Protective Life (PLPDZ) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 23, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-11339
Entity Registrant Name	PROTECTIVE LIFE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-2492236
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		1,000
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0000355429
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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Premiums and policy fees	$ 1,028,082	$ 878,182	$ 2,904,293	$ 2,709,216
Reinsurance ceded	(316,983)	(269,335)	(975,356)	(1,005,699)
Net of reinsurance ceded	711,099	608,847	1,928,937	1,703,517
Net investment income	785,285	672,139	2,197,020	1,809,464
Realized investment gains (losses)	(13,994)	(47,334)	(52,622)	(94,211)
Other-than-temporary impairment losses	(39,752)	(14)	(41,245)	(715)
Portion recognized in other comprehensive income (before taxes)	28,934	0	26,587	(2,949)
Net impairment losses recognized in earnings	(10,818)	(14)	(14,658)	(3,664)
Other income	147,139	113,530	392,839	341,802
Total revenues	1,618,711	1,347,168	4,451,516	3,756,908
Benefits and expenses
Benefits and settlement expenses, net of reinsurance ceded: (three and nine months 2019 - $227,027 and $742,213; three and nine months 2018 - $215,848 and $861,501)	1,172,297	952,353	3,149,050	2,600,703
Amortization of deferred policy acquisition costs and value of business acquired	61,319	33,511	125,502	144,009
Other operating expenses, net of reinsurance ceded: (three and nine months 2019 - $58,555 and $164,970; three and nine months 2018 - $54,439 and $149,115)	257,252	224,585	744,132	684,907
Total benefits and expenses	1,490,868	1,210,449	4,018,684	3,429,619
Income before income tax	127,843	136,719	432,832	327,289
Income tax expense	27,217	26,619	85,811	61,582
Net income	$ 100,626	$ 110,100	$ 347,021	$ 265,707

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Benefits and settlement expense, reinsurance ceded	$ 227,027	$ 215,848	$ 742,213	$ 861,501
Other operating expenses, reinsurance ceded	$ 58,555	$ 54,439	$ 164,970	$ 149,115

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 100,626	$ 110,100	$ 347,021	$ 265,707
Other comprehensive income (loss):
Change in net unrealized gains (losses) on investments, net of income tax: (three and nine months 2019 - $227,013 and $793,599; three and nine months 2018 - $(53,488) and $(320,520))	854,000	(201,216)	2,985,443	(1,206,478)
Reclassification adjustment for investment amounts included in net income, net of income tax: (three and nine months 2019 - $(1,022) and $(1,521); three and nine months 2018 - $427 and $(554))	(3,846)	1,605	(5,722)	(2,086)
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; three and nine months 2018 - $— and $6)	(20,008)	0	4,308	22
Change in accumulated (loss) gain - derivatives, net of income tax: (three and nine months 2019 - $(893) and $(2,157); three and nine months 2018 - $61 and $813)	(3,362)		(8,116)
Change in accumulated (loss) gain - derivatives, net of income tax: (three and nine months 2019 - $(893) and $(2,157); three and nine months 2018 - $61 and $813)		229		3,060
Reclassification adjustment for derivative amounts included in net income, net of income tax: (three and nine months 2019 - $157 and $285; three and nine months 2018 - $101 and $168)	589		1,075
Reclassification adjustment for derivative amounts included in net income, net of income tax: (three and nine months 2019 - $157 and $285; three and nine months 2018 - $101 and $168)		380		631
Total other comprehensive income (loss)	827,373	(199,002)	2,976,988	(1,204,851)
Total comprehensive income (loss)	$ 927,999	$ (88,902)	$ 3,324,009	$ (939,144)

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Change in net unrealized gains (losses) on investments, income tax	$ 227,013	$ (53,488)	$ 793,599	$ (320,520)
Reclassification adjustment for investment amounts included in net income, income tax	(1,022)	427	(1,521)	(554)
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)	0	1,146	6
Change in accumulated (loss) gain - derivatives, income tax	(893)		(2,157)
Change in accumulated (loss) gain - derivatives, income tax		61		813
Reclassification adjustment for derivative amounts included in net income, income tax	$ 157		$ 285
Reclassification adjustment for derivative amounts included in net income, income tax		$ 101		$ 168

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Fixed maturities, at fair value (amortized cost: 2019 - $63,659,719; 2018 - $54,466,305)	$ 66,680,596	$ 51,904,699
Fixed maturities, at amortized cost (fair value: 2019 - $2,685,076; 2018 - $2,547,210)	2,544,054	2,633,474
Equity securities, at fair value (cost: 2019 - $604,474; 2018 - $627,087)	619,341	595,884
Mortgage loans (related to securitizations: 2019 - $—; 2018 - $134)	9,327,911	7,724,733
Investment real estate, net of accumulated depreciation (2019 - $350; 2018 - $251)	7,274	6,816
Policy loans	1,686,832	1,695,886
Other long-term investments	1,149,755	759,354
Short-term investments	1,597,919	807,283
Total investments	83,613,682	66,128,129
Cash	293,299	173,714
Accrued investment income	737,549	634,921
Accounts and premiums receivable	120,779	113,507
Reinsurance receivables	4,477,663	4,764,743
Deferred policy acquisition costs and value of business acquired	3,424,874	3,023,154
Goodwill	825,511	825,511
Other intangibles, net of accumulated amortization (2019 - $239,846; 2018 - $197,583)	596,336	613,431
Property and equipment, net of accumulated depreciation (2019 - $44,346; 2018 - $33,199)	214,425	184,957
Other assets	1,849,949	250,036
Income tax receivable	40,363	0
Assets related to separate accounts:
Variable annuity	12,542,212	12,288,919
Variable universal life	1,066,999	937,732
Reinsurance assumed	9,947,404	0
Total assets	119,751,045	89,938,754
Liabilities
Future policy benefits and claims	53,892,978	41,901,552
Unearned premiums	887,079	872,594
Total policy liabilities and accruals	54,780,057	42,774,146
Stable value product account balances	5,450,981	5,234,731
Annuity account balances	14,181,458	13,720,081
Other policyholders’ funds	1,622,475	1,128,379
Other liabilities	3,884,452	2,374,112
Income tax payable	0	38,547
Deferred income taxes	1,411,539	839,316
Non-recourse funding obligations	2,545,049	2,632,497
Secured financing liabilities	352,732	495,307
Debt	2,069,224	1,101,827
Subordinated debt	605,528	605,426
Liabilities related to separate accounts:
Variable annuity	12,542,212	12,288,919
Variable universal life	1,066,999	937,732
Reinsurance assumed	9,947,404	0
Total liabilities	110,460,110	84,171,020
Commitments and contingencies
Shareowner’s equity
Common Stock: 2019 and 2018 - $0.01 par value; shares authorized: 5,000; shares issued: 1,000	0	0
Additional paid-in-capital	5,804,059	5,554,059
Retained earnings	1,935,654	1,639,441
Accumulated other comprehensive income (loss):
Net unrealized (losses) gains on investments, net of income tax: (2019 - $423,248; 2018 - $(368,830))	1,592,217	(1,387,504)
Net unrealized losses relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, net of income tax: (2019 - $(4,908); 2018 - $(6,054))	(18,465)	(22,773)
Accumulated gain (loss) - derivatives, net of income tax: (2019 - $(1,873); 2018 - $(2))	(7,048)	(7)
Postretirement benefits liability adjustment, net of income tax: (2019 - $(4,112); 2018 - $(4,112))	(15,482)	(15,482)
Total shareowner’s equity	9,290,935	5,767,734
Total liabilities and shareowner’s equity	$ 119,751,045	$ 89,938,754

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Fixed maturities, at fair value, amortized cost	$ 63,659,719	$ 54,466,305
Fixed maturities, at amortized cost, fair value	2,685,076	2,547,210
Equity securities, cost	604,474	627,087
Mortgage loans, related to securitizations	0	134
Investment real estate, net of accumulated depreciation	350	251
Other intangibles, net of accumulated amortization	239,846	197,583
Property and equipment, net of accumulated depreciation	$ 44,346	$ 33,199
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	5,000	5,000
Common stock, shares issued (in shares)	1,000	1,000
Net unrealized gains (losses) on investments, net of income tax	$ 423,248	$ (368,830)
Net unrealized losses relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, income tax	(4,908)	(6,054)
Accumulated gain (loss) - derivatives, income tax	(1,873)	(2)
Postretirement benefits liability adjustment, income tax	$ (4,112)	$ (4,112)

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF SHAREOWNER'S EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In- Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2017	$ 7,127,199	$ 0	$ 5,554,059	$ 1,560,444	$ 12,696
Increase (decrease) in shareowners' equity
Net income	74,112			74,112
Other comprehensive income (loss)	(576,444)				(576,444)
Comprehensive income (loss)	(502,332)
Dividends to parent	(140,000)			(140,000)
Ending Balance at Mar. 31, 2018	6,392,342	0	5,554,059	1,412,583	(574,300)
Beginning Balance at Dec. 31, 2017	7,127,199	0	5,554,059	1,560,444	12,696
Increase (decrease) in shareowners' equity
Net income	265,707
Other comprehensive income (loss)	(1,204,851)
Comprehensive income (loss)	(939,144)
Ending Balance at Sep. 30, 2018	5,955,530	0	5,554,059	1,604,178	(1,202,707)
Beginning Balance at Mar. 31, 2018	6,392,342	0	5,554,059	1,412,583	(574,300)
Increase (decrease) in shareowners' equity
Net income	81,495			81,495
Other comprehensive income (loss)	(429,405)				(429,405)
Comprehensive income (loss)	(347,910)
Ending Balance at Jun. 30, 2018	6,044,432	0	5,554,059	1,494,078	(1,003,705)
Increase (decrease) in shareowners' equity
Net income	110,100			110,100
Other comprehensive income (loss)	(199,002)				(199,002)
Comprehensive income (loss)	(88,902)
Ending Balance at Sep. 30, 2018	5,955,530	0	5,554,059	1,604,178	(1,202,707)
Beginning Balance at Dec. 31, 2018	5,767,734	0	5,554,059	1,639,441	(1,425,766)
Increase (decrease) in shareowners' equity
Net income	138,284			138,284
Other comprehensive income (loss)	1,141,817				1,141,817
Comprehensive income (loss)	1,280,101
Ending Balance at Mar. 31, 2019	6,997,027	0	5,554,059	1,726,917	(283,949)
Beginning Balance at Dec. 31, 2018	5,767,734	0	5,554,059	1,639,441	(1,425,766)
Increase (decrease) in shareowners' equity
Net income	347,021
Other comprehensive income (loss)	2,976,988
Comprehensive income (loss)	3,324,009
Ending Balance at Sep. 30, 2019	9,290,935	0	5,804,059	1,935,654	1,551,222
Beginning Balance at Mar. 31, 2019	6,997,027	0	5,554,059	1,726,917	(283,949)
Increase (decrease) in shareowners' equity
Net income	108,111			108,111
Other comprehensive income (loss)	1,007,798				1,007,798
Comprehensive income (loss)	1,115,909
Capital contributions from parent	250,000		250,000
Ending Balance at Jun. 30, 2019	8,362,936	0	5,804,059	1,835,028	723,849
Increase (decrease) in shareowners' equity
Net income	100,626			100,626
Other comprehensive income (loss)	827,373				827,373
Comprehensive income (loss)	927,999
Ending Balance at Sep. 30, 2019	$ 9,290,935	$ 0	$ 5,804,059	$ 1,935,654	$ 1,551,222

CONSOLIDATED CONDENSED STATEM_6

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net income	$ 347,021	$ 265,707
Adjustments to reconcile net income to net cash used in operating activities:
Realized investment (gains) losses	67,280	97,875
Amortization of DAC and VOBA	125,502	144,009
Capitalization of DAC	(341,883)	(331,277)
Depreciation and amortization expense	56,312	50,826
Deferred income tax	(205,151)	10,340
Accrued income tax	(78,910)	77,802
Interest credited to universal life and investment products	954,213	689,612
Policy fees assessed on universal life and investment products	(1,269,614)	(1,139,583)
Change in reinsurance receivables	287,080	259,429
Change in accrued investment income and other receivables	(562)	(11,823)
Change in policy liabilities and other policyholders’ funds of traditional life and health products	(545,433)	(491,110)
Trading securities:
Maturities and principal reductions of investments	82,603	140,851
Sale of investments	327,852	307,632
Cost of investments acquired	(270,800)	(403,355)
Other net change in trading securities	(57,240)	10,641
Amortization of premiums and accretion of discounts on investments and mortgage loans	238,181	232,401
Change in other liabilities	505,388	21,569
Other, net	(188,415)	(44,951)
Net cash provided by (used in) operating activities	33,424	(113,405)
Cash flows from investing activities
Maturities and principal reductions of investments, available-for-sale	1,364,815	1,249,048
Sale of investments, available-for-sale	3,164,002	1,935,178
Cost of investments acquired, available-for-sale	(4,841,261)	(4,304,036)
Change in investments, held-to-maturity	86,000	62,000
Mortgage loans:
New lendings	(968,656)	(1,185,316)
Repayments	723,325	797,450
Change in investment real estate, net	(319)	647
Change in policy loans, net	53,056	43,642
Change in other long-term investments, net	81,809	(292,893)
Change in short-term investments, net	(722,615)	82,748
Net unsettled security transactions	(154,791)	84,036
Purchase of property, equipment, and intangibles	(24,511)	(9,888)
Cash received from reinsurance transaction	0	20,669
Payment for business acquisition, net of cash acquired	(777,807)	0
Net cash used in investing activities	(2,016,953)	(1,516,715)
Cash flows from financing activities
Borrowings under line of credit arrangement, debt, and subordinated debt	1,000,000	1,075,000
Principal payments on line of credit arrangement, debt, and subordinated debt	(9,325)	(757,884)
Issuance (repayment) of non-recourse funding obligations	(86,000)	(100,000)
Secured financing liabilities	(142,575)	(503,336)
Dividends to shareowner	0	(140,000)
Capital contributions from parent	250,000	0
Deposits to universal life and investment contracts	4,258,248	4,416,962
Withdrawals from universal life and investment contracts	(3,166,505)	(2,418,181)
Other financing activities, net	(729)	(291)
Net cash provided by financing activities	2,103,114	1,572,270
Change in cash	119,585	(57,850)
Cash at beginning of period	173,714	252,310
Cash at end of period	$ 293,299	$ 194,460

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Basis of Presentation On February 1, 2015, Protective Life Corporation (the “Company”) 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 the Company (the “Merger”). Prior to February 1, 2015, the Company’s stock was publicly traded on the New York Stock Exchange. Subsequent to the Merger, the Company remains as an SEC registrant within the United States. The Company is a holding company with subsidiaries that provide financial services through the production, distribution, and administration of insurance and investment products. 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. Founded in 1907, Protective Life Insurance Company (“PLICO”) is the Company’s largest operating subsidiary. 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, 2019, are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2019. 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, 2018. 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 fourth quarter of 2018, the Company identified certain cash flows that were incorrectly classified in the Company’s historical consolidated statements of cash flows. The Company has determined that these misclassifications were not material to the financial statements for any period. These amounts have been corrected in the comparative consolidated statements of cash flows for the nine months ended September 30, 2019. The nine months ended September 30, 2018 amounts have been revised resulting in an increase in operating cash flows and corresponding decrease in financing cash flows of $88.0 million compared to the amounts previously reported. Entities Included The consolidated condensed financial statements in this report include the accounts of Protective Life Corporation and subsidiaries and its affiliate companies in which the Company holds a majority voting or economic interest. Intercompany balances and transactions have been eliminated. During the second quarter of 2019, the Company recorded an adjustment related to prior periods to correct an error pertaining to the deferred policy acquisition costs (“DAC”) tax reimbursements paid under reinsurance agreements the Company entered in previous years. The adjustment resulted in an $8.96 million increase to accounts and premiums receivable on the Company’s consolidated balance sheet, with a corresponding increase to income. The Company concluded that the adjustment was not quantitatively or qualitatively material to previously reported periods or the current interim period. As a result, this adjustment was recorded by the Company within the consolidated condensed financial statements as of and for the period ended June 30, 2019.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies For a full description of significant accounting policies, see Note 2 to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. There were no significant changes to the Company’s accounting policies during the nine months ended September 30, 2019. Accounting Pronouncements Recently Adopted Accounting Standards Update (“ASU” or “Update”) No. 2016-02 - Leases. The amendments in this Update address certain aspects of recognition, measurement, presentation, and disclosure of leases. The most significant change relates to the accounting model used by lessees. The Update requires all leases with terms greater than 12 months to be recorded on the balance sheet in the form of a lease asset and liability. The lease asset and liability are measured at the present value of the minimum lease payments less any upfront payments or fees. The amendments in the Update became effective for annual and interim periods beginning after December 15, 2018 on a modified retrospective basis. The Company recorded a cumulative effect adjustment as of the date of adoption, January 1, 2019, establishing a right of use asset and lease liability of $21.5 million on its consolidated condensed balance sheet reflected in the property and equipment and other liabilities line items, respectively. ASU No. 2017-08 - Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in this Update require that premiums on callable debt securities be amortized to the first call date. This is a change from previous guidance, under which premiums are amortized to the maturity date of the security. The amendments became effective for annual and interim periods beginning after December 15, 2018. The Company recorded a cumulative effect adjustment as of the adoption date, January 1, 2019, resulting in a $50.8 million redu ction to retained earnings, net of income tax. ASU No. 2017-12 - Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendments in this Update are designed to permit hedge accounting to be applied to a broader range of hedging strategies as well as to more closely align hedge accounting and risk management objectives. Specific provisions include requiring changes in the fair value of a hedging instrument be recorded in the same income statement line as the hedged item when it affects earnings. In addition, after a hedge has initially qualified as an effective hedge the Update permits the use of a qualitative hedge effectiveness test in subsequent periods. The amendments in this Update became effective for annual and interim periods beginning after December 15, 2018 and early adoption is permitted. At adoption, January 1, 2019, this standard did not have an impact on the Company’s operations or financial results. Accounting Pronouncements Not Yet Adopted ASU 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 mortgage loans and reinsurance receivables. The new model will not apply to debt securities classified as available-for-sale. 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 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 - Codification Improvements to Topic 326, Financial Instruments-Credit Losses, are effective for annual and interim periods beginning after December 15, 2019 on a modified retrospective basis. The Company has completed its scoping and gap analysis with respect to the implementation of the new standard. Additionally, the Company is in the testing phase with respect to its calculation of the allowance for credit losses for its portfolio of commercial mortgage loans and mortgage loan commitments and reinsurance receivables. A vendor-sourced credit loss model will be used to measure the allowance for the majority of the Company’s commercial mortgage loans and unfunded mortgage loan commitments, and the Company will use an internally-developed calculation to measure the allowance for reinsurance receivables. Testing and review activities which have not yet been completed include final user acceptance testing of the vendor model for commercial mortgage loans, as well as final approval of certain model inputs such as economic forecasts and mean reversion parameters which will materially impact the final allowance. The Company is on track to complete its testing and assumption review in the fourth quarter. In addition to development and testing of the calculation of the allowance for credit losses for these assets, the Company continues to implement new processes and controls with respect to the measurement and recognition of the allowance, along with the additional disclosures required by the Update. The Company expects to record a cumulative effect adjustment which includes an additional allowance for credit losses for commercial mortgage loans and reinsurance receivables. The amount of the cumulative effect adjustment cannot yet be reasonably estimated, as the allowance for credit losses recorded as of January 1, 2020 may be materially impacted by a) model inputs that have not been finalized or b) changes in macroeconomic conditions or other events and circumstances that cannot be reasonably forecasted. 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. The amendments in this Update are currently effective for annual and interim periods beginning after December 15, 2020 with early adoption permitted. However, in October 2019, the Financial Accounting Standards Board (the “FASB”) affirmed their previous decision to delay the effective date of the Update by one year for larger SEC filers and two or three years for others, with early adoption permitted. A final Update is currently being drafted and when issued will extend the implementation deadline for the Company by one year to periods beginning after December 15, 2021. The Company has started its implementation efforts and is currently reviewing its policies, processes, and applicable systems to determine the impact this standard will have on its operations and financial results. While it is not possible to estimate the expected impact of adoption at this time, given the nature and extent of the required changes to a significant portion of the Company’s operations, adoption is expected to have a significant impact on our consolidated financial statements and related disclosures and will require changes to certain of our processes, systems, and controls. ASU No. 2018-15 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40). The amendments in this update require customers in a cloud computing arrangement accounted for as a service contract to capitalize implementation costs incurred in the arrangement . Capitalization should be based on the nature of the costs and the project stage at which the cost was incurred. The amendments in the Update are effective for annual and interim periods beginning after December 15, 2019 on either a retrospective or prospective basis. There will be no impact at the adoption date as the Company will adopt the amendments on a prospective basis.

SIGNIFICANT TRANSACTIONS

SIGNIFICANT TRANSACTIONS	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
SIGNIFICANT TRANSACTIONS	SIGNIFICANT TRANSACTIONS The Lincoln National Life Insurance Company On May 1, 2018, The Lincoln National Life Insurance Company (“Lincoln Life”) completed its previously announced acquisition (the “Liberty Closing”) of Liberty Mutual Group Inc.’s (“Liberty Mutual”) Group Benefits Business and Individual Life and Annuity Business (the “Life Business”) through the acquisition of all of the issued and outstanding capital stock of Liberty Life Assurance Company of Boston (“Liberty”). In connection with the Liberty Closing and pursuant to the Master Transaction Agreement, dated January 18, 2018 (the “Master Transaction Agreement”) PLICO and Protective Life and Annuity Insurance Company (“PLAIC”), a wholly owned subsidiary of PLICO, entered into reinsurance agreements (the “Liberty Reinsurance Agreements”) and related ancillary documents (including administrative services agreements and transition services agreements) providing for the reinsurance and administration of the Life Business. Pursuant to the Liberty Reinsurance Agreements, Liberty ceded to PLICO and PLAIC the insurance policies related to the Life Business on a 100% coinsurance basis. The aggregate ceding commission for the reinsurance of the Life Business was $422.4 million, which is the purchase price. All policies issued in states other than New York were ceded to PLICO under a reinsurance agreement between Liberty and PLICO, and all policies issued in New York were ceded to PLAIC under a reinsurance agreement between Liberty and PLAIC. The aggregate statutory reserves of Liberty ceded to PLICO and PLAIC as of the date of the Liberty Closing were approximately $13.2 billion, which amount was based on initial estimates. The final reserve amount determined, as adjusted during the measurement period, was $13.7 billion. In addition, there are certain pending items which remain subject to adjustment in accordance with the Master Transaction Agreement and could result in a gain in future periods. Pursuant to the terms of the Liberty Reinsurance Agreements, each of PLICO and PLAIC are required to maintain assets in trust for the benefit of Liberty to secure their respective obligations to Liberty under the Liberty Reinsurance Agreements. The trust accounts were initially funded by each of PLICO and PLAIC principally with the investment assets that were received from Liberty. Additionally, PLICO and PLAIC have each agreed to provide, on behalf of Liberty, administration and policyholder servicing of the Life Business reinsured by it pursuant to administrative services agreements between Liberty and each of PLICO and PLAIC. The terms of the Liberty Reinsurance Agreements resulted in an acquisition of the Life Business by the Company in accordance with Accounting Standards Codification ("ASC" or "Codification") Topic 805, Business Combinations . The following table details the purchase consideration and final allocation of assets acquired and liabilities from the Life Business reinsurance transaction as of the date of the Liberty Closing. Fair Value (Dollars In Thousands) ASSETS Fixed maturities $ 12,588,512 Mortgage loans 435,405 Policy loans 131,489 Total investments 13,155,406 Cash 35,179 Accrued investment income 152,030 Reinsurance receivables 272 Value of business acquired 379,717 Other assets 916 Total assets 13,723,520 LIABILITIES Future policy benefits and claims $ 11,751,895 Unearned premiums — Total policy liabilities and accruals 11,751,895 Annuity account balances 1,864,141 Other policyholders’ funds 41,936 Other liabilities 65,548 Total liabilities 13,723,520 NET ASSETS ACQUIRED $ — The following unaudited pro forma condensed consolidated results of operations assumes that the aforementioned transactions of the Life Business were completed as of January 1, 2017. The unaudited pro forma condensed results of operations are presented solely for information 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 For The For The (Dollars In Thousands) Revenue $ 1,347,168 $ 4,078,285 Net income $ 110,100 $ 311,851 Great-West Life & Annuity Insurance Company On January 23, 2019, PLICO 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 PLICO will acquire via reinsurance (the “Transaction”) substantially all of the Sellers’ individual life insurance and annuity business (the “Individual Life Business”). On June 3, 2019, PLICO and PLAIC completed the Transaction (the “GWL&A Closing”). Pursuant to the GWL&A Master Transaction Agreement PLICO 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 PLICO 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, which amount is subject to adjustment in accordance with the GWL&A Master Transaction Agreement. All policies issued in states other than New York were ceded to PLICO under reinsurance agreements between the applicable Seller and PLICO, and all policies issued in New York were ceded to PLAIC under a reinsurance agreement between GWL&A of NY and PLAIC. The aggregate statutory reserves of the Sellers ceded to PLICO and PLAIC as of the GWL&A Closing were approximately $20.4 billion, which amount was based on initial estimates and is subject to adjustment following the GWL&A Closing. To support its obligations under the GWL&A Reinsurance Agreements, PLICO 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 will be administered by the Company. As of the purchase date, the Company has recorded an estimate in the amount of $49.5 million related to contingent consideration. The final ceding commission is subject to adjustment based on these amounts. These amounts are accrued within other liabilities in the Company’s consolidated condensed balance sheet. The contingent consideration is comprised of a holdback provision and a post-closing sales adjustment. The holdback amount is related to the performance of certain blocks of business for a specified period of time after the close of the transaction. The range of amounts payable to Great West under this provision is $0 - $40.0 million. The Company established a liability of $37.6 million as of the transaction date, which represents the Company's best estimate of the present value of future payments. Great West is also entitled to a payment for certain post-closing sales occurring between June 1, 2019 and December 31, 2019. At this time, a range for this payment cannot be estimated and the Company established a liability of $11.9 million on the transaction date, which represents the Company's best estimate of the present value of future payments as of the transaction date. During the three months ended September 30, 2019, this estimate was revised based on sales and returns achieved during that period. The liability as of September 30, 2019 was $8.2 million, which represents the Company's best estimate of the present value of future payments. The reduction in the liability was recorded as a component of earnings. 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 preliminary allocation of assets acquired and liabilities assumed from the Individual Life Business reinsurance transaction as of the date of the GWL&A Closing. The Company has not completed the process of determining the fair value of assets acquired and liabilities assumed, but will do so in the twelve month measurement period subsequent to the date of the GWL&A Closing. These estimates are provisional and subject to adjustment. Any adjustments to these fair value estimates will be reflected, retroactively, as of the date of the acquisition, and may result in adjustments to the value of business acquired. Fair Value Unaudited (Dollars In Thousands) ASSETS Fixed maturities $ 8,697,966 Mortgage loans 1,386,228 Policy loans 44,002 Other long-term investments 1,579 Total investments 10,129,775 Cash 34,835 Accrued investment income 101,452 Accounts and premiums receivable 62 Premium due and deferred 1,642 Value of business acquired 510,875 Other intangibles 21,300 Other assets 1,525,911 Assets related to separate accounts 9,583,217 Total assets 21,909,069 LIABILITIES Future policy benefits and claims $ 11,000,902 Annuity account balances 220,064 Other policyholders’ funds 220,117 Other liabilities 72,127 Liabilities related to separate accounts 9,583,217 Total liabilities 21,096,427 NET ASSETS ACQUIRED $ 812,642 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, 2018. The unaudited pro forma condensed results of operations are presented solely for information 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 Three Months Ended September 30, For The Nine Months Ended September 30, 2019 2018 2019 2018 (Dollars In Thousands) Revenue $ 1,618,711 $ 1,584,261 $ 4,822,409 $ 4,412,630 Net income $ 100,626 $ 116,229 $ 364,116 $ 298,263 The amount of revenue and income before income tax of the Individual Life Business since the transaction date, June 1, 2019, included in the consolidated statements of income for the nine months ended September 30, 2019, amounted to $352.5 million and $74.0 million. The Company incurred approximately $12.2 million of non-recurring transaction costs for the nine months ended September 30, 2019. Intangible assets recognized by the Company included the following (excluding goodwill): Estimated Fair Value on Acquisition Date Estimated Useful Life (Dollars In Thousands) (In Years) Distribution relationships $ 15,000 18 Technology 6,300 10 Total intangible assets $ 21,300 Amortizable intangible assets will be amortized on a straight line basis over their assigned useful lives. The following is a schedule of future estimated aggregate amortization expense: Year Amount (Dollars In Thousands) Remainder of 2019 $ 366 2020 1,463 2021 1,463 2022 1,463 2023 1,463 Based on the balance recorded as of June 1, 2019, the expected amortization of value of business acquired ("VOBA") for the next five years is as follows: Year Amount (Dollars In Thousands) Remainder of 2019 $ (3,616) 2020 (19,741) 2021 (12,153) 2022 (5,090) 2023 1,143

