 838 Commercial mortgage loans that were modified in a troubled debt restructuring as of September 30, 2020 and December 31, 2019 are shown below. Number of Pre-Modification Post-Modification (Dollars In Thousands) As of September 30, 2020 Troubled debt restructuring: Commercial mortgage loans 1 $ 1,237 $ 1,237 As of December 31, 2019 Troubled debt restructuring: Commercial mortgage loans 2 $ 3,771 $ 3,771

DEBT AND OTHER OBLIGATIONS

DEBT AND OTHER OBLIGATIONS	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
DEBT AND OTHER OBLIGATIONS	DEBT AND OTHER OBLIGATIONS Under a revolving line of credit arrangement (the “Credit Facility”), the Company has the ability to borrow on an unsecured basis up to an aggregate principal amount of $1.0 billion. The Company has the right in certain circumstances to request that the commitment under the Credit Facility be increased up to a maximum principal amount of $1.5 billion. Balances outstanding under the Credit Facility accrue interest at a rate equal to, at the option of the Borrowers, (i) LIBOR plus a spread based on the ratings of PLC’s Senior Debt, or (ii) the sum of (A) a rate equal to the highest of (x) the Administrative Agent’s Prime rate, (y) 0.50% above the Funds Rate, or (z) the one-month LIBOR plus 1.00% and (B) a spread based on the ratings of PLC’s Senior Debt. The Credit Facility also provided for a facility fee at a rate that varies with the ratings of PLC’s Senior Debt and that is calculated on the aggregate amount of commitments under the Credit Facility, whether used or unused. The annual facility fee rate is 0.125% of the aggregate principal amount. The Credit Facility provides that PLC is liable for the full amount of any obligations for borrowings or letters of credit, including those of the Company, under the Credit Facility. The maturity date of the Credit Facility is May 3, 2023. The Company is not aware of any non-compliance with the financial debt covenants of the Credit Facility as of September 30, 2020. PLC had a combined outstanding balance of $255.0 million, with $215.0 million bearing an interest at a rate of LIBOR plus 1.00%, and $40 million bearing an interest rate of Prime as of September 30, 2020. PLC did not have an outstanding balance as of December 31, 2019. Non-Recourse Funding Obligations Non-recourse funding obligations outstanding as of September 30, 2020, on a consolidated basis, are shown in the following table. See Note 15, Subsequent Events for additional information on the Company’s non-recourse funding obligations. Issuer Outstanding Principal Carrying Value (1) Maturity Year-to-Date (Dollars In Thousands) Golden Gate Captive Insurance Company (2)(3) $ 1,858,000 $ 1,858,000 2039 4.70 % Golden Gate II Captive Insurance Company 329,949 275,895 2052 3.91 % Golden Gate V Vermont Captive Insurance Company (2)(3) 750,000 806,015 2037 5.12 % MONY Life Insurance Company (3) 1,885 2,216 2024 6.19 % Total $ 2,939,834 $ 2,942,126 (1) Carrying values include premiums and discounts and do not represent unpaid principal balances. (2) Obligations are issued to non-consolidated subsidiaries of PLC. These obligations collateralize certain held-to-maturity securities issued by wholly owned subsidiaries of the Company. Changes in Golden Gate and Golden Gate V are non-cash items. (3) Fixed rate obligations. Non-recourse funding obligations outstanding as of December 31, 2019, on a consolidated basis, are shown in the following table: Issuer Outstanding Principal Carrying Value (1) Maturity Year-to-Date (Dollars In Thousands) Golden Gate Captive Insurance Company (2)(3) $ 2,028,000 $ 2,028,000 2039 4.70 % Golden Gate II Captive Insurance Company 329,949 274,955 2052 5.06 % Golden Gate V Vermont Captive Insurance Company (2)(3) 720,000 777,527 2037 5.12 % MONY Life Insurance Company (3) 1,885 2,271 2024 6.19 % Total $ 3,079,834 $ 3,082,753 (1) Carrying values include premiums and discounts and do not represent unpaid principal balances. (2) Obligations are issued to non-consolidated subsidiaries of PLC. These obligations collateralize certain held-to-maturity securities issued by wholly owned subsidiaries of the Company. Changes in Golden Gate and Golden Gate V are non-cash items. (3) Fixed rate obligations. Secured Financing Transactions Repurchase Program Borrowings While the Company anticipates that the cash flows of its operating subsidiaries will be sufficient to meet its investment commitments and operating cash needs in a normal credit market environment, the Company recognizes that investment commitments scheduled to be funded may, from time to time, exceed the funds then available. Therefore, the Company has established repurchase agreement programs for certain of its insurance subsidiaries to provide liquidity when needed. The Company expects that the rate received on its investments will equal or exceed its borrowing rate. Under this program, the Company may, from time to time, sell an investment security at a specific price and agree to repurchase that security at another specified price at a later date. These borrowings are typically for a term less than 90 days. The market value of securities to be repurchased is monitored and collateral levels are adjusted where appropriate to protect the counterparty against credit exposure. Cash received is invested in fixed maturi ty securities, and the agreements provide for net settlement in the event of default or on termination of the agreements. As of September 30, 2020, the fair value of securities pledged under the repurchase program was $153.7 million, and the repurchase obligation of $150.0 million was included in the Company’s consolidated condensed balance sheets (at an average borrowing rate of 14 basis points). During the nine months ended September 30, 2020, the maximum balance outstanding at any one point in time related to these programs was $565.0 million. The average daily balance was $94.4 million (at an average borrowing rate of 50 basis points) during the nine months ended September 30, 2020. As of December 31, 2019, the fair value of securities pledged under the repurchase program wa s $282.2 million, and the repurchase obligation of $270.0 million w as included in the Company’s consolidated condensed balance sheets (at an average borrowing rate of 163 basis points). During 2019, the maximum balance outstanding at any one point in time related to these programs w as $900.0 million . The average daily balance was $212.2 million (at an average borrowing rate of 214 basis points) during the year ended December 31, 2019. Securities Lending The Company participates in securities lending, primarily as an investment yield enhancement, whereby securities that are held as investments are loaned out to third parties for short periods of time. The Company requires collateral at least equal to 102% of the fair value of the loaned securities to be separately maintained. The loaned securities’ fair value is monitored on a daily basis and collateral is adjusted accordingly. The Company maintains ownership of the securities at all times and is entitled to receive from the borrower any payments for interest received on such securities during the loan term. Securities lending transactions are accounted for as secured borrowings. As of September 30, 2020, securities with a fair value of $80.2 million were loaned under this program. As collateral for the loaned securities, the Company receives cash which is primarily reinvested in short-term repurchase agreements, which are also collateralized by U.S. Government or U.S. Government Agency securities, and government money market funds. These investments are recorded in short-term investments with a corresponding liability recorded in secured financing liabilities to account for its obligation to return the collateral. As of September 30, 2020, the fair value of the collateral related to this program was $82.8 million and the Company has an obligation to return $82.8 million of collateral to the securities borrowers. The following table provides the fair value of collateral pledged for repurchase agreements, grouped by asset class as of September 30, 2020 and December 31, 2019 : Repurchase Agreements, Securities Lending Transactions, and Repurchase-to-Maturity Transactions Accounted for as Secured Borrowings Remaining Contractual Maturity of the Agreements As of September 30, 2020 (Dollars In Thousands) Overnight and Up to 30 days 30-90 days Greater Than Total Repurchase agreements and repurchase-to-maturity transactions U.S. Treasury and agency securities $ 153,681 $ — $ — $ — $ 153,681 Total repurchase agreements and repurchase-to-maturity transactions 153,681 — — — 153,681 Securities lending transactions Corporate securities 60,358 — — — 60,358 Equity securities 17,282 — — — 17,282 Other government related securities 2,554 — — — 2,554 Total securities lending transactions 80,194 — — — 80,194 Total securities $ 233,875 $ — $ — $ — $ 233,875 Repurchase Agreements, Securities Lending Transactions, and Repurchase-to-Maturity Transactions Accounted for as Secured Borrowings Remaining Contractual Maturity of the Agreements As of December 31, 2019 (Dollars In Thousands) Overnight and Up to 30 days 30-90 days Greater Than Total Repurchase agreements and repurchase-to-maturity transactions U.S. Treasury and agency securities $ 282,198 $ — $ — $ — $ 282,198 Total repurchase agreements and repurchase-to-maturity transactions 282,198 — — — 282,198 Securities lending transactions Fixed maturity securities 55,720 — — — 55,720 Equity securities 7,120 — — — 7,120 Total securities lending transactions 62,840 — — — 62,840 Total securities $ 345,038 $ — $ — $ — $ 345,038

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company leases administrative and marketing office space as well as various office equipment. Most leases have terms ranging from two years to twenty-five years. Leases with an initial term of 12 months or less are not recorded on the consolidated condensed balance sheet. The Company accounts for lease components separately from non-lease components (e.g., common area maintenance). Certain of the Company’s lease agreements include options to renew at the Company’s discretion. Management has concluded that the Company is not reasonably certain to elect any of these renewal options. The Company will use the interest rates received on its funding agreement backed notes as the collateralized discount rate when calculating the present value of remaining lease payments when the rate implicit in the lease is unavailable. Under the insurance guaranty fund laws in most states, insurance companies doing business therein can be assessed up to prescribed limits for policyholder losses incurred by insolvent companies. From time to time, companies may be asked to contribute amounts beyond prescribed limits. It is possible that the Company could be assessed with respect to product lines not offered by the Company. In addition, legislation may be introduced in various states with respect to guaranty fund assessment laws related to insurance products, including long term care insurance and other specialty products, that increases the cost of future assessments or alters future premium tax offsets received in connection with guaranty fund assessments. The Company cannot predict the amount, nature or timing of any future assessments or legislation, any of which could have a material and adverse impact on the Company’s financial condition or results of operations. A number of civil jury verdicts have been returned against insurers, broker-dealers, and other providers of financial services involving sales, refund or claims practices, alleged agent misconduct, failure to properly supervise representatives, relationships with agents or persons with whom the insurer does business, and other matters. Often these lawsuits have resulted in the award of substantial judgments that are disproportionate to the actual damages, including material amounts of punitive and non-economic compensatory damages. In some states, juries, judges, and arbitrators have substantial discretion in awarding punitive and non-economic compensatory damages which creates the potential for unpredictable material adverse judgments or awards in any given lawsuit or arbitration. Arbitration awards are subject to very limited appellate review. In addition, in some class action and other lawsuits, companies have made material settlement payments. The financial services and insurance industries in particular are also sometimes the target of law enforcement and regulatory investigations relating to the numerous laws and regulations that govern such companies. Some companies have been the subject of law enforcement or regulatory actions or other actions resulting from such investigations. The Company, in the ordinary course of business, is involved in such matters. The Company establishes liabilities for litigation and regulatory actions when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. For matters where a loss is believed to be reasonably possible, but not probable, no liability is established. For such matters, the Company may provide an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. The Company reviews relevant information with respect to litigation and regulatory matters on a quarterly and annual basis and updates its established liabilities, disclosures, and estimates of reasonably possible losses or range of loss based on such reviews. Certain of the Company’s insurance subsidiaries, as well as certain other insurance companies for which the Company has coinsured blocks of life insurance and annuity policies, are under audit for compliance with the unclaimed property laws of a number of states. The audits are being conducted on behalf of the treasury departments or unclaimed property administrators in such states. The focus of the audits is on whether there have been unreported deaths, maturities, or policies that have exceeded limiting age with respect to which death benefits or other payments under life insurance or annuity policies should be treated as unclaimed property that should be escheated to the state. The Company is presently unable to estimate the reasonably possible loss or range of loss that may result from the audits due to a number of factors, including the early stages of the audits being conducted, and uncertainty as to whether the Company or other companies are responsible for the liabilities, if any, arising in connection with certain co-insured policies. The Company will continue to monitor the matter for any developments that would make the loss contingency associated with the audits reasonably estimable. Advance Trust & Life Escrow Services, LTA, as Securities Intermediary of Life Partners Position Holder Trust v. Protective Life Insurance Company, Case No. 2:18-CV-01290, is a putative class action that was filed on August 13, 2018 in the United States District Court for the Northern District of Alabama. Plaintiff alleges that the Company required policyholders to pay unlawful and excessive cost of insurance charges. Plaintiff seeks to represent all owners of universal life and variable universal life policies issued or administered by the Company or its predecessors that provide that cost of insurance rates are to be determined based on expectations of future mortality experience. The plaintiff seeks class certification, compensatory damages, pre-judgment and post-judgment interest, costs, and other unspecified relief. The Company is vigorously defending this matter and cannot predict the outcome of or reasonably estimate the possible loss or range of loss that might result from this litigation. Scottish Re (U.S.), Inc. ("SRUS") was placed in rehabilitation on March 6, 2019 by the State of Delaware. Under the related order, the Insurance Commissioner of the State of Delaware has been appointed the receiver of SRUS (the “Receiver”) and provided with authority to conduct and continue the business of SRUS in the interest of its cedents, creditors, and stockholder. The order was accompanied by an injunction requiring the continued payment of reinsurance premiums to SRUS and temporarily prohibiting cedents, including the Company, from offsetting premiums payable against receivables from SRUS. On June 20, 2019, the Delaware Court of Chancery (the “Court”) entered an order approving a Revised Offset Plan, which allows cedents, including the Company, to offset premiums under certain circumstances. A proposed Rehabilitation Plan (“Rehabilitation Plan”) was filed by the receiver of SRUS on June 30, 2020. The Rehabilitation Plan presents the following two options to each cedent: 1) remain in business with SRUS and be governed by the Rehabilitation Plan, or 2) recapture business ceded to SRUS. Due to SRUS’s financial status, neither option pays 100% of outstanding claims. Certain financial terms and conditions will be imposed on the cedents based on the election made, the type of business ceded, the manner in which the business is collateralized, and the amount of losses sustained by a cedent. The Company is currently working to evaluate the impact of both options and to provide feedback/objections to the Receiver on the Rehabilitation Plan. On October 9, 2020, the Receiver filed a proposed order setting forth a schedule to present the Rehabilitation Plan for Court approval, which order contemplates possible modifications to the Rehabilitation Plan to be filed with the Court by March 16, 2021. The Company continues to monitor SRUS and the actions of the Receiver through discussions with legal counsel and review of publicly available information. An allowance for credit losses related to SRUS is included in the overall reinsurance allowance for credit losses. See Note 2, Summary of Significant Accounting Policies

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) (“AOCI”) as of September 30, 2020 and December 31, 2019. Changes in Accumulated Other Comprehensive Income (Loss) by Component Unrealized Gains and Losses on Investments (2) Accumulated Total (Dollars In Thousands, Net of Tax) Balance, December 31, 2018 $ (1,404,209) $ (7) $ (1,404,216) Other comprehensive income (loss) before reclassifications 2,833,888 (9,781) 2,824,107 Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings (3,574) — (3,574) Amounts reclassified from accumulated other comprehensive income (loss) (1) (10,474) 1,799 (8,675) Balance, December 31, 2019 $ 1,415,631 $ (7,989) $ 1,407,642 Other comprehensive income (loss) before reclassifications 1,258,943 (877) 1,258,066 Other comprehensive income (loss) on investments for which a credit loss has been recognized in earnings 25,659 — 25,659 Amounts reclassified from accumulated other comprehensive income (loss) (1) 60,231 2,427 62,658 Balance, September 30, 2020 $ 2,760,464 $ (6,439) $ 2,754,025 (1) See Reclassifications Out of Accumulated Other Comprehensive Income (Loss) table below for details. (2) As of September 30, 2020 and December 31, 2019, net unrealized gains reported in AOCI were offset by $(1.6) billion and $(776.9) million, respectively, due to the impact those net unrealized losses would have had on certain of the Company’s insurance assets and liabilities if the net unrealized losses had been recognized in net income. The following tables summarize the reclassifications amounts out of AOCI for the three and nine months ended September 30, 2020 and 2019. Reclassifications Out of Accumulated Other Comprehensive Income (Loss) For The For The Gains (losses) in net income: Affected Line Item in the 2020 2019 2020 2019 (Dollars In Thousands) Derivative instruments Benefits and settlement expenses, net of reinsurance ceded (1) $ (401) $ (746) $ (3,072) $ (1,360) Tax (expense) benefit 84 157 645 285 $ (317) $ (589) $ (2,427) $ (1,075) Unrealized gains and losses on available-for-sale securities Realized gains (losses) - investments $ 2,681 $ 15,686 $ 44,298 $ 21,885 Net credit losses recognized in operations (38,459) — (120,540) — Net impairment losses recognized in operations — (10,818) — (14,658) Tax (expense) benefit 7,513 (1,022) 16,011 (1,517) $ (28,265) $ 3,846 $ (60,231) $ 5,710 (1) See Note 7, Derivative Financial Instruments for additional information

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company used its respective estimates for its annual 2020 and 2019 income in computing its effective income tax rates for the three and nine months ended September 30, 2020 and 2019. The effective tax rates for the three and nine months ended September 30, 2020 and 2019, were 17.7%, 19.2% 20.6%, and 19.2% respectively. The CARES Act, as described in Note 9, Commercial Mortgage Loans , includes tax provisions relevant to businesses. The Company was required to recognize the effect on the consolidated financial statements in the period the law was enacted, which was in the period ended March 31, 2020. For the period ended March 31, 2020, the CARES Act was not material to the Company's consolidated financial statements; however, if we were to have a taxable loss for the year ended December 31, 2020, we would be able to carryback those losses to prior periods. At this time, the Company does not expect the impact of the CARES Act to be material to the Company's consolidated financial statements for the year ended December 31, 2020. In April 2019, the IRS proposed favorable and unfavorable adjustments to the Company’s 2014 through 2016 reported taxable income. The Company agreed to these adjustments. The resulting taxes have been settled, other than interest; the settlement of interest will not materially impact the Company or its effective tax rate. In general, the Company is no longer subject to income tax examinations by taxing authorities for tax years that began before 2017. Due to the aforementioned IRS adjustments to the Company's pre-2017 taxable income, the Company has amended certain of its 2014 through 2016 state income tax returns. Such amendments will cause such years to remain open, pending the states' acceptances of the returns. There have been no changes to the balance of unrecognized tax benefits during the three and nine months ended September 30, 2020. The Company believes that in the next twelve months, none of the unrecognized tax benefits will be reduced.

OPERATING SEGMENTS

OPERATING SEGMENTS	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
OPERATING SEGMENTS	OPERATING SEGMENTS The Company has several operating segments, each having a strategic focus. An operating segment is distinguished by products, channels of distribution, and/or other strategic distinctions. The Company periodically evaluates its operating segments and makes adjustments to its segment reporting as needed. A brief description of each segment follows. In the first quarter of 2020, as a result of changes in the way the chief operating decision maker makes decisions about the allocation of resources and assesses the performance of the business, the Company combined two of its former six segments into one segment, Retail Life and Annuity. These changes enable the Company to better serve the needs of its customer and to help achieve the goals of the organization. Prior period amounts were adjusted retrospectively to reflect the change in the Company’s reportable segments. • The Retail Life and Annuity segment primarily markets fixed universal life (“UL”), indexed universal life (“IUL”), variable universal life (“VUL”), level premium term insurance (“traditional”), fixed annuity, and variable annuity (“VA”) products on a national basis primarily through networks of independent insurance agents and brokers, broker-dealers, financial institutions, independent marketing organizations, and affinity groups. • The Acquisitions segment focuses on acquiring, converting, and servicing policies and contracts acquired from other companies. The segment’s primary focus is on life insurance policies and annuity products that were sold to individuals. Additionally, this segment recently increased its focus on identifying transactions which present ongoing retail opportunities. The level of the segment’s acquisition activity is predicated upon many factors, including available capital, operating capacity, potential return on capital, and market dynamics. Policies acquired through the Acquisitions segment are typically blocks of business where no new policies are being marketed, however, some recent acquisitions have included ongoing new business activities. Ongoing new product sales written by the Company from these acquisitions are included in the Retail Life and Annuity segment. As a result, earnings and account values are expected to decline as the result of lapses, deaths, and other terminations of coverage unless new acquisitions are made. • The Stable Value Products segment sells fixed and floating rate funding agreements directly to the trustees of municipal bond proceeds, money market funds, bank trust departments, and other institutional investors. This segment also issues funding agreements to the FHLB, and markets guaranteed investment contracts (“GICs”) to 401(k) and other qualified retirement savings plans. The Company also has an unregistered funding agreement-backed notes program which provides for offers of notes to both domestic and international institutional investors. • The Asset Protection segment markets extended service contracts, GAP products, credit life and disability insurance, and other specialized ancillary products to protect consumers’ investments in automobiles and recreational vehicles. GAP products are designed to cover the difference between the scheduled loan pay-off amount and an asset’s actual cash value in the case of a total loss. Each type of specialized ancillary product protects against damage or other loss to a particular aspect of the underlying asset. • The Corporate and Other segment primarily consists of net investment income on assets supporting our equity capital, unallocated corporate overhead and expenses not attributable to the segments above. This segment includes earnings from several non-strategic or runoff lines of business, various financing and investment-related transactions, and the operations of several small subsidiaries. The Company’s management and Board of Directors analyzes and assesses the operating performance of each segment using pre-tax adjusted operating income (loss) and after-tax adjusted operating income (loss) . Consistent with GAAP accounting guidance for segment reporting, pre-tax adjusted operating income (loss) is the Company’s measure of segment performance. Pre-tax adjusted operating income (loss) is calculated by adjusting income (loss) before income tax , by excluding the following items: • realized gains and losses on investments and derivatives, • changes in the GLWB embedded derivatives exclusive of the portion attributable to the economic cost of the GLWB, • actual GLWB incurred claims, and • the amortization of DAC, VOBA, and certain policy liabilities that is impacted by the exclusion of these items. The items excluded from adjusted operating income (loss) are important to understanding the overall results of operations. Pre-tax adjusted operating income (loss) and after-tax adjusted operating income (loss) are not substitutes for income before income taxes or net income (loss), respectively. These measures may not be comparable to similarly titled measures reported by other companies. The Company believes that pre-tax and after-tax adjusted operating income (loss) enhances management’s and the Board of Directors’ understanding of the ongoing operations, the underlying profitability of each segment, and helps facilitate the allocation of resources. After-tax adjusted operating income (loss) is derived from pre-tax adjusted operating income (loss) with the inclusion of income tax expense or benefits associated with pre-tax adjusted operating income. Income tax expense or benefits is allocated to the items excluded from pre-tax adjusted operating income (loss) at the statutory federal income tax rate for the associated period. Income tax expense or benefits allocated to after-tax adjusted operating income (loss) can vary period to period based on changes in the Company’s effective income tax rate. In determining the components of the pre-tax adjusted operating income (loss) for each segment, premiums and policy fees, other income, benefits and settlement expenses, and amortization of DAC and VOBA are attributed directly to each operating segment. Net investment income is allocated based on directly related assets required for transacting the business of that segment. Realized gains (losses) - investments/derivatives and other operating expenses are allocated to the segments in a manner that most appropriately reflects the operations of that segment. Investments and other assets are allocated based on statutory policy liabilities net of associated statutory policy assets, while DAC/VOBA and goodwill are shown in the segments to which they are attributable. As of April 1, 2020, the Company refined its method of allocating the realized gains and losses associated with its derivative portfolios to the Acquisitions and Retail Life and Annuity operating segments. The impact of the change in allocation was not considered material to the operation segment results for the three and nine months ended September 30, 2019. There were no significant intersegment transactions during the three and nine months ended September 30, 2020 and 2019. The following tables present a summary of results and reconciles pre-tax adjusted operating income (loss) to consolidated income before income tax and net income: For The For The 2020 2019 2020 2019 (Dollars In Thousands) Revenues Retail Life and Annuity $ 664,525 $ 651,222 $ 1,995,041 $ 1,817,232 Acquisitions 802,200 859,524 2,399,362 2,136,497 Stable Value Products 48,081 59,954 137,222 187,118 Asset Protection 68,198 72,729 209,790 218,995 Corporate and Other 50,223 22,597 81,138 90,082 Total revenues $ 1,633,227 $ 1,666,026 $ 4,822,553 $ 4,449,924 Pre-tax Adjusted Operating Income (Loss) Retail Life and Annuity $ 14,927 3,015 22,642 $ 87,405 Acquisitions 64,999 103,210 238,121 247,932 Stable Value Products 20,129 20,863 62,119 71,208 Asset Protection 9,484 9,637 32,851 26,945 Corporate and Other (32,125) (36,563) (103,897) (119,675) Pre-tax adjusted operating income 77,414 100,162 251,836 313,815 Realized gains (losses) and adjustments (4,802) 139,679 118,090 288,476 Income before income tax 72,612 239,841 369,926 602,291 Income tax expense (12,850) (49,417) (71,094) (115,355) Net income $ 59,762 $ 190,424 $ 298,832 $ 486,936 Pre-tax adjusted operating income $ 77,414 $ 100,162 $ 251,836 $ 313,815 Adjusted operating income tax expense (13,859) (20,085) (46,295) (54,775) After-tax adjusted operating income 63,555 80,077 205,541 259,040 Realized gains (losses) and adjustments (4,802) 139,679 118,090 288,476 Income tax (expense) benefit on adjustments 1,009 (29,332) (24,799) (60,580) Net income $ 59,762 $ 190,424 $ 298,832 $ 486,936 Realized gains (losses) and adjustments: Derivative financial instruments $ 15,337 $ 42,286 $ 92,899 $ (86,288) Investments 22,819 77,399 (72,752) 302,596 Less: related amortization (1) 56,313 (6,205) (58,065) (37,406) Less: VA GLWB economic cost (13,355) (13,789) (39,878) (34,762) Total realized gains (losses) and adjustments $ (4,802) $ 139,679 $ 118,090 $ 288,476 (1) Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by realized gains (losses). For The For The 2020 2019 2020 2019 (Dollars In Thousands) Net investment income Retail Life and Annuity $ 249,122 $ 235,318 $ 748,470 $ 697,786 Acquisitions 405,458 426,510 1,235,231 1,106,782 Stable Value Products 54,210 59,707 169,279 184,450 Asset Protection 5,438 7,164 19,144 21,015 Corporate and Other 23,943 11,012 59,462 56,294 Total net investment income $ 738,171 $ 739,711 $ 2,231,586 $ 2,066,327 Amortization of DAC and VOBA Retail Life and Annuity $ 76,982 37,277 69,978 $ 57,471 Acquisitions 14,114 7,388 23,720 18,349 Stable Value Products 872 857 2,439 2,584 Asset Protection 17,173 15,828 48,459 47,156 Corporate and Other — — — — Total amortization of DAC and VOBA $ 109,141 $ 61,350 $ 144,596 125,560 Operating Segment Assets As of September 30, 2020 (Dollars In Thousands) Retail Life & Annuity Acquisitions Stable Value Investments and other assets $ 39,070,453 $ 54,395,295 $ 5,889,432 DAC and VOBA 2,476,357 808,377 7,681 Other intangibles 375,851 33,831 6,222 Goodwill 558,501 23,862 113,924 Total assets $ 42,481,162 $ 55,261,365 $ 6,017,259 Asset Corporate Total Investments and other assets $ 869,456 $ 19,872,380 $ 120,097,016 DAC and VOBA 169,505 — 3,461,920 Other intangibles 104,019 33,161 553,084 Goodwill 129,224 — 825,511 Total assets $ 1,272,204 $ 19,905,541 $ 124,937,531 Operating Segment Assets As of December 31, 2019 (Dollars In Thousands) Retail Life & Annuity Acquisitions Stable Value Investments and other assets $ 37,448,239 $ 54,074,450 $ 5,317,885 DAC and VOBA 2,416,616 924,090 5,221 Other intangibles 401,178 36,321 6,722 Goodwill 558,501 23,862 113,924 Total assets $ 40,824,534 $ 55,058,723 $ 5,443,752 Asset Corporate Total Investments and other assets $ 878,386 $ 17,830,217 $ 115,549,177 DAC and VOBA 173,628 — 3,519,555 Other intangibles 112,032 27,173 583,426 Goodwill 129,224 — 825,511 Total assets $ 1,293,270 $ 17,857,390 $ 120,477,669

