Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 10, 2014 | Jun. 30, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'PROTECTIVE LIFE CORP | ' | ' |
Entity Central Index Key | '0000355429 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $2,962,056,456 |
Entity Common Stock, Shares Outstanding | ' | 78,600,606 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues | ' | ' | ' | |||
Premiums and policy fees | $2,981,651 | $2,814,278 | $2,800,140 | |||
Reinsurance ceded | -1,377,195 | -1,345,836 | -1,394,675 | |||
Net of reinsurance ceded | 1,604,456 | 1,468,442 | 1,405,465 | |||
Net investment income | 1,918,081 | 1,862,332 | 1,820,643 | |||
Realized investment gains (losses): | ' | ' | ' | |||
Derivative financial instruments | 188,131 | -238,480 | -155,251 | |||
All other investments | -123,537 | 231,035 | 234,915 | |||
Other-than-temporary impairment losses | -10,941 | -66,188 | -62,332 | |||
Portion recognized in other comprehensive income (before taxes) | -11,506 | 7,302 | 14,890 | |||
Net impairment losses recognized in earnings | -22,447 | -58,886 | -47,442 | |||
Other income | 394,315 | 358,563 | 307,812 | |||
Total revenues | 3,958,999 | 3,623,006 | 3,566,142 | |||
Benefits and expenses | ' | ' | ' | |||
Benefits and settlement expenses, net of reinsurance ceded: (2013 - $1,209,783; 2012 - $1,228,425; 2011 - $1,228,775) | 2,479,757 | 2,326,040 | 2,233,473 | |||
Amortization of deferred policy acquisition costs and value of business acquired | 192,898 | 203,565 | 264,993 | |||
Other operating expenses, net of reinsurance ceded: (2013 - $196,311; 2012 - $196,709; 2011 - $198,888) | 695,971 | 640,430 | 597,200 | |||
Total benefits and expenses | 3,368,626 | 3,170,035 | 3,095,666 | |||
Income before income tax | 590,373 | 452,971 | 470,476 | |||
Income tax expense | ' | ' | ' | |||
Current | 21,855 | 76,186 | 9,774 | |||
Deferred | 175,054 | 74,333 | 145,065 | |||
Total income tax expense | 196,909 | 150,519 | 154,839 | |||
Net income | 393,464 | 302,452 | 315,637 | |||
Less: Net income attributable to noncontrolling interests | ' | ' | 245 | |||
Net income available to PLC's common shareowners | $393,464 | [1] | $302,452 | [1] | $315,392 | [1] |
Net income available to PLC's common shareowners - basic (in dollars per share) | $4.96 | $3.73 | $3.70 | |||
Net income available to PLC's common shareowners - diluted (in dollars per share) | $4.86 | $3.66 | $3.65 | |||
Cash dividends paid per share (in dollars per share) | $0.78 | $0.70 | $0.62 | |||
Average shares outstanding - basic (in shares) | 79,395,622 | 81,066,338 | 85,208,612 | |||
Average shares outstanding - diluted (in shares) | 80,925,713 | 82,723,016 | 86,475,229 | |||
[1] | Protective Life Corporation ("PLC") |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF INCOME | ' | ' | ' |
Benefits and settlement expenses, reinsurance ceded | $1,209,783 | $1,228,425 | $1,228,775 |
Other operating expenses, reinsurance ceded | $196,311 | $196,709 | $198,888 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' |
Net income | $393,464 | $302,452 | $315,637 |
Other comprehensive income (loss): | ' | ' | ' |
Change in net unrealized gains (losses) on investments, net of income tax: (2013 - $(673,345); 2012 - $392,600; 2011 - $400,848) | -1,250,498 | 729,120 | 744,447 |
Reclassification adjustment for investment amounts included in net income, net of income tax: (2013 - $(15,403); 2012 - $(3,076); 2011 - $(14,671)) | -28,606 | -5,719 | -27,261 |
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: (2013 - $2,472; 2012 - $16,281; 2011 - $(13,205)) | 4,591 | 30,236 | -24,524 |
Change in accumulated (loss) gain - derivatives, net of income tax: (2013 - $395; 2012 - $1,108; 2011 - $2,382) | 734 | 2,058 | 4,424 |
Reclassification adjustment for derivative amounts included in net income, net of income tax: (2013 - $822; 2012 - $1,120; 2011 - $(138)) | 1,527 | 2,080 | -256 |
Change in postretirement benefits liability adjustment, net of income tax: (2013 - $15,936; 2012 - $(3,498); 2011 - $(10,358)) | 29,596 | -6,497 | -19,236 |
Total other comprehensive income (loss) | -1,242,656 | 751,278 | 677,594 |
Comprehensive income (loss) | -849,192 | 1,053,730 | 993,231 |
Comprehensive income (loss) attributable to noncontrolling interests | ' | ' | -245 |
Total comprehensive income (loss) attributable to Protective Life Corporation | ($849,192) | $1,053,730 | $992,986 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' |
Change in net unrealized gains (losses) on investments, income tax | ($673,345) | $392,600 | $400,848 |
Reclassification adjustment for investment amounts included in net income, income tax | -15,403 | -3,076 | -14,671 |
Change in net unrealized gains (losses) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, income tax | 2,472 | 16,281 | -13,205 |
Change in accumulated (loss) gain - derivatives, income tax | 395 | 1,108 | 2,382 |
Reclassification adjustment for derivative amounts included in net income, income tax | 822 | 1,120 | -138 |
Change in postretirement benefits liability adjustment, income tax | $15,936 | ($3,498) | ($10,358) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Fixed maturities, at fair value (amortized cost: 2013 - $33,662,295; 2012 - $26,681,324) | $34,815,931 | $29,787,959 |
Fixed maturities, at amortized cost (fair value: 2013 - $335,676; 2012 - $319,163) | 365,000 | 300,000 |
Equity securities, at fair value (cost: 2013 - $675,758; 2012 - $409,376) | 646,027 | 411,786 |
Mortgage loans (2013 and 2012 includes $627,731 and $765,520 related to securitizations) | 5,486,417 | 4,950,201 |
Investment real estate, net of accumulated depreciation (2013 - $1,066; 2012 - $1,017) | 20,413 | 19,816 |
Policy loans | 1,815,744 | 865,391 |
Other long-term investments | 521,811 | 361,837 |
Short-term investments | 134,146 | 217,812 |
Total investments | 43,805,489 | 36,914,802 |
Cash | 466,542 | 368,801 |
Accrued investment income | 465,333 | 357,368 |
Accounts and premiums receivable, net of allowance for uncollectible amounts (2013 - $4,283; 2012 - $4,290) | 127,830 | 85,500 |
Reinsurance receivables | 6,175,115 | 5,805,401 |
Deferred policy acquisition costs and value of business acquired | 3,584,199 | 3,239,519 |
Goodwill | 105,463 | 108,561 |
Property and equipment, net of accumulated depreciation (2013 - $111,579; 2012 - $105,789) | 52,403 | 47,607 |
Other assets | 426,677 | 262,052 |
Income tax receivable | ' | 30,827 |
Assets related to separate accounts | ' | ' |
Variable annuity | 12,791,438 | 9,601,417 |
Variable universal life | 783,618 | 562,817 |
Total assets | 68,784,107 | 57,384,672 |
Liabilities | ' | ' |
Future policy benefits and claims | 29,781,325 | 21,626,386 |
Unearned premiums | 1,549,815 | 1,396,026 |
Total policy liabilities and accruals | 31,331,140 | 23,022,412 |
Stable value product account balances | 2,559,552 | 2,510,559 |
Annuity account balances | 11,125,253 | 10,658,463 |
Other policyholders' funds | 1,214,380 | 566,985 |
Other liabilities | 1,143,371 | 1,434,604 |
Income tax payable | 12,761 | ' |
Deferred income taxes | 1,069,759 | 1,736,389 |
Non-recourse funding obligations | 562,448 | 586,000 |
Repurchase program borrowings | 350,000 | 150,000 |
Debt | 1,585,000 | 1,400,000 |
Subordinated debt securities | 540,593 | 540,593 |
Liabilities related to separate accounts | ' | ' |
Variable annuity | 12,791,438 | 9,601,417 |
Variable universal life | 783,618 | 562,817 |
Total liabilities | 65,069,313 | 52,770,239 |
Commitments and contingencies - Note 12 | 'Â Â | 'Â Â |
Shareowners' equity | ' | ' |
Preferred Stock; $1 par value, shares authorized: 4,000,000; Issued: None | 'Â Â | 'Â Â |
Common Stock, $.50 par value, shares authorized: 2013 and 2012 - 160,000,000 shares issued: 2013 and 2012 - 88,776,960 | 44,388 | 44,388 |
Additional paid-in-capital | 606,934 | 606,369 |
Treasury stock, at cost (2013 - 10,199,514; 2012 - 10,639,467 shares) | -200,416 | -209,840 |
Retained earnings | 2,769,822 | 2,437,544 |
Accumulated other comprehensive income (loss): | ' | ' |
Net unrealized gains (losses) on investments, net of income tax: (2013 - $289,908; 2012 - $978,656) | 538,400 | 1,817,504 |
Net unrealized (losses) gains relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, net of income tax: (2013 - $325; 2012 - $(2,147)) | 603 | -3,988 |
Accumulated loss - derivatives, net of income tax: (2013 - $(666); 2012 - $(1,883)) | -1,235 | -3,496 |
Postretirement benefits liability adjustment, net of income tax: (2013 - $(23,532); 2012 - $(39,468)) | -43,702 | -73,298 |
Total Protective Life Corporation's shareowners' equity | 3,714,794 | 4,615,183 |
Noncontrolling interest | ' | -750 |
Total equity | 3,714,794 | 4,614,433 |
Total liabilities and shareowners' equity | $68,784,107 | $57,384,672 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ' | ' |
Fixed maturities, amortized cost | $33,662,295 | $26,681,324 |
Fixed maturities at amortized cost, fair value | 335,676 | 319,163 |
Equity securities, cost | 675,758 | 409,376 |
Mortgage loans, related to securitizations | 627,731 | 765,520 |
Investment real estate, accumulated depreciation | 1,066 | 1,017 |
Accounts and premiums receivable, allowance for uncollectible amounts | 4,283 | 4,290 |
Property and equipment, accumulated depreciation | 111,579 | 105,789 |
Preferred Stock, par value (in dollars per share) | $1 | $1 |
Preferred Stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Preferred Stock, shares Issued (in shares) | 0 | 0 |
Common Stock, par value (in dollars per share) | $0.50 | $0.50 |
Common Stock, shares authorized (in shares) | 160,000,000 | 160,000,000 |
Common Stock, shares issued (in shares) | 88,776,960 | 88,776,960 |
Treasury stock, shares (in shares) | 10,199,514 | 10,639,467 |
Net unrealized gains (losses) on investments, income tax | 289,908 | 978,656 |
Net unrealized (losses) gains relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, income tax | 325 | -2,147 |
Accumulated loss - derivatives, income tax | -666 | -1,883 |
Postretirement benefits liability adjustment, income tax | ($23,532) | ($39,468) |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREOWNERS' EQUITY (USD $) | Total | Total Protective Life Corporation's shareowners' equity | Common Stock | Additional Paid-In-Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
In Thousands, unless otherwise specified | ||||||||
Balance at Dec. 31, 2010 | $2,840,204 | $2,841,188 | $44,388 | $586,592 | ($26,072) | $1,928,430 | $307,850 | ($984) |
Increase (decrease) in shareowners' equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 315,637 | 315,392 | ' | ' | ' | 315,392 | ' | 245 |
Other comprehensive income | 677,594 | 677,594 | ' | ' | ' | ' | 677,594 | ' |
Comprehensive income (loss) | 993,231 | 992,986 | ' | ' | ' | ' | ' | 245 |
Cash dividends (2013 - $0.780 per share, 2012 - $0.700 per share, 2011 - $0.620 per share) | -52,503 | -52,503 | ' | ' | ' | -52,503 | ' | ' |
Noncontrolling interests | -11 | ' | ' | ' | ' | ' | ' | -11 |
Repurchase of common stock | -82,671 | -82,671 | ' | ' | -82,671 | ' | ' | ' |
Stock-based compensation | 12,517 | 12,517 | ' | 11,514 | 1,003 | ' | ' | ' |
Balance at Dec. 31, 2011 | 3,710,767 | 3,711,517 | 44,388 | 598,106 | -107,740 | 2,191,319 | 985,444 | -750 |
Increase (decrease) in shareowners' equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 302,452 | 302,452 | ' | ' | ' | 302,452 | ' | ' |
Other comprehensive income | 751,278 | 751,278 | ' | ' | ' | ' | 751,278 | ' |
Comprehensive income (loss) | 1,053,730 | 1,053,730 | ' | ' | ' | ' | ' | ' |
Cash dividends (2013 - $0.780 per share, 2012 - $0.700 per share, 2011 - $0.620 per share) | -56,227 | -56,227 | ' | ' | ' | -56,227 | ' | ' |
Repurchase of common stock | -106,117 | -106,117 | ' | ' | -106,117 | ' | ' | ' |
Stock-based compensation | 12,280 | 12,280 | ' | 8,263 | 4,017 | ' | ' | ' |
Balance at Dec. 31, 2012 | 4,614,433 | 4,615,183 | 44,388 | 606,369 | -209,840 | 2,437,544 | 1,736,722 | -750 |
Increase (decrease) in shareowners' equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 393,464 | 393,464 | ' | ' | ' | 393,464 | ' | ' |
Other comprehensive income | -1,242,656 | -1,242,656 | ' | ' | ' | ' | -1,242,656 | ' |
Comprehensive income (loss) | -849,192 | -849,192 | ' | ' | ' | ' | ' | ' |
Cash dividends (2013 - $0.780 per share, 2012 - $0.700 per share, 2011 - $0.620 per share) | -61,186 | -61,186 | ' | ' | ' | -61,186 | ' | ' |
Noncontrolling interests | ' | -750 | ' | -750 | ' | ' | ' | 750 |
Stock-based compensation | 10,739 | 10,739 | ' | 1,315 | 9,424 | ' | ' | ' |
Balance at Dec. 31, 2013 | $3,714,794 | $3,714,794 | $44,388 | $606,934 | ($200,416) | $2,769,822 | $494,066 | ' |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREOWNERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CONSOLIDATED STATEMENTS OF SHAREOWNERS' EQUITY | ' | ' | ' |
Cash dividends (in dollars per share) | $0.78 | $0.70 | $0.62 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $393,464 | $302,452 | $315,637 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Realized investment (gains) losses | -42,147 | 66,331 | -32,222 |
Amortization of deferred policy acquisition costs and value of business acquired | 192,898 | 203,565 | 264,993 |
Capitalization of deferred policy acquisition costs | -341,121 | -312,684 | -366,156 |
Depreciation expense | 6,769 | 7,860 | 9,171 |
Deferred income tax | 175,054 | 74,333 | 85,893 |
Accrued income tax | 70,635 | 19,956 | -5,201 |
Interest credited to universal life and investment products | 875,180 | 962,678 | 993,574 |
Policy fees assessed on universal life and investment products | -894,176 | -794,825 | -712,038 |
Change in reinsurance receivables | 52,978 | -159,930 | -27,931 |
Change in accrued investment income and other receivables | 2,448 | -4,757 | -31,509 |
Change in policy liabilities and other policyholders' funds of traditional life and health products | 99,535 | 303,211 | 14,781 |
Trading securities: | ' | ' | ' |
Maturities and principal reductions of investments | 179,180 | 276,659 | 283,239 |
Sale of investments | 256,938 | 454,150 | 860,474 |
Cost of investments acquired | -380,836 | -585,618 | -950,051 |
Other net change in trading securities | 38,999 | -56,615 | 7,933 |
Change in other liabilities | -137,103 | 46,068 | -147,244 |
Other income - gains on repurchase of non-recourse funding obligations | -20,047 | -38,426 | -40,112 |
Other, net | -29,098 | -72,325 | 97,382 |
Net cash provided by operating activities | 499,550 | 692,083 | 620,613 |
Cash flows from investing activities | ' | ' | ' |
Maturities and principal reductions of investments, available-for-sale | 1,094,862 | 1,176,422 | 1,399,830 |
Sale of investments, available-for-sale | 3,239,222 | 2,548,314 | 2,955,665 |
Cost of investments acquired, available-for-sale | -5,082,264 | -4,215,228 | -5,158,064 |
Change in investments, held-to-maturity | -65,000 | -300,000 | ' |
Mortgage loans: | ' | ' | ' |
New lendings | -583,822 | -351,511 | -501,500 |
Repayments | 863,262 | 741,402 | 453,749 |
Change in investment real estate, net | -2,576 | 10,207 | 1,483 |
Change in policy loans, net | 17,181 | 14,428 | 14,190 |
Change in other long-term investments, net | -197,742 | -121,577 | 75,452 |
Change in short-term investments, net | 148,124 | -83,288 | 126,225 |
Net unsettled security transactions | 7,373 | 37,169 | 68,810 |
Purchase of property and equipment | -11,621 | -6,248 | -17,667 |
Sales of property and equipment | 57 | ' | ' |
Payments for business acquisitions, net of cash acquired | -471,714 | ' | -209,609 |
Net cash (used in) provided by investing activities | -1,044,658 | -549,910 | -791,436 |
Cash flows from financing activities | ' | ' | ' |
Borrowings under line of credit arrangements and debt | 605,000 | 572,500 | 45,000 |
Principal payments on line of credit arrangement and debt | -420,000 | -676,650 | -26,852 |
Issuance (repayment) of non-recourse funding obligations | -26,100 | 178,200 | -124,600 |
Repurchase program borrowings | 200,000 | 150,000 | ' |
Dividends to shareowners | -61,186 | -56,227 | -52,503 |
Repurchase of common stock | ' | -106,201 | -82,671 |
Investment product deposits and change in universal life deposits | 3,219,561 | 3,716,553 | 4,216,738 |
Investment product withdrawals | -2,874,426 | -3,818,845 | -3,777,365 |
Other financing activities, net | ' | ' | -24,051 |
Net cash provided by (used in) financing activities | 642,849 | -40,670 | 173,696 |
Change in cash | 97,741 | 101,503 | 2,873 |
Cash at beginning of period | 368,801 | 267,298 | 264,425 |
Cash at end of period | $466,542 | $368,801 | $267,298 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2013 | |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | ' |
1. BASIS OF PRESENTATION | |
Basis of Presentation | |
        Protective Life Corporation 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 financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Such accounting principles differ from statutory reporting practices used by insurance companies in reporting to state regulatory authorities (see also Note 21, Statutory Reporting Practices and Other Regulatory Matters). | |
        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 | |
        Certain reclassifications have been made in the previously reported financial statements and accompanying notes to make the prior year amounts comparable to those of the current year. Such reclassifications had no effect on previously reported net income or shareowners' equity. | |
Entities Included | |
        The consolidated financial statements 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 first quarter of 2013, the Company sold its ownership interest in an immaterial limited partnership which previously resulted in the recognition of a non-controlling interest in income and equity of the Company. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Use of Estimates | ||||||||||||
        The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining deferred policy acquisition costs ("DAC") and related amortization periods, goodwill recoverability, value of business acquired ("VOBA"), investment and certain derivatives fair values, and other-than-temporary impairments, future policy benefits, pension and other postretirement benefits, provisions for income taxes, reserves for contingent liabilities, reinsurance risk transfer assessments, and reserves for losses in connection with unresolved legal matters. | ||||||||||||
Significant Accounting Policies | ||||||||||||
Valuation of Investment Securities | ||||||||||||
        The Company determines the appropriate classification of investment securities at the time of purchase and periodically re-evaluates such designations. Investment securities are classified as either trading, available-for-sale, or held-to-maturity securities. Investment securities classified as trading are recorded at fair value with changes in fair value recorded in realized gains (losses). Investment securities purchased for long term investment purposes are classified as available for sale and are recorded at fair value with changes in unrealized gains and losses, net of taxes, reported as a component of other comprehensive income (loss). Investment securities are classified as held to maturity when the Company has the intent and ability to hold the securities to maturity and are reported at amortized cost. Interest income on available-for-sale and held-to-maturity securities includes the amortization of premiums and accretion of discounts and are recorded in investment income. | ||||||||||||
        The fair value for fixed maturity, short term, and equity securities, is determined by management after considering and evaluating one of three primary sources of information: third party pricing services, 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, any remaining unpriced securities are submitted to independent brokers for prices, or lastly, securities are priced using a pricing matrix. Typical inputs used by these three pricing methods include, but are not limited to: reported trades, benchmark yields, issuer spreads, bids, offers, and/or estimated cash flows and rates of prepayments. Based on the typical trading volumes and the lack of quoted market prices for fixed maturities, third party pricing services will normally derive the security prices through recent reported trades for identical or similar securities making adjustments through the reporting date based upon available market observable information as 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 issuer and/or collateral performance and discounted at an estimated market rate. Included in the pricing of other asset-backed securities, collateralized mortgage obligations ("CMOs"), and mortgage-backed securities ("MBS") are estimates of the rate of future prepayments of principal and underlying collateral support over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and rates of prepayments previously experienced at the interest rate levels projected for the underlying collateral. The basis for the cost of securities sold was determined at the Committee on Uniform Securities Identification Procedures ("CUSIP") level. The committee supplies a unique nine-character identification, called a CUSIP number, for each class of security approved for trading in the U.S., to facilitate clearing and settlement. These numbers are used when any buy and sell orders are recorded. | ||||||||||||
        Each quarter the Company reviews investments with unrealized losses and tests for other-than-temporary impairments. The Company analyzes various factors to determine if any specific other-than-temporary asset impairments exist. These include, but are not limited to: 1) actions taken by rating agencies, 2) default by the issuer, 3) the significance of the decline, 4) an assessment of the Company's intent to sell the security (including a more likely than not assessment of whether the Company will be required to sell the security) before recovering the security's amortized cost, 5) the duration of the decline, 6) an economic analysis of the issuer's industry, and 7) the financial strength, liquidity, and recoverability of the issuer. Management performs a security by security review each quarter in evaluating the need for any other-than-temporary impairments. Although no set formula is used in this process, the investment performance, collateral position, and continued viability of the issuer are significant measures considered, and in some cases, an analysis regarding the Company's expectations for recovery of the security's entire amortized cost basis through the receipt of future cash flows is performed. Once a determination has been made that a specific other-than-temporary impairment exists, the security's basis is adjusted and an other-than-temporary impairment is recognized. Equity securities that are other-than-temporarily impaired are written down to fair value with a realized loss recognized in earnings. Other-than-temporary impairments to debt securities that the Company does not intend to sell and does not expect to be required to sell before recovering the security's amortized cost are written down to discounted expected future cash flows ("post impairment cost") and credit losses are recorded in earnings. The difference between the securities' discounted expected future cash flows and the fair value of the securities on the impairment date is recognized in other comprehensive income (loss) as a non-credit portion impairment. When calculating the post impairment cost for residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS"), and other asset-backed securities (collectively referred to as asset-backed securities or "ABS"), the Company considers all known market data related to cash flows to estimate future cash flows. When calculating the post impairment cost for corporate debt securities, the Company considers all contractual cash flows to estimate expected future cash flows. To calculate the post impairment cost, the expected future cash flows are discounted at the original purchase yield. Debt securities that the Company intends to sell or expects to be required to sell before recovery are written down to fair value with the change recognized in earnings. | ||||||||||||
        During the year ended December 31, 2013, the Company recorded pre-tax other-than-temporary impairments of investments of $10.9 million, of which $7.6 million were related to fixed maturities and $3.3 million were related to equity securities. Credit impairments recorded in earnings during the year ended December 31, 2013, were $22.4 million. During the year ended December 31, 2013, $11.5 million of non-credit losses previously recorded in other comprehensive income were recorded in earnings as credit losses. For more information on impairments, refer to Note 5, Investment Operations. | ||||||||||||
Investment Products | ||||||||||||
        The Company establishes liabilities for fixed indexed annuity ("FIA") products. These products are deferred fixed annuities with a guaranteed minimum interest rate plus a contingent return based on equity market performance. The FIA product is considered a hybrid financial instrument under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC" or "Codification") Topic 815—Derivatives and Hedging which allows the Company to make the election to value the liabilities of these FIA products at fair value. This election was made for the FIA products issued prior to 2010 as the policies were issued. These products are no longer being marketed. The changes in the fair value of the liability for these FIA products are recorded in Benefit and settlement expenses with the liability being recorded in Annuity account balances. For more information regarding the determination of fair value of annuity account balances please refer to Note 22, Fair Value of Financial Instruments. Premiums and policy fees for these FIA products consist of fees that have been assessed against the policy account balances for surrenders. Such fees are recognized when assessed and earned. | ||||||||||||
        During 2013, the Company began marketing a new FIA product. These products are also deferred fixed annuities with a guaranteed minimum interest rate plus a contingent return based on equity market performance and are considered hybrid financial instruments under the FASB's ASC Topic 815—Derivatives and Hedging. The Company did not elect to value these FIA products at fair value. As a result the Company accounts for the provision that provides for a contingent return based on equity market performance as an embedded derivative. The embedded derivative is bifurcated from the host contract and recorded at fair value in other liabilities. Changes in the fair value of the embedded derivative are recorded in Realized investment gains (losses)—Derivative financial instruments. For more information regarding the determination of fair value of the FIA embedded derivative refer to Note 22, Fair Value of Financial Instruments. The host contract is accounted for as a debt instrument in accordance with ASC Topic 944—Financial Services—Insurance and is recorded in Annuity account balances with any discount to the minimum account value being accreted using the effective yield method. Benefits and settlement expenses include accreted interest and benefit claims incurred during the period. | ||||||||||||
Cash | ||||||||||||
        Cash includes all demand deposits reduced by the amount of outstanding checks and drafts. As a result of the Company's cash management system, checks issued from a particular bank but not yet presented for payment may create negative book cash balances with the bank. Such negative balances are included in other liabilities and were $42.1 million and $96.6 million as of December 31, 2013 and 2012, respectively. The Company has deposits with certain financial institutions which exceed federally insured limits. The Company has reviewed the creditworthiness of these financial institutions and believes there is minimal risk of a material loss. | ||||||||||||
Deferred Policy Acquisition Costs | ||||||||||||
        In the first quarter of 2012, the Company adopted ASU No. 2010-26—Financial Services—Insurance—Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts. The objective of this Update is to address diversity in practice regarding the interpretation of which costs relating to the acquisition of new or renewal insurance contracts qualify for deferral. This Update prescribes that certain incremental direct costs of successful initial or renewal contract acquisitions may be deferred. It defines incremental direct costs as those costs that result directly from and are essential to the contract transaction and would not have been incurred by the insurance entity had the contract transaction not occurred. This Update also clarifies the definition of the types of incurred costs that may be capitalized and the accounting and recognition treatment of advertising, research, and other administrative costs related to the acquisition of insurance contracts. | ||||||||||||
        The incremental direct costs associated with successfully acquired insurance policies, are deferred to the extent such costs are deemed recoverable from future profits. Such costs include commissions and other costs of acquiring traditional life and health insurance, credit insurance, universal life insurance, and investment products. Deferred acquisition costs ("DAC") are subject to recoverability testing at the end of each accounting period. Traditional life and health insurance acquisition costs are amortized over the premium-payment period of the related policies in proportion to the ratio of annual premium income to the present value of the total anticipated premium income. Credit insurance acquisition costs are being amortized in proportion to earned premium. Acquisition costs for universal life and investment products are amortized over the lives of the policies in relation to the present value of estimated gross profits before amortization. | ||||||||||||
        Based on the Accounting Standards Codification ("ASC" or "Codification") Financial Services-Insurance Topic, the Company makes certain assumptions regarding the mortality, persistency, expenses, and interest rates (equal to the rate used to compute liabilities for future policy benefits, currently 1.0% to 7.13%) the Company expects to experience in future periods. These assumptions are to be best estimates and are periodically updated whenever actual experience and/or expectations for the future change from that assumed. Additionally, using guidance from ASC Investments-Debt and Equity Securities Topic, these costs have been adjusted by an amount equal to the amortization that would have been recorded if unrealized gains or losses on investments associated with our universal life and investment products had been realized. Acquisition costs for stable value contracts are amortized over the term of the contracts using the effective yield method. | ||||||||||||
Value of Businesses Acquired | ||||||||||||
        In conjunction with the acquisition of a block of insurance policies or investment contracts, a portion of the purchase price is allocated to the right to receive future gross profits from cash flow and earnings of the acquired insurance policies or investment contracts. This intangible asset, called VOBA, represents the actuarially estimated present value of future cash flows from the acquired policies. The estimated present value of future cash flows used in the calculation of VOBA is based on certain assumptions, including mortality, persistency, expenses, and interest rates that the Company expects to experience in future years. These assumptions are to be best estimates and are periodically updated whenever actual experience and/or expectations for the future change from that assumed. The Company amortizes VOBA in proportion to gross premiums for traditional life products, in proportion to expected gross profits ("EGPs") for interest sensitive products, including accrued interest credited to account balances of up to approximately 8.75% and in proportion to estimated gross margin for policies within the Closed Block that was acquired as part of the MONY acquisition. VOBA is subject to annual recoverability testing. | ||||||||||||
Property and Equipment | ||||||||||||
        The Company reports land, buildings, improvements, and equipment at cost, including interest capitalized during any acquisition or development period, less accumulated depreciation. The Company depreciates its assets using the straight-line method over the estimated useful lives of the assets. The Company's home office building is depreciated over a thirty-nine year useful life, furniture is depreciated over a ten year useful life, office equipment and machines are depreciated over a five year useful life, and software and computers are depreciated over a three year useful life. Major repairs or improvements are capitalized and depreciated over the estimated useful lives of the assets. Other repairs are expensed as incurred. The cost and related accumulated depreciation of property and equipment sold or retired are removed from the accounts, and resulting gains or losses are included in income. | ||||||||||||
        Property and equipment consisted of the following: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars In Thousands) | ||||||||||||
Home office building | $ | 74,313 | $ | 72,587 | ||||||||
Data processing equipment | 36,140 | 29,609 | ||||||||||
Other, principally furniture and equipment | 53,529 | 51,200 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
163,982 | 153,396 | |||||||||||
Accumulated depreciation | (111,579 | ) | (105,789 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total property and equipment | $ | 52,403 | $ | 47,607 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Separate Accounts | ||||||||||||
        The separate account assets represent funds for which the Company does not bear the investment risk. These assets are carried at fair value and are equal to the separate account liabilities, which represent the policyholder's equity in those assets. The investment income and investment gains and losses on the separate account assets accrue directly to the policyholder. These amounts are reported separately as assets and liabilities related to separate accounts in the accompanying consolidated financial statements. Amounts assessed against policy account balances for the costs of insurance, policy administration, and other services are included in premiums and policy fees in the accompanying consolidated statements of income. | ||||||||||||
Stable Value Product Account Balances | ||||||||||||
        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. The segment also issues funding agreements to the Federal Home Loan Bank ("FHLB"), and markets guaranteed investment contracts ("GICs") to 401(k) and other qualified retirement savings plans. GICs are contracts which specify a return on deposits for a specified period and often provide flexibility for withdrawals at book value in keeping with the benefits provided by the plan. Additionally, the Company has contracts outstanding pursuant to a funding agreement-backed notes program registered with the United States Securities and Exchange Commission (the "SEC") which offered notes to both institutional and retail investors. | ||||||||||||
        The segment's products complement the Company's overall asset/liability management in that the terms may be tailored to the needs of PLICO as the seller of the contracts, as opposed to solely meeting the needs of the buyer. Stable value product account balances include GICs and funding agreements the Company has issued. As of December 31, 2013 and 2012, the Company had $0.2 billion and $0.3 billion, respectively, of stable value product account balances marketed through structured programs. Most GICs and funding agreements the Company has written have maturities of one to ten years. | ||||||||||||
        As of December 31, 2013, future maturities of stable value products were as follows: | ||||||||||||
Year of Maturity | Amount | |||||||||||
(Dollars In Millions) | ||||||||||||
2014 | $ | 555.2 | ||||||||||
2015-2016 | 1,294.40 | |||||||||||
2017-2018 | 684.1 | |||||||||||
Thereafter | 25.9 | |||||||||||
Derivative Financial 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 the other comprehensive income (loss), depending upon whether the derivative instrument 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. For cash flow hedges, the effective portion of their gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the 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 on the hedged item attributable to the hedged risk are 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 in earnings. Changes in the fair value of derivatives that are recognized in current earnings are reported in "Realized investment gains (losses)—Derivative financial instruments". For additional information, see Note 23, Derivative Financial Instruments. | ||||||||||||
Insurance Liabilities and Reserves | ||||||||||||
        Establishing an adequate liability for the Company's obligations to policyholders requires the use of certain assumptions. Estimating liabilities for future policy benefits on life and health insurance products requires the use of assumptions relative to future investment yields, mortality, morbidity, persistency, and other assumptions based on the Company's historical experience, modified as necessary to reflect anticipated trends and to include provisions for possible adverse deviation. Determining liabilities for the Company's property and casualty insurance products also requires the use of assumptions, including the projected levels of used vehicle prices, the frequency and severity of claims, and the effectiveness of internal processes designed to reduce the level of claims. The Company's results depend significantly upon the extent to which its actual claims experience is consistent with the assumptions the Company used in determining its reserves and pricing its products. The Company's reserve assumptions and estimates require significant judgment and, therefore, are inherently uncertain. The Company cannot determine with precision the ultimate amounts that it will pay for actual claims or the timing of those payments. | ||||||||||||