MONY CLOSED BLOCK OF BUSINESS

MONY CLOSED BLOCK OF BUSINESS	9 Months Ended
	Sep. 30, 2019
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 each 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. The excess of Closed Block liabilities over Closed Block assets (adjusted to exclude the impact of related amounts in accumulated other comprehensive income (loss) (“AOCI”) at the acquisition date of October 1, 2013, represented the estimated maximum future post-tax earnings from the Closed Block that would be recognized in income from continuing operations over the period the policies and contracts in the Closed Block remain in force. In connection with the acquisition of MONY, the Company developed an actuarial calculation of the expected timing of MONY’s Closed Block’s earnings as of October 1, 2013. Pursuant to the acquisition of the Company by Dai-ichi Life, this actuarial calculation of the expected timing of MONY’s Closed Block earnings was recalculated and reset as February 1, 2015, along with the establishment of a policyholder dividend obligation as of such date. If the actual cumulative earnings from the Closed Block are greater than the expected cumulative earnings, only the expected earnings will be recognized in the Company’s net income. Actual cumulative earnings in excess of expected cumulative earnings at any point in time are recorded as a policyholder dividend obligation because they will ultimately be paid to Closed Block policyholders as an additional policyholder dividend unless offset by future performance that is less favorable than originally expected. If a policyholder dividend obligation has been previously established and the actual Closed Block earnings in a subsequent period are less than the expected earnings for that period, the policyholder dividend obligation would be reduced (but not below zero). If, over the period the policies and contracts in the Closed Block remain in force, the actual cumulative earnings of the Closed Block are less than the expected cumulative earnings, only actual earnings would be recognized in income from continuing operations. If the Closed Block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside the Closed Block. Many expenses related to Closed Block operations, including amortization of VOBA, are charged to operations outside of the Closed Block; accordingly, net revenues of the Closed Block do not represent the actual profitability of the Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block. Summarized financial information for the Closed Block as of September 30, 2019, and December 31, 2018, is as follows: As of September 30, 2019 December 31, 2018 (Dollars In Thousands) Closed block liabilities Future policy benefits, policyholders’ account balances and other policyholder liabilities $ 5,579,389 $ 5,679,732 Policyholder dividend obligation 319,865 — Other liabilities 11,366 22,505 Total closed block liabilities 5,910,620 5,702,237 Closed block assets Fixed maturities, available-for-sale, at fair value $ 4,694,274 $ 4,257,437 Mortgage loans on real estate 73,563 75,838 Policy loans 648,805 672,213 Cash 75,828 116,225 Other assets 106,481 136,388 Total closed block assets 5,598,951 5,258,101 Excess of reported closed block liabilities over closed block assets 311,669 444,136 Portion of above representing accumulated other comprehensive income: Net unrealized investment gains (losses) net of policyholder dividend obligation: $198,285 and $(141,128); and net of income tax: $(41,640) and $61,676 — (120,528) Future earnings to be recognized from closed block assets and closed block liabilities $ 311,669 $ 323,608 Reconciliation of the policyholder dividend obligation is as follows: For The 2019 2018 (Dollars In Thousands) Policyholder dividend obligation, beginning of period $ — $ 160,712 Applicable to net revenue (losses) (19,548) (24,922) Change in net unrealized investment gains (losses) allocated to the policyholder dividend obligation 339,413 (135,790) Policyholder dividend obligation, end of period $ 319,865 $ — Closed Block revenues and expenses were as follows: For The For The 2019 2018 2019 2018 (Dollars In Thousands) Revenues Premiums and other income $ 37,652 $ 39,691 $ 115,202 $ 121,768 Net investment income 52,018 50,833 154,808 152,248 Net investment gains (losses) 1,104 40 693 66 Total revenues 90,774 90,564 270,703 274,082 Benefits and other deductions Benefits and settlement expenses 84,531 83,588 250,410 251,480 Other operating expenses 229 291 836 310 Total benefits and other deductions 84,760 83,879 251,246 251,790 Net revenues before income taxes 6,014 6,685 19,457 22,292 Income tax expense 1,263 1,404 4,086 4,681 Net revenues $ 4,751 $ 5,281 $ 15,371 $ 17,611

INVESTMENT OPERATIONS

INVESTMENT OPERATIONS	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
INVESTMENT OPERATIONS	INVESTMENT OPERATIONS Net realized gains (losses) are summarized as follows: For The For The 2019 2018 2019 2018 (Dollars In Thousands) Fixed maturities $ 15,686 $ (2,018) $ 21,901 $ 6,304 Equity gains and losses 6,310 (6,638) 44,723 (16,466) Modco trading portfolio 67,674 (10,901) 252,147 (148,427) Other investments (1,261) (312) (1,270) 1,519 Realized gains (losses) - all other investments 88,409 (19,869) 317,501 (157,070) Realized gains (losses) - derivatives (1) (102,403) (27,465) (370,123) 62,859 Realized investment gains (losses) $ (13,994) $ (47,334) $ (52,622) $ (94,211) Net impairments losses recognized in earnings $ (10,818) $ (14) $ (14,658) $ (3,664) (1) 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 2019 2018 2019 2018 (Dollars In Thousands) Gross realized gains $ 20,155 $ 3,410 $ 34,837 $ 21,596 Gross realized losses: Impairment losses $ (10,818) $ (14) $ (14,658) $ (3,664) Other realized losses $ (4,469) $ (5,428) $ (12,936) $ (15,292) 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 2019 2018 2019 2018 (Dollars In Thousands) Securities in an unrealized gain position: Fair value proceeds $ 679,514 $ 306,600 $ 1,819,526 $ 914,885 Gains realized $ 20,155 $ 3,410 $ 34,837 $ 21,596 Securities in an unrealized loss position (1) : Fair value proceeds $ 37,488 $ 122,317 $ 375,617 $ 380,493 Losses realized $ (4,469) $ (5,428) $ (12,936) $ (15,292) (1) The Company made the decision to exit these holdings in conjunction with its overall asset/liability management process. 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 2019 2018 2019 2018 (Dollars In Thousands) Net gains (losses) recognized during the period on equity securities $ 6,310 $ (6,638) $ 44,723 $ (16,466) Less: net gains (losses) recognized on equity securities sold during the period $ (648) $ (1,476) $ (395) $ (3,856) Gains (losses) recognized during the period on equity securities still held $ 6,958 $ (5,162) $ 45,118 $ (12,610) The amortized cost and fair value of the Company’s investments classified as available-for-sale are as follows: As of September 30, 2019 Amortized Gross Gross Fair Total OTTI Recognized in OCI (1) (Dollars In Thousands) Fixed maturities: Residential mortgage-backed securities $ 5,162,112 $ 194,376 $ (5,024) $ 5,351,464 $ — Commercial mortgage-backed securities 2,657,041 88,906 (1,119) 2,744,828 — Other asset-backed securities 1,878,663 32,830 (13,017) 1,898,476 — U.S. government-related securities 1,154,940 9,836 (2,569) 1,162,207 (3) Other government-related securities 554,434 52,547 (1,630) 605,351 — States, municipals, and political subdivisions 4,503,629 331,625 (597) 4,834,657 1,274 Corporate securities 45,125,038 2,658,289 (323,790) 47,459,537 (24,644) Redeemable preferred stocks 87,348 4,217 (4,003) 87,562 61,123,205 3,372,626 (351,749) 64,144,082 (23,373) Short-term investments 1,498,936 — — 1,498,936 — $ 62,622,141 $ 3,372,626 $ (351,749) $ 65,643,018 $ (23,373) As of December 31, 2018 Amortized Gross Gross Fair Total OTTI Recognized in OCI (1) (Dollars In Thousands) Fixed maturities: Residential mortgage-backed securities $ 3,650,539 $ 23,247 $ (62,196) $ 3,611,590 $ (18) Commercial mortgage-backed securities 2,349,274 3,911 (58,101) 2,295,084 — Other asset-backed securities 1,410,059 17,232 (35,398) 1,391,893 — U.S. government-related securities 1,683,432 1,795 (45,722) 1,639,505 — Other government-related securities 545,522 4,292 (33,850) 515,964 — States, municipals, and political subdivisions 3,682,037 25,706 (118,902) 3,588,841 876 Corporate securities 38,634,888 112,992 (2,385,052) 36,362,828 (29,685) Redeemable preferred stocks 94,362 — (11,560) 82,802 — 52,050,113 189,175 (2,750,781) 49,488,507 (28,827) Short-term investments 776,357 — — 776,357 — $ 52,826,470 $ 189,175 $ (2,750,781) $ 50,264,864 $ (28,827) (1) These amounts are included in the gross unrealized gains and gross unrealized losses columns above. The Company holds certain investments pursuant to certain modified coinsurance (“Modco”) arrangements. The fixed maturities 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, 2019 December 31, 2018 (Dollars In Thousands) Fixed maturities: Residential mortgage-backed securities $ 202,963 $ 241,836 Commercial mortgage-backed securities 208,935 188,925 Other asset-backed securities 137,732 159,907 U.S. government-related securities 48,112 59,794 Other government-related securities 26,792 44,207 States, municipals, and political subdivisions 300,332 286,413 Corporate securities 1,599,453 1,423,833 Redeemable preferred stocks 12,195 11,277 2,536,514 2,416,192 Equity securities 6,647 9,892 Short-term investments 98,983 30,926 $ 2,642,144 $ 2,457,010 The amortized cost and fair value of available-for-sale and held-to-maturity fixed maturities as of September 30, 2019, 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 $ 1,831,024 $ 1,829,527 $ — $ — Due after one year through five years 9,983,745 10,170,970 — — Due after five years through ten years 13,732,775 14,362,164 — — Due after ten years 35,575,661 37,781,421 2,544,054 2,685,076 $ 61,123,205 $ 64,144,082 $ 2,544,054 $ 2,685,076 The chart below summarizes the Company’s other-than-temporary impairments of investments. All of the impairments were related to fixed maturities. For The For The 2019 2018 2019 2018 Fixed Fixed Fixed Maturities Fixed Maturities (Dollars In Thousands) Other-than-temporary impairments $ (39,752) $ (14) $ (41,245) $ (715) Non-credit impairment losses recorded in other comprehensive income (loss) 28,934 — 26,587 (2,949) Net impairment losses recognized in earnings $ (10,818) $ (14) $ (14,658) $ (3,664) There were no other-than-temporary impairments related to fixed maturities or equity securities that the Company intended to sell or expected to be required to sell for the three and nine months ended September 30, 2019 and 2018. The following chart is a rollforward of available-for-sale credit losses on fixed maturities held by the Company for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss): For The For The 2019 2018 2019 2018 (Dollars In Thousands) Beginning balance $ 12,498 $ 2 $ 24,868 $ 3,268 Additions for newly impaired securities 10,805 — 11,556 — Additions for previously impaired securities — — 3,007 2 Reductions for previously impaired securities due to a change in expected cash flows (12,498) — (21,332) — Reductions for previously impaired securities that were sold in the current period — (2) (7,294) (3,270) Ending balance $ 10,805 $ — $ 10,805 $ — 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 September 30, 2019: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars In Thousands) Residential mortgage-backed securities $ 484,979 $ (2,069) $ 288,103 $ (2,955) $ 773,082 $ (5,024) Commercial mortgage-backed securities 67,255 (78) 117,799 (1,041) 185,054 (1,119) Other asset-backed securities 453,923 (7,510) 162,369 (5,507) 616,292 (13,017) U.S. government-related securities 265,257 (844) 335,336 (1,725) 600,593 (2,569) Other government-related securities 57,008 (488) 10,427 (1,142) 67,435 (1,630) States, municipals, and political subdivisions 35,092 (297) 15,215 (300) 50,307 (597) Corporate securities 2,137,102 (43,897) 3,631,827 (279,893) 5,768,929 (323,790) Redeemable preferred stocks — — 16,935 (4,003) 16,935 (4,003) $ 3,500,616 $ (55,183) $ 4,578,011 $ (296,566) $ 8,078,627 $ (351,749) Residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) had gross unrealized losses greater than twelve months of $3.0 million and $1.0 million as of September 30, 2019. 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 had a gross unrealized loss greater than twelve months of $5.5 million as of September 30, 2019. 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 U.S. government-related securities and the other government-related securities had gross unrealized losses greater than twelve months of $1.7 million and $1.1 million, respectively, as of September 30, 2019. These declines were related to changes in interest rates. The states, municipals, and political subdivisions category had gross unrealized losses greater than twelve months of $0.3 million as of September 30, 2019. The aggregate decline in fair value of these securities was deemed temporary due to positive factors supporting the recoverability of the respective investments. Positive factors considered include credit ratings, the financial health of the issuer, the continued access of the issuer to capital markets, and other pertinent information. The corporate securities category had gross unrealized losses greater than twelve months of $279.9 million as of September 30, 2019. The aggregate decline in fair value of these securities was deemed temporary due to positive factors supporting the recoverability of the respective investments. Positive factors considered include credit ratings, the financial health of the issuer, the continued access of the issuer to capital markets, interest rate movement, and other pertinent information. As of September 30, 2019, the Company had a total of 809 positions that were in an unrealized loss position, but the Company does not consider these unrealized loss positions to be other-than-temporary. 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, and 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, 2018: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars In Thousands) Residential mortgage-backed securities $ 1,485,009 $ (31,302) $ 804,364 $ (30,894) $ 2,289,373 $ (62,196) Commercial mortgage-backed securities 422,438 (7,442) 1,429,384 (50,659) 1,851,822 (58,101) Other asset-backed securities 687,271 (30,963) 148,871 (4,435) 836,142 (35,398) U.S. government-related securities 130,290 (4,668) 1,085,654 (41,054) 1,215,944 (45,722) Other government-related securities 226,201 (15,267) 131,569 (18,583) 357,770 (33,850) States, municipals, and political subdivisions 1,004,262 (27,180) 1,129,152 (91,722) 2,133,414 (118,902) Corporate securities 18,326,331 (970,553) 12,859,732 (1,414,499) 31,186,063 (2,385,052) Redeemable preferred stocks 41,147 (4,467) 41,655 (7,093) 82,802 (11,560) $ 22,322,949 $ (1,091,842) $ 17,630,381 $ (1,658,939) $ 39,953,330 $ (2,750,781) As of September 30, 2019, the Company had securities in its available-for-sale portfolio which were rated below investment grade of $1.6 billion and had an amortized cost of $1.7 billion. In addition, included in the Company’s trading portfolio, the Company held $113.5 million of securities which were rated below investment grade. Approximately $235.2 million of the available-for-sale and trading securities that were below investment grade were not publicly traded. The change in unrealized gains (losses), net of income tax, on fixed maturities, classified as available-for-sale is summarized as follows: For The For The 2019 2018 2019 2018 (Dollars In Thousands) Fixed maturities $ 1,310,979 $ (229,912) $ 4,410,162 $ (1,735,210) The amortized cost and fair value of the Company’s investments classified as held-to-maturity as of September 30, 2019 and December 31, 2018, are as follows: As of September 30, 2019 Amortized Gross Gross Fair Total OTTI (Dollars In Thousands) Fixed maturities: Securities issued by affiliates: Red Mountain, LLC $ 782,054 $ 10,406 $ — $ 792,460 $ — Steel City, LLC 1,762,000 130,616 — 1,892,616 — $ 2,544,054 $ 141,022 $ — $ 2,685,076 $ — As of December 31, 2018 Amortized Gross Gross Fair Total OTTI (Dollars In Thousands) Fixed maturities: Securities issued by affiliates: Red Mountain, LLC $ 750,474 $ — $ (81,657) $ 668,817 $ — Steel City, LLC 1,883,000 — (4,607) 1,878,393 — $ 2,633,474 $ — $ (86,264) $ 2,547,210 $ — During the three and nine months ended September 30, 2019 and 2018, the Company recorded no other-than-temporary impairments on held-to-maturity securities. The Company’s held-to-maturity securities had $141.0 million of gross unrecognized holding gains as of September 30, 2019. These held-to-maturity securities are issued by affiliates of the Company which are considered variable interest entities (“VIEs”). 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. The Company’s held-to-maturity securities had $86.3 million of gross unrecognized holding losses as of December 31, 2018. The Company does not consider these unrecognized holding losses to be other-than-temporary based on certain positive factors associated with the securities which include credit ratings of the guarantor, financial health of the issuer and guarantor, continued access of the issuer to capital markets and other pertinent information. Variable Interest Entities The Company holds certain investments in entities in which its ownership interests could possibly be considered variable interests under Topic 810 of the Financial Accounting Standards Board (“FASB”) Codification (excluding debt and equity securities held as trading, available for sale, or held to maturity). The Company reviews the characteristics of each of these applicable entities and compares those characteristics to applicable criteria to determine whether the entity is a VIE. If the entity is determined to be a VIE, the Company then performs a detailed review to determine whether the interest would be considered a variable interest under the guidance. The Company then performs a qualitative review of all variable interests with the entity and determines whether the Company is the primary beneficiary. ASC 810 provides that an entity is the primary beneficiary of a VIE if the entity has 1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and 2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Based on this analysis, the Company had an interest in two subsidiaries as of September 30, 2019 and December 31, 2018, Red Mountain, LLC (“Red Mountain”) and Steel City, LLC (“Steel City”), that were determined to be VIEs. The activity most significant to Red Mountain is the issuance of a note in connection with a financing transaction involving Golden Gate V Vermont Captive Insurance Company (“Golden Gate V”) in which Golden Gate V issued non-recourse funding obligations to Red Mountain and Red Mountain issued a note (the “Red Mountain Note”) to Golden Gate V. For details of this transaction, see Note 10, Debt and Other Obligations . The Company had the power, via its 100% ownership through an affiliate, to direct the activities of the VIE, but did not have the obligation to absorb losses related to the primary risks or sources of variability to the VIE. The variability of loss would be borne primarily by the third party in its function as provider of credit enhancement on the Red Mountain Note. Accordingly, it was determined that the Company is not the primary beneficiary of the VIE. The Company’s risk of loss related to the VIE is limited to its investment, through an affiliate, of $10,000. Additionally, the Company has guaranteed Red Mountain’s payment obligation for the credit enhancement fee to the unrelated third party provider. As of September 30, 2019, no payments have been made or required related to this guarantee. Steel City, a wholly owned subsidiary of the Company, entered into a financing agreement on January 15, 2016 involving Golden Gate Captive Insurance Company ("Golden Gate"), in which Golden Gate issued non-recourse funding obligations to Steel City and Steel City issued three notes (the “Steel City Notes”) to Golden Gate. Credit enhancement on the Steel City Notes is provided by unrelated third parties. For details of the financing transaction, see Note 10, Debt and Other Obligations . The activity most significant to Steel City is the issuance of the Steel City Notes. The Company had the power, via its 100% ownership, to direct the activities of the VIE, but did not have the obligation to absorb losses related to the primary risks or sources of variability to the VIE. The variability of loss would be borne primarily by the third parties in their function as providers of credit enhancement on the Steel City Notes. Accordingly, it was determined that the Company is not the primary beneficiary of the VIE. The Company’s risk of loss related to the VIE is limited to its investment of $10,000. Additionally, the Company has guaranteed Steel City’s payment obligation for the credit enhancement fee to the unrelated third party providers. As of September 30, 2019, no payments have been made or required related to this guarantee.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2019
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, 2019: Measurement Level 1 Level 2 Level 3 Total (Dollars In Thousands) Assets: Fixed maturity securities - available-for-sale Residential mortgage-backed securities 4 $ — $ 5,351,464 $ — $ 5,351,464 Commercial mortgage-backed securities 4 — 2,735,193 9,635 2,744,828 Other asset-backed securities 4 — 1,482,414 416,062 1,898,476 U.S. government-related securities 4 801,931 360,276 — 1,162,207 Other government-related securities 4 — 605,351 — 605,351 States, municipals, and political subdivisions 4 — 4,834,657 — 4,834,657 Corporate securities 4 — 46,134,425 1,325,112 47,459,537 Redeemable preferred stocks 4 70,627 16,935 — 87,562 Total fixed maturity securities - available-for-sale 872,558 61,520,715 1,750,809 64,144,082 Fixed maturity securities - trading Residential mortgage-backed securities 3 — 202,963 — 202,963 Commercial mortgage-backed securities 3 — 208,935 — 208,935 Other asset-backed securities 3 — 76,205 61,527 137,732 U.S. government-related securities 3 25,756 22,356 — 48,112 Other government-related securities 3 — 26,792 — 26,792 States, municipals, and political subdivisions 3 — 300,331 — 300,331 Corporate securities 3 — 1,592,418 7,036 1,599,454 Redeemable preferred stocks 3 12,195 — — 12,195 Total fixed maturity securities - trading 37,951 2,430,000 68,563 2,536,514 Total fixed maturity securities 910,509 63,950,715 1,819,372 66,680,596 Equity securities 3 549,487 36 69,818 619,341 Other long-term investments (1) 3 & 4 62,772 567,702 167,960 798,434 Short-term investments 3 1,517,313 80,606 — 1,597,919 Total investments 3,040,081 64,599,059 2,057,150 69,696,290 Cash 3 293,299 — — 293,299 Other assets 3 34,621 — — 34,621 Assets related to separate accounts Variable annuity 3 12,542,212 — — 12,542,212 Variable universal life 3 1,066,999 — — 1,066,999 Total assets measured at fair value on a recurring basis $ 16,977,212 $ 64,599,059 $ 2,057,150 $ 83,633,421 Liabilities: Annuity account balances (2) 3 $ — $ — $ 71,820 $ 71,820 Other liabilities (1) 3 & 4 12,579 251,378 1,474,952 1,738,909 Total liabilities measured at fair value on a recurring basis $ 12,579 $ 251,378 $ 1,546,772 $ 1,810,729 (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, 2018: Measurement Level 1 Level 2 Level 3 Total (Dollars In Thousands) Assets: Fixed maturity securities - available-for-sale Residential mortgage-backed securities 4 $ — $ 3,611,590 $ — $ 3,611,590 Commercial mortgage-backed securities 4 — 2,295,084 — 2,295,084 Other asset-backed securities 4 — 970,251 421,642 1,391,893 U.S. government-related securities 4 1,010,485 629,020 — 1,639,505 Other government-related securities 4 — 515,964 — 515,964 State, municipals, and political subdivisions 4 — 3,588,841 — 3,588,841 Corporate securities 4 — 35,724,552 638,276 36,362,828 Redeemable preferred stocks 4 65,536 17,266 — 82,802 Total fixed maturity securities - AFS 1,076,021 47,352,568 1,059,918 49,488,507 Fixed maturity securities - trading Residential mortgage-backed securities 3 — 241,836 — 241,836 Commercial mortgage-backed securities 3 — 188,925 — 188,925 Other asset-backed securities 3 — 133,851 26,056 159,907 U.S. government-related securities 3 27,453 32,341 — 59,794 Other government-related securities 3 — 44,207 — 44,207 State, municipals, and political subdivisions 3 — 286,413 — 286,413 Corporate securities 3 — 1,417,591 6,242 1,423,833 Redeemable preferred stocks 3 11,277 — — 11,277 Total fixed maturity securities - trading 38,730 2,345,164 32,298 2,416,192 Total fixed maturity securities 1,114,751 49,697,732 1,092,216 51,904,699 Equity securities 3 531,523 36 64,325 595,884 Other long-term investments (1) 3&4 83,047 180,438 112,344 375,829 Short-term investments 3 730,067 77,216 — 807,283 Total investments 2,459,388 49,955,422 1,268,885 53,683,695 Cash 3 173,714 — — 173,714 Other assets 3 29,257 — — 29,257 Assets related to separate accounts Variable annuity 3 12,288,919 — — 12,288,919 Variable universal life 3 937,732 — — 937,732 Total assets measured at fair value on a recurring basis $ 15,889,010 $ 49,955,422 $ 1,268,885 $ 67,113,317 Liabilities: Annuity account balances (2) 3 $ — $ — $ 76,119 $ 76,119 Other liabilities (1) 3&4 56,018 69,501 629,942 755,461 Total liabilities measured at fair value on a recurring basis $ 56,018 $ 69,501 $ 706,061 $ 831,580 (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 91.6% 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, which are considered to have no significant unobservable inputs. 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, 2019. 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, 2019, the Company held $10.1 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, 2019, the Company held $487.2 million of Level 3 ABS, which included $425.7 million of other asset-backed securities classified as available-for-sale and $61.5 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. As a result of the ARS market collapse during 2008, 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, 2019, the Company classified approximately $53.9 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 income 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, 2019, the Company classified approximately $1.3 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, 2019, the Company held approximately $69.9 million of equity securities classified as Level 2 and Level 3. Of this total, $68.5 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 Other long-term investments and other liabilities consist entirely of 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, 2019, 100% of derivatives based upon notional values were priced using exchange prices or independent broker quotations. 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 are 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. The 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 are recorded in earnings as Realized investment gains (losses) . Refer to Note 7, Derivative Financial Instruments for more information related to each embedded derivatives gains and losses. 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 87.0% - 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 87.0% - 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 37.0% - 577.0% 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. As a result, these agreements contain embedded derivatives that are reported at fair value. Changes in their fair value are reported in earnings. The investments supporting these agreements where the Company has ceded certain blocks of policies are designated as “trading securities”; therefore changes in their fair value are also reported in earnings. As of September 30, 2019, the fair value of the embedded derivative is based upon the relationship between the statutory policy liabilities (net of policy loans) of $3.5 billion and the statutory unrealized gain (loss) of the securities of $285.9 million. As a result, changes in the fair value of the embedded derivatives where the Company has ceded certain blocks of policies are largely offset by the changes in fair value of the related investments and each are reported in earnings. The fair value of the embedded derivative is considered a Level 3 valuation due to the unobservable nature of the policy liabilities. 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. The Level 3 fair value as of September 30, 2019 is $71.8 million . 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: Fair Value as of September 30, 2019 Valuation Unobservable Range (Dollars In Thousands) Assets: Other asset-backed securities $ 415,950 Liquidation Liquidation value $95.39 - $97.00 ($96.48) Discounted cash flow Liquidity premium 0.01% - 1.32% (0.44%) Paydown rate 9.96% - 12.61% (11.62%) Corporate securities 1,325,112 Discounted cash flow Spread over treasury 0.89% - 3.93% (1.73%) Liabilities: (1) Embedded derivatives - GLWB (2) $ 547,306 Actuarial cash flow model Mortality 87% to 100% of Ruark 2015 ALB table Lapse Internal Predictive Model Utilization Internal Predictive Model Nonperformance risk 0.12% - 0.97% Embedded derivative - FIA 308,861 Actuarial cash flow model Expenses $195 per policy Withdrawal rate 0.4% - 1.2% prior to age 70, 100% of the RMD for ages 70+ Mortality 87% to 100% of Ruark 2015 ALB table Lapse .5% - 50%, depending on duration/surrender charge period Dynamically adjusted for WB moneyness and projected market rates vs credited rates Nonperformance risk 0.12% - 0.97% Embedded derivative - IUL 141,793 Actuarial cash flow model Mortality 37% - 156% of 2015 VBT Primary Tables Lapse 0.5% - 10.0%, depending on duration/distribution channel and smoking class Nonperformance risk 0.12% - 0.97% (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. The Company has considered all reasonably available quantitative inputs as of September 30, 2019, but the valuation techniques and inputs used by some brokers in pricing certain financial instruments are not shared with the Company. This resulted in $79.4 million of financial instruments being classified as Level 3 as of September 30, 2019. Of the $79.4 million, $71.3 million are other asset-backed securities, $7.0 million are corporate securities, and $1.1 million are equity securities. In certain cases, the Company has determined that book value materially approximates fair value. As of September 30, 2019, the Company held $68.7 million of financial instruments where book value approximates fair value which was predominantly FHLB stock. 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: Fair Value as of December 31, 2018 Valuation Unobservable Range (Dollars In Thousands) Assets: Other asset-backed securities $ 421,458 Liquidation Liquidation value $85.75 - $99.99 ($95.36) Discounted Cash Flow Liquidity premium 0.02% - 1.25% (0.64%) Paydown rate 10.96% - 13.11% (12.03%) Corporate securities 631,068 Discounted cash flow Spread over treasury 0.84% - 3.0% (1.84%) Liabilities: (1) Embedded derivatives - GLWB (2) $ 184,071 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 0.21% - 1.16% Embedded derivative - FIA 217,288 Actuarial cash flow model Expenses $145 per policy Withdrawal rate 1.5% prior to age 70, 100% of the RMD for ages 70+ Mortality 87% to 100% of Ruark 2015 ALB table Lapse 1.0% - 30.0%, depending on duration/surrender charge period Nonperformance risk 0.21% - 1.16% Embedded derivative - IUL 90,231 Actuarial cash flow model Mortality 37% - 577% of 2015 VBT Primary Tables Lapse 0.5% - 10.0%, depending on duration/distribution channel and smoking class Nonperformance risk 0.21% - 1.16% (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. The Company had considered all reasonably available quantitative inputs as of December 31, 2018, but the valuation techniques and inputs used by some brokers in pricing certain financial instruments are not shared with the Company. This resulted in $40.4 million of financial instruments being classified as Level 3 as of December 31, 2018. Of the $40.4 million, $26.2 million are other asset-backed securities, $13.5 million are corporate securities, and $0.7 million are equity securities. In certain cases the Company has determined that book value materially approximates fair value. As of December 31, 2018, the Company held $63.6 million of financial instruments where book value approximates fair value which was predominantly FHLB stock. The asset-backed securities classified as Level 3 are predominantly ARS. A change in the paydown rate (the projected annual rate of principal reduction) of the ARS can significantly impact the fair value of these securities. A decrease in the paydown rate would increase the projected weighted average life of the ARS and increase the sensitivity of the ARS’ fair value to changes in interest rates. An increase in the liquidity premium would result in a decrease in the fair value of the securities, while a decrease in the liquidity premium would increase the fair value of these securities. The liquidation values for these securities are sensitive to the issuer’s available cash flows and ability to redeem the securities, as well as the current holders’ willingness to liquidate at the specified price. The fair value of corporate bonds classified as Level 3 is sensitive to changes in the interest rate spread over the corresponding U.S. Treasury rate. This spread represents a risk premium that is impacted by company-specific and market factors. An increase in the spread can be caused by a perceived increase in credit risk of a specific issuer and/or an increase in the overall market risk premium associated with similar securities. The fair values of corporate bonds are sensitive to changes in spread. When holding the treasury rate constant, the fair value of corporate bonds increases w