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated the effects of events subsequent to September 30, 2020, and through the date the Company filed its consolidated condensed financial statements with the United States Securities and Exchange Commission. All accounting and disclosure requirements related to subsequent events are included in the Company's consolidated condensed financial statements. On October 1, 2020, as part of a corporate initiative to consolidate and simplify PLC’s reserve financing structures and reduce related financial and operational costs, Golden Gate II Captive Insurance Company, Golden Gate III Vermont Captive Insurance Company, Golden Gate IV Vermont Captive Insurance Company, and Golden Gate V Vermont Captive Insurance Company, all of which are wholly owned captive insurance company subsidiaries of the Company (collectively “the Captives”) merged with and into (the “Captive Merger”) Golden Gate Captive Insurance Company (“Golden Gate”), a Vermont special purpose financial insurance company and a wholly owned subsidiary of the Company. In conjunction with the Captive Merger, Golden Gate and Steel City, LLC (“Steel City”), a wholly owned subsidiary of PLC, terminated the financing facility into which Golden Gate and Steel City had entered in 2016. This termination included redeeming the fixed maturity securities issued by Steel City to Golden Gate and the surplus note issued by Golden Gate to Steel City. In conjunction with the Captive Merger, Golden Gate II redeemed the full outstanding principal amount of floating rate non-recourse funding obligations due July 15, 2052. These non-recourse funding obligations were previously marked to fair value in conjunction with the February 1, 2015 acquisition of the Company by The Dai-ichi Life Insurance Company (now known as Dai-ichi Life Holdings, Inc., “Dai-ichi Life”). The redemption required the acceleration of the accretion of the discount associated with the non-recourse funding obligation. The estimated impact of this non-cash acceleration is a $54 million reduction to income before income taxes for the year ended December 31, 2020. Also in conjunction with the Captive Merger, Golden Gate V and Red Mountain, LLC (“Red Mountain”), a wholly owned subsidiary of PLC, terminated the financing facility into which Golden Gate V and Red Mountain had entered into in 2012. This termination included redeeming the fixed maturity securities issued by Red Mountain to Golden Gate V and the non-recourse funding obligation issued by Golden Gate V to Red Mountain. As a result of these redemptions, the amortization and accretion of premiums and discounts recorded against the fixed maturities and non-recourse funding obligations which were previously marked to fair value in conjunction with the February 1, 2015 acquisition of the Company by Dai-ichi Life was accelerated. The estimated net impact of this non-cash acceleration is a $16 million reduction to income before income taxes for the year ended December 31, 2020. Also, in connection with the Captive Merger, the interest support and YRT premium support agreements that were entered into with PLC were terminated. As discussed in Note 6, Fair Value of Financial Instruments, these agreements met the definition of a derivative financial instrument and were accounted for at fair value in the consolidated financial statements. PLC intends to settle its obligations under these agreements during the fourth quarter of 2020. On October 1, 2020, immediately following the Captive Merger, Golden Gate entered into a transaction with a term of 20 years, that may be extended to up to a maximum term of 25 years, to finance up to a maximum term of $5 billion of “XXX” and “AXXX” reserves related to the term life insurance business and universal life insurance with secondary guarantee business that is reinsured to Golden Gate by PLICO and West Coast pursuant to an Excess of Loss Reinsurance Agreement (the “XOL Agreement”) with Hannover Life Reassurance Company of America (Bermuda) Ltd., The Canada Life Assurance Company (Barbados Branch) and RGA Reinsurance Company (Barbados) Ltd. (collectively, the “Retrocessionaires”). Pursuant to the XOL Agreement, in exchange for periodic fees, the Retrocessionaires assume, on an excess of loss basis, the obligation to pay (the “XOL Payments”) each quarter the lessor of a) the greater of (i) statutory reserves in excess of economic reserves and (ii) the financed amount and b) if total claims for such quarter exceed the available assets (as set forth in the XOL Agreement) of Golden Gate, the amount of such excess. The transaction is “non-recourse” to the Company, WCL, and PLICO, meaning that none of these companies are liable to reimburse the Retrocessionaires for any XOL payments required to be made.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Protective Life Insurance Company (the “Company”), a stock life insurance company, was founded in 1907. The Company is a wholly owned subsidiary of Protective Life Corporation (“PLC”), an insurance holding company. On February 1, 2015, PLC became a wholly owned subsidiary of The Dai-ichi Life Insurance Company, Limited, a kabushiki kaisha organized under the laws of Japan (now known as Dai-ichi Life Holdings, Inc., “Dai-ichi Life”), when DL Investment (Delaware), Inc., a wholly owned subsidiary of Dai-ichi Life, merged with and into PLC (the “Merger”). Prior to February 1, 2015, PLC’s stock was publicly traded on the New York Stock Exchange. Subsequent to the Merger, PLC remained an SEC registrant within the United States until January 23, 2020, when it suspended its reporting obligations with the SEC under the Securities Exchange Act of 1934. The Company has continued to be an SEC registrant for financial reporting purposes in the United States. The Company markets individual life insurance, credit life and disability insurance, guaranteed investment contracts, guaranteed funding agreements, fixed and variable annuities, and extended service contracts throughout the United States. The Company also maintains a separate segment devoted to the acquisition of insurance policies from other companies. PLC is a holding company with subsidiaries that provide financial services through the production, distribution, and administration of insurance and investment products. These consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the interim periods presented herein. In the opinion of management, the accompanying consolidated condensed financial statements reflect all adjustments (consisting only of normal recurring items) necessary for a fair presentation of the results for the interim periods presented. Operating results for the three and nine months ended September 30, 2020, are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2020. The year-end consolidated condensed financial data included herein was derived from audited financial statements but this report does not include all disclosures required by GAAP. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The operating results of companies in the insurance industry have historically been subject to significant fluctuations due to changing competition, economic conditions, interest rates, investment performance, insurance ratings, claims, persistency, and other factors.
Allowance for Credit Losses	Allowance for Credit Losses - Fixed Maturity and Structured Investments Each quarter the Company reviews investments with unrealized losses to determine whether such impairments are the result of credit losses. The Company analyzes various factors to make such determination including, but are not limited to: 1) actions taken by rating agencies, 2) default by the issuer, 3) the significance of the decline, 4) an assessment of the Company’s intent to sell the security (including a more likely than not assessment of whether the Company will be required to sell the security) before recovering the security’s amortized cost, 5) an economic analysis of the issuer’s industry, and 6) the financial strength, liquidity, and recoverability of the issuer. Management performs a security by security review each quarter to evaluate whether a credit loss has occurred. For securities which the Company does not intend to sell and does not expect to be required to sell before recovering the security’s amortized cost basis, analysis of expected cash flows is used to measure the amount of the credit loss. To the extent the amortized cost basis of the security exceeds the present value of future cash flows expected to be collected, this difference represents a credit loss. Beginning on January 1, 2020, credit losses are recorded in realized gains (losses) - investments/derivatives with a corresponding adjustment to the allowance for credit losses, except that the credit loss recognized cannot exceed the difference between the book value and fair value of the security as of the date of the analysis. In future periods, recoveries in the present value of expected cash flows are recorded as a reversal of the previously recognized allowance for credit losses with an offsetting adjustment to realized gains (losses) - investments/derivatives . See, “Accounting Pronouncements Recently Adopted” below for additional information. The Company considers contractual cash flows and all known market data related to cash flows when developing its estimates of expected cash flows. The Company uses the effective interest rate implicit in the security at the date of acquisition to discount expected cash flows. For floating rate securities, the Company’s policy is to lock in the interest rate at the first instance of an impairment. Estimates of expected cash flows are not probability-weighted but reflect the Company’s best estimate based on past events, current conditions, and reasonable and supportable forecasts of future events. Debt securities that the Company intends to sell or expects to be required to sell before recovery are written down to fair value with the change recognized in realized gains (losses) - investments/derivatives . The Company presents accrued interest receivable separately from other components of the amortized cost basis of its fixed maturity and structured investments and has made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. The Company’s policy is to write off uncollectible accrued interest receivables through a reversal of interest income in the period in which a credit loss is identified. Allowance for Credit Losses - Commercial Mortgage Loans and Unfunded Commitments The Company’s commercial mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, and net of the allowance for credit losses (“ACL”). Beginning January 1, 2020, the ACL represents the Company’s best estimate of expected credit losses over the contractual term of the loans. The allowance for credit losses for unfunded loan commitments is recognized as a component of other liabilities on the consolidated condensed balance sheet. Changes in the allowance for credit losses for both funded and unfunded commercial mortgage loans are recognized in realized gains (losses) - investments/derivatives . The Company uses a loan-level probability of default (“PD”) and loss given default (“LGD”) model to calculate the allowance for credit losses for substantially all of its commercial mortgage loans and unfunded loan commitments. Guidance in Accounting Standards Codification (“ASC”) Topic 326-20 - Credit Losses requires collective assessment of financial assets with similar risk characteristics. Consistent with this guidance, the model used by the Company (the “CML Model”) incorporates historical default data for a large number of loans with similar characteristics to the Company’s commercial mortgage loans in the measurement of the allowance for credit losses. Relevant risk characteristics include debt service coverage ratio (“DSCR”), loan-to-value ratio (“LTV”), geographic location, and property type. This historical default data is applied through the CML Model to forecast loan-level risk parameters including PD and LGD which provide the basis for the determination of expected losses. The CML Model incorporates both current conditions and reasonable and supportable forecasts when estimating the PD and LGD values that are used as the basis for calculating expected losses. Current conditions are incorporated by considering market-specific information, such as vacancy rates and property prices, to reflect the current position in the market cycle. To incorporate reasonable and supportable forecasts, loan-level risk parameters produced by the CML Model are conditioned by multiple probability-weighted macroeconomic forecast scenarios. CML Model results are also subject to adjustments based on other qualitative considerations to reflect management’s best estimate of the impact of future events and circumstances on the allowance for credit losses. PDs and LGDs are forecasted over a reasonable and supportable forecast period, which is reassessed on a quarterly basis. After the reasonable and supportable forecast period, the CML Model reverts to the Company’s own historical loss history at a portfolio segment level. The historical loss data used for reversion will be assessed annually in the third quarter, along with certain other model inputs and assumptions. All or a portion of a loan may be written off at such point that a) the Company no longer expects to receive cash payments, b) the present value of future expected payments of a renegotiated loan is less than the current principal balance, or c) at such time that the Company is party to foreclosure or bankruptcy proceedings associated with the borrower and does not expect to recover the principal balance of the loan. A write-off is recorded by eliminating the allowance against the commercial mortgage loan and recording the renegotiated loan or the collateral property related to the loan as investment real estate on the balance sheet, which is carried at the lower of the appraised fair value of the property or the unpaid principal balance of the loan, less estimated selling costs associated with the property. Certain loans which meet the definition of collateral dependent (as outlined in the Financial Accounting Standards Board “FASB” ASC Topic 326-20) are identified as part of the Company’s ongoing loan surveillance process. Loans are considered to be collateral dependent if foreclosure is deemed probable, or if a borrower is in financial difficulty and repayment is expected to be provided substantially through the operation or sale of the underlying collateral. The allowance for credit losses for loans identified as collateral dependent is measured based on the fair value of the underlying collateral, less costs to sell. The Company presents accrued interest receivable separately from other components of the amortized cost basis of its commercial mortgage loans and has made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. It is the Company’s policy to cease to carry accrued interest on loans that are over 90 days delinquent. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. In each scenario, accrued income is reversed through investment income. See Note 9, Commercial Mortgage Loans , for additional information. Allowance for Credit Losses - Reinsurance Receivables Beginning January 1, 2020, in accordance with FASB ASC Topic 326-20, the Company establishes an allowance for credit losses related to amounts receivable from reinsurers (the “Reinsurance ACL”). Changes in the Reinsurance ACL are recognized as a component of benefits and settlement expenses . The Reinsurance ACL is remeasured on a quarterly basis using an internally developed PD and LGD model. Key inputs to the calculation are a conditional probability of insurer liquidation by issuer credit rating and exposure at default derived from a runoff projection of ceded reserves by reinsurer to forecast future loss amounts. Management’s position is that the rate of return implicit in the financial asset (i.e. the ceded reserves) is associated with the discount rate used to value the underlying insurance reserves; that is, the rate of return on the asset portfolio(s) supporting the reserves. For reinsurance receivable exposures that do not share similar risk characteristics with other receivables, including those associated with counterparties that have experienced significant credit deterioration, the Company measures the allowance for credit losses individually, based on facts and circumstances associated with the specific reinsurer or transaction.
Accounting Pronouncements Recently Adopted and Not Yet Adopted	Accounting Pronouncements Recently Adopted Accounting Standards Update (“ASU” or “Update”) No. 2016-13 - Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. The amendments in this Update introduce a new current expected credit loss (“CECL”) model for certain financial assets, including commercial mortgage loans and reinsurance receivables. For assets within the scope of the new model, an entity will recognize as an allowance against earnings its estimate of the contractual cash flows not expected to be collected on day one of the asset’s acquisition. The allowance may be reversed through earnings if a security recovers in value. This differs from the current impairment model, which requires recognition of credit losses when they have been incurred and recognizes a security’s subsequent recovery in value in other comprehensive income. The Update also makes targeted changes to the current impairment model for available-for-sale (“AFS”) debt securities, which comprise the majority of the Company’s invested assets. Similar to the CECL model, credit loss impairments will be recorded in an allowance against earnings that may be reversed for subsequent recoveries in value. The amendments in this Update, along with related amendments in ASU No. 2018-19, ASU No. 2019-04, and ASU No. 2019-11 - Codification Improvements to Topic 326, Financial Instruments-Credit Losses , were effective for annual and interim periods beginning after December 15, 2019 on a modified retrospective basis. A vendor-provided credit loss model is utilized to measure the allowance for the majority of the Company’s commercial mortgage loans and unfunded commercial mortgage loan commitments, and the Company utilizes use an internally-developed model to measure the allowance for amounts recoverable from reinsurers. The Company applied the revisions in the Update through a cumulative effect adjustment to retained earnings as of January 1, 2020. The cumulative effect adjustment resulted in a decrease in retained earnings of $138.1 million, net of the impact to deferred taxes, deferred acquisition costs (“DAC”), value of business acquired (“VOBA”) and other items. The Company continues to apply the previous guidance to 2019 and prior periods. Accounting Pronouncements Not Yet Adopted ASU No. 2018-12 - Financial Services - Insurance (Topic 944): Targeted Improvements to Accounting for Long-Duration Contracts. The amendments in this Update are designed to make improvements to the existing recognition, measurement, presentation, and disclosure requirements for certain long-duration contracts issued by an insurance company. The new amendments require insurance entities to provide a more current measure of the liability for future policy benefits for traditional and limited-payment contracts by regularly refining the liability for actual past experience and updated future assumptions. This differs from current requirements where assumptions are locked-in at contract issuance for these contract types. In addition, the updated liability will be discounted using an upper-medium grade (low-credit-risk) fixed income instrument yield that reflects the characteristics of the liability which differs from currently used rates based on the invested assets supporting the liability. In addition, the amendments introduce new requirements to assess market-based insurance contract options and guarantees for Market Risk Benefits and measure them at fair value. This Update also requires insurance entities to amortize deferred acquisition costs on a constant-level basis over the expected life of the contract. Finally, this Update requires new disclosures including liability rollforwards and information about significant inputs, judgments, assumptions, and methods used in the measurement. In November 2020, FASB issued ASU No. 2020-11 - Financial Services - Insurance (Topic 944); Effective Date and Early Application which deferred the effective date to periods beginning after December 31, 2022. The Company is currently reviewing its policies, processes, and applicable systems to determine the impact this standard will have on its operations and financial results. ASU No. 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this Update remove certain exceptions to the general principles in Topic 740 related to intraperiod tax allocations, interim tax calculations, and outside basis differences. The amendments also clarify and amend guidance in certain other areas of Topic 740 in order to eliminate diversity in practice. The amendments in this Update are effective for public business entities in fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. This Update is not expected to have a material impact on the Company’s operations and financial results.

SIGNIFICANT TRANSACTIONS (Table

SIGNIFICANT TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Summary of Assets Acquired and Liabilities Assumed	The following table details the final allocation of assets acquired and liabilities assumed from the Individual Life Business reinsurance transaction as of the date of the GWL&A Closing: Fair Value (Dollars In Thousands) ASSETS Fixed maturities $ 8,697,966 Commercial mortgage loans 1,386,228 Policy loans 44,002 Other long-term investments 1,521,965 Total investments 11,650,161 Cash 34,835 Accrued investment income 101,452 Reinsurance receivables 62 Accounts and premiums receivable 1,642 Value of business acquired 535,421 Other intangibles 21,300 Other assets 5,525 Assets related to separate accounts 9,583,217 Total assets 21,933,615 LIABILITIES Future policy benefits and claims $ 11,022,177 Annuity account balances 220,064 Other policyholders’ funds 220,147 Other liabilities 75,367 Liabilities related to separate accounts 9,583,217 Total liabilities 21,120,972 NET ASSETS ACQUIRED $ 812,643
Pro Forma Information	The following unaudited pro forma condensed consolidated results of operations assumes that the aforementioned transactions of the Individual Life Business were completed as of January 1, 2019. The unaudited pro forma condensed results of operations are presented solely for informational purposes and are not necessarily indicative of the consolidated condensed results of operations that might have been achieved had the transaction been completed as of the date indicated: Unaudited Unaudited For The For The (Dollars In Thousands) Revenue $ 1,681,993 $ 4,868,168 Net income $ 190,424 $ 504,031

MONY CLOSED BLOCK OF BUSINESS (

MONY CLOSED BLOCK OF BUSINESS (Tables)	9 Months Ended
	Sep. 30, 2020
Closed Block Disclosure [Abstract]
Summary of Financial Information of the Policyholder Dividend Obligation	Summarized financial information for the Closed Block as of September 30, 2020 and December 31, 2019 is as follows: As of September 30, 2020 December 31, 2019 (Dollars In Thousands) Closed block liabilities Future policy benefits, policyholders’ account balances and other policyholder liabilities $ 5,458,772 $ 5,836,815 Policyholder dividend obligation 473,380 278,505 Other liabilities 8,328 11,247 Total closed block liabilities 5,940,480 6,126,567 Closed block assets Fixed maturities, available-for-sale, at fair value $ 4,827,002 $ 4,682,731 Commercial mortgage loans 69,422 72,829 Policy loans 633,609 640,134 Cash and other invested assets 24,614 44,877 Other assets 96,865 107,177 Total closed block assets 5,651,512 5,547,748 Excess of reported closed block liabilities over closed block assets 288,968 578,819 Portion of above representing accumulated other comprehensive income: Net unrealized gains (losses) - investments/derivatives net of policyholder dividend obligation: 2020 - $383,309 and 2019 - $167,285; and net of income tax: 2020 - $(80,495) and 2019 - $(35,130) — — Future earnings to be recognized from closed block assets and closed block liabilities $ 288,968 $ 578,819
Schedule of Reconciliation of the Policyholder Dividend Obligation	Reconciliation of the policyholder dividend obligation is as follows: For The 2020 2019 (Dollars In Thousands) Policyholder dividend obligation, beginning balance $ 278,505 $ — Applicable to net revenue (losses) (21,150) (19,548) Change in net unrealized gains (losses) - investments/derivatives allocated to the policyholder dividend obligation 216,025 339,413 Policyholder dividend obligation, ending balance $ 473,380 $ 319,865
Schedule of Closed Block Revenues and Expenses	Closed Block revenues and expenses were as follows: For The For The 2020 2019 2020 2019 (Dollars In Thousands) Revenues Premiums and other income $ 36,394 $ 37,652 $ 109,656 $ 115,202 Net investment income 50,557 52,018 152,609 154,808 Net gains (losses) - investments/derivatives (499) 1,104 (1,284) 693 Total revenues 86,452 90,774 260,981 270,703 Benefits and other deductions Benefits and settlement expenses 80,797 84,531 242,474 250,410 Other operating expenses 284 229 877 836 Total benefits and other deductions 81,081 84,760 243,351 251,246 Net revenues before income taxes 5,371 6,014 17,630 19,457 Income tax expense 1,242 1,263 3,396 4,086 Net revenues $ 4,129 $ 4,751 $ 14,234 $ 15,371

INVESTMENT OPERATIONS (Tables)