Guaranteed Minimum Withdrawal Benefits | ||||||||||||
        The Company also establishes reserves for guaranteed minimum withdrawal benefits ("GMWB") on its variable annuity ("VA") products. The GMWB is valued in accordance with FASB guidance under the ASC Derivatives and Hedging Topic which utilizes the valuation technique prescribed by the ASC Fair Value Measurements and Disclosures Topic, which requires the liability to be recorded at fair value using current implied volatilities for the equity indices. The methods used to estimate the liabilities employ assumptions about mortality, lapses, policyholder behavior, equity market returns, interest rates, and market volatility. The Company assumes age-based mortality from the National Association of Insurance Commissioners 1994 Variable Annuity MGDB Mortality Table for company experience, with attained age factors varying from 49% to 80%. Differences between the actual experience and the assumptions used result in variances in profit and could result in losses. Favorable market returns during the year have reduced the likelihood of claims and increased the amount of fees projected to be received. More favorable market conditions at year end 2013 also reduced projected claims. The increase in risk free interest rates has reduced the present value of both claims and fees, but since claims are generally expected later than the fees, the reduction of the present value of claims is greater than the reduction of the present value of fees. As a result of these and other factors, the aggregate GMWB reserve has moved to a net asset position. As of December 31, 2013, our net GMWB asset held was $156.3 million. | ||||||||||||
Goodwill | ||||||||||||
        Accounting for goodwill requires an estimate of the future profitability of the associated lines of business to assess the recoverability of the capitalized acquisition goodwill. The Company evaluates the carrying value of goodwill at the segment (or reporting unit) level at least annually and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Such circumstances could include, but are not limited to: 1) a significant adverse change in legal factors or in business climate, 2) unanticipated competition, or 3) an adverse action or assessment by a regulator. When evaluating whether goodwill is impaired, the Company first determines through qualitative analysis whether relevant events and circumstances indicate that it is more likely than not that segment goodwill balances are impaired as of the testing date. If it is determined that it is more likely than not that impairment exists, the Company compares its estimate of the fair value of the reporting unit to which the goodwill is assigned to the reporting unit's carrying amount, including goodwill. The Company utilizes a fair value measurement (which includes a discounted cash flows analysis) to assess the carrying value of the reporting units in consideration of the recoverability of the goodwill balance assigned to each reporting unit as of the measurement date. The Company's material goodwill balances are attributable to certain of its operating segments (which are each considered to be reporting units). The cash flows used to determine the fair value of the Company's reporting units are dependent on a number of significant assumptions. The Company's estimates, which consider a market participant view of fair value, are subject to change given the inherent uncertainty in predicting future results and cash flows, which are impacted by such things as policyholder behavior, competitor pricing, capital limitations, new product introductions, and specific industry and market conditions. Additionally, the discount rate used is based on the Company's judgment of the appropriate rate for each reporting unit based on the relative risk associated with the projected cash flows. As of December 31, 2013, the Company performed its annual evaluation of goodwill and determined that no adjustment to impair goodwill was necessary. As of December 31, 2013, we had goodwill of $105.5 million. | ||||||||||||
Income Taxes | ||||||||||||
        The Company uses the asset and liability method of accounting for income taxes. In general, income tax provisions are based on the income reported for financial statement purposes. Deferred income taxes arise from the recognition of temporary differences between the basis of assets and liabilities determined for financial reporting purposes and the basis determined for income tax purposes. Such temporary differences are principally related to net unrealized gains (losses), deferred policy acquisition costs and value of business acquired, and future policy benefits and claims. | ||||||||||||
        The Company analyzes whether it needs to establish a valuation allowance on each of its deferred tax assets. In performing this analysis, the Company first considers the need for a valuation allowance on each separate deferred tax asset. Ultimately, it analyzes this need in the aggregate in order to prevent the double-counting of expected future taxable income in each of the foregoing separate analyses. | ||||||||||||
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 FASB ASC (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 Variable Interest Entity ("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. For more information on the Company's investment in a VIE refer to Note 5, Investment Operations, to the consolidated financial statements. | ||||||||||||
Policyholder Liabilities, Revenues, and Benefits Expense | ||||||||||||
Traditional Life, Health, and Credit Insurance Products | ||||||||||||
        Traditional life insurance products consist principally of those products with fixed and guaranteed premiums and benefits, and they include whole life insurance policies, term and term-like life insurance policies, limited payment life insurance policies, and certain annuities with life contingencies. Traditional life insurance premiums are recognized as revenue when due. Health and credit insurance premiums are recognized as revenue over the terms of the policies. Benefits and expenses are associated with earned premiums so that profits are recognized over the life of the contracts. This is accomplished by means of the provision for liabilities for future policy benefits and the amortization of DAC and VOBA. Gross premiums in excess of net premiums related to immediate annuities are deferred and recognized over the life of the policy. | ||||||||||||
        Liabilities for future policy benefits on traditional life insurance products have been computed using a net level method including assumptions as to investment yields, mortality, persistency, and other assumptions based on the Company's experience, modified as necessary to reflect anticipated trends and to include provisions for possible adverse deviation. Reserve investment yield assumptions on December 31, 2013, range from approximately 2.0% to 8.75%. The liability for future policy benefits and claims on traditional life, health, and credit insurance products includes estimated unpaid claims that have been reported to us and claims incurred but not yet reported. Policy claims are charged to expense in the period in which the claims are incurred. | ||||||||||||
        Activity in the liability for unpaid claims for life and health insurance is summarized as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Balance beginning of year | $ | 326,633 | $ | 312,799 | $ | 299,971 | ||||||
Less: reinsurance | 155,341 | 161,450 | 156,932 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net balance beginning of year | 171,292 | 151,349 | 143,039 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Incurred related to: | ||||||||||||
Current year | 698,028 | 702,555 | 653,525 | |||||||||
Prior year | 68,396 | 62,926 | 65,269 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total incurred | 766,424 | 765,481 | 718,794 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Paid related to: | ||||||||||||
Current year | 682,877 | 664,744 | 639,118 | |||||||||
Prior year | 85,146 | 80,794 | 76,424 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total paid | 768,023 | 745,538 | 715,542 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Other changes: | ||||||||||||
Acquisition and reserve transfers | 47,255 | -1 | — | 5,058 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net balance end of year | 216,948 | 171,292 | 151,349 | |||||||||
Add: reinsurance | 117,502 | 155,341 | 161,450 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance end of year | $ | 334,450 | $ | 326,633 | $ | 312,799 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||
This amount represents the net liability, before reinsurance, for unpaid claims as of December 31, 2013 for MONY Life Insurance Company. The claims activity from the acquisition date of October 1, 2013 through December 31, 2013 for MONY Life Insurance Company is not reflected in this chart. | ||||||||||||
Universal Life and Investment Products | ||||||||||||
        Universal life and investment products include universal life insurance, guaranteed investment contracts, guaranteed funding agreements, deferred annuities, and annuities without life contingencies. Premiums and policy fees for universal life and investment products consist of fees that have been assessed against policy account balances for the costs of insurance, policy administration, and surrenders. Such fees are recognized when assessed and earned. Benefit reserves for universal life and investment products represent policy account balances before applicable surrender charges plus certain deferred policy initiation fees that are recognized in income over the term of the policies. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policy account balances and interest credited to policy account balances. Interest rates credited to universal life products ranged from 2.0% to 7.0% and investment products ranged from 0.2% to 7.9% in 2013. | ||||||||||||
        The Company's accounting policies with respect to variable universal life ("VUL") and VA are identical except that policy account balances (excluding account balances that earn a fixed rate) are valued at fair value and reported as components of assets and liabilities related to separate accounts. | ||||||||||||
        The Company establishes liabilities for guaranteed minimum death benefits ("GMDB") on its VA products. The methods used to estimate the liabilities employ assumptions about mortality and the performance of equity markets. The Company assumes age-based mortality from the National Association of Insurance Commissioners 1994 Variable Annuity MGDB Mortality Table for company experience, with attained age factors varying from 49%—80%. Future declines in the equity market would increase the Company's GMDB liability. Differences between the actual experience and the assumptions used result in variances in profit and could result in losses. Our GMDB as of December 31, 2013, are subject to a dollar-for-dollar reduction upon withdrawal of related annuity deposits on contracts issued prior to January 1, 2003. As of December 31, 2013, the GMDB was $16.3 million. | ||||||||||||
Property and Casualty Insurance Products | ||||||||||||
        Property and casualty insurance products include service contract business, surety bonds, and guaranteed asset protection ("GAP). Premiums for service contracts and GAP products are recognized based on expected claim patterns. For all other products, premiums are generally recognized over the terms of the contract on a pro-rata basis. Fee income from providing administrative services is recognized as earned when the related services are performed. Unearned premium reserves are maintained for the portion of the premiums that is related to the unexpired period of the policy. Benefit reserves are recorded when insured events occur. Benefit reserves include case basis reserves for known but unpaid claims as of the balance sheet date as well as incurred but not reported ("IBNR") reserves for claims where the insured event has occurred but has not been reported to the Company as of the balance sheet date. The case basis reserves and IBNR are calculated based on historical experience and on assumptions relating to claim severity and frequency, the level of used vehicle prices, and other factors. These assumptions are modified as necessary to reflect anticipated trends. | ||||||||||||
Reinsurance | ||||||||||||
        The Company uses reinsurance extensively in certain of its segments and accounts for reinsurance and the recognition of the impact of reinsurance costs in accordance with the ASC Financial Services—Insurance Topic. The following summarizes some of the key aspects of the Company's accounting policies for reinsurance. | ||||||||||||
        Reinsurance Accounting Methodology—Ceded premiums of the Company's traditional life insurance products are treated as an offset to direct premium and policy fee revenue and are recognized when due to the assuming company. Ceded claims are treated as an offset to direct benefits and settlement expenses and are recognized when the claim is incurred on a direct basis. Ceded policy reserve changes are also treated as an offset to benefits and settlement expenses and are recognized during the applicable financial reporting period. Expense allowances paid by the assuming companies are treated as an offset to other operating expenses. Since reinsurance treaties typically provide for allowance percentages that decrease over the lifetime of a policy, allowances in excess of the "ultimate" or final level allowance are capitalized. Amortization of capitalized reinsurance expense allowances is treated as an offset to direct amortization of DAC or VOBA. Amortization of deferred expense allowances is calculated as a level percentage of expected premiums in all durations given expected future lapses and mortality and accretion due to interest. | ||||||||||||
        The Company utilizes reinsurance on certain short duration insurance contracts (primarily issued through the Asset Protection segment). As part of these reinsurance transactions the Company receives reinsurance allowances which reimburse the Company for acquisition costs such as commissions and premium taxes. A ceding fee is also collected to cover other administrative costs and profits for the Company. Reinsurance allowances received are capitalized and charged to expense in proportion to premiums earned. Ceded unamortized acquisition costs are netted with direct unamortized acquisition costs in the balance sheet. | ||||||||||||
        Ceded premiums and policy fees on the Company's universal life ("UL"), VUL, bank-owned life insurance ("BOLI"), and annuity products reduce premiums and policy fees recognized by the Company. Ceded claims are treated as an offset to direct benefits and settlement expenses and are recognized when the claim is incurred on a direct basis. Ceded policy reserve changes are also treated as an offset to benefits and settlement expenses and are recognized during the applicable valuation period. Commission and expense allowances paid by the assuming companies are treated as an offset to other operating expenses. Since reinsurance treaties typically provide for allowance percentages that decrease over the lifetime of a policy, allowances in excess of the "ultimate" or final level allowance are capitalized. Amortization of capitalized reinsurance expense allowances are amortized based on future expected gross profits. Assumptions regarding mortality, lapses, and interest rates are continuously reviewed and may be periodically changed. These changes will result in "unlocking" that changes the balance in the ceded deferred acquisition cost and can affect the amortization of DAC and VOBA. Ceded unearned revenue liabilities are also amortized based on expected gross profits. Assumptions are based on the best current estimate of expected mortality, lapses and interest spread. | ||||||||||||
        The Company has also assumed certain policy risks written by other insurance companies through reinsurance agreements. Premiums and policy fees as well as Benefits and settlement expenses include amounts assumed under reinsurance agreements and are net of reinsurance ceded. Assumed reinsurance is accounted for in accordance with ASC Financial Services—Insurance topic. | ||||||||||||
        Reinsurance Allowances—The amount and timing of reinsurance allowances (both first year and renewal allowances) are contractually determined by the applicable reinsurance contract and may or may not bear a relationship to the amount and incidence of expenses actually paid by the ceding company. Many of the Company's reinsurance treaties do, in fact, have ultimate renewal allowances that exceed the direct ultimate expenses. Additionally, allowances are intended to reimburse the ceding company for some portion of the ceding company's commissions, expenses, and taxes. As a result, first year expenses paid by the Company may be higher than first year allowances paid by the reinsurer, and reinsurance allowances may be higher in later years than renewal expenses paid by the Company. | ||||||||||||
        The Company recognizes allowances according to the prescribed schedules in the reinsurance contracts, which may or may not bear a relationship to actual expenses incurred by the Company. A portion of these allowances is deferred while the non-deferrable allowances are recognized immediately as a reduction of other operating expenses. The Company's practice is to defer reinsurance allowances in excess of the ultimate allowance. This practice is consistent with the Company's practice of capitalizing direct expenses. While the recognition of reinsurance allowances is consistent with GAAP, in some cases non-deferred reinsurance allowances may exceed non-deferred direct costs, which may cause net other operating expenses to be negative. | ||||||||||||
        Ultimate reinsurance allowances are defined as the lowest allowance percentage paid by the reinsurer in any policy duration over the lifetime of a universal life policy (or through the end of the level term period for a traditional life policy). Ultimate reinsurance allowances are determined by the reinsurer and set by the individual contract of each treaty during the initial negotiation of each such contract. Ultimate reinsurance allowances and other treaty provisions are listed within each treaty and will differ between agreements since each reinsurance contract is separately negotiated. The Company uses the ultimate reinsurance allowances set by the reinsurers and contained within each treaty agreement to complete its accounting responsibilities. | ||||||||||||
        Amortization of Reinsurance Allowances—Reinsurance allowances do not affect the methodology used to amortize DAC and VOBA, or the period over which such DAC and VOBA are amortized. Reinsurance allowances offset the direct expenses capitalized, reducing the net amount that is capitalized. The amortization pattern varies with changes in estimated gross profits arising from the allowances. DAC and VOBA on traditional life policies are amortized based on the pattern of estimated gross premiums of the policies in force. Reinsurance allowances do not affect the gross premiums, so therefore they do not impact traditional life amortization patterns. DAC and VOBA on universal life products are amortized based on the pattern of estimated gross profits of the policies in force. Reinsurance allowances are considered in the determination of estimated gross profits, and therefore do impact amortization patterns. | ||||||||||||
        Reinsurance Liabilities—Claim liabilities and policy benefits are calculated consistently for all policies in accordance with GAAP, regardless of whether or not the policy is reinsured. Once the claim liabilities and policy benefits for the underlying policies are estimated, the amounts recoverable from the reinsurers are estimated based on a number of factors including the terms of the reinsurance contracts, historical payment patterns of reinsurance partners, and the financial strength and credit worthiness of reinsurance partners. Liabilities for unpaid reinsurance claims are produced from claims and reinsurance system records, which contain the relevant terms of the individual reinsurance contracts. The Company monitors claims due from reinsurers to ensure that balances are settled on a timely basis. Incurred but not reported claims are reviewed by the Company's actuarial staff to ensure that appropriate amounts are ceded. | ||||||||||||
        The Company analyzes and monitors the credit worthiness of each of its reinsurance partners to minimize collection issues. For newly executed reinsurance contracts with reinsurance companies that do not meet predetermined standards, the Company requires collateral such as assets held in trusts or letters of credit. | ||||||||||||
        Components of Reinsurance Cost—The following income statement lines are affected by reinsurance cost: | ||||||||||||
        Premiums and policy fees ("reinsurance ceded" on the Company's financial statements) represent consideration paid to the assuming company for accepting the ceding company's risks. Ceded premiums and policy fees increase reinsurance cost. | ||||||||||||
        Benefits and settlement expenses include incurred claim amounts ceded and changes in ceded policy reserves. Ceded benefits and settlement expenses decrease reinsurance cost. | ||||||||||||
        Amortization of deferred policy acquisition cost and VOBA reflects the amortization of capitalized reinsurance allowances. Ceded amortization decreases reinsurance cost. | ||||||||||||
        Other expenses include reinsurance allowances paid by assuming companies to the Company less amounts capitalized. Non-deferred reinsurance allowances decrease reinsurance cost. | ||||||||||||
        The Company's reinsurance programs do not materially impact the other income line of the Company's income statement. In addition, net investment income generally has no direct impact on the Company's reinsurance cost. However, it should be noted that by ceding business to the assuming companies, the Company forgoes investment income on the reserves ceded to the assuming companies. Conversely, the assuming companies will receive investment income on the reserves assumed which will increase the assuming companies' profitability on business assumed from the Company. | ||||||||||||
Accounting Pronouncements Recently Adopted | ||||||||||||
        ASU No. 2011-11—Balance Sheet—Disclosures about Offsetting Assets and Liabilities.    This Update contains new disclosure requirements regarding the nature of an entity's rights of offset and related arrangements associated with its financial and derivative instruments. The new disclosures are designed to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards ("IFRSs"). Generally, it is more difficult to qualify for offsetting under IFRSs than it is under GAAP. As a result, entities with significant financial instrument and derivative portfolios that report under IFRSs typically present positions on their balance sheets that are significantly larger than those of entities with similarly sized portfolios whose financial statements are prepared in accordance with GAAP. To facilitate comparison between financial statements prepared under GAAP and IFRSs, the new disclosures will give financial statement users information about both gross and net exposures. In January 2013, the FASB issued ASU No. 2013-01, which clarifies that application of ASU No. 2011-11 is limited to certain derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions. Both Updates were effective January 1, 2013. Neither Update had an impact on the Company's results of operations or financial position. See Note 24, Offsetting of Assets and Liabilities for additional information. | ||||||||||||
        ASU No. 2012-02—Intangibles—Goodwill and Other—Testing Indefinite-Lived Intangible Assets for Impairment.    This Update is intended to reduce the complexity and cost of performing an impairment test for indefinite-lived intangible assets by allowing an entity the option to make a qualitative evaluation about the likelihood of impairment prior to the quantitative calculation required by current guidance. Under the amendments to Topic 350, an entity has the option to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. If an entity determines it is not more likely than not that impairment exists, quantitative impairment testing is not required. However, if an entity concludes otherwise, the impairment test outlined in current guidance is required to be completed. The Update does not change the current requirement that indefinite-lived intangible assets be reviewed for impairment at least annually. This Update was effective January 1, 2013. This Update did not have an impact on the Company's results of operations or financial position. See Note 8, Goodwill. | ||||||||||||
        ASU No. 2013-02—Comprehensive Income—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.    The amendments in this Update supersede the presentation requirements for reclassifications out of accumulated other comprehensive income in ASU No. 2011-05, Comprehensive Income—Presentation of Comprehensive Income, and ASU No. 2011-12, Comprehensive Income—Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05, for all entities. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. The Update requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. The Company has added the Accumulated Other Comprehensive Income footnote to disclose the required information beginning in 2013. This Update was effective January 1, 2013. This Update did not have an impact on the Company's results of operations or financial position. | ||||||||||||
        ASU No. 2013-10—Derivatives and Hedging—Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.    This Update provides for the inclusion of the Fed Funds Effective Swap Rate as a U.S. benchmark interest rate for hedge accounting purposes, in addition to U.S. Treasury rates and LIBOR. The amendments in the Update also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for transactions entered into on or after July 17, 2013. The Company has and will continue to consider this additional benchmark rate. | ||||||||||||
        ASU No. 2013-11—Income Taxes—Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or A Tax Credit Carryforward Exists.    The objective of this Update is to eliminate diversity in practice related to the presentation of certain unrecognized tax benefits. The Update provides that unrecognized tax benefits should be presented as a reduction of a deferred tax asset for a net operating loss or other tax credit carry forward when settlement in this manner is available under the tax law. The amendments are effective for annual periods beginning after December 15, 2013 and interim periods therein, with early adoption permitted. The Company elected to adopt the guidance in this Update for the annual period ending December 31, 2013. The Update did not have an impact on the Company's results of operations or financial position. | ||||||||||||
SIGNIFICANT_ACQUISITIONS
SIGNIFICANT ACQUISITIONS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
SIGNIFICANT ACQUISITIONS | ' | |||||||
SIGNIFICANT ACQUISITIONS | ' | |||||||
3. SIGNIFICANT ACQUISITIONS | ||||||||
        On October 1, 2013 PLICO completed the acquisition contemplated by the master agreement (the "Master Agreement") dated April 10, 2013. Pursuant to that Master Agreement with AXA Financial, Inc. ("AXA") and AXA Equitable Financial Services, LLC ("AEFS"), PLICO acquired the stock of MONY Life Insurance Company ("MONY") from AEFS and entered into a reinsurance agreement (the "Reinsurance Agreement") pursuant to which it reinsured on a 100% indemnity reinsurance basis certain business (the "MLOA Business") of MONY Life Insurance Company of America ("MLOA"). The aggregate purchase price of MONY was $686 million. The ceding commission for the reinsurance of the MLOA Business was $370 million. Together, the purchase of MONY and reinsurance of the MLOA Business are hereto referred to as (the "MONY acquisition"). The MONY acquisition allowed the Company to invest its capital and increase the scale of its Acquisitions segment. The MONY acquisition business is comprised of traditional and universal life insurance policies and fixed and variable annuities, most of which were written prior to 2004. | ||||||||
        The MONY acquisition was accounted for under the acquisition method of accounting under ASC Topic 805. Based on SEC Regulation 210.11-01, the Company considered the reinsurance of the MLOA Business, together with the acquisition of MONY, as a business combination since there is a continuity of business operations related to MONY and the related reinsured MLOA Business such as physical facilities and employee base. In addition, the Company considered SEC Reporting Manual 2010.6 which states "reinsurance transactions may also be deemed the acquisition of a business because the right to receive future premiums generally indicates continuity of historical revenues". | ||||||||
        In accordance with ASC 805-20-30, all identifiable assets acquired and liabilities assumed were measured at fair value as of the acquisition date. The MONY acquisition will be subject to customary post-closing adjustments as the Company finalizes the determination and analysis of assets acquired and liabilities assumed. The following table summarizes the consideration paid for the acquisition and the preliminary determination of the fair value of assets acquired and liabilities assumed at the acquisition date: | ||||||||
Fair Value | ||||||||
As of | ||||||||
October 1, 2013 | ||||||||
(Dollars In Thousands) | ||||||||
Assets | ||||||||
Fixed maturities, at fair value | $ | 6,550,691 | ||||||
Equity securities, at fair value | 108,413 | |||||||
Mortgage loans | 823,340 | |||||||
Policy loans | 967,534 | |||||||
Short-term investments | 130,963 | |||||||
​ | ​ | ​ | ​ | ​ | ||||
Total investments | 8,580,941 | |||||||
Cash | 213,861 | |||||||
Accrued investment income | 114,656 | |||||||
Accounts and premiums receivable, net of allowance for uncollectible amounts | 29,031 | |||||||
Reinsurance receivables | 422,692 | |||||||
Value of business acquired | 219,751 | |||||||
Other assets | 30,139 | |||||||
Income tax receivable | 21,196 | |||||||
Deferred income taxes | 168,916 | |||||||
Separate account assets | 195,452 | |||||||
​ | ​ | ​ | ​ | ​ | ||||
Total assets | $ | 9,996,635 | ||||||
​ | ​ | ​ | ​ | ​ | ||||
Liabilities | ||||||||
Future policy and benefit claims | $ | 7,654,969 | ||||||
Unearned premiums | 3,066 | |||||||
​ | ​ | ​ | ​ | ​ | ||||
Total policy liabilities and accruals | 7,658,035 | |||||||
Annuity account balances | 752,163 | |||||||
Other policyholders' funds | 636,034 | |||||||
Other liabilities | 66,936 | |||||||
Non-recourse funding obligation | 2,548 | |||||||
Separate account liabilities | 195,344 | |||||||
​ | ​ | ​ | ​ | ​ | ||||
Total liabilities | 9,311,060 | |||||||
​ | ​ | ​ | ​ | ​ | ||||
Net assets acquired | $ | 685,575 | ||||||
​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ||||
        Included in the amounts above, are liabilities related to certain non-qualified pension and deferred compensation plans ("MONY Benefits Plans") and supporting trust assets. Through an indemnification agreement within the Master Agreement, at the end of each calendar year, to the extent the supporting trust assets are less than the MONY Benefit Plan liabilities, AXA will pay MONY an amount equal to the shortfall. As of December 31, 2013, the MONY Benefit Plans had a total liability balance of $8.1 million and the supporting trust assets had a total balance of $8.6 million. | ||||||||
        During the year ended December 31, 2013, the Company incurred $18.3 million of expenses related to the MONY acquisition. These expenses are included in the Company's other operating expenses. | ||||||||
        The following (unaudited) pro forma condensed consolidated results of operations assumes that the aforementioned acquisition was completed as of January 1, 2012: | ||||||||
Unaudited | ||||||||
For The Year Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(Dollars In Thousands) | ||||||||
Revenue | $ | 4,599,718 | -1 | $ | 4,497,881 | |||
Net income | $ | 427,645 | -2 | $ | 359,120 | |||
EPS—basic | $ | 5.39 | $ | 4.43 | ||||
EPS—diluted | $ | 5.28 | $ | 4.34 | ||||
-1 | ||||||||
Includes $203.8 million of revenue recognized in the Company's net income for the year ended December 31, 2013. | ||||||||
-2 | ||||||||
Includes $27.9 million of pre-tax net income recognized by the Company for the year ended December 31, 2013. | ||||||||
MONY_CLOSED_BLOCK_OF_BUSINESS
MONY CLOSED BLOCK OF BUSINESS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
MONY CLOSED BLOCK OF BUSINESS | ' | ||||
MONY CLOSED BLOCK OF BUSINESS | ' | ||||
4. MONY CLOSED BLOCK OF BUSINESS | |||||
        In 1998, 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 MONY acquisition as discussed in Note 3, Significant Acquisitions. | |||||
        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 Insurance Department (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")) represents the expected 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 has developed an actuarial calculation of the expected timing of MONY's Closed Block's earnings as of October 1, 2013. | |||||
        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 from the acquisition date through December 31, 2013 is as follows: | |||||
As of | |||||
December 31, 2013 | |||||
(Dollars In Thousands) | |||||
Closed block liabilities | |||||
Future policy benefits, policyholders' account balances and other | $ | 6,274,719 | |||
Policyholder dividend obligation | 190,494 | ||||
Other liabilities | 1,259 | ||||
​ | ​ | ​ | ​ | ​ | |
Total closed block liabilities | 6,466,472 | ||||
​ | ​ | ​ | ​ | ​ | |
Closed block assets | |||||
Fixed maturities, available-for-sale, at fair value | 4,109,142 | ||||
Equity securities, available-for-sale, at fair value | 5,223 | ||||
Mortgage loans on real estate | 594,884 | ||||
Policy loans | 802,013 | ||||
Cash and other invested assets | 140,577 | ||||
Other assets | 207,265 | ||||
​ | ​ | ​ | ​ | ​ | |
Total closed block assets | 5,859,104 | ||||
​ | ​ | ​ | ​ | ​ | |
Excess of reported closed block liabilities over closed block assets | 607,368 | ||||
Portion of above representing accumulated other comprehensive income: | |||||
Net unrealized investments gains (losses) net of deferred tax benefit of $1,074 and net of policyholder dividend obligation of $12,720 | (1,994 | ) | |||
​ | ​ | ​ | ​ | ​ | |
Future earnings to be recognized from closed block assets and closed block liabilities | $ | 605,374 | |||
​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | |
        Reconciliation of the policyholder dividend obligation from the acquisition date through December 31, 2013 is as follows: | |||||
For The | |||||
Period Ended | |||||
December 31, 2013 | |||||
(Dollars In Thousands) | |||||
Policyholder dividend obligation, at acquisition date | $ | 213,350 | |||
Applicable to net revenue (losses) | (10,136 | ) | |||
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation | (12,720 | ) | |||
​ | ​ | ​ | ​ | ​ | |
Policyholder dividend obligation, end of period | $ | 190,494 | |||
​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | |
        Closed Block revenues and expenses from the acquisition date through December 31, 2013 are as follows: | |||||
For The | |||||
Period Ended | |||||
December 31, 2013 | |||||
(Dollars In Thousands) | |||||
Revenues | |||||
Premiums and other income | $ | 64,171 | |||
Net investment income (loss) | 51,141 | ||||
Net investment gains (losses) | 9,252 | ||||
​ | ​ | ​ | ​ | ​ | |
Total revenues | 124,564 | ||||
​ | ​ | ​ | ​ | ​ | |
Benefits and other deductions | |||||
Benefits and settlement expenses | 113,564 | ||||
Other operating expenses | 548 | ||||
​ | ​ | ​ | ​ | ​ | |
Total benefits and other deductions | 114,112 | ||||
​ | ​ | ​ | ​ | ​ | |
Net revenues before income taxes | 10,452 | ||||
Income tax expense | 3,658 | ||||
​ | ​ | ​ | ​ | ​ | |
Net revenues | $ | 6,794 | |||
​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | |
INVESTMENT_OPERATIONS
INVESTMENT OPERATIONS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
INVESTMENT OPERATIONS | ' | ||||||||||||||||||||
INVESTMENT OPERATIONS | ' | ||||||||||||||||||||
5. INVESTMENT OPERATIONS | |||||||||||||||||||||
        Major categories of net investment income are summarized as follows: | |||||||||||||||||||||
For The Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Fixed maturities | $ | 1,509,544 | $ | 1,453,702 | $ | 1,416,861 | |||||||||||||||
Equity securities | 26,923 | 21,187 | 21,274 | ||||||||||||||||||
Mortgage loans | 333,145 | 349,877 | 336,542 | ||||||||||||||||||
Investment real estate | 3,556 | 3,290 | 3,459 | ||||||||||||||||||
Short-term investments | 75,984 | 64,729 | 69,791 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