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2019
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 • Total Return Swaps Accounting for Derivative Instruments The Company records its derivative financial instruments in the consolidated balance sheet in other long-term investments and other liabilities in accordance with GAAP, which requires that all derivative instruments be recognized in the balance sheet at fair value. 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 and reclassified into earnings in the same period during which the hedged item impacts earnings. Any remaining gain or loss, the ineffective portion, is recognized in current earnings. 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 earnings. 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 earnings in the period of change. Changes in the fair value of derivatives that are recognized in current earnings are reported in realized investment gains (losses) . 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 earnings during the period of change. 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, 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. 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 markets 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. 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 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 current period earnings. 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 investments gains and losses for the periods shown: Realized investment gains (losses) - derivative financial instruments For The For The 2019 2018 2019 2018 (Dollars In Thousands) Derivatives related to VA contracts: Interest rate futures $ 727 $ 2,111 $ (16,575) $ (13,229) Equity futures 5,220 (5,733) 37,517 (23,025) Currency futures 9,181 3,410 11,028 7,890 Equity options (3,957) (21,206) (97,354) (47,406) Interest rate swaptions — — — (14) Interest rate swaps 149,766 (41,288) 342,561 (131,147) Total return swaps (1,950) (32,343) (50,522) (35,908) Embedded derivative - GLWB (224,091) 57,706 (378,409) 149,552 Total derivatives related to VA contracts (65,104) (37,343) (151,754) (93,287) Derivatives related to FIA contracts: Embedded derivative (4,335) (14,360) (67,968) (7,957) Equity futures 962 (388) 964 (716) Equity options 4,785 18,474 60,026 21,203 Total derivatives related to FIA contracts 1,412 3,726 (6,978) 12,530 Derivatives related to IUL contracts: Embedded derivative 6,261 (9,535) (18,395) (877) Equity futures 91 (1) 347 135 Equity options 586 4,928 9,372 5,764 Total derivatives related to IUL contracts 6,938 (4,608) (8,676) 5,022 Embedded derivative - Modco reinsurance treaties (44,027) 10,811 (199,704) 138,652 Other derivatives (1,622) (51) (3,011) (58) Total realized gains (losses) - derivatives $ (102,403) $ (27,465) $ (370,123) $ 62,859 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 investment expenses gains (losses) (Dollars In Thousands) 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) $ — For The Three Months Ended September 30, 2018 Foreign currency swaps $ 190 $ (155) $ — Interest rate swaps 101 (326) — Total $ 291 $ (481) $ — For The Nine Months Ended September 30, 2018 Foreign currency swaps $ 3,772 $ (473) $ — Interest rate swaps 101 (326) — Total $ 3,873 $ (799) $ — Based on expected cash flows of the underlying hedged items, the Company expects to reclassify $3.3 million out of accumulated other comprehensive income (loss) into earnings 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, 2019 December 31, 2018 Notional Fair Notional Fair (Dollars In Thousands) Other long-term investments Derivatives not designated as hedging instruments: Interest rate swaps $ 2,228,000 $ 131,894 $ 1,515,500 $ 28,501 Total return swaps 424,662 2,120 138,070 3,971 Embedded derivative - Modco reinsurance treaties 1,245,889 30,600 585,294 7,072 Embedded derivative - GLWB 2,388,462 137,360 3,984,070 105,272 Interest rate futures 844,428 8,256 286,208 10,302 Equity futures 322,478 2,425 12,633 483 Currency futures 271,290 2,316 — — Equity options 6,339,766 483,463 5,624,081 220,092 Other — — 157 136 $ 14,064,975 $ 798,434 $ 12,146,013 $ 375,829 Other liabilities Cash flow hedges: Interest rate swaps $ 350,000 $ — $ 350,000 $ — Foreign currency swaps 117,178 13,516 117,178 904 Derivatives not designated as hedging instruments: Interest rate swaps 50,000 — 775,000 11,367 Total return swaps 126,177 916 768,177 23,054 Embedded derivative - Modco reinsurance treaties 2,283,624 245,792 1,795,287 32,828 Embedded derivative - GLWB 7,583,625 735,465 6,282,712 289,343 Embedded derivative - FIA 2,792,499 306,063 2,576,033 217,288 Embedded derivative - IUL 276,466 141,793 233,550 90,231 Interest rate futures 650,353 7,776 863,706 20,100 Equity futures 137,284 1,935 659,357 33,753 Currency futures — — 202,747 2,163 Equity options 4,169,543 239,814 4,199,687 34,178 Other 193,069 45,839 3,288 252 $ 18,729,818 $ 1,738,909 $ 18,826,722 $ 755,461

OFFSETTING OF ASSETS AND LIABIL

OFFSETTING OF ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2019
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, 2019, the fair value of non-cash collateral received was $34.4 million. As of December 31, 2018, the fair value of non-cash collateral received was $45.0 million. The tables below present the derivative instruments by assets and liabilities for the Company as of September 30, 2019: Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Received Net Amount (Dollars In Thousands) Offsetting of Assets Derivatives: Free-Standing derivatives $ 630,474 $ — $ 630,474 $ 263,245 $ 255,776 $ 111,453 Total derivatives, subject to a master netting arrangement or similar arrangement 630,474 — 630,474 263,245 255,776 111,453 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 30,600 — 30,600 — — 30,600 Embedded derivative - GLWB 137,360 — 137,360 — — 137,360 Other — — — — — — Total derivatives, not subject to a master netting arrangement or similar arrangement 167,960 — 167,960 — — 167,960 Total derivatives 798,434 — 798,434 263,245 255,776 279,413 Total Assets $ 798,434 $ — $ 798,434 $ 263,245 $ 255,776 $ 279,413 Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Posted Net Amount (Dollars In Thousands) Offsetting of Liabilities Derivatives: Free-Standing derivatives $ 263,957 $ — $ 263,957 $ 263,245 $ 186 $ 526 Total derivatives, subject to a master netting arrangement or similar arrangement 263,957 — 263,957 263,245 186 526 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 245,792 — 245,792 — 245,792 Embedded derivative - GLWB 735,465 — 735,465 — — 735,465 Embedded derivative - FIA 306,063 — 306,063 — — 306,063 Embedded derivative - IUL 141,793 — 141,793 — — 141,793 Other 45,839 — 45,839 — — 45,839 Total derivatives, not subject to a master netting arrangement or similar arrangement 1,474,952 — 1,474,952 — — 1,474,952 Total derivatives 1,738,909 — 1,738,909 263,245 186 1,475,478 Repurchase agreements (1) 272,127 — 272,127 — — 272,127 Total Liabilities $ 2,011,036 $ — $ 2,011,036 $ 263,245 $ 186 $ 1,747,605 (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, 2018: Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Net Amount (Dollars In Thousands) Offsetting of Assets Derivatives: Free-Standing derivatives $ 263,349 $ — $ 263,349 $ 70,322 $ 99,199 $ 93,828 Total derivatives, subject to a master netting arrangement or similar arrangement 263,349 — 263,349 70,322 99,199 93,828 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 7,072 — 7,072 — — 7,072 Embedded derivative - GLWB 105,272 — 105,272 — — 105,272 Other 136 — 136 — — 136 Total derivatives, not subject to a master netting arrangement or similar arrangement 112,480 — 112,480 — — 112,480 Total derivatives 375,829 — 375,829 70,322 99,199 206,308 Total Assets $ 375,829 $ — $ 375,829 $ 70,322 $ 99,199 $ 206,308 Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Net Amount (Dollars In Thousands) Offsetting of Liabilities Derivatives: Free-Standing derivatives $ 125,519 $ — $ 125,519 $ 70,322 $ 47,856 $ 7,341 Total derivatives, subject to a master netting arrangement or similar arrangement 125,519 — 125,519 70,322 47,856 7,341 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 32,828 — 32,828 — — 32,828 Embedded derivative - GLWB 289,343 — 289,343 — — 289,343 Embedded derivative - FIA 217,288 — 217,288 — — 217,288 Embedded derivative - IUL 90,231 — 90,231 — — 90,231 Other 252 — 252 — — 252 Total derivatives, not subject to a master netting arrangement or similar arrangement 629,942 — 629,942 — — 629,942 Total derivatives 755,461 — 755,461 70,322 47,856 637,283 Repurchase agreements (1) 418,090 — 418,090 — — 418,090 Total Liabilities $ 1,173,551 $ — $ 1,173,551 $ 70,322 $ 47,856 $ 1,055,373 (1) Borrowings under repurchase agreements are for a term less than 90 days.

MORTGAGE LOANS

MORTGAGE LOANS	9 Months Ended
	Sep. 30, 2019
Mortgage Loans [Abstract]
MORTGAGE LOANS	MORTGAGE LOANS Mortgage Loans The Company invests a portion of its investment portfolio in commercial mortgage loans. As of September 30, 2019, the Company’s mortgage loan holdings were approximately $9.3 billion. 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 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 types associated with the necessities of life (retail, multi-family, senior living, professional office buildings, and warehouses). The Company believes that these asset types tend to weather economic downturns better than other commercial 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 mortgage loans 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 valuation allowances. 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 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 mortgage loans commensurate with the significantly increased market rates. As of September 30, 2019, assuming the loans are called at their next call dates, approximately $54.4 million of principal would become due for the remainder of 2019, $850.9 million in 2020 through 2024 and $59.4 million in 2025 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, 2019 and December 31, 2018, approximately $757.4 million and $700.6 million, respectively, of the Company’s total 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, 2019 and 2018, the Company recognized $3.8 million and $18.0 million, and $9.5 million and $22.0 million, respectively, of participating mortgage loan income. As of September 30, 2019, $3.2 million of the Company’s invested assets consisted of nonperforming mortgage loans, restructured mortgage loans, or 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. 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 recognize any 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. As of September 30, 2019 and December 31, 2018, the Company had an allowance for mortgage loan credit losses of $4.1 million and $1.3 million, respectively. Due to the Company’s loss experience and nature of the loan portfolio, the Company believes that a collectively evaluated allowance would be inappropriate. The Company believes an allowance calculated through an analysis of specific loans that are believed to have a higher risk of credit impairment provides a more accurate presentation of expected losses in the portfolio and is consistent with the applicable guidance for loan impairments in ASC Subtopic 310. Since the Company uses the specific identification method for calculating the allowance, it is necessary to review the economic situation of each borrower to determine those that have higher risk of credit impairment. The Company has a team of professionals that monitors borrower conditions such as payment practices, borrower credit, operating performance, and property conditions, as well as ensuring the timely payment of property taxes and insurance. Through this monitoring process, the Company assesses the risk of each loan. When issues are identified, the severity of the issues are assessed and reviewed for possible credit impairment. If a loss is probable, an expected loss calculation is performed and an allowance is established for that loan based on the expected loss. The expected loss is calculated as the excess carrying value of a loan over either the present value of expected future cash flows discounted at the loan’s original effective interest rate, or the current estimated fair value of the loan’s underlying collateral. A loan may be subsequently charged off at such point that the Company no longer expects to receive cash payments, the present value of future expected payments of the renegotiated loan is less than the current principal balance, or 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 charge off is recorded by eliminating the allowance against the 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. As of September 30, 2019 and December 31, 2018, the Company had allowances for mortgage loan credit losses of $4.1 million and $1.3 million, respectively, which is shown in the chart below. As of September 30, 2019 December 31, 2018 (Dollars In Thousands) Beginning balance $ 1,296 $ — Charge offs (350) — Recoveries — (209) Provision 3,110 1,505 Ending balance $ 4,056 $ 1,296 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. If a loan becomes over 90 days delinquent, it is the Company’s general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. The carrying value of the delinquent loans is shown in the following chart. Greater 30-59 Days 60-89 Days than 90 Days Total As of September 30, 2019 Delinquent Delinquent Delinquent Delinquent (Dollars In Thousands) Commercial mortgage loans $ 1,641 $ — $ 730 $ 2,371 Number of delinquent commercial mortgage loans 2 — 3 5 As of December 31, 2018 Commercial mortgage loans $ 1,044 $ — $ 1,234 $ 2,278 Number of delinquent commercial mortgage loans 4 — 1 5 The Company’s commercial mortgage loan portfolio consists of mortgage loans that are collateralized by real estate. Due to the collateralized nature of the loans, any assessment of impairment and ultimate loss given a default on the loans is based upon a consideration of the estimated fair value of the real estate. The Company limits accrued interest income on loans to 90 days of interest. Once accrued interest on a non-accrual loan is received, interest income is recognized on a cash basis. The following table includes the recorded investment, unpaid principal balance, related allowance, average recorded investment, interest income recognized, and cash basis interest income of the commercial loan portfolio as of September 30, 2019 and December 31, 2018: Recorded Unpaid Related Average Interest Cash Basis (Dollars In Thousands) As of September 30, 2019 Commercial mortgage loans: With no related allowance recorded $ 730 $ 722 $ — $ 243 $ 20 $ 28 With an allowance recorded $ 14,373 $ 14,259 $ 4,056 $ 3,593 $ 540 $ 536 As of December 31, 2018 Commercial mortgage loans: With no related allowance recorded $ — $ — $ — $ — $ — $ — With an allowance recorded $ 5,684 $ 5,309 $ 1,296 $ 1,895 $ 267 $ 293 Mortgage loans that were modified in a troubled debt restructuring as of September 30, 2019 and December 31, 2018 were as follows: Number of Pre-Modification Post-Modification (Dollars In Thousands) As of September 30, 2019 Troubled debt restructuring: Commercial mortgage loans 2 $ 3,776 $ 3,776 As of December 31, 2018 Troubled debt restructuring: Commercial mortgage loans 1 $ 2,688 $ 1,742

DEBT AND OTHER OBLIGATIONS

DEBT AND OTHER OBLIGATIONS	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
DEBT AND OTHER OBLIGATIONS	DEBT AND OTHER OBLIGATIONS Debt and Subordinated Debt Debt and subordinated debt are summarized as follows: As of September 30, 2019 December 31, 2018 Outstanding Principal Carrying Amounts Outstanding Principal Carrying Amounts (Dollars In Thousands) Debt (year of issue): Credit Facility $ — $ — $ — $ — Term Loan Credit Agreement 600,000 599,653 — — Capital lease obligation 2,325 2,325 1,319 1,319 7.375% Senior Notes (2009), due 2019 400,000 401,662 400,000 416,469 8.45% Senior Notes (2009), due 2039 180,719 272,337 190,044 288,547 4.30% Senior Notes (2018), due 2028 400,000 395,826 400,000 395,492 3.40% Senior Notes (2019), due 2030 400,000 397,421 — — $ 1,983,044 $ 2,069,224 $ 991,363 $ 1,101,827 Subordinated debt (year of issue): 5.35% Subordinated Debentures (2017), due 2052 $ 500,000 $ 495,528 $ 500,000 $ 495,426 3.55% Subordinated Funding Obligations (2018), due 2038 55,000 55,000 55,000 55,000 3.55% Subordinated Funding Obligations (2018), due 2038 55,000 55,000 55,000 55,000 $ 610,000 $ 605,528 $ 610,000 $ 605,426 During 2019, the Company repurchased and subsequently extinguished $14.1 million (par value - $9.3 million) of the Company’s 8.45% Senior Notes due 2039. These repurchases resulted in a $1.1 million pre-tax gain for the Company. The gain is recorded in other income in the consolidated condensed statements of income. During the three months ended September 30, 2019, the Company issued $400.0 million of its Senior Notes at a rate of 3.40%, due 2030. These notes were issued net of a discount of $1.2 million. These notes are carried on the Company's balance sheet net of the discount and the associated deferred issuance expense of $1.4 million. The Company used the net proceeds from the offering for general corporate purposes, including repayment of its 7.375% Senior Notes issued in 2009 which matured on October 15, 2019. During 2019, the Company entered into a $600.0 million Term Loan Credit Agreement, due 2024. The loan is classified as debt on the Company’s balance sheet and is carried net of the associated deferred issuance expenses of $0.4 million. The loan pays interest at a rate equal to the one-month LIBOR plus 100 bps. The Company used the net loan proceeds to assist with funding the GWL&A transaction. During 2018, PLICO issued $110.0 million of Subordinated Funding Obligations at a rate of 3.55% due 2038. These obligations are non-recourse to the Company. During 2018, the Company issued $400.0 million of its Senior Notes at a rate of 4.30%, due 2028. These notes were issued net of a discount of $1.0 million. These notes are carried on the Company’s balance sheet net of the discount and the associated deferred issuance expenses of $3.7 million. The Company used the net proceeds from the offering for general corporate purposes, including the repayment of amounts outstanding under our Credit Facility. Under a revolving line of credit arrangement that was in effect until May 3, 2018 (the “2015 Credit Facility”), the Company had the ability to borrow on an unsecured basis up to an aggregate principal amount of $1.0 billion. The Company had the right in certain circumstances to request that the commitment under the 2015 Credit Facility be increased up to a maximum principal amount of $1.25 billion. Balances outstanding under the 2015 Credit Facility accrued interest at a rate equal to, at the option of the Borrowers, (i) LIBOR plus a spread based on the ratings of the Company’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 the Company’s Senior Debt. The 2015 Credit Facility also provided for a facility fee at a rate that varies with the ratings of the Company’s Senior Debt and that is calculated on the aggregate amount of commitments under the 2015 Credit Facility, whether used or unused. The annual facility fee rate is 0.125% of the aggregate principal amount. The 2015 Credit Facility provides that the Company is liable for the full amount of any obligations for borrowings or letters of credit, including those of PLICO, incurred under the 2015 Credit Facility. The maturity date of the 2015 Credit Facility was February 2, 2020. On May 3, 2018, the Company amended the 2015 Credit Facility (as amended, the "Credit Facility"). Under 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 the Company’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 the Company’s Senior Debt. The Credit Facility also provided for a facility fee at a rate that varies with the ratings of the Company’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 the Company is liable for the full amount of any obligations for borrowings or letters of credit, including those of PLICO, 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, 2019. There was no outstanding balance as of September 30, 2019. Non-Recourse Funding Obligations Non-recourse funding obligations outstanding as of September 30, 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) $ 1,762,000 $ 1,762,000 2039 4.75 % Golden Gate II Captive Insurance Company 20,600 17,742 2052 5.48 % Golden Gate V Vermont Captive Insurance Company (2)(3) 705,000 763,018 2037 5.12 % MONY Life Insurance Company (3) 1,091 2,289 2024 6.19 % Total $ 2,488,691 $ 2,545,049 (1) Carrying values include premiums and discounts and do not represent unpaid principal balances. (2) Obligations are issued to non-consolidated subsidiaries of the Company. These obligations collateralize certain held-to-maturity securities issued by wholly owned subsidiaries of PLICO. (3) Fixed rate obligations Non-recourse funding obligations outstanding as of December 31, 2018, 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) $ 1,883,000 $ 1,883,000 2039 4.75 % Golden Gate II Captive Insurance Company 20,600 17,703 2052 4.99 % Golden Gate V Vermont Captive Insurance Company (2)(3) 670,000 729,454 2037 5.12 % MONY Life Insurance Company (3) 1,091 2,340 2024 6.19 % Total $ 2,574,691 $ 2,632,497 (1) Carrying values include premiums and discounts and do not represent unpaid principal balances. (2) Obligations are issued to non-consolidated subsidiaries of the Company. These obligations collateralize certain held-to-maturity securities issued by wholly owned subsidiaries of PLICO. (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 maturity securities, and the agreements provide for net settlement in the event of default or on termination of the agreements. As of September 30, 2019, the fair value of securities pledged under the repurchase program was $278.0 million, and the repurchase obligation of $272.1 million was included in the Company’s consolidated condensed balance sheets (at an average borrowing rate of 215 basis points). During the nine months ended September 30, 2019, the maximum balance outstanding at any one point in time related to these programs was $540.0 million. The average daily balance was $160.1 million (at an average borrowing rate of 242 basis points) during the nine months ended September 30, 2019. As of December 31, 2018, the fair value of securities pledged under the repurchase program was $451.9 million, and the repurchase obligation of $418.1 million was included in the Company’s consolidated condensed balance sheets (at an average borrowing rate of 245 basis points). During 2018, the maximum balance outstanding at any one point in time related to these programs was $885.0 million. The average daily balance was $511.4 million (at an average borrowing rate of 184 basis points) during the year ended December 31, 2018. 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 initial collateral of 102% of the fair value of the loaned securities to be separately maintained. The loaned securities’ fair value is monitored on a daily basis. As of September 30, 2019, securities with a fair value of $76.7 million were loaned under this program. As collateral for the loaned securities, the Company receives cash and short-term investments, which is invested in collateralized short-term investments. These collateralized short-term 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, 2019, the fair value of the collateral related to this program was $80.6 million and the Company has an obligation to return $80.6 million of collateral to the securities borrowers. The following table provides the amount by asset class of securities of collateral pledged for repurchase agreements and securities that have been loaned as part of securities lending transactions as of September 30, 2019 and December 31, 2018: 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, 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 $ 265,684 $ 12,357 $ — $ — $ 278,041 Total repurchase agreements and repurchase-to-maturity transactions 265,684 12,357 — — 278,041 Securities lending transactions Corporate securities 65,547 — — — 65,547 Equity securities 10,266 — — — 10,266 Other government related securities 837 — — — 837 Total securities lending transactions 76,650 — — — 76,650 Total securities $ 342,334 $ 12,357 $ — $ — $ 354,691 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, 2018 (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 $ 433,182 $ 18,713 $ — $ — $ 451,895 Total repurchase agreements and repurchase-to-maturity transactions 433,182 18,713 — — 451,895 Securities lending transactions Fixed maturity securities $ 71,285 $ — $ — $ — $ 71,285 Equity securities 891 — — — 891 Total securities lending transactions 72,176 — — — 72,176 Total securities $ 505,358 $ 18,713 $ — $ — $ 524,071

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company has entered into indemnity agreements with each of its current directors other than those that are employees of Dai-ichi Life that provide, among other things and subject to certain limitations, a contractual right to indemnification to the fullest extent permissible under the law. The Company has agreements with certain of its officers providing up to $10.0 million in indemnification. These obligations are in addition to the customary obligation to indemnify officers and directors contained in the Company’s governance documents. The Company leases administrative and marketing office space in approximately 19 cities (excluding the home office building), as well as various office equipment. Most leases have terms ranging from one year to ten 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. Additionally, the Company previously leased a building contiguous to its home office. The lease was renewed in December 2013 and was extended to December 2018. At the end of the lease term in December 2018, the Company purchased the building for approximately $75.0 million. The building is recorded in property and equipment on the consolidated condensed balance sheet. 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 PLICO 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 PLICO 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 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 entered an order approving a Revised Offset Plan, which allows cedents, including the Company, to offset premiums under certain circumstances. As of September 30, 2019, the Company had outstanding claims receivable from SRUS of $18.4 million, and other exposures associated with reinsurance receivables of approximately $96.4 million and statutory reserve credit of approximately $105.7 million. The Company continues to monitor SRUS and the actions of the receiver through discussions with legal counsel and review of publicly available information. However, management does not have sufficient information about the current assets or capital position of SRUS. Additionally, it is unclear how the rehabilitation process will proceed or whether or to what extent the ultimate outcome of the rehabilitation process will be unfavorable to the Company. The Company considered whether the accrual of a loss contingency under FASB ASC Topic 450, Contingencies , was appropriate with respect to amounts receivable from SRUS for ceded claims and reserves as of September 30, 2019. Due to the lack of sufficient information to support an analysis of SRUS's financial condition as of September 30, 2019 and uncertainty regarding whether and to what extent the ultimate outcome of the rehabilitation process will result in an outcome unfavorable to the Company, management concluded that any possible impairment of its reinsurance receivables balance could not be reasonably estimated.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Components of the net periodic benefit cost for the three and nine months ended September 30, 2019 and 2018, are as follows: For The For The 2019 2018 2019 2018 Qualified Nonqualified Qualified Nonqualified Qualified Nonqualified Qualified Nonqualified (Dollars In Thousands) Service cost — benefits earned during the period $ 3,114 $ 285 $ 3,006 $ 288 $ 9,342 $ 855 $ 9,888 $ 1,062 Interest cost on projected benefit obligation 2,778 371 2,577 359 8,334 1,113 7,371 1,077 Expected return on plan assets (4,463) — (4,743) — (13,389) — (12,795) — Amortization of actuarial loss — 74 — 196 — 222 — 726 Preliminary net periodic benefit cost 1,429 730 840 843 4,287 2,190 4,464 2,865 Settlement/curtailment expense — — — 986 — — 986 Total net periodic benefit costs $ 1,429 $ 730 $ 840 $ 1,829 $ 4,287 $ 2,190 $ 4,464 $ 3,851 During the nine months ended September 30, 2019, the Company contributed $17.4 million to its defined benefit pension plan for the 2018 plan year. The Company will make contributions in future periods as necessary to at least satisfy minimum funding requirements, to maintain an adjusted funding target attainment percentage (“AFTAP”) of at least 80% and to avoid certain Pension Benefit Guaranty Corporation (“PBGC”) reporting triggers. The Company may also make additional discretionary contributions in excess of the contribution amounts established by the current funding policy.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [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, 2019 and December 31, 2018. Changes in Accumulated Other Comprehensive Income (Loss) by Component Unrealized Gains and Losses on Investments (2) Accumulated Minimum Total (Dollars In Thousands, Net of Tax) Balance, December 31, 2017 $ 25,874 $ 747 $ (13,925) $ 12,696 Other comprehensive income (loss) before reclassifications (1,420,499) (1,884) (3,546) (1,425,929) Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings (20,751) — — (20,751) Amounts reclassified from accumulated other comprehensive income (loss) (1) 15,651 1,130 1,989 18,770 Cumulative effect adjustments (10,552) — — (10,552) Balance, December 31, 2018 $ (1,410,277) $ (7) $ (15,482) $ (1,425,766) Other comprehensive income (loss) before reclassifications 2,985,443 (8,116) — 2,977,327 Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings 4,308 — — 4,308 Amounts reclassified from accumulated other comprehensive income (loss) (1) (5,722) 1,075 — (4,647) Balance, September 30, 2019 $ 1,573,752 $ (7,048) $ (15,482) $ 1,551,222 (1) See Reclassifications Out of Accumulated Other Comprehensive Income (Loss) table below for details. (2) As of December 31, 2018 and September 30, 2019, net unrealized losses reported in AOCI were offset by $613.4 million and $(837.6) 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, 2019 and 2018. Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Condensed Consolidated Financial Statements Gains/(losses) in net income: Statements of Income For The For The 2019 2018 2019 2018 (Dollars In Thousands) Derivative instruments Benefits and settlement expenses, net of reinsurance ceded (1) $ (746) $ (481) $ (1,360) $ (799) Tax (expense) benefit 157 101 285 168 $ (589) $ (380) $ (1,075) $ (631) Unrealized gains and losses on available-for-sale securities Realized investment gains (losses): All other investments $ 15,686 $ (2,018) $ 21,901 $ 6,304 Net impairment losses recognized in earnings (10,818) (14) (14,658) (3,664) Tax (expense) benefit (1,022) 427 (1,521) (554) $ 3,846 $ (1,605) $ 5,722 $ 2,086 (1) See Note 7, Derivative Financial Instruments for additional information.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company used its respective estimates for its annual 2019 and 2018 incomes in computing its effective income tax rates for the three and nine months ended September 30, 2019 and 2018. The effective tax rates for the three and nine months ended September 30, 2019 and 2018, were 21.3% and 19.8% and 19.5% and 18.8%, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: As of September 30, 2019 December 31, 2018 (Dollars In Thousands) Balance, beginning of period $ 7,134 $ 11,353 Additions for tax positions of the current year — — Additions for tax positions of prior years — — Reductions of tax positions of prior years: Changes in judgment — (4,219) Settlements during the period (5,343) — Lapses of applicable statute of limitations — — Balance, end of period $ 1,791 $ 7,134 Included in the end of period balance above, as of September 30, 2019 and December 31, 2018 there were no unrecognized tax benefits for which the ultimate deductibility is certain but for which there is uncertainty about the timing of such deductions. Other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective income tax rate but would accelerate to an earlier period the payment of cash to the taxing authority. The total amount of unrecognized tax benefits, if recognized, that would affect the effective income tax rate is approximately $1.8 million and $7.1 million for the period ending September 30, 2019 and the year ending December 31, 2018, respectively. Any accrued interest related to the unrecognized tax benefits and other accrued income taxes have been included in income tax expense. These amounts were a $0.7 million detriment and a $0.04 million detriment for the period ending September 30, 2019 and the year ending December 31, 2018, respectively (before taking into account the related income tax benefit associated with such an expense). 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, and the settlement of interest will not materially impact the Company or its effective tax rate. This agreement with the IRS is the primary cause for the reductions of unrecognized tax benefits shown in the chart above. The Company believes that in the next twelve months, none of the unrecognized tax benefits will be reduced. Statute of limitations for years before 2017 are still open but, in general, the Company is no longer subject to income tax examinations by taxing authorities for tax years that began before 2017. Due to IRS adjustments to the Company's pre-2014 taxable income, the Company has amended certain of its 2003 through 2013 state income tax returns. Such amendments will cause such years to remain open, pending the states' acceptances of the returns.