INVESTMENT OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Realized Gain (Loss) on Investments	Net realized gains (losses) - investments/derivatives are summarized as follows: For The For The 2020 2019 2020 2019 (Dollars In Thousands) Fixed maturities $ 2,681 $ 15,686 $ 44,298 $ 21,885 Equity securities 16,918 6,117 (652) 44,292 Modco trading portfolios 44,918 67,674 108,223 252,147 Net credit losses recognized in operations (1) (38,459) — (120,540) — Net impairment losses recognized in operations (2) — (10,818) — (14,658) Commercial mortgage loans (2,174) (1,575) (101,256) (1,435) Other investments (1,065) 315 (2,825) 365 Realized gains (losses) - investments 22,819 77,399 (72,752) 302,596 Realized gains (losses) - derivatives (3) 15,337 42,286 92,899 (86,288) Realized gains (losses) - investments/derivatives $ 38,156 $ 119,685 $ 20,147 $ 216,308 (1) Represents credit losses recognized under FASB ASC 326 (2) Represents other-than-temporary impairment losses recognized under FASB ASC 320 (3) See Note 7, Derivative Financial Instruments Gross realized gains and gross realized losses on investments available-for-sale (fixed maturities and short-term investments) are as follows: For The For The 2020 2019 2020 2019 (Dollars In Thousands) Gross realized gains $ 2,750 $ 20,155 $ 49,189 $ 34,801 Gross realized losses: Credit losses (1) $ (38,459) $ — $ (120,540) $ — Impairment losses (2) $ — $ (10,818) $ — $ (14,658) Other realized losses $ (69) $ (4,469) $ (4,891) $ (12,916) (1) Represents credit losses recognized under FASB ASC 326 (2) Represents other-than-temporary impairment losses recognized in prior periods under FASB ASC 320
Schedule of Fair Value (Proceeds) and Gains (Losses) on Securities in an Unrealized Gain or Loss Position	The chart below summarizes the fair value (proceeds) and the gains (losses) realized on securities the Company sold that were in an unrealized gain position and an unrealized loss position. For The For The 2020 2019 2020 2019 (Dollars In Thousands) Securities in an unrealized gain position: Fair value proceeds $ 415,440 $ 679,514 $ 1,351,653 $ 1,812,992 Gains realized $ 2,750 $ 20,155 $ 49,189 $ 34,801 Securities in an unrealized loss position: Fair value proceeds $ 8,228 $ 37,488 $ 33,062 $ 368,416 Losses realized $ (69) $ (4,469) $ (4,891) $ (12,916)
Realized Gain (Loss) on Equity Securities	The chart below summarizes the realized gains (losses) on equity securities sold during the period and equity securities still held at the reporting date. For The For The 2020 2019 2020 2019 (Dollars In Thousands) Gains (losses) recognized during the period on equity securities still held $ 16,846 $ 6,765 $ (844) $ 44,687 Net gains (losses) recognized on equity securities sold during the period 72 (648) 192 (395) Net gains (losses) recognized during the period on equity securities $ 16,918 $ 6,117 $ (652) $ 44,292
Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Available-for-Sale	The amortized cost, gross unrealized gains and losses, allowance for expected credit losses, and fair value of the Company’s investments classified as available-for-sale are as follows: As of September 30, 2020 Amortized Gross Gross Allowance Fair (Dollars In Thousands) Fixed maturities: Residential mortgage-backed securities $ 6,636,849 $ 211,313 $ (889) $ — $ 6,847,273 Commercial mortgage-backed securities 2,464,104 120,335 (27,437) — 2,557,002 Other asset-backed securities 1,562,104 40,536 (17,756) (645) 1,584,239 U.S. government-related securities 1,054,690 28,822 (3,219) — 1,080,293 Other government-related securities 566,924 73,814 (2,662) — 638,076 States, municipals, and political subdivisions 4,051,031 505,479 (2,881) — 4,553,629 Corporate securities 45,435,036 4,857,669 (289,933) (18,754) 49,984,018 Redeemable preferred stocks 65,933 1,396 — — 67,329 61,836,671 5,839,364 (344,777) (19,399) 67,311,859 Short-term investments 1,161,706 — — — 1,161,706 $ 62,998,377 $ 5,839,364 $ (344,777) $ (19,399) $ 68,473,565 As of December 31, 2019 Amortized Gross Gross Fair (Dollars In Thousands) Fixed maturities: Residential mortgage-backed securities $ 5,812,170 $ 125,493 $ (6,322) $ 5,931,341 Commercial mortgage-backed securities 2,588,575 54,385 (3,292) 2,639,668 Other asset-backed securities 1,764,120 32,041 (14,926) 1,781,235 U.S. government-related securities 1,032,048 5,664 (5,316) 1,032,396 Other government-related securities 548,136 51,024 (1,991) 597,169 States, municipals, and political subdivisions 4,415,008 225,072 (1,230) 4,638,850 Corporate securities 44,493,799 2,603,636 (288,334) 46,809,101 Redeemable preferred stocks 87,237 3,677 (4,249) 86,665 60,741,093 3,100,992 (325,660) 63,516,425 Short-term investments 1,229,651 — — 1,229,651 $ 61,970,744 $ 3,100,992 $ (325,660) $ 64,746,076
Schedule of Fair Value of Trading Securities	The fair value of the investments held pursuant to these Modco arrangements are as follows: As of September 30, 2020 December 31, 2019 (Dollars In Thousands) Fixed maturities: Residential mortgage-backed securities $ 207,507 $ 209,521 Commercial mortgage-backed securities 208,036 201,284 Other asset-backed securities 150,290 143,361 U.S. government-related securities 36,991 47,067 Other government-related securities 29,571 28,775 States, municipals, and political subdivisions 288,085 293,791 Corporate securities 1,850,471 1,590,936 Redeemable preferred stocks 12,434 12,832 2,783,385 2,527,567 Equity securities 16,742 6,656 Short-term investments 77,322 91,213 $ 2,877,449 $ 2,625,436
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Fixed Maturities, by Expected Maturity	The amortized cost and fair value of available-for-sale and held-to-maturity fixed maturities as of September 30, 2020, by expected maturity, are shown below. Expected maturities of securities without a single maturity date are allocated based on estimated rates of prepayment that may differ from actual rates of prepayment. Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair (Dollars In Thousands) Due in one year or less $ 2,067,896 $ 2,077,964 $ — $ — Due after one year through five years 11,455,625 11,970,027 — — Due after five years through ten years 14,897,323 16,103,285 — — Due after ten years 33,415,827 37,160,583 2,680,324 2,990,170 $ 61,836,671 $ 67,311,859 $ 2,680,324 $ 2,990,170
Schedule of Available-for-sale Allowance for Credit Losses on Fixed Maturities	The following chart is a rollforward of available-for-sale allowance for expected credit losses on fixed maturities held by the Company: For The For The Corporate Other Asset-Backed Securities Total Corporate Other Asset-Backed Securities Total (Dollars In Thousands) Beginning Balance $ 81,426 $ 655 $ 82,081 $ — $ — $ — Additions for securities for which allowance was not previously recorded — — — 62,442 658 63,100 Adjustments on previously recorded allowances due to change in expected cash flows 945 — 945 19,929 — 19,929 Reductions on previously recorded allowances due to disposal of security in the current period — (10) (10) — (13) (13) Write-offs of previously recorded allowances due to intent or requirement to sell (63,617) — (63,617) (63,617) $ — (63,617) Ending Balance $ 18,754 $ 645 $ 19,399 $ 18,754 $ 645 $ 19,399
Schedule of Investments' Gross Unrealized Losses and Fair Value of the Company's Investments that are Not Deemed to be Other-than-Temporarily Impaired	The following table includes the gross unrealized losses, for which an allowance for credit losses has not been recorded, and fair value of the Company’s AFS fixed maturities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2020: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars In Thousands) Residential mortgage-backed securities $ 176,534 $ (653) $ 6,895 $ (236) $ 183,429 $ (889) Commercial mortgage-backed securities 354,926 (21,686) 28,103 (5,751) 383,029 (27,437) Other asset-backed securities 379,311 (6,209) 312,368 (11,547) 691,679 (17,756) U.S. government-related securities 251,534 (3,193) 787 (26) 252,321 (3,219) Other government-related securities 23,328 (1,900) 6,776 (762) 30,104 (2,662) States, municipals, and political subdivisions 105,894 (2,829) 4,895 (52) 110,789 (2,881) Corporate securities 2,847,045 (152,100) 1,076,575 (137,833) 3,923,620 (289,933) Redeemable preferred stocks — — — — — — $ 4,138,572 $ (188,570) $ 1,436,399 $ (156,207) $ 5,574,971 $ (344,777)
Schedule of Investments' Gross Unrealized Losses and Fair Value of the Company's Investments that are Not Deemed to be Other-than-Temporarily Impaired	The following table includes the gross unrealized losses and fair value of the Company’s investments that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2019: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars In Thousands) Residential mortgage-backed securities $ 851,333 $ (4,231) $ 220,843 $ (2,091) $ 1,072,176 $ (6,322) Commercial mortgage-backed securities 371,945 (1,721) 115,566 (1,571) 487,511 (3,292) Other asset-backed securities 482,547 (6,516) 214,058 (8,410) 696,605 (14,926) U.S. government-related securities 383,451 (3,373) 353,517 (1,943) 736,968 (5,316) Other government-related securities 22,962 (669) 6,230 (1,322) 29,192 (1,991) States, municipals, and political subdivisions 56,470 (1,001) 12,907 (229) 69,377 (1,230) Corporate securities 3,176,489 (68,289) 2,886,648 (220,045) 6,063,137 (288,334) Redeemable preferred stocks — — 16,689 (4,249) 16,689 (4,249) $ 5,345,197 $ (85,800) $ 3,826,458 $ (239,860) $ 9,171,655 $ (325,660)
Summary of Change in Unrealized Gains (Losses), Net of Income Tax, on Fixed Maturity and Equity Securities, Classified as Available-for-Sale	The change in unrealized gains (losses), excluding the allowance for expected credit losses, net of income tax, on fixed matur ities, classified as available-for-sale is summarized as follows: For The For The 2020 2019 2020 2019 (Dollars In Thousands) Fixed maturities $ 785,093 $ 1,308,054 $ 2,148,211 $ 4,396,173
Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Held-to-Maturity	The amortized cost and fair value of the Company’s investments classified as held-to-maturity as of September 30, 2020 and December 31, 2019, are as follows: As of September 30, 2020 Amortized Gross Gross Fair (Dollars In Thousands) Fixed maturities: Securities issued by affiliates: Red Mountain, LLC $ 822,324 $ 140,435 $ — $ 962,759 Steel City, LLC 1,858,000 169,411 — 2,027,411 $ 2,680,324 $ 309,846 $ — $ 2,990,170 As of December 31, 2019 Amortized Gross Gross Fair (Dollars In Thousands) Fixed maturities: Securities issued by affiliates: Red Mountain, LLC $ 795,881 $ 81,022 $ — $ 876,903 Steel City, LLC 2,028,000 120,887 — 2,148,887 $ 2,823,881 $ 201,909 $ — $ 3,025,790

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of September 30, 2020: Measurement Level 1 Level 2 Level 3 Total (Dollars In Thousands) Assets: Fixed maturity securities - available-for-sale Residential mortgage-backed securities 4 $ — $ 6,847,273 $ — $ 6,847,273 Commercial mortgage-backed securities 4 — 2,546,317 10,685 2,557,002 Other asset-backed securities 4 — 1,149,743 434,496 1,584,239 U.S. government-related securities 4 578,554 501,739 — 1,080,293 State, municipals, and political subdivisions 4 — 4,553,629 — 4,553,629 Other government-related securities 4 — 638,076 — 638,076 Corporate securities 4 — 48,626,474 1,357,544 49,984,018 Redeemable preferred stocks 4 67,329 — — 67,329 Total fixed maturity securities - available-for-sale 645,883 64,863,251 1,802,725 67,311,859 Fixed maturity securities - trading Residential mortgage-backed securities 3 — 207,507 — 207,507 Commercial mortgage-backed securities 3 — 208,036 — 208,036 Other asset-backed securities 3 — 87,848 62,442 150,290 U.S. government-related securities 3 21,761 15,230 — 36,991 State, municipals, and political subdivisions 3 — 288,085 — 288,085 Other government-related securities 3 — 29,571 — 29,571 Corporate securities 3 — 1,832,592 17,879 1,850,471 Redeemable preferred stocks 3 12,434 — — 12,434 Total fixed maturity securities - trading 34,195 2,668,869 80,321 2,783,385 Total fixed maturity securities 680,078 67,532,120 1,883,046 70,095,244 Equity securities 3 452,042 — 86,343 538,385 Other long-term investments (1) 3 & 4 73,934 1,013,846 319,994 1,407,774 Short-term investments 3 1,156,203 82,825 — 1,239,028 Total investments 2,362,257 68,628,791 2,289,383 73,280,431 Cash 3 381,753 — — 381,753 Assets related to separate accounts Variable annuity 3 11,487,408 — — 11,487,408 Variable universal life 3 1,144,474 — — 1,144,474 Total assets measured at fair value on a recurring basis $ 15,375,892 $ 68,628,791 $ 2,289,383 $ 86,294,066 Liabilities: Annuity account balances (2) 3 $ — $ — $ 67,591 $ 67,591 Other liabilities (1) 3 & 4 9,480 675,209 1,718,905 2,403,594 Total liabilities measured at fair value on a recurring basis $ 9,480 $ 675,209 $ 1,786,496 $ 2,471,185 (1) Includes certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities. (3) Fair Value through Net Income (4) Fair Value through Other Comprehensive Income (Loss) The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2019: Measurement Level 1 Level 2 Level 3 Total (Dollars In Thousands) Assets: Fixed maturity securities - available-for-sale Residential mortgage-backed securities 4 $ — $ 5,931,341 $ — $ 5,931,341 Commercial mortgage-backed securities 4 — 2,629,639 10,029 2,639,668 Other asset-backed securities 4 — 1,360,016 421,219 1,781,235 U.S. government-related securities 4 662,581 369,815 — 1,032,396 State, municipals, and political subdivisions 4 — 4,638,850 — 4,638,850 Other government-related securities 4 — 597,169 — 597,169 Corporate securities 4 — 45,435,387 1,373,714 46,809,101 Redeemable preferred stocks 4 69,976 16,689 — 86,665 Total fixed maturity securities - available-for-sale 732,557 60,978,906 1,804,962 63,516,425 Fixed maturity securities - trading Residential mortgage-backed securities 3 — 209,521 — 209,521 Commercial mortgage-backed securities 3 — 201,284 — 201,284 Other asset-backed securities 3 — 77,954 65,407 143,361 U.S. government-related securities 3 24,810 22,257 — 47,067 State, municipals, and political subdivisions 3 — 293,791 — 293,791 Other government-related securities 3 — 28,775 — 28,775 Corporate securities 3 — 1,579,565 11,371 1,590,936 Redeemable preferred stocks 3 12,832 — — 12,832 Total fixed maturity securities - trading 37,642 2,413,147 76,778 2,527,567 Total fixed maturity securities 770,199 63,392,053 1,881,740 66,043,992 Equity securities 3 480,750 — 72,970 553,720 Other long-term investments (1) 3 & 4 52,225 733,425 209,843 995,493 Short-term investments 3 1,255,384 65,480 — 1,320,864 Total investments 2,558,558 64,190,958 2,164,553 68,914,069 Cash 3 171,752 — — 171,752 Assets related to separate accounts Variable annuity 3 12,730,090 — — 12,730,090 Variable universal life 3 1,135,666 — — 1,135,666 Total assets measured at fair value on a recurring basis $ 16,596,066 $ 64,190,958 $ 2,164,553 $ 82,951,577 Liabilities: Annuity account balances (2) 3 $ — $ — $ 69,728 $ 69,728 Other liabilities (1) 3 & 4 19,561 509,645 1,017,972 1,547,178 Total liabilities measured at fair value on a recurring basis $ 19,561 $ 509,645 $ 1,087,700 $ 1,616,906 (1) Includes certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities. (3) Fair Value through Net Income (4) Fair Value through Other Comprehensive Income (Loss)
Schedule of the Valuation Method for Material Financial Instruments Included in Level 3, as well as the Unobservable Inputs Used in the Valuation of the Financial Instruments	The following table presents the valuation method for material financial instruments included in Level 3, as well as the unobservable inputs used in the valuation of those financial instruments as of September 30, 2020: Fair Value Valuation Unobservable Range (Dollars In Thousands) Assets: Commercial mortgage-backed securities $ 10,685 Discounted cash flow Spread over treasury 2.78% Other asset-backed securities 434,496 Liquidation Liquidation value $95.75 - $97.00 ($96.40) Discounted cash flow Liquidity premium 0.51% - 2.33% (1.61%) Paydown rate 8.75% - 12.55% (11.38%) Corporate securities 1,357,544 Discounted cash flow Spread over treasury 0.60% - 4.75% (2.24%) Liabilities: (1) Embedded derivatives - GLWB (2) 518,246 Actuarial cash flow model Mortality 88% to 100% of Ruark 2015 ALB Table Lapse PL-RBA Predictive Model Utilization PL-RBA Predictive Model Nonperformance risk 0.22% - 0.88% Embedded derivative - FIA 531,814 Actuarial cash flow model Expenses $207 per policy Withdrawal rate 0.4% - 2.4% prior to age 70, 100% of the RMD for ages 70+ or WB withdrawal rate. Assume underutilized RMD for non-WB policies ages 70-81. Mortality 88% to 100% of Ruark 2015 ALB table Lapse 0.2% - 50.0%, depending on duration/surrender charge period Dynamically adjusted for WB moneyness and projected market rates vs credited rates Nonperformance risk 0.22% - 0.88% Embedded derivative - IUL 194,228 Actuarial cash flow model Mortality 37% - 161% of 2015 VBT Primary Tables 94% - 248% of duration 8 point in scale 2015 VBT Primary Tables, depending on type of business Lapse 0.4% - 10%, depending on duration/distribution channel and smoking class Nonperformance risk 0.22% - 0.88% (1) Excludes modified coinsurance arrangements. (2) The fair value for the GLWB embedded derivative is presented as a net liability. The following table presents the valuation method for material financial instruments included in Level 3, as well as the unobservable inputs used in the valuation of those financial instruments as of December 31, 2019: Fair Value Valuation Unobservable Range (Dollars In Thousands) Assets: Commercial mortgage-backed securities $ 10,029 Discounted cash flow Spread over treasury 2.5% Other asset-backed securities 421,219 Liquidation Liquidation value $95.39 - $99.99 ($97.95) Discounted cash flow Liquidity premium 0.34% - 2.28% (1.44%) Paydown Rate 8.99% - 12.45% (11.28%) Corporate securities 1,373,714 Discounted cash flow Spread over treasury 0.00% - 4.03% (1.60%) Liabilities: (1) Embedded derivatives - GLWB (2) $ 186,038 Actuarial cash flow model Mortality 87% to 100% of Ruark 2015 ALB Table Lapse Ruark Predictive Model Utilization 99%. 10% of policies have a one-time over-utilization of 400% Nonperformance risk 0.12% - 0.82% Embedded derivative - FIA 336,826 Actuarial cash flow model Expenses $195 per policy Withdrawal rate 0.4% - 1.2% prior to age 70 RMD for ages 70+ or WB withdrawal rate Assume underutilized RMD for non-WB policies age 70-81 Mortality 87% to 100% or Ruark 2015 ALB table Lapse 0.5% - 50.0%, depending on duration/surrender charge period Nonperformance risk 0.12% - 0.82% Embedded derivative - IUL 151,765 Actuarial cash flow model Mortality 37% - 156% of 2015 VBT Primary Tables 94% - 248% of duration 8 point in scale 2015 VBT Primary Tables, depending on type of business Lapse 0.5% - 10%, depending on duration/distribution channel and smoking class Nonperformance risk 0.12% - 0.82% (1) Excludes modified coinsurance arrangements. (2) The fair value for the GLWB embedded derivative is presented as a net liability.
Schedule of Reconciliation of the Beginning and Ending Balances for Fair Value Measurements, for Which the Company Has Used Significant Unobservable Inputs (Level 3)	The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the three months ended September 30, 2020, for which the Company has used significant unobservable inputs (Level 3): Total Total Total Gains (losses) included in Operations related to Instruments still held at Beginning Included Included Included Included Purchases Sales Issuances Settlements Transfers Other Ending (Dollars In Thousands) Assets: Fixed maturity securities available-for-sale Residential mortgage-backed securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgage-backed securities 9,971 — 740 — 1 — (21) — — — (6) 10,685 — Other asset-backed securities 430,964 — 4,383 (12) (525) — (517) — — — 203 434,496 — Corporate securities 1,365,963 — 27,591 — (2,937) 62,185 (125,885) — — 31,172 (545) 1,357,544 — Total fixed maturity securities - available-for-sale 1,806,898 — 32,714 (12) (3,461) 62,185 (126,423) — — 31,172 (348) 1,802,725 — Fixed maturity securities - trading Other asset-backed securities 60,622 2,706 — (382) — 1,031 (1,571) — — — 36 62,442 2,681 Corporate securities 12,158 286 — (12) — 5,477 — — — — (30) 17,879 273 Total fixed maturity securities - trading 72,780 2,992 — (394) — 6,508 (1,571) — — — 6 80,321 2,954 Total fixed maturity securities 1,879,678 2,992 32,714 (406) (3,461) 68,693 (127,994) — — 31,172 (342) 1,883,046 2,954 Equity securities 78,613 780 — — — 6,950 — — — — — 86,343 780 Other long-term investments (1) 275,907 78,164 — (34,077) — — — — — — — 319,994 44,087 Total investments 2,234,198 81,936 32,714 (34,483) (3,461) 75,643 (127,994) — — 31,172 (342) 2,289,383 47,821 Total assets measured at fair value on a recurring basis $ 2,234,198 $ 81,936 $ 32,714 $ (34,483) $ (3,461) $ 75,643 $ (127,994) $ — $ — $ 31,172 $ (342) $ 2,289,383 $ 47,821 Liabilities: Annuity account balances (2) $ 68,064 $ — $ — $ (744) $ — $ — $ — $ 37 $ 1,254 $ — $ — $ 67,591 $ — Other liabilities (1) 1,664,251 130,913 — (185,567) — — — — — — — 1,718,905 (54,654) Total liabilities measured at fair value on a recurring basis $ 1,732,315 $ 130,913 $ — $ (186,311) $ — $ — $ — $ 37 $ 1,254 $ — $ — $ 1,786,496 $ (54,654) (1) Represents certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities. The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the nine months ended September 30, 2020, for which the Company has used significant unobservable inputs (Level 3): Total Realized and Unrealized Gains Total Realized and Unrealized Losses Total Gains (losses) included in Operations related to Instruments still held at the Reporting Date Beginning Balance Included in Operations Included in Other Comprehensive Income (Loss) Included in Operations Included in Other Comprehensive Income (Loss) Purchases Sales Issuances Settlements Transfers in/out of Level 3 Other Ending Balance (Dollars In Thousands) Assets: Fixed maturity securities available-for-sale Commercial mortgage-backed securities $ 10,029 $ — $ 1,520 $ — $ (784) $ — $ (62) $ — $ — $ — $ (18) $ 10,685 $ — Other asset-backed securities 421,219 — 4,495 (33) (12,978) — (1,034) — — 22,187 640 434,496 — Corporate securities 1,373,714 — 112,592 — (82,132) 365,449 (497,587) — — 88,107 (2,599) 1,357,544 — Total fixed maturity securities - available-for-sale 1,804,962 — 118,607 (33) (95,894) 365,449 (498,683) — — 110,294 (1,977) 1,802,725 — Fixed maturity securities - trading Residential mortgage-backed securities — — — — — — — — — — — — — Other asset-backed securities 65,407 4,174 — (8,696) — 4,250 (2,023) — — (766) 96 62,442 2,681 Corporate securities 11,371 773 — (427) — 8,798 (2,141) — — (408) (87) 17,879 273 Total fixed maturity securities - trading 76,778 4,947 — (9,123) — 13,048 (4,164) — — (1,174) 9 80,321 2,954 Total fixed maturity securities 1,881,740 4,947 118,607 (9,156) (95,894) 378,497 (502,847) — — 109,120 (1,968) 1,883,046 2,954 Equity securities 72,970 781 — (1) — 7,373 — — — 5,220 — 86,343 780 Other long-term investments(1) 209,843 171,097 — (97,705) — 40,831 — — (4,072) — — 319,994 69,320 Short-term investments — — — — — — — — — — — — — Total investments 2,164,553 176,825 118,607 (106,862) (95,894) 426,701 (502,847) — (4,072) 114,340 (1,968) 2,289,383 73,054 Total assets measured at fair value on a recurring basis $ 2,164,553 $ 176,825 $ 118,607 $ (106,862) $ (95,894) $ 426,701 $ (502,847) $ — $ (4,072) $ 114,340 $ (1,968) $ 2,289,383 $ 73,054 Liabilities: Annuity account balances(2) $ 69,728 $ — $ — $ (1,811) $ — $ — $ — $ 366 $ 4,314 $ — $ — $ 67,591 $ — Other liabilities(1) 1,017,972 387,386 — (1,088,319) — — — — — — — 1,718,905 (700,933) Total liabilities measured at fair value on a recurring basis $ 1,087,700 $ 387,386 $ — $ (1,090,130) $ — $ — $ — $ 366 $ 4,314 $ — $ — $ 1,786,496 $ (700,933) (1) Represents certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities. The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the three months ended September 30, 2019, for which the Company has used significant unobservable inputs (Level 3): Total Total Total Gains (losses) included in Operations related to Instruments still held at Beginning Included Included Included Included Purchases Sales Issuances Settlements Transfers Other Ending (Dollars In Thousands) Assets: Fixed maturity securities available-for-sale Residential mortgage-backed securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgage-backed securities 9,366 — 294 — — — (19) — — — (6) 9,635 — Other asset-backed securities 418,310 — 865 (14) (3,276) — (8) — — — 185 416,062 — Corporate securities 1,328,491 — 22,910 — (3,408) 9,150 (72,215) — — 41,319 (1,135) 1,325,112 — Total fixed maturity securities - available-for-sale 1,756,167 — 24,069 (14) (6,684) 9,150 (72,242) — — 41,319 (956) 1,750,809 — Fixed maturity securities - trading Other asset-backed securities 62,180 294 — (34) — — (879) — — — (34) 61,527 274 Corporate securities 5,294 67 — — — 1,700 — — — — (25) 7,036 6,906 Total fixed maturity securities - trading 67,474 361 — (34) — 1,700 (879) — — — (59) 68,563 7,180 Total fixed maturity securities 1,823,641 361 24,069 (48) (6,684) 10,850 (73,121) — — 41,319 (1,015) 1,819,372 7,180 Equity securities 68,486 — — (2) — — — — — — — 68,484 191 Other long-term investments (1) 143,583 49,457 — — — — — — — — — 193,040 49,457 Total investments 2,035,710 49,818 24,069 (50) (6,684) 10,850 (73,121) — — 41,319 (1,015) 2,080,896 56,828 Total assets measured at fair value on a recurring basis $ 2,035,710 $ 49,818 $ 24,069 $ (50) $ (6,684) $ 10,850 $ (73,121) $ — $ — $ 41,319 $ (1,015) $ 2,080,896 $ 56,828 Liabilities: Annuity account balances (2) $ 72,585 $ — $ — $ (523) $ — $ — $ — $ 91 $ 1,379 $ — $ — $ 71,820 $ — Other liabilities (1) 842,035 — — (191,572) — 33,684 — — — — — 1,067,291 (191,572) Total liabilities measured at fair value on a recurring basis $ 914,620 $ — $ — $ (192,095) $ — $ 33,684 $ — $ 91 $ 1,379 $ — $ — $ 1,139,111 $ (191,572) (1) Represents certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities. The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the nine months ended September 30, 2019, for which the Company has used significant unobservable inputs (Level 3): Total Realized and Unrealized Gains Total Realized and Unrealized Losses Total Gains (losses) included in Operations related to Instruments still held at the Reporting Date Beginning Balance Included in Operations Included in Other Comprehensive Income (Loss) Included in Operations Included in Other Comprehensive Income (Loss) Purchases Sales Issuances Settlements Transfers in/out of Level 3 Other Ending Balance (Dollars In Thousands) Assets: Fixed maturity securities available-for-sale Commercial mortgage-backed securities $ — $ — $ 310 $ — $ — $ 9,359 $ (26) $ — $ — $ — $ (8) $ 9,635 $ — Other asset-backed securities 421,642 446 11,525 (71) (8,075) — (10,023) — — — 618 416,062 — Corporate securities 638,276 82 66,866 — (6,917) 704,777 (157,171) — — 80,574 (1,375) 1,325,112 — Total fixed maturity securities - available-for-sale 1,059,918 528 78,701 (71) (14,992) 714,136 (167,220) — — 80,574 (765) 1,750,809 — Fixed maturity securities - trading Other asset-backed securities 26,056 4,300 — (3,618) — 15,463 (6,771) — — 26,267 (170) 61,527 (2,442) Corporate securities 6,242 236 — (31) — 1,700 (1,035) — — — (76) 7,036 5,274 Total fixed maturity securities - trading 32,298 4,536 — (3,649) — 17,163 (7,806) — — 26,267 (246) 68,563 2,832 Total fixed maturity securities 1,092,216 5,064 78,701 (3,720) (14,992) 731,299 (175,026) — — 106,841 (1,011) 1,819,372 2,832 Equity securities 63,421 1 — (17) — 5,079 — — — — — 68,484 345 Other long-term investments(1) 151,342 73,246 — (31,419) — 1,579 — — (1,708) — — 193,040 40,119 Short-term investments — — — — — — — — — — — — — Total investments $ 1,306,979 $ 78,311 $ 78,701 $ (35,156) $ (14,992) $ 737,957 $ (175,026) $ — $ (1,708) $ 106,841 $ (1,011) $ 2,080,896 $ 43,296 Total assets measured at fair value on a recurring basis 1,306,979 78,311 78,701 (35,156) (14,992) 737,957 (175,026) — (1,708) 106,841 (1,011) 2,080,896 43,296 Liabilities: Annuity account balances(2) $ 76,119 $ — $ — $ (1,675) $ — $ — $ — $ 158 $ 6,132 $ — $ — $ 71,820 $ — Other liabilities(1) 438,127 830 — (559,106) — 70,888 — — — — — 1,067,291 (558,276) Total liabilities measured at fair value on a recurring basis $ 514,246 $ 830 $ — $ (560,781) $ — $ 70,888 $ — $ 158 $ 6,132 $ — $ — $ 1,139,111 $ (558,276) (1) Represents certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities.
Schedule of the Carrying Amounts and Estimated Fair Value of the Company's Financial Instruments	The carrying amounts and estimated fair values of the Company’s financial instruments as of the periods shown below are as follows: As of September 30, 2020 December 31, 2019 Fair Value Carrying Fair Values Carrying Fair Values (Dollars In Thousands) Assets: Commercial mortgage loans (1) 3 $ 9,765,312 $ 10,522,036 $ 9,379,401 $ 9,584,487 Policy loans 3 1,640,147 1,640,147 1,675,121 1,675,121 Fixed maturities, held-to-maturity (2) 3 2,680,324 2,990,170 2,823,881 3,025,790 Other long-term investments (3) 2 1,286,291 1,206,966 1,216,996 1,246,889 Liabilities: Stable value product account balances 3 $ 6,017,259 $ 6,180,630 $ 5,443,752 $ 5,551,195 Future policy benefits and claims (4) 3 1,604,174 1,615,924 1,701,324 1,705,235 Other policyholders’ funds (5) 3 103,280 107,319 127,084 130,259 Debt: (6) Non-recourse funding obligations (7) 3 $ 2,942,126 $ 3,296,873 $ 3,082,753 $ 3,298,580 Subordinated funding obligations 3 110,000 117,216 110,000 113,286 Except as noted below, fair values were estimated using quoted market prices. (1) The carrying amount is net of allowance for credit losses. (2) Securities purchased from unconsolidated affiliates, Red Mountain, LLC and Steel City, LLC. (3) Other long-term investments represents a Modco receivable, which is related to invested assets such as fixed income and structured securities, which are legally owned by the ceding company. The fair value is determined in a manner consistent with other similar invested assets held by the Company. (4) Single premium immediate annuity without life contingencies. (5) Supplementary contracts without life contingencies. (6) Excludes capital lease obligations of $0.7 million and $1.0 million as of September 30, 2020 and December 31, 2019, respectively. (7) As of September 30, 2020, carrying amount of $2.7 billion and a fair value of $3.0 billion related to non-recourse funding obligations issued by Golden Gate and Golden Gate V. As of December 31, 2019, carrying amount of $2.8 billion and a fair value of $3.0 billion related to non-recourse funding obligations issued by Golden Gate and Golden Gate V.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Realized Investments Gains and Losses	The following table sets forth realized gains (losses) - derivatives for the periods shown: Realized gains (losses) - derivative financial instruments For The For The 2020 2019 2020 2019 (Dollars In Thousands) Derivatives related to VA contracts: Interest rate futures $ 2,257 $ 727 $ (3,565) $ (16,575) Equity futures (1,187) 5,220 131,912 37,517 Currency futures (9,536) 9,181 1,438 11,028 Equity options (41,584) (3,957) 66,647 (97,354) Interest rate swaps (57,657) 149,766 363,644 342,561 Total return swaps (31,465) (1,950) 30,680 (50,522) Embedded derivative - GLWB 72,519 (86,635) (332,202) (189,624) Funds withheld derivative 45,787 (350) (103,494) 80,198 Total derivatives related to VA contracts (20,866) 72,002 155,060 117,229 Derivatives related to FIA contracts: Embedded derivative (8,642) (4,335) (38,065) (67,968) Funds withheld derivative (2,804) — (9,586) — Equity futures 518 962 (6,550) 964 Equity options 24,870 4,785 15,031 60,026 Other derivatives 483 — 258 — Total derivatives related to FIA contracts 14,425 1,412 (38,912) (6,978) Derivatives related to IUL contracts: Embedded derivative 15,648 6,261 1,409 (18,395) Equity futures (230) 91 (2,374) 347 Equity options 6,535 586 583 9,372 Total derivatives related to IUL contracts 21,953 6,938 (382) (8,676) Embedded derivative - Modco reinsurance treaties (25,438) (44,027) (55,864) (199,704) Derivatives with PLC (1) 19,833 7,583 22,179 14,852 Other derivatives 5,430 (1,622) 10,818 (3,011) Total realized gains (losses) - derivatives $ 15,337 $ 42,286 $ 92,899 $ (86,288) (1) These derivatives include the Interest Support, YRT premium support, and portfolio maintenance agreements between certain of the Company’s subsidiaries and PLC.
Components of the Gain or Loss on Derivatives that Quality as a Cash Flow Hedging Relationship	The following table presents the components of the gain or loss on derivatives that qualify as a cash flow hedging relationship. Gain (Loss) on Derivatives in Cash Flow Hedging Relationship Amount of Gains (Losses) Amount and Location of Amount and Location of (Effective Portion) (Effective Portion) (Ineffective Portion) Benefits and settlement Realized gains (losses) - investments/derivatives (Dollars In Thousands) For The Three Months Ended September 30, 2020 Foreign currency swaps $ 808 $ (224) $ — Interest rate swaps 1,121 (177) — Total $ 1,929 $ (401) $ — For The Nine Months Ended September 30, 2020 Foreign currency swaps $ (1,316) $ (841) $ — Interest rate swaps 206 (2,231) — Total $ (1,110) $ (3,072) $ — For The Three Months Ended September 30, 2019 Foreign currency swaps $ (4,163) $ (373) $ — Interest rate swaps (93) (373) — Total $ (4,256) $ (746) $ — For The Nine Months Ended September 30, 2019 Foreign currency swaps $ (7,789) $ (767) $ — Interest rate swaps (2,484) (593) — Total $ (10,273) $ (1,360) $ —
Schedule of Information About the Nature and Accounting Treatment of the Company's Primary Derivative Financial Instruments and the Location in and Effect on the Consolidated Financial Statements	The table below presents information about the nature and accounting treatment of the Company’s primary derivative financial instruments and the location in and effect on the consolidated condensed financial statements for the periods presented below: As of September 30, 2020 December 31, 2019 Notional Fair Notional Fair (Dollars In Thousands) Other long-term investments Derivatives not designated as hedging instruments: Interest rate swaps $ 1,628,000 $ 210,420 $ 2,228,000 $ 98,655 Total return swaps 433,231 7,018 269,772 941 Derivatives with PLC (1) 2,618,962 133,486 2,830,889 115,379 Embedded derivative - Modco reinsurance treaties 1,269,954 83,379 1,280,189 31,926 Embedded derivative - GLWB 610,426 48,091 1,147,436 62,538 Embedded derivative - FIA 310,468 55,038 — — Interest rate futures 700,637 4,818 896,073 7,557 Equity futures 156,317 2,063 159,901 2,109 Currency futures 161,793 1,750 72,593 131 Equity options 7,740,526 861,711 6,685,670 676,257 $ 15,630,314 $ 1,407,774 $ 15,570,523 $ 995,493 Other liabilities Cash flow hedges: Interest rate swaps $ — $ — $ 350,000 $ — Foreign currency swaps 117,178 18,727 117,178 11,373 Derivatives not designated as hedging instruments: Interest rate swaps 1,194,000 — 50,000 — Total return swaps 418,088 7,112 579,675 3,229 Embedded derivative - Modco reinsurance treaties 2,892,930 331,836 2,263,685 231,516 Funds withheld derivative 3,810,657 145,030 1,845,649 70,583 Embedded derivative - GLWB 3,359,799 566,337 2,892,926 248,577 Embedded derivative - FIA 3,656,227 580,268 2,892,803 332,869 Embedded derivative - IUL 339,564 194,228 301,598 151,765 Interest rate futures 421,631 1,825 669,223 10,375 Equity futures 162,260 3,571 174,743 2,376 Currency futures 128,613 1,016 192,306 1,836 Equity options 5,465,007 507,408 4,827,714 429,434 Other 268,436 46,236 199,387 53,245 $ 22,234,390 $ 2,403,594 $ 17,356,887 $ 1,547,178 (1) These derivatives include the Interest, YRT premium support, and portfolio maintenance agreements between certain of the Company’s subsidiaries and PLC.