1,949,152 | 1,892,785 | 1,847,927 | |||||||||||||||||||
Other investment expenses | 31,071 | 30,453 | 27,284 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
Net investment income | $ | 1,918,081 | $ | 1,862,332 | $ | 1,820,643 | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
        Net realized investment gains (losses) for all other investments are summarized as follows: | |||||||||||||||||||||
For The Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Fixed maturities | $ | 63,180 | $ | 67,726 | $ | 80,180 | |||||||||||||||
Equity securities | 3,276 | (45 | ) | 9,194 | |||||||||||||||||
Impairments on fixed maturity securities | (19,100 | ) | (58,886 | ) | (47,442 | ) | |||||||||||||||
Impairments on equity securities | (3,347 | ) | — | — | |||||||||||||||||
Modco trading portfolio | (178,134 | ) | 177,986 | 164,224 | |||||||||||||||||
Other investments | (11,859 | ) | (14,632 | ) | (18,683 | ) | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
Total realized gains (losses)—investments | $ | (145,984 | ) | $ | 172,149 | $ | 187,473 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
        For the year ended December 31, 2013, gross realized gains on investments available-for-sale (fixed maturities, equity securities, and short-term investments) were $72.8 million and gross realized losses were $28.0 million, including $21.7 million of impairment losses. For the year ended December 31, 2012, gross realized gains on investments available-for-sale (fixed maturities, equity securities, and short-term investments) were $73.3 million and gross realized losses were $64.0 million, including $58.4 million of impairment losses. For the year ended December 31, 2011, gross realized gains on investments available-for-sale (fixed maturities, equity securities, and short-term investments) were $104.8 million and gross realized losses were $62.1 million, including $46.7 million of impairment losses. | |||||||||||||||||||||
        For the year ended December 31, 2013, the Company sold securities in an unrealized gain position with a fair value (proceeds) of $2.3 billion. The gain realized on the sale of these securities was $72.8 million. For the year ended December 31, 2012, the Company sold securities in an unrealized gain position with a fair value (proceeds) of $1.6 billion. The gain realized on the sale of these securities was $73.3 million. For the year ended December 31, 2011, the Company sold securities in an unrealized gain position with a fair value (proceeds) of $2.2 billion. The gain realized on the sale of these securities was $104.8 million. | |||||||||||||||||||||
        For the year ended December 31, 2013, the Company sold securities in an unrealized loss position with a fair value (proceeds) of $398.2 million. The loss realized on the sale of these securities was $6.3 million. The Company made the decision to exit these holdings in conjunction with our overall asset liability management process. | |||||||||||||||||||||
        For the year ended December 31, 2012, the Company sold securities in an unrealized loss position with a fair value (proceeds) of $38.0 million. The loss realized on the sale of these securities was $5.6 million. The Company made the decision to exit these holdings in order to reduce its European financial exposure. | |||||||||||||||||||||
        For the year ended December 31, 2011, the Company sold securities in an unrealized loss position with a fair value (proceeds) of $264.0 million. The loss realized on the sale of these securities was $15.4 million. The Company made the decision to exit these holdings in order to reduce its European financial exposure. | |||||||||||||||||||||
        The amortized cost and fair value of the Company's investments classified as available-for-sale as of December 31, are as follows: | |||||||||||||||||||||
Amortized | Gross | Gross | Fair | Total OTTI | |||||||||||||||||
Cost | Unrealized | Unrealized | Value | Recognized | |||||||||||||||||
Gains | Losses | in OCI(1) | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||
Bonds | |||||||||||||||||||||
Residential mortgage-backed securities | $ | 1,435,477 | $ | 34,155 | $ | (24,564 | ) | $ | 1,445,068 | $ | 979 | ||||||||||
Commercial mortgage-backed securities | 963,461 | 26,900 | (19,705 | ) | 970,656 | — | |||||||||||||||
Other asset-backed securities | 926,396 | 15,135 | (69,548 | ) | 871,983 | (51 | ) | ||||||||||||||
U.S. government-related securities | 1,529,818 | 32,150 | (54,078 | ) | 1,507,890 | — | |||||||||||||||
Other government-related securities | 49,171 | 2,257 | (1 | ) | 51,427 | — | |||||||||||||||
States, municipals, and political subdivisions          | 1,315,457 | 103,663 | (8,291 | ) | 1,410,829 | — | |||||||||||||||
Corporate bonds | 24,644,025 | 1,507,630 | (392,067 | ) | 25,759,588 | — | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
30,863,805 | 1,721,890 | (568,254 | ) | 32,017,441 | 928 | ||||||||||||||||
Equity securities | 654,579 | 6,631 | (36,362 | ) | 624,848 | — | |||||||||||||||
Short-term investments | 81,703 | — | — | 81,703 | — | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
$ | 31,600,087 | $ | 1,728,521 | $ | (604,616 | ) | $ | 32,723,992 | $ | 928 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
2012 | |||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||
Bonds | |||||||||||||||||||||
Residential mortgage-backed securities | $ | 1,766,440 | $ | 92,265 | $ | (19,375 | ) | $ | 1,839,330 | $ | (406 | ) | |||||||||
Commercial mortgage-backed securities | 797,844 | 72,577 | (598 | ) | 869,823 | — | |||||||||||||||
Other asset-backed securities | 1,023,649 | 12,788 | (61,424 | ) | 975,013 | (241 | ) | ||||||||||||||
U.S. government-related securities | 1,099,001 | 71,537 | (595 | ) | 1,169,943 | — | |||||||||||||||
Other government-related securities | 93,565 | 7,258 | (45 | ) | 100,778 | — | |||||||||||||||
States, municipals, and political subdivisions          | 1,188,077 | 255,900 | (264 | ) | 1,443,713 | — | |||||||||||||||
Corporate bonds | 17,705,440 | 2,725,057 | (48,446 | ) | 20,382,051 | (5,487 | ) | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
23,674,016 | 3,237,382 | (130,747 | ) | 26,780,651 | (6,134 | ) | |||||||||||||||
Equity securities | 389,821 | 12,443 | (10,033 | ) | 392,231 | — | |||||||||||||||
Short-term investments | 98,877 | — | — | 98,877 | — | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
$ | 24,162,714 | $ | 3,249,825 | $ | (140,780 | ) | $ | 27,271,759 | $ | (6,134 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
-1 | |||||||||||||||||||||
These amounts are included in the gross unrealized gains and gross unrealized losses columns above. | |||||||||||||||||||||
        The amortized cost and fair value of the Company's investments classified as held-to-maturity as of December 31, are as follows: | |||||||||||||||||||||
Amortized | Gross | Gross | Fair | Total OTTI | |||||||||||||||||
Cost | Unrealized | Unrealized | Value | Recognized | |||||||||||||||||
Gains | Losses | in OCI | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||
Other | $ | 365,000 | $ | — | $ | (29,324 | ) | $ | 335,676 | $ | — | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
$ | 365,000 | $ | — | $ | (29,324 | ) | $ | 335,676 | $ | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
2012 | |||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||
Other | $ | 300,000 | $ | 19,163 | $ | — | $ | 319,163 | $ | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
$ | 300,000 | $ | 19,163 | $ | — | $ | 319,163 | $ | — | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
        During the year ended December 31, 2013, the Company did not record any other-than-temporary impairments on held-to-maturity securities. The Company's held-to-maturity securities had gross unrecognized holding losses of $29.3 million. 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, financial health of the issuer, continued access of the issuer to capital markets and other pertinent information. | |||||||||||||||||||||
        As of December 31, 2013 and 2012, the Company had an additional $2.8 billion and $3.0 billion of fixed maturities, $21.2 million and $19.6 million of equity securities, and $52.4 million and $118.9 million of short-term investments classified as trading securities, respectively. | |||||||||||||||||||||
        The amortized cost and fair value of available-for-sale and held-to-maturity fixed maturities as of December 31, 2013, 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 | ||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||
(Dollars In Thousands) | (Dollars In Thousands) | ||||||||||||||||||||
Due in one year or less | $ | 1,016,117 | $ | 1,033,834 | $ | — | $ | — | |||||||||||||
Due after one year through five years | 4,987,917 | 5,251,806 | — | — | |||||||||||||||||
Due after five years through ten years | 9,085,348 | 9,334,786 | — | — | |||||||||||||||||
Due after ten years | 15,774,423 | 16,397,015 | 365,000 | 335,676 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
$ | 30,863,805 | $ | 32,017,441 | $ | 365,000 | $ | 335,676 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
        During the year ended December 31, 2013, the Company recorded pre-tax other-than-temporary impairments of investments of $10.9 million, of which $7.6 million were related to fixed maturities and $3.3 million were related to equity securities. Credit impairments recorded in earnings during the year ended December 31, 2013, were $22.4 million. During the year ended December 31, 2013, $11.5 million of non-credit losses previously recorded in other comprehensive income were recorded in earnings as credit losses. 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 year ended December 31, 2013. | |||||||||||||||||||||
        During the year ended December 31, 2012, the Company recorded pre-tax other-than-temporary impairments of investments of $66.2 million, all of which were related to fixed maturities. Of the $66.2 million of impairments for the year ended December 31, 2012, $58.9 million was recorded in earnings and $7.3 million was recorded in other comprehensive income (loss). There were no impairments related to equity securities. For the year ended December 31, 2012, 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. | |||||||||||||||||||||
        During the year ended December 31, 2011, the Company recorded pre-tax other-than-temporary impairments of investments of $62.3 million, all of which were related to fixed maturities. Of the $62.3 million of impairments for the year ended December 31, 2011, $47.4 million was recorded in earnings and $14.9 million was recorded in other comprehensive income (loss). There were no impairments related to equity securities. For the year ended December 31, 2011, pre-tax other-than-temporary impairments related to fixed maturities that the Company did not intend to sell and does not expect to be required to sell were $52.8 million, with $37.9 million of credit losses recorded on fixed maturities in earnings and $14.9 million of non-credit losses recorded in other comprehensive income (loss). During the same period, other-than-temporary impairments related to fixed maturities that the Company intends to sell or expects to be required to sell were $9.5 million and were recorded in earnings. | |||||||||||||||||||||
        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 Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Beginning balance | $ | 122,121 | $ | 69,719 | $ | 39,427 | |||||||||||||||
Additions for newly impaired securities | 3,516 | 26,961 | 12,731 | ||||||||||||||||||
Additions for previously impaired securities | 12,066 | 25,441 | 20,650 | ||||||||||||||||||
Reductions for previously impaired securities due to a change in expected cash flows | (88,523 | ) | — | — | |||||||||||||||||
Reductions for previously impaired securities that were sold in the current period | (7,488 | ) | — | (3,089 | ) | ||||||||||||||||
Other | — | — | — | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
Ending balance | $ | 41,692 | $ | 122,121 | $ | 69,719 | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
        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, 2013: | |||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Residential mortgage-backed securities | $ | 333,235 | $ | (14,051 | ) | $ | 210,486 | $ | (10,513 | ) | $ | 543,721 | $ | (24,564 | ) | ||||||
Commercial mortgage-backed securities | 429,228 | (18,467 | ) | 13,840 | (1,238 | ) | 443,068 | (19,705 | ) | ||||||||||||
Other asset-backed securities | 175,846 | (14,555 | ) | 497,512 | (54,993 | ) | 673,358 | (69,548 | ) | ||||||||||||
U.S. government-related securities | 891,698 | (53,508 | ) | 6,038 | (570 | ) | 897,736 | (54,078 | ) | ||||||||||||
Other government-related securities | 10,161 | (1 | ) | — | — | 10,161 | (1 | ) | |||||||||||||
States, municipalities, and political subdivisions | 172,157 | (8,113 | ) | 335 | (178 | ) | 172,492 | (8,291 | ) | ||||||||||||
Corporate bonds | 7,484,010 | (353,211 | ) | 272,423 | (38,856 | ) | 7,756,433 | (392,067 | ) | ||||||||||||
Equities | 376,776 | (27,861 | ) | 21,974 | (8,501 | ) | 398,750 | (36,362 | ) | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 9,873,111 | $ | (489,767 | ) | $ | 1,022,608 | $ | (114,849 | ) | $ | 10,895,719 | $ | (604,616 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        RMBS have a gross unrealized loss greater than twelve months of $10.5 million as of December 31, 2013. Factors such as the credit enhancement within the deal structure, the average life of the securities, and the performance of the underlying collateral support the recoverability of these investments. | |||||||||||||||||||||
        The other asset-backed securities have a gross unrealized loss greater than twelve months of $55.0 million as of December 31, 2013. This category predominately includes student-loan backed auction rate securities, the underlying collateral, of which is at least 97% guaranteed by the Federal Family Education Loan Program ("FFELP"). These unrealized losses have occurred within the Company's auction rate securities ("ARS") portfolio since the market collapse during 2008. 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 corporate bonds category has gross unrealized losses greater than twelve months of $38.9 million as of December 31, 2013. These declines were primarily related to changes in interest rates during the period. The aggregate decline in market 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 equities category has a gross unrealized loss greater than twelve months of $8.5 million as of December 31, 2013. The aggregate decline in market value of these securities was deemed temporary due to factors supporting the recoverability of the respective investments. Positive factors include credit ratings, the financial health of the issuer, the continued access of the issuer to the capital markets, and other pertinent information. | |||||||||||||||||||||
        The Company does not consider these unrealized loss positions to be other-than-temporary, 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 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, 2012: | |||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Residential mortgage-backed securities | $ | 101,522 | $ | (9,605 | ) | $ | 166,000 | $ | (9,770 | ) | $ | 267,522 | $ | (19,375 | ) | ||||||
Commercial mortgage-backed securities | 50,601 | (598 | ) | — | — | 50,601 | (598 | ) | |||||||||||||
Other asset-backed securities | 479,223 | (28,179 | ) | 242,558 | (33,245 | ) | 721,781 | (61,424 | ) | ||||||||||||
U.S. government-related securities | 107,802 | (595 | ) | — | — | 107,802 | (595 | ) | |||||||||||||
Other government-related securities | 14,955 | (45 | ) | — | — | 14,955 | (45 | ) | |||||||||||||
States, municipalities, and political subdivisions | 11,526 | (264 | ) | — | — | 11,526 | (264 | ) | |||||||||||||
Corporate bonds | 777,552 | (23,663 | ) | 364,110 | (24,783 | ) | 1,141,662 | (48,446 | ) | ||||||||||||
Equities | 35,059 | (5,150 | ) | 21,954 | (4,883 | ) | 57,013 | (10,033 | ) | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 1,578,240 | $ | (68,099 | ) | $ | 794,622 | $ | (72,681 | ) | $ | 2,372,862 | $ | (140,780 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        RMBS have a gross unrealized loss greater than twelve months of $9.8 million as of December 31, 2012. The non-agency RMBS market experienced improvements during the year, but these losses represent securities where credit concerns are more pronounced. Factors such as the credit enhancement within the deal structure, the average life of the securities, and the performance of the underlying collateral support the recoverability of these investments. | |||||||||||||||||||||
        The other asset-backed securities have a gross unrealized loss greater than twelve months of $33.2 million as of December 31, 2012. This category predominately includes student-loan backed auction rate securities, the underlying collateral, of which is at least 97% guaranteed by FFELP. These unrealized losses have occurred within the Company's ARS portfolio since the market collapse during 2008. 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 corporate bonds category has gross unrealized losses greater than twelve months of $24.8 million as of December 31, 2012. These losses relate primarily to fluctuations in credit spreads. The aggregate decline in market 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 equities category has a gross unrealized loss greater than twelve months of $4.9 million as of December 31, 2012. These losses primarily relate to a widening in credit spreads on perpetual preferred stock holdings. The aggregate decline in market value of these securities was deemed temporary due to factors supporting the recoverability of the respective investments. Positive factors include credit ratings, the financial health of the issuer, the continued access of the issuer to the capital markets, and other pertinent information. | |||||||||||||||||||||
        The Company does not consider these unrealized loss positions to be other-than-temporary, 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 does not intend to sell or expect to be required to sell the securities before recovering the Company's amortized cost of debt securities. | |||||||||||||||||||||
        As of December 31, 2013, 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 $1.6 billion. In addition, included in the Company's trading portfolio, the Company held $333.9 million of securities which were rated below investment grade. Approximately $544.7 million of the below investment grade securities were not publicly traded. | |||||||||||||||||||||
        The change in unrealized gains (losses), net of income tax, on fixed maturity and equity securities, classified as available-for-sale is summarized as follows: | |||||||||||||||||||||
For The Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Fixed maturities | $ | (1,269,449 | ) | $ | 819,746 | $ | 761,437 | ||||||||||||||
Equity securities | (20,892 | ) | 8,484 | (13,292 | ) | ||||||||||||||||
        The Company held $26.4 million of non-income producing securities for the year ended December 31, 2013. | |||||||||||||||||||||
        Excluding the MONY acquisition, included in the Company's invested assets are $985.9 million of policy loans as of December 31, 2013. The interest rates on standard policy loans range from 3.0% to 8.0%. The collateral loans on life insurance policies have an interest rate of 13.64%. | |||||||||||||||||||||
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 FASB ASC (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 Variable Interest Entity ("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 one wholly owned subsidiary, Red Mountain, LLC ("Red Mountain"), that was determined to be a VIE as of December 31, 2013 and 2012. 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") and the Company in which Golden Gate V issued non-recourse funding obligations to Red Mountain and Red Mountain issued the note to Golden Gate V. Credit enhancement on the Red Mountain Note is provided by an unrelated third party. For details of this transaction, see Note 11, Debt and Other Obligations. The Company has the power, via its 100% ownership through an affiliate, to direct the activities of the VIE, but does 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 of $10,000. Additionally, the holding company ("PLC") has guaranteed the VIE's credit enhancement fee obligation to the unrelated third party provider. As of December 31, 2013, no payments have been made or required related to this guarantee. | |||||||||||||||||||||
MORTGAGE_LOANS
MORTGAGE LOANS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
MORTGAGE LOANS | ' | |||||||||||||||||||
MORTGAGE LOANS | ' | |||||||||||||||||||
6. MORTGAGE LOANS | ||||||||||||||||||||
Mortgage Loans | ||||||||||||||||||||
        The Company invests a portion of its investment portfolio in commercial mortgage loans. As of December 31, 2013, the Company's mortgage loan holdings were approximately $5.5 billion. The Company has specialized in making loans on either credit-oriented commercial properties or credit-anchored strip shopping centers 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, professional office buildings, and warehouses). The Company believes 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 and funded by the Company. From time to time, the Company may acquire loans in conjunction with an acquisition. | ||||||||||||||||||||
        During 2013, the Company acquired previously funded mortgage loans as part of the MONY acquisition with a fair value of $823.3 million as of the acquisition date. These loans were recorded in the Company's balance sheet at the fair value of the mortgage loans on the date of acquisition, October 1, 2013. The acquired loans had an unpaid principal balance of $857.3 million of which the Company did not expect to collect $11.0 million as of the date of 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. | ||||||||||||||||||||
        The following table includes a breakdown of the Company's commercial mortgage loan portfolio by property type as of December 31, 2013: | ||||||||||||||||||||
Type | Percentage of | |||||||||||||||||||
Mortgage Loans | ||||||||||||||||||||
on Real Estate | ||||||||||||||||||||
Retail | 60.6 | % | ||||||||||||||||||
Office Buildings | 14.9 | |||||||||||||||||||
Apartments | 11.8 | |||||||||||||||||||
Warehouses | 7.4 | |||||||||||||||||||
Other | 5.3 | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||||
100 | % | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||||
        The Company specializes in originating mortgage loans on either credit-oriented or credit-anchored commercial properties. No single tenant's exposure represents more than 2.0% of mortgage loans. Approximately 62.1% of the mortgage loans are on properties located in the following states: | ||||||||||||||||||||
State | Percentage of | |||||||||||||||||||
Mortgage Loans | ||||||||||||||||||||
on Real Estate | ||||||||||||||||||||
Texas | 11.6 | % | ||||||||||||||||||
Georgia | 8.6 | |||||||||||||||||||
Alabama | 6.9 | |||||||||||||||||||
Florida | 6.5 | |||||||||||||||||||
Tennessee | 6.1 | |||||||||||||||||||
North Carolina | 5 | |||||||||||||||||||
New York | 4.7 | |||||||||||||||||||
South Carolina | 4.6 | |||||||||||||||||||
Ohio | 4.2 | |||||||||||||||||||
Utah | 3.9 | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||||
62.1 | % | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||||
        During 2013, the Company funded approximately $548.2 million of new loans, with an average loan size of $4.2 million. As part of the MONY acquisition, the Company added $857.3 million previously funded mortgage loans to the total mortgage loan portfolio. The average size mortgage loan in the portfolio as of December 31, 2013, was $2.8 million, and the weighted-average interest rate was 5.86%. The largest single mortgage loan was $50.0 million. | ||||||||||||||||||||
        Many of the mortgage loans have call options or interest rate reset options between 3 and 10 years. However, if interest rates were to significantly increase, we may be unable to exercise the call options or increase the interest rates on our existing mortgage loans commensurate with the significantly increased market rates. Assuming the loans are called at their next call dates, approximately $94.5 million would become due in 2014, $1.2 billion in 2015 through 2019, $511.3 million in 2020 through 2024, and $134.5 million thereafter. | ||||||||||||||||||||
        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 December 31, 2013 and December 31, 2012, approximately $666.6 million and $817.3 million, respectively, of the Company's mortgage loans have this participation feature. Cash flows received as a result of this participation feature are recorded as interest income. During the year ended December 31, 2013 and 2012, the Company recognized $17.9 million and $16.1 million of participating mortgage loan income, respectively. | ||||||||||||||||||||
        As of December 31, 2013, approximately $15.9 million, or 0.03%, of invested assets consisted of nonperforming, restructured or mortgage loans that were foreclosed and were converted to real estate properties. We do not expect these investments to adversely affect our liquidity or ability to maintain proper matching of assets and liabilities. During the year ended December 31, 2013, certain mortgage loan transactions occurred that were accounted for as troubled debt restructurings under Topic 310 of the FASB ASC. For all mortgage loans, the impact of troubled debt restructurings is generally reflected in our investment balance and in the allowance for mortgage loan credit losses. Transactions accounted for as troubled debt restructurings during the year either involved the modification of payment terms pursuant to bankruptcy proceedings or included acceptance of assets in satisfaction of principal or foreclosure on collateral property, and were the result of agreements between the creditor and the debtor. With respect to the modified loans we expect to collect all amounts due related to these loans as well as expenses incurred as a result of the restructurings. Additionally, there were no material changes to the principal balance of these loans, as a result of restructuring or modifications, which was $3.2 million as of December 31, 2013. During the year a mortgage loan was paid off at a discount, the impact of this transaction resulted in a reduction of $0.5 million in the Company's investment in mortgage loans, net of existing allowances for mortgage loan losses and did not remain on the Company's balance sheets as of December 31, 2013. | ||||||||||||||||||||
        The Company's mortgage loan portfolio consists of two categories of loans: (1) those not subject to a pooling and servicing agreement and (2) those subject to a contractual pooling and servicing agreements. As of December 31, 2013, $3.2 million of mortgage loans not subject to a pooling and servicing agreement were nonperforming or restructured. The Company foreclosed on three nonperforming loans of $10.5 million during the year ended December 31, 2013. | ||||||||||||||||||||
        As of December 31, 2013, $2.2 million of loans subject to a pooling and servicing agreement were nonperforming. None of these nonperforming loans have been restructured during the year ended December 31, 2013. The Company did not foreclose on any nonperforming loans subject to a pooling and service agreement during the year ended December 31, 2013. | ||||||||||||||||||||
        As of December 31, 2013 and December 31, 2012, the Company had an allowance for mortgage loan credit losses of $3.1 million and $2.9 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 December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Beginning balance | $ | 2,875 | $ | 6,475 | ||||||||||||||||
Charge offs | (6,838 | ) | (9,840 | ) | ||||||||||||||||
Recoveries | (1,016 | ) | (628 | ) | ||||||||||||||||
Provision | 8,109 | 6,868 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||
Ending balance | $ | 3,130 | $ | 2,875 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||
        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. For loans subject to a pooling and servicing agreement, there are certain additional restrictions and/or requirements related to workout proceedings, and as such, these loans may have different attributes and/or circumstances affecting the status of delinquency or categorization of those in nonperforming status. An analysis of the delinquent loans is shown in the following chart as of December 31, 2013. | ||||||||||||||||||||
30 - 59 Days | 60 - 89 Days | Greater | Total | |||||||||||||||||
Delinquent | Delinquent | than 90 Days | Delinquent | |||||||||||||||||
Delinquent | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial mortgage loans | $ | 14,368 | $ | — | $ | 2,208 | $ | 16,576 | ||||||||||||
Number of delinquent commercial mortgage loans | 8 | — | 1 | 9 | ||||||||||||||||
        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 impaired loans to ninety days of interest. Once accrued interest on the impaired loan is received, interest income is recognized on a cash basis. For information regarding impaired loans, please refer to the following chart as of December 31: | ||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | Cash Basis | |||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Interest | |||||||||||||||
Balance | Investment | Recognized | Income | |||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Commercial mortgage loans: | ||||||||||||||||||||
With no related allowance recorded | $ | 2,208 | $ | 2,208 | $ | — | $ | 2,208 | $ | 31 | $ | — | ||||||||
With an allowance recorded | 21,288 | 21,281 | 3,130 | 5,322 | 304 | 304 | ||||||||||||||
2012 | ||||||||||||||||||||
Commercial mortgage loans: | ||||||||||||||||||||
With no related allowance recorded | $ | 14,619 | $ | 16,942 | $ | — | $ | 2,088 | $ | 53 | $ | 100 | ||||||||
With an allowance recorded | 13,927 | 13,927 | 2,875 | 3,482 | 154 | 154 |
DEFERRED_POLICY_ACQUISITION_CO
DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED | ' | |||||||
DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED | ' | |||||||
7. DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED | ||||||||
Deferred Policy Acquisition Costs | ||||||||
        The balances and changes in DAC are as follows: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(Dollars In Thousands) | ||||||||
Balance, beginning of period | $ | 2,507,892 | $ | 2,370,278 | ||||
Capitalization of commissions, sales, and issue expenses | 341,121 | 312,684 | ||||||
Amortization | (119,017 | ) | (116,829 | ) | ||||
Change in unrealized investment gains and losses | (8,309 | ) | (58,241 | ) | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance, end of period | $ | 2,721,687 | $ | 2,507,892 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Value of Business Acquired | ||||||||
        The balances and changes in VOBA are as follows: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(Dollars In Thousands) | ||||||||
Balance, beginning of period | 731,627 | 877,763 | ||||||
Acquisitions | 187,475 | — | ||||||
Amortization | (73,881 | ) | (86,736 | ) | ||||
Change in unrealized gains and losses | 17,291 | (59,400 | ) | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance, end of period | $ | 862,512 | $ | 731,627 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        During 2013, the Company reclassified certain amounts which previously were reported as DAC into VOBA for purposes of presentation within the tables above. Prior years amounts have been similarly presented to make the amounts within these tables comparable for the periods presented. These changes had no effect on previously reported financial statement line items. | ||||||||
        The expected amortization of VOBA for the next five years is as follows: | ||||||||
Years | Expected | |||||||
Amortization | ||||||||
(Dollars In | ||||||||
Thousands) | ||||||||
2014 | $ | 79,248 | ||||||
2015 | 74,663 | |||||||
2016 | 70,235 | |||||||
2017 | 66,720 | |||||||
2018 | 63,153 |
GOODWILL
GOODWILL | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
GOODWILL | ' | ||||||||||||||||
GOODWILL | ' | ||||||||||||||||
8. GOODWILL | |||||||||||||||||
        The changes in the carrying amount of goodwill by segment are as follows: | |||||||||||||||||
Life | Acquisitions | Asset | Corporate | Total | |||||||||||||
Marketing | Protection | and Other | Consolidated | ||||||||||||||
(Dollars In Thousands) | |||||||||||||||||
Balance as of December 31, 2011 | $ | 10,192 | $ | 38,713 | $ | 62,671 | $ | 83 | $ | 111,659 | |||||||
Tax benefit of excess tax goodwill | — | (3,098 | ) | — | — | (3,098 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance as of December 31, 2012 | 10,192 | 35,615 | 62,671 | 83 | 108,561 | ||||||||||||
Tax benefit of excess tax goodwill | — | (3,098 | ) | — | — | (3,098 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance as of December 31, 2013 | $ | 10,192 | $ | 32,517 | $ | 62,671 | $ | 83 | $ | 105,463 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        During the year ended December 31, 2013 and 2012, the Company decreased its goodwill balance by approximately $3.1 million and $3.1 million, respectively. The decreases were due to an adjustment in the Acquisitions segment related to tax benefits realized during 2013 and 2012 on the portion of tax goodwill in excess of GAAP basis goodwill. See Note 2, Summary of Significant Accounting Policies for additional information. | |||||||||||||||||
CERTAIN_NONTRADITIONAL_LONGDUR
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | |||||||||||
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | |||||||||||
9. CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ||||||||||||
        The Company issues variable universal life and VA products through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder. The Company also offers, for our VA products, various account value guarantees upon death. The most significant of these guarantees involve 1) return of the highest anniversary date account value, or 2) return of the greater of the highest anniversary date account value or the last anniversary date account value compounded at 5% interest or 3) return of premium. The GMWB rider is classified as an embedded derivative and is carried at fair value on the Company's balance sheet. The VA separate account balances subject to GMWB were $9.5 billion as of December 31, 2013. For more information regarding the valuation of and income impact of GMWB, please refer to Note 2, Summary of Significant Accounting Policies, Note 22, Fair Value of Financial Instruments, and Note 23, Derivative Financial Instruments. | ||||||||||||
        The GMDB reserve is calculated by applying a benefit ratio, equal to the present value of total expected GMDB claims divided by the present value of total expected contract assessments, to cumulative contract assessments. This amount is then adjusted by the amount of cumulative GMDB claims paid and accrued interest. Assumptions used in the calculation of the GMDB reserve were as follows: mean investment performance of 6.7%, age-based mortality from the National Association of Insurance Commissioners 1994 Variable Annuity MGDB Mortality Table for company experience with attained age factors varying from 49% - 80%, lapse rates ranging from 0% - 24% (depending on product type and duration), and an average discount rate of 6.2%. Changes in the GMDB reserve are included in benefits and settlement expenses in the accompanying consolidated statements of income. | ||||||||||||
        The VA separate account balances subject to GMDB were $12.6 billion as of December 31, 2013. The total GMDB amount payable based on VA account balances as of December 31, 2013, was $106.6 million (including $90.0 million in the Annuities segment and $16.6 million in the Acquisitions segment) with a GMDB reserve of $16.0 million and $0.3 million in the Annuities and Acquisitions segment, respectively. The average attained age of contract holders as of December 31, 2013 for the Company was 68. | ||||||||||||
        These amounts exclude the VA business of the Chase Insurance Group, acquired in 2006, which consisted of five insurance companies that manufactured and administered traditional life insurance and annuity products and four non-insurance companies (which collectively are referred to as the "Chase Insurance Group") which has been 100% reinsured to Commonwealth Annuity and Life Insurance Company (formerly known as Allmerica Financial Life Insurance and Annuity Company) ("CALIC"), under a Modco agreement. The guaranteed amount payable associated with the annuities reinsured to CALIC was $13.8 million and is included in the Acquisitions segment. The average attained age of contract holders as of December 31, 2013, was 64. | ||||||||||||
        Activity relating to GMDB reserves (excluding those 100% reinsured under the Modco agreement) is as follows: | ||||||||||||
For The Year Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Beginning balance | $ | 19,606 | $ | 9,798 | $ | 6,412 | ||||||
Incurred guarantee benefits | (260 | ) | 14,087 | 7,171 | ||||||||
Less: Paid guarantee benefits | 3,062 | 4,279 | 3,785 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Ending balance | $ | 16,284 | $ | 19,606 | $ | 9,798 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
        Account balances of variable annuities with guarantees invested in VA separate accounts are as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars In Thousands) | ||||||||||||