OPERATING SEGMENTS

OPERATING SEGMENTS	9 Months Ended
	Sep. 30, 2019
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. • The Life Marketing segment markets fixed universal life (“UL”), indexed universal life (“IUL”), variable universal life (“VUL”), bank-owned life insurance (“BOLI”), and level premium term insurance (“traditional”) 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. 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 Life Marketing and/or Annuities 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 Annuities segment markets fixed and VA products. These products are primarily sold through broker-dealers, financial institutions, and independent agents and brokers. • 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, guaranteed asset protection (“GAP”) products, credit life and disability insurance, and other specialized ancillary products to protect consumers’ investments in automobiles, recreational vehicles, watercraft, and powersports. 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 (including interest on corporate debt). 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, value of business acquired (“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 investment gains (losses) 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. There were no significant intersegment transactions during the three and nine months ended September 30, 2019 and 2018. 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 2019 2018 2019 2018 (Dollars In Thousands) Revenues Life Marketing $ 472,649 $ 438,585 $ 1,371,548 $ 1,288,455 Acquisitions 859,524 581,054 2,136,497 1,469,787 Annuities 92,565 129,280 332,189 413,170 Stable Value Products 59,954 59,328 187,118 158,944 Asset Protection 75,884 79,158 228,096 233,347 Corporate and Other 58,135 59,763 196,068 193,205 Total revenues $ 1,618,711 $ 1,347,168 $ 4,451,516 $ 3,756,908 Pre-tax Adjusted Operating Income (Loss) Life Marketing $ (25,347) $ 2,521 $ (24,575) $ (23,065) Acquisitions 103,210 93,648 247,932 208,206 Annuities 35,860 45,587 135,347 142,052 Stable Value Products 20,863 27,126 71,208 76,198 Asset Protection 10,405 8,029 29,359 21,413 Corporate and Other (22,664) (19,937) (62,783) (58,413) Pre-tax adjusted operating income 122,327 156,974 396,488 366,391 Realized gains (losses) on investments and derivatives 5,516 (20,255) 36,344 (39,102) Income before income tax 127,843 136,719 432,832 327,289 Income tax expense (27,217) (26,619) (85,811) (61,582) Net income $ 100,626 $ 110,100 $ 347,021 $ 265,707 Pre-tax adjusted operating income $ 122,327 $ 156,974 $ 396,488 $ 366,391 Adjusted operating income tax expense (26,059) (30,873) (78,179) (69,793) After-tax adjusted operating income 96,268 126,101 318,309 296,598 Realized gains (losses) on investments and derivatives 5,516 (20,255) 36,344 (39,102) Income tax (expense) benefit on adjustments (1,158) 4,254 (7,632) 8,211 Net income $ 100,626 $ 110,100 $ 347,021 $ 265,707 Realized investment gains (losses): Derivative financial instruments $ (102,403) $ (27,465) $ (370,123) $ 62,859 All other investments 88,409 (19,869) 317,501 (157,070) Net impairment losses recognized in earnings (10,818) (14) (14,658) (3,664) Less: related amortization (1) (6,205) (5,859) (37,406) 5,060 Less: VA GLWB economic cost (24,123) (21,234) (66,218) (63,833) Realized gains (losses) on investments and derivatives $ 5,516 $ (20,255) $ 36,344 $ (39,102) (1) Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by realized gains (losses). Operating Segment Assets As of September 30, 2019 (Dollars In Thousands) Life Acquisitions Annuities Stable Value Investments and other assets $ 15,780,011 $ 52,877,466 $ 21,500,280 $ 5,324,149 DAC and VOBA 1,467,865 885,600 895,121 6,019 Other intangibles 248,475 37,287 161,509 6,889 Goodwill 215,254 23,862 343,247 113,924 Total assets $ 17,711,605 $ 53,824,215 $ 22,900,157 $ 5,450,981 Asset Corporate Total Investments and other assets $ 1,059,284 $ 18,363,134 $ 114,904,324 DAC and VOBA 170,269 — 3,424,874 Other intangibles 114,703 27,473 596,336 Goodwill 129,224 — 825,511 Total assets $ 1,473,480 $ 18,390,607 $ 119,751,045 Operating Segment Assets As of December 31, 2018 (Dollars In Thousands) Life Acquisitions Annuities Stable Value Investments and other assets $ 14,575,702 $ 31,859,520 $ 20,199,597 $ 5,107,334 DAC and VOBA 1,499,386 458,977 889,697 6,121 Other intangibles 262,758 31,975 156,785 7,389 Goodwill 215,254 23,862 343,247 113,924 Total assets $ 16,553,100 $ 32,374,334 $ 21,589,326 $ 5,234,768 Asset Corporate Total Investments and other assets $ 1,019,297 $ 12,715,208 $ 85,476,658 DAC and VOBA 168,973 — 3,023,154 Other intangibles 122,590 31,934 613,431 Goodwill 129,224 — 825,511 Total assets $ 1,440,084 $ 12,747,142 $ 89,938,754

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThe Company has evaluated the effects of events subsequent to September 30, 2019, 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	On February 1, 2015, Protective Life Corporation (the “Company”) 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 the Company (the “Merger”). Prior to February 1, 2015, the Company’s stock was publicly traded on the New York Stock Exchange. Subsequent to the Merger, the Company remains as an SEC registrant within the United States. The Company is a holding company with subsidiaries that provide financial services through the production, distribution, and administration of insurance and investment products. 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. Founded in 1907, Protective Life Insurance Company (“PLICO”) is the Company’s largest operating subsidiary. 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, 2019, are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2019. 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, 2018. 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.
Reclassifications	During the fourth quarter of 2018, the Company identified certain cash flows that were incorrectly classified in the Company’s historical consolidated statements of cash flows. The Company has determined that these misclassifications were not material to the financial statements for any period. These amounts have been corrected in the comparative consolidated statements of cash flows for the nine months ended September 30, 2019. The nine months ended September 30, 2018 amounts have been revised resulting in an increase in operating cash flows and corresponding decrease in financing cash flows of $88.0 million compared to the amounts previously reported.
Entities Included	The consolidated condensed financial statements in this report include the accounts of Protective Life Corporation and subsidiaries and its affiliate companies in which the Company holds a majority voting or economic interest. Intercompany balances and transactions have been eliminated.
Accounting Pronouncements Recently Adopted and Not Yet Adopted	ASU 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 mortgage loans and reinsurance receivables. The new model will not apply to debt securities classified as available-for-sale. 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 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 - Codification Improvements to Topic 326, Financial Instruments-Credit Losses, are effective for annual and interim periods beginning after December 15, 2019 on a modified retrospective basis. The Company has completed its scoping and gap analysis with respect to the implementation of the new standard. Additionally, the Company is in the testing phase with respect to its calculation of the allowance for credit losses for its portfolio of commercial mortgage loans and mortgage loan commitments and reinsurance receivables. A vendor-sourced credit loss model will be used to measure the allowance for the majority of the Company’s commercial mortgage loans and unfunded mortgage loan commitments, and the Company will use an internally-developed calculation to measure the allowance for reinsurance receivables. Testing and review activities which have not yet been completed include final user acceptance testing of the vendor model for commercial mortgage loans, as well as final approval of certain model inputs such as economic forecasts and mean reversion parameters which will materially impact the final allowance. The Company is on track to complete its testing and assumption review in the fourth quarter. In addition to development and testing of the calculation of the allowance for credit losses for these assets, the Company continues to implement new processes and controls with respect to the measurement and recognition of the allowance, along with the additional disclosures required by the Update. The Company expects to record a cumulative effect adjustment which includes an additional allowance for credit losses for commercial mortgage loans and reinsurance receivables. The amount of the cumulative effect adjustment cannot yet be reasonably estimated, as the allowance for credit losses recorded as of January 1, 2020 may be materially impacted by a) model inputs that have not been finalized or b) changes in macroeconomic conditions or other events and circumstances that cannot be reasonably forecasted. 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. The amendments in this Update are currently effective for annual and interim periods beginning after December 15, 2020 with early adoption permitted. However, in October 2019, the Financial Accounting Standards Board (the “FASB”) affirmed their previous decision to delay the effective date of the Update by one year for larger SEC filers and two or three years for others, with early adoption permitted. A final Update is currently being drafted and when issued will extend the implementation deadline for the Company by one year to periods beginning after December 15, 2021. The Company has started its implementation efforts and is currently reviewing its policies, processes, and applicable systems to determine the impact this standard will have on its operations and financial results. While it is not possible to estimate the expected impact of adoption at this time, given the nature and extent of the required changes to a significant portion of the Company’s operations, adoption is expected to have a significant impact on our consolidated financial statements and related disclosures and will require changes to certain of our processes, systems, and controls. ASU No. 2018-15 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40). The amendments in this update require customers in a cloud computing arrangement accounted for as a service contract to capitalize implementation costs incurred in the arrangement . Capitalization should be based on the nature of the costs and the project stage at which the cost was incurred. The amendments in the Update are effective for annual and interim periods beginning after December 15, 2019 on either a retrospective or prospective basis. There will be no impact at the adoption date as the Company will adopt the amendments on a prospective basis.

SIGNIFICANT TRANSACTIONS (Table

SIGNIFICANT TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2019
Business Acquisition [Line Items]
Schedule of Intangible Assets Acquired, Excluding Goodwill	Intangible assets recognized by the Company included the following (excluding goodwill): Estimated Fair Value on Acquisition Date Estimated Useful Life (Dollars In Thousands) (In Years) Distribution relationships $ 15,000 18 Technology 6,300 10 Total intangible assets $ 21,300
Future Estimated Aggregate Amortization Expense	Amortizable intangible assets will be amortized on a straight line basis over their assigned useful lives. The following is a schedule of future estimated aggregate amortization expense: Year Amount (Dollars In Thousands) Remainder of 2019 $ 366 2020 1,463 2021 1,463 2022 1,463 2023 1,463
Schedule of Expected Amortization Expense of (VOBA)	Based on the balance recorded as of June 1, 2019, the expected amortization of value of business acquired ("VOBA") for the next five years is as follows: Year Amount (Dollars In Thousands) Remainder of 2019 $ (3,616) 2020 (19,741) 2021 (12,153) 2022 (5,090) 2023 1,143
Life Business
Business Acquisition [Line Items]
Summary of Consideration Paid and Fair Value of Assets Acquired and Liabilities Assumed	The following table details the purchase consideration and final allocation of assets acquired and liabilities from the Life Business reinsurance transaction as of the date of the Liberty Closing. Fair Value (Dollars In Thousands) ASSETS Fixed maturities $ 12,588,512 Mortgage loans 435,405 Policy loans 131,489 Total investments 13,155,406 Cash 35,179 Accrued investment income 152,030 Reinsurance receivables 272 Value of business acquired 379,717 Other assets 916 Total assets 13,723,520 LIABILITIES Future policy benefits and claims $ 11,751,895 Unearned premiums — Total policy liabilities and accruals 11,751,895 Annuity account balances 1,864,141 Other policyholders’ funds 41,936 Other liabilities 65,548 Total liabilities 13,723,520 NET ASSETS ACQUIRED $ —
Pro Forma Information	The following unaudited pro forma condensed consolidated results of operations assumes that the aforementioned transactions of the Life Business were completed as of January 1, 2017. The unaudited pro forma condensed results of operations are presented solely for information 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 For The For The (Dollars In Thousands) Revenue $ 1,347,168 $ 4,078,285 Net income $ 110,100 $ 311,851
Individual Life Business
Business Acquisition [Line Items]
Summary of Consideration Paid and Fair Value of Assets Acquired and Liabilities Assumed	The following table details the preliminary allocation of assets acquired and liabilities assumed from the Individual Life Business reinsurance transaction as of the date of the GWL&A Closing. The Company has not completed the process of determining the fair value of assets acquired and liabilities assumed, but will do so in the twelve month measurement period subsequent to the date of the GWL&A Closing. These estimates are provisional and subject to adjustment. Any adjustments to these fair value estimates will be reflected, retroactively, as of the date of the acquisition, and may result in adjustments to the value of business acquired. Fair Value Unaudited (Dollars In Thousands) ASSETS Fixed maturities $ 8,697,966 Mortgage loans 1,386,228 Policy loans 44,002 Other long-term investments 1,579 Total investments 10,129,775 Cash 34,835 Accrued investment income 101,452 Accounts and premiums receivable 62 Premium due and deferred 1,642 Value of business acquired 510,875 Other intangibles 21,300 Other assets 1,525,911 Assets related to separate accounts 9,583,217 Total assets 21,909,069 LIABILITIES Future policy benefits and claims $ 11,000,902 Annuity account balances 220,064 Other policyholders’ funds 220,117 Other liabilities 72,127 Liabilities related to separate accounts 9,583,217 Total liabilities 21,096,427 NET ASSETS ACQUIRED $ 812,642
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, 2018. The unaudited pro forma condensed results of operations are presented solely for information 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 Three Months Ended September 30, For The Nine Months Ended September 30, 2019 2018 2019 2018 (Dollars In Thousands) Revenue $ 1,618,711 $ 1,584,261 $ 4,822,409 $ 4,412,630 Net income $ 100,626 $ 116,229 $ 364,116 $ 298,263

MONY CLOSED BLOCK OF BUSINESS (

MONY CLOSED BLOCK OF BUSINESS (Tables)	9 Months Ended
	Sep. 30, 2019
Closed Block Disclosure [Abstract]
Summary of Financial Information for the Closed Block	Summarized financial information for the Closed Block as of September 30, 2019, and December 31, 2018, is as follows: As of September 30, 2019 December 31, 2018 (Dollars In Thousands) Closed block liabilities Future policy benefits, policyholders’ account balances and other policyholder liabilities $ 5,579,389 $ 5,679,732 Policyholder dividend obligation 319,865 — Other liabilities 11,366 22,505 Total closed block liabilities 5,910,620 5,702,237 Closed block assets Fixed maturities, available-for-sale, at fair value $ 4,694,274 $ 4,257,437 Mortgage loans on real estate 73,563 75,838 Policy loans 648,805 672,213 Cash 75,828 116,225 Other assets 106,481 136,388 Total closed block assets 5,598,951 5,258,101 Excess of reported closed block liabilities over closed block assets 311,669 444,136 Portion of above representing accumulated other comprehensive income: Net unrealized investment gains (losses) net of policyholder dividend obligation: $198,285 and $(141,128); and net of income tax: $(41,640) and $61,676 — (120,528) Future earnings to be recognized from closed block assets and closed block liabilities $ 311,669 $ 323,608
Schedule of Reconciliation of the Policyholder Dividend Obligation	Reconciliation of the policyholder dividend obligation is as follows: For The 2019 2018 (Dollars In Thousands) Policyholder dividend obligation, beginning of period $ — $ 160,712 Applicable to net revenue (losses) (19,548) (24,922) Change in net unrealized investment gains (losses) allocated to the policyholder dividend obligation 339,413 (135,790) Policyholder dividend obligation, end of period $ 319,865 $ —
Schedule of Closed Block Revenues and Expenses	Closed Block revenues and expenses were as follows: For The For The 2019 2018 2019 2018 (Dollars In Thousands) Revenues Premiums and other income $ 37,652 $ 39,691 $ 115,202 $ 121,768 Net investment income 52,018 50,833 154,808 152,248 Net investment gains (losses) 1,104 40 693 66 Total revenues 90,774 90,564 270,703 274,082 Benefits and other deductions Benefits and settlement expenses 84,531 83,588 250,410 251,480 Other operating expenses 229 291 836 310 Total benefits and other deductions 84,760 83,879 251,246 251,790 Net revenues before income taxes 6,014 6,685 19,457 22,292 Income tax expense 1,263 1,404 4,086 4,681 Net revenues $ 4,751 $ 5,281 $ 15,371 $ 17,611

INVESTMENT OPERATIONS (Tables)

INVESTMENT OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of Realized Gain (Loss) on Investments	Net realized gains (losses) are summarized as follows: For The For The 2019 2018 2019 2018 (Dollars In Thousands) Fixed maturities $ 15,686 $ (2,018) $ 21,901 $ 6,304 Equity gains and losses 6,310 (6,638) 44,723 (16,466) Modco trading portfolio 67,674 (10,901) 252,147 (148,427) Other investments (1,261) (312) (1,270) 1,519 Realized gains (losses) - all other investments 88,409 (19,869) 317,501 (157,070) Realized gains (losses) - derivatives (1) (102,403) (27,465) (370,123) 62,859 Realized investment gains (losses) $ (13,994) $ (47,334) $ (52,622) $ (94,211) Net impairments losses recognized in earnings $ (10,818) $ (14) $ (14,658) $ (3,664) (1) 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 2019 2018 2019 2018 (Dollars In Thousands) Gross realized gains $ 20,155 $ 3,410 $ 34,837 $ 21,596 Gross realized losses: Impairment losses $ (10,818) $ (14) $ (14,658) $ (3,664) Other realized losses $ (4,469) $ (5,428) $ (12,936) $ (15,292)
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 2019 2018 2019 2018 (Dollars In Thousands) Securities in an unrealized gain position: Fair value proceeds $ 679,514 $ 306,600 $ 1,819,526 $ 914,885 Gains realized $ 20,155 $ 3,410 $ 34,837 $ 21,596 Securities in an unrealized loss position (1) : Fair value proceeds $ 37,488 $ 122,317 $ 375,617 $ 380,493 Losses realized $ (4,469) $ (5,428) $ (12,936) $ (15,292) (1) The Company made the decision to exit these holdings in conjunction with its overall asset/liability management process.
Schedule of 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 2019 2018 2019 2018 (Dollars In Thousands) Net gains (losses) recognized during the period on equity securities $ 6,310 $ (6,638) $ 44,723 $ (16,466) Less: net gains (losses) recognized on equity securities sold during the period $ (648) $ (1,476) $ (395) $ (3,856) Gains (losses) recognized during the period on equity securities still held $ 6,958 $ (5,162) $ 45,118 $ (12,610)
Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Available-for-Sale	The amortized cost and fair value of the Company’s investments classified as available-for-sale are as follows: As of September 30, 2019 Amortized Gross Gross Fair Total OTTI Recognized in OCI (1) (Dollars In Thousands) Fixed maturities: Residential mortgage-backed securities $ 5,162,112 $ 194,376 $ (5,024) $ 5,351,464 $ — Commercial mortgage-backed securities 2,657,041 88,906 (1,119) 2,744,828 — Other asset-backed securities 1,878,663 32,830 (13,017) 1,898,476 — U.S. government-related securities 1,154,940 9,836 (2,569) 1,162,207 (3) Other government-related securities 554,434 52,547 (1,630) 605,351 — States, municipals, and political subdivisions 4,503,629 331,625 (597) 4,834,657 1,274 Corporate securities 45,125,038 2,658,289 (323,790) 47,459,537 (24,644) Redeemable preferred stocks 87,348 4,217 (4,003) 87,562 61,123,205 3,372,626 (351,749) 64,144,082 (23,373) Short-term investments 1,498,936 — — 1,498,936 — $ 62,622,141 $ 3,372,626 $ (351,749) $ 65,643,018 $ (23,373) As of December 31, 2018 Amortized Gross Gross Fair Total OTTI Recognized in OCI (1) (Dollars In Thousands) Fixed maturities: Residential mortgage-backed securities $ 3,650,539 $ 23,247 $ (62,196) $ 3,611,590 $ (18) Commercial mortgage-backed securities 2,349,274 3,911 (58,101) 2,295,084 — Other asset-backed securities 1,410,059 17,232 (35,398) 1,391,893 — U.S. government-related securities 1,683,432 1,795 (45,722) 1,639,505 — Other government-related securities 545,522 4,292 (33,850) 515,964 — States, municipals, and political subdivisions 3,682,037 25,706 (118,902) 3,588,841 876 Corporate securities 38,634,888 112,992 (2,385,052) 36,362,828 (29,685) Redeemable preferred stocks 94,362 — (11,560) 82,802 — 52,050,113 189,175 (2,750,781) 49,488,507 (28,827) Short-term investments 776,357 — — 776,357 — $ 52,826,470 $ 189,175 $ (2,750,781) $ 50,264,864 $ (28,827) (1) These amounts are included in the gross unrealized gains and gross unrealized losses columns above.
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, 2019 December 31, 2018 (Dollars In Thousands) Fixed maturities: Residential mortgage-backed securities $ 202,963 $ 241,836 Commercial mortgage-backed securities 208,935 188,925 Other asset-backed securities 137,732 159,907 U.S. government-related securities 48,112 59,794 Other government-related securities 26,792 44,207 States, municipals, and political subdivisions 300,332 286,413 Corporate securities 1,599,453 1,423,833 Redeemable preferred stocks 12,195 11,277 2,536,514 2,416,192 Equity securities 6,647 9,892 Short-term investments 98,983 30,926 $ 2,642,144 $ 2,457,010
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, 2019, 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 $ 1,831,024 $ 1,829,527 $ — $ — Due after one year through five years 9,983,745 10,170,970 — — Due after five years through ten years 13,732,775 14,362,164 — — Due after ten years 35,575,661 37,781,421 2,544,054 2,685,076 $ 61,123,205 $ 64,144,082 $ 2,544,054 $ 2,685,076
Schedule of Gain (Loss) on Investments	The chart below summarizes the Company’s other-than-temporary impairments of investments. All of the impairments were related to fixed maturities. For The For The 2019 2018 2019 2018 Fixed Fixed Fixed Maturities Fixed Maturities (Dollars In Thousands) Other-than-temporary impairments $ (39,752) $ (14) $ (41,245) $ (715) Non-credit impairment losses recorded in other comprehensive income (loss) 28,934 — 26,587 (2,949) Net impairment losses recognized in earnings $ (10,818) $ (14) $ (14,658) $ (3,664)
Schedule of Available-for-Sale Credit Losses on Fixed Maturities Held by the Company for Which a Portion of Other-than-Temporary Impairments were Recognized in Other Comprehensive Income (Loss)	The following chart is a rollforward of available-for-sale credit losses on fixed maturities held by the Company for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss): For The For The 2019 2018 2019 2018 (Dollars In Thousands) Beginning balance $ 12,498 $ 2 $ 24,868 $ 3,268 Additions for newly impaired securities 10,805 — 11,556 — Additions for previously impaired securities — — 3,007 2 Reductions for previously impaired securities due to a change in expected cash flows (12,498) — (21,332) — Reductions for previously impaired securities that were sold in the current period — (2) (7,294) (3,270) Ending balance $ 10,805 $ — $ 10,805 $ —
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 September 30, 2019: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars In Thousands) Residential mortgage-backed securities $ 484,979 $ (2,069) $ 288,103 $ (2,955) $ 773,082 $ (5,024) Commercial mortgage-backed securities 67,255 (78) 117,799 (1,041) 185,054 (1,119) Other asset-backed securities 453,923 (7,510) 162,369 (5,507) 616,292 (13,017) U.S. government-related securities 265,257 (844) 335,336 (1,725) 600,593 (2,569) Other government-related securities 57,008 (488) 10,427 (1,142) 67,435 (1,630) States, municipals, and political subdivisions 35,092 (297) 15,215 (300) 50,307 (597) Corporate securities 2,137,102 (43,897) 3,631,827 (279,893) 5,768,929 (323,790) Redeemable preferred stocks — — 16,935 (4,003) 16,935 (4,003) $ 3,500,616 $ (55,183) $ 4,578,011 $ (296,566) $ 8,078,627 $ (351,749)
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, 2018: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars In Thousands) Residential mortgage-backed securities $ 1,485,009 $ (31,302) $ 804,364 $ (30,894) $ 2,289,373 $ (62,196) Commercial mortgage-backed securities 422,438 (7,442) 1,429,384 (50,659) 1,851,822 (58,101) Other asset-backed securities 687,271 (30,963) 148,871 (4,435) 836,142 (35,398) U.S. government-related securities 130,290 (4,668) 1,085,654 (41,054) 1,215,944 (45,722) Other government-related securities 226,201 (15,267) 131,569 (18,583) 357,770 (33,850) States, municipals, and political subdivisions 1,004,262 (27,180) 1,129,152 (91,722) 2,133,414 (118,902) Corporate securities 18,326,331 (970,553) 12,859,732 (1,414,499) 31,186,063 (2,385,052) Redeemable preferred stocks 41,147 (4,467) 41,655 (7,093) 82,802 (11,560) $ 22,322,949 $ (1,091,842) $ 17,630,381 $ (1,658,939) $ 39,953,330 $ (2,750,781)
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), net of income tax, on fixed maturities, classified as available-for-sale is summarized as follows: For The For The 2019 2018 2019 2018 (Dollars In Thousands) Fixed maturities $ 1,310,979 $ (229,912) $ 4,410,162 $ (1,735,210)
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, 2019 and December 31, 2018, are as follows: As of September 30, 2019 Amortized Gross Gross Fair Total OTTI (Dollars In Thousands) Fixed maturities: Securities issued by affiliates: Red Mountain, LLC $ 782,054 $ 10,406 $ — $ 792,460 $ — Steel City, LLC 1,762,000 130,616 — 1,892,616 — $ 2,544,054 $ 141,022 $ — $ 2,685,076 $ — As of December 31, 2018 Amortized Gross Gross Fair Total OTTI (Dollars In Thousands) Fixed maturities: Securities issued by affiliates: Red Mountain, LLC $ 750,474 $ — $ (81,657) $ 668,817 $ — Steel City, LLC 1,883,000 — (4,607) 1,878,393 — $ 2,633,474 $ — $ (86,264) $ 2,547,210 $ —