OFFSETTING OF ASSETS AND LIAB_2

OFFSETTING OF ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2020
Offsetting [Abstract]
Schedule of Derivative Instruments by Assets and Liabilities	The tables below present the derivative instruments by assets and liabilities for the Company as of September 30, 2020. Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Net Amount (Dollars In Thousands) Offsetting of Assets Derivatives: Free-Standing derivatives $ 1,087,780 $ — $ 1,087,780 $ 537,340 $ 391,941 $ 158,499 Total derivatives, subject to a master netting arrangement or similar arrangement 1,087,780 — 1,087,780 537,340 391,941 158,499 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 83,379 — 83,379 — — 83,379 Embedded derivative - GLWB 48,091 — 48,091 — — 48,091 Derivatives with PLC 133,486 — 133,486 — — 133,486 Other 55,038 — 55,038 — — 55,038 Total derivatives, not subject to a master netting arrangement or similar arrangement 319,994 — 319,994 — — 319,994 Total derivatives 1,407,774 — 1,407,774 537,340 391,941 478,493 Total Assets $ 1,407,774 $ — $ 1,407,774 $ 537,340 $ 391,941 $ 478,493 Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Net Amount (Dollars In Thousands) Offsetting of Liabilities Derivatives: Free-Standing derivatives $ 539,659 $ — $ 539,659 $ 537,340 $ 2,319 $ — Total derivatives, subject to a master netting arrangement or similar arrangement 539,659 — 539,659 537,340 2,319 — Derivatives, not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 331,836 — 331,836 — — 331,836 Funds withheld derivative 145,030 — 145,030 — — 145,030 Embedded derivative - GLWB 566,337 — 566,337 — — 566,337 Embedded derivative - FIA 580,268 — 580,268 — — 580,268 Embedded derivative - IUL 194,228 — 194,228 — — 194,228 Other 46,236 — 46,236 — — 46,236 Total derivatives, not subject to a master netting arrangement or similar arrangement 1,863,935 — 1,863,935 — — 1,863,935 Total derivatives 2,403,594 — 2,403,594 537,340 2,319 1,863,935 Repurchase agreements (1) 150,000 — 150,000 — — 150,000 Total Liabilities $ 2,553,594 $ — $ 2,553,594 $ 537,340 $ 2,319 $ 2,013,935 (1) Borrowings under repurchase agreements are for a term less than 90 days. The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2019. Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Net Amount (Dollars In Thousands) Offsetting of Assets Derivatives: Free-Standing derivatives $ 785,650 $ — $ 785,650 $ 452,562 $ 215,587 $ 117,501 Total derivatives, subject to a master netting arrangement or similar arrangement 785,650 — 785,650 452,562 215,587 117,501 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 31,926 — 31,926 — — 31,926 Embedded derivative - GLWB 62,538 — 62,538 — — 62,538 Derivatives with PLC 115,379 — 115,379 — — 115,379 Other — — — — — — Total derivatives, not subject to a master netting arrangement or similar arrangement 209,843 — 209,843 — — 209,843 Total derivatives 995,493 — 995,493 452,562 215,587 327,344 Total Assets $ 995,493 $ — $ 995,493 $ 452,562 $ 215,587 $ 327,344 Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Net Amount (Dollars In Thousands) Offsetting of Liabilities Derivatives: Free-Standing derivatives $ 458,623 $ — $ 458,623 $ 452,562 $ 4,791 $ 1,270 Total derivatives, subject to a master netting arrangement or similar arrangement 458,623 — 458,623 452,562 4,791 1,270 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 231,516 — 231,516 — — 231,516 Funds withheld derivative 70,583 — 70,583 — — 70,583 Embedded derivative - GLWB 248,577 — 248,577 — — 248,577 Embedded derivative - FIA 332,869 — 332,869 — — 332,869 Embedded derivative - IUL 151,765 — 151,765 — — 151,765 Other 53,245 — 53,245 — — 53,245 Total derivatives, not subject to a master netting arrangement or similar arrangement 1,088,555 — 1,088,555 — — 1,088,555 Total derivatives 1,547,178 — 1,547,178 452,562 4,791 1,089,825 Repurchase agreements (1) 270,000 — 270,000 — — 270,000 Total Liabilities $ 1,817,178 $ — $ 1,817,178 $ 452,562 $ 4,791 $ 1,359,825 (1) Borrowings under repurchase agreements are for a term less than 90 days.

COMMERCIAL MORTGAGE LOANS (Tabl

COMMERCIAL MORTGAGE LOANS (Tables)	9 Months Ended
	Sep. 30, 2020
COMMERCIAL MORTGAGE LOANS [Abstract]
Schedule of Commercial Mortgage Loans Receivable by Origination Year	As of September 30, 2020, the amortized cost basis of the Company's commercial mortgage loan receivables by origination year, net of the allowance, for credit losses is as follows: Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (Dollars In Thousands) As of September 30, 2020 Commercial mortgage loans: Performing $ 937,464 $ 2,528,592 $ 1,606,876 $ 1,361,092 $ 956,593 $ 2,549,745 $ 9,940,362 Non-performing — — — — — — — Amortized cost $ 937,464 $ 2,528,592 $ 1,606,876 $ 1,361,092 $ 956,593 $ 2,549,745 $ 9,940,362 Allowance for credit losses (11,139) (39,465) (43,172) (30,722) (15,789) (34,763) (175,050) Total commercial mortgage loans $ 926,325 $ 2,489,127 $ 1,563,704 $ 1,330,370 $ 940,804 $ 2,514,982 $ 9,765,312 The following table presents loan-to-value ratios for commercial mortgages by year of vintage: Loan-to-Value Ratios for Commercial Mortgages by Year of Vintage 2020 2019 2018 2017 2016 Prior Total (Dollars In Thousands) As of September 30, 2020 Commercial mortgage loans: Greater than 75% $ 37,291 $ 105,608 $ 104,885 $ 51,973 $ 6,605 $ 6,122 $ 312,484 50% - 75% 688,487 1,589,323 1,017,753 1,027,418 778,876 1,368,660 6,470,517 Less than 50% 211,686 833,661 484,238 281,701 171,112 1,174,963 3,157,361 Amortized Cost 937,464 2,528,592 $ 1,606,876 $ 1,361,092 $ 956,593 $ 2,549,745 $ 9,940,362 Allowance for credit losses (11,139) (39,465) (43,172) (30,722) (15,789) (34,763) (175,050) Total commercial mortgage loans $ 926,325 $ 2,489,127 $ 1,563,704 $ 1,330,370 $ 940,804 $ 2,514,982 $ 9,765,312 (1) The loan-to-value ratio compares the current unpaid principal of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 54% at both September 30, 2020 and December 31, 2019. The following table presents debt service coverage ratios for commercial mortgages by year of vintage: Debt Service Coverage Ratios for Commercial Mortgages by Year of Vintage 2020 2019 2018 2017 2016 Prior Total (Dollars In Thousands) As of September 30, 2020 Commercial mortgage loans: >1.20x $ 900,073 $ 2,073,671 $ 1,202,174 $ 1,059,070 $ 725,071 $ 1,943,864 $ 7,903,923 1.00x - 1.20x 37,391 354,960 330,495 237,527 143,886 360,784 1,465,043 <1.00x — 99,961 74,207 64,495 87,636 245,097 571,396 Amortized Cost 937,464 2,528,592 1,606,876 1,361,092 956,593 2,549,745 9,940,362 Allowance for credit losses (11,139) (39,465) (43,172) (30,722) (15,789) (34,763) (175,050) Total commercial mortgage loans $ 926,325 $ 2,489,127 $ 1,563,704 $ 1,330,370 $ 940,804 $ 2,514,982 $ 9,765,312 (1) The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.74x at September 30, 2020 and 1.73x at December 31, 2019.
Schedule of Allowance for Credit Losses on Funded and Unfunded Mortgages	For The For The (Dollars In Thousands) Allowance for Funded Commercial Mortgage Loan Credit Losses Beginning balance $ 173,186 $ 4,884 Cumulative effect adjustment — 80,239 Charge offs — — Recoveries — (1,839) Provision 1,864 91,766 Ending balance $ 175,050 $ 175,050 Allowance for Unfunded Commercial Mortgage Loan Commitments Credit Losses Beginning balance $ 19,550 $ — Cumulative effect adjustment — 10,610 Charge offs — — Recoveries — — Provision 247 9,187 Ending balance $ 19,797 $ 19,797
Schedule of an Analysis of the Delinquent Loans	An analysis of delinquent loans is shown in the following chart: Greater 30-59 Days 60-89 Days than 90 Days Total As of September 30, 2020 Delinquent Delinquent Delinquent Delinquent (Dollars In Thousands) Commercial mortgage loans $ — $ — $ — $ — Number of delinquent commercial mortgage loans — — — — As of December 31, 2019 Commercial mortgage loans $ 6,455 $ — $ 710 $ 7,165 Number of delinquent commercial mortgage loans 2 — 3 5
Impaired Financing Receivables	Recorded Unpaid Related Average Interest Cash Basis (Dollars In Thousands) As of September 30, 2020 Commercial mortgage loans: With no related allowance recorded $ — $ — $ — $ — $ — $ — With an allowance recorded $ — $ — $ — $ — $ — $ — As of December 31, 2019 Commercial mortgage loans: With no related allowance recorded $ 710 $ 702 $ — $ 237 $ 20 $ 28 With an allowance recorded $ 16,209 $ 16,102 $ 4,884 $ 3,242 $ 841 $ 838
Schedule of Commercial Mortgage Loans Modified in Troubled Debt Restructuring	ortgage loans that were modified in a troubled debt restructuring as of September 30, 2020 and December 31, 2019 are shown below. Number of Pre-Modification Post-Modification (Dollars In Thousands) As of September 30, 2020 Troubled debt restructuring: Commercial mortgage loans 1 $ 1,237 $ 1,237 As of December 31, 2019 Troubled debt restructuring: Commercial mortgage loans 2 $ 3,771 $ 3,771

DEBT AND OTHER OBLIGATIONS (Tab

DEBT AND OTHER OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Non-Recourse Funding Obligations Outstanding	Non-recourse funding obligations outstanding as of September 30, 2020, on a consolidated basis, are shown in the following table. See Note 15, Subsequent Events for additional information on the Company’s non-recourse funding obligations. Issuer Outstanding Principal Carrying Value (1) Maturity Year-to-Date (Dollars In Thousands) Golden Gate Captive Insurance Company (2)(3) $ 1,858,000 $ 1,858,000 2039 4.70 % Golden Gate II Captive Insurance Company 329,949 275,895 2052 3.91 % Golden Gate V Vermont Captive Insurance Company (2)(3) 750,000 806,015 2037 5.12 % MONY Life Insurance Company (3) 1,885 2,216 2024 6.19 % Total $ 2,939,834 $ 2,942,126 (1) Carrying values include premiums and discounts and do not represent unpaid principal balances. (2) Obligations are issued to non-consolidated subsidiaries of PLC. These obligations collateralize certain held-to-maturity securities issued by wholly owned subsidiaries of the Company. Changes in Golden Gate and Golden Gate V are non-cash items. (3) Fixed rate obligations. Non-recourse funding obligations outstanding as of December 31, 2019, on a consolidated basis, are shown in the following table: Issuer Outstanding Principal Carrying Value (1) Maturity Year-to-Date (Dollars In Thousands) Golden Gate Captive Insurance Company (2)(3) $ 2,028,000 $ 2,028,000 2039 4.70 % Golden Gate II Captive Insurance Company 329,949 274,955 2052 5.06 % Golden Gate V Vermont Captive Insurance Company (2)(3) 720,000 777,527 2037 5.12 % MONY Life Insurance Company (3) 1,885 2,271 2024 6.19 % Total $ 3,079,834 $ 3,082,753 (1) Carrying values include premiums and discounts and do not represent unpaid principal balances. (2) Obligations are issued to non-consolidated subsidiaries of PLC. These obligations collateralize certain held-to-maturity securities issued by wholly owned subsidiaries of the Company. Changes in Golden Gate and Golden Gate V are non-cash items. (3) Fixed rate obligations.
Schedule of Collateral Pledged for Repurchase Agreements	The following table provides the fair value of collateral pledged for repurchase agreements, grouped by asset class as of September 30, 2020 and December 31, 2019 : Repurchase Agreements, Securities Lending Transactions, and Repurchase-to-Maturity Transactions Accounted for as Secured Borrowings Remaining Contractual Maturity of the Agreements As of September 30, 2020 (Dollars In Thousands) Overnight and Up to 30 days 30-90 days Greater Than Total Repurchase agreements and repurchase-to-maturity transactions U.S. Treasury and agency securities $ 153,681 $ — $ — $ — $ 153,681 Total repurchase agreements and repurchase-to-maturity transactions 153,681 — — — 153,681 Securities lending transactions Corporate securities 60,358 — — — 60,358 Equity securities 17,282 — — — 17,282 Other government related securities 2,554 — — — 2,554 Total securities lending transactions 80,194 — — — 80,194 Total securities $ 233,875 $ — $ — $ — $ 233,875 Repurchase Agreements, Securities Lending Transactions, and Repurchase-to-Maturity Transactions Accounted for as Secured Borrowings Remaining Contractual Maturity of the Agreements As of December 31, 2019 (Dollars In Thousands) Overnight and Up to 30 days 30-90 days Greater Than Total Repurchase agreements and repurchase-to-maturity transactions U.S. Treasury and agency securities $ 282,198 $ — $ — $ — $ 282,198 Total repurchase agreements and repurchase-to-maturity transactions 282,198 — — — 282,198 Securities lending transactions Fixed maturity securities 55,720 — — — 55,720 Equity securities 7,120 — — — 7,120 Total securities lending transactions 62,840 — — — 62,840 Total securities $ 345,038 $ — $ — $ — $ 345,038