Equity mutual funds | $ | 7,984,198 | $ | 6,171,196 | ||||||||
Fixed income mutual funds | 4,606,093 | 3,381,581 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
Total | $ | 12,590,291 | $ | 9,552,777 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
        Certain of the Company's fixed annuities and universal life products have a sales inducement in the form of a retroactive interest credit ("RIC"). In addition, certain annuity contracts provide a sales inducement in the form of a bonus interest credit. The Company maintains a reserve for all interest credits earned to date. The Company defers the expense associated with the RIC and bonus interest credits each period and amortizes these costs in a manner similar to that used for DAC. | ||||||||||||
        Activity in the Company's deferred sales inducement asset was as follows: | ||||||||||||
For The Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Deferred asset, beginning of period | $ | 143,949 | $ | 125,527 | $ | 112,147 | ||||||
Amounts deferred | 15,274 | 23,362 | 29,472 | |||||||||
Amortization | (12,572 | ) | (4,940 | ) | (16,092 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Deferred asset, end of period | $ | 146,651 | $ | 143,949 | $ | 125,527 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
REINSURANCE
REINSURANCE | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
REINSURANCE | ' | |||||||||||
REINSURANCE | ' | |||||||||||
10. REINSURANCE | ||||||||||||
        The Company reinsures certain of its risks with (cedes), and assumes risks from, other insurers under yearly renewable term, coinsurance, and modified coinsurance agreements. Under yearly renewable term agreements, the Company reinsures only the mortality risk, while under coinsurance the Company reinsures a proportionate share of all risks arising under the reinsured policy. Under coinsurance, the reinsurer receives a proportionate share of the premiums less commissions and is liable for a corresponding share of all benefit payments. Modified coinsurance is accounted for in a manner similar to coinsurance except that the liability for future policy benefits is held by the ceding company, and settlements are made on a net basis between the companies. | ||||||||||||
        Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to us under the terms of the reinsurance agreements. The Company continues to monitor the consolidation of reinsurers and the concentration of credit risk the Company has with any reinsurer, as well as the financial condition of its reinsurers. As of December 31, 2013, the Company had reinsured approximately 54% of the face value of its life insurance in-force. The Company has reinsured approximately 23% of the face value of its life insurance in-force with the following three reinsurers: | ||||||||||||
• | ||||||||||||
Security Life of Denver Insurance Co. (currently administered by Hanover Re) | ||||||||||||
• | ||||||||||||
Swiss Re Life & Health America Inc. | ||||||||||||
• | ||||||||||||
Lincoln National Life Insurance Co. (currently administered by Swiss Re Life & Health America Inc.) | ||||||||||||
        The Company has not experienced any credit losses for the years ended December 31, 2013, 2012, or 2011 related to these reinsurers. The Company has set limits on the amount of insurance retained on the life of any one person. In 2005, the Company increased its retention for certain newly issued traditional life products from $500,000 to $1,000,000 on any one life. During 2008, the Company increased its retention limit to $2,000,000 on certain of its traditional and universal life products. | ||||||||||||
        Reinsurance premiums, commissions, expense reimbursements, benefits, and reserves related to reinsured long-duration contracts are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. The cost of reinsurance related to short-duration contracts is accounted for over the reinsurance contract period. Amounts recoverable from reinsurers, for both short-and long-duration reinsurance arrangements, are estimated in a manner consistent with the claim liabilities and policy benefits associated with reinsured policies. | ||||||||||||
        The following table presents the net life insurance in-force: | ||||||||||||
For The Year Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Millions) | ||||||||||||
Direct life insurance in-force | $ | 726,697 | $ | 706,416 | $ | 728,670 | ||||||
Amounts assumed from other companies | 46,752 | 30,470 | 32,813 | |||||||||
Amounts ceded to other companies | (416,809 | ) | (444,951 | ) | (469,530 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net life insurance in-force | $ | 356,640 | $ | 291,935 | $ | 291,953 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Percentage of amount assumed to net | 13 | % | 10 | % | 11 | % | ||||||
        The following table reflects the effect of reinsurance on life insurance premiums written and earned: | ||||||||||||
For The Year Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Millions) | ||||||||||||
Direct premiums | $ | 2,372 | $ | 2,227 | $ | 2,245 | ||||||
Reinsurance assumed | 307 | 282 | 248 | |||||||||
Reinsurance ceded | (1,248 | ) | (1,229 | ) | (1,278 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net premiums(1) | $ | 1,431 | $ | 1,280 | $ | 1,215 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Percentage of amount assumed to net | 22 | % | 22 | % | 20 | % | ||||||
-1 | ||||||||||||
Includes annuity policy fees of $140.7 million, $103.8 million, and $74.9 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
        The Company has also reinsured accident and health risks representing $20.0 million, $12.1 million, and $14.5 million of premium income, while the Company has assumed accident and health risks representing $24.3 million, $29.4 million, and $21.7 million of premium income for 2013, 2012, and 2011, respectively. In addition, the Company reinsured property and casualty risks representing $109.5 million, $105.3 million, and $102.0 million of premium income, while the Company assumed property and casualty risks representing $8.0 million, $6.8 million, and $6.3 million of premium income for 2013, 2012, and 2011, respectively. | ||||||||||||
        As of December 31, 2013 and 2012, policy and claim reserves relating to insurance ceded of $6.1 million and $5.7 million, respectively, are included in reinsurance receivables. Should any of the reinsurers be unable to meet its obligation at the time of the claim, the Company would be obligated to pay such claims. As of December 31, 2013 and 2012, the Company had paid $79.7 million and $105.0 million, respectively, of ceded benefits which are recoverable from reinsurers. In addition, as of December 31, 2013 and 2012, the Company had receivables of $66.1 million and $66.1 million, respectively, related to insurance assumed. | ||||||||||||
        The Company's third party reinsurance receivables amounted to $6.2 billion and $5.8 billion as of December 31, 2013 and 2012, respectively. These amounts include ceded reserve balances and ceded benefit payments. The ceded benefit payments are recoverable from reinsurers. The following table sets forth the receivables attributable to our more significant reinsurance partners: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Reinsurance | A.M. Best | Reinsurance | A.M. Best | |||||||||
Receivable | Rating | Receivable | Rating | |||||||||
(Dollars In Millions) | ||||||||||||
Swiss Re Life & Health America, Inc. | $ | 823 | A+ | $ | 739.6 | A+ | ||||||
Security Life of Denver Insurance Company | 819.3 | A | 768.9 | A | ||||||||
Lincoln National Life Insurance Co. | 553.7 | A+ | 515.2 | A+ | ||||||||
Transamerica Life Insurance Co. | 531.1 | A+ | 524.1 | A+ | ||||||||
RGA Reinsurance Company | 419.1 | A+ | 377.6 | A+ | ||||||||
SCOR Global Life USA Reinsurance Company | 402.7 | A | 237.3 | A | ||||||||
American United Life Insurance Company | 342.2 | A+ | 334.8 | A+ | ||||||||
Scottish Re (U.S.) Inc.(1) | 305.1 | NR | 290.7 | NR | ||||||||
Employers Reassurance Corporation | 289.2 | A- | 287.9 | A- | ||||||||
Centre Reinsurance (Bermuda) Ltd | 281.6 | NR | — | NR | ||||||||
-1 | ||||||||||||
As of July 30, 2013, Scottish Re Life Corporation was merged with and into Scottish Re (U.S.), Inc., and for comparative purposes the 2012 reinsurance receivable from these two companies has been combined. | ||||||||||||
        The Company's reinsurance contracts typically do not have a fixed term. In general, the reinsurers' ability to terminate coverage for existing cessions is limited to such circumstances as material breach of contract or non-payment of premiums by the ceding company. The reinsurance contracts generally contain provisions intended to provide the ceding company with the ability to cede future business on a basis consistent with historical terms. However, either party may terminate any of the contracts with respect to future business upon appropriate notice to the other party. | ||||||||||||
        Generally, the reinsurance contracts do not limit the overall amount of the loss that can be incurred by the reinsurer. The amount of liabilities ceded under contracts that provide for the payment of experience refunds is immaterial. | ||||||||||||
DEBT_AND_OTHER_OBLIGATIONS
DEBT AND OTHER OBLIGATIONS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
DEBT AND OTHER OBLIGATIONS | ' | ||||||||||
DEBT AND OTHER OBLIGATIONS | ' | ||||||||||
11. DEBT AND OTHER OBLIGATIONS | |||||||||||
Debt and Subordinated Debt Securities | |||||||||||
        Debt and subordinated debt securities are summarized as follows: | |||||||||||
As of December 31, | |||||||||||
2013 | 2012 | ||||||||||
(Dollars In Thousands) | |||||||||||
Debt (year of issue): | |||||||||||
Revolving Line Of Credit | $ | 485,000 | $ | 50,000 | |||||||
4.30% Senior Notes (2003), due 2013 | — | 250,000 | |||||||||
4.875% Senior Notes (2004), due 2014 | 150,000 | 150,000 | |||||||||
6.40% Senior Notes (2007), due 2018 | 150,000 | 150,000 | |||||||||
7.375% Senior Notes (2009), due 2019 | 400,000 | 400,000 | |||||||||
8.00% Senior Notes (2009), due 2024, callable 2014 | 100,000 | 100,000 | |||||||||
8.45% Senior Notes (2009), due 2039 | 300,000 | 300,000 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
$ | 1,585,000 | $ | 1,400,000 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Subordinated debt securities (year of issue): | |||||||||||
6.125% Subordinated Debentures (2004), due 2034, callable 2009 | $ | 103,093 | $ | 103,093 | |||||||
6.25% Subordinated Debentures (2012) due 2042, callable 2017 | 287,500 | 287,500 | |||||||||
6.00% Subordinated Debentures (2012) due 2042, callable 2017 | 150,000 | 150,000 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
$ | 540,593 | $ | 540,593 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
        During the year ended December 31, 2013, $250.0 million of the Company's Senior Notes matured and were paid in full, along with applicable accrued interest. | |||||||||||
        The Company's future maturities of debt, excluding notes payable to banks and subordinated debt securities, are $150.0 million in 2014, $150.0 million in 2018, and $800.0 million thereafter. | |||||||||||
        The Company has access to a Credit Facility that provides the ability to borrow on unsecured basis up to an aggregate principal amount of $750 million. 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 $1.0 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 unsecured long-term debt ("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 Federal 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 provides 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 maturity date on the Credit Facility is July 17, 2017. There was an outstanding balance of $485.0 million at an interest rate of LIBOR plus 1.20% under the Credit Facility as of December 31, 2013. | |||||||||||
        The following is a summary of the Company's estimated debt covenant calculations as of December 31, 2013: | |||||||||||
Requirement | Actual Results | ||||||||||
Consolidated net worth margin | greater than or equal to 0 | greater than $800Â million | |||||||||
Debt to total capital ratio* | less than 40% | approximately 31% | |||||||||
Total adjusted capital margin | greater than or equal to 0 | approximately $1.8Â billion | |||||||||
Interest cash inflow available compared to adjusted consolidated interest expense | greater than 2.0 to 1 | greater than 9.0 to 1 | |||||||||
* | |||||||||||
Excludes $800Â million of senior notes issued in 2009 | |||||||||||
        The Company has also accessed capital from subordinated debt securities issued to a wholly owned subsidiary trust of which $103.1 million was outstanding as of December 31, 2013 and 2012. Securities currently outstanding were offered through a trust (PLC Capital Trust V). The trust was formed solely to issue preferred securities ("TOPrS") and use the proceeds thereof to purchase the Company's subordinated debentures. The sole assets of the trust are these subordinated debt securities. The Company irrevocably guarantees the principal obligations of the trust. Under the terms of the subordinated debentures, the Company has the right to extend interest payment periods up to five consecutive years. Consequently, dividends on the preferred securities may be deferred (but will continue to accumulate, together with additional dividends on any accumulated but unpaid dividends at the dividend rate) by the trusts during any such extended interest payment period. | |||||||||||
        In October 2004, the Company closed on offerings of $150.0 million of 4.875% Senior Notes due in 2014. These senior notes were offered and sold pursuant to the Company's shelf registration statement on Form S-3. Under the terms of the Senior Notes, interest is payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2005. | |||||||||||
        In December 2007, the Company issued a new series of debt securities of $150.0 million of 6.40% Senior Notes due 2018 (the "Senior Notes"), from which net proceeds of approximately $148.7 million were received. Under the terms of the Senior Notes, interest on the Senior Notes is payable semi-annually in arrears on January 15 and July 15. The maturity date is January 15, 2018. | |||||||||||
        On October 9, 2009, the Company closed on offerings of $400 million of its senior notes due in 2019, $100 million of its senior notes due in 2024, and $300 million of its senior notes due in 2039, for an aggregate principal amount of $800 million. These senior notes were offered and sold pursuant to the Company's shelf registration statement on Form S-3. The Company used the net proceeds from the offering of the Notes to purchase $800 million in aggregate principal amount of newly-issued surplus notes of Golden Gate. Golden Gate used a portion of the proceeds from the sale of the surplus notes to the Company to repurchase, at a discount, $800 million in aggregate principal amount of its outstanding Series A floating rate surplus notes that were held by third parties. As a result of these transactions, the Company is the sole holder of the total $800.0 million of outstanding Golden Gate surplus notes, which is eliminated at the consolidated level. | |||||||||||
        During 2012, the Company issued $287.5 million of its Subordinated Debentures due in 2042. These Subordinated Debentures were offered and sold pursuant to the Company's shelf registration statement on Form S-3. The Company used the net proceeds from the offering to call $103.1 million of Subordinated Debentures due 2031, $118.6 million of Subordinated Debentures due in 2032 and $75.0 million of Capital Securities due in 2066 at par value. The transaction resulted in an expense of $7.2 million, for the year ended December 31, 2012, related to the write off of deferred issue costs associated with the called Debentures. | |||||||||||
        During 2012, the Company issued $150.0 million of its Subordinated Debentures due in 2042. These Subordinated Debentures were offered and sold pursuant to the Company's shelf registration statement on Form S-3. The Company used the net proceeds from the offering to call $125.0 million of Capital Securities due in 2066 at par value and the remaining for general working capital purposes. The transaction resulted in an expense of $4.0 million related to the write off of deferred issue costs associated with the called Debentures. | |||||||||||
        During the three month period ended June 30, 2013, the Company's 4.30% Senior notes issued in 2003 matured. The maturity resulted in the payment of $250.0 million of principal to the holders of the senior notes on June 3, 2013. The Company borrowed an additional $250.0 million from its Credit Facility to finance the final principal payment. | |||||||||||
Non-Recourse Funding Obligations | |||||||||||
Golden Gate II Captive Insurance Company | |||||||||||
        Golden Gate II Captive Insurance Company ("Golden Gate II"), a special purpose financial captive insurance company wholly owned by PLICO, had $575 million of outstanding non-recourse funding obligations as of December 31, 2013. These outstanding non-recourse funding obligations were issued to special purpose trusts, which in turn issued securities to third parties. Certain of our affiliates own a portion of these securities. As of December 31, 2013, securities related to $194.9 million of the outstanding balance of the non-recourse funding obligations were held by external parties and securities related to $380.1 million of the non-recourse funding obligations were held by the Company and our affiliates. The Company has entered into certain support agreements with Golden Gate II obligating the Company to make capital contributions or provide support related to certain of Golden Gate II's expenses and in certain circumstances, to collateralize certain of the Company's obligations to Golden Gate II. These support agreements provide that amounts would become payable by the Company to Golden Gate II if its annual general corporate expenses were higher than modeled amounts or if Golden Gate II's investment income on certain investments or premium income was below certain actuarially determined amounts. As of December 31, 2013, no payments have been made under these agreements. | |||||||||||
Golden Gate V Vermont Captive Insurance Company | |||||||||||
        On October 10, 2012, Golden Gate V and Red Mountain, indirect wholly owned subsidiaries of the Company, entered into a 20-year transaction to finance up to $945 million of "AXXX" reserves related to a block of universal life insurance policies with secondary guarantees issued by our direct wholly owned subsidiary PLICO and indirect wholly owned subsidiary, West Coast Life Insurance Company ("WCL"). Golden Gate V issued non-recourse funding obligations to Red Mountain, and Red Mountain issued a note with an initial principal amount of $275 million, increasing to a maximum of $945 million in 2027, to Golden Gate V for deposit to a reinsurance trust supporting Golden Gate V's obligations under a reinsurance agreement with WCL, pursuant to which WCL cedes liabilities relating to the policies of WCL and retrocedes liabilities relating to the policies of PLICO. Through the structure, Hannover Life Reassurance Company of America ("Hannover Re"), the ultimate risk taker in the transaction, provides credit enhancement to the Red Mountain note for the 20-year term in exchange for a fee. The transaction is "non-recourse" to Golden Gate V, Red Mountain, WCL, PLICO and the Company, meaning that none of these companies are liable for the reimbursement of any credit enhancement payments required to be made. As of December 31, 2013, the principal balance of the Red Mountain note was $365 million. In connection with the transaction, the Company has entered into certain support agreements under which it guarantees or otherwise supports certain obligations of Golden Gate V or Red Mountain. Future scheduled capital contributions to prefund credit enhancement fees amount to approximately $144.3 million and will be paid in annual installments through 2031. The support agreements provide that amounts would become payable by the Company if Golden Gate V's annual general corporate expenses were higher than modeled amounts or in the event write-downs due to other-than-temporary impairments on assets held in certain accounts exceed defined threshold levels. Additionally, the Company has entered into separate agreements to indemnify Golden Gate V with respect to material adverse changes in non-guaranteed elements of insurance policies reinsured by Golden Gate V, and to guarantee payment of certain fee amounts in connection with the credit enhancement of the Red Mountain note. As of December 31, 2013, no payments have been made under these agreements. | |||||||||||
        In connection with the transaction outlined above, Golden Gate V had a $365 million outstanding non-recourse funding obligation as of December 31, 2013. This non-recourse funding obligation matures in 2037, has scheduled increases in principal to a maximum of $945 million, and accrues interest at a fixed annual rate of 6.25%. | |||||||||||
        Non-recourse funding obligations outstanding as of December 31, 2013, on a consolidated basis, are shown in the following table: | |||||||||||
Issuer | Balance | Maturity Year | Year-to-Date | ||||||||
Weighted-Avg | |||||||||||
Interest Rate | |||||||||||
(Dollars In Thousands) | |||||||||||
Golden Gate II Captive Insurance Company | $ | 194,900 | 2052 | 0.97 | % | ||||||
Golden Gate V Vermont Captive Insurance Company(1) | 365,000 | 2037 | 6.25 | % | |||||||
MONY Life Insurance Company(1) | 2,548 | 2024 | 6.63 | % | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 562,448 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||
Fixed rate obligations | |||||||||||
        During 2013, the Company repurchased $91.1 million of its outstanding non-recourse funding obligations, at a discount. These repurchases resulted in a $20.0 million pre-tax gain for the Company. For the year ended December 31, 2012, the Company repurchased $121.8 million of its outstanding non-recourse funding obligations, at a discount. These repurchases resulted in a $38.4 million pre-tax gain for the Company. These gains are recorded in other income in the consolidated statements of income. | |||||||||||
Letters of Credit | |||||||||||
        Golden Gate III Vermont Captive Insurance Company ("Golden Gate III"), a Vermont special purpose financial captive insurance company and wholly owned subsidiary of PLICO, is party to a Reimbursement Agreement (the "Reimbursement Agreement") with UBS AG, Stamford Branch ("UBS"), as issuing lender. Under the original Reimbursement Agreement, dated April 23, 2010, UBS issued a letter of credit (the "LOC") in the initial amount of $505 million to a trust for the benefit of WCL. The Reimbursement Agreement was subsequently amended and restated effective November 21, 2011 (the "First Amended and Restated Reimbursement Agreement"), to replace the existing LOC with one or more letters of credit from UBS, and to extend the maturity date from April 1, 2018, to April 1, 2022. On August 7, 2013, the Company entered into a Second Amended and Restated Reimbursement Agreement with UBS (the "Second Amended and Restated Reimbursement Agreement"), which amended and restated the First Amended and Restated Reimbursement Agreement. Under the Second and Amended and Restated Reimbursement Agreement a new LOC in an initial amount of $710 million was issued by UBS in replacement of the existing LOC issued under the First Amended and Restated Reimbursement Agreement. The term of the LOC was extended from April 1, 2022 to October 1, 2023, subject to certain conditions being satisfied including scheduled capital contributions being made to Golden Gate III by one of its affiliates. The maximum stated amount of the LOC was increased from $610 million to $720 million in 2015 if certain conditions are met. The LOC is held in trust for the benefit of WCL, and supports certain obligations of Golden Gate III to WCL under an indemnity reinsurance agreement originally effective April 1, 2010, as amended and restated on November 21, 2011, and as further amended and restated on August 7, 2013 to include an additional block of policies, and pursuant to which WCL cedes liabilities relating to the policies of WCL and retrocedes liabilities relating to the policies of PLICO. The LOC balance was $715 million as of December 31, 2013. Subject to certain conditions, the amount of the LOC will be periodically increased up to a maximum of $720 million in 2015. The term of the LOC is expected to be approximately 13.5 years from the original issuance date. This transaction is "non-recourse" to WCL, PLICO, and the Company, meaning that none of these companies other than Golden Gate III are liable for reimbursement on a draw of the LOC. The Company has entered into certain support agreements with Golden Gate III obligating the Company to make capital contributions or provide support related to certain of Golden Gate III's expenses and in certain circumstances, to collateralize certain of the Company's obligations to Golden Gate III. Future scheduled capital contributions amount to approximately $149.8 million and will be paid in three installments with the last payment occurring in 2019, and these contributions may be subject to potential offset against dividend payments as permitted under the terms of the Second Amended and Restated Reimbursement Agreement. The support agreements provide that amounts would become payable by the Company to Golden Gate III if its annual general corporate expenses were higher than modeled amounts or if specified catastrophic losses occur during defined time periods with respect to the policies reinsured by Golden Gate III. Pursuant to the terms of an amended and restated letter agreement with UBS, the Company has continued to guarantee the payment of fees to UBS as specified in the Second and Amended and Restated Agreement. As of December 31, 2013, no payments have been made under these agreements. | |||||||||||
        Golden Gate IV Vermont Captive Insurance Company ("Golden Gate IV"), a Vermont special purpose financial captive insurance company and wholly owned subsidiary of PLICO, is party to a Reimbursement Agreement with UBS AG, Stamford Branch, as issuing lender. Under the Reimbursement Agreement, dated December 10, 2010, UBS issued an LOC in the initial amount of $270 million to a trust for the benefit of WCL. The LOC balance has increased, in accordance with the terms of the Reimbursement Agreement, during each quarter of 2013 and was $700 million as of December 31, 2013. Subject to certain conditions, the amount of the LOC will be periodically increased up to a maximum of $790 million in 2016. The term of the LOC is expected to be 12 years from the original issuance date (stated maturity of December 30, 2022). The LOC was issued to support certain obligations of Golden Gate IV to WCL under an indemnity reinsurance agreement, pursuant to which WCL cedes liabilities relating to the policies of WCL and retrocedes liabilities relating to the policies of PLICO. This transaction is "non-recourse" to WCL, PLICO, and the Company, meaning that none of these companies other than Golden Gate IV are liable for reimbursement on a draw of the LOC. The Company has entered into certain support agreements with Golden Gate IV obligating the Company to make capital contributions or provide support related to certain of Golden Gate IV's expenses and in certain circumstances, to collateralize certain of the Company's obligations to Golden Gate IV. The support agreements provide that amounts would become payable by the Company to Golden Gate IV if its annual general corporate expenses were higher than modeled amounts or if specified catastrophic losses occur during defined time periods with respect to the policies reinsured by Golden Gate IV. The Company has also entered into a separate agreement to guarantee the payments of LOC fees under the terms of the Reimbursement Agreement. As of December 31, 2013, no payments have been made under these agreements. | |||||||||||
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 for a term less than ninety 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. The agreements provided for net settlement in the event of default or on termination of the agreements. As of December 31, 2013, the fair value of securities pledged under the repurchase program was $384.4 million and the repurchase obligation of $350.0 million was included in the Company's consolidated balance sheets (at an average borrowing rate of 10 basis points). During the year ended December 31, 2013, the maximum balance outstanding at any one point in time related to these programs was $815.0 million. The average daily balance was $496.9 million (at an average borrowing rate of 11 basis points) during the year ended December 31, 2013. As of December 31, 2012, the Company had a $150.0 million outstanding balance related to such borrowings. During 2012, the maximum balance outstanding at any one point in time related to these programs was $425.0 million. The average daily balance was $266.3 million (at an average borrowing rate of 14 basis points) during the year ended December 31, 2012. | |||||||||||
Interest Expense | |||||||||||
        Interest expense on long-term debt and subordinated debt securities totaled $123.8 million, $131.5 million, and $130.9 million in 2013, 2012, and 2011, respectively. The $7.7 million favorable variance was primarily related to a $6.4 million favorable variance resulting from a paydown of senior notes in 2013 and $3.7 million favorable variance resulting from the refinancing of subordinated debt in 2012 at lower rates. These favorable variances were offset by increased interest expense on the Company's Credit Facility of $2.5 million. The interest expense on non-recourse funding obligations and other obligations was $47.5 million, $28.7 million, and $28.2 million in 2013, 2012, and 2011, respectively. The $18.8 million unfavorable variance was primarily due to increased interest expense on the Golden Gate V non-recourse funding obligation of $17.3 million and $2.2 million increased interest expense on Golden Gate III letter of credit and an increase in Golden Gate V's non-recourse funding obligations. These unfavorable variances were offset by reductions in interest expense as a result of the Company's repurchase of non-recourse funding obligations during the year. | |||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
12. COMMITMENTS AND CONTINGENCIES | |||||
        The Company has entered into indemnity agreements with each of its current directors 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 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 including 24,090 square feet in Birmingham (excluding the home office building), with most leases being for periods of three to ten years. The Company had rental expense of $7.0 million, $7.1 million, and $6.8 million for the years ended December 31, 2013, 2012, and 2011, respectively. The aggregate annualized rent was approximately $7.0 million for the year ended December 31, 2013. The following is a schedule by year of future minimum rental payments required under these leases: | |||||
Year | Amount | ||||
(Dollars In Thousands) | |||||
2014 | $ | 6,971 | |||
2015 | 5,845 | ||||
2016 | 3,770 | ||||
2017 | 1,391 | ||||
2018 | 750 | ||||
Thereafter | 1,978 | ||||
        Additionally, the Company leases 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 the Company may purchase the building for approximately $75 million. Monthly rental payments are based on the current LIBOR rate plus a spread. The following is a schedule by year of future minimum rental payments required under this lease: | |||||
Year | Amount | ||||
(Dollars In Thousands) | |||||
2014 | $ | 1,236 | |||
2015 | 1,236 | ||||
2016 | 1,239 | ||||
2017 | 1,236 | ||||
2018 | 76,211 | ||||
        As of December 31, 2013 and 2012, the Company had outstanding mortgage loan commitments of $322.8 million at an average rate of 4.93% and $182.6 million at an average rate of 5.10%, respectively. | |||||
        Under 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. In addition, from time to time, companies may be asked to contribute amounts beyond prescribed limits. Most insurance guaranty fund laws provide that an assessment may be excused or deferred if it would threaten an insurer's own financial strength. The Company does not believe its insurance guaranty fund assessments will be materially different from amounts already provided for in the financial statements. | |||||
        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 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. Publicly held companies in general and 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. | |||||
        Although the Company cannot predict the outcome of any litigation or regulatory action, the Company does not believe that any such outcome will have an impact, either individually or in the aggregate, on its financial condition or results of operations that differs materially from the Company's established liabilities. Given the inherent difficulty in predicting the outcome of such matters, however, it is possible that an adverse outcome in certain such matters could be material to the Company's financial condition or results of operations for any particular reporting period. | |||||
        The Company was audited by the IRS and the IRS proposed favorable and unfavorable adjustments to the Company's 2003 through 2007 reported taxable incomes. The Company protested certain unfavorable adjustments and sought resolution at the IRS' Appeals Division. The case has followed normal procedure and is now under review at Congress' Joint Committee on Taxation. The Company believes the matter will conclude within the next twelve months. If the IRS prevails on every issue that it identified in this audit, and the Company does not litigate these issues, then the Company will make an income tax payment of approximately $26.6 million. However, this payment, if it were to occur, would not materially impact the Company or its effective tax rate. | |||||
        As discussed in Note 3, Significant Acquisitions, through the acquisition of MONY by PLICO certain income tax credit carryforwards (which arose in MONY's pre-acquisition tax years) transferred to the Company. This transfer was in accordance with the applicable rules of the Internal Revenue Code and the related Regulations. In spite of this transfer, AXA (the former parent of the consolidated income tax return group in which MONY was a member) retains the right to utilize these credits in the future to offset future increases in its 2010 through 2013 tax liabilities. The Company has determined that, based on all information known as of the acquisition date and through the December 31, 2013 reporting date, it is probable that a loss of the utilization of these carryforwards has been incurred and the amount of the loss can be reasonably estimated. Accordingly, in the table summarizing the fair value of net assets acquired from the Acquisition, the amount of the deferred tax asset from the credit carryforwards has been offset by the aforementioned liability. However, given the inherent difficulty in predicting the ultimate outcome of such matters, it is possible that adjustments to the values of this deferred tax asset and the related liability may occur in future reporting periods. | |||||
        The Company has received notice from two third party auditors that certain of the Company's insurance subsidiaries, as well as certain other insurance companies for which the Company has co-insured blocks of life insurance and annuity policies, will be audited 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 has recorded a reserve with respect to life insurance policies issued by the Company's subsidiaries and certain co-insured blocks of life insurance policies issued by other companies in connection with these pending audits. The Company does not consider the amount of this reserve to be material to the Company's financial condition or results of operations. With respect to a separate block of life insurance policies that is co-insured by a subsidiary of the Company, the Company is presently unable to estimate the reasonably possible loss or range of loss due to a number of factors, including uncertainty as to the legal theory or theories that may give rise to liability, uncertainty as to whether the Company or other companies are responsible for the liabilities, if any, arising in connection with such policies, the distinct characteristics of this co-insured block of policies which differentiate it from the blocks of life insurance policies for which the Company has recorded a reserve, and the initial stages of the audits being conducted. The Company will continue to monitor the matter for any developments that would make the loss contingency associated with this block of co-insured policies probable or reasonably estimable. | |||||