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
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, 2019: Measurement Level 1 Level 2 Level 3 Total (Dollars In Thousands) Assets: Fixed maturity securities - available-for-sale Residential mortgage-backed securities 4 $ — $ 5,351,464 $ — $ 5,351,464 Commercial mortgage-backed securities 4 — 2,735,193 9,635 2,744,828 Other asset-backed securities 4 — 1,482,414 416,062 1,898,476 U.S. government-related securities 4 801,931 360,276 — 1,162,207 Other government-related securities 4 — 605,351 — 605,351 States, municipals, and political subdivisions 4 — 4,834,657 — 4,834,657 Corporate securities 4 — 46,134,425 1,325,112 47,459,537 Redeemable preferred stocks 4 70,627 16,935 — 87,562 Total fixed maturity securities - available-for-sale 872,558 61,520,715 1,750,809 64,144,082 Fixed maturity securities - trading Residential mortgage-backed securities 3 — 202,963 — 202,963 Commercial mortgage-backed securities 3 — 208,935 — 208,935 Other asset-backed securities 3 — 76,205 61,527 137,732 U.S. government-related securities 3 25,756 22,356 — 48,112 Other government-related securities 3 — 26,792 — 26,792 States, municipals, and political subdivisions 3 — 300,331 — 300,331 Corporate securities 3 — 1,592,418 7,036 1,599,454 Redeemable preferred stocks 3 12,195 — — 12,195 Total fixed maturity securities - trading 37,951 2,430,000 68,563 2,536,514 Total fixed maturity securities 910,509 63,950,715 1,819,372 66,680,596 Equity securities 3 549,487 36 69,818 619,341 Other long-term investments (1) 3 & 4 62,772 567,702 167,960 798,434 Short-term investments 3 1,517,313 80,606 — 1,597,919 Total investments 3,040,081 64,599,059 2,057,150 69,696,290 Cash 3 293,299 — — 293,299 Other assets 3 34,621 — — 34,621 Assets related to separate accounts Variable annuity 3 12,542,212 — — 12,542,212 Variable universal life 3 1,066,999 — — 1,066,999 Total assets measured at fair value on a recurring basis $ 16,977,212 $ 64,599,059 $ 2,057,150 $ 83,633,421 Liabilities: Annuity account balances (2) 3 $ — $ — $ 71,820 $ 71,820 Other liabilities (1) 3 & 4 12,579 251,378 1,474,952 1,738,909 Total liabilities measured at fair value on a recurring basis $ 12,579 $ 251,378 $ 1,546,772 $ 1,810,729 (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, 2018: Measurement Level 1 Level 2 Level 3 Total (Dollars In Thousands) Assets: Fixed maturity securities - available-for-sale Residential mortgage-backed securities 4 $ — $ 3,611,590 $ — $ 3,611,590 Commercial mortgage-backed securities 4 — 2,295,084 — 2,295,084 Other asset-backed securities 4 — 970,251 421,642 1,391,893 U.S. government-related securities 4 1,010,485 629,020 — 1,639,505 Other government-related securities 4 — 515,964 — 515,964 State, municipals, and political subdivisions 4 — 3,588,841 — 3,588,841 Corporate securities 4 — 35,724,552 638,276 36,362,828 Redeemable preferred stocks 4 65,536 17,266 — 82,802 Total fixed maturity securities - AFS 1,076,021 47,352,568 1,059,918 49,488,507 Fixed maturity securities - trading Residential mortgage-backed securities 3 — 241,836 — 241,836 Commercial mortgage-backed securities 3 — 188,925 — 188,925 Other asset-backed securities 3 — 133,851 26,056 159,907 U.S. government-related securities 3 27,453 32,341 — 59,794 Other government-related securities 3 — 44,207 — 44,207 State, municipals, and political subdivisions 3 — 286,413 — 286,413 Corporate securities 3 — 1,417,591 6,242 1,423,833 Redeemable preferred stocks 3 11,277 — — 11,277 Total fixed maturity securities - trading 38,730 2,345,164 32,298 2,416,192 Total fixed maturity securities 1,114,751 49,697,732 1,092,216 51,904,699 Equity securities 3 531,523 36 64,325 595,884 Other long-term investments (1) 3&4 83,047 180,438 112,344 375,829 Short-term investments 3 730,067 77,216 — 807,283 Total investments 2,459,388 49,955,422 1,268,885 53,683,695 Cash 3 173,714 — — 173,714 Other assets 3 29,257 — — 29,257 Assets related to separate accounts Variable annuity 3 12,288,919 — — 12,288,919 Variable universal life 3 937,732 — — 937,732 Total assets measured at fair value on a recurring basis $ 15,889,010 $ 49,955,422 $ 1,268,885 $ 67,113,317 Liabilities: Annuity account balances (2) 3 $ — $ — $ 76,119 $ 76,119 Other liabilities (1) 3&4 56,018 69,501 629,942 755,461 Total liabilities measured at fair value on a recurring basis $ 56,018 $ 69,501 $ 706,061 $ 831,580 (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: Fair Value as of September 30, 2019 Valuation Unobservable Range (Dollars In Thousands) Assets: Other asset-backed securities $ 415,950 Liquidation Liquidation value $95.39 - $97.00 ($96.48) Discounted cash flow Liquidity premium 0.01% - 1.32% (0.44%) Paydown rate 9.96% - 12.61% (11.62%) Corporate securities 1,325,112 Discounted cash flow Spread over treasury 0.89% - 3.93% (1.73%) Liabilities: (1) Embedded derivatives - GLWB (2) $ 547,306 Actuarial cash flow model Mortality 87% to 100% of Ruark 2015 ALB table Lapse Internal Predictive Model Utilization Internal Predictive Model Nonperformance risk 0.12% - 0.97% Embedded derivative - FIA 308,861 Actuarial cash flow model Expenses $195 per policy Withdrawal rate 0.4% - 1.2% prior to age 70, 100% of the RMD for ages 70+ Mortality 87% to 100% of Ruark 2015 ALB table Lapse .5% - 50%, depending on duration/surrender charge period Dynamically adjusted for WB moneyness and projected market rates vs credited rates Nonperformance risk 0.12% - 0.97% Embedded derivative - IUL 141,793 Actuarial cash flow model Mortality 37% - 156% of 2015 VBT Primary Tables Lapse 0.5% - 10.0%, depending on duration/distribution channel and smoking class Nonperformance risk 0.12% - 0.97% (1) Excludes modified coinsurance arrangements. (2) The fair value for the GLWB embedded derivative is presented as a net liability.
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: Fair Value as of December 31, 2018 Valuation Unobservable Range (Dollars In Thousands) Assets: Other asset-backed securities $ 421,458 Liquidation Liquidation value $85.75 - $99.99 ($95.36) Discounted Cash Flow Liquidity premium 0.02% - 1.25% (0.64%) Paydown rate 10.96% - 13.11% (12.03%) Corporate securities 631,068 Discounted cash flow Spread over treasury 0.84% - 3.0% (1.84%) Liabilities: (1) Embedded derivatives - GLWB (2) $ 184,071 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 0.21% - 1.16% Embedded derivative - FIA 217,288 Actuarial cash flow model Expenses $145 per policy Withdrawal rate 1.5% prior to age 70, 100% of the RMD for ages 70+ Mortality 87% to 100% of Ruark 2015 ALB table Lapse 1.0% - 30.0%, depending on duration/surrender charge period Nonperformance risk 0.21% - 1.16% Embedded derivative - IUL 90,231 Actuarial cash flow model Mortality 37% - 577% of 2015 VBT Primary Tables Lapse 0.5% - 10.0%, depending on duration/distribution channel and smoking class Nonperformance risk 0.21% - 1.16% (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, 2019, for which the Company has used significant unobservable inputs (Level 3): Total Total Total Gains (losses) included in Earnings 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 AFS 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 - AFS 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 69,627 192 — (1) — — — — — — — 69,818 191 Other long-term investments (1) 110,923 57,037 — — — — — — — — — 167,960 57,037 Total investments 2,004,191 57,590 24,069 (49) (6,684) 10,850 (73,121) — — 41,319 (1,015) 2,057,150 64,408 Total assets measured at fair value on a recurring basis $ 2,004,191 $ 57,590 $ 24,069 $ (49) $ (6,684) $ 10,850 $ (73,121) $ — $ — $ 41,319 $ (1,015) $ 2,057,150 $ 64,408 Liabilities: Annuity account balances (2) $ 72,585 $ — $ — $ (523) $ — $ — $ — $ 91 $ 1,379 $ — $ — $ 71,820 $ — Other liabilities (1) 1,097,077 — — (344,191) — 33,684 — — — — — 1,474,952 (344,191) Total liabilities measured at fair value on a recurring basis $ 1,169,662 $ — $ — $ (344,714) $ — $ 33,684 $ — $ 91 $ 1,379 $ — $ — $ 1,546,772 $ (344,191) (1) Represents certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities.
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 nine months ended September 30, 2019, for which the Company has used significant unobservable inputs (Level 3): Total Total Total Gains (losses) included in Earnings 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 AFS Residential mortgage-backed securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 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 - AFS 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 64,325 431 — (17) — 5,079 — — — — — 69,818 345 Other long-term investments (1) 112,344 83,959 — (29,922) — 1,579 — — — — — 167,960 54,037 Total investments 1,268,885 89,454 78,701 (33,659) (14,992) 737,957 (175,026) — — 106,841 (1,011) 2,057,150 57,214 Total assets measured at fair value on a recurring basis $ 1,268,885 $ 89,454 $ 78,701 $ (33,659) $ (14,992) $ 737,957 $ (175,026) $ — $ — $ 106,841 $ (1,011) $ 2,057,150 $ 57,214 Liabilities: Annuity account balances (2) $ 76,119 $ — $ — $ (1,675) $ — $ — $ — $ 158 $ 6,132 $ — $ — $ 71,820 $ — Other liabilities (1) 629,942 12,034 — (786,156) — 70,888 — — — — — 1,474,952 (774,122) Total liabilities measured at fair value on a recurring basis $ 706,061 $ 12,034 $ — $ (787,831) $ — $ 70,888 $ — $ 158 $ 6,132 $ — $ — $ 1,546,772 $ (774,122) (1) Represents certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities.
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, 2018, for which the Company has used significant unobservable inputs (Level 3): Total Total Total Gains (losses) included in Earnings 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 AFS Residential mortgage-backed securities $ 21,780 $ — $ — $ — $ (538) $ — $ — $ — $ — $ (21,281) $ 39 $ — $ — Commercial mortgage-backed securities 47,227 — — — (1,212) — (151) — — (26,372) (25) 19,467 — Other asset-backed securities 515,701 — 17 (62) (14,802) — (24) — — — 1,431 502,261 — Corporate securities 644,811 — 1,422 — (4,044) 15,000 (47,935) — — 19,903 (873) 628,284 — Total fixed maturity securities - AFS 1,229,519 — 1,439 (62) (20,596) 15,000 (48,110) — — (27,750) 572 1,150,012 — Fixed maturity securities - trading Other asset-backed securities 24,852 84 — (76) — 4,128 (926) — — — (50) 28,012 68 Corporate securities 5,254 — — (6) — — — — — — (25) 5,223 (6) Total fixed maturity securities - trading 30,106 84 — (82) — 4,128 (926) — — — (75) 33,235 62 Total fixed maturity securities 1,259,625 84 1,439 (144) (20,596) 19,128 (49,036) — — (27,750) 497 1,183,247 62 Equity securities 66,083 287 — — — — (2,102) — — — — 64,268 287 Other long-term investments (1) 156,674 24,872 — — — — — — — — — 181,546 24,872 Total investments 1,482,382 25,243 1,439 (144) (20,596) 19,128 (51,138) — — (27,750) 497 1,429,061 25,221 Total assets measured at fair value on a recurring basis $ 1,482,382 $ 25,243 $ 1,439 $ (144) $ (20,596) $ 19,128 $ (51,138) $ — $ — $ (27,750) $ 497 $ 1,429,061 $ 25,221 Liabilities: Annuity account balances (2) $ 80,098 $ — $ — $ (896) $ — $ — $ — $ 40 $ 2,571 $ — $ — $ 78,463 $ — Other liabilities (1) 572,916 70,887 — (52,451) — — — — — — — 554,480 18,436 Total liabilities measured at fair value on a recurring basis $ 653,014 $ 70,887 $ — $ (53,347) $ — $ — $ — $ 40 $ 2,571 $ — $ — $ 632,943 $ 18,436 (1) Represents certain freestanding and embedded derivatives. (2) Represents liabilities related to fixed indexed annuities.
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 nine months ended September 30, 2018, for which the Company has used significant unobservable inputs (Level 3): Total Total Total Gains (losses) included in Earnings 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 AFS Residential mortgage-backed securities $ — $ — $ — $ — $ (995) $ 22,225 $ — $ — $ — $ (21,281) $ 51 $ — $ — Commercial mortgage-backed securities — — — — (2,496) 48,621 (245) — — (26,372) (41) 19,467 — Other asset-backed securities 504,365 — 11,884 (62) (16,449) — (47) — — 222 2,348 502,261 — Corporate securities 626,901 — 8,483 — (22,973) 93,491 (86,388) — — 12,009 (3,239) 628,284 — Total fixed maturity securities - AFS 1,131,266 — 20,367 (62) (42,913) 164,337 (86,680) — — (35,422) (881) 1,150,012 — Fixed maturity securities - trading Other asset-backed securities 35,222 278 — (3,674) — 8,728 (12,595) — — 164 (111) 28,012 (3,337) Corporate securities 5,442 — — (145) — — — — — — (74) 5,223 (145) Total fixed maturity securities - trading 40,664 278 — (3,819) — 8,728 (12,595) — — 164 (185) 33,235 (3,482) Total fixed maturity securities 1,171,930 278 20,367 (3,881) (42,913) 173,065 (99,275) — — (35,258) (1,066) 1,183,247 (3,482) Equity securities 66,110 288 — (64) — 36 (2,102) — — — — 64,268 224 Other long-term investments (1) 136,004 46,557 — (1,015) — — — — — — — 181,546 45,542 Short-term investments — — — — — — — — — — — — — Total investments 1,374,044 47,123 20,367 (4,960) (42,913) 173,101 (101,377) — — (35,258) (1,066) 1,429,061 42,284 Total assets measured at fair value on a recurring basis $ 1,374,044 $ 47,123 $ 20,367 $ (4,960) $ (42,913) $ 173,101 $ (101,377) $ — $ — $ (35,258) $ (1,066) $ 1,429,061 $ 42,284 Liabilities: Annuity account balances (2) $ 83,472 $ — $ — $ (2,749) $ — $ — $ — $ 570 $ 8,328 $ — $ — $ 78,463 $ — Other liabilities (1) 760,890 328,343 — (121,933) — — — — — — — 554,480 206,410 Total liabilities measured at fair value on a recurring basis $ 844,362 $ 328,343 $ — $ (124,682) $ — $ — $ — $ 570 $ 8,328 $ — $ — $ 632,943 $ 206,410 (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, 2019 December 31, 2018 Fair Value Carrying Fair Values Carrying Fair Values (Dollars In Thousands) Assets: Mortgage loans on real estate 3 $ 9,327,911 $ 9,529,865 $ 7,724,733 $ 7,447,702 Policy loans 3 1,686,832 1,686,832 1,695,886 1,695,886 Fixed maturities, held-to-maturity (1) 3 2,544,054 2,685,076 2,633,474 2,547,210 Liabilities: Stable value product account balances 3 $ 5,450,981 $ 5,547,509 $ 5,234,731 $ 5,200,723 Future policy benefits and claims (2) 3 1,707,238 1,709,444 1,671,414 1,671,434 Other policyholders’ funds (3) 3 104,395 106,285 131,150 131,782 Debt: (4) Bank borrowings (5) 3 $ 599,653 $ 600,000 $ — $ — Senior Notes 2 1,467,245 1,531,330 1,100,508 1,065,338 Subordinated debentures 2 495,528 511,690 495,426 494,265 Subordinated funding obligations 3 110,000 113,369 110,000 95,476 Non-recourse funding obligations (6) 3 2,545,049 2,723,594 2,632,497 2,550,237 Except as noted below, fair values were estimated using quoted market prices. (1) Securities purchased from unconsolidated affiliates, Red Mountain, LLC and Steel City, LLC. (2) Single premium immediate annuity without life contingencies. (3) Supplementary contracts without life contingencies. (4) Excludes capital lease obligations of $2.3 million and $1.3 million as of September 30, 2019 and December 31, 2018, respectively. (5) As September 30, 2019, includes the Term Loan Credit Agreement. (6) As of September 30, 2019, carrying amount of $2.7 billion and a fair value of $2.5 billion related to non-recourse funding obligations issued by Golden Gate and Golden Gate V. As of December 31, 2018, carrying amount of $2.6 billion and a fair value of $2.5 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, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Realized Investments Gains and Losses	The following table sets forth realized investments gains and losses for the periods shown: Realized investment gains (losses) - derivative financial instruments For The For The 2019 2018 2019 2018 (Dollars In Thousands) Derivatives related to VA contracts: Interest rate futures $ 727 $ 2,111 $ (16,575) $ (13,229) Equity futures 5,220 (5,733) 37,517 (23,025) Currency futures 9,181 3,410 11,028 7,890 Equity options (3,957) (21,206) (97,354) (47,406) Interest rate swaptions — — — (14) Interest rate swaps 149,766 (41,288) 342,561 (131,147) Total return swaps (1,950) (32,343) (50,522) (35,908) Embedded derivative - GLWB (224,091) 57,706 (378,409) 149,552 Total derivatives related to VA contracts (65,104) (37,343) (151,754) (93,287) Derivatives related to FIA contracts: Embedded derivative (4,335) (14,360) (67,968) (7,957) Equity futures 962 (388) 964 (716) Equity options 4,785 18,474 60,026 21,203 Total derivatives related to FIA contracts 1,412 3,726 (6,978) 12,530 Derivatives related to IUL contracts: Embedded derivative 6,261 (9,535) (18,395) (877) Equity futures 91 (1) 347 135 Equity options 586 4,928 9,372 5,764 Total derivatives related to IUL contracts 6,938 (4,608) (8,676) 5,022 Embedded derivative - Modco reinsurance treaties (44,027) 10,811 (199,704) 138,652 Other derivatives (1,622) (51) (3,011) (58) Total realized gains (losses) - derivatives $ (102,403) $ (27,465) $ (370,123) $ 62,859
Components of the Gain or Loss on Derivatives that Qualify 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 investment expenses gains (losses) (Dollars In Thousands) 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) $ — For The Three Months Ended September 30, 2018 Foreign currency swaps $ 190 $ (155) $ — Interest rate swaps 101 (326) — Total $ 291 $ (481) $ — For The Nine Months Ended September 30, 2018 Foreign currency swaps $ 3,772 $ (473) $ — Interest rate swaps 101 (326) — Total $ 3,873 $ (799) $ —
Information about the Nature and Accounting Treatment of the Company's Primary Derivative Financial Instruments and Location in and Effect on the 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, 2019 December 31, 2018 Notional Fair Notional Fair (Dollars In Thousands) Other long-term investments Derivatives not designated as hedging instruments: Interest rate swaps $ 2,228,000 $ 131,894 $ 1,515,500 $ 28,501 Total return swaps 424,662 2,120 138,070 3,971 Embedded derivative - Modco reinsurance treaties 1,245,889 30,600 585,294 7,072 Embedded derivative - GLWB 2,388,462 137,360 3,984,070 105,272 Interest rate futures 844,428 8,256 286,208 10,302 Equity futures 322,478 2,425 12,633 483 Currency futures 271,290 2,316 — — Equity options 6,339,766 483,463 5,624,081 220,092 Other — — 157 136 $ 14,064,975 $ 798,434 $ 12,146,013 $ 375,829 Other liabilities Cash flow hedges: Interest rate swaps $ 350,000 $ — $ 350,000 $ — Foreign currency swaps 117,178 13,516 117,178 904 Derivatives not designated as hedging instruments: Interest rate swaps 50,000 — 775,000 11,367 Total return swaps 126,177 916 768,177 23,054 Embedded derivative - Modco reinsurance treaties 2,283,624 245,792 1,795,287 32,828 Embedded derivative - GLWB 7,583,625 735,465 6,282,712 289,343 Embedded derivative - FIA 2,792,499 306,063 2,576,033 217,288 Embedded derivative - IUL 276,466 141,793 233,550 90,231 Interest rate futures 650,353 7,776 863,706 20,100 Equity futures 137,284 1,935 659,357 33,753 Currency futures — — 202,747 2,163 Equity options 4,169,543 239,814 4,199,687 34,178 Other 193,069 45,839 3,288 252 $ 18,729,818 $ 1,738,909 $ 18,826,722 $ 755,461

OFFSETTING OF ASSETS AND LIAB_2

OFFSETTING OF ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2019
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, 2019: Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Received Net Amount (Dollars In Thousands) Offsetting of Assets Derivatives: Free-Standing derivatives $ 630,474 $ — $ 630,474 $ 263,245 $ 255,776 $ 111,453 Total derivatives, subject to a master netting arrangement or similar arrangement 630,474 — 630,474 263,245 255,776 111,453 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 30,600 — 30,600 — — 30,600 Embedded derivative - GLWB 137,360 — 137,360 — — 137,360 Other — — — — — — Total derivatives, not subject to a master netting arrangement or similar arrangement 167,960 — 167,960 — — 167,960 Total derivatives 798,434 — 798,434 263,245 255,776 279,413 Total Assets $ 798,434 $ — $ 798,434 $ 263,245 $ 255,776 $ 279,413 Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Posted Net Amount (Dollars In Thousands) Offsetting of Liabilities Derivatives: Free-Standing derivatives $ 263,957 $ — $ 263,957 $ 263,245 $ 186 $ 526 Total derivatives, subject to a master netting arrangement or similar arrangement 263,957 — 263,957 263,245 186 526 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 245,792 — 245,792 — 245,792 Embedded derivative - GLWB 735,465 — 735,465 — — 735,465 Embedded derivative - FIA 306,063 — 306,063 — — 306,063 Embedded derivative - IUL 141,793 — 141,793 — — 141,793 Other 45,839 — 45,839 — — 45,839 Total derivatives, not subject to a master netting arrangement or similar arrangement 1,474,952 — 1,474,952 — — 1,474,952 Total derivatives 1,738,909 — 1,738,909 263,245 186 1,475,478 Repurchase agreements (1) 272,127 — 272,127 — — 272,127 Total Liabilities $ 2,011,036 $ — $ 2,011,036 $ 263,245 $ 186 $ 1,747,605 (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, 2018: Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Net Amount (Dollars In Thousands) Offsetting of Assets Derivatives: Free-Standing derivatives $ 263,349 $ — $ 263,349 $ 70,322 $ 99,199 $ 93,828 Total derivatives, subject to a master netting arrangement or similar arrangement 263,349 — 263,349 70,322 99,199 93,828 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 7,072 — 7,072 — — 7,072 Embedded derivative - GLWB 105,272 — 105,272 — — 105,272 Other 136 — 136 — — 136 Total derivatives, not subject to a master netting arrangement or similar arrangement 112,480 — 112,480 — — 112,480 Total derivatives 375,829 — 375,829 70,322 99,199 206,308 Total Assets $ 375,829 $ — $ 375,829 $ 70,322 $ 99,199 $ 206,308 Gross Gross Net Amounts Gross Amounts Not Offset Financial Collateral Net Amount (Dollars In Thousands) Offsetting of Liabilities Derivatives: Free-Standing derivatives $ 125,519 $ — $ 125,519 $ 70,322 $ 47,856 $ 7,341 Total derivatives, subject to a master netting arrangement or similar arrangement 125,519 — 125,519 70,322 47,856 7,341 Derivatives not subject to a master netting arrangement or similar arrangement Embedded derivative - Modco reinsurance treaties 32,828 — 32,828 — — 32,828 Embedded derivative - GLWB 289,343 — 289,343 — — 289,343 Embedded derivative - FIA 217,288 — 217,288 — — 217,288 Embedded derivative - IUL 90,231 — 90,231 — — 90,231 Other 252 — 252 — — 252 Total derivatives, not subject to a master netting arrangement or similar arrangement 629,942 — 629,942 — — 629,942 Total derivatives 755,461 — 755,461 70,322 47,856 637,283 Repurchase agreements (1) 418,090 — 418,090 — — 418,090 Total Liabilities $ 1,173,551 $ — $ 1,173,551 $ 70,322 $ 47,856 $ 1,055,373 (1) Borrowings under repurchase agreements are for a term less than 90 days.

MORTGAGE LOANS (Tables)

MORTGAGE LOANS (Tables)	9 Months Ended
	Sep. 30, 2019
Mortgage Loans [Abstract]
Allowance for Credit Losses on Financing Receivables	As of September 30, 2019 and December 31, 2018, the Company had allowances for mortgage loan credit losses of $4.1 million and $1.3 million, respectively, which is shown in the chart below. As of September 30, 2019 December 31, 2018 (Dollars In Thousands) Beginning balance $ 1,296 $ — Charge offs (350) — Recoveries — (209) Provision 3,110 1,505 Ending balance $ 4,056 $ 1,296
Schedule of an Analysis of the Delinquent Loans	The carrying value of the delinquent loans is shown in the following chart. Greater 30-59 Days 60-89 Days than 90 Days Total As of September 30, 2019 Delinquent Delinquent Delinquent Delinquent (Dollars In Thousands) Commercial mortgage loans $ 1,641 $ — $ 730 $ 2,371 Number of delinquent commercial mortgage loans 2 — 3 5 As of December 31, 2018 Commercial mortgage loans $ 1,044 $ — $ 1,234 $ 2,278 Number of delinquent commercial mortgage loans 4 — 1 5
Impaired Financing Receivables	The following table includes the recorded investment, unpaid principal balance, related allowance, average recorded investment, interest income recognized, and cash basis interest income of the commercial loan portfolio as of September 30, 2019 and December 31, 2018: Recorded Unpaid Related Average Interest Cash Basis (Dollars In Thousands) As of September 30, 2019 Commercial mortgage loans: With no related allowance recorded $ 730 $ 722 $ — $ 243 $ 20 $ 28 With an allowance recorded $ 14,373 $ 14,259 $ 4,056 $ 3,593 $ 540 $ 536 As of December 31, 2018 Commercial mortgage loans: With no related allowance recorded $ — $ — $ — $ — $ — $ — With an allowance recorded $ 5,684 $ 5,309 $ 1,296 $ 1,895 $ 267 $ 293
Schedule of Loans in Troubled Debt Restructuring	Mortgage loans that were modified in a troubled debt restructuring as of September 30, 2019 and December 31, 2018 were as follows: Number of Pre-Modification Post-Modification (Dollars In Thousands) As of September 30, 2019 Troubled debt restructuring: Commercial mortgage loans 2 $ 3,776 $ 3,776 As of December 31, 2018 Troubled debt restructuring: Commercial mortgage loans 1 $ 2,688 $ 1,742

DEBT AND OTHER OBLIGATIONS (Tab

DEBT AND OTHER OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Summary of Debt and Subordinated Debt Securities	Debt and subordinated debt are summarized as follows: As of September 30, 2019 December 31, 2018 Outstanding Principal Carrying Amounts Outstanding Principal Carrying Amounts (Dollars In Thousands) Debt (year of issue): Credit Facility $ — $ — $ — $ — Term Loan Credit Agreement 600,000 599,653 — — Capital lease obligation 2,325 2,325 1,319 1,319 7.375% Senior Notes (2009), due 2019 400,000 401,662 400,000 416,469 8.45% Senior Notes (2009), due 2039 180,719 272,337 190,044 288,547 4.30% Senior Notes (2018), due 2028 400,000 395,826 400,000 395,492 3.40% Senior Notes (2019), due 2030 400,000 397,421 — — $ 1,983,044 $ 2,069,224 $ 991,363 $ 1,101,827 Subordinated debt (year of issue): 5.35% Subordinated Debentures (2017), due 2052 $ 500,000 $ 495,528 $ 500,000 $ 495,426 3.55% Subordinated Funding Obligations (2018), due 2038 55,000 55,000 55,000 55,000 3.55% Subordinated Funding Obligations (2018), due 2038 55,000 55,000 55,000 55,000 $ 610,000 $ 605,528 $ 610,000 $ 605,426
Non-recourse Funding Obligations Outstanding	Non-recourse funding obligations outstanding as of September 30, 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) $ 1,762,000 $ 1,762,000 2039 4.75 % Golden Gate II Captive Insurance Company 20,600 17,742 2052 5.48 % Golden Gate V Vermont Captive Insurance Company (2)(3) 705,000 763,018 2037 5.12 % MONY Life Insurance Company (3) 1,091 2,289 2024 6.19 % Total $ 2,488,691 $ 2,545,049 (1) Carrying values include premiums and discounts and do not represent unpaid principal balances. (2) Obligations are issued to non-consolidated subsidiaries of the Company. These obligations collateralize certain held-to-maturity securities issued by wholly owned subsidiaries of PLICO. (3) Fixed rate obligations Non-recourse funding obligations outstanding as of December 31, 2018, 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) $ 1,883,000 $ 1,883,000 2039 4.75 % Golden Gate II Captive Insurance Company 20,600 17,703 2052 4.99 % Golden Gate V Vermont Captive Insurance Company (2)(3) 670,000 729,454 2037 5.12 % MONY Life Insurance Company (3) 1,091 2,340 2024 6.19 % Total $ 2,574,691 $ 2,632,497 (1) Carrying values include premiums and discounts and do not represent unpaid principal balances. (2) Obligations are issued to non-consolidated subsidiaries of the Company. These obligations collateralize certain held-to-maturity securities issued by wholly owned subsidiaries of PLICO. (3) Fixed rate obligations
Schedule of Collateral Pledged for Repurchase Agreements	The following table provides the amount by asset class of securities of collateral pledged for repurchase agreements and securities that have been loaned as part of securities lending transactions as of September 30, 2019 and December 31, 2018: 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, 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 $ 265,684 $ 12,357 $ — $ — $ 278,041 Total repurchase agreements and repurchase-to-maturity transactions 265,684 12,357 — — 278,041 Securities lending transactions Corporate securities 65,547 — — — 65,547 Equity securities 10,266 — — — 10,266 Other government related securities 837 — — — 837 Total securities lending transactions 76,650 — — — 76,650 Total securities $ 342,334 $ 12,357 $ — $ — $ 354,691 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, 2018 (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 $ 433,182 $ 18,713 $ — $ — $ 451,895 Total repurchase agreements and repurchase-to-maturity transactions 433,182 18,713 — — 451,895 Securities lending transactions Fixed maturity securities $ 71,285 $ — $ — $ — $ 71,285 Equity securities 891 — — — 891 Total securities lending transactions 72,176 — — — 72,176 Total securities $ 505,358 $ 18,713 $ — $ — $ 524,071

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
Components of the Net Periodic Benefit Cost of the Company's Defined Benefit Pension Plan and Unfunded Excess Benefit Plan	Components of the net periodic benefit cost for the three and nine months ended September 30, 2019 and 2018, are as follows: For The For The 2019 2018 2019 2018 Qualified Nonqualified Qualified Nonqualified Qualified Nonqualified Qualified Nonqualified (Dollars In Thousands) Service cost — benefits earned during the period $ 3,114 $ 285 $ 3,006 $ 288 $ 9,342 $ 855 $ 9,888 $ 1,062 Interest cost on projected benefit obligation 2,778 371 2,577 359 8,334 1,113 7,371 1,077 Expected return on plan assets (4,463) — (4,743) — (13,389) — (12,795) — Amortization of actuarial loss — 74 — 196 — 222 — 726 Preliminary net periodic benefit cost 1,429 730 840 843 4,287 2,190 4,464 2,865 Settlement/curtailment expense — — — 986 — — 986 Total net periodic benefit costs $ 1,429 $ 730 $ 840 $ 1,829 $ 4,287 $ 2,190 $ 4,464 $ 3,851

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [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, 2019 and December 31, 2018. Changes in Accumulated Other Comprehensive Income (Loss) by Component Unrealized Gains and Losses on Investments (2) Accumulated Minimum Total (Dollars In Thousands, Net of Tax) Balance, December 31, 2017 $ 25,874 $ 747 $ (13,925) $ 12,696 Other comprehensive income (loss) before reclassifications (1,420,499) (1,884) (3,546) (1,425,929) Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings (20,751) — — (20,751) Amounts reclassified from accumulated other comprehensive income (loss) (1) 15,651 1,130 1,989 18,770 Cumulative effect adjustments (10,552) — — (10,552) Balance, December 31, 2018 $ (1,410,277) $ (7) $ (15,482) $ (1,425,766) Other comprehensive income (loss) before reclassifications 2,985,443 (8,116) — 2,977,327 Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings 4,308 — — 4,308 Amounts reclassified from accumulated other comprehensive income (loss) (1) (5,722) 1,075 — (4,647) Balance, September 30, 2019 $ 1,573,752 $ (7,048) $ (15,482) $ 1,551,222 (1) See Reclassifications Out of Accumulated Other Comprehensive Income (Loss) table below for details. (2) As of December 31, 2018 and September 30, 2019, net unrealized losses reported in AOCI were offset by $613.4 million and $(837.6) 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, 2019 and 2018. Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Condensed Consolidated Financial Statements Gains/(losses) in net income: Statements of Income For The For The 2019 2018 2019 2018 (Dollars In Thousands) Derivative instruments Benefits and settlement expenses, net of reinsurance ceded (1) $ (746) $ (481) $ (1,360) $ (799) Tax (expense) benefit 157 101 285 168 $ (589) $ (380) $ (1,075) $ (631) Unrealized gains and losses on available-for-sale securities Realized investment gains (losses): All other investments $ 15,686 $ (2,018) $ 21,901 $ 6,304 Net impairment losses recognized in earnings (10,818) (14) (14,658) (3,664) Tax (expense) benefit (1,022) 427 (1,521) (554) $ 3,846 $ (1,605) $ 5,722 $ 2,086 (1) See Note 7, Derivative Financial Instruments for additional information.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Reconciliation of unrecognized tax benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: As of September 30, 2019 December 31, 2018 (Dollars In Thousands) Balance, beginning of period $ 7,134 $ 11,353 Additions for tax positions of the current year — — Additions for tax positions of prior years — — Reductions of tax positions of prior years: Changes in judgment — (4,219) Settlements during the period (5,343) — Lapses of applicable statute of limitations — — Balance, end of period $ 1,791 $ 7,134