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Summary of Changes in the Accumulated Balances for Each Component of AOCI	The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) (“AOCI”) as of September 30, 2020 and December 31, 2019. Changes in Accumulated Other Comprehensive Income (Loss) by Component Unrealized Gains and Losses on Investments (2) Accumulated Total (Dollars In Thousands, Net of Tax) Balance, December 31, 2018 $ (1,404,209) $ (7) $ (1,404,216) Other comprehensive income (loss) before reclassifications 2,833,888 (9,781) 2,824,107 Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings (3,574) — (3,574) Amounts reclassified from accumulated other comprehensive income (loss) (1) (10,474) 1,799 (8,675) Balance, December 31, 2019 $ 1,415,631 $ (7,989) $ 1,407,642 Other comprehensive income (loss) before reclassifications 1,258,943 (877) 1,258,066 Other comprehensive income (loss) on investments for which a credit loss has been recognized in earnings 25,659 — 25,659 Amounts reclassified from accumulated other comprehensive income (loss) (1) 60,231 2,427 62,658 Balance, September 30, 2020 $ 2,760,464 $ (6,439) $ 2,754,025 (1) See Reclassifications Out of Accumulated Other Comprehensive Income (Loss) table below for details. (2) As of September 30, 2020 and December 31, 2019, net unrealized gains reported in AOCI were offset by $(1.6) billion and $(776.9) million, respectively, due to the impact those net unrealized losses would have had on certain of the Company’s insurance assets and liabilities if the net unrealized losses had been recognized in net income.
Schedule of Reclassifications Amounts Out of AOCI	The following tables summarize the reclassifications amounts out of AOCI for the three and nine months ended September 30, 2020 and 2019. Reclassifications Out of Accumulated Other Comprehensive Income (Loss) For The For The Gains (losses) in net income: Affected Line Item in the 2020 2019 2020 2019 (Dollars In Thousands) Derivative instruments Benefits and settlement expenses, net of reinsurance ceded (1) $ (401) $ (746) $ (3,072) $ (1,360) Tax (expense) benefit 84 157 645 285 $ (317) $ (589) $ (2,427) $ (1,075) Unrealized gains and losses on available-for-sale securities Realized gains (losses) - investments $ 2,681 $ 15,686 $ 44,298 $ 21,885 Net credit losses recognized in operations (38,459) — (120,540) — Net impairment losses recognized in operations — (10,818) — (14,658) Tax (expense) benefit 7,513 (1,022) 16,011 (1,517) $ (28,265) $ 3,846 $ (60,231) $ 5,710 (1) See Note 7, Derivative Financial Instruments for additional information

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Summary of Financial Information for the Company's Segments	The following tables present a summary of results and reconciles pre-tax adjusted operating income (loss) to consolidated income before income tax and net income: For The For The 2020 2019 2020 2019 (Dollars In Thousands) Revenues Retail Life and Annuity $ 664,525 $ 651,222 $ 1,995,041 $ 1,817,232 Acquisitions 802,200 859,524 2,399,362 2,136,497 Stable Value Products 48,081 59,954 137,222 187,118 Asset Protection 68,198 72,729 209,790 218,995 Corporate and Other 50,223 22,597 81,138 90,082 Total revenues $ 1,633,227 $ 1,666,026 $ 4,822,553 $ 4,449,924 Pre-tax Adjusted Operating Income (Loss) Retail Life and Annuity $ 14,927 3,015 22,642 $ 87,405 Acquisitions 64,999 103,210 238,121 247,932 Stable Value Products 20,129 20,863 62,119 71,208 Asset Protection 9,484 9,637 32,851 26,945 Corporate and Other (32,125) (36,563) (103,897) (119,675) Pre-tax adjusted operating income 77,414 100,162 251,836 313,815 Realized gains (losses) and adjustments (4,802) 139,679 118,090 288,476 Income before income tax 72,612 239,841 369,926 602,291 Income tax expense (12,850) (49,417) (71,094) (115,355) Net income $ 59,762 $ 190,424 $ 298,832 $ 486,936 Pre-tax adjusted operating income $ 77,414 $ 100,162 $ 251,836 $ 313,815 Adjusted operating income tax expense (13,859) (20,085) (46,295) (54,775) After-tax adjusted operating income 63,555 80,077 205,541 259,040 Realized gains (losses) and adjustments (4,802) 139,679 118,090 288,476 Income tax (expense) benefit on adjustments 1,009 (29,332) (24,799) (60,580) Net income $ 59,762 $ 190,424 $ 298,832 $ 486,936 Realized gains (losses) and adjustments: Derivative financial instruments $ 15,337 $ 42,286 $ 92,899 $ (86,288) Investments 22,819 77,399 (72,752) 302,596 Less: related amortization (1) 56,313 (6,205) (58,065) (37,406) Less: VA GLWB economic cost (13,355) (13,789) (39,878) (34,762) Total realized gains (losses) and adjustments $ (4,802) $ 139,679 $ 118,090 $ 288,476 (1) Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by realized gains (losses). For The For The 2020 2019 2020 2019 (Dollars In Thousands) Net investment income Retail Life and Annuity $ 249,122 $ 235,318 $ 748,470 $ 697,786 Acquisitions 405,458 426,510 1,235,231 1,106,782 Stable Value Products 54,210 59,707 169,279 184,450 Asset Protection 5,438 7,164 19,144 21,015 Corporate and Other 23,943 11,012 59,462 56,294 Total net investment income $ 738,171 $ 739,711 $ 2,231,586 $ 2,066,327 Amortization of DAC and VOBA Retail Life and Annuity $ 76,982 37,277 69,978 $ 57,471 Acquisitions 14,114 7,388 23,720 18,349 Stable Value Products 872 857 2,439 2,584 Asset Protection 17,173 15,828 48,459 47,156 Corporate and Other — — — — Total amortization of DAC and VOBA $ 109,141 $ 61,350 $ 144,596 125,560 Operating Segment Assets As of September 30, 2020 (Dollars In Thousands) Retail Life & Annuity Acquisitions Stable Value Investments and other assets $ 39,070,453 $ 54,395,295 $ 5,889,432 DAC and VOBA 2,476,357 808,377 7,681 Other intangibles 375,851 33,831 6,222 Goodwill 558,501 23,862 113,924 Total assets $ 42,481,162 $ 55,261,365 $ 6,017,259 Asset Corporate Total Investments and other assets $ 869,456 $ 19,872,380 $ 120,097,016 DAC and VOBA 169,505 — 3,461,920 Other intangibles 104,019 33,161 553,084 Goodwill 129,224 — 825,511 Total assets $ 1,272,204 $ 19,905,541 $ 124,937,531 Operating Segment Assets As of December 31, 2019 (Dollars In Thousands) Retail Life & Annuity Acquisitions Stable Value Investments and other assets $ 37,448,239 $ 54,074,450 $ 5,317,885 DAC and VOBA 2,416,616 924,090 5,221 Other intangibles 401,178 36,321 6,722 Goodwill 558,501 23,862 113,924 Total assets $ 40,824,534 $ 55,058,723 $ 5,443,752 Asset Corporate Total Investments and other assets $ 878,386 $ 17,830,217 $ 115,549,177 DAC and VOBA 173,628 — 3,519,555 Other intangibles 112,032 27,173 583,426 Goodwill 129,224 — 825,511 Total assets $ 1,293,270 $ 17,857,390 $ 120,477,669

BASIS OF PRESENTATION - Additio

BASIS OF PRESENTATION - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in other assets	$ (293,875)		$ (293,875)		$ (308,544)
Decrease in settlement expenses	(1,258,824)	$ (1,171,034)	(3,735,160)	$ (3,147,641)
Decrease in other policyholders' funds	(1,715,231)		(1,715,231)		(1,576,856)
Decrease in deferred policy acquisition costs	(54,855,476)		(54,855,476)		$ (54,738,794)
Increase in amortization of deferred policy acquisition costs	109,141	61,350	144,596	125,560
Decrease in ceded premiums	(52,457)	(59,692)	(170,994)	(168,566)
Decrease in other ceded operating expenses	(192,650)	(193,801)	(572,871)	(574,432)
Increase in income before income taxes	72,612	$ 239,841	369,926	$ 602,291
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in settlement expenses	18,100
Decrease in deferred policy acquisition costs	18,100		18,100
Increase in amortization of deferred policy acquisition costs	6,100
Decrease in ceded premiums	10,200
Decrease in other ceded operating expenses	3,200
Increase in income before income taxes	$ 19,000		$ 9,400

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Jan. 01, 2020	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Goodwill	$ 825,511,000	$ 825,511,000	$ 825,511,000
Reinsurance allowance, allowance for credit loss	107,472,000	107,472,000	0
Reinsurance recoverable, write-offs		0
Reinsurance recoveries		0
Gross reinsurance receivables	4,700,000,000	4,700,000,000
Cumulative effect adjustment resulting in a decrease in retained earnings	$ (12,713,941,000)	(12,713,941,000)	$ (11,206,826,000)	$ (12,116,623,000)		$ (11,291,919,000)	$ (10,277,047,000)	$ (7,042,788,000)
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
Reinsurance Receivables
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	11.00%
Reinsurance Receivables | AM Best Rating
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	65.00%
Reinsurance Receivables | AM Best, A+ Rating
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	74.00%
Reinsurance Receivables | AM Best, A Rating
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	16.00%
Reinsurance Receivables | AM Best, A- Rating
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	10.00%
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment resulting in a decrease in retained earnings	$ (1,694,377,000)	$ (1,694,377,000)	$ (1,533,645,000)	$ (1,634,615,000)		$ (1,467,597,000)	$ (1,277,173,000)	(1,031,465,000)
Cumulative Effect Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance allowance, allowance for credit loss					$ 96,000,000
Cumulative effect adjustment resulting in a decrease in retained earnings			138,100,000					50,804,000
Cumulative Effect Adjustment | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment resulting in a decrease in retained earnings			$ 138,100,000		$ 138,100,000			$ 50,804,000

SIGNIFICANT TRANSACTIONS - Addi

SIGNIFICANT TRANSACTIONS - Additional Information (Details) - USD ($) $ in Thousands	Oct. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 03, 2019
Business Combination Segment Allocation [Line Items]
Income before income taxes related to final settlement of pending items within acquisition		$ 72,612	$ 239,841	$ 369,926	$ 602,291
Individual Life Business
Business Combination Segment Allocation [Line Items]
Coinsurance basis percentage						100.00%
Ceding commissions for reinsurance						$ 765,700
Individual Life Business | Subsequent Event
Business Combination Segment Allocation [Line Items]
Income before income taxes related to final settlement of pending items within acquisition	$ 90,000

SIGNIFICANT TRANSACTIONS - Purc

SIGNIFICANT TRANSACTIONS - Purchase Consideration (Details) - Individual Life Business - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jun. 01, 2019
Assets
Fixed maturities			$ 8,697,966
Commercial mortgage loans			1,386,228
Policy loans			44,002
Other long-term investments			1,521,965
Total investments			11,650,161
Cash			34,835
Accrued investment income			101,452
Reinsurance receivables			62
Accounts and premiums receivable			1,642
Value of business acquired			535,421
Other intangibles			21,300
Other assets			5,525
Assets related to separate accounts			9,583,217
Total assets			21,933,615
Liabilities
Future policy benefits and claims			11,022,177
Annuity account balances			220,064
Other policyholders’ funds			220,147
Other liabilities			75,367
Liabilities related to separate accounts			9,583,217
Total liabilities			21,120,972
NET ASSETS ACQUIRED			$ 812,643
Pro Forma [Abstract]
Revenue	$ 1,681,993	$ 4,868,168
Net income	$ 190,424	$ 504,031

MONY CLOSED BLOCK OF BUSINESS -

MONY CLOSED BLOCK OF BUSINESS - Summary of Financial Information of the Policyholder Dividend Obligation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$ 5,458,772	$ 5,836,815
Policyholder dividend obligation	473,380	278,505	$ 319,865	$ 0
Other liabilities	8,328	11,247
Total closed block liabilities	5,940,480	6,126,567
Closed block assets
Fixed maturities, available-for-sale, at fair value	4,827,002	4,682,731
Commercial mortgage loans	69,422	72,829
Policy loans	633,609	640,134
Cash and other invested assets	24,614	44,877
Other assets	96,865	107,177
Total closed block assets	5,651,512	5,547,748
Excess of reported closed block liabilities over closed block assets	288,968	578,819
Portion of above representing accumulated other comprehensive income:
Net unrealized gains (losses) - investments/derivatives net of policyholder dividend obligation: 2020 - $383,309 and 2019 - $167,285; and net of income tax: 2020 - $(80,495) and 2019 - $(35,130)	0	0
Future earnings to be recognized from closed block assets and closed block liabilities	288,968	578,819
Policyholder dividend obligations	383,309	167,285
Income tax expense (benefit)	$ (80,495)	$ (35,130)

MONY CLOSED BLOCK OF BUSINESS_2

MONY CLOSED BLOCK OF BUSINESS - Schedule of Reconciliation of the Policyholder Dividend Obligation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Movement in Closed Block Dividend Obligation [Roll Forward]
Policyholder dividend obligation, beginning balance	$ 278,505	$ 0
Applicable to net revenue (losses)	(21,150)	(19,548)
Change in net unrealized gains (losses) - investments/derivatives allocated to the policyholder dividend obligation	216,025	339,413
Policyholder dividend obligation, ending balance	$ 473,380	$ 319,865

MONY CLOSED BLOCK OF BUSINESS_3

MONY CLOSED BLOCK OF BUSINESS - Schedule of Closed Block Revenues and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Premiums and other income	$ 36,394	$ 37,652	$ 109,656	$ 115,202
Net investment income	50,557	52,018	152,609	154,808
Net gains (losses) - investments/derivatives	(499)	1,104	(1,284)	693
Total revenues	86,452	90,774	260,981	270,703
Benefits and other deductions
Benefits and settlement expenses	80,797	84,531	242,474	250,410
Other operating expenses	284	229	877	836
Total benefits and other deductions	81,081	84,760	243,351	251,246
Net revenues before income taxes	5,371	6,014	17,630	19,457
Income tax expense	1,242	1,263	3,396	4,086
Net revenues	$ 4,129	$ 4,751	$ 14,234	$ 15,371

INVESTMENT OPERATIONS - Summary

INVESTMENT OPERATIONS - Summary of Net Realized Investment Gains (Losses) for All Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Fixed maturities	$ 2,681	$ 15,686	$ 44,298	$ 21,885
Equity securities	16,918	6,117	(652)	44,292
Modco trading portfolios	44,918	67,674	108,223	252,147
Net credit losses recognized in earnings	(38,459)		(120,540)
Net impairment losses recognized in operations		(10,818)		(14,658)
Commercial mortgage loans	(2,174)	(1,575)	(101,256)	(1,435)
Other investments	(1,065)	315	(2,825)	365
Realized gains (losses) - investments	22,819	77,399	(72,752)	302,596
Realized gains (losses) - derivatives	15,337	42,286	92,899	(86,288)
Realized gains (losses) - investments/derivatives	$ 38,156	$ 119,685	$ 20,147	$ 216,308

INVESTMENT OPERATIONS - Schedul

INVESTMENT OPERATIONS - Schedule of Gross Realized Gains (Losses) on Investments Available-for-Sale (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 2,750	$ 20,155	$ 49,189	$ 34,801
Gross realized losses:
Credit losses	(38,459)		(120,540)
Impairment losses		(10,818)		(14,658)
Other realized losses	$ (69)	$ (4,469)	$ (4,891)	$ (12,916)

INVESTMENT OPERATIONS - Sched_2

INVESTMENT OPERATIONS - Schedule of Fair Value (Proceeds) and Gains/Losses Realized on Securities Sold in an Unrealized Gain/Loss Position (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Securities in an unrealized gain position:
Fair value proceeds	$ 415,440	$ 679,514	$ 1,351,653	$ 1,812,992
Gains realized	2,750	20,155	49,189	34,801
Securities in an unrealized loss position:
Fair value proceeds	8,228	37,488	33,062	368,416
Losses realized	$ (69)	$ (4,469)	$ (4,891)	$ (12,916)

INVESTMENT OPERATIONS - Sched_3

INVESTMENT OPERATIONS - Schedule of Realized Gain (Losses) on Equity Securities Sold (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Gains (losses) recognized during the period on equity securities still held	$ 16,846	$ 6,765	$ (844)	$ 44,687
Net gains (losses) recognized on equity securities sold during the period	72	(648)	192	(395)
Net gains (losses) recognized during the period on equity securities	$ 16,918	$ 6,117	$ (652)	$ 44,292

INVESTMENT OPERATIONS - Sched_4

INVESTMENT OPERATIONS - Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Available-for-Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Amortized Cost	$ 62,998,377		$ 61,970,744
Gross Unrealized Gains	5,839,364		3,100,992
Gross Unrealized Losses	(344,777)		(325,660)
Allowance for Expected Credit Losses	(19,399)
Fair Value	68,473,565		64,746,076
Residential mortgage-backed securities
Schedule of Investments [Line Items]
Amortized Cost	6,636,849		5,812,170
Gross Unrealized Gains	211,313		125,493
Gross Unrealized Losses	(889)		(6,322)
Allowance for Expected Credit Losses	0
Fair Value	6,847,273		5,931,341
Commercial mortgage-backed securities
Schedule of Investments [Line Items]
Amortized Cost	2,464,104		2,588,575
Gross Unrealized Gains	120,335		54,385
Gross Unrealized Losses	(27,437)		(3,292)
Allowance for Expected Credit Losses	0
Fair Value	2,557,002		2,639,668
Other asset-backed securities
Schedule of Investments [Line Items]
Amortized Cost	1,562,104		1,764,120
Gross Unrealized Gains	40,536		32,041
Gross Unrealized Losses	(17,756)		(14,926)
Allowance for Expected Credit Losses	(645)	$ (655)	0
Fair Value	1,584,239		1,781,235
U.S. government-related securities
Schedule of Investments [Line Items]
Amortized Cost	1,054,690		1,032,048
Gross Unrealized Gains	28,822		5,664
Gross Unrealized Losses	(3,219)		(5,316)
Allowance for Expected Credit Losses	0
Fair Value	1,080,293		1,032,396
Other government-related securities
Schedule of Investments [Line Items]
Amortized Cost	566,924		548,136
Gross Unrealized Gains	73,814		51,024
Gross Unrealized Losses	(2,662)		(1,991)
Allowance for Expected Credit Losses	0
Fair Value	638,076		597,169
States, municipals, and political subdivisions
Schedule of Investments [Line Items]
Amortized Cost	4,051,031		4,415,008
Gross Unrealized Gains	505,479		225,072
Gross Unrealized Losses	(2,881)		(1,230)
Allowance for Expected Credit Losses	0
Fair Value	4,553,629		4,638,850
Corporate securities
Schedule of Investments [Line Items]
Amortized Cost	45,435,036		44,493,799
Gross Unrealized Gains	4,857,669		2,603,636
Gross Unrealized Losses	(289,933)		(288,334)
Allowance for Expected Credit Losses	(18,754)	(81,426)	0
Fair Value	49,984,018		46,809,101
Redeemable preferred stocks
Schedule of Investments [Line Items]
Amortized Cost	65,933		87,237
Gross Unrealized Gains	1,396		3,677
Gross Unrealized Losses	0		(4,249)
Allowance for Expected Credit Losses	0
Fair Value	67,329		86,665
Fixed maturities
Schedule of Investments [Line Items]
Amortized Cost	61,836,671		60,741,093
Gross Unrealized Gains	5,839,364		3,100,992
Gross Unrealized Losses	(344,777)		(325,660)
Allowance for Expected Credit Losses	(19,399)	$ (82,081)	0
Fair Value	67,311,859		63,516,425
Short-term investments
Schedule of Investments [Line Items]
Amortized Cost	1,161,706		1,229,651
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		0
Allowance for Expected Credit Losses	0
Fair Value	$ 1,161,706		$ 1,229,651

INVESTMENT OPERATIONS - Sched_5

INVESTMENT OPERATIONS - Schedule of Fair Value of Trading Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities	$ 2,877,449	$ 2,625,436
Residential mortgage-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities	207,507	209,521
Commercial mortgage-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities	208,036	201,284
Other asset-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities	150,290	143,361
U.S. government-related securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities	36,991	47,067
Other government-related securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities	29,571	28,775
States, municipals, and political subdivisions
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities	288,085	293,791
Corporate securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities	1,850,471	1,590,936
Redeemable preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities	12,434	12,832
Fixed maturities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities	2,783,385	2,527,567
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities	16,742	6,656
Short-term investments
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturity securities	$ 77,322	$ 91,213

INVESTMENT OPERATIONS - Sched_6

INVESTMENT OPERATIONS - Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Fixed Maturities, by Expected Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Available-for-sale, Amortized Cost
Amortized Cost	$ 62,998,377	$ 61,970,744
Available-for-sale, Fair Value
Total	68,473,565	64,746,076
Held-to-maturity, Fair Value
Fair Value	2,990,170	3,025,790
Fixed maturities
Available-for-sale, Amortized Cost
Due in one year or less	2,067,896
Due after one year through five years	11,455,625
Due after five years through ten years	14,897,323
Due after ten years	33,415,827
Amortized Cost	61,836,671	60,741,093
Available-for-sale, Fair Value
Due in one year or less	2,077,964
Due after one year through five years	11,970,027
Due after five years through ten years	16,103,285
Due after ten years	37,160,583
Total	67,311,859	63,516,425
Held-to-maturity, Amortized Cost
Due in one year or less	0
Due after one year through five years	0
Due after five years through ten years	0
Due after ten years	2,680,324
Amortized Cost	2,680,324	2,823,881
Held-to-maturity, Fair Value
Due in one year or less	0
Due after one year through five years	0
Due after five years through ten years	0
Due after ten years	2,990,170
Fair Value	$ 2,990,170	$ 3,025,790

INVESTMENT OPERATIONS - Sched_7

INVESTMENT OPERATIONS - Schedule of Available-for-Sale Credit Losses on Fixed Maturities With Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Additions for securities for which allowance was not previously recorded	$ 38,459	$ 120,540
Ending Balance	19,399	19,399
Corporate securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	81,426	0
Additions for securities for which allowance was not previously recorded	0	62,442
Adjustments on previously recorded allowances due to change in expected cash flows	945	19,929
Reductions on previously recorded allowances due to disposal of security in the current period	0	0
Write-offs of previously recorded allowances due to intent or requirement to sell	(63,617)	(63,617)
Ending Balance	18,754	18,754
Other asset-backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	655	0
Additions for securities for which allowance was not previously recorded	0	658
Adjustments on previously recorded allowances due to change in expected cash flows	0	0
Reductions on previously recorded allowances due to disposal of security in the current period	(10)	(13)
Write-offs of previously recorded allowances due to intent or requirement to sell	0	0
Ending Balance	645	645
Fixed maturities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	82,081	0
Additions for securities for which allowance was not previously recorded	0	63,100
Adjustments on previously recorded allowances due to change in expected cash flows	945	19,929
Reductions on previously recorded allowances due to disposal of security in the current period	(10)	(13)
Write-offs of previously recorded allowances due to intent or requirement to sell	(63,617)	(63,617)
Ending Balance	$ 19,399	$ 19,399

INVESTMENT OPERATIONS - Sched_8

INVESTMENT OPERATIONS - Schedule of Investments' Gross Unrealized Losses and Fair Value of the Company's Investments that are Not Deemed to be Other-than-Temporarily Impaired (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value
Less Than 12 Months	$ 4,138,572	$ 5,345,197
12 Months or More	1,436,399	3,826,458
Total	5,574,971	9,171,655
Unrealized Loss
Less Than 12 Months	(188,570)	(85,800)
12 Months or More	(156,207)	(239,860)
Total	(344,777)	(325,660)
Residential mortgage-backed securities
Fair Value
Less Than 12 Months	176,534	851,333
12 Months or More	6,895	220,843
Total	183,429	1,072,176
Unrealized Loss
Less Than 12 Months	(653)	(4,231)
12 Months or More	(236)	(2,091)
Total	(889)	(6,322)
Commercial mortgage-backed securities
Fair Value
Less Than 12 Months	354,926	371,945
12 Months or More	28,103	115,566
Total	383,029	487,511
Unrealized Loss
Less Than 12 Months	(21,686)	(1,721)
12 Months or More	(5,751)	(1,571)
Total	(27,437)	(3,292)
Other asset-backed securities
Fair Value
Less Than 12 Months	379,311	482,547
12 Months or More	312,368	214,058
Total	691,679	696,605
Unrealized Loss
Less Than 12 Months	(6,209)	(6,516)
12 Months or More	(11,547)	(8,410)
Total	(17,756)	(14,926)
U.S. government-related securities
Fair Value
Less Than 12 Months	251,534	383,451
12 Months or More	787	353,517
Total	252,321	736,968
Unrealized Loss
Less Than 12 Months	(3,193)	(3,373)
12 Months or More	(26)	(1,943)
Total	(3,219)	(5,316)
Other government-related securities
Fair Value
Less Than 12 Months	23,328	22,962
12 Months or More	6,776	6,230
Total	30,104	29,192
Unrealized Loss
Less Than 12 Months	(1,900)	(669)
12 Months or More	(762)	(1,322)
Total	(2,662)	(1,991)
States, municipals, and political subdivisions
Fair Value
Less Than 12 Months	105,894	56,470
12 Months or More	4,895	12,907
Total	110,789	69,377
Unrealized Loss
Less Than 12 Months	(2,829)	(1,001)
12 Months or More	(52)	(229)
Total	(2,881)	(1,230)
Corporate securities
Fair Value
Less Than 12 Months	2,847,045	3,176,489
12 Months or More	1,076,575	2,886,648
Total	3,923,620	6,063,137
Unrealized Loss
Less Than 12 Months	(152,100)	(68,289)
12 Months or More	(137,833)	(220,045)
Total	(289,933)	(288,334)
Redeemable preferred stocks
Fair Value
Less Than 12 Months	0	0
12 Months or More	0	16,689
Total	0	16,689
Unrealized Loss
Less Than 12 Months	0	0
12 Months or More	0	(4,249)
Total	$ 0	$ (4,249)