        Certain of the Company's subsidiaries have received notice that they are subject to a targeted multi-state examination with respect to their claims paying practices and their use of the U.S. Social Security Administration's Death Master File or similar databases (a "Death Database") to identify unreported deaths in their life insurance policies, annuity contracts and retained asset accounts. There is no clear basis in previously existing law for requiring a life insurer to search for unreported deaths in order to determine whether a benefit is owed, and substantial legal authority exists to support the position that the prevailing industry practice was lawful. A number of life insurers, however, have entered into settlement or consent agreements with state insurance regulators under which the life insurers agreed to implement procedures for periodically comparing their life insurance and annuity contracts and retained asset accounts against a Death Database, treating confirmed deaths as giving rise to a death benefit under their policies, locating beneficiaries and paying them the benefits and interest, and escheating the benefits and interest as well as penalties to the state if the beneficiary could not be found. It has been publicly reported that the life insurers have paid substantial administrative and/or examination fees to the insurance regulators in connection with the settlement or consent agreements. The Company believes it is reasonably possible that insurance regulators could demand from the Company administrative and/or examination fees relating to the targeted multi-state examination. Based on publicly reported payments by other life insurers, the Company estimates the range of such fees to be from $0 to $3.5 million. | |||||
SHAREOWNERS_EQUITY
SHAREOWNERS' EQUITY | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
SHAREOWNERS' EQUITY | ' | |||||||||||
SHAREOWNERS' EQUITY | ' | |||||||||||
13. SHAREOWNERS' EQUITY | ||||||||||||
        Activity in the Company's issued and outstanding common stock is summarized as follows: | ||||||||||||
Issued | Treasury | Outstanding | ||||||||||
Shares | Shares | Shares | ||||||||||
Balance, December 31, 2010 | 88,776,960 | 3,108,983 | 85,667,977 | |||||||||
(Reissuance of)/deposits to treasury stock | — | 3,998,782 | (3,998,782 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance, December 31, 2011 | 88,776,960 | 7,107,765 | 81,669,195 | |||||||||
(Reissuance of)/deposits to treasury stock | — | 3,531,702 | (3,531,702 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance, December 31, 2012 | 88,776,960 | 10,639,467 | 78,137,493 | |||||||||
(Reissuance of)/deposits to treasury stock | — | (439,953 | ) | 439,953 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance, December 31, 2013 | 88,776,960 | 10,199,514 | 78,577,446 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        Shareowners have authorized 4,000,000 shares of Preferred Stock, $1.00 par value. Other terms, including preferences, voting, and conversion rights, may be established by the Board of Directors. None of these shares have been issued as of December 31, 2013. | ||||||||||||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||
14. STOCK-BASED COMPENSATION | |||||||||||
        Since 1973, the Company has had stock-based incentive plans to motivate management to focus on its long-range performance through the awarding of stock-based compensation. Under plans approved by shareowners in 1997, 2003, 2008, and 2012, up to 9.5 million shares may be issued in payment of awards. | |||||||||||
Performance Shares | |||||||||||
        The criteria for payment of the 2013 performance awards is based on the Company's average operating return on average equity ("ROE") over a three-year period. If the Company's ROE is below 10.0%, no award is earned. If the Company's ROE is at or above 11.5%, the award maximum is earned. | |||||||||||
        The criteria for payment of the 2012 performance awards is based on the Company's ROE over a three-year period. If the Company's ROE is below 10.0%, no award is earned. If the Company's ROE is at or above 11.2%, the award maximum is earned. | |||||||||||
        Awards are paid in shares of the Company's common stock. Performance shares are equivalent in value to one share of our common stock times the award earned percentage payout. Performance share awards of 298,500 were issued during the year ended December 31, 2013 and 306,100 performance share awards were issued during the year ended December 31, 2012. | |||||||||||
        Performance share awards in 2013 and 2012 and the estimated fair value of the awards at grant date are as follows: | |||||||||||
Year Awarded | Performance | Estimated | |||||||||
Shares | Fair Value | ||||||||||
(Dollars In | |||||||||||
Thousands) | |||||||||||
2013 | 298,500 | $ | 9,328 | ||||||||
2012 | 306,100 | 8,608 | |||||||||
2011 | 191,100 | 5,433 | |||||||||
Stock Appreciation Rights | |||||||||||
        Stock Appreciation Rights ("SARs") have been granted to certain officers of the Company to provide long-term incentive compensation based solely on the performance of the Company's common stock. The SARs are exercisable either five years after the date of grant or in three or four equal annual installments beginning one year after the date of grant (earlier upon the death, disability, or retirement of the officer, or in certain circumstances, of a change in control of the Company) and expire after ten years or upon termination of employment. The SARs activity as well as weighted-average base price is as follows: | |||||||||||
Weighted-Average | No. of SARs | ||||||||||
Base Price per share | |||||||||||
Balance at December 31, 2010 | $ | 21.97 | 2,324,837 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
SARs exercised / forfeited | 8.31 | (50,608 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance at December 31, 2011 | $ | 22.27 | 2,274,229 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
SARs exercised / forfeited | 22.6 | (633,062 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance at December 31, 2012 | $ | 22.15 | 1,641,167 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
SARs exercised / forfeited / expired | 18.54 | (336,066 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance at December 31, 2013 | $ | 23.08 | 1,305,101 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
        The outstanding SARs as of December 31, 2013, were at the following base prices: | |||||||||||
Base Price | SARs | Remaining Life | Currently | ||||||||
Outstanding | in Years | Exercisable | |||||||||
$41.05 | 100,700 | 2 | 100,700 | ||||||||
$48.60 | 33,900 | 3 | 33,900 | ||||||||
$43.46 | 161,700 | 4 | 161,700 | ||||||||
$41.12 | 2,500 | 4 | 2,500 | ||||||||
$38.59 | 267,800 | 5 | 267,800 | ||||||||
$3.50 | 501,697 | 6 | 501,697 | ||||||||
$18.36 | 236,804 | 7 | 236,804 | ||||||||
        There were no SARs issued for the years ended December 31, 2013, 2012, and 2011. These fair values were estimated using a Black-Scholes option pricing model. The assumptions used in this pricing model varied depending on the vesting period of awards. Assumptions used in the model for the 2010 SARs granted (the simplified method under the ASC Compensation-Stock Compensation Topic was used for the 2010 awards) were as follows: an expected volatility of 69.4%, a risk-free interest rate of 2.6%, a dividend rate of 2.4%, a zero percent forfeiture rate, and expected exercise date of 2016. | |||||||||||
Restricted Stock Units | |||||||||||
        Restricted stock units are awarded to participants and include certain restrictions relating to vesting periods. The Company issued 166,850 restricted stock units for the year ended December 31, 2013 and 190,800 restricted stock units for the year ended December 31, 2012. These awards had a total fair value at grant date of $5.5 million and $5.4 million, respectively. Approximately half of these restricted stock units vest after three years from grant date and the remainder vest after four years. | |||||||||||
        The Company recognizes all stock-based compensation expense over the related service period of the award, or earlier for retirement eligible employees. The expense recorded by the Company for its stock-based compensation plans was $15.7 million, $10.3 million, and $10.2 million in 2013, 2012, and 2011, respectively. The Company's obligations of its stock-based compensation plans that are expected to be settled in shares of the Company's common stock are reported as a component of shareowners' equity, net of deferred taxes. As of December 31, 2013, the total compensation cost related to non-vested stock-based compensation not yet recognized was $19.7 million and the weighted-average period over which it is expected to be recognized is approximately 1.9 years. | |||||||||||
        The following table provides information as of December 31, 2013, about equity compensation plans under which the Company's common stock is authorized for issuance: | |||||||||||
Securities Authorized for Issuance under Equity Compensation Plans | |||||||||||
Plan category | Number of securities | Weighted-average | Number of securities | ||||||||
to be issued upon | exercise price of | remaining available | |||||||||
exercise of | outstanding options, | for future issuance | |||||||||
outstanding options, | warrants and rights as | under equity | |||||||||
warrants and rights as | of December 31, 2013 (b) | compensation plans | |||||||||
of December 31, 2013 (a) | (excluding securities | ||||||||||
reflected in | |||||||||||
column (a)) as of | |||||||||||
of December 31, 2013 (c) | |||||||||||
Equity compensation plans approved by shareowners | 2,628,085 | -1 | $ | 22.15 | -3 | 4,297,959 | -4 | ||||
Equity compensation plans not approved by shareowners | 213,900 | -2 | Not applicable | Not applicable | -5 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | 2,841,985 | $ | 22.15 | 4,297,959 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||
Includes the following number of shares: (a) 848,316 shares issuable with respect to outstanding SARs (assuming for this purpose that one share of common stock will be payable with respect to each outstanding SAR); (b) 852,384 shares issuable with respect to outstanding performance share awards (assuming for this purpose that the awards are payable based on estimated performance under the awards as of September 30, 2013); (c) 397,578 shares issuable with respect to outstanding restricted stock units (assuming for this purpose that shares will be payable with respect to all outstanding restricted stock units); (d) 383,641 shares issuable with respect to stock equivalents representing previously earned awards under the LTIP that the recipient deferred under the Company's Deferred Compensation Plan for Officers; and (e) 146,166 shares issuable with respect to stock equivalents representing previous awards under the Company's Stock Plan for Non-Employee Directors that the recipient deferred under our Deferred Compensation Plan for Directors Who Are Not Employees of the Company. | |||||||||||
-2 | |||||||||||
Includes the following number of shares of common stock: (a) 174,476 shares issuable with respect to stock equivalents representing (i) stock awards to the Company's Directors before June 1, 2004 that the recipient deferred pursuant to the Company's Deferred Compensation Plan for Directors Who Are Not Employees of the Company and (ii) cash retainers and fees that the Company's Directors deferred under the Company's Deferred Compensation Plan for Directors Who Are Not Employees of the Company, and (b) 39,425 shares issuable with respect to stock equivalents pursuant to the Company's Deferred Compensation Plan for Officers. | |||||||||||
-3 | |||||||||||
Based on exercise prices of outstanding SARs. | |||||||||||
-4 | |||||||||||
Represents shares of common stock available for future issuance under the LTIP and the Company's Stock Plan for Non-Employee Directors. | |||||||||||
-5 | |||||||||||
The plans listed in Note (2) do not currently have limits on the number of shares of common stock issuable under such plans. The total number of shares of common stock that may be issuable under such plans will depend upon, among other factors, the deferral elections made by the plans' participants. | |||||||||||
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||||||
15. EMPLOYEE BENEFIT PLANS | |||||||||||||||||||||
Defined Benefit Pension Plan and Unfunded Excess Benefit Plan | |||||||||||||||||||||
        The Company sponsors a defined benefit pension plan covering substantially all of its employees. Benefits are based on years of service and the employee's compensation. | |||||||||||||||||||||
        Effective January 1, 2008, the Company made the following changes to its defined benefit pension plan. These changes have been reflected in the computations within this note. | |||||||||||||||||||||
• | |||||||||||||||||||||
Employees hired after December 31, 2007, will receive benefits under a cash balance plan. | |||||||||||||||||||||
• | |||||||||||||||||||||
Employees active on December 31, 2007, with age plus vesting service less than 55 years will receive a final pay-based pension benefit for service through December 31, 2007, plus a cash balance benefit for service after December 31, 2007. | |||||||||||||||||||||
• | |||||||||||||||||||||
Employees active on December 31, 2007, with age plus vesting service equaling or exceeding 55 years, will receive a final pay-based pension benefit for service both before and after December 31, 2007, with a modest reduction in the formula for benefits earned after December 31, 2007. | |||||||||||||||||||||
• | |||||||||||||||||||||
All participants terminating employment on or after December of 2007 may elect to receive a lump sum benefit. | |||||||||||||||||||||
        The Company's funding policy is to contribute amounts to the plan sufficient to meet the minimum funding requirements of the Employee Retirement Income Security Act ("ERISA") plus such additional amounts as the Company may determine to be appropriate from time to time. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. | |||||||||||||||||||||
        Under the Pension Protection Act of 2006 ("PPA"), a plan could be subject to certain benefit restrictions if the plan's adjusted funding target attainment percentage ("AFTAP") drops below 80%. Therefore, the Company may make additional contributions in future periods to maintain an AFTAP of at least 80%. In general, the AFTAP is a measure of how well the plan is funded and is obtained by dividing the plan's assets by the plan's funding liabilities. AFTAP is based on participant data, plan provisions, plan methods and assumptions, funding credit balances, and plan assets as of the plan valuation date. Some of the assumptions and methods used to determine the plan's AFTAP may be different from the assumptions and methods used to measure the plan's funded status on a GAAP basis. | |||||||||||||||||||||
        In July of 2012, the Moving Ahead for Progress in the 21st Century Act ("MAP-21"), which includes pension funding stabilization provisions, was signed into law. These provisions establish an interest rate corridor which is designed to stabilize the segment rates used to determine funding requirements from the effects of interest rate volatility. The funding stabilization provisions of MAP-21 reduced our minimum required defined benefit plan contributions for the 2012 and 2013 plan years. Since the funding stabilization provisions of MAP-21 do not apply for Pension Benefit Guaranty Corporation ("PBGC") reporting purposes, the Company may also make additional contributions in future periods to avoid certain PBGC reporting triggers. | |||||||||||||||||||||
        During the twelve months ended December 31, 2013, the Company contributed $2.0 million to its defined benefit pension plan for the 2012 plan year and $6.9 million to its defined benefit pension plan for the 2013 plan year. In addition, during January of 2014, the Company made a $2.3 million contribution to the defined benefit pension plan for the 2013 plan year. The Company has not yet determined what amount it will fund for the remainder of 2014, but estimates that the amount will be between $10 million and $20 million. | |||||||||||||||||||||
        The Company also sponsors an unfunded excess benefit plan, which is a nonqualified plan that provides defined pension benefits in excess of limits imposed on qualified plans by federal tax law. | |||||||||||||||||||||
        The Company uses a December 31 measurement date for all of its plans. The following table presents the benefit obligation, fair value of plan assets, and the funded status of the Company's defined benefit pension plan and unfunded excess benefit plan as of December 31. This table also includes the amounts not yet recognized as components of net periodic pension costs as of December 31: | |||||||||||||||||||||
Defined Benefit | Unfunded Excess | ||||||||||||||||||||
Pension Plan | Benefits Plan | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Accumulated benefit obligation, end of year | $ | 207,999 | $ | 210,319 | $ | 36,306 | $ | 39,828 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Change in projected benefit obligation: | |||||||||||||||||||||
Projected benefit obligation at beginning of year          | $ | 223,319 | $ | 199,162 | $ | 42,971 | $ | 36,256 | |||||||||||||
Service cost | 9,345 | 9,145 | 1,037 | 867 | |||||||||||||||||
Interest cost | 8,985 | 8,977 | 1,387 | 1,473 | |||||||||||||||||
Actuarial (gain) or loss | (8,172 | ) | 15,286 | (1,505 | ) | 6,946 | |||||||||||||||
Benefits paid | (14,325 | ) | (9,251 | ) | (4,211 | ) | (2,571 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Projected benefit obligation at end of year | 219,152 | 223,319 | 39,679 | 42,971 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Change in plan assets: | |||||||||||||||||||||
Fair value of plan assets at beginning of year | 152,187 | 125,058 | — | — | |||||||||||||||||
Actual return on plan assets | 33,368 | 15,202 | — | — | |||||||||||||||||
Employer contributions(1) | 8,943 | 21,178 | 4,211 | 2,571 | |||||||||||||||||
Benefits paid | (14,325 | ) | (9,251 | ) | (4,211 | ) | (2,571 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Fair value of plan assets at end of year | 180,173 | 152,187 | — | — | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
After reflecting FASB guidance: | |||||||||||||||||||||
Funded status | (38,979 | ) | (71,132 | ) | (39,679 | ) | (42,971 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Amounts recognized in the balance sheet: | |||||||||||||||||||||
Other liabilities | (38,979 | ) | (71,132 | ) | (39,679 | ) | (42,971 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Amounts recognized in accumulated other comprehensive income: | |||||||||||||||||||||
Net actuarial loss | 54,897 | 95,055 | 13,346 | 17,571 | |||||||||||||||||
Prior service cost/(credit) | (1,425 | ) | (1,816 | ) | 36 | 48 | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Total | $ | 53,472 | $ | 93,239 | $ | 13,382 | $ | 17,619 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
-1 | |||||||||||||||||||||
Employer contributions disclosed are based on the Company's fiscal filing year | |||||||||||||||||||||
        Weighted-average assumptions used to determine benefit obligations as of December 31 are as follows: | |||||||||||||||||||||
Defined Benefit | Unfunded Excess | ||||||||||||||||||||
Pension Plan | Benefits Plan | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Discount rate | 4.86 | % | 4.07 | % | 4.3 | % | 3.37 | % | |||||||||||||
Rate of compensation increase | 3 | 3 | 4 | 4 | |||||||||||||||||
Expected long-term return on plan assets | 7.5 | 7.5 | N/A | N/A | |||||||||||||||||
        The assumed discount rates used to determine the benefit obligations were based on an analysis of future benefits expected to be paid under the plans. The assumed discount rate reflects the interest rate at which an amount that is invested in a portfolio of high-quality debt instruments on the measurement date would provide the future cash flows necessary to pay benefits when they come due. | |||||||||||||||||||||
        To determine an appropriate long-term rate of return assumption, the Company obtained 25 year annualized returns for each of the represented asset classes. In addition, the Company received evaluations of market performance based on the Company's asset allocation as provided by external consultants. A combination of these statistical analytics provided results that the Company utilized to determine an appropriate long-term rate of return assumption. | |||||||||||||||||||||
        Weighted-average assumptions used to determine the net periodic benefit cost for the year ended December 31 are as follows: | |||||||||||||||||||||
Defined Benefit Pension Plan | Unfunded Excess Benefits Plan | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Discount rate | 4.07 | % | 4.62 | % | 5.3 | % | 3.37 | % | 4.07 | % | 4.79 | % | |||||||||
Rates of compensation increase | 3 | 2.5Â -Â 3.0 | 2.5Â -Â 3.0 | 4 | 3.5Â -Â 4.0 | 3.5Â -Â 4.0 | |||||||||||||||
Expected long-term return on plan assets | 7.5 | 7.75 | 7.75 | N/A | N/A | N/A | |||||||||||||||
        Components of the net periodic benefit cost for the year ended December 31 are as follows: | |||||||||||||||||||||
Defined Benefit Pension Plan | Unfunded Excess Benefits Plan | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Service cost—benefits earned during the period | $ | 9,345 | $ | 9,145 | $ | 8,682 | $ | 1,037 | $ | 867 | $ | 679 | |||||||||
Interest cost on projected benefit obligation | 8,985 | 8,977 | 8,938 | 1,387 | 1,473 | 1,506 | |||||||||||||||
Expected return on plan assets | (11,013 | ) | (10,916 | ) | (10,021 | ) | — | — | — | ||||||||||||
Amortization of prior service cost/(credit) | (392 | ) | (392 | ) | (392 | ) | 12 | 12 | 12 | ||||||||||||
Amortization of actuarial losses(1) | 9,631 | 7,749 | 5,625 | 1,792 | 1,300 | 881 | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Preliminary net periodic benefit cost | 16,556 | 14,563 | 12,832 | 4,228 | 3,652 | 3,078 | |||||||||||||||
Settlement/curtailment expense(2) | — | — | — | 928 | — | — | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Total net periodic benefit cost | $ | 16,556 | $ | 14,563 | $ | 12,832 | $ | 5,156 | $ | 3,652 | $ | 3,078 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
-1 | |||||||||||||||||||||
2013 average remaining service period used is 8.19Â years and 7.45Â years for the defined benefit pension plan and unfunded excess benefit plan, respectively. | |||||||||||||||||||||
-2 | |||||||||||||||||||||
The excess pension plan triggered settlement accounting for the year ended December 31, 2013 since the total lump sum payments exceeded the settlement threshold of service cost plus interest cost. | |||||||||||||||||||||
        The estimated net actuarial loss, prior service cost/(credit), and transition obligation for these plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2014 is as follows: | |||||||||||||||||||||
Defined Benefit | Unfunded Excess | ||||||||||||||||||||
Pension Plan | Benefits Plan | ||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Net actuarial loss | $ | 6,300 | $ | 1,300 | |||||||||||||||||
Prior service cost/(credit) | (392 | ) | 12 | ||||||||||||||||||
Transition obligation | — | — | |||||||||||||||||||
        The amortization of any prior service cost is determined using a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under the Plan. | |||||||||||||||||||||
        Allocation of plan assets of the defined benefit pension plan by category as of December 31 are as follows: | |||||||||||||||||||||
Asset Category | Target | 2013 | 2012 | ||||||||||||||||||
Allocation | |||||||||||||||||||||
for 2014 | |||||||||||||||||||||
Cash and cash equivalents | 2 | % | 2 | % | 4 | % | |||||||||||||||
Equity securities | 60 | 64 | 60 | ||||||||||||||||||
Fixed income | 38 | 34 | 36 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
        The Company's target asset allocation is designed to provide an acceptable level of risk and balance between equity assets and fixed income assets. The weighting towards equity securities is designed to help provide for an increased level of asset growth potential and liquidity. | |||||||||||||||||||||
        Prior to July 1999, upon an employee's retirement, a distribution from pension plan assets was used to purchase a single premium annuity from PLICO in the retiree's name. Therefore, amounts shown above as plan assets exclude assets relating to such retirees. Since July 1999, retiree obligations have been fulfilled from pension plan assets. The defined benefit pension plan has a target asset allocation of 60% domestic equities, 38% fixed income, and 2% cash. When calculating asset allocation, the Company includes reserves for pre-July 1999 retirees. | |||||||||||||||||||||
        The Company's investment policy includes various guidelines and procedures designed to ensure assets are invested in a manner necessary to meet expected future benefits earned by participants. The investment guidelines consider a broad range of economic conditions. Central to the policy are target allocation ranges (shown above) by major asset categories. The objectives of the target allocations are to maintain investment portfolios that diversify risk through prudent asset allocation parameters, achieve asset returns that meet or exceed the plans' actuarial assumptions, and achieve asset returns that are competitive with like institutions employing similar investment strategies. | |||||||||||||||||||||
        The plan's equity assets are in a Russell 3000 index fund that invests in a domestic equity index collective trust managed by Northern Trust Corporation and in a Spartan 500 index fund managed by Fidelity. The plan's cash is invested in a collective trust managed by Northern Trust Corporation. The plan's fixed income assets are invested in a group deposit administration annuity contract with PLICO. | |||||||||||||||||||||
        Plan assets of the defined benefit pension plan by category as of December 31, are as follows: | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
Asset Category | 2013 | 2012 | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Cash | $ | 3,052 | $ | 6,222 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||
Collective Russell 3000 index fund | 74,753 | 61,451 | |||||||||||||||||||
Fidelity Spartan 500 index fund | 45,632 | 34,482 | |||||||||||||||||||
Fixed income | 56,736 | 50,032 | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
Total investments | 180,173 | 152,187 | |||||||||||||||||||
Employer contribution receivable | 2,314 | — | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
Total | $ | 182,487 | $ | 152,187 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
        The valuation methodologies used to determine the fair values reflect market participant assumptions and are based on the application of the fair value hierarchy that prioritizes observable market inputs over unobservable inputs. The following is a description of the valuation methodologies used for assets measured at fair value. The Plan's group deposit administration annuity contract with PLICO is recorded at contract value, which, by utilizing a long-term view, the Company believes approximates fair value. Contract value represents contributions made under the contract, plus interest at the contract rate, less funds used to purchase annuities. Units in collective short-term and collective investment funds are valued at the unit value, which approximates fair value, as reported by the trustee of the collective short-term and collective investment funds on each valuation date. These methods of valuation may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value could result in a different fair value measurement at the reporting date. | |||||||||||||||||||||
        The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2013: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Collective short-term investment fund | $ | 3,052 | $ | — | $ | — | $ | 3,052 | |||||||||||||
Collective investment funds: | — | ||||||||||||||||||||
Equity index funds | 45,632 | 74,753 | — | 120,385 | |||||||||||||||||
Group deposit administration annuity contract | — | — | 56,736 | 56,736 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Total investments | $ | 48,684 | $ | 74,753 | $ | 56,736 | $ | 180,173 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
        The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2012: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Collective short-term investment fund | $ | 6,222 | $ | — | $ | — | $ | 6,222 | |||||||||||||
Collective investment funds: | — | — | — | — | |||||||||||||||||
Equity index funds | 34,482 | 61,451 | — | 95,933 | |||||||||||||||||
Group deposit administration annuity contract | — | — | 50,032 | 50,032 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Total investments | $ | 40,704 | $ | 61,451 | $ | 50,032 | $ | 152,187 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
        For the year ended December 31, 2013, $4.0 million was transferred into Level 3 from Level 2. For the year ended December 31, 2012, $6.0 million was transferred into Level 3 from Level 2. These transfers were made to maintain an acceptable asset allocation as set by the Company's investment policy. | |||||||||||||||||||||
        For the year ended December 31, 2013 and 2012, there were no transfers between Level 1 and Level 2. | |||||||||||||||||||||
        The following table summarizes the Plan investments measured at fair value based on NAV per share as of December 31, 2013 and 2012, respectively: | |||||||||||||||||||||
Name | Fair Value | Unfunded | Redemption | Redemption | |||||||||||||||||
Commitments | Frequency | Notice Period | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||
Collective short-term investment fund | $ | 3,052 | Not Applicable | Daily | 1Â day | ||||||||||||||||
Collective Russell 3000 index fund(1) | 74,753 | Not Applicable | Daily | 1Â day | |||||||||||||||||
Fidelity Spartan 500 index fund | 45,632 | Not Applicable | Daily | 1Â day | |||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||
Collective short-term investment fund | $ | 6,222 | Not Applicable | Daily | 1Â day | ||||||||||||||||
Collective Russell 3000 index fund(1) | 61,451 | Not Applicable | Daily | 1Â day | |||||||||||||||||
Fidelity Spartan 500 index fund | 34,482 | Not Applicable | Daily | 1Â day | |||||||||||||||||
-1 | |||||||||||||||||||||
Non-lending collective trust that does not publish a daily NAV but tracks the Russell 3000 index and provides a daily NAV to the Plan | |||||||||||||||||||||
        A reconciliation of the beginning and ending balances for the fair value measurements for which significant unobservable inputs (Level 3) have been used is as follows: | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Balance, beginning of year | $ | 50,032 | $ | 41,527 | |||||||||||||||||
Interest income | 2,704 | 2,505 | |||||||||||||||||||
Transfers from collective short-term investments fund | 4,000 | 6,000 | |||||||||||||||||||
Transfers to collective short-term investments fund | — | — | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
Balance, end of year | $ | 56,736 | $ | 50,032 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
        The following table represents the Plan's Level 3 financial instrument, the valuation technique used, and the significant unobservable input and the ranges of values for that input as of December 31, 2013: | |||||||||||||||||||||
Instrument | Fair Value | Principal | Significant | Range of | |||||||||||||||||
Valuation | Unobservable | Significant | |||||||||||||||||||
Technique | Inputs | Input | |||||||||||||||||||
Values | |||||||||||||||||||||
(Dollars | |||||||||||||||||||||
In Thousands) | |||||||||||||||||||||
Group deposit administration annuity contract | $ | 56,736 | Contract Value | Contract Rate | 5.32% - 5.42% | ||||||||||||||||
        Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term could materially affect the amounts reported. | |||||||||||||||||||||
        Estimated future benefit payments under the defined benefit pension plan are as follows: | |||||||||||||||||||||
Years | Defined Benefit | Unfunded Excess | |||||||||||||||||||
Pension Plan | Benefits Plan | ||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
2014 | $ | 12,621 | $ | 3,817 | |||||||||||||||||
2015 | 13,284 | 4,077 | |||||||||||||||||||
2016 | 13,688 | 4,007 | |||||||||||||||||||
2017 | 14,571 | 3,887 | |||||||||||||||||||
2018 | 15,431 | 3,845 | |||||||||||||||||||
2019 - 2023 | 84,854 | 16,936 | |||||||||||||||||||
Other Postretirement Benefits | |||||||||||||||||||||
        In addition to pension benefits, the Company provides limited healthcare benefits to eligible retired employees until age 65. This postretirement benefit is provided by an unfunded plan. As of December 31, 2013 and 2012, the accumulated postretirement benefit obligation associated with these benefits was $0.4 million and $0.8 million, respectively. | |||||||||||||||||||||
        The change in the benefit obligation for the retiree medical plan is as follows: | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||
Benefit obligation, beginning of year | $ | 788 | $ | 949 | |||||||||||||||||
Service cost | 4 | 6 | |||||||||||||||||||
Interest cost | 5 | 17 | |||||||||||||||||||
Amendments | — | — | |||||||||||||||||||
Actuarial (gain) or loss | 29 | (144 | ) | ||||||||||||||||||
Plan participant contributions | 289 | 293 | |||||||||||||||||||
Benefits paid | (668 | ) | (333 | ) | |||||||||||||||||
Special termination benefits | — | — | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
Benefit obligation, end of year | $ | 447 | $ | 788 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
        For the retiree medical plan, the Company's discount rate assumption used to determine benefit obligation and the net periodic benefit cost as of December 31, 2013, is 1.26% and 1.09%, respectively. | |||||||||||||||||||||
        For a closed group of retirees over age 65, the Company provides a prescription drug benefit. As of December 31, 2013 and 2012, the Company's liability related to this benefit was less than $0.1 million. The Company's obligation is not materially affected by a 1% change in the healthcare cost trend assumptions used in the calculation of the obligation. | |||||||||||||||||||||
        The Company also offers life insurance benefits for retirees from $10,000 up to a maximum of $75,000 which are provided through the payment of premiums under a group life insurance policy. This plan is partially funded at a maximum of $50,000 face amount of insurance. The accumulated postretirement benefit obligation associated with these benefits is as follows: | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||
Benefit obligation, beginning of year | $ | 10,070 | $ | 8,951 | |||||||||||||||||
Service cost | 144 | 123 | |||||||||||||||||||
Interest cost | 405 | 412 | |||||||||||||||||||
Amendments | — | — | |||||||||||||||||||
Actuarial (gain) or loss | (1,620 | ) | 895 | ||||||||||||||||||
Plan participant contributions | — | — | |||||||||||||||||||
Benefits paid | (346 | ) | (311 | ) | |||||||||||||||||
Special termination benefits | — | — | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
Benefit obligation, end of year | $ | 8,653 | $ | 10,070 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
        For the postretirement life insurance plan, the Company's discount rate assumption used to determine benefit obligation and the net periodic benefit cost as of December 31, 2013, is 5.05% and 4.10%, respectively. | |||||||||||||||||||||
        The Company's expected long-term rate of return assumption used to determine benefit obligation and the net periodic benefit cost as of December 31, 2013, is 3.13% and 3.26%, respectively. To determine an appropriate long-term rate of return assumption, the Company utilized 20 year average and annualized return results on the Barclay's short treasury index. | |||||||||||||||||||||
        Investments of the Company's group life insurance plan are held by Wells Fargo Bank, N.A. Plan assets held by the Custodian are invested in a money market fund. | |||||||||||||||||||||
        The fair value of each major category of plan assets for the Company's postretirement life insurance plan is as follows: | |||||||||||||||||||||
For The Year Ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
Category of Investment | 2013 | 2012 | 2011 | ||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Money market fund | $ | 6,156 | $ | 6,174 | $ | 6,193 | |||||||||||||||
        Investments are stated at fair value and are based on the application of the fair value hierarchy that prioritizes observable market inputs over unobservable inputs. The money market funds are valued based on historical cost, which represents fair value, at year end. This method of valuation may produce a fair value calculation that may not be reflective of future fair values. Furthermore, while the Company believes its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value could result in a different fair value measurement at the reporting date. | |||||||||||||||||||||
        The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2013: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Money market fund | $ | 6,156 | $ | — | $ | — | $ | 6,156 | |||||||||||||
        The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2012: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Money market fund | $ | 6,174 | $ | — | $ | — | $ | 6,174 | |||||||||||||
        For the year ended December 31, 2013 and 2012, there were no transfers between levels. | |||||||||||||||||||||
        Investments are exposed to various risks, such as interest rate and credit risks. Due to the level of risk associated with investments and the level of uncertainty related to credit risks, it is at least reasonably possible that changes in risk in the near term could materially affect the amounts reported. | |||||||||||||||||||||
401(k) Plan | |||||||||||||||||||||