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
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 2019 2018 2019 2018 (Dollars In Thousands) Revenues Life Marketing $ 472,649 $ 438,585 $ 1,371,548 $ 1,288,455 Acquisitions 859,524 581,054 2,136,497 1,469,787 Annuities 92,565 129,280 332,189 413,170 Stable Value Products 59,954 59,328 187,118 158,944 Asset Protection 75,884 79,158 228,096 233,347 Corporate and Other 58,135 59,763 196,068 193,205 Total revenues $ 1,618,711 $ 1,347,168 $ 4,451,516 $ 3,756,908 Pre-tax Adjusted Operating Income (Loss) Life Marketing $ (25,347) $ 2,521 $ (24,575) $ (23,065) Acquisitions 103,210 93,648 247,932 208,206 Annuities 35,860 45,587 135,347 142,052 Stable Value Products 20,863 27,126 71,208 76,198 Asset Protection 10,405 8,029 29,359 21,413 Corporate and Other (22,664) (19,937) (62,783) (58,413) Pre-tax adjusted operating income 122,327 156,974 396,488 366,391 Realized gains (losses) on investments and derivatives 5,516 (20,255) 36,344 (39,102) Income before income tax 127,843 136,719 432,832 327,289 Income tax expense (27,217) (26,619) (85,811) (61,582) Net income $ 100,626 $ 110,100 $ 347,021 $ 265,707 Pre-tax adjusted operating income $ 122,327 $ 156,974 $ 396,488 $ 366,391 Adjusted operating income tax expense (26,059) (30,873) (78,179) (69,793) After-tax adjusted operating income 96,268 126,101 318,309 296,598 Realized gains (losses) on investments and derivatives 5,516 (20,255) 36,344 (39,102) Income tax (expense) benefit on adjustments (1,158) 4,254 (7,632) 8,211 Net income $ 100,626 $ 110,100 $ 347,021 $ 265,707 Realized investment gains (losses): Derivative financial instruments $ (102,403) $ (27,465) $ (370,123) $ 62,859 All other investments 88,409 (19,869) 317,501 (157,070) Net impairment losses recognized in earnings (10,818) (14) (14,658) (3,664) Less: related amortization (1) (6,205) (5,859) (37,406) 5,060 Less: VA GLWB economic cost (24,123) (21,234) (66,218) (63,833) Realized gains (losses) on investments and derivatives $ 5,516 $ (20,255) $ 36,344 $ (39,102) (1) Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by realized gains (losses). Operating Segment Assets As of September 30, 2019 (Dollars In Thousands) Life Acquisitions Annuities Stable Value Investments and other assets $ 15,780,011 $ 52,877,466 $ 21,500,280 $ 5,324,149 DAC and VOBA 1,467,865 885,600 895,121 6,019 Other intangibles 248,475 37,287 161,509 6,889 Goodwill 215,254 23,862 343,247 113,924 Total assets $ 17,711,605 $ 53,824,215 $ 22,900,157 $ 5,450,981 Asset Corporate Total Investments and other assets $ 1,059,284 $ 18,363,134 $ 114,904,324 DAC and VOBA 170,269 — 3,424,874 Other intangibles 114,703 27,473 596,336 Goodwill 129,224 — 825,511 Total assets $ 1,473,480 $ 18,390,607 $ 119,751,045 Operating Segment Assets As of December 31, 2018 (Dollars In Thousands) Life Acquisitions Annuities Stable Value Investments and other assets $ 14,575,702 $ 31,859,520 $ 20,199,597 $ 5,107,334 DAC and VOBA 1,499,386 458,977 889,697 6,121 Other intangibles 262,758 31,975 156,785 7,389 Goodwill 215,254 23,862 343,247 113,924 Total assets $ 16,553,100 $ 32,374,334 $ 21,589,326 $ 5,234,768 Asset Corporate Total Investments and other assets $ 1,019,297 $ 12,715,208 $ 85,476,658 DAC and VOBA 168,973 — 3,023,154 Other intangibles 122,590 31,934 613,431 Goodwill 129,224 — 825,511 Total assets $ 1,440,084 $ 12,747,142 $ 89,938,754

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2019	Sep. 30, 2018
Operating Cash Flows
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustments for amounts misclassified in prior periods		$ 88,000
Financing Cash Flows
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustments for amounts misclassified in prior periods		$ (88,000)
Deferred Policy Acquisition Costs Tax Reimbursements
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustments for amounts misclassified in prior periods	$ 8,960

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Jan. 01, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect adjustments	$ (50,808)	$ (92,525)
Accounting Standards Update 2016-02
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Right-of-use asset	21,500
Operating lease liability	21,500
Retained Earnings
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect adjustments	(50,808)	$ (81,973)
Retained Earnings | Accounting Standards Update 2017-08
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect adjustments	$ 50,800

SIGNIFICANT TRANSACTIONS - Narr

SIGNIFICANT TRANSACTIONS - Narrative (Details) - P L I C O - USD ($)	Sep. 30, 2019	Jun. 03, 2019	Jun. 01, 2019	May 01, 2018
Life Business
Business Combination Segment Allocation [Line Items]
Coinsurance basis percentage				100.00%
Ceded commissions for reinsurance				$ 422,400,000
Statutory reserves resulting from reinsurance, business acquired, estimate				13,200,000,000
Statutory reserves resulting from reinsurance business acquired, final amount				$ 13,700,000,000
Individual Life Business
Business Combination Segment Allocation [Line Items]
Coinsurance basis percentage		100.00%
Ceded commissions for reinsurance		$ 765,700,000
Statutory reserves resulting from reinsurance, business acquired, estimate		20,400,000,000
Contingent consideration		49,500,000
Range of outcomes, for contingent consideration liability. low		0
Range of outcomes for contingent consideration liability, high		40,000,000
Contingent consideration liability, estimate		$ 37,600,000
Estimated liability based on present value of future payments	$ 8,200,000		$ 11,900,000

SIGNIFICANT TRANSACTIONS - Purc

SIGNIFICANT TRANSACTIONS - Purchase Consideration (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 01, 2019	May 01, 2018
Life Business
Pro Forma [Abstract]
Revenue		$ 1,347,168		$ 4,078,285
Net income		110,100		311,851
Individual Life Business
Pro Forma [Abstract]
Revenue	$ 1,618,711	1,584,261	$ 4,822,409	4,412,630
Net income	$ 100,626	$ 116,229	364,116	$ 298,263
Revenue since acquisition date			352,500
Net income since acquisition date			74,000
P L I C O | Life Business
ASSETS
Fixed maturities						$ 12,588,512
Mortgage loans						435,405
Policy loans						131,489
Total investments						13,155,406
Cash						35,179
Accrued investment income						152,030
Reinsurance receivables						272
Value of business acquired						379,717
Other assets						916
Total assets						13,723,520
LIABILITIES
Future policy benefits and claims						11,751,895
Unearned premiums						0
Total policy liabilities and accruals						11,751,895
Annuity account balances						1,864,141
Other policyholders’ funds						41,936
Other liabilities						65,548
Total liabilities						13,723,520
NET ASSETS ACQUIRED						$ 0
P L I C O | Individual Life Business
ASSETS
Fixed maturities					$ 8,697,966
Mortgage loans					1,386,228
Policy loans					44,002
Other long-term investments					1,579
Total investments					10,129,775
Cash					34,835
Accrued investment income					101,452
Accounts and premiums receivable					62
Reinsurance receivables					1,642
Value of business acquired					510,875
Other intangibles					21,300
Other assets					1,525,911
Assets related to separate accounts					9,583,217
Total assets					21,909,069
LIABILITIES
Future policy benefits and claims					11,000,902
Annuity account balances					220,064
Other policyholders’ funds					220,117
Other liabilities					72,127
Liabilities related to separate accounts					9,583,217
Total liabilities					21,096,427
NET ASSETS ACQUIRED					$ 812,642
Transaction costs | Individual Life Business
Pro Forma [Abstract]
Net income			$ 12,200

SIGNIFICANT TRANSACTIONS - Inta

SIGNIFICANT TRANSACTIONS - Intangible Assets and VOBA (Details) - Individual Life Business - USD ($) $ in Thousands	Jun. 01, 2019	Sep. 30, 2019
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2019		$ 366
2020		1,463
2021		1,463
2022		1,463
2023		1,463
Expected Amortization Expense VOBA [Abstract]
Remainder of 2019		(3,616)
2020		(19,741)
2021		(12,153)
2022		(5,090)
2023		$ 1,143
Distribution relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	18 years
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	10 years
P L I C O
Acquired Finite-Lived Intangible Assets [Line Items]
Other intangibles	$ 21,300
P L I C O | Distribution relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Other intangibles	15,000
P L I C O | Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Other intangibles	$ 6,300

MONY CLOSED BLOCK OF BUSINESS -

MONY CLOSED BLOCK OF BUSINESS - Schedule of Financial Information for the Closed Block (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$ 5,579,389	$ 5,679,732
Policyholder dividend obligation	319,865	0	$ 0	$ 160,712
Other liabilities	11,366	22,505
Total closed block liabilities	5,910,620	5,702,237
Closed block assets
Fixed maturities, available-for-sale, at fair value	4,694,274	4,257,437
Mortgage loans on real estate	73,563	75,838
Policy loans	648,805	672,213
Cash	75,828	116,225
Other assets	106,481	136,388
Total closed block assets	5,598,951	5,258,101
Excess of reported closed block liabilities over closed block assets	311,669	444,136
Portion of above representing accumulated other comprehensive income:
Net unrealized investment gains (losses) net of policyholder dividend obligation: $198,285 and $(141,128); and net of income tax: $(41,640) and $61,676	0	(120,528)
Future earnings to be recognized from closed block assets and closed block liabilities	311,669	323,608
Policyholder dividend obligation	198,285	(141,128)
Deferred income tax expense (benefit)	$ (41,640)	$ 61,676

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, 2019	Sep. 30, 2018
Movement in Closed Block Dividend Obligation [Roll Forward]
Policyholder dividend obligation, beginning of period	$ 0	$ 160,712
Applicable to net revenue (losses)	(19,548)	(24,922)
Change in net unrealized investment gains (losses) allocated to the policyholder dividend obligation	339,413	(135,790)
Policyholder dividend obligation, end of period	$ 319,865	$ 0

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Premiums and other income	$ 37,652	$ 39,691	$ 115,202	$ 121,768
Net investment income	52,018	50,833	154,808	152,248
Net investment gains (losses)	1,104	40	693	66
Total revenues	90,774	90,564	270,703	274,082
Benefits and other deductions
Benefits and settlement expenses	84,531	83,588	250,410	251,480
Other operating expenses	229	291	836	310
Total benefits and other deductions	84,760	83,879	251,246	251,790
Net revenues before income taxes	6,014	6,685	19,457	22,292
Income tax expense	1,263	1,404	4,086	4,681
Net revenues	$ 4,751	$ 5,281	$ 15,371	$ 17,611

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Fixed maturities	$ 15,686	$ (2,018)	$ 21,901	$ 6,304
Equity gains and losses	6,310	(6,638)	44,723	(16,466)
Modco trading portfolio	67,674	(10,901)	252,147	(148,427)
Other investments	(1,261)	(312)	(1,270)	1,519
Realized gains (losses) - all other investments	88,409	(19,869)	317,501	(157,070)
Realized gains (losses) - derivatives	(102,403)	(27,465)	(370,123)	62,859
Realized investment gains (losses)	(13,994)	(47,334)	(52,622)	(94,211)
Net impairments losses recognized in earnings	$ (10,818)	$ (14)	$ (14,658)	$ (3,664)

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 20,155	$ 3,410	$ 34,837	$ 21,596
Gross realized losses:
Impairment losses	(10,818)	(14)	(14,658)	(3,664)
Other realized losses	$ (4,469)	$ (5,428)	$ (12,936)	$ (15,292)

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Securities in an unrealized gain position:
Fair value proceeds	$ 679,514	$ 306,600	$ 1,819,526	$ 914,885
Gains realized	20,155	3,410	34,837	21,596
Securities in an unrealized loss position:
Fair value proceeds	37,488	122,317	375,617	380,493
Losses realized	$ (4,469)	$ (5,428)	$ (12,936)	$ (15,292)

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized during the period on equity securities	$ 6,310	$ (6,638)	$ 44,723	$ (16,466)
Less: net gains (losses) recognized on equity securities sold during the period	(648)	(1,476)	(395)	(3,856)
Gains (losses) recognized during the period on equity securities still held	$ 6,958	$ (5,162)	$ 45,118	$ (12,610)

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	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Investment [Line Items]
Amortized Cost	$ 62,622,141	$ 52,826,470
Gross Unrealized Gains	3,372,626	189,175
Gross Unrealized Losses	(351,749)	(2,750,781)
Fair Value	65,643,018	50,264,864
Total OTTI Recognized in OCI	(23,373)	(28,827)
Residential mortgage-backed securities
Investment [Line Items]
Amortized Cost	5,162,112	3,650,539
Gross Unrealized Gains	194,376	23,247
Gross Unrealized Losses	(5,024)	(62,196)
Fair Value	5,351,464	3,611,590
Total OTTI Recognized in OCI	0	(18)
Commercial mortgage-backed securities
Investment [Line Items]
Amortized Cost	2,657,041	2,349,274
Gross Unrealized Gains	88,906	3,911
Gross Unrealized Losses	(1,119)	(58,101)
Fair Value	2,744,828	2,295,084
Total OTTI Recognized in OCI	0	0
Other asset-backed securities
Investment [Line Items]
Amortized Cost	1,878,663	1,410,059
Gross Unrealized Gains	32,830	17,232
Gross Unrealized Losses	(13,017)	(35,398)
Fair Value	1,898,476	1,391,893
Total OTTI Recognized in OCI	0	0
U.S. government-related securities
Investment [Line Items]
Amortized Cost	1,154,940	1,683,432
Gross Unrealized Gains	9,836	1,795
Gross Unrealized Losses	(2,569)	(45,722)
Fair Value	1,162,207	1,639,505
Total OTTI Recognized in OCI	(3)	0
Other government-related securities
Investment [Line Items]
Amortized Cost	554,434	545,522
Gross Unrealized Gains	52,547	4,292
Gross Unrealized Losses	(1,630)	(33,850)
Fair Value	605,351	515,964
Total OTTI Recognized in OCI	0	0
States, municipals, and political subdivisions
Investment [Line Items]
Amortized Cost	4,503,629	3,682,037
Gross Unrealized Gains	331,625	25,706
Gross Unrealized Losses	(597)	(118,902)
Fair Value	4,834,657	3,588,841
Total OTTI Recognized in OCI	1,274	876
Corporate securities
Investment [Line Items]
Amortized Cost	45,125,038	38,634,888
Gross Unrealized Gains	2,658,289	112,992
Gross Unrealized Losses	(323,790)	(2,385,052)
Fair Value	47,459,537	36,362,828
Total OTTI Recognized in OCI	(24,644)	(29,685)
Redeemable preferred stocks
Investment [Line Items]
Amortized Cost	87,348	94,362
Gross Unrealized Gains	4,217	0
Gross Unrealized Losses	(4,003)	(11,560)
Fair Value	87,562	82,802
Total OTTI Recognized in OCI		0
Fixed maturities
Investment [Line Items]
Amortized Cost	61,123,205	52,050,113
Gross Unrealized Gains	3,372,626	189,175
Gross Unrealized Losses	(351,749)	(2,750,781)
Fair Value	64,144,082	49,488,507
Total OTTI Recognized in OCI	(23,373)	(28,827)
Short-term investments
Investment [Line Items]
Amortized Cost	1,498,936	776,357
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	1,498,936	776,357
Total OTTI Recognized in OCI	$ 0	$ 0

INVESTMENT OPERATIONS - Sched_5

INVESTMENT OPERATIONS - Schedule of Fair Value of Trading Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Trading Securities [Line Items]
Trading securities	$ 2,642,144	$ 2,457,010
Residential mortgage-backed securities
Trading Securities [Line Items]
Trading securities	202,963	241,836
Commercial mortgage-backed securities
Trading Securities [Line Items]
Trading securities	208,935	188,925
Other asset-backed securities
Trading Securities [Line Items]
Trading securities	137,732	159,907
U.S. government-related securities
Trading Securities [Line Items]
Trading securities	48,112	59,794
Other government-related securities
Trading Securities [Line Items]
Trading securities	26,792	44,207
States, municipals, and political subdivisions
Trading Securities [Line Items]
Trading securities	300,332	286,413
Corporate securities
Trading Securities [Line Items]
Trading securities	1,599,453	1,423,833
Redeemable preferred stocks
Trading Securities [Line Items]
Trading securities	12,195	11,277
Fixed maturities
Trading Securities [Line Items]
Trading securities	2,536,514	2,416,192
Equity securities
Trading Securities [Line Items]
Trading securities	6,647	9,892
Short-term investments
Trading Securities [Line Items]
Trading securities	$ 98,983	$ 30,926

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, 2019	Dec. 31, 2018
Available-for-sale, Amortized Cost
Amortized Cost	$ 62,622,141	$ 52,826,470
Available-for-sale, Fair Value
Fair Value	65,643,018	50,264,864
Held-to-maturity, Fair Value
Fair Value	2,685,076	2,547,210
Fixed maturities
Available-for-sale, Amortized Cost
Due in one year or less	1,831,024
Due after one year through five years	9,983,745
Due after five years through ten years	13,732,775
Due after ten years	35,575,661
Amortized Cost	61,123,205
Available-for-sale, Fair Value
Due in one year or less	1,829,527
Due after one year through five years	10,170,970
Due after five years through ten years	14,362,164
Due after ten years	37,781,421
Fair Value	64,144,082
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	2,544,054
Amortized Cost	2,544,054	2,633,474
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	2,685,076
Fair Value	$ 2,685,076	$ 2,547,210

INVESTMENT OPERATIONS - Sched_7

INVESTMENT OPERATIONS - Schedule of Other-than-Temporary Impairments of Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investment [Line Items]
Other-than-temporary impairment losses	$ (39,752)	$ (14)	$ (41,245)	$ (715)
Net impairment losses recognized in earnings	(10,818)	(14)	(14,658)	(3,664)
Fixed maturities
Investment [Line Items]
Other-than-temporary impairment losses	(39,752)	(14)	(41,245)	(715)
Non-credit impairment losses recorded in other comprehensive income (loss)	28,934	0	26,587	(2,949)
Net impairment losses recognized in earnings	$ (10,818)	$ (14)	$ (14,658)	$ (3,664)

INVESTMENT OPERATIONS - Sched_8

INVESTMENT OPERATIONS - Schedule of Available-for-Sale Credit Losses on Fixed Maturities Held by the Company for Which a Portion of Other-than-Temporary Impairments were Recognized in Other Comprehensive Income (Loss) (Details) - Fixed maturities - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance	$ 12,498	$ 2	$ 24,868	$ 3,268
Additions for newly impaired securities	10,805	0	11,556	0
Additions for previously impaired securities	0	0	3,007	2
Reductions for previously impaired securities due to a change in expected cash flows	(12,498)	0	(21,332)	0
Reductions for previously impaired securities that were sold in the current period	0	(2)	(7,294)	(3,270)
Ending balance	$ 10,805	$ 0	$ 10,805	$ 0

INVESTMENT OPERATIONS - Sched_9

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, 2019	Dec. 31, 2018
Fair Value
Less Than 12 Months	$ 3,500,616	$ 22,322,949
12 Months or More	4,578,011	17,630,381
Total	8,078,627	39,953,330
Unrealized Loss
Less Than 12 Months	(55,183)	(1,091,842)
12 Months or More	(296,566)	(1,658,939)
Total	(351,749)	(2,750,781)
Residential mortgage-backed securities
Fair Value
Less Than 12 Months	484,979	1,485,009
12 Months or More	288,103	804,364
Total	773,082	2,289,373
Unrealized Loss
Less Than 12 Months	(2,069)	(31,302)
12 Months or More	(2,955)	(30,894)
Total	(5,024)	(62,196)
Commercial mortgage-backed securities
Fair Value
Less Than 12 Months	67,255	422,438
12 Months or More	117,799	1,429,384
Total	185,054	1,851,822
Unrealized Loss
Less Than 12 Months	(78)	(7,442)
12 Months or More	(1,041)	(50,659)
Total	(1,119)	(58,101)
Other asset-backed securities
Fair Value
Less Than 12 Months	453,923	687,271
12 Months or More	162,369	148,871
Total	616,292	836,142
Unrealized Loss
Less Than 12 Months	(7,510)	(30,963)
12 Months or More	(5,507)	(4,435)
Total	(13,017)	(35,398)
U.S. government-related securities
Fair Value
Less Than 12 Months	265,257	130,290
12 Months or More	335,336	1,085,654
Total	600,593	1,215,944
Unrealized Loss
Less Than 12 Months	(844)	(4,668)
12 Months or More	(1,725)	(41,054)
Total	(2,569)	(45,722)
Other government-related securities
Fair Value
Less Than 12 Months	57,008	226,201
12 Months or More	10,427	131,569
Total	67,435	357,770
Unrealized Loss
Less Than 12 Months	(488)	(15,267)
12 Months or More	(1,142)	(18,583)
Total	(1,630)	(33,850)
States, municipals, and political subdivisions
Fair Value
Less Than 12 Months	35,092	1,004,262
12 Months or More	15,215	1,129,152
Total	50,307	2,133,414
Unrealized Loss
Less Than 12 Months	(297)	(27,180)
12 Months or More	(300)	(91,722)
Total	(597)	(118,902)
Corporate securities
Fair Value
Less Than 12 Months	2,137,102	18,326,331
12 Months or More	3,631,827	12,859,732
Total	5,768,929	31,186,063
Unrealized Loss
Less Than 12 Months	(43,897)	(970,553)
12 Months or More	(279,893)	(1,414,499)
Total	(323,790)	(2,385,052)
Redeemable preferred stocks
Fair Value
Less Than 12 Months	0	41,147
12 Months or More	16,935	41,655
Total	16,935	82,802
Unrealized Loss
Less Than 12 Months	0	(4,467)
12 Months or More	(4,003)	(7,093)
Total	$ (4,003)	$ (11,560)

INVESTMENT OPERATIONS - Additio

INVESTMENT OPERATIONS - Additional Information (Details)	Jan. 15, 2016	Sep. 30, 2019USD ($)subsidiaryposition	Dec. 31, 2018USD ($)subsidiary
Investment [Line Items]
Gross unrealized loss greater than twelve months		$ 296,566,000	$ 1,658,939,000
Total positions that were in an unrealized loss position | position		809
Fair Value		$ 65,643,018,000	50,264,864,000
Available-for-sale securities, amortized cost		62,622,141,000	52,826,470,000
Trading securities		$ 2,642,144,000	$ 2,457,010,000
Red Mountain and Steel City
Investment [Line Items]
Number of wholly owned subsidiaries that were determined to be VIEs | subsidiary		2	2
Red Mountain, LLC
Investment [Line Items]
Ownership through an affiliate (as a percent)		100.00%
Risk of loss related to the VIE limited to the entity's investment		$ 10,000
Payments made		$ 0
Steel City, LLC
Investment [Line Items]
Ownership through an affiliate (as a percent)		100.00%
Risk of loss related to the VIE limited to the entity's investment		$ 10,000
Payments made		0
Number of notes issued	3
Below investment grade
Investment [Line Items]
Fair Value		1,600,000,000
Available-for-sale securities, amortized cost		1,700,000,000
Trading securities		113,500,000
Securities not publicly traded		235,200,000
Residential mortgage-backed securities
Investment [Line Items]
Gross unrealized loss greater than twelve months		2,955,000	$ 30,894,000
Trading securities		202,963,000	241,836,000
Commercial mortgage-backed securities
Investment [Line Items]
Gross unrealized loss greater than twelve months		1,041,000	50,659,000
Trading securities		208,935,000	188,925,000
Other asset-backed securities
Investment [Line Items]
Gross unrealized loss greater than twelve months		$ 5,507,000	4,435,000
Percentage of underlying collateral of student-loan backed auction rate securities guaranteed by the Federal Family Education Loan Program (FFELP), minimum		97.00%
Trading securities		$ 137,732,000	159,907,000
U.S. government-related securities
Investment [Line Items]
Gross unrealized loss greater than twelve months		1,725,000	41,054,000
Trading securities		48,112,000	59,794,000
Other government-related securities
Investment [Line Items]
Gross unrealized loss greater than twelve months		1,142,000	18,583,000
Trading securities		26,792,000	44,207,000
States, municipals, and political subdivisions
Investment [Line Items]
Gross unrealized loss greater than twelve months		300,000	91,722,000
Trading securities		300,332,000	286,413,000
Corporate securities
Investment [Line Items]
Gross unrealized loss greater than twelve months		279,893,000	1,414,499,000
Trading securities		1,599,453,000	1,423,833,000
Fixed maturities
Investment [Line Items]
Fair Value		64,144,082,000
Available-for-sale securities, amortized cost		61,123,205,000
Trading securities		2,536,514,000	2,416,192,000
Gross unrecognized holding gains		141,022,000	0
Gross unrecognized holding losses		$ 0	$ 86,264,000

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Fixed maturities
Investment Holdings [Line Items]
Change in unrealized gains (losses), net of income tax	$ 1,310,979	$ (229,912)	$ 4,410,162	$ (1,735,210)

INVESTMENT OPERATIONS - Sche_10

INVESTMENT OPERATIONS - Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Held-to-Maturity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Investment [Line Items]
Fair Value	$ 2,685,076	$ 2,547,210
Fixed maturities
Investment [Line Items]
Amortized Cost	2,544,054	2,633,474
Gross Unrecognized Holding Gains	141,022	0
Gross Unrecognized Holding Losses	0	(86,264)
Fair Value	2,685,076	2,547,210
Total OTTI Recognized in OCI	0	0
Fixed maturities | Red Mountain, LLC
Investment [Line Items]
Amortized Cost	782,054	750,474
Gross Unrecognized Holding Gains	10,406	0
Gross Unrecognized Holding Losses	0	(81,657)
Fair Value	792,460	668,817
Total OTTI Recognized in OCI	0	0
Fixed maturities | Steel City, LLC
Investment [Line Items]
Amortized Cost	1,762,000	1,883,000
Gross Unrecognized Holding Gains	130,616	0
Gross Unrecognized Holding Losses	0	(4,607)
Fair Value	1,892,616	1,878,393
Total OTTI Recognized in OCI	$ 0	$ 0