INVESTMENT OPERATIONS - Additio

INVESTMENT OPERATIONS - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)unrealized_loss_position	Dec. 31, 2019USD ($)
Schedule of Investments [Line Items]
Unrealized loss, greater than 12 months	$ 156,207	$ 239,860
Total positions that were in an unrealized loss position | unrealized_loss_position	645
Total positions that were in an unrealized loss position having allowance for credit loss established | unrealized_loss_position	5
Fixed maturity securities - available-for-sale	$ 68,473,565	64,746,076
Available-for-sale, amortized cost	62,998,377	61,970,744
Fixed maturity securities	2,877,449	2,625,436
Below investment grade
Schedule of Investments [Line Items]
Fixed maturity securities - available-for-sale	2,300,000
Available-for-sale, amortized cost	2,400,000
Fixed maturity securities	125,000
Securities not publicly traded	381,800
Residential mortgage-backed securities
Schedule of Investments [Line Items]
Unrealized loss, greater than 12 months	236	2,091
Fixed maturity securities - available-for-sale	6,847,273	5,931,341
Available-for-sale, amortized cost	6,636,849	5,812,170
Fixed maturity securities	207,507	209,521
Commercial mortgage-backed securities
Schedule of Investments [Line Items]
Unrealized loss, greater than 12 months	5,751	1,571
Fixed maturity securities - available-for-sale	2,557,002	2,639,668
Available-for-sale, amortized cost	2,464,104	2,588,575
Fixed maturity securities	208,036	201,284
Other asset-backed securities
Schedule of Investments [Line Items]
Unrealized loss, greater than 12 months	11,547	8,410
Unrealized losses, greater than twelve months, credit related	$ 600
Underlying collateral percentage	9700.00%
Fixed maturity securities - available-for-sale	$ 1,584,239	1,781,235
Available-for-sale, amortized cost	1,562,104	1,764,120
Fixed maturity securities	150,290	143,361
U.S. government-related securities
Schedule of Investments [Line Items]
Unrealized loss, greater than 12 months	26	1,943
Fixed maturity securities - available-for-sale	1,080,293	1,032,396
Available-for-sale, amortized cost	1,054,690	1,032,048
Fixed maturity securities	36,991	47,067
Other government-related securities
Schedule of Investments [Line Items]
Unrealized loss, greater than 12 months	762	1,322
Fixed maturity securities - available-for-sale	638,076	597,169
Available-for-sale, amortized cost	566,924	548,136
Fixed maturity securities	29,571	28,775
States, municipals, and political subdivisions
Schedule of Investments [Line Items]
Unrealized loss, greater than 12 months	52	229
Fixed maturity securities - available-for-sale	4,553,629	4,638,850
Available-for-sale, amortized cost	4,051,031	4,415,008
Fixed maturity securities	288,085	293,791
Corporate securities
Schedule of Investments [Line Items]
Unrealized loss, greater than 12 months	137,833	220,045
Unrealized losses, greater than twelve months, credit related	18,700
Impairment recognized due to decline in value of oil and gas securities	120,500
Fixed maturity securities - available-for-sale	49,984,018	46,809,101
Available-for-sale, amortized cost	45,435,036	44,493,799
Fixed maturity securities	1,850,471	1,590,936
Fixed maturities
Schedule of Investments [Line Items]
Fixed maturity securities - available-for-sale	67,311,859	63,516,425
Available-for-sale, amortized cost	61,836,671	60,741,093
Fixed maturity securities	2,783,385	2,527,567
Gross unrecognized holding gains	309,846	201,909
Gross unrecognized holding losses	$ 0	$ 0

INVESTMENT OPERATIONS - Summa_2

INVESTMENT OPERATIONS - Summary of Change in Unrealized Gains (Losses), Net of Income Tax, on Fixed Maturity and Equity Securities, Classified as Available-for-Sale (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fixed maturities
Investment Holdings [Line Items]
Change in unrealized gains (losses), net of income tax	$ 785,093	$ 1,308,054	$ 2,148,211	$ 4,396,173

INVESTMENT OPERATIONS - Sched_9

INVESTMENT OPERATIONS - Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Held-to-Maturity (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Schedule of Investments [Line Items]
Fair Value	$ 2,990,170,000	$ 3,025,790,000
Allowance for credit losses on held-to-maturity securities	0		$ 0
Fixed maturities
Schedule of Investments [Line Items]
Amortized Cost	2,680,324,000	2,823,881,000
Gross Unrecognized Holding Gains	309,846,000	201,909,000
Gross Unrecognized Holding Losses	0	0
Fair Value	2,990,170,000	3,025,790,000
Fixed maturities | Red Mountain, LLC
Schedule of Investments [Line Items]
Amortized Cost	822,324,000	795,881,000
Gross Unrecognized Holding Gains	140,435,000	81,022,000
Gross Unrecognized Holding Losses	0	0
Fair Value	962,759,000	876,903,000
Fixed maturities | Steel City, LLC
Schedule of Investments [Line Items]
Amortized Cost	1,858,000,000	2,028,000,000
Gross Unrecognized Holding Gains	169,411,000	120,887,000
Gross Unrecognized Holding Losses	0	0
Fair Value	$ 2,027,411,000	$ 2,148,887,000

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Fixed maturity securities - available-for-sale	$ 68,473,565	$ 64,746,076
Fixed maturity securities - trading	2,877,449	2,625,436
Total fixed maturity securities	70,095,244	66,043,992
Equity securities	538,385	553,720
Other long-term investments	1,407,774	995,493
Short-term investments	1,239,028	1,320,864
Assets related to separate accounts
Variable annuity	11,487,408	12,730,090
Variable universal life	1,144,474	1,135,666
Fixed maturities
Assets:
Fixed maturity securities - available-for-sale	67,311,859	63,516,425
Fixed maturity securities - trading	2,783,385	2,527,567
Residential mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	6,847,273	5,931,341
Fixed maturity securities - trading	207,507	209,521
Commercial mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	2,557,002	2,639,668
Fixed maturity securities - trading	208,036	201,284
Other asset-backed securities
Assets:
Fixed maturity securities - available-for-sale	1,584,239	1,781,235
Fixed maturity securities - trading	150,290	143,361
States, municipals, and political subdivisions
Assets:
Fixed maturity securities - available-for-sale	4,553,629	4,638,850
Fixed maturity securities - trading	288,085	293,791
Other government-related securities
Assets:
Fixed maturity securities - available-for-sale	638,076	597,169
Fixed maturity securities - trading	29,571	28,775
Corporate securities
Assets:
Fixed maturity securities - available-for-sale	49,984,018	46,809,101
Fixed maturity securities - trading	1,850,471	1,590,936
Level 3 | Commercial mortgage-backed securities
Assets:
Total investments	10,685	10,029
Level 3 | Other asset-backed securities
Assets:
Total investments	434,496	421,219
Level 3 | Corporate securities
Assets:
Total investments	1,357,544	1,373,714
Measured at fair value on a recurring basis
Assets:
Total fixed maturity securities	70,095,244	66,043,992
Equity securities	538,385	553,720
Other long-term investments	1,407,774	995,493
Short-term investments	1,239,028	1,320,864
Total investments	73,280,431	68,914,069
Cash	381,753	171,752
Assets related to separate accounts
Variable annuity	11,487,408	12,730,090
Variable universal life	1,144,474	1,135,666
Total assets measured at fair value on a recurring basis	86,294,066	82,951,577
Liabilities:
Annuity account balances	67,591	69,728
Other liabilities	2,403,594	1,547,178
Total liabilities measured at fair value on a recurring basis	2,471,185	1,616,906
Measured at fair value on a recurring basis | Fixed maturities
Assets:
Fixed maturity securities - available-for-sale	67,311,859	63,516,425
Fixed maturity securities - trading	2,783,385	2,527,567
Measured at fair value on a recurring basis | Residential mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	6,847,273	5,931,341
Fixed maturity securities - trading	207,507	209,521
Measured at fair value on a recurring basis | Commercial mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	2,557,002	2,639,668
Fixed maturity securities - trading	208,036	201,284
Measured at fair value on a recurring basis | Other asset-backed securities
Assets:
Fixed maturity securities - available-for-sale	1,584,239	1,781,235
Fixed maturity securities - trading	150,290	143,361
Measured at fair value on a recurring basis | U.S. government-related securities
Assets:
Fixed maturity securities - available-for-sale	1,080,293	1,032,396
Fixed maturity securities - trading	36,991	47,067
Measured at fair value on a recurring basis | States, municipals, and political subdivisions
Assets:
Fixed maturity securities - available-for-sale	4,553,629	4,638,850
Fixed maturity securities - trading	288,085	293,791
Measured at fair value on a recurring basis | Other government-related securities
Assets:
Fixed maturity securities - available-for-sale	638,076	597,169
Fixed maturity securities - trading	29,571	28,775
Measured at fair value on a recurring basis | Corporate securities
Assets:
Fixed maturity securities - available-for-sale	49,984,018	46,809,101
Fixed maturity securities - trading	1,850,471	1,590,936
Measured at fair value on a recurring basis | Redeemable preferred stocks
Assets:
Fixed maturity securities - available-for-sale	67,329	86,665
Fixed maturity securities - trading	12,434	12,832
Measured at fair value on a recurring basis | Level 1
Assets:
Total fixed maturity securities	680,078	770,199
Equity securities	452,042	480,750
Other long-term investments	73,934	52,225
Short-term investments	1,156,203	1,255,384
Total investments	2,362,257	2,558,558
Cash	381,753	171,752
Assets related to separate accounts
Variable annuity	11,487,408	12,730,090
Variable universal life	1,144,474	1,135,666
Total assets measured at fair value on a recurring basis	15,375,892	16,596,066
Liabilities:
Annuity account balances	0	0
Other liabilities	9,480	19,561
Total liabilities measured at fair value on a recurring basis	9,480	19,561
Measured at fair value on a recurring basis | Level 1 | Fixed maturities
Assets:
Fixed maturity securities - available-for-sale	645,883	732,557
Fixed maturity securities - trading	34,195	37,642
Measured at fair value on a recurring basis | Level 1 | Residential mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 1 | Commercial mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 1 | Other asset-backed securities
Assets:
Fixed maturity securities - available-for-sale	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 1 | U.S. government-related securities
Assets:
Fixed maturity securities - available-for-sale	578,554	662,581
Fixed maturity securities - trading	21,761	24,810
Measured at fair value on a recurring basis | Level 1 | States, municipals, and political subdivisions
Assets:
Fixed maturity securities - available-for-sale	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 1 | Other government-related securities
Assets:
Fixed maturity securities - available-for-sale	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 1 | Corporate securities
Assets:
Fixed maturity securities - available-for-sale	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 1 | Redeemable preferred stocks
Assets:
Fixed maturity securities - available-for-sale	67,329	69,976
Fixed maturity securities - trading	12,434	12,832
Measured at fair value on a recurring basis | Level 2
Assets:
Total fixed maturity securities	67,532,120	63,392,053
Equity securities	0	0
Other long-term investments	1,013,846	733,425
Short-term investments	82,825	65,480
Total investments	68,628,791	64,190,958
Cash	0	0
Assets related to separate accounts
Variable annuity	0	0
Variable universal life	0	0
Total assets measured at fair value on a recurring basis	68,628,791	64,190,958
Liabilities:
Annuity account balances	0	0
Other liabilities	675,209	509,645
Total liabilities measured at fair value on a recurring basis	675,209	509,645
Measured at fair value on a recurring basis | Level 2 | Fixed maturities
Assets:
Fixed maturity securities - available-for-sale	64,863,251	60,978,906
Fixed maturity securities - trading	2,668,869	2,413,147
Measured at fair value on a recurring basis | Level 2 | Residential mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	6,847,273	5,931,341
Fixed maturity securities - trading	207,507	209,521
Measured at fair value on a recurring basis | Level 2 | Commercial mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	2,546,317	2,629,639
Fixed maturity securities - trading	208,036	201,284
Measured at fair value on a recurring basis | Level 2 | Other asset-backed securities
Assets:
Fixed maturity securities - available-for-sale	1,149,743	1,360,016
Fixed maturity securities - trading	87,848	77,954
Measured at fair value on a recurring basis | Level 2 | U.S. government-related securities
Assets:
Fixed maturity securities - available-for-sale	501,739	369,815
Fixed maturity securities - trading	15,230	22,257
Measured at fair value on a recurring basis | Level 2 | States, municipals, and political subdivisions
Assets:
Fixed maturity securities - available-for-sale	4,553,629	4,638,850
Fixed maturity securities - trading	288,085	293,791
Measured at fair value on a recurring basis | Level 2 | Other government-related securities
Assets:
Fixed maturity securities - available-for-sale	638,076	597,169
Fixed maturity securities - trading	29,571	28,775
Measured at fair value on a recurring basis | Level 2 | Corporate securities
Assets:
Fixed maturity securities - available-for-sale	48,626,474	45,435,387
Fixed maturity securities - trading	1,832,592	1,579,565
Measured at fair value on a recurring basis | Level 2 | Redeemable preferred stocks
Assets:
Fixed maturity securities - available-for-sale	0	16,689
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 3
Assets:
Total fixed maturity securities	1,883,046	1,881,740
Equity securities	86,343	72,970
Other long-term investments	319,994	209,843
Short-term investments	0	0
Total investments	2,289,383	2,164,553
Cash	0	0
Assets related to separate accounts
Variable annuity	0	0
Variable universal life	0	0
Total assets measured at fair value on a recurring basis	2,289,383	2,164,553
Liabilities:
Annuity account balances	67,591	69,728
Other liabilities	1,718,905	1,017,972
Total liabilities measured at fair value on a recurring basis	1,786,496	1,087,700
Measured at fair value on a recurring basis | Level 3 | Fixed maturities
Assets:
Fixed maturity securities - available-for-sale	1,802,725	1,804,962
Fixed maturity securities - trading	80,321	76,778
Measured at fair value on a recurring basis | Level 3 | Residential mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 3 | Commercial mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	10,685	10,029
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 3 | Other asset-backed securities
Assets:
Fixed maturity securities - available-for-sale	434,496	421,219
Fixed maturity securities - trading	62,442	65,407
Measured at fair value on a recurring basis | Level 3 | U.S. government-related securities
Assets:
Fixed maturity securities - available-for-sale	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 3 | States, municipals, and political subdivisions
Assets:
Fixed maturity securities - available-for-sale	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 3 | Other government-related securities
Assets:
Fixed maturity securities - available-for-sale	0	0
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 3 | Corporate securities
Assets:
Fixed maturity securities - available-for-sale	1,357,544	1,373,714
Fixed maturity securities - trading	17,879	11,371
Measured at fair value on a recurring basis | Level 3 | Redeemable preferred stocks
Assets:
Fixed maturity securities - available-for-sale	0	0
Fixed maturity securities - trading	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Determination of fair values
Number of sources of information considered			1
Number of sources of information			3
Minimum percentage of the Company's fixed maturity securities priced by third party pricing services			92.60%
Number of broker quotes obtained per security			2
Percentage of derivatives excluding embedded derivatives that were priced using exchange prices or independent broker quotations			87.40%
Other long-term investments	$ 1,407,774,000		$ 1,407,774,000			$ 995,493,000
Financial instruments owned, other	80,300,000		80,300,000			73,000,000
Securities transferred into Level 3	31,200,000	$ 52,100,000	115,500,000	$ 138,200,000
Securities transferred into Level 2 from Level 3		10,800,000	1,200,000	31,400,000
Interest support, YRT premium support and portfolio maintenance agreement
Determination of fair values
Other long-term investments	133,500,000		133,500,000
Golden Gate II | Interest Support Agreement
Determination of fair values
Other long-term investments	78,600,000		78,600,000
Payments made under agreement			2,400,000
Amount of collateralized support agreement obligations by PLC	5,500,000		5,500,000
Golden Gate II | YRT premium support agreement
Determination of fair values
Other long-term investments	53,200,000		53,200,000
Payments made under agreement			1,600,000
Golden Gate, Golden Gate V and West Coast Life | Portfolio maintenance agreements
Determination of fair values
Other long-term investments	1,700,000		1,700,000
Payments made under agreement			0
Level 3
Determination of fair values
Level 3 fair value	1,786,496,000	$ 1,139,111,000	1,786,496,000	$ 1,139,111,000	$ 1,732,315,000	1,087,700,000	$ 914,620,000	$ 514,246,000
Financial instruments valued in broker quotes	98,100,000		98,100,000			76,800,000
Asset-backed securities | Level 2
Determination of fair values
Fair value	11,000,000,000		11,000,000,000
Asset-backed securities | Level 3
Determination of fair values
Fair value	507,600,000		$ 507,600,000
Other asset-backed securities
Determination of fair values
Underlying collateral percentage			9700.00%
Other asset-backed securities | Level 3
Determination of fair values
Fair value	434,496,000		$ 434,496,000			421,219,000
Underlying collateral percentage			97.00%
Financial instruments valued in broker quotes	79,300,000		$ 79,300,000			65,400,000
Other asset-backed securities | Level 3 | Available-for-sale securities
Determination of fair values
Fair value	445,200,000		445,200,000
Other asset-backed securities | Level 3 | Trading securities
Determination of fair values
Fair value	62,400,000		62,400,000
Corporate bonds and securities | Level 2
Determination of fair values
Fair value	56,500,000,000		56,500,000,000
Corporate bonds and securities | Level 3
Determination of fair values
Fair value	1,400,000,000		1,400,000,000
Equity securities
Determination of fair values
Fair value	86,300,000		86,300,000
Federal Home Loan Bank stock	80,300,000		80,300,000
Equity securities | Level 3
Determination of fair values
Financial instruments valued in broker quotes	6,000,000		6,000,000
Embedded derivative - GLWB | Level 3
Determination of fair values
Fair value	518,246,000		$ 518,246,000
Embedded derivative - GLWB | Level 3 | Minimum
Determination of fair values
Mortality rate			88.00%
Embedded derivative - GLWB | Level 3 | Maximum
Determination of fair values
Mortality rate			100.00%
Embedded derivative - FIA | Level 3 | Minimum
Determination of fair values
Mortality rate			88.00%
Embedded derivative - FIA | Level 3 | Maximum
Determination of fair values
Mortality rate			100.00%
Embedded derivative - IUL | Level 3 | Minimum
Determination of fair values
Mortality rate			36.00%
Embedded derivative - IUL | Level 3 | Maximum
Determination of fair values
Mortality rate			161.00%
Funds withheld derivative | Level 2
Determination of fair values
Other liabilities	145,000,000		$ 145,000,000
Corporate securities | Level 3
Determination of fair values
Fair value	1,357,544,000		1,357,544,000			1,373,714,000
Financial instruments valued in broker quotes	$ 12,800,000		$ 12,800,000			$ 11,400,000

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation of Level 3 Financial Instruments (Details)	9 Months Ended
	Sep. 30, 2020USD ($)usd_per_policy	Dec. 31, 2019USD ($)usd_per_policy
Liabilities
Fair Value	$ 2,403,594,000	$ 1,547,178,000
Level 3 | Commercial mortgage-backed securities
Assets:
Fair value	10,685,000	10,029,000
Level 3 | Other asset-backed securities
Assets:
Fair value	434,496,000	421,219,000
Level 3 | Corporate securities
Assets:
Fair value	1,357,544,000	1,373,714,000
Level 3 | Embedded derivative - GLWB
Assets:
Fair value	518,246,000
Liabilities
Fair Value		186,038,000
Level 3 | Embedded derivative - FIA
Liabilities
Fair Value	531,814,000	336,826,000
Level 3 | Embedded derivative - IUL
Liabilities
Fair Value	$ 194,228,000	$ 151,765,000
Level 3 | Discounted cash flow | Commercial mortgage-backed securities
Liabilities
Debt securities, measurement input	0.0278	2.5
Level 3 | Discounted cash flow | Corporate securities | Minimum
Liabilities
Debt securities, measurement input	0.0060	0
Level 3 | Discounted cash flow | Corporate securities | Maximum
Liabilities
Debt securities, measurement input	0.0475	0.0403
Level 3 | Discounted cash flow | Corporate securities | Weighted Average
Liabilities
Debt securities, measurement input	0.0224	0.0160
Level 3 | Actuarial cash flow model | Embedded derivative - FIA
Liabilities
Embedded derivative, measurement input | usd_per_policy	207	195
Liquidation value | Level 3 | Liquidation | Other asset-backed securities | Minimum
Liabilities
Debt securities, measurement input, value	$ 95.75	$ 95.39
Liquidation value | Level 3 | Liquidation | Other asset-backed securities | Maximum
Liabilities
Debt securities, measurement input, value	97	99.99
Liquidation value | Level 3 | Liquidation | Other asset-backed securities | Weighted Average
Liabilities
Debt securities, measurement input, value	$ 96.40	$ 97.95
Liquidity premium | Level 3 | Discounted cash flow | Minimum
Liabilities
Debt securities, measurement input		0.0034
Liquidity premium | Level 3 | Discounted cash flow | Maximum
Liabilities
Debt securities, measurement input		0.0228
Liquidity premium | Level 3 | Discounted cash flow | Weighted Average
Liabilities
Debt securities, measurement input		0.0144
Liquidity premium | Level 3 | Discounted cash flow | Other asset-backed securities | Minimum
Liabilities
Debt securities, measurement input	0.0051
Liquidity premium | Level 3 | Discounted cash flow | Other asset-backed securities | Maximum
Liabilities
Debt securities, measurement input	0.0233
Liquidity premium | Level 3 | Discounted cash flow | Other asset-backed securities | Weighted Average
Liabilities
Debt securities, measurement input	0.0161
Paydown rate | Level 3 | Discounted cash flow | Other asset-backed securities | Minimum
Liabilities
Debt securities, measurement input	0.0875	0.0899
Paydown rate | Level 3 | Discounted cash flow | Other asset-backed securities | Maximum
Liabilities
Debt securities, measurement input	0.1255	0.1245
Paydown rate | Level 3 | Discounted cash flow | Other asset-backed securities | Weighted Average
Liabilities
Debt securities, measurement input	0.1138	0.1128
Mortality rate | Level 3 | Actuarial cash flow model | Embedded derivative - GLWB | Minimum
Liabilities
Embedded derivative, measurement input	0.88	0.87
Mortality rate | Level 3 | Actuarial cash flow model | Embedded derivative - GLWB | Maximum
Liabilities
Embedded derivative, measurement input	1	1
Mortality rate | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Minimum
Liabilities
Embedded derivative, measurement input	0.88	0.87
Mortality rate | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Maximum
Liabilities
Embedded derivative, measurement input	1	1
Mortality rate | Level 3 | Actuarial cash flow model | Embedded derivative - IUL | Minimum
Liabilities
Embedded derivative, measurement input	0.37	0.37
Mortality rate | Level 3 | Actuarial cash flow model | Embedded derivative - IUL | Maximum
Liabilities
Embedded derivative, measurement input	1.61	1.56
Mortality rate | Level 3 | Actuarial Cash Flow Model, Valuation Basic Report Primary Tables Based On Duration Scale | Embedded derivative - IUL | Minimum
Liabilities
Embedded derivative, measurement input	0.94	0.94
Mortality rate | Level 3 | Actuarial Cash Flow Model, Valuation Basic Report Primary Tables Based On Duration Scale | Embedded derivative - IUL | Maximum
Liabilities
Embedded derivative, measurement input	2.48	2.48
Utilization rate | Level 3 | Actuarial cash flow model | Embedded derivative - GLWB
Liabilities
Embedded derivative, measurement input		0.99
Policies that have a one-time over-utilization rate of a specified amount (as a percent)	10.00%
Specified level of one-time over-utilization (as a percent)	400.00%
Nonperformance risk | Level 3 | Actuarial cash flow model | Embedded derivative - GLWB | Minimum
Liabilities
Embedded derivative, measurement input	0.0022	0.0012
Nonperformance risk | Level 3 | Actuarial cash flow model | Embedded derivative - GLWB | Maximum
Liabilities
Embedded derivative, measurement input	0.0088	0.0082
Nonperformance risk | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Minimum
Liabilities
Embedded derivative, measurement input	0.0022	0.0012
Nonperformance risk | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Maximum
Liabilities
Embedded derivative, measurement input	0.0088	0.0082
Nonperformance risk | Level 3 | Actuarial cash flow model | Embedded derivative - IUL | Minimum
Liabilities
Embedded derivative, measurement input	0.0022	0.0012
Nonperformance risk | Level 3 | Actuarial cash flow model | Embedded derivative - IUL | Maximum
Liabilities
Embedded derivative, measurement input	0.0088	0.0082
Withdrawal rate prior to age 70 | Level 3 | Actuarial cash flow model | Embedded derivative - FIA
Liabilities
Embedded derivative, measurement input	0.004	0.004
Withdrawal rate for ages over 70 | Level 3 | Actuarial cash flow model | Embedded derivative - FIA
Liabilities
Embedded derivative, measurement input	0.024	0.012
Lapse rate | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Minimum
Liabilities
Embedded derivative, measurement input	0.002	0.005
Lapse rate | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Maximum
Liabilities
Embedded derivative, measurement input	0.500	0.500
Lapse rate | Level 3 | Actuarial cash flow model | Embedded derivative - IUL | Minimum
Liabilities
Embedded derivative, measurement input	0.004	0.005
Lapse rate | Level 3 | Actuarial cash flow model | Embedded derivative - IUL | Maximum
Liabilities
Embedded derivative, measurement input	0.10	0.10