        The Company sponsors a 401(k) Plan which covers substantially all employees. Employee contributions are made on a before-tax basis as provided by Section 401(k) of the Internal Revenue Code or as after-tax "Roth" contributions. Employees may contribute up to 25% of their eligible annual compensation to the 401(k) Plan, limited to a maximum annual amount as set periodically by the Internal Revenue Service ($17,500 for 2013). The Plan also provides a "catch-up" contribution provision which permits eligible participants (age 50 or over at the end of the calendar year), to make additional contributions that exceed the regular annual contribution limits up to a limit periodically set by the Internal Revenue Service ($5,500 for 2013). The Company matches the sum of all employee contributions dollar for dollar up to a maximum of 4% of an employee's pay per year per person. All matching contributions vest immediately. | |||||||||||||||||||||
        Prior to 2009, employee contributions to the Company's 401(k) Plan were matched through use of an ESOP established by the Company. Beginning in 2009, the Company adopted a cash match for employee contributions to the 401(k) plan. For the year ended December 31, 2013 and 2012, the Company recorded an expense of $6.0 million and $5.9 million, respectively. | |||||||||||||||||||||
        Effective as of January 1, 2005, the Company adopted a supplemental matching contribution program, which is a nonqualified plan that provides supplemental matching contributions in excess of the limits imposed on qualified defined contribution plans by federal tax law. The first allocations under this program were made in early 2006, with respect to the 2005 plan year. The expense recorded by the Company for this employee benefit was $0.5 million, $0.4 million, and $0.4 million, respectively, in 2013, 2012, and 2011. | |||||||||||||||||||||
Deferred Compensation Plan | |||||||||||||||||||||
        The Company has established deferred compensation plans for directors, officers, and others. Compensation deferred is credited to the participants in cash, mutual funds, common stock equivalents, or a combination thereof. The Company may, from time to time, reissue treasury shares or buy in the open market shares of common stock to fulfill its obligation under the plans. As of December 31, 2013, the plans had 971,512 common stock equivalents credited to participants. The Company's obligations related to its deferred compensation plans are reported in other liabilities, unless they are to be settled in shares of its common stock, in which case they are reported as a component of shareowners' equity. | |||||||||||||||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
EARNINGS PER SHARE | ' | ||||||||||
EARNINGS PER SHARE | ' | ||||||||||
16. EARNINGS PER SHARE | |||||||||||
        Basic earnings per share is computed by dividing net income available to PLC's common shareowners by the weighted-average number of common shares outstanding during the period, including shares issuable under various deferred compensation plans. Diluted earnings per share is computed by dividing net income available to PLC's common shareowners by the weighted-average number of common shares and dilutive potential common shares outstanding during the period, assuming the shares were not anti-dilutive, including shares issuable under various stock-based compensation plans and stock purchase contracts. | |||||||||||
        A reconciliation of the numerators and denominators of the basic and diluted earnings per share is presented below: | |||||||||||
For The Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(Dollars In Thousands, Except Per Share Amounts) | |||||||||||
Calculation of basic earnings per share: | |||||||||||
Net income available to PLC's common shareowners | $ | 393,464 | $ | 302,452 | $ | 315,392 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Average shares issued and outstanding | 78,439,987 | 80,149,261 | 84,309,804 | ||||||||
Issuable under various deferred compensation plans | 955,635 | 917,077 | 898,808 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Weighted shares outstanding—basic | 79,395,622 | 81,066,338 | 85,208,612 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Per share: | |||||||||||
Net income available to PLC's common shareowners—basic | $ | 4.96 | $ | 3.73 | $ | 3.7 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Calculation of diluted earnings per share: | |||||||||||
Net income available to PLC's common shareowners | $ | 393,464 | $ | 302,452 | $ | 315,392 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Weighted shares outstanding—basic | 79,395,622 | 81,066,338 | 85,208,612 | ||||||||
Stock appreciation rights ("SARs")(1) | 432,413 | 448,936 | 468,810 | ||||||||
Issuable under various other stock-based compensation plans | 745,607 | 588,298 | 122,027 | ||||||||
Restricted stock units | 352,071 | 619,444 | 675,780 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Weighted shares outstanding—diluted | 80,925,713 | 82,723,016 | 86,475,229 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Per share: | |||||||||||
Net income available to PLC's common shareowners—diluted | $ | 4.86 | $ | 3.66 | $ | 3.65 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||
Excludes 178,325; 670,320; and 1,440,047 SARs as of December 31, 2013, 2012, and 2011, respectively, that are antidilutive. In the event the average market price exceeds the issue price of the SARs, such rights would be dilutive to the Company's earnings per share and will be included in the Company's calculation of the diluted average shares outstanding, for applicable periods. | |||||||||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||
17. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||
        The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) ("AOCI") as of December 31, 2013. | ||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||||||||||||
Unrealized Gains | Accumulated | Minimum | Total | |||||||||||
and Losses on | Gain and Loss | Pension Liability | Accumulated | |||||||||||
Investments(2) | Derivatives | Adjustment | Other | |||||||||||
Comprehensive | ||||||||||||||
Income (Loss) | ||||||||||||||
(Dollars In Thousands, Net of Tax) | ||||||||||||||
Beginning Balance, December 31, 2012 | $ | 1,813,516 | $ | (3,496 | ) | $ | (73,298 | ) | $ | 1,736,722 | ||||
Other comprehensive income (loss) before reclassifications | (1,250,498 | ) | 734 | 29,596 | (1,220,168 | ) | ||||||||
Other comprehensive income (loss) relating to other- than-temporary impaired investments for which a portion has been recognized in earnings | 4,591 | — | — | 4,591 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)(1) | (28,606 | ) | 1,527 | — | (27,079 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net current-period other comprehensive income (loss) | (1,274,513 | ) | 2,261 | 29,596 | (1,242,656 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Ending Balance, December31, 2013 | $ | 539,003 | $ | (1,235 | ) | $ | (43,702 | ) | $ | 494,066 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||
See Reclassification table below for details. | ||||||||||||||
-2 | ||||||||||||||
These balances were offset by the impact of DAC and VOBA by $198.1 million and $204.9 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||
        The following table summarizes the reclassifications amounts out of AOCI for the year ended December 31, 2013. | ||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Amount Reclassified | Affected Line Item in the Consolidated | |||||||||||||
from Accumulated | Statements of Income | |||||||||||||
Other Comprehensive | ||||||||||||||
Income (Loss) | ||||||||||||||
(Dollars In Thousands) | ||||||||||||||
For The Year Ended December 31, 2013 | ||||||||||||||
Gains and losses on derivative instruments | ||||||||||||||
Net settlement (expense)/benefit(1) | $ | (2,349 | ) | Benefits and settlement expenses, net of reinsurance ceded | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
(2,349 | ) | Total before tax | ||||||||||||
822 | Tax (expense) or benefit | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
$ | (1,527 | ) | Net of tax | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
Unrealized gains and losses on available-for-sale securities | ||||||||||||||
Net investment gains/losses | $ | 66,456 | Realized investment gains (losses): All other investments | |||||||||||
Impairments recognized in earnings | (22,447 | ) | Net impairment losses recognized in earnings | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
44,009 | Total before tax | |||||||||||||
(15,403 | ) | Tax (expense) or benefit | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
$ | 28,606 | Net of tax | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
-1 | ||||||||||||||
See Note 23, Derivative Financial Instruments for additional information. | ||||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
INCOME TAXES | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
18. INCOME TAXES | ||||||||||||
        The Company's effective income tax rate related to continuing operations varied from the maximum federal income tax rate as follows: | ||||||||||||
For The Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal income tax rate applied to pre-tax income | 35 | % | 35 | % | 35 | % | ||||||
State income taxes | 0.6 | 0.3 | 0.4 | |||||||||
Investment income not subject to tax | (3.1 | ) | (3.1 | ) | (2.2 | ) | ||||||
Uncertain tax positions | 0.4 | 0.4 | — | |||||||||
Other | 0.5 | 0.6 | (0.3 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
33.4 | % | 33.2 | % | 32.9 | % | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        The annual provision for federal income tax in these financial statements differs from the annual amounts of income tax expense reported in the Company's income tax returns. Certain significant revenues and expenses are appropriately reported in different years with respect to the financial statements and the tax returns. | ||||||||||||
        The components of the Company's income tax are as follows: | ||||||||||||
For The Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Current income tax expense: | ||||||||||||
Federal | $ | 19,267 | $ | 72,743 | $ | 9,510 | ||||||
State | 2,588 | 3,443 | 264 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total current | $ | 21,855 | $ | 76,186 | $ | 9,774 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Deferred income tax expense: | ||||||||||||
Federal | $ | 174,888 | $ | 71,659 | $ | 142,761 | ||||||
State | 166 | 2,674 | 2,304 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total deferred | $ | 175,054 | $ | 74,333 | $ | 145,065 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        The components of the Company's net deferred income tax liability are as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars In Thousands) | ||||||||||||
Deferred income tax assets: | ||||||||||||
Premium receivables and policy liabilities | $ | 180,971 | $ | 56,918 | ||||||||
Loss carryforwards | 64,856 | — | ||||||||||
Deferred compensation | 150,435 | 78,465 | ||||||||||
Other | 49,057 | 52,158 | ||||||||||
Valuation allowance | (2,965 | ) | (4,653 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
442,354 | 182,888 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Deferred income tax liabilities: | ||||||||||||
Deferred policy acquisition costs and value of business acquired | 1,015,992 | 916,406 | ||||||||||
Invested assets (other than unrealized gains) | 206,554 | 28,396 | ||||||||||
Net unrealized gains (losses) on investments | 289,567 | 974,475 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
1,512,113 | 1,919,277 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Net deferred income tax liability | $ | (1,069,759 | ) | $ | (1,736,389 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
        The deferred tax assets reported above include certain deferred tax assets related to nonqualified deferred compensation and other employee benefit liabilities. These liabilities were assumed by AXA; they were not acquired by the Company in connection with the acquisition of MONY discussed in Note 3, Significant Acquisitions. The future tax deductions stemming from these liabilities will by claimed by the Company on MONY's tax returns in its post-acquisition periods. These deferred tax assets have been estimated as of the Acquisition date (and through the December 31, 2013 reporting date) based on all available information. However, it is possible that these estimates may be adjusted in future reporting periods based on actuarial changes to the projected future payments associated with these liabilities. Any such adjustments will be recognized by the Company as an adjustment to income tax expense during the period in which they are realized. | ||||||||||||
        In management's judgment, the gross deferred income tax asset as of December 31, 2013, will more likely than not be fully realized. The Company has recognized a valuation allowance of $3.0 million and $4.6 million as of December 31, 2013 and 2012, respectively, related to state-based loss carryforwards that it has determined are more likely than not to expire unutilized. This resulting favorable change of $1.6 million, before federal income taxes, decreased state income tax expense in 2013 by the same amount. As of December 31, 2013 and 2012, no valuation allowances were established with regard to deferred tax assets relating to impairments on fixed maturities, capital or operating loss carryforwards, and unrealized losses on investments. As of December 31, 2013, the Company had U.S. capital loss carryforwards of $7.2 million which will expire if not used by 2014, $1.6 million which will expire if not used by 2015, $1.1 million which will expire if not used by 2017, and $4.4 million which will expire if not used by 2018. The Company had U.S. operating loss carryforwards of $171.3 million which will expire if not used by 2028. As of December 31, 2013 and 2012, the Company relied upon a prudent and feasible tax-planning strategy regarding its fixed maturities that were reported at an unrealized loss. The Company has the ability and the intent to either hold such bonds to maturity, thereby avoiding a realized loss, or to generate a realized gain from unrealized gain bonds if such unrealized loss bond is sold at a loss prior to maturity. As of December 31, 2013, the Company recorded a net unrealized gain on its fixed maturities. | ||||||||||||
        A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars In Thousands) | ||||||||||||
Balance, beginning of period | $ | 75,292 | $ | 4,840 | ||||||||
Additions for tax positions of the current year | 7,465 | 9,465 | ||||||||||
Additions for tax positions of prior years | 26,386 | 64,485 | ||||||||||
Reductions of tax positions of prior years: | ||||||||||||
Changes in judgment | (2,740 | ) | (3,498 | ) | ||||||||
Settlements during the period | — | — | ||||||||||
Lapses of applicable statute of limitations | (522 | ) | — | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance, end of period | $ | 105,881 | $ | 75,292 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
        Included in the balance above, as of December 31, 2013 and 2012, are approximately $98.0 million and $67.7 million of unrecognized tax benefits, respectively, 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 $7.9 million and $7.6 million as of December 31, 2013 and as of December 31, 2012, respectively. | ||||||||||||
        Any accrued interest related to the unrecognized tax benefits have been included in income tax expense. These amounts were a $2.3 million detriment, a $2.5 million detriment, and a $1.4 million benefit in 2013, 2012, and 2011, respectively. The Company has approximately $7.8 million and $4.0 million of accrued interest associated with unrecognized tax benefits as of December 31, 2013 and 2012, respectively (before taking into consideration the related income tax benefit that is associated with such an expense). | ||||||||||||
        During 2012, an IRS audit concluded in which the IRS proposed favorable and unfavorable adjustments to the Company's 2003 through 2007 reported taxable incomes. The Company protested certain unfavorable adjustments and sought resolution at the IRS' Appeals Divisions. In January 2014, the Appeals Division followed its normal procedure and sent the Company's case to Congress' Joint Committee on Taxation for review. Although it cannot be certain, the Company believes this review process may conclude within the next 12 months. If this is the case, approximately $18.5 million of the unrecognized tax benefits on the above chart will be reduced. This reduction could occur because of the Company's successful negotiation of certain issues at Appeals coupled with its unsuccessful negotiations on other issues. This possible scenario includes an assumption that the Company would pay the IRS-asserted deficiencies on issues that it loses at Appeals rather than litigating such issues. If the IRS prevails at Appeals and the Company does not litigate these issues, the tax payments that would occur as a result would not materially impact the Company or its effective tax rate. | ||||||||||||
        During the 12 months ended December 31, 2013, the Company's uncertain tax position liability decreased $2.7 million primarily due to the interaction of various taxable income dividends received deduction limitations and the taxable income impacts of other uncertain tax positions. During the 12 months ended December 31, 2012, the Company's uncertain tax position liability decreased in the amount of $3.5 million as a result of new technical guidance and other developments which led the Company to conclude that the full amount of the associated tax benefit was more than 50% likely to be realized. | ||||||||||||
        In general, the Company is no longer subject to U.S. federal, state, and local income tax examinations by taxing authorities for tax years that began before 2003. | ||||||||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | |||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | |||||||||||
19. SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||||
        The following table sets forth supplemental cash flow information: | ||||||||||||
For The Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Cash paid / (received) during the year: | ||||||||||||
Interest on debt | $ | 171,360 | $ | 159,674 | $ | 158,033 | ||||||
Income taxes | (27,211 | ) | 51,239 | 20,122 | ||||||||
Noncash investing and financing activities: | ||||||||||||
Stock-based compensation | 10,739 | 12,280 | 12,517 | |||||||||
Decrease in collateral for securities lending transactions | — | — | (96,653 | ) | ||||||||
        Total cash interest paid on debt for the year ended December 31, 2013, was $171.4 million. Of this amount, $90.0 million related to interest on long-term debt, $34.8 million related to interest on subordinated debt, and $46.6 million related to non-recourse funding obligations and other obligations. | ||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | ' |
20. RELATED PARTY TRANSACTIONS | |
        Certain corporations with which the Company's directors were affiliated paid us premiums and policy fees or other amounts for various types of insurance and investment products, interest on bonds we own and commissions on securities underwritings in which our affiliates participated. Such amounts totaled $40.0 million, $59.1 million, and $51.0 million, in 2013, 2012, and 2011, respectively. The Company paid commissions, interest on debt and investment products, and fees to these same corporations totaling $16.4 million, $13.0 million, and $4.6 million in 2013, 2012, and 2011, respectively. | |
        The Company has guaranteed PLICO's obligations for borrowings or letters of credit under the revolving line of credit arrangement to which the Company is also a party. The Company has also issued guarantees, entered into support agreements and/or assumed a duty to indemnify its indirect wholly owned captive insurance companies in certain respects. In addition, as of December 31, 2013, the Company is the sole holder of the $800 million balance of outstanding surplus notes issued by one such wholly owned captive insurance company, Golden Gate. | |
        As of February 1, 2000, the Company guaranteed the obligations of PLICO under a synthetic lease entered into by PLICO, as lessee, with a non-affiliated third party, as lessor. Under the terms of the synthetic lease, financing of $75 million was available to PLICO for construction of a new office building and parking deck. The synthetic lease was amended and restated as of January 11, 2007, and again on December 19, 2013, wherein as of December 31, 2013, the Company continues to guarantee the obligations of PLICO thereunder. | |
        The Company has agreements with certain of its subsidiaries under which it supplies investment, legal and data processing services on a fee basis and provides other managerial and administrative services on a shared cost basis. Such other managerial and administrative services include but are not limited to accounting, financial reporting, compliance services, reinsurance administration, tax reporting, reserve computation, and projections. | |
        During 2012, the Company entered into an intercompany capital support agreement with Shades Creek Captive Insurance Company ("Shades Creek"), a direct wholly-owned subsidiary. The agreement provides through a guarantee that the Company will contribute assets or purchase surplus notes (or cause an affiliate or third party to contribute assets or purchase surplus notes) in amounts necessary for Shades Creek's regulatory capital levels to equal or exceed minimum thresholds as defined by the agreement. As of December 31, 2013, Shades Creek maintained capital levels in excess of the required minimum thresholds. The maximum potential future payment amount which could be required under the capital support agreement will be dependent on numerous factors, including the performance of equity markets, the level of interest rates, performance of associated hedges, and related policyholder behavior. | |
STATUTORY_REPORTING_PRACTICES_
STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS | ' | ||||||||
STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS | ' | ||||||||
21. STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS | |||||||||
        The Company's insurance subsidiaries prepare statutory financial statements for regulatory purposes in accordance with accounting practices prescribed by the NAIC and the applicable state insurance department laws and regulations. These financial statements vary materially from GAAP. Statutory accounting practices include publications of the NAIC, state laws, regulations, general administrative rules as well as certain permitted accounting practices granted by the respective state insurance department. Generally, the most significant differences are that statutory financial statements do not reflect 1) deferred acquisition costs, 2) benefit liabilities that are calculated using Company estimates of expected mortality, interest, and withdrawals, 3) deferred income taxes that are not subject to statutory limits, 4) recognition of realized gains and losses on the sale of securities in the period they are sold, and 5) fixed maturities recorded at fair values, but instead at amortized cost. | |||||||||
        Statutory net income for PLICO was $165.5 million, $376.3 million, and $259.2 million for the year ended December 31, 2013, 2012 and 2011, respectively. Statutory capital and surplus for PLICO was $2.9 billion and $3.0 billion as of December 31, 2013 and 2012, respectively. | |||||||||
        The Company's insurance subsidiaries are subject to various state statutory and regulatory restrictions on the insurance subsidiaries' ability to pay dividends to Protective Life Corporation. In general, dividends up to specified levels are considered ordinary and may be paid thirty days after written notice to the insurance commissioner of the state of domicile unless such commissioner objects to the dividend prior to the expiration of such period. Dividends in larger amounts are considered extraordinary and are subject to affirmative prior approval by such commissioner. The maximum amount that would qualify as ordinary dividends to the Company from our insurance subsidiaries, and which would consequently be free from restriction and available for the payment of dividends to the Company's shareowners in 2014 is estimated to be $305.1 million. This results in approximately $3.4 billion of the Company's net assets being restricted from transfer to PLC without prior approval from the respective state insurance department. Additionally, as of December 31, 2013, approximately $698.6 million of consolidated shareowners' equity, excluding net unrealized gains on investments, represented net assets of the Company's insurance subsidiaries needed to maintain the minimum capital required by the insurance subsidiaries' respective state insurance departments. | |||||||||
        State insurance regulators and the National Association of Insurance Commissioners ("NAIC") have adopted risk-based capital ("RBC") requirements for life insurance companies to evaluate the adequacy of statutory capital and surplus in relation to investment and insurance risks. The requirements provide a means of measuring the minimum amount of statutory surplus appropriate for an insurance company to support its overall business operations based on its size and risk profile. | |||||||||
        A company's risk-based statutory surplus is calculated by applying factors and performing calculations relating to various asset, premium, claim, expense and reserve items. Regulators can then measure the adequacy of a company's statutory surplus by comparing it to the RBC. Under specific RBC requirements, regulatory compliance is determined by the ratio of a company's total adjusted capital, as defined by the insurance regulators, to its company action level of RBC (known as the RBC ratio), also as defined by insurance regulators. As of December 31, 2013, the Company's total adjusted capital and company action level RBC was $3.2 billion and $714.8 million, respectively, providing an RBC ratio of approximately 446%. | |||||||||
        Additionally, the Company has certain assets that are on deposit with state regulatory authorities and restricted from use. As of December 31, 2013, the Company's insurance subsidiaries had on deposit with regulatory authorities, fixed maturity and short-term investments with a fair value of approximately $47.4 million. | |||||||||
        The states of domicile of the Company's insurance subsidiaries have adopted prescribed accounting practices that differ from the required accounting outlined in NAIC Statutory Accounting Principles ("SAP"). The insurance subsidiaries also have certain accounting practices permitted by the states of domicile that differ from those found in NAIC SAP. | |||||||||
        Certain prescribed and permitted practices impact the statutory surplus of PLICO, the Company's primary operating subsidiary. These practices include the non-admission of goodwill as an asset for statutory reporting and the reporting of Bank Owned Life Insurance ("BOLI") separate account amounts at book value rather than at fair value. | |||||||||
        The favorable (unfavorable) effects of PLICO's statutory surplus, compared to NAIC statutory surplus, from the use of these prescribed and permitted practices were as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars In Millions) | |||||||||
Non-admission of goodwill | $ | (311 | ) | $ | — | ||||
Report BOLI Separate Accounts at Book Value | — | (1 | ) | ||||||
Reserving difference related to a captive insurance company | — | (49 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total (net) | $ | (311 | ) | $ | (50 | ) | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        The Company also has certain prescribed and permitted practices which are applied at the subsidiary level and do not have a direct impact on the statutory surplus of PLICO. These practices include permission to follow the actuarial guidelines of the domiciliary state of the ceding insurer for certain captive reinsurers, accounting for the face amount of all issued, and outstanding letters of credit and a note issued by an affiliate as assets in the statutory financial statements of certain wholly owned subsidiaries that are considered "Special Purpose Financial Captives", and a reserve difference related to a captive insurance company. | |||||||||
        The favorable (unfavorable) effects on the statutory surplus of the Company's insurance subsidiaries, compared to NAIC statutory surplus, from the use of these prescribed and permitted practices were as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars In Millions) | |||||||||
Accounting for Letters of Credit as admitted assets | $ | 1,415 | $ | 1,205 | |||||
Accounting for Red Mountain Note as admitted asset | $ | 365 | $ | 300 | |||||
Reserving based on state specific actuarial practices | $ | 105 | $ | 95 | |||||
Reserving difference related to a captive insurance company | $ | (22 | ) | $ | — |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||||||||||||||||||||||||
22. 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 | |||||||||||||||||||||||||||||||||||||||||
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 assumptions 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 December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities—available-for-sale | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | — | $ | 1,445,040 | $ | 28 | $ | 1,445,068 | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 970,656 | — | 970,656 | |||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 326,175 | 545,808 | 871,983 | |||||||||||||||||||||||||||||||||||||
U.S. government-related securities | 1,211,141 | 296,749 | — | 1,507,890 | |||||||||||||||||||||||||||||||||||||
State, municipalities, and political subdivisions | — | 1,407,154 | 3,675 | 1,410,829 | |||||||||||||||||||||||||||||||||||||
Other government-related securities | — | 51,427 | — | 51,427 | |||||||||||||||||||||||||||||||||||||
Corporate bonds | 107 | 24,209,541 | 1,549,940 | 25,759,588 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total fixed maturity securities—available-for-sale | 1,211,248 | 28,706,742 | 2,099,451 | 32,017,441 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Fixed maturity securities—trading | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 310,877 | — | 310,877 | |||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 158,570 | — | 158,570 | |||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 93,278 | 194,977 | 288,255 | |||||||||||||||||||||||||||||||||||||
U.S. government-related securities | 191,332 | 4,906 | — | 196,238 | |||||||||||||||||||||||||||||||||||||
State, municipalities, and political subdivisions | — | 260,892 | — | 260,892 | |||||||||||||||||||||||||||||||||||||
Other government-related securities | — | 57,097 | — | 57,097 | |||||||||||||||||||||||||||||||||||||
Corporate bonds | — | 1,497,362 | 29,199 | 1,526,561 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total fixed maturity securities—trading | 191,332 | 2,382,982 | 224,176 | 2,798,490 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total fixed maturity securities | 1,402,580 | 31,089,724 | 2,323,627 | 34,815,931 | |||||||||||||||||||||||||||||||||||||
Equity securities | 523,219 | 50,927 | 71,881 | 646,027 | |||||||||||||||||||||||||||||||||||||
Other long-term investments(1) | 56,469 | 54,965 | 196,133 | 307,567 | |||||||||||||||||||||||||||||||||||||
Short-term investments | 132,543 | 1,603 | — | 134,146 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total investments | 2,114,811 | 31,197,219 | 2,591,641 | 35,903,671 | |||||||||||||||||||||||||||||||||||||
Cash | 466,542 | — | — | 466,542 | |||||||||||||||||||||||||||||||||||||
Other assets | 10,979 | — | — | 10,979 | |||||||||||||||||||||||||||||||||||||
Assets related to separate accounts | |||||||||||||||||||||||||||||||||||||||||
Variable annuity | 12,791,438 | — | — | 12,791,438 | |||||||||||||||||||||||||||||||||||||
Variable universal life | 783,618 | — | — | 783,618 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 16,167,388 | $ | 31,197,219 | $ | 2,591,641 | $ | 49,956,248 | |||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Annuity account balances(2) | $ | — | $ | — | $ | 107,000 | $ | 107,000 | |||||||||||||||||||||||||||||||||
Other liabilities(1) | 30,241 | 156,931 | 270,630 | 457,802 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 30,241 | $ | 156,931 | $ | 377,630 | $ | 564,802 | |||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
Includes certain freestanding and embedded derivatives. | |||||||||||||||||||||||||||||||||||||||||
-2 | |||||||||||||||||||||||||||||||||||||||||
Represents liabilities related to fixed indexed annuities. | |||||||||||||||||||||||||||||||||||||||||
        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, 2012: | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities—available-for-sale | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | — | $ | 1,839,326 | $ | 4 | $ | 1,839,330 | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 869,823 | — | 869,823 | |||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 378,870 | 596,143 | 975,013 | |||||||||||||||||||||||||||||||||||||
U.S. government-related securities          | 909,988 | 259,955 | — | 1,169,943 | |||||||||||||||||||||||||||||||||||||
State, municipalities, and political subdivisions | — | 1,439,378 | 4,335 | 1,443,713 | |||||||||||||||||||||||||||||||||||||
Other government-related securities          | — | 80,767 | 20,011 | 100,778 | |||||||||||||||||||||||||||||||||||||
Corporate bonds | 207 | 20,213,952 | 167,892 | 20,382,051 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total fixed maturity securities—available-for-sale | 910,195 | 25,082,071 | 788,385 | 26,780,651 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Fixed maturity securities—trading | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 357,803 | — | 357,803 | |||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 171,073 | — | 171,073 | |||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 87,395 | 70,535 | 157,930 | |||||||||||||||||||||||||||||||||||||
U.S. government-related securities        | 304,704 | 1,169 | — | 305,873 | |||||||||||||||||||||||||||||||||||||
State, municipalities, and political subdivisions | — | 278,898 | — | 278,898 | |||||||||||||||||||||||||||||||||||||
Other government-related securities        | — | 63,444 | — | 63,444 | |||||||||||||||||||||||||||||||||||||
Corporate bonds | — | 1,672,172 | 115 | 1,672,287 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total fixed maturity securities—trading | 304,704 | 2,631,954 | 70,650 | 3,007,308 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total fixed maturity securities | 1,214,899 | 27,714,025 | 859,035 | 29,787,959 | |||||||||||||||||||||||||||||||||||||
Equity securities | 307,252 | 35,116 | 69,418 | 411,786 | |||||||||||||||||||||||||||||||||||||
Other long-term investments(1) | 23,639 | 58,134 | 31,591 | 113,364 | |||||||||||||||||||||||||||||||||||||
Short-term investments | 215,320 | 2,492 | — | 217,812 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total investments | 1,761,110 | 27,809,767 | 960,044 | 30,530,921 | |||||||||||||||||||||||||||||||||||||
Cash | 368,801 | — | — | 368,801 | |||||||||||||||||||||||||||||||||||||
Other assets | 8,239 | — | — | 8,239 | |||||||||||||||||||||||||||||||||||||
Assets related to separate accounts | |||||||||||||||||||||||||||||||||||||||||
Variable annuity | 9,601,417 | — | — | 9,601,417 | |||||||||||||||||||||||||||||||||||||
Variable universal life | 562,817 | — | — | 562,817 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 12,302,384 | $ | 27,809,767 | $ | 960,044 | $ | 41,072,195 | |||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Annuity account balances(2) | $ | — | $ | — | $ | 129,468 | $ | 129,468 | |||||||||||||||||||||||||||||||||
Other liabilities(1) | 19,187 | 27,250 | 611,437 | 657,874 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 19,187 | $ | 27,250 | $ | 740,905 | $ | 787,342 | |||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
Includes certain freestanding and embedded derivatives. | |||||||||||||||||||||||||||||||||||||||||
-2 | |||||||||||||||||||||||||||||||||||||||||
Represents liabilities related to fixed indexed annuities. | |||||||||||||||||||||||||||||||||||||||||
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 approximately 90% 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, the Company obtains one quote per security, typically from the broker from which we purchased the security. 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 through an analysis using internal and external cash flow models developed based on spreads and, when available, market indices. The Company uses a market-based cash flow analysis to validate the reasonableness of prices received from independent brokers. These analytics, which are updated daily, incorporate various metrics (yield curves, credit spreads, prepayment rates, etc.) 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 year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
        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 December 31, 2013, the Company held $3.3 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 December 31, 2013, the Company held $740.8 million of Level 3 ABS, which included $545.8 million of other asset-backed securities classified as available-for-sale and $195.0 million of other asset-backed securities classified 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. | |||||||||||||||||||||||||||||||||||||||||