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, 2019	Dec. 31, 2018
Assets:
Fixed maturity securities - available-for-sale	$ 65,643,018	$ 50,264,864
Fixed maturity securities - trading	2,642,144	2,457,010
Total fixed maturity securities	66,680,596	51,904,699
Equity securities	619,341	595,884
Other long-term investments	798,434	375,829
Short-term investments	1,597,919	807,283
Assets related to separate accounts:
Variable annuity	12,542,212	12,288,919
Variable universal life	1,066,999	937,732
Fixed maturities
Assets:
Fixed maturity securities - available-for-sale	64,144,082
Fixed maturity securities - trading	2,536,514	2,416,192
Residential mortgage-backed securities
Assets:
Fixed maturity securities - trading	202,963	241,836
Commercial mortgage-backed securities
Assets:
Fixed maturity securities - trading	208,935	188,925
Other asset-backed securities
Assets:
Fixed maturity securities - trading	137,732	159,907
Other government-related securities
Assets:
Fixed maturity securities - trading	26,792	44,207
States, municipals, and political subdivisions
Assets:
Fixed maturity securities - trading	300,332	286,413
Corporate securities
Assets:
Fixed maturity securities - trading	1,599,453	1,423,833
Level 3 | Other asset-backed securities
Assets:
Total investments	415,950	421,458
Level 3 | Corporate securities
Assets:
Total investments	1,325,112	631,068
Measured at fair value on a recurring basis
Assets:
Total fixed maturity securities	66,680,596	51,904,699
Equity securities	619,341	595,884
Other long-term investments	798,434	375,829
Short-term investments	1,597,919	807,283
Total investments	69,696,290	53,683,695
Cash	293,299	173,714
Other assets	34,621	29,257
Assets related to separate accounts:
Variable annuity	12,542,212	12,288,919
Variable universal life	1,066,999	937,732
Total assets measured at fair value on a recurring basis	83,633,421	67,113,317
Liabilities:
Annuity account balances	71,820	76,119
Other liabilities	1,738,909	755,461
Total liabilities measured at fair value on a recurring basis	1,810,729	831,580
Measured at fair value on a recurring basis | Fixed maturities
Assets:
Fixed maturity securities - available-for-sale	64,144,082	49,488,507
Fixed maturity securities - trading	2,536,514	2,416,192
Measured at fair value on a recurring basis | Residential mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	5,351,464	3,611,590
Fixed maturity securities - trading	202,963	241,836
Measured at fair value on a recurring basis | Commercial mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	2,744,828	2,295,084
Fixed maturity securities - trading	208,935	188,925
Measured at fair value on a recurring basis | Other asset-backed securities
Assets:
Fixed maturity securities - available-for-sale	1,898,476	1,391,893
Fixed maturity securities - trading	137,732	159,907
Measured at fair value on a recurring basis | U.S. government-related securities
Assets:
Fixed maturity securities - available-for-sale	1,162,207	1,639,505
Fixed maturity securities - trading	48,112	59,794
Measured at fair value on a recurring basis | Other government-related securities
Assets:
Fixed maturity securities - available-for-sale	605,351	515,964
Fixed maturity securities - trading	26,792	44,207
Measured at fair value on a recurring basis | States, municipals, and political subdivisions
Assets:
Fixed maturity securities - available-for-sale	4,834,657	3,588,841
Fixed maturity securities - trading	300,331	286,413
Measured at fair value on a recurring basis | Corporate securities
Assets:
Fixed maturity securities - available-for-sale	47,459,537	36,362,828
Fixed maturity securities - trading	1,599,454	1,423,833
Measured at fair value on a recurring basis | Redeemable preferred stocks
Assets:
Fixed maturity securities - available-for-sale	87,562	82,802
Fixed maturity securities - trading	12,195	11,277
Measured at fair value on a recurring basis | Level 1
Assets:
Total fixed maturity securities	910,509	1,114,751
Equity securities	549,487	531,523
Other long-term investments	62,772	83,047
Short-term investments	1,517,313	730,067
Total investments	3,040,081	2,459,388
Cash	293,299	173,714
Other assets	34,621	29,257
Assets related to separate accounts:
Variable annuity	12,542,212	12,288,919
Variable universal life	1,066,999	937,732
Total assets measured at fair value on a recurring basis	16,977,212	15,889,010
Liabilities:
Annuity account balances	0	0
Other liabilities	12,579	56,018
Total liabilities measured at fair value on a recurring basis	12,579	56,018
Measured at fair value on a recurring basis | Level 1 | Fixed maturities
Assets:
Fixed maturity securities - available-for-sale	872,558	1,076,021
Fixed maturity securities - trading	37,951	38,730
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	801,931	1,010,485
Fixed maturity securities - trading	25,756	27,453
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 | 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 | 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	70,627	65,536
Fixed maturity securities - trading	12,195	11,277
Measured at fair value on a recurring basis | Level 2
Assets:
Total fixed maturity securities	63,950,715	49,697,732
Equity securities	36	36
Other long-term investments	567,702	180,438
Short-term investments	80,606	77,216
Total investments	64,599,059	49,955,422
Cash	0	0
Other assets	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	64,599,059	49,955,422
Liabilities:
Annuity account balances	0	0
Other liabilities	251,378	69,501
Total liabilities measured at fair value on a recurring basis	251,378	69,501
Measured at fair value on a recurring basis | Level 2 | Fixed maturities
Assets:
Fixed maturity securities - available-for-sale	61,520,715	47,352,568
Fixed maturity securities - trading	2,430,000	2,345,164
Measured at fair value on a recurring basis | Level 2 | Residential mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	5,351,464	3,611,590
Fixed maturity securities - trading	202,963	241,836
Measured at fair value on a recurring basis | Level 2 | Commercial mortgage-backed securities
Assets:
Fixed maturity securities - available-for-sale	2,735,193	2,295,084
Fixed maturity securities - trading	208,935	188,925
Measured at fair value on a recurring basis | Level 2 | Other asset-backed securities
Assets:
Fixed maturity securities - available-for-sale	1,482,414	970,251
Fixed maturity securities - trading	76,205	133,851
Measured at fair value on a recurring basis | Level 2 | U.S. government-related securities
Assets:
Fixed maturity securities - available-for-sale	360,276	629,020
Fixed maturity securities - trading	22,356	32,341
Measured at fair value on a recurring basis | Level 2 | Other government-related securities
Assets:
Fixed maturity securities - available-for-sale	605,351	515,964
Fixed maturity securities - trading	26,792	44,207
Measured at fair value on a recurring basis | Level 2 | States, municipals, and political subdivisions
Assets:
Fixed maturity securities - available-for-sale	4,834,657	3,588,841
Fixed maturity securities - trading	300,331	286,413
Measured at fair value on a recurring basis | Level 2 | Corporate securities
Assets:
Fixed maturity securities - available-for-sale	46,134,425	35,724,552
Fixed maturity securities - trading	1,592,418	1,417,591
Measured at fair value on a recurring basis | Level 2 | Redeemable preferred stocks
Assets:
Fixed maturity securities - available-for-sale	16,935	17,266
Fixed maturity securities - trading	0	0
Measured at fair value on a recurring basis | Level 3
Assets:
Total fixed maturity securities	1,819,372	1,092,216
Equity securities	69,818	64,325
Other long-term investments	167,960	112,344
Short-term investments	0	0
Total investments	2,057,150	1,268,885
Cash	0	0
Other assets	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	2,057,150	1,268,885
Liabilities:
Annuity account balances	71,820	76,119
Other liabilities	1,474,952	629,942
Total liabilities measured at fair value on a recurring basis	1,546,772	706,061
Measured at fair value on a recurring basis | Level 3 | Fixed maturities
Assets:
Fixed maturity securities - available-for-sale	1,750,809	1,059,918
Fixed maturity securities - trading	68,563	32,298
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	9,635	0
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	416,062	421,642
Fixed maturity securities - trading	61,527	26,056
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 | 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 | 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 | Corporate securities
Assets:
Fixed maturity securities - available-for-sale	1,325,112	638,276
Fixed maturity securities - trading	7,036	6,242
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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Assets and liabilities measured at fair value on a recurring basis
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			91.60%
Number of broker quotes obtained per security			2
Percentage of derivatives excluding embedded derivatives that were priced using exchange prices or independent broker quotations			100.00%
Financial instruments with book value approximating fair value	$ 68,700,000		$ 68,700,000			$ 63,600,000
Transfers into Level 3	52,100,000	$ 19,900,000	138,200,000	$ 30,900,000
Securities transferred from level 3 to level 2	10,800,000	47,700,000	31,400,000	66,200,000
Transfers from Level 2 to Level 1	0	0	0	0
Transfers from Level 1	0	0	0	0
Level 3
Assets and liabilities measured at fair value on a recurring basis
Level 3 fair value	1,546,772,000	632,943,000	1,546,772,000	632,943,000	$ 1,169,662,000	706,061,000	$ 653,014,000	$ 844,362,000
Financial instruments that are valued using broker quotes	79,400,000		79,400,000			40,400,000
Level 3 | Annuity account
Assets and liabilities measured at fair value on a recurring basis
Level 3 fair value	71,820,000	$ 78,463,000	71,820,000	$ 78,463,000	$ 72,585,000	76,119,000	$ 80,098,000	$ 83,472,000
Asset-backed securities | Level 2
Assets and liabilities measured at fair value on a recurring basis
Fair value	10,100,000,000		10,100,000,000
Asset-backed securities | Level 3
Assets and liabilities measured at fair value on a recurring basis
Fair value	487,200,000		$ 487,200,000
Other asset-backed securities
Assets and liabilities measured at fair value on a recurring basis
Percentage of underlying collateral of student-loan backed auction rate securities guaranteed by the Federal Family Education Loan Program (FFELP), minimum			97.00%
Other asset-backed securities | Level 3
Assets and liabilities measured at fair value on a recurring basis
Fair value	415,950,000		$ 415,950,000			421,458,000
Percentage of underlying collateral of student-loan backed auction rate securities guaranteed by the Federal Family Education Loan Program (FFELP), minimum			97.00%
Financial instruments that are valued using broker quotes	71,300,000		$ 71,300,000			26,200,000
Other asset-backed securities | Level 3 | Available-for-sale securities
Assets and liabilities measured at fair value on a recurring basis
Fair value	425,700,000		425,700,000
Other asset-backed securities | Level 3 | Trading securities
Assets and liabilities measured at fair value on a recurring basis
Fair value	61,500,000		61,500,000
Corporate bonds and securities | Level 2
Assets and liabilities measured at fair value on a recurring basis
Fair value	53,900,000,000		53,900,000,000
Corporate bonds and securities | Level 3
Assets and liabilities measured at fair value on a recurring basis
Fair value	1,300,000,000		1,300,000,000
Equity securities
Assets and liabilities measured at fair value on a recurring basis
Fair value	69,900,000		69,900,000
Federal Home Loan Bank (FHLB) stock	68,500,000		68,500,000
Equity securities | Level 3
Assets and liabilities measured at fair value on a recurring basis
Financial instruments that are valued using broker quotes	1,100,000		$ 1,100,000			700,000
Embedded derivative - GLWB | Minimum
Assets and liabilities measured at fair value on a recurring basis
Mortality (as a percent)			87.00%
Embedded derivative - GLWB | Maximum
Assets and liabilities measured at fair value on a recurring basis
Mortality (as a percent)			100.00%
Embedded derivative - FIA | Minimum
Assets and liabilities measured at fair value on a recurring basis
Mortality (as a percent)			87.00%
Embedded derivative - FIA | Maximum
Assets and liabilities measured at fair value on a recurring basis
Mortality (as a percent)			100.00%
Embedded derivative - IUL | Minimum
Assets and liabilities measured at fair value on a recurring basis
Mortality (as a percent)			37.00%
Embedded derivative - IUL | Maximum
Assets and liabilities measured at fair value on a recurring basis
Mortality (as a percent)			577.00%
Embedded derivative - Modified coinsurance agreements
Assets and liabilities measured at fair value on a recurring basis
Statutory policy liabilities (net of policy loans)	3,500,000,000		$ 3,500,000,000
Embedded derivative - Modified coinsurance agreements | Trading securities
Assets and liabilities measured at fair value on a recurring basis
Fair value	285,900,000		285,900,000
Corporate securities | Level 3
Assets and liabilities measured at fair value on a recurring basis
Fair value	1,325,112,000		1,325,112,000			631,068,000
Financial instruments that are valued using broker quotes	$ 7,000,000		$ 7,000,000			$ 13,500,000

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation of Level 3 Financial Instruments (Details)	12 Months Ended
	Dec. 31, 2018USD ($)usd_per_policy	Sep. 30, 2019USD ($)usd_per_policy
Liabilities:
Fair Value	$ 755,461,000	$ 1,738,909,000
Level 3 | Other asset-backed securities
Assets:
Fair value	421,458,000	415,950,000
Level 3 | Corporate securities
Assets:
Fair value	631,068,000	1,325,112,000
Level 3 | Embedded derivative - GLWB
Liabilities:
Fair Value	184,071,000	547,306,000
Level 3 | Embedded derivative - FIA
Liabilities:
Fair Value	217,288,000	308,861,000
Level 3 | Embedded derivative - IUL
Liabilities:
Fair Value	$ 90,231,000	$ 141,793,000
Level 3 | Discounted cash flow | Corporate securities | Minimum
Liabilities:
Debt securities, measurement input	0.0084	0.0089
Level 3 | Discounted cash flow | Corporate securities | Maximum
Liabilities:
Debt securities, measurement input	0.0300	0.0393
Level 3 | Discounted cash flow | Corporate securities | Weighted average
Liabilities:
Debt securities, measurement input	0.0184	0.0173
Level 3 | Actuarial cash flow model | Embedded derivative - FIA
Liabilities:
Embedded derivative, measurement input	145	195
Liquidation value | Level 3 | Liquidation Technique | Other asset-backed securities | Minimum
Liabilities:
Debt securities, measurement input, value	$ 85.75	$ 95.39
Liquidation value | Level 3 | Liquidation Technique | Other asset-backed securities | Maximum
Liabilities:
Debt securities, measurement input, value	99.99	97
Liquidation value | Level 3 | Liquidation Technique | Other asset-backed securities | Weighted average
Liabilities:
Debt securities, measurement input, value	$ 95.36	$ 96.48
Liquidity premium | Level 3 | Discounted cash flow | Other asset-backed securities | Minimum
Liabilities:
Debt securities, measurement input	0.0002	0.0001
Liquidity premium | Level 3 | Discounted cash flow | Other asset-backed securities | Maximum
Liabilities:
Debt securities, measurement input	0.0125	0.0132
Liquidity premium | Level 3 | Discounted cash flow | Other asset-backed securities | Weighted average
Liabilities:
Debt securities, measurement input	0.0064	0.0044
Paydown rate | Level 3 | Discounted cash flow | Other asset-backed securities | Minimum
Liabilities:
Debt securities, measurement input	0.1096	0.0996
Paydown rate | Level 3 | Discounted cash flow | Other asset-backed securities | Maximum
Liabilities:
Debt securities, measurement input	0.1311	0.1261
Paydown rate | Level 3 | Discounted cash flow | Other asset-backed securities | Weighted average
Liabilities:
Debt securities, measurement input	0.1203	0.1162
Mortality | Level 3 | Actuarial cash flow model | Embedded derivative - GLWB | Minimum
Liabilities:
Embedded derivative, measurement input	0.87	0.87
Mortality | Level 3 | Actuarial cash flow model | Embedded derivative - GLWB | Maximum
Liabilities:
Embedded derivative, measurement input	1	1
Mortality | Level 3 | Actuarial cash flow model | Embedded derivative - FIA
Liabilities:
Embedded derivative, measurement input	1
Mortality | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Minimum
Liabilities:
Embedded derivative, measurement input		0.87
Mortality | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Maximum
Liabilities:
Embedded derivative, measurement input		1
Mortality | Level 3 | Actuarial cash flow model | Embedded derivative - IUL | Minimum
Liabilities:
Embedded derivative, measurement input	0.37	0.37
Mortality | Level 3 | Actuarial cash flow model | Embedded derivative - IUL | Maximum
Liabilities:
Embedded derivative, measurement input	5.77	1.56
Utilization | 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	10.00%
Specified level of one-time over-utilization	400.00%
Nonperformance risk | Level 3 | Actuarial cash flow model | Embedded derivative - GLWB | Minimum
Liabilities:
Embedded derivative, measurement input	0.0021	0.0012
Nonperformance risk | Level 3 | Actuarial cash flow model | Embedded derivative - GLWB | Maximum
Liabilities:
Embedded derivative, measurement input	0.0116	0.0097
Nonperformance risk | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Minimum
Liabilities:
Embedded derivative, measurement input	0.0021	0.0012
Nonperformance risk | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Maximum
Liabilities:
Embedded derivative, measurement input	0.0116	0.0097
Nonperformance risk | Level 3 | Actuarial cash flow model | Embedded derivative - IUL | Minimum
Liabilities:
Embedded derivative, measurement input	0.0021	0.0012
Nonperformance risk | Level 3 | Actuarial cash flow model | Embedded derivative - IUL | Maximum
Liabilities:
Embedded derivative, measurement input	0.0116	0.0097
Withdrawal rate, prior to age 70 | Level 3 | Actuarial cash flow model | Embedded derivative - FIA
Liabilities:
Embedded derivative, measurement input	0.015
Withdrawal rate, prior to age 70 | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Minimum
Liabilities:
Embedded derivative, measurement input		0.004
Withdrawal rate, prior to age 70 | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Maximum
Liabilities:
Embedded derivative, measurement input		0.012
Withdrawal rate | Level 3 | Actuarial cash flow model | Embedded derivative - FIA
Liabilities:
Embedded derivative, measurement input	1	1
Lapse | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Minimum
Liabilities:
Embedded derivative, measurement input	0.010	0.005
Lapse | Level 3 | Actuarial cash flow model | Embedded derivative - FIA | Maximum
Liabilities:
Embedded derivative, measurement input	0.300	0.500
Lapse | Level 3 | Actuarial cash flow model | Embedded derivative - IUL | Minimum
Liabilities:
Embedded derivative, measurement input	0.005	0.005
Lapse | Level 3 | Actuarial cash flow model | Embedded derivative - IUL | Maximum
Liabilities:
Embedded derivative, measurement input	0.100	0.100

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Assets:
Beginning Balance	$ 2,004,191	$ 1,482,382	$ 1,268,885	$ 1,374,044
Total Realized and Unrealized Gains, Included in Earnings, Assets	57,590	25,243	89,454	47,123
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Assets	24,069	1,439	78,701	20,367
Total Realized and Unrealized Losses, Included in Earnings, Assets	(49)	(144)	(33,659)	(4,960)
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Assets	(6,684)	(20,596)	(14,992)	(42,913)
Purchases	10,850	19,128	737,957	173,101
Sales	(73,121)	(51,138)	(175,026)	(101,377)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	41,319	(27,750)	106,841	(35,258)
Other	(1,015)	497	(1,011)	(1,066)
Ending Balance	2,057,150	1,429,061	2,057,150	1,429,061
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	64,408	25,221	57,214	42,284
Liabilities:
Beginning Balance	1,169,662	653,014	706,061	844,362
Total Realized and Unrealized Gains, Included in Earnings, Liabilities	0	70,887	12,034	328,343
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Liabilities	0	0	0	0
Total Realized and Unrealized Losses, Included in Earnings, Liabilities	(344,714)	(53,347)	(787,831)	(124,682)
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Liabilities	0	0	0	0
Purchases	33,684	0	70,888	0
Sales	0	0	0	0
Issuances	91	40	158	570
Settlements	1,379	2,571	6,132	8,328
Transfers in/out of Level 3	0	0	0	0
Other	0	0	0	0
Ending Balance	1,546,772	632,943	1,546,772	632,943
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	(344,191)	18,436	(774,122)	206,410
Annuity account
Liabilities:
Beginning Balance	72,585	80,098	76,119	83,472
Total Realized and Unrealized Gains, Included in Earnings, Liabilities	0	0	0	0
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Liabilities	0	0	0	0
Total Realized and Unrealized Losses, Included in Earnings, Liabilities	(523)	(896)	(1,675)	(2,749)
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Liabilities	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	91	40	158	570
Settlements	1,379	2,571	6,132	8,328
Transfers in/out of Level 3	0	0	0	0
Other	0	0	0	0
Ending Balance	71,820	78,463	71,820	78,463
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	0	0	0	0
Other liabilities
Liabilities:
Beginning Balance	1,097,077	572,916	629,942	760,890
Total Realized and Unrealized Gains, Included in Earnings, Liabilities	0	70,887	12,034	328,343
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Liabilities	0	0	0	0
Total Realized and Unrealized Losses, Included in Earnings, Liabilities	(344,191)	(52,451)	(786,156)	(121,933)
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Liabilities	0	0	0	0
Purchases	33,684	0	70,888	0
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	1,474,952	554,480	1,474,952	554,480
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	(344,191)	18,436	(774,122)	206,410
Total investments
Assets:
Beginning Balance	2,004,191	1,482,382	1,268,885	1,374,044
Total Realized and Unrealized Gains, Included in Earnings, Assets	57,590	25,243	89,454	47,123
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Assets	24,069	1,439	78,701	20,367
Total Realized and Unrealized Losses, Included in Earnings, Assets	(49)	(144)	(33,659)	(4,960)
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Assets	(6,684)	(20,596)	(14,992)	(42,913)
Purchases	10,850	19,128	737,957	173,101
Sales	(73,121)	(51,138)	(175,026)	(101,377)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	41,319	(27,750)	106,841	(35,258)
Other	(1,015)	497	(1,011)	(1,066)
Ending Balance	2,057,150	1,429,061	2,057,150	1,429,061
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	64,408	25,221	57,214	42,284
Fixed maturities
Assets:
Beginning Balance	1,823,641	1,259,625	1,092,216	1,171,930
Total Realized and Unrealized Gains, Included in Earnings, Assets	361	84	5,064	278
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Assets	24,069	1,439	78,701	20,367
Total Realized and Unrealized Losses, Included in Earnings, Assets	(48)	(144)	(3,720)	(3,881)
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Assets	(6,684)	(20,596)	(14,992)	(42,913)
Purchases	10,850	19,128	731,299	173,065
Sales	(73,121)	(49,036)	(175,026)	(99,275)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	41,319	(27,750)	106,841	(35,258)
Other	(1,015)	497	(1,011)	(1,066)
Ending Balance	1,819,372	1,183,247	1,819,372	1,183,247
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	7,180	62	2,832	(3,482)
Equity securities
Assets:
Beginning Balance	69,627	66,083	64,325	66,110
Total Realized and Unrealized Gains, Included in Earnings, Assets	192	287	431	288
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Assets	0	0	0	0
Total Realized and Unrealized Losses, Included in Earnings, Assets	(1)	0	(17)	(64)
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Assets	0	0	0	0
Purchases	0	0	5,079	36
Sales	0	(2,102)	0	(2,102)
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	69,818	64,268	69,818	64,268
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	191	287	345	224
Other long-term investments
Assets:
Beginning Balance	110,923	156,674	112,344	136,004
Total Realized and Unrealized Gains, Included in Earnings, Assets	57,037	24,872	83,959	46,557
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Assets	0	0	0	0
Total Realized and Unrealized Losses, Included in Earnings, Assets	0	0	(29,922)	(1,015)
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Assets	0	0	0	0
Purchases	0	0	1,579	0
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	167,960	181,546	167,960	181,546
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	57,037	24,872	54,037	45,542
Available-for-sale securities | Fixed maturities
Assets:
Beginning Balance	1,756,167	1,229,519	1,059,918	1,131,266
Total Realized and Unrealized Gains, Included in Earnings, Assets	0	0	528	0
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Assets	24,069	1,439	78,701	20,367
Total Realized and Unrealized Losses, Included in Earnings, Assets	(14)	(62)	(71)	(62)
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Assets	(6,684)	(20,596)	(14,992)	(42,913)
Purchases	9,150	15,000	714,136	164,337
Sales	(72,242)	(48,110)	(167,220)	(86,680)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	41,319	(27,750)	80,574	(35,422)
Other	(956)	572	(765)	(881)
Ending Balance	1,750,809	1,150,012	1,750,809	1,150,012
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	0	0	0	0
Available-for-sale securities | Residential mortgage-backed securities
Assets:
Beginning Balance	0	21,780	0	0
Total Realized and Unrealized Gains, Included in Earnings, Assets	0	0	0	0
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Assets	0	0	0	0
Total Realized and Unrealized Losses, Included in Earnings, Assets	0	0	0	0
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Assets	0	(538)	0	(995)
Purchases	0	0	0	22,225
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	0	(21,281)	0	(21,281)
Other	0	39	0	51
Ending Balance	0	0	0	0
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	0	0	0	0
Available-for-sale securities | Commercial mortgage-backed securities
Assets:
Beginning Balance	9,366	47,227	0	0
Total Realized and Unrealized Gains, Included in Earnings, Assets	0	0	0	0
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Assets	294	0	310	0
Total Realized and Unrealized Losses, Included in Earnings, Assets	0	0	0	0
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Assets	0	(1,212)	0	(2,496)
Purchases	0	0	9,359	48,621
Sales	(19)	(151)	(26)	(245)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	0	(26,372)	0	(26,372)
Other	(6)	(25)	(8)	(41)
Ending Balance	9,635	19,467	9,635	19,467
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	0	0	0	0
Available-for-sale securities | Other asset-backed securities
Assets:
Beginning Balance	418,310	515,701	421,642	504,365
Total Realized and Unrealized Gains, Included in Earnings, Assets	0	0	446	0
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Assets	865	17	11,525	11,884
Total Realized and Unrealized Losses, Included in Earnings, Assets	(14)	(62)	(71)	(62)
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Assets	(3,276)	(14,802)	(8,075)	(16,449)
Purchases	0	0	0	0
Sales	(8)	(24)	(10,023)	(47)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	0	0	0	222
Other	185	1,431	618	2,348
Ending Balance	416,062	502,261	416,062	502,261
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	0	0	0	0
Available-for-sale securities | Corporate securities
Assets:
Beginning Balance	1,328,491	644,811	638,276	626,901
Total Realized and Unrealized Gains, Included in Earnings, Assets	0	0	82	0
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Assets	22,910	1,422	66,866	8,483
Total Realized and Unrealized Losses, Included in Earnings, Assets	0	0	0	0
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Assets	(3,408)	(4,044)	(6,917)	(22,973)
Purchases	9,150	15,000	704,777	93,491
Sales	(72,215)	(47,935)	(157,171)	(86,388)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	41,319	19,903	80,574	12,009
Other	(1,135)	(873)	(1,375)	(3,239)
Ending Balance	1,325,112	628,284	1,325,112	628,284
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	0	0	0	0
Trading securities | Fixed maturities
Assets:
Beginning Balance	67,474	30,106	32,298	40,664
Total Realized and Unrealized Gains, Included in Earnings, Assets	361	84	4,536	278
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Assets	0	0	0	0
Total Realized and Unrealized Losses, Included in Earnings, Assets	(34)	(82)	(3,649)	(3,819)
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Assets	0	0	0	0
Purchases	1,700	4,128	17,163	8,728
Sales	(879)	(926)	(7,806)	(12,595)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	0	0	26,267	164
Other	(59)	(75)	(246)	(185)
Ending Balance	68,563	33,235	68,563	33,235
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	7,180	62	2,832	(3,482)
Trading securities | Other asset-backed securities
Assets:
Beginning Balance	62,180	24,852	26,056	35,222
Total Realized and Unrealized Gains, Included in Earnings, Assets	294	84	4,300	278
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Assets	0	0	0	0
Total Realized and Unrealized Losses, Included in Earnings, Assets	(34)	(76)	(3,618)	(3,674)
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Assets	0	0	0	0
Purchases	0	4,128	15,463	8,728
Sales	(879)	(926)	(6,771)	(12,595)
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	0	0	26,267	164
Other	(34)	(50)	(170)	(111)
Ending Balance	61,527	28,012	61,527	28,012
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	274	68	(2,442)	(3,337)
Trading securities | Corporate securities
Assets:
Beginning Balance	5,294	5,254	6,242	5,442
Total Realized and Unrealized Gains, Included in Earnings, Assets	67	0	236	0
Total Realized and Unrealized Gains, Included in Other Comprehensive Income, Assets	0	0	0	0
Total Realized and Unrealized Losses, Included in Earnings, Assets	0	(6)	(31)	(145)
Total Realized and Unrealized Losses, Included in Other Comprehensive Income, Assets	0	0	0	0
Purchases	1,700	0	1,700	0
Sales	0	0	(1,035)	0
Issuances	0	0	0	0
Settlements	0	0	0	0
Transfers in/out of Level 3	0	0	0	0
Other	(25)	(25)	(76)	(74)
Ending Balance	7,036	5,223	7,036	5,223
Total Gains (losses) included in Earnings related to Instruments still held at the  Reporting Date	$ 6,906	$ (6)	$ 5,274	$ (145)

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Mortgage loans on real estate	$ 9,327,911	$ 7,724,733
Policy loans	1,686,832	1,695,886
Fixed maturities, held-to-maturity	2,544,054	2,633,474
Liabilities:
Stable value product account balances	5,450,981	5,234,731
Future policy benefits and claims	14,181,458	13,720,081
Other policyholders’ funds	1,622,475	1,128,379
Debt:
Subordinated debt	605,528	605,426
Non-recourse funding obligations	2,545,049	2,632,497
Capital lease obligation	2,300	1,300
Golden Gate V
Debt:
Non-recourse funding obligations	763,018	729,454
Level 3 | Carrying Amounts
Assets:
Mortgage loans on real estate	9,327,911	7,724,733
Policy loans	1,686,832	1,695,886
Fixed maturities, held-to-maturity	2,544,054	2,633,474
Liabilities:
Stable value product account balances	5,450,981	5,234,731
Future policy benefits and claims	1,707,238	1,671,414
Other policyholders’ funds	104,395	131,150
Debt:
Bank borrowings(5)	599,653	0
Subordinated funding obligations	110,000	110,000
Non-recourse funding obligations	2,545,049	2,632,497
Level 3 | Carrying Amounts | Golden Gate V
Debt:
Non-recourse funding obligations	2,700,000	2,600,000
Level 3 | Fair Values
Assets:
Mortgage loans on real estate	9,529,865	7,447,702
Policy loans	1,686,832	1,695,886
Fixed maturities, held-to-maturity	2,685,076	2,547,210
Liabilities:
Stable value product account balances	5,547,509	5,200,723
Future policy benefits and claims	1,709,444	1,671,434
Other policyholders’ funds	106,285	131,782
Debt:
Bank borrowings(5)	600,000	0
Subordinated funding obligations	113,369	95,476
Non-recourse funding obligations	2,723,594	2,550,237
Level 3 | Fair Values | Golden Gate V
Debt:
Non-recourse funding obligations	2,500,000	2,500,000
Level 2 | Carrying Amounts
Debt:
Senior Notes	1,467,245	1,100,508
Subordinated debt	495,528	495,426
Level 2 | Fair Values
Debt:
Senior Notes	1,531,330	1,065,338
Subordinated debt	$ 511,690	$ 494,265

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Realized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	$ (102,403)	$ (27,465)	$ (370,123)	$ 62,859
Derivatives not designated as hedging instruments
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	(102,403)	(27,465)	(370,123)	62,859
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	(44,027)	10,811	(199,704)	138,652
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	(1,622)	(51)	(3,011)	(58)
Derivatives not designated as hedging instruments | VA
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	(65,104)	(37,343)	(151,754)	(93,287)
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	727	2,111	(16,575)	(13,229)
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	5,220	(5,733)	37,517	(23,025)
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	9,181	3,410	11,028	7,890
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	(3,957)	(21,206)	(97,354)	(47,406)
Derivatives not designated as hedging instruments | VA | Interest rate swaptions
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	0	0	0	(14)
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	149,766	(41,288)	342,561	(131,147)
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	(1,950)	(32,343)	(50,522)	(35,908)
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	(224,091)	57,706	(378,409)	149,552
Derivatives not designated as hedging instruments | FIA
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	1,412	3,726	(6,978)	12,530
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	962	(388)	964	(716)
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	4,785	18,474	60,026	21,203
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	(4,335)	(14,360)	(67,968)	(7,957)
Derivatives not designated as hedging instruments | IUL
Notional amount and fair value of the entity's derivative financial instruments
Total realized gains (losses) - derivatives	6,938	(4,608)	(8,676)	5,022
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	91	(1)	347	135
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	586	4,928	9,372	5,764
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	$ 6,261	$ (9,535)	$ (18,395)	$ (877)

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) on Derivatives in Cash Flow Hedging Relationship (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Gain (Loss) on Derivatives in Cash Flow Hedging Relationship
Amount of gains (losses) reclassified from accumulated other comprehensive income (loss) into income (loss) next 12 months			$ 3,300
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	$ (4,256)		(10,273)
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives		$ 291		$ 3,873
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)	(746)		(1,360)
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)		(481)		(799)
Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives	0		0
Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives		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	(4,163)		(7,789)
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives		190		3,772
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)	(373)		(767)
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)		(155)		(473)
Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives	0		0
Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives		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	(93)		(2,484)
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives		101		101
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)	(373)		(593)
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)		(326)		(326)
Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives	$ 0		$ 0
Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives		$ 0		$ 0