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Reconciliation of Beginning and Ending Balances for Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Assets:
Beginning Balance	$ 2,234,198	$ 2,035,710	$ 2,164,553	$ 1,306,979
Included in Operations	81,936	49,818	176,825	78,311
Included in Other Comprehensive Income (Loss)	32,714	24,069	118,607	78,701
Included in Operations	(34,483)	(50)	(106,862)	(35,156)
Included in Other Comprehensive Income (Loss)	(3,461)	(6,684)	(95,894)	(14,992)
Purchases	75,643	10,850	426,701	737,957
Sales	(127,994)	(73,121)	(502,847)	(175,026)
Issuances	0	0	0	0
Settlements	0	0	(4,072)	(1,708)
Transfers in/out of Level 3	31,172	41,319	114,340	106,841
Other	(342)	(1,015)	(1,968)	(1,011)
Ending Balance	2,289,383	2,080,896	2,289,383	2,080,896
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	47,821	56,828	73,054	43,296
Liabilities:
Beginning Balance	1,732,315	914,620	1,087,700	514,246
Included in Operations	130,913	0	387,386	830
Included in Other Comprehensive Income (Loss)	0	0	0	0
Included in Operations	(186,311)	(192,095)	(1,090,130)	(560,781)
Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	0	33,684	0	70,888
Sales	0	0	0	0
Issuances	37	91	366	158
Settlements	1,254	1,379	4,314	6,132
Transfers in/out of Level 3	0	0	0	0
Other	0	0	0	0
Ending Balance	1,786,496	1,139,111	1,786,496	1,139,111
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	(54,654)	(191,572)	(700,933)	(558,276)
Annuity account balances
Liabilities:
Beginning Balance	68,064	72,585	69,728	76,119
Included in Operations	0	0	0	0
Included in Other Comprehensive Income (Loss)	0	0	0	0
Included in Operations	(744)	(523)	(1,811)	(1,675)
Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	37	91	366	158
Settlements	1,254	1,379	4,314	6,132
Transfers in/out of Level 3	0	0	0	0
Other	0	0	0	0
Ending Balance	67,591	71,820	67,591	71,820
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	0	0	0	0
Other liabilities
Liabilities:
Beginning Balance	1,664,251	842,035	1,017,972	438,127
Included in Operations	130,913	0	387,386	830
Included in Other Comprehensive Income (Loss)	0	0	0	0
Included in Operations	(185,567)	(191,572)	(1,088,319)	(559,106)
Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	0	33,684	0	70,888
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	0	0	0	0
Other	0	0	0	0
Ending Balance	1,718,905	1,067,291	1,718,905	1,067,291
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	(54,654)	(191,572)	(700,933)	(558,276)
Total investments
Assets:
Beginning Balance	2,234,198	2,035,710	2,164,553	1,306,979
Included in Operations	81,936	49,818	176,825	78,311
Included in Other Comprehensive Income (Loss)	32,714	24,069	118,607	78,701
Included in Operations	(34,483)	(50)	(106,862)	(35,156)
Included in Other Comprehensive Income (Loss)	(3,461)	(6,684)	(95,894)	(14,992)
Purchases	75,643	10,850	426,701	737,957
Sales	(127,994)	(73,121)	(502,847)	(175,026)
Issuances	0	0	0	0
Settlements	0	0	(4,072)	(1,708)
Transfers in/out of Level 3	31,172	41,319	114,340	106,841
Other	(342)	(1,015)	(1,968)	(1,011)
Ending Balance	2,289,383	2,080,896	2,289,383	2,080,896
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	47,821	56,828	73,054	43,296
Fixed maturities
Assets:
Beginning Balance	1,879,678	1,823,641	1,881,740	1,092,216
Included in Operations	2,992	361	4,947	5,064
Included in Other Comprehensive Income (Loss)	32,714	24,069	118,607	78,701
Included in Operations	(406)	(48)	(9,156)	(3,720)
Included in Other Comprehensive Income (Loss)	(3,461)	(6,684)	(95,894)	(14,992)
Purchases	68,693	10,850	378,497	731,299
Sales	(127,994)	(73,121)	(502,847)	(175,026)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	31,172	41,319	109,120	106,841
Other	(342)	(1,015)	(1,968)	(1,011)
Ending Balance	1,883,046	1,819,372	1,883,046	1,819,372
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	2,954	7,180	2,954	2,832
Fixed maturities | Available-for-sale securities
Assets:
Beginning Balance	1,806,898	1,756,167	1,804,962	1,059,918
Included in Operations	0	0	0	528
Included in Other Comprehensive Income (Loss)	32,714	24,069	118,607	78,701
Included in Operations	(12)	(14)	(33)	(71)
Included in Other Comprehensive Income (Loss)	(3,461)	(6,684)	(95,894)	(14,992)
Purchases	62,185	9,150	365,449	714,136
Sales	(126,423)	(72,242)	(498,683)	(167,220)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	31,172	41,319	110,294	80,574
Other	(348)	(956)	(1,977)	(765)
Ending Balance	1,802,725	1,750,809	1,802,725	1,750,809
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	0	0	0	0
Fixed maturities | Trading securities
Assets:
Beginning Balance	72,780	67,474	76,778	32,298
Included in Operations	2,992	361	4,947	4,536
Included in Other Comprehensive Income (Loss)	0	0	0	0
Included in Operations	(394)	(34)	(9,123)	(3,649)
Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	6,508	1,700	13,048	17,163
Sales	(1,571)	(879)	(4,164)	(7,806)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	0	0	(1,174)	26,267
Other	6	(59)	9	(246)
Ending Balance	80,321	68,563	80,321	68,563
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	2,954	7,180	2,954	2,832
Residential mortgage-backed securities | Available-for-sale securities
Assets:
Beginning Balance	0	0
Included in Operations	0	0
Included in Other Comprehensive Income (Loss)	0	0
Included in Operations	0	0
Included in Other Comprehensive Income (Loss)	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers in/out of Level 3	0	0
Other	0	0
Ending Balance	0	0	0	0
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	0	0
Residential mortgage-backed securities | Trading securities
Assets:
Beginning Balance			0
Included in Operations			0
Included in Other Comprehensive Income (Loss)			0
Included in Operations			0
Included in Other Comprehensive Income (Loss)			0
Purchases			0
Sales			0
Issuances			0
Settlements			0
Transfers in/out of Level 3			0
Other			0
Ending Balance	0		0
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date			0
Commercial mortgage-backed securities | Available-for-sale securities
Assets:
Beginning Balance	9,971	9,366	10,029	0
Included in Operations	0	0	0	0
Included in Other Comprehensive Income (Loss)	740	294	1,520	310
Included in Operations	0	0	0	0
Included in Other Comprehensive Income (Loss)	1	0	(784)	0
Purchases	0	0	0	9,359
Sales	(21)	(19)	(62)	(26)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	0	0	0	0
Other	(6)	(6)	(18)	(8)
Ending Balance	10,685	9,635	10,685	9,635
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	0	0	0	0
Other asset-backed securities | Available-for-sale securities
Assets:
Beginning Balance	430,964	418,310	421,219	421,642
Included in Operations	0	0	0	446
Included in Other Comprehensive Income (Loss)	4,383	865	4,495	11,525
Included in Operations	(12)	(14)	(33)	(71)
Included in Other Comprehensive Income (Loss)	(525)	(3,276)	(12,978)	(8,075)
Purchases	0	0	0	0
Sales	(517)	(8)	(1,034)	(10,023)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	0	0	22,187	0
Other	203	185	640	618
Ending Balance	434,496	416,062	434,496	416,062
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	0	0	0	0
Other asset-backed securities | Trading securities
Assets:
Beginning Balance	60,622	62,180	65,407	26,056
Included in Operations	2,706	294	4,174	4,300
Included in Other Comprehensive Income (Loss)	0	0	0	0
Included in Operations	(382)	(34)	(8,696)	(3,618)
Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	1,031	0	4,250	15,463
Sales	(1,571)	(879)	(2,023)	(6,771)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	0	0	(766)	26,267
Other	36	(34)	96	(170)
Ending Balance	62,442	61,527	62,442	61,527
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	2,681	274	2,681	(2,442)
Corporate securities | Available-for-sale securities
Assets:
Beginning Balance	1,365,963	1,328,491	1,373,714	638,276
Included in Operations	0	0	0	82
Included in Other Comprehensive Income (Loss)	27,591	22,910	112,592	66,866
Included in Operations	0	0	0	0
Included in Other Comprehensive Income (Loss)	(2,937)	(3,408)	(82,132)	(6,917)
Purchases	62,185	9,150	365,449	704,777
Sales	(125,885)	(72,215)	(497,587)	(157,171)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	31,172	41,319	88,107	80,574
Other	(545)	(1,135)	(2,599)	(1,375)
Ending Balance	1,357,544	1,325,112	1,357,544	1,325,112
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	0	0	0	0
Corporate securities | Trading securities
Assets:
Beginning Balance	12,158	5,294	11,371	6,242
Included in Operations	286	67	773	236
Included in Other Comprehensive Income (Loss)	0	0	0	0
Included in Operations	(12)	0	(427)	(31)
Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	5,477	1,700	8,798	1,700
Sales	0	0	(2,141)	(1,035)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	0	0	(408)	0
Other	(30)	(25)	(87)	(76)
Ending Balance	17,879	7,036	17,879	7,036
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	273	6,906	273	5,274
Equity securities
Assets:
Beginning Balance	78,613	68,486	72,970	63,421
Included in Operations	780	0	781	1
Included in Other Comprehensive Income (Loss)	0	0	0	0
Included in Operations	0	(2)	(1)	(17)
Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	6,950	0	7,373	5,079
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	0	0	5,220	0
Other	0	0	0	0
Ending Balance	86,343	68,484	86,343	68,484
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	780	191	780	345
Other long-term investments
Assets:
Beginning Balance	275,907	143,583	209,843	151,342
Included in Operations	78,164	49,457	171,097	73,246
Included in Other Comprehensive Income (Loss)	0	0	0	0
Included in Operations	(34,077)	0	(97,705)	(31,419)
Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	0	0	40,831	1,579
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	0	0	(4,072)	(1,708)
Transfers in/out of Level 3	0	0	0	0
Other	0	0	0	0
Ending Balance	319,994	193,040	319,994	193,040
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date	44,087	49,457	69,320	40,119
Short-term investments
Assets:
Beginning Balance			0	0
Included in Operations			0	0
Included in Other Comprehensive Income (Loss)			0	0
Included in Operations			0	0
Included in Other Comprehensive Income (Loss)			0	0
Purchases			0	0
Sales			0	0
Issuances			0	0
Settlements			0	0
Transfers in/out of Level 3			0	0
Other			0	0
Ending Balance	$ 0	$ 0	0	0
Total Gains (losses) included in Operations related to Instruments still held at the  Reporting Date			$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Commercial mortgage loans on real estate, net	$ 9,765,312	$ 9,379,401
Policy loans	1,640,147	1,675,121
Fixed maturities, held-to-maturity	2,680,324	2,823,881
Other long-term investments	2,955,438	2,479,520
Liabilities:
Stable value product account balances	6,017,259	5,443,752
Future policy benefits and claims	15,213,466	14,289,907
Other policyholders’ funds	1,715,231	1,576,856
Debt
Non-recourse funding obligations	2,942,126	3,082,753
Capital lease obligations	700	1,000
Carrying Amounts
Assets:
Other long-term investments	1,300,000	1,300,000
Level 3 | Carrying Amounts
Assets:
Commercial mortgage loans on real estate, net	9,765,312	9,379,401
Policy loans	1,640,147	1,675,121
Other long-term investments	1,286,291	1,216,996
Liabilities:
Stable value product account balances	6,017,259	5,443,752
Future policy benefits and claims	1,604,174	1,701,324
Other policyholders’ funds	103,280	127,084
Debt
Non-recourse funding obligations	2,942,126	3,082,753
Subordinated funding obligations	110,000	110,000
Level 3 | Carrying Amounts | Golden Gate and Golden Gate V
Debt
Non-recourse funding obligations	2,700,000	2,800,000
Level 3 | Carrying Amounts | Fixed maturities
Assets:
Fixed maturities, held-to-maturity	2,680,324	2,823,881
Level 3 | Fair Values
Assets:
Commercial mortgage loans on real estate, net	10,522,036	9,584,487
Policy loans	1,640,147	1,675,121
Other long-term investments	1,206,966	1,246,889
Liabilities:
Stable value product account balances	6,180,630	5,551,195
Future policy benefits and claims	1,615,924	1,705,235
Other policyholders’ funds	107,319	130,259
Debt
Non-recourse funding obligations	3,296,873	3,298,580
Subordinated funding obligations	117,216	113,286
Level 3 | Fair Values | Golden Gate and Golden Gate V
Debt
Non-recourse funding obligations	3,000,000	3,000,000
Level 3 | Fair Values | Fixed maturities
Assets:
Fixed maturities, held-to-maturity	$ 2,990,170	$ 3,025,790

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Realized Investments Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	$ 15,337	$ 42,286	$ 92,899	$ (86,288)
Derivatives not designated as hedging instruments
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	15,337	42,286	92,899	(86,288)
Derivatives not designated as hedging instruments | Embedded derivative - Modco reinsurance treaties
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	(25,438)	(44,027)	(55,864)	(199,704)
Derivatives not designated as hedging instruments | Derivatives with PLC
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	19,833	7,583	22,179	14,852
Derivatives not designated as hedging instruments | Other derivatives
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	5,430	(1,622)	10,818	(3,011)
Derivatives not designated as hedging instruments | VA
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	(20,866)	72,002	155,060	117,229
Derivatives not designated as hedging instruments | VA | Interest rate futures
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	2,257	727	(3,565)	(16,575)
Derivatives not designated as hedging instruments | VA | Equity futures
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	(1,187)	5,220	131,912	37,517
Derivatives not designated as hedging instruments | VA | Currency futures
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	(9,536)	9,181	1,438	11,028
Derivatives not designated as hedging instruments | VA | Equity options
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	(41,584)	(3,957)	66,647	(97,354)
Derivatives not designated as hedging instruments | VA | Interest rate swaps
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	(57,657)	149,766	363,644	342,561
Derivatives not designated as hedging instruments | VA | Total return swaps
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	(31,465)	(1,950)	30,680	(50,522)
Derivatives not designated as hedging instruments | VA | Embedded derivative - GLWB
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	72,519	(86,635)	(332,202)	(189,624)
Derivatives not designated as hedging instruments | VA | Funds withheld derivative
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	45,787	(350)	(103,494)	80,198
Derivatives not designated as hedging instruments | FIA
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	14,425	1,412	(38,912)	(6,978)
Derivatives not designated as hedging instruments | FIA | Equity futures
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	518	962	(6,550)	964
Derivatives not designated as hedging instruments | FIA | Equity options
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	24,870	4,785	15,031	60,026
Derivatives not designated as hedging instruments | FIA | Funds withheld derivative
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	(2,804)	0	(9,586)	0
Derivatives not designated as hedging instruments | FIA | Embedded derivative - FIA
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	(8,642)	(4,335)	(38,065)	(67,968)
Derivatives not designated as hedging instruments | FIA | Other derivatives
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	483	0	258	0
Derivatives not designated as hedging instruments | IUL
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	21,953	6,938	(382)	(8,676)
Derivatives not designated as hedging instruments | IUL | Equity futures
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	(230)	91	(2,374)	347
Derivatives not designated as hedging instruments | IUL | Equity options
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	6,535	586	583	9,372
Derivatives not designated as hedging instruments | IUL | Embedded derivative - IUL
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	$ 15,648	$ 6,261	$ 1,409	$ (18,395)

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Components of the Gain or Loss on Derivatives that Quality as a Cash Flow Hedging Relationship (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Gain (Loss) on Derivatives in Cash Flow Hedging Relationship
Amount of gains (losses) reclassified from accumulated other comprehensive income (loss) in the next twelve months			$ 1,000
Cash flow hedges
Gain (Loss) on Derivatives in Cash Flow Hedging Relationship
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives	$ 1,929	$ (4,256)	(1,110)	$ (10,273)
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)	(401)	(746)	(3,072)	(1,360)
Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives	0	0	0	0
Cash flow hedges | Foreign currency swaps
Gain (Loss) on Derivatives in Cash Flow Hedging Relationship
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives	808	(4,163)	(1,316)	(7,789)
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)	(224)	(373)	(841)	(767)
Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives	0	0	0	0
Cash flow hedges | Interest rate swaps
Gain (Loss) on Derivatives in Cash Flow Hedging Relationship
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives	1,121	(93)	206	(2,484)
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)	(177)	(373)	(2,231)	(593)
Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives	$ 0	$ 0	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Nature and Accounting Treatment of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Other long-term investments, Fair Value	$ 1,407,774	$ 995,493
Derivatives with PLC
Derivative [Line Items]
Other long-term investments, Fair Value	133,486	115,379
Embedded derivative - Modco reinsurance treaties
Derivative [Line Items]
Other long-term investments, Fair Value	83,379	31,926
Embedded derivative - GLWB
Derivative [Line Items]
Other long-term investments, Fair Value	48,091	62,538
Derivatives not designated as hedging instruments
Derivative [Line Items]
Other long-term investments, Notional Amounts	15,630,314	15,570,523
Other long-term investments, Fair Value	1,407,774	995,493
Other liabilities. Notional Amount	22,234,390	17,356,887
Other liabilities, Fair Value	2,403,594	1,547,178
Derivatives not designated as hedging instruments | Interest rate swaps
Derivative [Line Items]
Other long-term investments, Notional Amounts	1,628,000	2,228,000
Other long-term investments, Fair Value	210,420	98,655
Other liabilities. Notional Amount	1,194,000	50,000
Other liabilities, Fair Value	0	0
Derivatives not designated as hedging instruments | Total return swaps
Derivative [Line Items]
Other long-term investments, Notional Amounts	433,231	269,772
Other long-term investments, Fair Value	7,018	941
Other liabilities. Notional Amount	418,088	579,675
Other liabilities, Fair Value	7,112	3,229
Derivatives not designated as hedging instruments | Derivatives with PLC
Derivative [Line Items]
Other long-term investments, Notional Amounts	2,618,962	2,830,889
Other long-term investments, Fair Value	133,486	115,379
Derivatives not designated as hedging instruments | Embedded derivative - Modco reinsurance treaties
Derivative [Line Items]
Other long-term investments, Notional Amounts	1,269,954	1,280,189
Other long-term investments, Fair Value	83,379	31,926
Other liabilities. Notional Amount	2,892,930	2,263,685
Other liabilities, Fair Value	331,836	231,516
Derivatives not designated as hedging instruments | Funds withheld derivative
Derivative [Line Items]
Other liabilities. Notional Amount	3,810,657	1,845,649
Other liabilities, Fair Value	145,030	70,583
Derivatives not designated as hedging instruments | Embedded derivative - GLWB
Derivative [Line Items]
Other long-term investments, Notional Amounts	610,426	1,147,436
Other long-term investments, Fair Value	48,091	62,538
Other liabilities. Notional Amount	3,359,799	2,892,926
Other liabilities, Fair Value	566,337	248,577
Derivatives not designated as hedging instruments | Embedded derivative - FIA
Derivative [Line Items]
Other long-term investments, Notional Amounts	310,468	0
Other long-term investments, Fair Value	55,038	0
Other liabilities. Notional Amount	3,656,227	2,892,803
Other liabilities, Fair Value	580,268	332,869
Derivatives not designated as hedging instruments | Embedded derivative - IUL
Derivative [Line Items]
Other liabilities. Notional Amount	339,564	301,598
Other liabilities, Fair Value	194,228	151,765
Derivatives not designated as hedging instruments | Interest rate futures
Derivative [Line Items]
Other long-term investments, Notional Amounts	700,637	896,073
Other long-term investments, Fair Value	4,818	7,557
Other liabilities. Notional Amount	421,631	669,223
Other liabilities, Fair Value	1,825	10,375
Derivatives not designated as hedging instruments | Equity futures
Derivative [Line Items]
Other long-term investments, Notional Amounts	156,317	159,901
Other long-term investments, Fair Value	2,063	2,109
Other liabilities. Notional Amount	162,260	174,743
Other liabilities, Fair Value	3,571	2,376
Derivatives not designated as hedging instruments | Currency futures
Derivative [Line Items]
Other long-term investments, Notional Amounts	161,793	72,593
Other long-term investments, Fair Value	1,750	131
Other liabilities. Notional Amount	128,613	192,306
Other liabilities, Fair Value	1,016	1,836
Derivatives not designated as hedging instruments | Equity options
Derivative [Line Items]
Other long-term investments, Notional Amounts	7,740,526	6,685,670
Other long-term investments, Fair Value	861,711	676,257
Other liabilities. Notional Amount	5,465,007	4,827,714
Other liabilities, Fair Value	507,408	429,434
Derivatives not designated as hedging instruments | Other
Derivative [Line Items]
Other liabilities. Notional Amount	268,436	199,387
Other liabilities, Fair Value	46,236	53,245
Derivatives designated as hedging instrument | Cash flow hedges | Interest rate swaps
Derivative [Line Items]
Other liabilities. Notional Amount	0	350,000
Other liabilities, Fair Value	0	0
Derivatives designated as hedging instrument | Cash flow hedges | Foreign currency swaps
Derivative [Line Items]
Other liabilities. Notional Amount	117,178	117,178
Other liabilities, Fair Value	$ 18,727	$ 11,373

OFFSETTING OF ASSETS AND LIAB_3

OFFSETTING OF ASSETS AND LIABILITIES - Schedule of Derivative Instruments by Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative instruments by assets
Fair value of non-cash collateral	$ 29,500	$ 21,300
Offsetting of Assets
Gross Amounts of Recognized Assets, Derivatives Not Subject to a master netting arrangement	1,407,774	995,493
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Assets Presented in the Balance Sheets	1,407,774	995,493
Gross Amounts Not Offset in the statement of Financial Position, Financial Instruments, subject to master netting arrangement	537,340	452,562
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral received	391,941	215,587
Net Amount	478,493	327,344
Free-Standing derivatives
Offsetting of Assets
Gross Amounts of Recognized Assets, subject to master netting arrangement	1,087,780	785,650
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Assets Presented in the Balance Sheets	1,087,780	785,650
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to master netting arrangement	537,340	452,562
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral received	391,941	215,587
Net Amount	158,499	117,501
Total derivatives, subject to a master netting arrangement or similar arrangement
Offsetting of Assets
Gross Amounts of Recognized Assets, subject to master netting arrangement	1,087,780	785,650
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Assets Presented in the Balance Sheets	1,087,780	785,650
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to master netting arrangement	537,340	452,562
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral received	391,941	215,587
Net Amount	158,499	117,501
Embedded derivative - Modco reinsurance treaties
Offsetting of Assets
Gross Amounts of Recognized Assets, Derivatives Not Subject to a master netting arrangement	83,379	31,926
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Assets Presented in the Balance Sheets	83,379	31,926
Gross Amounts Not Offset in the statement of Financial Position, Financial Instruments, subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral received	0	0
Net Amount	83,379	31,926
Embedded derivative - GLWB
Offsetting of Assets
Gross Amounts of Recognized Assets, Derivatives Not Subject to a master netting arrangement	48,091	62,538
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Assets Presented in the Balance Sheets	48,091	62,538
Gross Amounts Not Offset in the statement of Financial Position, Financial Instruments, subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral received	0	0
Net Amount	48,091	62,538
Derivatives with PLC
Offsetting of Assets
Gross Amounts of Recognized Assets, Derivatives Not Subject to a master netting arrangement	133,486	115,379
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Assets Presented in the Balance Sheets	133,486	115,379
Gross Amounts Not Offset in the statement of Financial Position, Financial Instruments, subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral received	0	0
Net Amount	133,486	115,379
Other
Offsetting of Assets
Gross Amounts of Recognized Assets, Derivatives Not Subject to a master netting arrangement	55,038	0
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Assets Presented in the Balance Sheets	55,038	0
Gross Amounts Not Offset in the statement of Financial Position, Financial Instruments, subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral received	0	0
Net Amount	55,038	0
Total derivatives, not subject to a master netting arrangement or similar arrangement
Offsetting of Assets
Gross Amounts of Recognized Assets, Derivatives Not Subject to a master netting arrangement	319,994	209,843
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Assets Presented in the Balance Sheets	319,994	209,843
Gross Amounts Not Offset in the statement of Financial Position, Financial Instruments, subject to master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral received	0	0
Net Amount	$ 319,994	$ 209,843