Corporate Bonds, U.S. Government-Related Securities, States, Municipals, and Political Subdivisions, and Other Government Related Securities | |||||||||||||||||||||||||||||||||||||||||
        As of December 31, 2013, the Company classified approximately $27.8 billion of corporate bonds, 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 bonds and 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 bonds and 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 December 31, 2013, the Company classified approximately $1.6 billion of bonds and securities as Level 3 valuations. Level 3 bonds and 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 December 31, 2013, the Company held approximately $122.8 million of equity securities classified as Level 2 and Level 3. Of this total, $67.1 million represents Federal Home Loan Bank ("FHLB") stock. The Company believes that the cost of the FHLB stock approximates fair value. The remainder of these equity securities is primarily made up of holdings we have obtained through bankruptcy proceedings or debt restructurings. | |||||||||||||||||||||||||||||||||||||||||
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 23, 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 December 31, 2013, 95.9% of derivatives based upon notional values were priced using exchange prices or independent broker quotations. The remaining derivatives were priced by pricing valuation models, which predominantly utilize observable market data inputs. 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, credit default swaps, and options, which are traded on active exchange markets. | |||||||||||||||||||||||||||||||||||||||||
        Derivative instruments classified as Level 2 primarily include interest rate and inflation swaps, options, and swaptions. These derivative valuations are determined using independent broker quotations, which are corroborated with observable market inputs. | |||||||||||||||||||||||||||||||||||||||||
        Derivative instruments classified as Level 3 were embedded derivatives and include at least one significant non-observable input. A derivative instrument containing Level 1 and Level 2 inputs will be classified as a Level 3 financial instrument in its entirety if it has at least one significant Level 3 input. | |||||||||||||||||||||||||||||||||||||||||
        The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instruments may not be classified within the same fair value hierarchy level as the associated assets and liabilities. Therefore, the changes in fair value on derivatives reported in Level 3 may not reflect the offsetting impact of the changes in fair value of the associated assets and liabilities. | |||||||||||||||||||||||||||||||||||||||||
        The embedded derivatives are carried at fair value in "other long-term investments" and "other liabilities" on the Company's consolidated balance sheet. The changes in fair value are recorded in earnings as "Realized investment gains (losses)—Derivative financial instruments". Refer to Note 23, Derivative Financial Instruments for more information related to each embedded derivatives gains and losses. | |||||||||||||||||||||||||||||||||||||||||
        The fair value of the GMWB 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 National Association of Insurance Commissioners 1994 Variable Annuity MGDB Mortality Table for company experience, with attained age factors varying from 49% - 80%. 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). As a result of using significant unobservable inputs, the GMWB embedded derivative is categorized as Level 3. These assumptions are reviewed on a quarterly basis. | |||||||||||||||||||||||||||||||||||||||||
        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, expected lapse and withdrawal assumptions are used and updated for actual experience, as necessary. The Company assumes age-based mortality from the 1994 Variable Annuity MGDB mortality table modified for company experience, with attained age factors varying from 49% - 80%. 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 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 are designated as "trading securities"; therefore changes in their fair value are also reported in earnings. The fair value of the embedded derivative is the difference between the statutory policy liabilities (net of policy loans) of $2.6 billion and the fair value of the trading securities of $2.8 billion. As a result, changes in the fair value of the embedded derivatives 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 certain of its FIA reserves at fair value. The fair value is considered a Level 3 valuation. The FIA valuation model calculates the present value of future benefit cash flows less the projected future profits to quantify the net liability that is held as a reserve. This calculation is done using multiple risk neutral stochastic equity scenarios. The cash flows are discounted using LIBOR plus a credit spread. Best estimate assumptions are used for partial withdrawals, lapses, expenses and asset earned rate with a risk margin applied to each. These assumptions are reviewed at least annually as a part of the formal unlocking process. If an event were to occur within a quarter that would make the assumptions unreasonable, the assumptions would be reviewed within the quarter. | |||||||||||||||||||||||||||||||||||||||||
        The discount rate for the fixed indexed annuities is based on an upward sloping rate curve which is updated each quarter. The discount rates for December 31, 2013, ranged from a one month rate of 0.32%, a 5 year rate of 2.44%, and a 30 year rate of 4.99%. A credit spread component is also included in the calculation to accommodate non-performance risk. | |||||||||||||||||||||||||||||||||||||||||
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 | Valuation | Unobservable | Range | ||||||||||||||||||||||||||||||||||||||
As of | Technique | Input | (Weighted Average) | ||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | $ | 545,808 | Discounted cash flow | Liquidity premium | 1.00% - 1.68% (1.08%) | ||||||||||||||||||||||||||||||||||||
Paydown rate | 8.57% - 16.87% (12.05%) | ||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 1,555,898 | Discounted cash flow | Spread over treasury | 0.11% - 6.75% (2.06%) | |||||||||||||||||||||||||||||||||||||
Embedded derivatives—GMWB(1) | 156,287 | Actuarial cash flow model | Mortality | 49% to 80% of 1994 MGDB table | |||||||||||||||||||||||||||||||||||||
Lapse | 0% - 24%, depending on product/duration/funded status of guarantee | ||||||||||||||||||||||||||||||||||||||||
Utilization | 97% - 103% | ||||||||||||||||||||||||||||||||||||||||
Nonperformance risk | 0.15% - 1.06% | ||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Annuity account balances(2) | $ | 107,000 | Actuarial cash flow model | Asset earned rate | 5.37% | ||||||||||||||||||||||||||||||||||||
Expenses | $88 - $102 per policy | ||||||||||||||||||||||||||||||||||||||||
Withdrawal rate | 2.20% | ||||||||||||||||||||||||||||||||||||||||
Mortality | 49% to 80% of 1994 MGDB table | ||||||||||||||||||||||||||||||||||||||||
Lapse | 2.2% - 33.0%, depending on duration/surrender charge period | ||||||||||||||||||||||||||||||||||||||||
Return on assets | 1.50% - 1.85% depending on surrender charge period | ||||||||||||||||||||||||||||||||||||||||
Nonperformance risk | 0.15% - 1.06% | ||||||||||||||||||||||||||||||||||||||||
Embedded derivative—FIA | 25,324 | Actuarial cash flow model | Expenses | $83 - $97 per policy | |||||||||||||||||||||||||||||||||||||
Withdrawal rate | 1.1% - 4.5% depending on duration and tax qualification | ||||||||||||||||||||||||||||||||||||||||
Mortality | 49% to 80% of 1994 MGDB table | ||||||||||||||||||||||||||||||||||||||||
Lapse | 2.5% - 40.0%, depending on duration/surrender charge period | ||||||||||||||||||||||||||||||||||||||||
Nonperformance risk | 0.15% - 1.06% | ||||||||||||||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
The fair value for the GMWB embedded derivative is presented as a net asset. Excludes modified coinsurance arrangements. | |||||||||||||||||||||||||||||||||||||||||
-2 | |||||||||||||||||||||||||||||||||||||||||
Represents liabilities related to fixed indexed annuities. | |||||||||||||||||||||||||||||||||||||||||
        The chart above excludes Level 3 financial instruments that are valued using broker quotes and those which book value approximates fair value. | |||||||||||||||||||||||||||||||||||||||||
        The Company has considered all reasonably available quantitative inputs as of December 31, 2013, but the valuation techniques and inputs used by some brokers in pricing certain financial instruments are not shared with the Company. This resulted in $216.6 million of financial instruments being classified as Level 3 as of December 31, 2013. Of the $216.6 million, $195.0 million are other asset backed securities, $21.0 million are corporate bonds, and $0.6 million are equity securities. | |||||||||||||||||||||||||||||||||||||||||
        In certain cases the Company has determined that book value materially approximates fair value. As of December 31, 2013, the Company held $77.2 million of financial instruments where book value approximates fair value. Of the $77.2 million, $71.3 million represents equity securities, which are predominantly FHLB stock, $2.2 million of other corporate bonds, and $3.7 million of other fixed maturity securities. | |||||||||||||||||||||||||||||||||||||||||
        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 | Valuation | Unobservable | Range | ||||||||||||||||||||||||||||||||||||||
As of | Technique | Input | (Weighted Average) | ||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | $ | 596,143 | Discounted cash flow | Liquidity premium | 0.72% - 1.68% (1.29%) | ||||||||||||||||||||||||||||||||||||
Paydown rate | 8.51% - 18.10% (11.40%) | ||||||||||||||||||||||||||||||||||||||||
Other government-related securities | 20,011 | Discounted cash flow | Spread over treasury | -0.30% | |||||||||||||||||||||||||||||||||||||
Corporate bonds | 168,007 | Discounted cash flow | Spread over treasury | 0.92% - 7.75% (3.34%) | |||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Embedded derivatives—GMWB(1) | $ | 169,041 | Actuarial cash flow model | Mortality | 57% of 1994 MGDB table | ||||||||||||||||||||||||||||||||||||
Lapse | 0% - 24%, depending on product/duration/funded status of guarantee | ||||||||||||||||||||||||||||||||||||||||
Utilization | 93% - 100% | ||||||||||||||||||||||||||||||||||||||||
Nonperformance risk | 0.09% - 1.34% | ||||||||||||||||||||||||||||||||||||||||
Annuity account balances(2) | 129,468 | Actuarial cash flow model | Asset earned rate | 5.81% | |||||||||||||||||||||||||||||||||||||
Expenses | $88 - $108 per policy | ||||||||||||||||||||||||||||||||||||||||
Withdrawal rate | 2.20% | ||||||||||||||||||||||||||||||||||||||||
Mortality | 57% of 1994 MGDB table | ||||||||||||||||||||||||||||||||||||||||
Lapse | 2.2% - 45.0%, depending on duration/surrender charge period | ||||||||||||||||||||||||||||||||||||||||
Return on assets | 1.50% - 1.85% depending on surrender charge period | ||||||||||||||||||||||||||||||||||||||||
Nonperformance risk | 0.09% - 1.34% | ||||||||||||||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
The fair value for the GMWB embedded derivative is presented as a net liability. Excludes modified coinsurance arrangements. | |||||||||||||||||||||||||||||||||||||||||
-2 | |||||||||||||||||||||||||||||||||||||||||
Represents liabilities related to fixed indexed annuities. | |||||||||||||||||||||||||||||||||||||||||
        The chart above excludes Level 3 financial instruments that are valued using broker quotes and those which book value approximates fair value. | |||||||||||||||||||||||||||||||||||||||||
        The valuation techniques and inputs used by some brokers in pricing certain financial instruments are not shared with the Company which resulted in $71.1 million of financial instruments being classified as Level 3 as of December 31, 2012. Of the $71.1 million, $70.5 million are other asset backed securities and $0.6 million are equity securities. | |||||||||||||||||||||||||||||||||||||||||
        In certain cases the Company has determined that book value materially approximates fair value. As of December 31, 2012, the Company held $73.2 million of financial instruments where book value approximates fair value. Of the $73.2 million, $68.9 million represents equity securities, which are predominantly FHLB stock, and $4.3 million of other fixed maturity securities. | |||||||||||||||||||||||||||||||||||||||||
        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 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 when spreads decrease, and decreases when spreads increases. | |||||||||||||||||||||||||||||||||||||||||
        The GMWB liability is sensitive to changes in the discount rate which includes the Company's nonperformance risk, volatility, lapse, and mortality assumptions. The volatility assumption is an observable input as it is based on market inputs. The Company's nonperformance risk, lapse, and mortality are unobservable. An increase in the three unobservable assumptions would result in a decrease in the liability and conversely, if there is a decrease in the assumptions the liability would increase. The liability is also dependent on the assumed policyholder utilization of the GMWB where an increase in assumed utilization would result in an increase in the liability and conversely, if there is a decrease in the assumption, the liability would decrease. | |||||||||||||||||||||||||||||||||||||||||
        The fair value of the FIA account balance liability is predominantly impacted by observable inputs such as discount rates and equity returns. However, the fair value of the FIA account balance liability is sensitive to the asset earned rate and required return on assets. The value of the liability increases with an increase in required return on assets and decreases with an increase in the asset earned rate and conversely, the value of the liability decreases with a decrease in required return on assets and an increase in the asset earned rate. | |||||||||||||||||||||||||||||||||||||||||
        The fair value of the FIA embedded derivative is predominantly impacted by observable inputs such as discount rates and equity returns. However, the fair value of the FIA embedded derivative is sensitive to non-performance risk. The value of the liability increases with decreases in the discount rate and non-performance risk and decreases with increases in the discount rate and nonperformance risk. The value of the liability increases with increases in equity returns and the liability decreases with a decrease in equity returns. | |||||||||||||||||||||||||||||||||||||||||
        The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the year ended December 31, 2013, for which the Company has used significant unobservable inputs (Level 3): | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Gains (losses) | |||||||||||||||||||||||||||||||||||||||||
included in | |||||||||||||||||||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||||||||||||||||
related to | |||||||||||||||||||||||||||||||||||||||||
Instruments | |||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
Total | Total | the Reporting | |||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | Realized and Unrealized | Date | |||||||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||||||
Beginning | Included in | Included in | Included in | Included in | Purchases | Sales | Issuances | Settlements | Transfers | Other | Ending | ||||||||||||||||||||||||||||||
Balance | Earnings | Other | Earnings | Other | in/out of | Balance | |||||||||||||||||||||||||||||||||||
Comprehensive | Comprehensive | Level 3 | |||||||||||||||||||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities available-for-sale | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 4 | $ | — | $ | 1,310 | $ | — | $ | (338 | ) | $ | 14,348 | $ | (23 | ) | $ | — | $ | — | $ | (15,287 | ) | $ | 14 | $ | 28 | $ | — | ||||||||||||
Commercial mortgage-backed securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other asset-backed securities | 596,143 | — | 44,620 | — | (58,937 | ) | 24,931 | (62,760 | ) | — | — | 1,227 | 584 | 545,808 | — | ||||||||||||||||||||||||||
U.S. government-related securities                                   | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
States, municipals, and political subdivisions | 4,335 | — | — | — | (2 | ) | — | (660 | ) | — | — | — | 2 | 3,675 | — | ||||||||||||||||||||||||||
Other government-related securities                                   | 20,011 | — | 2 | — | (3 | ) | — | (20,000 | ) | — | — | — | (10 | ) | — | — | |||||||||||||||||||||||||
Corporate bonds | 167,892 | 116 | 8,310 | — | (20,118 | ) | 736,012 | (67,431 | ) | — | — | 726,760 | (1,601 | ) | 1,549,940 | — | |||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total fixed maturity securities—available-for-sale | 788,385 | 116 | 54,242 | — | (79,398 | ) | 775,291 | (150,874 | ) | — | — | 712,700 | (1,011 | ) | 2,099,451 | — | |||||||||||||||||||||||||
Fixed maturity securities—trading | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | — | — | (1 | ) | — | 1,582 | (72 | ) | — | — | (1,494 | ) | (15 | ) | — | — | ||||||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other asset-backed securities | 70,535 | 8,785 | — | (5,947 | ) | — | 147,224 | (29,344 | ) | — | — | 2,210 | 1,514 | 194,977 | 3,588 | ||||||||||||||||||||||||||
U.S. government-related securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
States, municipals and political subdivisions | — | — | — | (123 | ) | — | 3,500 | — | — | — | (3,377 | ) | — | — | — | ||||||||||||||||||||||||||
Other government-related securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Corporate bonds | 115 | 1 | — | (102 | ) | — | 4,880 | (17 | ) | — | — | 24,312 | 10 | 29,199 | (5 | ) | |||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total fixed maturity securities—trading | 70,650 | 8,786 | — | (6,173 | ) | — | 157,186 | (29,433 | ) | — | — | 21,651 | 1,509 | 224,176 | 3,583 | ||||||||||||||||||||||||||
Total fixed maturity securities | 859,035 | 8,902 | 54,242 | (6,173 | ) | (79,398 | ) | 932,477 | (180,307 | ) | — | — | 734,351 | 498 | 2,323,627 | 3,583 | |||||||||||||||||||||||||
Equity securities | 69,418 | — | 10 | — | — | 2,453 | — | — | — | — | — | 71,881 | — | ||||||||||||||||||||||||||||
Other long-term investments(1) | 31,591 | 165,213 | — | (671 | ) | — | — | — | — | — | — | — | 196,133 | 164,542 | |||||||||||||||||||||||||||
Short-term investments | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total investments | 960,044 | 174,115 | 54,252 | (6,844 | ) | (79,398 | ) | 934,930 | (180,307 | ) | — | — | 734,351 | 498 | 2,591,641 | 168,125 | |||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total assets measured at fair value on a recurring basis | $ | 960,044 | $ | 174,115 | $ | 54,252 | $ | (6,844 | ) | $ | (79,398 | ) | $ | 934,930 | $ | (180,307 | ) | $ | — | $ | — | $ | 734,351 | $ | 498 | $ | 2,591,641 | $ | 168,125 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Annuity account balances(2) | $ | 129,468 | $ | — | $ | — | $ | (8,029 | ) | $ | — | $ | — | $ | — | $ | 406 | $ | 30,903 | $ | — | $ | — | $ | 107,000 | $ | — | ||||||||||||||
Other liabilities(1) | 611,437 | 425,867 | — | (85,060 | ) | — | — | — | — | — | — | — | 270,630 | 340,024 | |||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total liabilities measured at fair value on a recurring basis | $ | 740,905 | $ | 425,867 | $ | — | $ | (93,089 | ) | $ | — | $ | — | $ | — | $ | 406 | $ | 30,903 | $ | — | $ | — | $ | 377,630 | $ | 340,024 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||||||||||||||||||||||||||||||||
Represents certain freestanding and embedded derivatives. | |||||||||||||||||||||||||||||||||||||||||
-2 | |||||||||||||||||||||||||||||||||||||||||
Represents liabilities related to fixed indexed annuities. | |||||||||||||||||||||||||||||||||||||||||
        For the year ended December 31, 2013, $771.6 million of securities were transferred into Level 3. This amount was transferred from Level 2. These transfers resulted from securities that were priced by independent pricing services or brokers in previous periods, using no significant unobservable inputs, but were priced internally using significant unobservable inputs where market observable inputs were no longer available as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
        For the year ended December 31, 2013, $37.2 million of securities were transferred out of Level 3. This amount was transferred to Level 2. These transfers resulted from securities that were previously valued using an internal model that utilized significant unobservable inputs but were valued internally or by independent pricing services or brokers, utilizing no significant unobservable inputs. All transfers are recognized as of the end of the reporting period. | |||||||||||||||||||||||||||||||||||||||||
        For the year ended December 31, 2013, there were no transfers from Level 2 to Level 1. | |||||||||||||||||||||||||||||||||||||||||
        For the year ended December 31, 2013, there were no transfers from Level 1. | |||||||||||||||||||||||||||||||||||||||||
        The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the year ended December 31, 2012, for which the Company has used significant unobservable inputs (Level 3): | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Gains (losses) | |||||||||||||||||||||||||||||||||||||||||
included in | |||||||||||||||||||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||||||||||||||||
related to | |||||||||||||||||||||||||||||||||||||||||
Instruments | |||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
Total | Total | the Reporting | |||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | Realized and Unrealized | Date | |||||||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||||||
Beginning | Included in | Included in | Included in | Included in | Purchases | Sales | Issuances | Settlements | Transfers | Other | Ending | ||||||||||||||||||||||||||||||
Balance | Earnings | Other | Earnings | Other | in/out of | Balance | |||||||||||||||||||||||||||||||||||
Comprehensive | Comprehensive | Level 3 | |||||||||||||||||||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities available-for-sale | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities                                   | $ | 7 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3 | ) | $ | — | $ | — | $ | — | $ | — | $ | 4 | $ | — | ||||||||||||||
Commercial mortgage-backed securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other asset-backed securities                                   | 614,813 | 339 | 21,780 | — | (22,587 | ) | — | (19,050 | ) | — | — | 771 | 77 | 596,143 | — | ||||||||||||||||||||||||||
U.S. government-related securities | 15,000 | — | — | — | (2 | ) | — | (15,000 | ) | — | — | — | 2 | — | — | ||||||||||||||||||||||||||
States, municipals, and political subdivisions | 69 | — | — | — | (1 | ) | 4,275 | (9 | ) | — | — | — | 1 | 4,335 | — | ||||||||||||||||||||||||||
Other government-related securities | — | — | 29 | — | (27 | ) | 20,024 | — | — | — | — | (15 | ) | 20,011 | — | ||||||||||||||||||||||||||
Corporate bonds | 119,601 | 470 | 8,052 | (4 | ) | (2,723 | ) | 11,960 | (9,854 | ) | — | — | 40,060 | 330 | 167,892 | — | |||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total fixed maturity securities—available-for-sale | 749,490 | 809 | 29,861 | (4 | ) | (25,340 | ) | 36,259 | (43,916 | ) | — | — | 40,831 | 395 | 788,385 | — | |||||||||||||||||||||||||
Fixed maturity securities—trading | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities                                   | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other asset-backed securities                                   | 28,343 | 4,086 | — | (2,306 | ) | — | 48,255 | (9,896 | ) | — | — | — | 2,053 | 70,535 | 1,780 | ||||||||||||||||||||||||||
U.S. government-related securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
States, municipals and political subdivisions | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other government-related securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Corporate bonds | — | 2 | — | — | — | 1 | — | — | — | 112 | — | 115 | 10 | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total fixed maturity securities—trading | 28,343 | 4,088 | — | (2,306 | ) | — | 48,256 | (9,896 | ) | — | — | 112 | 2,053 | 70,650 | 1,790 | ||||||||||||||||||||||||||
Total fixed maturity securities                  | 777,833 | 4,897 | 29,861 | (2,310 | ) | (25,340 | ) | 84,515 | (53,812 | ) | — | — | 40,943 | 2,448 | 859,035 | 1,790 | |||||||||||||||||||||||||
Equity securities | 80,586 | 8 | 826 | — | (1,097 | ) | 4 | (4,295 | ) | — | — | — | (6,614 | ) | 69,418 | — | |||||||||||||||||||||||||
Other long-term investments(1) | 12,703 | 26,747 | — | (7,859 | ) | — | — | — | — | — | — | — | 31,591 | 18,888 | |||||||||||||||||||||||||||
Short-term investments | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total investments | 871,122 | 31,652 | 30,687 | (10,169 | ) | (26,437 | ) | 84,519 | (58,107 | ) | — | — | 40,943 | (4,166 | ) | 960,044 | 20,678 | ||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total assets measured at fair value on a recurring basis | $ | 871,122 | $ | 31,652 | $ | 30,687 | $ | (10,169 | ) | $ | (26,437 | ) | $ | 84,519 | $ | (58,107 | ) | $ | — | $ | — | $ | 40,943 | $ | (4,166 | ) | $ | 960,044 | $ | 20,678 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Annuity account balances(2) | $ | 136,462 | $ | — | $ | — | $ | (12,293 | ) | $ | — | $ | — | $ | — | $ | 860 | $ | 20,147 | $ | — | $ | — | $ | 129,468 | $ | — | ||||||||||||||
Other liabilities(1) | 437,613 | 86,523 | — | (260,347 | ) | — | — | — | — | — | — | — | 611,437 | (173,824 | ) | ||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total liabilities measured at fair value on a recurring basis | $ | 574,075 | $ | 86,523 | $ | — | $ | (272,640 | ) | $ | — | $ | — | $ | — | $ | 860 | $ | 20,147 | $ | — | $ | — | $ | 740,905 | $ | (173,824 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||||||||||||||||||||||||||||||||
Represents certain freestanding and embedded derivatives. | |||||||||||||||||||||||||||||||||||||||||
-2 | |||||||||||||||||||||||||||||||||||||||||
Represents liabilities related to fixed indexed annuities. | |||||||||||||||||||||||||||||||||||||||||
        For the year ended December 31, 2012, $67.7 million of securities were transferred into Level 3. This amount was transferred from Level 2. These transfers resulted from securities that were priced by independent pricing services or brokers in previous periods, using no significant unobservable inputs, but were priced internally using significant unobservable inputs where market observable inputs were no longer available as of December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||
        For the year ended December 31, 2012, $26.8 million of securities were transferred out of Level 3. This amount was transferred to Level 2. These transfers resulted from securities that were previously valued using an internal model that utilized significant unobservable inputs but were valued internally or by independent pricing services or brokers, utilizing no significant unobservable inputs. All transfers are recognized as of the end of the reporting period. | |||||||||||||||||||||||||||||||||||||||||
        For the year ended December 31, 2012, there were no transfers from Level 2 to Level 1. | |||||||||||||||||||||||||||||||||||||||||
        Total realized and unrealized gains (losses) on Level 3 assets and liabilities are primarily reported in either realized investment gains (losses) within the consolidated statements of income (loss) or other comprehensive income (loss) within shareowners' equity based on the appropriate accounting treatment for the item. | |||||||||||||||||||||||||||||||||||||||||
        Purchases, sales, issuances, and settlements, net, represent the activity that occurred during the period that results in a change of the asset or liability but does not represent changes in fair value for the instruments held at the beginning of the period. Such activity primarily relates to purchases and sales of fixed maturity securities and issuances and settlements of equity indexed annuities. | |||||||||||||||||||||||||||||||||||||||||
        The Company reviews the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. The asset transfers in the table(s) above primarily related to positions moved from Level 3 to Level 2 as the Company determined that certain inputs were observable. | |||||||||||||||||||||||||||||||||||||||||
        The amount of total gains (losses) for assets and liabilities still held as of the reporting date primarily represents changes in fair value of trading securities and certain derivatives that exist as of the reporting date and the change in fair value of equity indexed annuities. | |||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value of 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 December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||||||
Level | Amounts | Values | Amounts | Values | |||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | 3 | $ | 5,486,417 | $ | 5,949,058 | $ | 4,950,201 | $ | 5,725,382 | ||||||||||||||||||||||||||||||||
Policy loans | 3 | 1,815,744 | 1,815,744 | 865,391 | 865,391 | ||||||||||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity(1) | 3 | 365,000 | 335,676 | 300,000 | 319,163 | ||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Stable value product account balances | 3 | $ | 2,559,552 | $ | 2,566,209 | $ | 2,510,559 | $ | 2,534,094 | ||||||||||||||||||||||||||||||||
Annuity account balances | 3 | 11,125,253 | 10,639,637 | 10,658,463 | 10,525,702 | ||||||||||||||||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||||||||||||||
Bank borrowings | 3 | $ | 485,000 | $ | 485,000 | $ | 50,000 | $ | 50,000 | ||||||||||||||||||||||||||||||||
Senior and Medium-Term Notes | 2 | 1,100,000 | 1,294,675 | 1,350,000 | 1,584,438 | ||||||||||||||||||||||||||||||||||||
Subordinated debt securities | 2 | 540,593 | 473,503 | 540,593 | 556,524 | ||||||||||||||||||||||||||||||||||||
Non-recourse funding obligations(2) | 3 | 562,448 | 470,709 | 586,000 | 481,056 | ||||||||||||||||||||||||||||||||||||
Except as noted below, fair values were estimated using quoted market prices. | |||||||||||||||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
Security purchased from unconsolidated subsidiary, Red Mountain LLC. | |||||||||||||||||||||||||||||||||||||||||
-2 | |||||||||||||||||||||||||||||||||||||||||
Of this carrying amount $365.0 million, fair value of $321.5 million, as of December 31, 2013, and $300 million, fair value of $297.6 million, as of December 31, 2012, relates to non-recourse funding obligations issued by Golden Gate V. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate | |||||||||||||||||||||||||||||||||||||||||
        The Company estimates the fair value of mortgage loans using an internally developed model. This model includes inputs derived by the Company based on assumed discount rates relative to the Company's current mortgage loan lending rate and an expected cash flow analysis based on a review of the mortgage loan terms. The model also contains the Company's determined representative risk adjustment assumptions related to credit and liquidity risks. | |||||||||||||||||||||||||||||||||||||||||
Policy Loans | |||||||||||||||||||||||||||||||||||||||||
        The Company believes the fair value of policy loans approximates book value. Policy loans are funds provided to policy holders in return for a claim on the policy. The funds provided are limited to the cash surrender value of the underlying policy. The nature of policy loans is to have a negligible default risk as the loans are fully collateralized by the value of the policy. Policy loans do not have a stated maturity and the balances and accrued interest are repaid either by the policyholder or with proceeds from the policy. Due to the collateralized nature of policy loans and unpredictable timing of repayments, the Company believes the fair value of policy loans approximates carrying value. | |||||||||||||||||||||||||||||||||||||||||
Fixed Maturities, Held-to-Maturity | |||||||||||||||||||||||||||||||||||||||||
        The Company estimates the fair value of its fixed maturity, held-to-maturity using internal discounted cash flow models. The discount rates used in the model were based on a current market yield for similar financial instruments. | |||||||||||||||||||||||||||||||||||||||||
Stable Value Product and Annuity Account Balances | |||||||||||||||||||||||||||||||||||||||||
        The Company estimates the fair value of stable value product account balances and annuity account balances using models based on discounted expected cash flows. The discount rates used in the models were based on a current market rate for similar financial instruments. | |||||||||||||||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||||||||||||||
Bank Borrowings | |||||||||||||||||||||||||||||||||||||||||
        The Company believes the carrying value of its bank borrowings approximates fair value as the borrowings pay a floating interest rate plus a spread based on the rating of the Company's senior debt which the Company believes approximates a market interest rate. | |||||||||||||||||||||||||||||||||||||||||
Non-Recourse Funding Obligations | |||||||||||||||||||||||||||||||||||||||||
        The Company estimates the fair value of its non-recourse funding obligations using internal discounted cash flow models. The discount rates used in the model were based on a current market yield for similar financial instruments. | |||||||||||||||||||||||||||||||||||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | |||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | |||||||||||||
23. 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, inflation 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 risk by entering into transactions with highly rated counterparties. The Company manages the market risk by establishing and monitoring limits as to the types and degrees of risk that may be undertaken. The Company monitors its use of derivatives 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. The Company's inflation risk management strategy involves the use of swaps that requires the Company to pay a fixed rate and receive a floating rate that is based on changes in the Consumer Price Index ("CPI"). | ||||||||||||||
Derivatives Related to Risk Mitigation of Variable Annuity Contracts | ||||||||||||||
        The Company may use the following types of derivative contracts to mitigate its exposure to certain guaranteed benefits related to VA 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 | ||||||||||||||
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. | ||||||||||||||
        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 financial instruments". | ||||||||||||||
Derivative Instruments Designated and Qualifying as Hedging Instruments | ||||||||||||||
Cash-Flow Hedges | ||||||||||||||
• | ||||||||||||||
In connection with the issuance of inflation-adjusted funding agreements, the Company has entered into swaps to essentially convert the floating CPI-linked interest rate on these agreements to a fixed rate. The Company pays a fixed rate on the swap and receives a floating rate primarily determined by the period's change in the CPI. The amounts that are received on the swaps are almost equal to the amounts that are paid on the agreements. | ||||||||||||||
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, interest rate, currency, and volatility futures to mitigate the risk related to certain guaranteed minimum benefits, including GMWB, within our 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. No volatility future positions were held during the year ended December 31, 2013. | ||||||||||||||
• | ||||||||||||||
The Company uses equity options, volatility swaps, and volatility options to mitigate the risk related to certain guaranteed minimum benefits, including GMWB, within its variable annuity products. In general, the cost of such benefits varies with the level of equity markets and overall volatility. As of December 31, 2013, the Company did not hold any volatility options. | ||||||||||||||
• | ||||||||||||||
The Company uses interest rate swaps and interest rate swaptions to mitigate the risk related to certain guaranteed minimum benefits, including GMWB, within its VA products. | ||||||||||||||
• | ||||||||||||||
The Company entered into credit default swaps to partially mitigate the Company's non-performance risk related to certain guaranteed minimum withdrawal benefits within its variable annuity products. The Company reported net pre-tax losses of $7.9 million for the year ended December 31, 2011. Net settlements received were $2.5 million, offset by termination losses of $10.4 million. As of December 31, 2013 and 2012, the Company did not hold any remaining credit default swaps. | ||||||||||||||
• | ||||||||||||||
The Company markets certain VA products with a GMWB rider. The GMWB 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 and volatility futures to mitigate the risk within its fixed indexed annuity products. In general, the cost of such benefits varies with the level of equity and overall volatility. | ||||||||||||||
• | ||||||||||||||