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Nature and Accounting Treatment of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Other long-term investments, Fair Value	$ 798,434	$ 375,829
Embedded derivative - Modco reinsurance treaties
Derivative [Line Items]
Other long-term investments, Fair Value	30,600	7,072
Embedded derivative - GLWB
Derivative [Line Items]
Other long-term investments, Fair Value	137,360	105,272
Derivatives not designated as hedging instruments
Derivative [Line Items]
Other long-term investments, Notional Amount	14,064,975	12,146,013
Other long-term investments, Fair Value	798,434	375,829
Other liabilities, Notional Amount	18,729,818	18,826,722
Other liabilities, Fair Value	1,738,909	755,461
Derivatives not designated as hedging instruments | Interest rate swaps
Derivative [Line Items]
Other long-term investments, Notional Amount	2,228,000	1,515,500
Other long-term investments, Fair Value	131,894	28,501
Other liabilities, Notional Amount	50,000	775,000
Other liabilities, Fair Value	0	11,367
Derivatives not designated as hedging instruments | Total return swaps
Derivative [Line Items]
Other long-term investments, Notional Amount	424,662	138,070
Other long-term investments, Fair Value	2,120	3,971
Other liabilities, Notional Amount	126,177	768,177
Other liabilities, Fair Value	916	23,054
Derivatives not designated as hedging instruments | Embedded derivative - Modco reinsurance treaties
Derivative [Line Items]
Other long-term investments, Notional Amount	1,245,889	585,294
Other long-term investments, Fair Value	30,600	7,072
Other liabilities, Notional Amount	2,283,624	1,795,287
Other liabilities, Fair Value	245,792	32,828
Derivatives not designated as hedging instruments | Embedded derivative - GLWB
Derivative [Line Items]
Other long-term investments, Notional Amount	2,388,462	3,984,070
Other long-term investments, Fair Value	137,360	105,272
Other liabilities, Notional Amount	7,583,625	6,282,712
Other liabilities, Fair Value	735,465	289,343
Derivatives not designated as hedging instruments | Embedded derivative - FIA
Derivative [Line Items]
Other liabilities, Notional Amount	2,792,499	2,576,033
Other liabilities, Fair Value	306,063	217,288
Derivatives not designated as hedging instruments | Embedded derivative - IUL
Derivative [Line Items]
Other liabilities, Notional Amount	276,466	233,550
Other liabilities, Fair Value	141,793	90,231
Derivatives not designated as hedging instruments | Interest rate futures
Derivative [Line Items]
Other long-term investments, Notional Amount	844,428	286,208
Other long-term investments, Fair Value	8,256	10,302
Other liabilities, Notional Amount	650,353	863,706
Other liabilities, Fair Value	7,776	20,100
Derivatives not designated as hedging instruments | Equity futures
Derivative [Line Items]
Other long-term investments, Notional Amount	322,478	12,633
Other long-term investments, Fair Value	2,425	483
Other liabilities, Notional Amount	137,284	659,357
Other liabilities, Fair Value	1,935	33,753
Derivatives not designated as hedging instruments | Currency futures
Derivative [Line Items]
Other long-term investments, Notional Amount	271,290	0
Other long-term investments, Fair Value	2,316	0
Other liabilities, Notional Amount	0	202,747
Other liabilities, Fair Value	0	2,163
Derivatives not designated as hedging instruments | Equity options
Derivative [Line Items]
Other long-term investments, Notional Amount	6,339,766	5,624,081
Other long-term investments, Fair Value	483,463	220,092
Other liabilities, Notional Amount	4,169,543	4,199,687
Other liabilities, Fair Value	239,814	34,178
Derivatives not designated as hedging instruments | Other
Derivative [Line Items]
Other long-term investments, Notional Amount	0	157
Other long-term investments, Fair Value	0	136
Other liabilities, Notional Amount	193,069	3,288
Other liabilities, Fair Value	45,839	252
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swaps
Derivative [Line Items]
Other liabilities, Notional Amount	350,000	350,000
Other liabilities, Fair Value	0	0
Derivatives designated as hedging instruments | Cash flow hedges | Foreign currency swaps
Derivative [Line Items]
Other liabilities, Notional Amount	117,178	117,178
Other liabilities, Fair Value	$ 13,516	$ 904

OFFSETTING OF ASSETS AND LIAB_3

OFFSETTING OF ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Offsetting [Abstract]
Fair value of non-cash collateral received	$ 34.4	$ 45

OFFSETTING OF ASSETS AND LIAB_4

OFFSETTING OF ASSETS AND LIABILITIES - Schedule of Derivative Instruments by Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Offsetting of Assets
Gross Amounts of Recognized Assets, Derivatives not subject to a master netting arrangement	$ 798,434	$ 375,829
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets Presented in the Statement of Financial Position	798,434	375,829
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to a master netting arrangement	263,245	70,322
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Received	255,776	99,199
Net Amount	279,413	206,308
Free-Standing derivatives
Offsetting of Assets
Gross Amounts of Recognized Assets, Derivatives subject to a master netting arrangement	630,474	263,349
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets Presented in the Statement of Financial Position	630,474	263,349
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, subject to a master netting arrangement	263,245	70,322
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Received	255,776	99,199
Net Amount	111,453	93,828
Total derivatives, subject to a master netting arrangement or similar arrangement
Offsetting of Assets
Gross Amounts of Recognized Assets, Derivatives subject to a master netting arrangement	630,474	263,349
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets Presented in the Statement of Financial Position	630,474	263,349
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, subject to a master netting arrangement	263,245	70,322
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Received	255,776	99,199
Net Amount	111,453	93,828
Embedded derivative - Modco reinsurance treaties
Offsetting of Assets
Gross Amounts of Recognized Assets, Derivatives not subject to a master netting arrangement	30,600	7,072
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets Presented in the Statement of Financial Position	30,600	7,072
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to a master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Received	0	0
Net Amount	30,600	7,072
Embedded derivative - GLWB
Offsetting of Assets
Gross Amounts of Recognized Assets, Derivatives not subject to a master netting arrangement	137,360	105,272
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets Presented in the Statement of Financial Position	137,360	105,272
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to a master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Received	0	0
Net Amount	137,360	105,272
Other
Offsetting of Assets
Gross Amounts of Recognized Assets, Derivatives not subject to a master netting arrangement	0	136
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets Presented in the Statement of Financial Position	0	136
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to a master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Received	0	0
Net Amount	0	136
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	167,960	112,480
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets Presented in the Statement of Financial Position	167,960	112,480
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to a master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Received	0	0
Net Amount	$ 167,960	$ 112,480

OFFSETTING OF ASSETS AND LIAB_5

OFFSETTING OF ASSETS AND LIABILITIES - Schedule of Derivative Instruments by Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	$ 1,738,909	$ 755,461
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position	1,738,909	755,461
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to a master netting arrangement	263,245	70,322
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted	186	47,856
Net Amount	1,475,478	637,283
Repurchase agreements
Gross Amounts of Recognized Liabilities	272,127	418,090
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position	272,127	418,090
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	272,127	418,090
Total Liabilities
Gross Amounts of Recognized Liabilities	2,011,036	1,173,551
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position	2,011,036	1,173,551
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments	263,245	70,322
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Paid	186	47,856
Net Amount	1,747,605	1,055,373
Free-Standing derivatives
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, subject to a master netting arrangement	263,957	125,519
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position	263,957	125,519
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, subject to a master netting arrangement	263,245	70,322
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted	186	47,856
Net Amount	526	7,341
Total derivatives, subject to a master netting arrangement or similar arrangement
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, subject to a master netting arrangement	263,957	125,519
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position	263,957	125,519
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, subject to a master netting arrangement	263,245	70,322
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted	186	47,856
Net Amount	526	7,341
Embedded derivative - Modco reinsurance treaties
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	245,792	32,828
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position	245,792	32,828
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to a master netting arrangement		0
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted	0	0
Net Amount	245,792	32,828
Embedded derivative - GLWB
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	735,465	289,343
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position	735,465	289,343
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to a master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted	0	0
Net Amount	735,465	289,343
Embedded derivative - FIA
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	306,063	217,288
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position	306,063	217,288
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to a master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted	0	0
Net Amount	306,063	217,288
Embedded derivative - IUL
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	141,793	90,231
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position	141,793	90,231
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to a master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted	0	0
Net Amount	141,793	90,231
Other
Offsetting of Liabilities
Gross Amounts of Recognized Liabilities, not subject to a master netting arrangement	45,839	252
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position	45,839	252
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to a master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted	0	0
Net Amount	45,839	252
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	1,474,952	629,942
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position	1,474,952	629,942
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments, not subject to a master netting arrangement	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted	0	0
Net Amount	$ 1,474,952	$ 629,942

MORTGAGE LOANS - Narrative (Det

MORTGAGE LOANS - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)restructuring	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans holdings	$ 9,327,911		$ 9,327,911		$ 7,724,733
Mortgage loan call option period			10 years
Amount that would become due in remainder of 2019, if loans are called at their next call dates	54,400		$ 54,400
Amount that would become due in 2020 through 2024, if loans are called at their next call dates	850,900		850,900
Amount that would become due in 2025 through 2029, if loans are called at their next call dates	59,400		59,400
Commercial mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans having participation feature	757,400		757,400		700,600
Income recognized on participating mortgage loans	3,800	$ 9,500	18,000	$ 22,000
Loans not subject to a pooling and servicing agreement which are either nonperforming or restructured	3,200		$ 3,200
Number of troubled debt restructurings | restructuring			4
Allowance for mortgage loan credit losses	$ 4,056		$ 4,056		$ 1,296	$ 0
Past due period at which to cease carrying accrued interest on delinquent loans			90 days
Number of days accrued interest on impaired loans (less than)			90 days
Commercial mortgage loans | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan-to-value ratio with participating interest (as a percent)	85.00%		85.00%

MORTGAGE LOANS - Change in Allo

MORTGAGE LOANS - Change in Allowance for Credit Losses (Details) - Commercial mortgage loans - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,296	$ 0
Charge offs	(350)	0
Recoveries	0	(209)
Provision	3,110	1,505
Ending balance	$ 4,056	$ 1,296

MORTGAGE LOANS - Delinquent Loa

MORTGAGE LOANS - Delinquent Loans (Details) - Commercial mortgage loans $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Delinquent loans
Commercial mortgage loans | $	$ 2,371	$ 2,278
Number of delinquent commercial mortgage loans | loan	5	5
30 to 59 Days Delinquent
Delinquent loans
Commercial mortgage loans | $	$ 1,641	$ 1,044
Number of delinquent commercial mortgage loans | loan	2	4
60 to 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 | $	$ 730	$ 1,234
Number of delinquent commercial mortgage loans | loan	3	1

MORTGAGE LOANS - Impaired Loans

MORTGAGE LOANS - Impaired Loans (Details) - Commercial mortgage loans - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Recorded Investment
With no related allowance recorded, recorded investment	$ 730	$ 0
With an allowance recorded, recorded investment	14,373	5,684
Unpaid Principal Balance
With no related allowance recorded, unpaid principal balance	722	0
With an allowance recorded, unpaid principal balance	14,259	5,309
Related Allowance
With an allowance recorded, related allowance	4,056	1,296
Average Recorded Investment
With no related allowance recorded, average recorded investment	243	0
With an allowance recorded, average recorded investment	3,593	1,895
Interest Income Recognized
With no related allowance recorded, interest income recognized	20	0
With an allowance recorded, interest income recognized	540	267
Cash Basis Interest Income
With no related allowance recorded, cash basis interest income	28	0
With an allowance recorded, cash basis interest income	$ 536	$ 293

MORTGAGE LOANS - Troubled Debt

MORTGAGE LOANS - Troubled Debt Restructuring (Details) - Commercial mortgage loans $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)contract	Dec. 31, 2018USD ($)contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	2	1
Pre-Modification Outstanding Recorded Investment	$ 3,776	$ 2,688
Post-Modification Outstanding Recorded Investment	$ 3,776	$ 1,742

DEBT AND OTHER OBLIGATIONS - Su

DEBT AND OTHER OBLIGATIONS - Summary of Debt and Subordinated Debt Securities (Details) - USD ($)	May 03, 2018	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Original principal		$ 1,983,044,000	$ 991,363,000
Carrying amounts, debt		2,069,224,000	1,101,827,000
Carrying amounts, subordinated debt securities		605,528,000	605,426,000
Credit Facility
Debt Instrument [Line Items]
Original principal		0	0
Carrying amounts, debt		0	0
Term Loan Credit Agreement
Debt Instrument [Line Items]
Original principal		600,000,000	0
Carrying amounts, debt		599,653,000	0
Deferred issuance expenses		$ 400,000
Interest rate added to the base rate (as a percent)		1.00%
Capital lease obligation
Debt Instrument [Line Items]
Original principal		$ 2,325,000	1,319,000
Carrying amounts, debt		2,325,000	1,319,000
Subordinated debt securities
Debt Instrument [Line Items]
Original principal		610,000,000	610,000,000
Carrying amounts, subordinated debt securities		605,528,000	605,426,000
7.375% Senior Notes (2009), due 2019
Debt Instrument [Line Items]
Original principal		400,000,000	400,000,000
Carrying amounts, debt		$ 401,662,000	$ 416,469,000
Stated interest rate (as a percent)		7.375%	7.375%
8.45% Senior Notes (2009), due 2039
Debt Instrument [Line Items]
Original principal		$ 180,719,000	$ 190,044,000
Carrying amounts, debt		272,337,000	$ 288,547,000
Debt repurchased and subsequently extinguished		14,100,000
Par value of extinguished debt		$ 9,300,000
Stated interest rate (as a percent)		8.45%	8.45%
Pre-tax gain (loss) on extinguishment of debt		$ 1,100,000
4.30% Senior Notes (2018), due 2028
Debt Instrument [Line Items]
Original principal		400,000,000	$ 400,000,000
Carrying amounts, debt		$ 395,826,000	$ 395,492,000
Stated interest rate (as a percent)		4.30%	4.30%
Deferred issuance expenses			$ 3,700,000
Debt issued discount, amount			1,000,000
3.40% Senior Notes (2019), due 2030
Debt Instrument [Line Items]
Original principal		$ 400,000,000	0
Carrying amounts, debt		$ 397,421,000	$ 0
Stated interest rate (as a percent)		3.40%	3.40%
Deferred issuance expenses		$ 1,400,000
Debt issued discount, amount		$ 1,200,000
5.35% Subordinated Debentures (2017), due 2052
Debt Instrument [Line Items]
Stated interest rate (as a percent)		5.35%	5.35%
5.35% Subordinated Debentures (2017), due 2052 | Subordinated debt securities
Debt Instrument [Line Items]
Original principal		$ 500,000,000	$ 500,000,000
Carrying amounts, subordinated debt securities		$ 495,528,000	$ 495,426,000
3.55% Subordinated Funding Obligations (2018), due 2038 (One)
Debt Instrument [Line Items]
Stated interest rate (as a percent)		3.55%	3.55%
3.55% Subordinated Funding Obligations (2018), due 2038 (One) | Subordinated debt securities
Debt Instrument [Line Items]
Original principal		$ 55,000,000	$ 55,000,000
Carrying amounts, subordinated debt securities		$ 55,000,000	$ 55,000,000
3.55% Subordinated Funding Obligations (2018), due 2038 (Two)
Debt Instrument [Line Items]
Stated interest rate (as a percent)		3.55%	3.55%
3.55% Subordinated Funding Obligations (2018), due 2038 (Two) | Subordinated debt securities
Debt Instrument [Line Items]
Original principal		$ 55,000,000	$ 55,000,000
Carrying amounts, subordinated debt securities		$ 55,000,000	55,000,000
3.55% Subordinated Funding Obligations (2018), due 2038 | Subordinated debt securities
Debt Instrument [Line Items]
Original principal			$ 110,000,000
Stated interest rate (as a percent)			355.00%
2015 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	$ 1,250,000,000
Facility fee percentage	12.50%
2015 Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Interest rate added to the base rate (as a percent)	50.00%
2015 Credit Facility | One-Month LIBOR
Debt Instrument [Line Items]
Interest rate added to the base rate (as a percent)	100.00%
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	12.50%
Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Interest rate added to the base rate (as a percent)	50.00%
Credit Facility | One-Month LIBOR
Debt Instrument [Line Items]
Interest rate added to the base rate (as a percent)	100.00%

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, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Outstanding Principal	$ 2,488,691	$ 2,574,691
Carrying Value	2,545,049	2,632,497
Golden Gate Captive Insurance Company
Debt Instrument [Line Items]
Outstanding Principal	1,762,000	1,883,000
Carrying Value	$ 1,762,000	$ 1,883,000
Year-to-Date Weighted-Avg Interest Rate	4.75%	4.75%
Golden Gate II Captive Insurance Company
Debt Instrument [Line Items]
Outstanding Principal	$ 20,600	$ 20,600
Carrying Value	$ 17,742	$ 17,703
Year-to-Date Weighted-Avg Interest Rate	5.48%	4.99%
Golden Gate V Vermont Captive Insurance Company
Debt Instrument [Line Items]
Outstanding Principal	$ 705,000	$ 670,000
Carrying Value	$ 763,018	$ 729,454
Year-to-Date Weighted-Avg Interest Rate	5.12%	5.12%
MONY Life Insurance Company
Debt Instrument [Line Items]
Outstanding Principal	$ 1,091	$ 1,091
Carrying Value	$ 2,289	$ 2,340
Year-to-Date Weighted-Avg Interest Rate	6.19%	6.19%

DEBT AND OTHER OBLIGATIONS - Re

DEBT AND OTHER OBLIGATIONS - Repurchase Program Borrowings (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Percent of initial collateral	102.00%
Securities lending transactions	$ 76,650	$ 72,176
Fair value of collateral	80,600
Obligation to return securities	80,600
Repurchase Program Borrowings
Debt Instrument [Line Items]
Fair value of securities pledged under the repurchase program	278,000	451,900
Secured financing liabilities	$ 272,100	$ 418,100
Average interest rate	2.15%	2.45%
Average daily balance at average interest rate	2.42%	1.84%
Maximum balance outstanding	$ 540,000	$ 885,000
Average borrowing rate	$ 160,100	$ 511,400
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 and Securities Lending Transactions, Grouped by Asset Class (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	$ 278,041	$ 451,895
Securities lending transactions	76,650	72,176
Total securities	354,691	524,071
Overnight and Continuous
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	265,684	433,182
Securities lending transactions	76,650	72,176
Total securities	342,334	505,358
Up to 30 days
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	12,357	18,713
Securities lending transactions	0	0
Total securities	12,357	18,713
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
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
U.S. Treasury and agency securities
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	278,041	451,895
U.S. Treasury and agency securities | Overnight and Continuous
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	265,684	433,182
U.S. Treasury and agency securities | Up to 30 days
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	12,357	18,713
U.S. Treasury and agency securities | 30-90 days
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
U.S. Treasury and agency securities | Greater Than 90 days
Debt Instrument [Line Items]
Repurchase agreements and repurchase-to-maturity transactions	0	0
Corporate securities
Debt Instrument [Line Items]
Securities lending transactions	65,547
Corporate securities | Overnight and Continuous
Debt Instrument [Line Items]
Securities lending transactions	65,547
Corporate securities | Up to 30 days
Debt Instrument [Line Items]
Securities lending transactions	0
Corporate securities | 30-90 days
Debt Instrument [Line Items]
Securities lending transactions	0
Corporate securities | Greater Than 90 days
Debt Instrument [Line Items]
Securities lending transactions	0
Fixed maturities
Debt Instrument [Line Items]
Securities lending transactions		71,285
Fixed maturities | Overnight and Continuous
Debt Instrument [Line Items]
Securities lending transactions		71,285
Fixed maturities | Up to 30 days
Debt Instrument [Line Items]
Securities lending transactions		0
Fixed maturities | 30-90 days
Debt Instrument [Line Items]
Securities lending transactions		0
Fixed maturities | Greater Than 90 days
Debt Instrument [Line Items]
Securities lending transactions		0
Equity securities
Debt Instrument [Line Items]
Securities lending transactions	10,266	891
Equity securities | Overnight and Continuous
Debt Instrument [Line Items]
Securities lending transactions	10,266	891
Equity securities | Up to 30 days
Debt Instrument [Line Items]
Securities lending transactions	0	0
Equity securities | 30-90 days
Debt Instrument [Line Items]
Securities lending transactions	0	0
Equity securities | Greater Than 90 days
Debt Instrument [Line Items]
Securities lending transactions	0	$ 0
Other government related securities
Debt Instrument [Line Items]
Securities lending transactions	837
Other government related securities | Overnight and Continuous
Debt Instrument [Line Items]
Securities lending transactions	837
Other government related securities | Up to 30 days
Debt Instrument [Line Items]
Securities lending transactions	0
Other government related securities | 30-90 days
Debt Instrument [Line Items]
Securities lending transactions	0
Other government related securities | Greater Than 90 days
Debt Instrument [Line Items]
Securities lending transactions	$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Sep. 30, 2019USD ($)city	Dec. 31, 2018USD ($)
Commitments and contingencies
Outstanding caims receivable	$ 18,400,000
Reinsurance receivable	96,400,000
Statutory reserve credit	$ 105,700,000
Administrative and marketing office space
Commitments and contingencies
Number of cities in which properties are leased | city	19
Building contiguous to home office
Commitments and contingencies
Approximate purchase price of property		$ 75,000,000
Minimum | Administrative and marketing office space
Commitments and contingencies
Operating lease term	1 year
Maximum | Administrative and marketing office space
Commitments and contingencies
Operating lease term	10 years
Indemnification Agreement
Commitments and contingencies
Indemnification agreement with certain officers, maximum	$ 10,000,000

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
EMPLOYEE BENEFIT PLANS
Defined benefit plan contributions made by employer			$ 17,400
Qualified Pension Plan | Minimum
EMPLOYEE BENEFIT PLANS
Adjusted funding target percentage to be maintained			8000.00%
Qualified Pension Plan | Pension Plan
EMPLOYEE BENEFIT PLANS
Service cost — benefits earned during the period	$ 3,114	$ 3,006	$ 9,342	$ 9,888
Interest cost on projected benefit obligation	2,778	2,577	8,334	7,371
Expected return on plan assets	(4,463)	(4,743)	(13,389)	(12,795)
Amortization of actuarial loss	0	0	0	0
Preliminary net periodic benefit cost	1,429	840	4,287	4,464
Settlement/curtailment expense	0	0	0	0
Total net periodic benefit costs	1,429	840	4,287	4,464
Nonqualified Excess Pension Plan | Pension Plan
EMPLOYEE BENEFIT PLANS
Service cost — benefits earned during the period	285	288	855	1,062
Interest cost on projected benefit obligation	371	359	1,113	1,077
Expected return on plan assets	0	0	0	0
Amortization of actuarial loss	74	196	222	726
Preliminary net periodic benefit cost	730	843	2,190	2,865
Settlement/curtailment expense	0	986		986
Total net periodic benefit costs	$ 730	$ 1,829	$ 2,190	$ 3,851

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 5,767,734	$ 7,127,199
Ending Balance	9,290,935	5,767,734
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,425,766)	12,696
Other comprehensive income (loss) before reclassifications	2,977,327	(1,425,929)
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings	4,308	(20,751)
Amounts reclassified from accumulated other comprehensive income (loss)	(4,647)	18,770
Cumulative effect adjustments		(10,552)
Ending Balance	1,551,222	(1,425,766)
Unrealized Gains and Losses on Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,410,277)	25,874
Other comprehensive income (loss) before reclassifications	2,985,443	(1,420,499)
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings	4,308	(20,751)
Amounts reclassified from accumulated other comprehensive income (loss)	(5,722)	15,651
Cumulative effect adjustments		(10,552)
Ending Balance	1,573,752	(1,410,277)
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	(837,600)	613,400
Accumulated Gain and Loss Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(7)	747
Other comprehensive income (loss) before reclassifications		(1,884)
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings		0
Amounts reclassified from accumulated other comprehensive income (loss)		1,130
Cumulative effect adjustments		0
Ending Balance		(7)
Accumulated Gain and Loss Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	(8,116)
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings	0
Amounts reclassified from accumulated other comprehensive income (loss)	1,075
Ending Balance	(7,048)
Minimum Pension Liability Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(15,482)	(13,925)
Other comprehensive income (loss) before reclassifications	0	(3,546)
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	0	1,989
Cumulative effect adjustments		0
Ending Balance	$ (15,482)	$ (15,482)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Reclassifications out of accumulated other comprehensive income (loss)
Benefits and settlement expenses, net of reinsurance ceded	$ (1,172,297)			$ (952,353)			$ (3,149,050)	$ (2,600,703)
Net impairment losses recognized in earnings	(10,818)			(14)			(14,658)	(3,664)
Tax (expense) benefit	(27,217)			(26,619)			(85,811)	(61,582)
Net income	100,626	$ 108,111	$ 138,284	110,100	$ 81,495	$ 74,112	347,021	265,707
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	(746)						(1,360)
Tax (expense) benefit	157						285
Net income	(589)						(1,075)
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				(481)				(799)
Tax (expense) benefit				101				168
Net income				(380)				(631)
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)
Realized investment gains (losses): All other investments	15,686			(2,018)			21,901	6,304
Net impairment losses recognized in earnings	(10,818)			(14)			(14,658)	(3,664)
Tax (expense) benefit	(1,022)			427			(1,521)	(554)
Net income	$ 3,846			$ (1,605)			$ 5,722	$ 2,086

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate	21.30%	19.50%	19.80%	18.80%
Unrecognized tax benefits with certainty of deductibility but with uncertainty about the timing of deductions	$ 0		$ 0		$ 0
Unrecognized tax benefits	$ 1,800,000		1,800,000		7,100,000
Accrued interest related to unrecognized tax benefits			$ 700,000		$ 40,000

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, beginning of period	$ 7,134	$ 11,353
Additions for tax positions of the current year	0	0
Additions for tax positions of prior years	0	0
Changes in judgment	0	(4,219)
Settlements during the period	(5,343)	0
Lapses of applicable statute of limitations	0	0
Balance, end of period	$ 1,791	$ 7,134

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Summarized financial information for the company's segments
Total revenues	$ 1,618,711			$ 1,347,168			$ 4,451,516	$ 3,756,908
Pre-tax Adjusted Operating Income (Loss)	122,327			156,974			396,488	366,391
Realized gains (losses) on investments and derivatives	5,516			(20,255)			36,344	(39,102)
Income before income tax	127,843			136,719			432,832	327,289
Income tax expense	(27,217)			(26,619)			(85,811)	(61,582)
Net income	100,626	$ 108,111	$ 138,284	110,100	$ 81,495	$ 74,112	347,021	265,707
Adjusted operating income tax expense	(26,059)			(30,873)			(78,179)	(69,793)
After-tax adjusted operating income	96,268			126,101			318,309	296,598
Income tax (expense) benefit on adjustments	(1,158)			4,254			(7,632)	8,211
Realized investment gains (losses):
Derivative financial instruments	(102,403)			(27,465)			(370,123)	62,859
All other investments	88,409			(19,869)			317,501	(157,070)
Net impairment losses recognized in earnings	(10,818)			(14)			(14,658)	(3,664)
Less: related amortization	(6,205)			(5,859)			(37,406)	5,060
Less: VA GLWB economic cost	(24,123)			(21,234)			(66,218)	(63,833)
Operating Segment Assets
Investments and other assets	114,904,324						114,904,324		$ 85,476,658
DAC and VOBA	3,424,874						3,424,874		3,023,154
Other intangibles	596,336						596,336		613,431
Goodwill	825,511						825,511		825,511
Total assets	119,751,045						119,751,045		89,938,754
Life Marketing
Summarized financial information for the company's segments
Total revenues	472,649			438,585			1,371,548	1,288,455
Pre-tax Adjusted Operating Income (Loss)	(25,347)			2,521			(24,575)	(23,065)
Operating Segment Assets
Investments and other assets	15,780,011						15,780,011		14,575,702
DAC and VOBA	1,467,865						1,467,865		1,499,386
Other intangibles	248,475						248,475		262,758
Goodwill	215,254						215,254		215,254
Total assets	17,711,605						17,711,605		16,553,100
Acquisitions
Summarized financial information for the company's segments
Total revenues	859,524			581,054			2,136,497	1,469,787
Pre-tax Adjusted Operating Income (Loss)	103,210			93,648			247,932	208,206
Operating Segment Assets
Investments and other assets	52,877,466						52,877,466		31,859,520
DAC and VOBA	885,600						885,600		458,977
Other intangibles	37,287						37,287		31,975
Goodwill	23,862						23,862		23,862
Total assets	53,824,215						53,824,215		32,374,334
Annuities
Summarized financial information for the company's segments
Total revenues	92,565			129,280			332,189	413,170
Pre-tax Adjusted Operating Income (Loss)	35,860			45,587			135,347	142,052
Operating Segment Assets
Investments and other assets	21,500,280						21,500,280		20,199,597
DAC and VOBA	895,121						895,121		889,697
Other intangibles	161,509						161,509		156,785
Goodwill	343,247						343,247		343,247
Total assets	22,900,157						22,900,157		21,589,326
Stable Value Products
Summarized financial information for the company's segments
Total revenues	59,954			59,328			187,118	158,944
Pre-tax Adjusted Operating Income (Loss)	20,863			27,126			71,208	76,198
Operating Segment Assets
Investments and other assets	5,324,149						5,324,149		5,107,334
DAC and VOBA	6,019						6,019		6,121
Other intangibles	6,889						6,889		7,389
Goodwill	113,924						113,924		113,924
Total assets	5,450,981						5,450,981		5,234,768
Asset Protection
Summarized financial information for the company's segments
Total revenues	75,884			79,158			228,096	233,347
Pre-tax Adjusted Operating Income (Loss)	10,405			8,029			29,359	21,413
Operating Segment Assets
Investments and other assets	1,059,284						1,059,284		1,019,297
DAC and VOBA	170,269						170,269		168,973
Other intangibles	114,703						114,703		122,590
Goodwill	129,224						129,224		129,224
Total assets	1,473,480						1,473,480		1,440,084
Corporate and Other
Summarized financial information for the company's segments
Total revenues	58,135			59,763			196,068	193,205
Pre-tax Adjusted Operating Income (Loss)	(22,664)			$ (19,937)			(62,783)	$ (58,413)
Operating Segment Assets
Investments and other assets	18,363,134						18,363,134		12,715,208
DAC and VOBA	0						0		0
Other intangibles	27,473						27,473		31,934
Goodwill	0						0		0
Total assets	$ 18,390,607						$ 18,390,607		$ 12,747,142

Uncategorized Items - pl-201909

Label	Element	Value
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (10,552,000)