OFFSETTING OF ASSETS AND LIAB_4

OFFSETTING OF ASSETS AND LIABILITIES - Schedule of Derivative Instruments by Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, Not subject to a master netting arrangement or similar arrangement	$ 2,403,594	$ 1,547,178
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Balance Sheets	2,403,594	1,547,178
Derivative Liability, Not Subject to Master Netting Arrangement Deduction, financial instruments	537,340	452,562
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral paid	2,319	4,791
Net Amount	1,863,935	1,089,825
Repurchase agreements
Gross Amounts of Recognized Liabilities	150,000	270,000
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Balance Sheets	150,000	270,000
Gross Amounts Not Offset in the Statement of Financial Position, Financial instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral paid	0	0
Net Amount	150,000	270,000
Total Liabilities
Gross Amounts of Recognized Liabilities	2,553,594	1,817,178
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Balance Sheets	2,553,594	1,817,178
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments	537,340	452,562
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Paid	2,319	4,791
Net Amount	2,013,935	1,359,825
Free-Standing derivatives
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, Subject to master netting arrangement or similar arrangement	539,659	458,623
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Balance Sheets	539,659	458,623
Derivative Liability, Not Offset, Policy election deduction, financial instruments	537,340	452,562
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral paid	2,319	4,791
Net Amount	0	1,270
Total derivatives, subject to a master netting arrangement or similar arrangement
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, Subject to master netting arrangement or similar arrangement	539,659	458,623
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Balance Sheets	539,659	458,623
Derivative Liability, Not Offset, Policy election deduction, financial instruments	537,340	452,562
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral paid	2,319	4,791
Net Amount	0	1,270
Embedded derivative - Modco reinsurance treaties
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, Not subject to a master netting arrangement or similar arrangement	331,836	231,516
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Balance Sheets	331,836	231,516
Derivative Liability, Not Subject to Master Netting Arrangement Deduction, financial instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral paid	0	0
Net Amount	331,836	231,516
Funds withheld derivative
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, Not subject to a master netting arrangement or similar arrangement	145,030	70,583
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Balance Sheets	145,030	70,583
Derivative Liability, Not Subject to Master Netting Arrangement Deduction, financial instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral paid	0	0
Net Amount	145,030	70,583
Embedded derivative - GLWB
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, Not subject to a master netting arrangement or similar arrangement	566,337	248,577
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Balance Sheets	566,337	248,577
Derivative Liability, Not Subject to Master Netting Arrangement Deduction, financial instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral paid	0	0
Net Amount	566,337	248,577
Embedded derivative - FIA
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, Not subject to a master netting arrangement or similar arrangement	580,268	332,869
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Balance Sheets	580,268	332,869
Derivative Liability, Not Subject to Master Netting Arrangement Deduction, financial instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral paid	0	0
Net Amount	580,268	332,869
Embedded derivative - IUL
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, Not subject to a master netting arrangement or similar arrangement	194,228	151,765
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Balance Sheets	194,228	151,765
Derivative Liability, Not Subject to Master Netting Arrangement Deduction, financial instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral paid	0	0
Net Amount	194,228	151,765
Other
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, Not subject to a master netting arrangement or similar arrangement	46,236	53,245
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Balance Sheets	46,236	53,245
Derivative Liability, Not Subject to Master Netting Arrangement Deduction, financial instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral paid	0	0
Net Amount	46,236	53,245
Total derivatives, not subject to a master netting arrangement or similar arrangement
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, Not subject to a master netting arrangement or similar arrangement	1,863,935	1,088,555
Gross Amounts Offset in the Balance Sheets	0	0
Net Amounts of Liabilities Presented in the Balance Sheets	1,863,935	1,088,555
Derivative Liability, Not Subject to Master Netting Arrangement Deduction, financial instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash collateral paid	0	0
Net Amount	$ 1,863,935	$ 1,088,555

COMMERCIAL MORTGAGE LOANS - Add

COMMERCIAL MORTGAGE LOANS - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)loan	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)troubled_debt_restructuringloan	Sep. 30, 2019USD ($)troubled_debt_restructuring	Dec. 31, 2019USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Commercial mortgage loans on real estate, net	$ 9,765,312,000		$ 9,765,312,000		$ 9,379,401,000
Write-offs	0		0
Increase in allowance for credit loss on mortgage loans due to deterioration in macroeconomic forecasts as a result of COVID-19			99,100,000
Commercial Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Commercial mortgage loans, before allowance for credit losses	9,940,362,000		9,940,362,000
Commercial mortgage loans on real estate, net	9,765,312,000		$ 9,765,312,000
Mortgage call option period			10 years
Amount that would become due in remainder of 2020, if loans are called at their next call dates	8,100,000		$ 8,100,000
Amount that would become due in 2021 through 2025, if loans are called at their next call dates	763,700,000		763,700,000
Amount that would become due in 2026 through 2030, if loans are called at their next call dates	56,700,000		56,700,000
Mortgage loans having participation feature	805,200,000		805,200,000		$ 717,000,000
Income recognized on participating mortgage loans	900,000	$ 17,300,000	3,800,000	$ 18,000,000
Loans not subject to pooling and servicing agreement, non performing or restructured amount	1,200,000	$ 3,200,000	$ 1,200,000	$ 3,200,000
Number of troubled debt restructurings | troubled_debt_restructuring			2	4
Write-offs	0		$ 0
Commercial Mortgage Loans | CARES Act, Loan Modification Program
Financing Receivable, Allowance for Credit Loss [Line Items]
Commercial mortgage loans, before allowance for credit losses	$ 2,200,000,000		$ 2,200,000,000
Number of loans modified and not considered troubled debt restructuring | loan	308		308
Maximum | Commercial Mortgage Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan-to-value ratio with participating interest (as a percent)	85.00%		85.00%

COMMERCIAL MORTGAGE LOANS - Sch

COMMERCIAL MORTGAGE LOANS - Schedule of Commercial Mortgage Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Allowance for Credit Loss
Allowance for credit losses	$ (175,050)	$ (173,186)	$ (4,884)
Total Commercial Loans
Total commercial mortgage loans	9,765,312		$ 9,379,401
Commercial Mortgage Loans
Amortized Cost
2020	937,464
2019	2,528,592
2018	1,606,876
2017	1,361,092
2016	956,593
Prior	2,549,745
Amortized cost	9,940,362
Allowance for Credit Loss
2020	(11,139)
2019	(39,465)
2018	(43,172)
2017	(30,722)
2016	(15,789)
Prior	(34,763)
Allowance for credit losses	(175,050)
Total Commercial Loans
2020	926,325
2019	2,489,127
2018	1,563,704
2017	1,330,370
2016	940,804
Prior	2,514,982
Total commercial mortgage loans	9,765,312
Commercial Mortgage Loans | Debt Service Coverage Ratio, Less than 1.20x
Amortized Cost
2020	900,073
2019	2,073,671
2018	1,202,174
2017	1,059,070
2016	725,071
Prior	1,943,864
Amortized cost	7,903,923
Commercial Mortgage Loans | Debt Service Coverage Ratio, 1.00x to 1.20x
Amortized Cost
2020	37,391
2019	354,960
2018	330,495
2017	237,527
2016	143,886
Prior	360,784
Amortized cost	1,465,043
Commercial Mortgage Loans | Debt Service Coverage Ratio, Less than 1.00x
Amortized Cost
2020	0
2019	99,961
2018	74,207
2017	64,495
2016	87,636
Prior	245,097
Amortized cost	571,396
Commercial Mortgage Loans | Loan-to-Value Ratio, Less than 75%
Amortized Cost
2020	37,291
2019	105,608
2018	104,885
2017	51,973
2016	6,605
Prior	6,122
Amortized cost	312,484
Commercial Mortgage Loans | Loan-to-Value Ratio, 50% to 75%
Amortized Cost
2020	688,487
2019	1,589,323
2018	1,017,753
2017	1,027,418
2016	778,876
Prior	1,368,660
Amortized cost	6,470,517
Commercial Mortgage Loans | Loan-to-Value Ratio, Less Than 50%
Amortized Cost
2020	211,686
2019	833,661
2018	484,238
2017	281,701
2016	171,112
Prior	1,174,963
Amortized cost	3,157,361
Performing | Commercial Mortgage Loans
Amortized Cost
2020	937,464
2019	2,528,592
2018	1,606,876
2017	1,361,092
2016	956,593
Prior	2,549,745
Amortized cost	9,940,362
Non-performing | Commercial Mortgage Loans
Amortized Cost
2020	0
2019	0
2018	0
2017	0
2016	0
Prior	0
Amortized cost	$ 0

COMMERCIAL MORTGAGE LOANS - S_2

COMMERCIAL MORTGAGE LOANS - Schedule of Allowance for Credit Losses on Funded and Unfunded Mortgages (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Allowance for Funded Commercial Mortgage Loan Credit Losses
Beginning balance	$ 173,186	$ 4,884
Charge offs	0	0
Recoveries	0	(1,839)
Provision	1,864	91,766
Ending balance	175,050	175,050
Allowance for Unfunded Commercial Mortgage Loan Commitments Credit Losses
Beginning balance	19,550	0
Charge offs	0	0
Recoveries	0	0
Provision	247	9,187
Ending balance	19,797	19,797
Cumulative Effect Adjustment
Allowance for Funded Commercial Mortgage Loan Credit Losses
Beginning balance	0	80,239
Allowance for Unfunded Commercial Mortgage Loan Commitments Credit Losses
Beginning balance	$ 0	$ 10,610

COMMERCIAL MORTGAGE LOANS - Del

COMMERCIAL MORTGAGE LOANS - Delinquent Loans (Details) - Commercial Mortgage Loans $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)loan	Dec. 31, 2019USD ($)loan
Delinquent loans
Commercial mortgage loans | $	$ 0	$ 7,165
Number of delinquent commercial mortgage loans | loan	0	5
30-59 Days Delinquent
Delinquent loans
Commercial mortgage loans | $	$ 0	$ 6,455
Number of delinquent commercial mortgage loans | loan	0	2
60-89 Days Delinquent
Delinquent loans
Commercial mortgage loans | $	$ 0	$ 0
Number of delinquent commercial mortgage loans | loan	0	0
Greater than 90 Days Delinquent
Delinquent loans
Commercial mortgage loans | $	$ 0	$ 710
Number of delinquent commercial mortgage loans | loan	0	3

COMMERCIAL MORTGAGE LOANS - Imp

COMMERCIAL MORTGAGE LOANS - Impaired Loans (Details) - Commercial Mortgage Loans - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Recorded Investment
With no related allowance recorded	$ 0	$ 710
With an allowance recorded	0	16,209
Unpaid Principal Balance
With no related allowance recorded	0	702
With an allowance recorded	0	16,102
Related Allowance
With an allowance recorded	0	4,884
Average Recorded Investment
With no related allowance recorded	0	237
With an allowance recorded	0	3,242
Interest Income Recognized
With no related allowance recorded	0	20
With an allowance recorded	0	841
Cash Basis Interest Income
With no related allowance recorded	0	28
With an allowance recorded	$ 0	$ 838

COMMERCIAL MORTGAGE LOANS - Tro

COMMERCIAL MORTGAGE LOANS - Troubled Debt Restructuring (Details) - Commercial Mortgage Loans $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)contract	Dec. 31, 2019USD ($)contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	1	2
Pre-Modification Outstanding Recorded Investment	$ 1,237	$ 3,771
Post-Modification Outstanding Recorded Investment	$ 1,237	$ 3,771

DEBT AND OTHER OBLIGATIONS - De

DEBT AND OTHER OBLIGATIONS - Debt and Subordinated Debt Securities (Details) - USD ($)	May 03, 2018	Sep. 30, 2020
Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 1,000,000,000
Line of credit, maximum borrowing capacity to be granted upon entity's request	$ 1,500,000,000
Facility fee percentage	0.125%
Credit Facility | Protective Life Corporation
Debt Instrument [Line Items]
Line of credit, amount outstanding		$ 255,000,000
Credit Facility | Federal Funds rate
Debt Instrument [Line Items]
Interest rate added to the base rate (as a percent)	0.50%
Credit Facility | One Month LIBOR
Debt Instrument [Line Items]
Interest rate added to the base rate (as a percent)	1.00%
Credit Facility, Portion Using LIBOR | Protective Life Corporation
Debt Instrument [Line Items]
Line of credit, amount outstanding		$ 215,000,000
Credit Facility, Portion Using LIBOR | LIBOR | Protective Life Corporation
Debt Instrument [Line Items]
Interest rate added to the base rate (as a percent)		1.00%
Credit Facility, Portion Using Prime Rate | Protective Life Corporation
Debt Instrument [Line Items]
Line of credit, amount outstanding		$ 40,000,000

DEBT AND OTHER OBLIGATIONS - No

DEBT AND OTHER OBLIGATIONS - Non-Recourse Funding Obligations (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Outstanding Principal	$ 2,939,834	$ 3,079,834
Carrying Value	2,942,126	3,082,753
Golden Gate Captive Insurance Company
Debt Instrument [Line Items]
Outstanding Principal	1,858,000	2,028,000
Carrying Value	$ 1,858,000	$ 2,028,000
Year-to-Date Weighted-Avg Interest Rate	4.70%	4.70%
Golden Gate II Captive Insurance Company
Debt Instrument [Line Items]
Outstanding Principal	$ 329,949	$ 329,949
Carrying Value	$ 275,895	$ 274,955
Year-to-Date Weighted-Avg Interest Rate	3.91%	5.06%
Golden Gate V Vermont Captive Insurance Company
Debt Instrument [Line Items]
Outstanding Principal	$ 750,000	$ 720,000
Carrying Value	$ 806,015	$ 777,527
Year-to-Date Weighted-Avg Interest Rate	5.12%	5.12%
MONY Life Insurance Company
Debt Instrument [Line Items]
Outstanding Principal	$ 1,885	$ 1,885
Carrying Value	$ 2,216	$ 2,271
Year-to-Date Weighted-Avg Interest Rate	6.19%	6.19%

DEBT AND OTHER OBLIGATIONS - Se

DEBT AND OTHER OBLIGATIONS - Secured Financing Transactions (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Initial collateral required (as a percent)	102.00%
Securities lending transactions	$ 80,194	$ 62,840
Fair value of collateral	82,800
Obligation to return collateral	82,800
Repurchase Program Borrowings
Debt Instrument [Line Items]
Fair value of securities pledged under the repurchase program	153,700	282,200
Maximum outstanding balance	565,000	900,000
Average daily balance	94,400	212,200
Secured financing liabilities	$ 150,000	$ 270,000
Average borrowing rate (as a percent)	0.14%	1.63%
Average borrowing rate (as a percent)	0.50%	2.14%
Repurchase Program Borrowings | Maximum
Debt Instrument [Line Items]
Term of financing agreement	90 days

DEBT AND OTHER OBLIGATIONS - Am

DEBT AND OTHER OBLIGATIONS - Amount of Collateral Pledged for Repurchase Agreements, Grouped by Asset Class (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	$ 153,681	$ 282,198
Securities lending transactions	80,194	62,840
Total securities	233,875	345,038
U.S. Treasury and agency securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	153,681	282,198
Corporate securities
Debt Instrument [Line Items]
Securities lending transactions	60,358	55,720
Equity securities
Debt Instrument [Line Items]
Securities lending transactions	17,282	7,120
Other government related securities
Debt Instrument [Line Items]
Securities lending transactions	2,554
Overnight and Continuous
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	153,681	282,198
Securities lending transactions	80,194	62,840
Total securities	233,875	345,038
Overnight and Continuous | U.S. Treasury and agency securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	153,681	282,198
Overnight and Continuous | Corporate securities
Debt Instrument [Line Items]
Securities lending transactions	60,358	55,720
Overnight and Continuous | Equity securities
Debt Instrument [Line Items]
Securities lending transactions	17,282	7,120
Overnight and Continuous | Other government related securities
Debt Instrument [Line Items]
Securities lending transactions	2,554
Up to 30 days
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
Securities lending transactions	0	0
Total securities	0	0
Up to 30 days | U.S. Treasury and agency securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
Up to 30 days | Corporate securities
Debt Instrument [Line Items]
Securities lending transactions	0	0
Up to 30 days | Equity securities
Debt Instrument [Line Items]
Securities lending transactions	0	0
Up to 30 days | Other government related securities
Debt Instrument [Line Items]
Securities lending transactions	0
30-90 days
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
Securities lending transactions	0	0
Total securities	0	0
30-90 days | U.S. Treasury and agency securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
30-90 days | Corporate securities
Debt Instrument [Line Items]
Securities lending transactions	0	0
30-90 days | Equity securities
Debt Instrument [Line Items]
Securities lending transactions	0	0
30-90 days | Other government related securities
Debt Instrument [Line Items]
Securities lending transactions	0
Greater Than 90 days
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
Securities lending transactions	0	0
Total securities	0	0
Greater Than 90 days | U.S. Treasury and agency securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
Greater Than 90 days | Corporate securities
Debt Instrument [Line Items]
Securities lending transactions	0	0
Greater Than 90 days | Equity securities
Debt Instrument [Line Items]
Securities lending transactions	0	$ 0
Greater Than 90 days | Other government related securities
Debt Instrument [Line Items]
Securities lending transactions	$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Administrative and marketing office space	Sep. 30, 2020
Minimum
Loss Contingencies [Line Items]
Operating lease term	2 years
Maximum
Loss Contingencies [Line Items]
Operating lease term	25 years

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in AOCI by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 12,116,623	$ 10,277,047	$ 11,206,826	$ 7,042,788	$ 7,042,788
Other comprehensive income (loss) on investments for which a credit loss has been recognized in earnings	27,426	0	25,659	0
Ending Balance	12,713,941	11,291,919	12,713,941	11,291,919	11,206,826
Total Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	2,216,469	734,335	1,407,642	(1,404,216)	(1,404,216)
Other comprehensive income (loss) before reclassifications			1,258,066		2,824,107
Other comprehensive income (loss) on investments for which a credit loss has been recognized in earnings					(3,574)
Other comprehensive income (loss) on investments for which a credit loss has been recognized in earnings			25,659
Amounts reclassified from accumulated other comprehensive income (loss)			62,658		(8,675)
Ending Balance	2,754,025	$ 1,558,783	2,754,025	1,558,783	1,407,642
Unrealized Gains and Losses on Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			1,415,631	(1,404,209)	(1,404,209)
Other comprehensive income (loss) before reclassifications			1,258,943		2,833,888
Other comprehensive income (loss) on investments for which a credit loss has been recognized in earnings					(3,574)
Other comprehensive income (loss) on investments for which a credit loss has been recognized in earnings			25,659
Amounts reclassified from accumulated other comprehensive income (loss)			60,231		(10,474)
Ending Balance	2,760,464		2,760,464		1,415,631
Offset of net unrealized losses in AOCI due to impact those net unrealized losses would have on certain of the Company's insurance assets and liabilities had the net unrealized losses been recognized in net income			(1,600,000)		(776,900)
Accumulated Gain and Loss Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(7,989)	$ (7)	(7)
Other comprehensive income (loss) before reclassifications			(877)		(9,781)
Other comprehensive income (loss) on investments for which a credit loss has been recognized in earnings					0
Other comprehensive income (loss) on investments for which a credit loss has been recognized in earnings			0
Amounts reclassified from accumulated other comprehensive income (loss)			2,427		1,799
Ending Balance	$ (6,439)		$ (6,439)		$ (7,989)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Benefits and settlement expenses, net of reinsurance ceded	$ (1,258,824)	$ (1,171,034)	$ (3,735,160)	$ (3,147,641)
Tax (expense) benefit	(12,850)	(49,417)	(71,094)	(115,355)
Net credit losses recognized in operations	(38,459)		(120,540)
Net income	59,762	190,424	298,832	486,936
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Gains and losses on derivative instruments
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Benefits and settlement expenses, net of reinsurance ceded	(401)	(746)	(3,072)	(1,360)
Tax (expense) benefit	84	157	645	285
Net income	(317)	(589)	(2,427)	(1,075)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Unrealized gains and losses on available-for-sale securities
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
Tax (expense) benefit	7,513	(1,022)	16,011	(1,517)
Realized gains (losses) - investments	2,681	15,686	44,298	21,885
Net credit losses recognized in operations	(38,459)		(120,540)
Net credit losses recognized in operations		(10,818)		(14,658)
Net income	$ (28,265)	$ 3,846	$ (60,231)	$ 5,710

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	17.70%	20.60%	19.20%	19.20%

OPERATING SEGMENTS - Schedule o

OPERATING SEGMENTS - Schedule of Operating Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Summarized financial information for the company's segments
Number of operating segments | segment			6
Revenues	$ 1,633,227	$ 1,666,026	$ 4,822,553	$ 4,449,924
Pre-tax Adjusted Operating Income (Loss)	77,414	100,162	251,836	313,815
Realized gains (losses) and adjustments	(4,802)	139,679	118,090	288,476
Income before income tax	72,612	239,841	369,926	602,291
Income tax expense	(12,850)	(49,417)	(71,094)	(115,355)
Net income	59,762	190,424	298,832	486,936
Adjusted operating income tax expense	(13,859)	(20,085)	(46,295)	(54,775)
After-tax adjusted operating income	63,555	80,077	205,541	259,040
Income tax (expense) benefit on adjustments	1,009	(29,332)	(24,799)	(60,580)
Realized gains (losses) and adjustments:
Derivative financial instruments	15,337	42,286	92,899	(86,288)
Investments	22,819	77,399	(72,752)	302,596
Less: related amortization	56,313	(6,205)	(58,065)	(37,406)
Less: VA GLWB economic cost	(13,355)	(13,789)	(39,878)	(34,762)
Net investment income	738,171	739,711	2,231,586	2,066,327
Amortization of deferred policy acquisition costs and value of business acquired	109,141	61,350	144,596	125,560
Operating Segment Assets
Investments and other assets	120,097,016		120,097,016		$ 115,549,177
DAC and VOBA	3,461,920		3,461,920		3,519,555
Other intangibles	553,084		553,084		583,426
Goodwill	825,511		825,511		825,511
Total assets	124,937,531		124,937,531		120,477,669
Retail Life and Annuity
Summarized financial information for the company's segments
Revenues	664,525	651,222	1,995,041	1,817,232
Pre-tax Adjusted Operating Income (Loss)	14,927	3,015	22,642	87,405
Realized gains (losses) and adjustments:
Net investment income	249,122	235,318	748,470	697,786
Amortization of deferred policy acquisition costs and value of business acquired	76,982	37,277	69,978	57,471
Operating Segment Assets
Investments and other assets	39,070,453		39,070,453		37,448,239
DAC and VOBA	2,476,357		2,476,357		2,416,616
Other intangibles	375,851		375,851		401,178
Goodwill	558,501		558,501		558,501
Total assets	42,481,162		42,481,162		40,824,534
Acquisitions
Summarized financial information for the company's segments
Revenues	802,200	859,524	2,399,362	2,136,497
Pre-tax Adjusted Operating Income (Loss)	64,999	103,210	238,121	247,932
Realized gains (losses) and adjustments:
Net investment income	405,458	426,510	1,235,231	1,106,782
Amortization of deferred policy acquisition costs and value of business acquired	14,114	7,388	23,720	18,349
Operating Segment Assets
Investments and other assets	54,395,295		54,395,295		54,074,450
DAC and VOBA	808,377		808,377		924,090
Other intangibles	33,831		33,831		36,321
Goodwill	23,862		23,862		23,862
Total assets	55,261,365		55,261,365		55,058,723
Stable Value Products
Summarized financial information for the company's segments
Revenues	48,081	59,954	137,222	187,118
Pre-tax Adjusted Operating Income (Loss)	20,129	20,863	62,119	71,208
Realized gains (losses) and adjustments:
Net investment income	54,210	59,707	169,279	184,450
Amortization of deferred policy acquisition costs and value of business acquired	872	857	2,439	2,584
Operating Segment Assets
Investments and other assets	5,889,432		5,889,432		5,317,885
DAC and VOBA	7,681		7,681		5,221
Other intangibles	6,222		6,222		6,722
Goodwill	113,924		113,924		113,924
Total assets	6,017,259		6,017,259		5,443,752
Asset Protection
Summarized financial information for the company's segments
Revenues	68,198	72,729	209,790	218,995
Pre-tax Adjusted Operating Income (Loss)	9,484	9,637	32,851	26,945
Realized gains (losses) and adjustments:
Net investment income	5,438	7,164	19,144	21,015
Amortization of deferred policy acquisition costs and value of business acquired	17,173	15,828	48,459	47,156
Operating Segment Assets
Investments and other assets	869,456		869,456		878,386
DAC and VOBA	169,505		169,505		173,628
Other intangibles	104,019		104,019		112,032
Goodwill	129,224		129,224		129,224
Total assets	1,272,204		1,272,204		1,293,270
Corporate and Other
Summarized financial information for the company's segments
Revenues	50,223	22,597	81,138	90,082
Pre-tax Adjusted Operating Income (Loss)	(32,125)	(36,563)	(103,897)	(119,675)
Realized gains (losses) and adjustments:
Net investment income	23,943	11,012	59,462	56,294
Amortization of deferred policy acquisition costs and value of business acquired	0	$ 0	0	$ 0
Operating Segment Assets
Investments and other assets	19,872,380		19,872,380		17,830,217
DAC and VOBA	0		0		0
Other intangibles	33,161		33,161		27,173
Goodwill	0		0		0
Total assets	$ 19,905,541		$ 19,905,541		$ 17,857,390

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Oct. 01, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Non-cash acceleration of amortization and accretion of premiums and discounts		$ (235,331,000)	$ (238,086,000)
Reserve funding agreement, obligations (up to)		2,942,126,000			$ 3,082,753,000
Golden Gate II Captive Insurance Company
Subsequent Event [Line Items]
Reserve funding agreement, obligations (up to)		275,895,000			274,955,000
Golden Gate II Captive Insurance Company | Forecast
Subsequent Event [Line Items]
Non-cash acceleration of amortization and accretion of premiums and discounts				$ 54,000,000
Golden Gate Captive Insurance Company
Subsequent Event [Line Items]
Reserve funding agreement, obligations (up to)		$ 1,858,000,000			$ 2,028,000,000
Red Mountain | Forecast
Subsequent Event [Line Items]
Non-cash acceleration of amortization and accretion of premiums and discounts				$ 16,000,000
Subsequent Event | Golden Gate Captive Insurance Company
Subsequent Event [Line Items]
Reserve funding agreement, obligations (up to)	$ 5,000,000,000
Subsequent Event | Golden Gate Captive Insurance Company | Minimum
Subsequent Event [Line Items]
Reserve funding agreement, term	20 years
Subsequent Event | Golden Gate Captive Insurance Company | Maximum
Subsequent Event [Line Items]
Reserve funding agreement, term	25 years