The Company uses equity 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. | ||||||||||||||
• | ||||||||||||||
The Company markets certain fixed indexed annuity products. The FIA component is considered an embedded derivative, not considered to be clearly and closely related to the host contract. | ||||||||||||||
Other Derivatives | ||||||||||||||
• | ||||||||||||||
The Company uses certain interest rate swaps to mitigate the price volatility of fixed maturities. | ||||||||||||||
• | ||||||||||||||
The Company has purchased interest rate caps to mitigate its risk with respect to the Company's LIBOR exposure and the potential impact of European financial market distress. As of December 31, 2013, the Company did not hold any interest rate caps. | ||||||||||||||
• | ||||||||||||||
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. | ||||||||||||||
Realized investment gains (losses)—derivative financial instruments | ||||||||||||||
For The Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Dollars In Thousands) | ||||||||||||||
Derivatives related to variable annuity contracts: | ||||||||||||||
Interest rate futures—VA | $ | (31,216 | ) | $ | 21,138 | $ | 164,221 | |||||||
Equity futures—VA | (52,640 | ) | (50,797 | ) | (30,061 | ) | ||||||||
Currency futures—VA | (469 | ) | (2,763 | ) | 2,977 | |||||||||
Volatility futures—VA | — | (132 | ) | — | ||||||||||
Variance swaps—VA | (11,310 | ) | (11,792 | ) | (239 | ) | ||||||||
Equity options—VA | (95,022 | ) | (37,370 | ) | (15,051 | ) | ||||||||
Volatility options—VA | (115 | ) | — | — | ||||||||||
Interest rate swaptions—VA | 1,575 | (2,260 | ) | — | ||||||||||
Interest rate swaps—VA | (157,408 | ) | 3,264 | 7,718 | ||||||||||
Credit default swaps—VA | — | — | (7,851 | ) | ||||||||||
Embedded derivative—GMWB | 325,497 | (22,120 | ) | (127,537 | ) | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total derivatives related to variable annuity contracts | (21,108 | ) | (102,832 | ) | (5,823 | ) | ||||||||
Derivatives related to FIA contracts: | ||||||||||||||
Embedded derivative—FIA | (942 | ) | — | — | ||||||||||
Equity futures—FIA | 173 | — | — | |||||||||||
Volatility futures—FIA | (5 | ) | — | — | ||||||||||
Equity options—FIA | 1,866 | — | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total derivatives related to FIA contracts | 1,092 | — | — | |||||||||||
Embedded derivative—Modco reinsurance treaties | 205,176 | (132,816 | ) | (134,340 | ) | |||||||||
Interest rate swaps | 2,985 | (87 | ) | (11,264 | ) | |||||||||
Interest rate caps | — | (2,666 | ) | (2,801 | ) | |||||||||
Credit default swaps | — | — | (548 | ) | ||||||||||
Other derivatives | (14 | ) | (79 | ) | (475 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total realized gains (losses)—derivatives | $ | 188,131 | $ | (238,480 | ) | $ | (155,251 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Realized investment gains (losses)—all other investments | ||||||||||||||
For The Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Dollars In Thousands) | ||||||||||||||
Modco trading portfolio(1) | $ | (178,134 | ) | $ | 177,986 | $ | 164,224 | |||||||
-1 | ||||||||||||||
The Company elected to include the use of alternate disclosures for trading activities. | ||||||||||||||
Gain (Loss) on Derivatives in Cash Flow Relationship | ||||||||||||||
Amount of Gains (Losses) | Amount and Location of | Amount and Location of | ||||||||||||
Deferred in | Gains (Losses) | (Losses) Recognized in | ||||||||||||
Accumulated Other | Reclassified from | Income (Loss) on | ||||||||||||
Comprehensive Income | Accumulated Other | Derivatives | ||||||||||||
(Loss) on Derivatives | Comprehensive Income | |||||||||||||
(Loss) into | ||||||||||||||
Income (Loss) | ||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective Portion) | ||||||||||||
      | Benefits and settlement | Realized investment | ||||||||||||
expenses | gains (losses) | |||||||||||||
(Dollars In Thousands) | ||||||||||||||
For The Year Ended December 31, | ||||||||||||||
2013 | ||||||||||||||
Inflation | $ | 1,130 | $ | -2,349 | $ | -190 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total | $ | 1,130 | $ | -2,349 | $ | -190 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
For The Year Ended December 31, | ||||||||||||||
2012 | ||||||||||||||
Interest rate | $ | -77 | $ | -2,261 | $ | — | ||||||||
Inflation | 3,243 | -938 | -177 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total | $ | 3,166 | $ | -3,199 | $ | -177 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
        The tables below present information about the nature and accounting treatment of the Company's primary derivative financial instruments and the location in and effect on the consolidated financial statements for the periods presented below: | ||||||||||||||
As of December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Notional | Fair | Notional | Fair | |||||||||||
Amount | Value | Amount | Value | |||||||||||
(Dollars In Thousands) | ||||||||||||||
Other long-term investments | ||||||||||||||
Cash flow hedges: | ||||||||||||||
Inflation | $ | — | $ | — | $ | — | $ | — | ||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Interest rate swaps | 200,000 | 1,961 | 355,000 | 6,532 | ||||||||||
Variance swaps | — | — | 500 | 406 | ||||||||||
Embedded derivative—Modco reinsurance treaties | 80,376 | 1,517 | 30,244 | 1,330 | ||||||||||
Embedded derivative—GMWB | 6,113,017 | 194,616 | 1,640,075 | 30,261 | ||||||||||
Interest rate futures | — | — | — | — | ||||||||||
Equity futures | 3,387 | 111 | 147,581 | 595 | ||||||||||
Currency futures | 14,338 | 321 | 15,944 | 784 | ||||||||||
Interest rate caps | — | — | 3,000,000 | — | ||||||||||
Equity options | 1,376,205 | 78,277 | 573,493 | 61,833 | ||||||||||
Interest rate swaptions | 625,000 | 30,291 | 400,000 | 11,370 | ||||||||||
Other | 425 | 473 | 224 | 253 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 8,412,748 | $ | 307,567 | $ | 6,163,061 | $ | 113,364 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Other liabilities | ||||||||||||||
Cash flow hedges: | ||||||||||||||
Inflation | $ | 182,965 | $ | 1,865 | $ | 182,965 | $ | 5,027 | ||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Interest rate swaps | 1,230,000 | 153,322 | 400,000 | 10,025 | ||||||||||
Variance swaps | 1,500 | 1,744 | 2,675 | 12,198 | ||||||||||
Embedded derivative—Modco reinsurance treaties | 2,578,590 | 206,918 | 2,655,134 | 411,907 | ||||||||||
Embedded derivative—GMWB | 2,494,142 | 38,388 | 5,253,961 | 199,530 | ||||||||||
Embedded derivative—FIA | 244,424 | 25,324 | — | — | ||||||||||
Interest rate futures | 322,902 | 5,221 | 893,476 | 13,970 | ||||||||||
Equity futures | 164,595 | 6,595 | 152,364 | 3,316 | ||||||||||
Currency futures | 118,008 | 840 | 131,979 | 1,901 | ||||||||||
Equity options | 257,065 | 17,558 | — | — | ||||||||||
Other | 230 | 27 | — | — | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 7,594,421 | $ | 457,802 | $ | 9,672,554 | $ | 657,874 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        Based on the expected cash flows of the underlying hedged items, the Company expects to reclassify $1.3 million out of accumulated other comprehensive income (loss) into earnings during the next twelve months. | ||||||||||||||
        From time to time, the Company is required to post and obligated to return collateral related to derivative transactions. As of December 31, 2013, the Company had posted cash and securities (at fair value) as collateral of approximately $102.3 million and $51.0 million, respectively. As of December 31, 2013, the Company received $10.7 million of cash as collateral. The Company does not net the collateral posted or received with the fair value of the derivative financial instruments for reporting purposes. | ||||||||||||||
OFFSETTING_OF_ASSETS_AND_LIABI
OFFSETTING OF ASSETS AND LIABILITIES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
OFFSETTING OF ASSETS AND LIABILITIES | ' | |||||||||||||||||||
OFFSETTING OF ASSETS AND LIABILITIES | ' | |||||||||||||||||||
24. 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 6, Debt and Other Obligations for details of the Company's repurchase agreement programs. | ||||||||||||||||||||
        The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2013: | ||||||||||||||||||||
Net | Gross Amounts | |||||||||||||||||||
Amounts | Not Offset | |||||||||||||||||||
of Assets | in the Statement of | |||||||||||||||||||
Presented in | Financial Position | |||||||||||||||||||
the | ||||||||||||||||||||
Gross | Statement of | |||||||||||||||||||
Amounts | Financial | |||||||||||||||||||
Offset in the | Position | |||||||||||||||||||
Statement of | ||||||||||||||||||||
Gross | Financial | |||||||||||||||||||
Amounts | Position | |||||||||||||||||||
of | ||||||||||||||||||||
Recognized | ||||||||||||||||||||
Assets | Financial | Cash | Net Amount | |||||||||||||||||
Instruments | Collateral | |||||||||||||||||||
Received | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Offsetting of Derivative Assets | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Free-Standing derivatives | $ | 110,983 | $ | — | $ | 110,983 | $ | 52,487 | $ | 10,700 | $ | 47,796 | ||||||||
Embedded derivative—Modco reinsurance treaties | 1,517 | — | 1,517 | — | — | 1,517 | ||||||||||||||
Embedded derivative—GMWB | 194,616 | 194,616 | — | — | 194,616 | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, subject to a master netting arrangement or similar arrangement | 307,116 | — | 307,116 | 52,487 | 10,700 | 243,929 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, not subject to a master netting arrangement or similar arrangement | 451 | — | 451 | — | — | 451 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives | 307,567 | — | 307,567 | 52,487 | 10,700 | 244,380 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Assets | $ | 307,567 | $ | — | $ | 307,567 | $ | 52,487 | $ | 10,700 | $ | 244,380 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Gross Amounts | ||||||||||||||||||||
Not Offset | ||||||||||||||||||||
Gross | Net Amounts | in the Statement of | ||||||||||||||||||
Amounts | of Liabilities | Financial Position | ||||||||||||||||||
Offset in the | Presented in | |||||||||||||||||||
Statement of | the | |||||||||||||||||||
Financial | Statement of | |||||||||||||||||||
Gross | Position | Financial | ||||||||||||||||||
Amounts | Position | |||||||||||||||||||
of | ||||||||||||||||||||
Recognized | ||||||||||||||||||||
Liabilities | Financial | Cash | Net Amount | |||||||||||||||||
Instruments | Collateral | |||||||||||||||||||
Paid | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Offsetting of Derivative Liabilities | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Free-Standing derivatives | $ | 187,172 | — | $ | 187,172 | $ | 52,487 | $ | 98,359 | $ | 36,326 | |||||||||
Embedded derivative—Modco reinsurance treaties | 206,918 | — | 206,918 | — | — | 206,918 | ||||||||||||||
Embedded derivative—GMWB | 38,388 | 38,388 | — | — | 38,388 | |||||||||||||||
Embedded derivative—FIA | 25,324 | — | 25,324 | — | — | 25,324 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, subject to a master netting arrangement or similar arrangement | 457,802 | — | 457,802 | 52,487 | 98,359 | 306,956 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | — | — | — | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives | 457,802 | — | 457,802 | 52,487 | 98,359 | 306,956 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Repurchase agreements(1) | 350,000 | — | 350,000 | — | — | 350,000 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Liabilities | $ | 807,802 | $ | — | $ | 807,802 | $ | 52,487 | $ | 98,359 | $ | 656,956 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||||||||
Borrowings under repurchase agreements are for a term less than 90Â days. | ||||||||||||||||||||
        The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2012: | ||||||||||||||||||||
Gross Amounts Not | ||||||||||||||||||||
Offset | ||||||||||||||||||||
Gross | Net Amounts | in the Statement of | ||||||||||||||||||
Amounts | of Assets | Financial Position | ||||||||||||||||||
Offset in the | Presented in | |||||||||||||||||||
Statement of | the | |||||||||||||||||||
Financial | Statement of | |||||||||||||||||||
Gross | Position | Financial | ||||||||||||||||||
Amounts | Position | |||||||||||||||||||
of | ||||||||||||||||||||
Recognized | ||||||||||||||||||||
Assets | Financial | Cash | Net Amount | |||||||||||||||||
Instruments | Collateral | |||||||||||||||||||
Received | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Offsetting of Derivative Assets | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Free-Standing derivatives | $ | 81,520 | — | $ | 81,520 | $ | 21,565 | $ | 11,280 | $ | 48,675 | |||||||||
Embedded derivative—Modco reinsurance treaties | 1,330 | — | 1,330 | — | — | 1,330 | ||||||||||||||
Embedded derivative—GMWB | 30,261 | — | 30,261 | — | — | 30,261 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, subject to a master netting arrangement or similar arrangement | 113,111 | — | 113,111 | 21,565 | 11,280 | 80,266 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, not subject to a master netting arrangement or similar arrangement | 253 | — | 253 | — | — | 253 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives | 113,364 | — | 113,364 | 21,565 | 11,280 | 80,519 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Assets | $ | 113,364 | $ | — | $ | 113,364 | $ | 21,565 | $ | 11,280 | $ | 80,519 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Gross | Net Amounts | Gross Amounts Not | ||||||||||||||||||
Amounts | of Liabilities | Offset in the Statement | ||||||||||||||||||
Offset in the | Presented in | of Financial Position | ||||||||||||||||||
Statement of | the | |||||||||||||||||||
Financial | Statement of | |||||||||||||||||||
Gross | Position | Financial | ||||||||||||||||||
Amounts | Position | |||||||||||||||||||
of | ||||||||||||||||||||
Recognized | ||||||||||||||||||||
Liabilities | Financial | Cash | Net Amount | |||||||||||||||||
Instruments | Collateral | |||||||||||||||||||
Paid | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Offsetting of Derivative Liabilities | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Free-Standing derivatives | $ | 46,437 | $ | — | $ | 46,437 | $ | 21,565 | $ | 20,373 | $ | 4,499 | ||||||||
Embedded derivative—Modco reinsurance treaties | 411,907 | — | 411,907 | — | — | 411,907 | ||||||||||||||
Embedded derivative—GMWB | 199,530 | — | 199,530 | — | — | 199,530 | ||||||||||||||
Embedded derivative—FIA | — | — | — | — | — | — | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, subject to a master netting arrangement or similar arrangement | 657,874 | — | 657,874 | 21,565 | 20,373 | 615,936 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | — | — | — | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives | 657,874 | — | 657,874 | 21,565 | 20,373 | 615,936 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Repurchase agreements(1) | 150,000 | — | 150,000 | — | — | 150,000 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Liabilities | $ | 807,874 | $ | — | $ | 807,874 | $ | 21,565 | $ | 20,373 | $ | 765,936 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||||||||
Borrowings under repurchase agreements are for a term less than 90Â days. | ||||||||||||||||||||
OPERATING_SEGMENTS
OPERATING SEGMENTS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
OPERATING SEGMENTS | ' | |||||||||||||||
OPERATING SEGMENTS | ' | |||||||||||||||
25. 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, as prescribed in the ASC Segment Reporting Topic, and makes adjustments to its segment reporting as needed. A brief description of each segment follows. | ||||||||||||||||
• | ||||||||||||||||
The Life Marketing segment markets UL, VUL, BOLI, and level premium term insurance ("traditional") products on a national basis primarily through networks of independent insurance agents and brokers, stockbrokers, and independent marketing organizations. | ||||||||||||||||
• | ||||||||||||||||
The Acquisitions segment focuses on acquiring, converting, and servicing policies 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. Therefore 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 institutional investors. The segment also issues funding agreements to the Federal Home Loan Bank ("FHLB"), and markets guaranteed investment contracts ("GICs") to 401(k) and other qualified retirement savings plans. Additionally, the Company has contracts outstanding pursuant to a funding agreement-backed notes program registered with the United States Securities and Exchange Commission (the "SEC") which offered notes to both institutional and retail investors. | ||||||||||||||||
• | ||||||||||||||||
The Asset Protection segment markets extended service contracts and credit life and disability insurance to protect consumers' investments in automobiles, watercraft, and recreational vehicles. In addition, the segment markets a guaranteed asset protection ("GAP") product. GAP coverage covers the difference between the loan pay-off amount and an asset's actual cash value in the case of a total loss. | ||||||||||||||||
• | ||||||||||||||||
The Corporate and Other segment primarily consists of net investment income not assigned to the segments above (including the impact of carrying liquidity) and expenses not attributable to the segments above (including interest on certain corporate debt). This segment includes earnings from several non-strategic or runoff lines of business, various investment-related transactions, the operations of several small subsidiaries, and the repurchase of non-recourse funding obligations. | ||||||||||||||||
        The Company uses the same accounting policies and procedures to measure segment operating income (loss) and assets as it uses to measure consolidated net income available to PLC's common shareowners and assets. Segment operating income (loss) is income before income tax, excluding realized gains and losses on investments and derivatives net of the amortization related to DAC, VOBA, and benefits and settlement expenses. Operating earnings exclude changes in the GMWB embedded derivatives (excluding the portion attributed to economic cost), realized and unrealized gains (losses) on derivatives used to hedge the VA product, actual GMWB incurred claims and the related amortization of DAC attributed to each of these items. | ||||||||||||||||
        Segment operating income (loss) represents the basis on which the performance of the Company's business is internally assessed by management. Premiums and policy fees, other income, benefits and settlement expenses, and amortization of DAC/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. During the year ended December 31, 2013, the Company began allocating realized gains and losses to certain of its segments to better reflect the economics of the investments supporting those segments. This change had no impact to segment operating income. 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. | ||||||||||||||||
        During the first quarter of 2011, the Company recorded $8.5 million of pre-tax earnings in the Corporate and Other business segment relating to the settlement of a dispute with respect to certain investments. | ||||||||||||||||
        There were no significant intersegment transactions during the year ended December 31, 2013, 2012, and 2011. | ||||||||||||||||
        The following tables summarize financial information for the Company's segments: | ||||||||||||||||
For The Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(Dollars In Thousands) | ||||||||||||||||
Revenues | ||||||||||||||||
Life Marketing | $ | 1,444,806 | $ | 1,346,933 | $ | 1,301,301 | ||||||||||
Acquisitions | 1,186,579 | 1,064,295 | 982,821 | |||||||||||||
Annuities | 714,552 | 612,202 | 634,347 | |||||||||||||
Stable Value Products | 122,790 | 122,849 | 170,115 | |||||||||||||
Asset Protection | 278,317 | 283,297 | 277,271 | |||||||||||||
Corporate and Other | 211,955 | 193,430 | 200,287 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total revenues | $ | 3,958,999 | $ | 3,623,006 | $ | 3,566,142 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Segment Operating Income (Loss) | ||||||||||||||||
Life Marketing | $ | 110,298 | $ | 105,032 | $ | 96,123 | ||||||||||
Acquisitions | 154,003 | 171,060 | 157,393 | |||||||||||||
Annuities | 184,130 | 119,092 | 80,224 | |||||||||||||
Stable Value Products | 80,561 | 60,329 | 56,780 | |||||||||||||
Asset Protection | 26,795 | 16,454 | 25,407 | |||||||||||||
Corporate and Other | (40,562 | ) | (3,203 | ) | 5,767 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total segment operating income | 515,225 | 468,764 | 421,694 | |||||||||||||
Realized investment gains (losses)—investments(1)(3) | (172,720 | ) | 186,186 | 181,907 | ||||||||||||
Realized investment gains (losses)—derivatives(2) | 247,868 | (201,979 | ) | (133,370 | ) | |||||||||||
Income tax expense | (196,909 | ) | (150,519 | ) | (154,839 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income available to PLC's common shareowners | $ | 393,464 | $ | 302,452 | $ | 315,392 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | Investment (losses) gains | $ | (145,984 | ) | $ | 172,149 | $ | 187,473 | ||||||||
Less: amortization related to DAC/VOBA and benefits and settlement expenses | 26,736 | (14,037 | ) | 5,566 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Realized investment gains (losses)—investments | $ | (172,720 | ) | $ | 186,186 | $ | 181,907 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-2 | Derivatives gains (losses) | $ | 188,131 | $ | (238,480 | ) | $ | (155,251 | ) | |||||||
Less: VA GMWB economic cost | (59,737 | ) | (36,501 | ) | (21,881 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Realized investment gains (losses)—derivatives | $ | 247,868 | $ | (201,979 | ) | $ | (133,370 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net investment income | ||||||||||||||||
Life Marketing | $ | 521,665 | $ | 486,463 | $ | 446,175 | ||||||||||
Acquisitions | 617,298 | 550,334 | 529,261 | |||||||||||||
Annuities | 468,322 | 504,345 | 507,230 | |||||||||||||
Stable Value Products | 123,798 | 128,239 | 145,150 | |||||||||||||
Asset Protection | 23,179 | 24,310 | 26,501 | |||||||||||||
Corporate and Other | 163,819 | 168,641 | 166,326 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total net investment income | $ | 1,918,081 | $ | 1,862,332 | $ | 1,820,643 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Amortization of DAC and VOBA | ||||||||||||||||
Life Marketing | $ | 25,774 | $ | 45,079 | $ | 87,461 | ||||||||||
Acquisitions | 72,762 | 77,251 | 75,041 | |||||||||||||
Annuities | 62,834 | 45,319 | 57,201 | |||||||||||||
Stable Value Products | 398 | 947 | 4,556 | |||||||||||||
Asset Protection | 30,505 | 33,951 | 38,080 | |||||||||||||
Corporate and Other | 625 | 1,018 | 2,654 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total amortization of DAC and VOBA | $ | 192,898 | $ | 203,565 | $ | 264,993 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-3 | ||||||||||||||||
Includes credit related other-than-temporary impairments of $22.4 million, $58.9 million, and $47.4 million for the year ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||
Operating Segment Assets | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||
Life | Acquisitions | Annuities | Stable Value | |||||||||||||
Marketing | Products | |||||||||||||||
Investments and other assets | $ | 13,135,914 | $ | 20,201,081 | $ | 19,974,246 | $ | 2,558,551 | ||||||||
Deferred policy acquisition costs and value of business acquired | 2,071,470 | 813,239 | 647,485 | 1,001 | ||||||||||||
Goodwill | 10,192 | 32,517 | — | — | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total assets | $ | 15,217,576 | $ | 21,046,837 | $ | 20,621,731 | $ | 2,559,552 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Asset | Corporate | Adjustments | Total | |||||||||||||
Protection | and Other | Consolidated | ||||||||||||||
Investments and other assets | $ | 852,273 | $ | 8,355,618 | $ | 16,762 | $ | 65,094,445 | ||||||||
Deferred policy acquisition costs and value of business acquired | 50,358 | 646 | — | 3,584,199 | ||||||||||||
Goodwill | 62,671 | 83 | — | 105,463 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total assets | $ | 965,302 | $ | 8,356,347 | $ | 16,762 | $ | 68,784,107 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Operating Segment Assets | ||||||||||||||||
As of December 31, 2012 | ||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||
Life | Acquisitions | Annuities | Stable Value | |||||||||||||
Marketing | Products | |||||||||||||||
Investments and other assets | $ | 12,171,405 | $ | 11,312,550 | $ | 17,649,488 | $ | 2,509,160 | ||||||||
Deferred policy acquisition costs and value of business acquired | 2,001,708 | 679,746 | 491,184 | 1,399 | ||||||||||||
Goodwill | 10,192 | 35,615 | — | — | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total assets | $ | 14,183,305 | $ | 12,027,911 | $ | 18,140,672 | $ | 2,510,559 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Asset | Corporate | Adjustments | Total | |||||||||||||
Protection | and Other | Consolidated | ||||||||||||||
Investments and other assets | $ | 789,916 | $ | 9,584,411 | $ | 19,662 | $ | 54,036,592 | ||||||||
Deferred policy acquisition costs and value of business acquired | 64,416 | 1,066 | — | 3,239,519 | ||||||||||||
Goodwill | 62,671 | 83 | — | 108,561 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total assets | $ | 917,003 | $ | 9,585,560 | $ | 19,662 | $ | 57,384,672 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
CONSOLIDATED_QUARTERLY_RESULTS
CONSOLIDATED QUARTERLY RESULTS - UNAUDITED | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
CONSOLIDATED QUARTERLY RESULTS - UNAUDITED | ' | ||||||||||||||
CONSOLIDATED QUARTERLY RESULTS - UNAUDITED | ' | ||||||||||||||
26. CONSOLIDATED QUARTERLY RESULTS—UNAUDITED | |||||||||||||||
        The Company's unaudited consolidated quarterly operating data for the year ended December 31, 2013 and 2012 is presented below. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary for a fair statement of quarterly results have been reflected in the following data. It is also management's opinion, however, that quarterly operating data for insurance enterprises are not necessarily indicative of results that may be expected in succeeding quarters or years. In order to obtain a more accurate indication of performance, there should be a review of operating results, changes in shareowners' equity, and cash flows for a period of several quarters. | |||||||||||||||
First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||
(Dollars In Thousands, Except Per Share Amounts) | |||||||||||||||
2013 | |||||||||||||||
Premiums and policy fees | $ | 726,847 | $ | 756,331 | $ | 657,218 | $ | 841,255 | |||||||
Reinsurance ceded | (335,350 | ) | (390,490 | ) | (270,730 | ) | (380,625 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net of reinsurance ceded | 391,497 | 365,841 | 386,488 | 460,630 | |||||||||||
Net investment income | 457,634 | 466,220 | 454,275 | 539,952 | |||||||||||
Realized investment gains (losses) | (1,344 | ) | 29,903 | 13,137 | 451 | ||||||||||
Other income | 85,027 | 94,392 | 98,794 | 116,102 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total revenues | 932,814 | 956,356 | 952,694 | 1,117,135 | |||||||||||
Total benefits and expenses | 815,187 | 799,343 | 810,573 | 943,523 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income before income tax | 117,627 | 157,013 | 142,121 | 173,612 | |||||||||||
Income tax expense | 39,336 | 53,814 | 49,060 | 54,699 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income | 78,291 | 103,199 | 93,061 | 118,913 | |||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | — | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income available to PLC's common shareowners | $ | 78,291 | $ | 103,199 | $ | 93,061 | $ | 118,913 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income available to PLC's common shareowners—basic | $ | 0.99 | $ | 1.3 | $ | 1.17 | $ | 1.5 | |||||||
Average shares outstanding—basic | 79,139,392 | 79,404,770 | 79,492,274 | 79,540,583 | |||||||||||
Net income available to PLC's common shareowners—diluted | $ | 0.97 | $ | 1.27 | $ | 1.15 | $ | 1.47 | |||||||
Average shares outstanding—diluted | 80,706,744 | 81,087,238 | 80,852,078 | 81,053,787 | |||||||||||
2012 | |||||||||||||||
Premiums and policy fees | $ | 696,305 | $ | 711,429 | $ | 684,939 | $ | 721,605 | |||||||
Reinsurance ceded | (304,558 | ) | (344,673 | ) | (321,059 | ) | (375,546 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net of reinsurance ceded | 391,747 | 366,756 | 363,880 | 346,059 | |||||||||||
Net investment income | 462,121 | 456,222 | 467,944 | 476,045 | |||||||||||
Realized investment gains (losses) | (12,947 | ) | 3,717 | (20,223 | ) | (36,878 | ) | ||||||||
Other income | 111,260 | 81,480 | 81,190 | 84,633 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total revenues | 952,181 | 908,175 | 892,791 | 869,859 | |||||||||||
Total benefits and expenses | 801,602 | 800,488 | 801,805 | 766,140 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income before income tax | 150,579 | 107,687 | 90,986 | 103,719 | |||||||||||
Income tax expense | 51,558 | 31,532 | 30,506 | 36,923 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income | 99,021 | 76,155 | 60,480 | 66,796 | |||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | — | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income available to PLC's common shareowners | $ | 99,021 | $ | 76,155 | $ | 60,480 | $ | 66,796 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income available to PLC's common shareowners—basic | $ | 1.2 | $ | 0.93 | $ | 0.75 | $ | 0.84 | |||||||
Average shares outstanding—basic | 82,330,330 | 81,639,756 | 80,662,745 | 79,652,495 | |||||||||||
Net income available to PLC's common shareowners—diluted | $ | 1.18 | $ | 0.91 | $ | 0.73 | $ | 0.82 | |||||||
Average shares outstanding—diluted | 83,921,135 | 83,243,703 | 82,406,103 | 81,339,803 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | ' |
27. SUBSEQUENT EVENTS | |
        The Company has evaluated the effects of events subsequent to December 31, 2013, and through the date we filed our consolidated financial statements with the United States Securities and Exchange Commission. All accounting and disclosure requirements related to subsequent events are included in our consolidated financial statements. | |
SCHEDULE_II_CONDENSED_FINANCIA
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | ' | |||||||||||
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | ' | |||||||||||
SCHEDULE II—CONDENSED FINANCIAL INFORMATION | ||||||||||||
OF REGISTRANT | ||||||||||||
STATEMENTS OF INCOME | ||||||||||||
PROTECTIVE LIFE CORPORATION | ||||||||||||
(Parent Company) | ||||||||||||
For The Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Revenues | ||||||||||||
Dividends from subsidiaries | $ | 86,420 | $ | 257,573 | $ | 224,179 | ||||||
Service fees from subsidiaries | 178,420 | 160,373 | 151,934 | |||||||||
Net investment income | 65,389 | 63,817 | 62,644 | |||||||||
Realized investment gains (losses) | 15,040 | (10,596 | ) | (248 | ) | |||||||
Other income | 194 | — | — | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total revenues | 345,463 | 471,167 | 438,509 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Expenses | ||||||||||||
Operating and administrative | 99,400 | 99,138 | 82,759 | |||||||||
Interest—subordinated debt | 33,873 | 37,598 | 37,604 | |||||||||
Interest—other | 90,636 | 94,974 | 98,809 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total expenses | 223,909 | 231,710 | 219,172 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income before income tax and other items below | 121,554 | 239,457 | 219,337 | |||||||||
Income tax (benefit) expense | ||||||||||||
Current | (35,250 | ) | 8,883 | 9,722 | ||||||||
Deferred | 16,936 | (4,075 | ) | (10,665 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total income tax (benefit) expense | (18,314 | ) | 4,808 | (943 | ) | |||||||
Income before equity in undistributed income from subsidiaries | 139,868 | 234,649 | 220,280 | |||||||||
Equity in undistributed income of subsidiaries | 253,596 | 67,803 | 95,357 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income | $ | 393,464 | $ | 302,452 | $ | 315,637 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF REGISTRANT | ||||||||||||
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||
PROTECTIVE LIFE CORPORATION | ||||||||||||
(Parent Company) | ||||||||||||
For The Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Net income | $ | 393,464 | $ | 302,452 | $ | 315,637 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Other comprehensive income (loss) | $ | (1,242,656 | ) | $ | 751,278 | $ | 677,594 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Total other comprehensive income (loss) | $ | (849,192 | ) | $ | 1,053,730 | $ | 993,231 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
SCHEDULE II—CONDENSED FINANCIAL INFORMATION | ||||||||||||
OF REGISTRANT | ||||||||||||
BALANCE SHEETS | ||||||||||||
PROTECTIVE LIFE CORPORATION | ||||||||||||
(Parent Company) | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars In Thousands) | ||||||||||||
Assets | ||||||||||||
Fixed maturities | $ | 43,639 | $ | — | ||||||||
Equity securities | 45,263 | 38,072 | ||||||||||
Surplus notes from affiliate | 800,000 | 800,000 | ||||||||||
Investments in subsidiaries (equity method)* | 4,982,231 | 5,818,869 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
Total investments | 5,871,133 | 6,656,941 | ||||||||||
Cash | 56,845 | 63,796 | ||||||||||
Receivables from subsidiaries* | 24,930 | 9,012 | ||||||||||
Property and equipment, net | 1,234 | 39 | ||||||||||
Goodwill | 10,275 | 10,275 | ||||||||||
Deferred income tax | 11,693 | 9,901 | ||||||||||
Other assets | 36,066 | 35,445 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
Total assets | $ | 6,012,176 | $ | 6,785,409 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
Liabilities | ||||||||||||
Accrued expenses and other liabilities | $ | 148,059 | $ | 185,783 | ||||||||
Accrued income taxes | 23,730 | 29,350 | ||||||||||
Notes to affiliates | — | 14,500 | ||||||||||
Debt | 1,585,000 | 1,400,000 | ||||||||||
Subordinated debt securities | 540,593 | 540,593 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
Total liabilities | 2,297,382 | 2,170,226 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
Commitments and contingencies—Note 3 | ||||||||||||
Shareowners' equity | ||||||||||||
Preferred stock | ||||||||||||
Common stock | $ | 44,388 | $ | 44,388 | ||||||||
Additional paid-in-capital | 606,934 | 606,369 | ||||||||||
Treasury stock | (200,416 | ) | (209,840 | ) | ||||||||
Retained earnings, including undistributed income of subsidiaries: (2013—$3,177,910; 2012—$2,924,314) | 2,769,822 | 2,437,544 | ||||||||||
Accumulated other comprehensive income (loss): | ||||||||||||
Net unrealized gains on investments, all from subsidiaries, net of income tax: (2013—$289,908; 2012—$978,656) | 538,400 | 1,817,504 | ||||||||||
Net unrealized gains (losses) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, net of income tax; (2013—$325; 2012—$(2,147)) | 603 | (3,988 | ) | |||||||||
Accumulated gain (loss)—derivatives, net of income tax: (2013—$(666); 2012—$(1,883)) | (1,235 | ) | (3,496 | ) | ||||||||
Postretirement benefits liability adjustment, net of income tax: (2013—$(23,532); 2012—$(39,468)) | (43,702 | ) | (73,298 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
Total shareowners' equity | 3,714,794 | 4,615,183 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
Total liabilities and shareowners' equity(1) | $ | 6,012,176 | $ | 6,785,409 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
-1 | ||||||||||||
Includes noncontrolling interests related to the Company's subs | ||||||||||||
SCHEDULE II—CONDENSED FINANCIAL INFORMATION | ||||||||||||
OF REGISTRANT | ||||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||||
PROTECTIVE LIFE CORPORATION | ||||||||||||
(Parent Company) | ||||||||||||
For The Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 393,464 | $ | 302,452 | $ | 315,637 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Realized investment (gains) losses | (15,040 | ) | 10,596 | 248 | ||||||||
Equity in undistributed net income of subsidiaries* | (253,596 | ) | (67,803 | ) | (95,357 | ) | ||||||
Depreciation expense | 151 | 303 | 330 | |||||||||
Receivables from subsidiaries* | (15,918 | ) | 14,872 | (3,514 | ) | |||||||
Income tax receivable | — | — | 8,510 | |||||||||
Deferred income taxes | 16,936 | 577 | (20,145 | ) | ||||||||
Accrued income taxes | 231 | 15,419 | 10,836 | |||||||||
Accrued expenses and other liabilities | (20,292 | ) | 3,957 | 29,531 | ||||||||
Other, net | (20,924 | ) | 10,827 | 10,703 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash provided by operating activities | 85,012 | 291,200 | 256,779 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Cash flows from investing activities | ||||||||||||
Maturities and principal reductions of investments, available-for-sale | — | 6,650 | — | |||||||||
Sale of investments, available-for-sale | — | 15,086 | — | |||||||||
Cost of investments acquired, available-for-sale | (47,477 | ) | (15,018 | ) | — | |||||||
Purchase of and/or additional investments in subsidiaries* | (152,454 | ) | 596 | (25,661 | ) | |||||||
Redemption (purchase) of non-recourse funding obligations          | — | — | — | |||||||||
Purchase of property and equipment | (1,346 | ) | — | — | ||||||||
Change in short-term investments, net | — | — | — | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash (used in) provided by investing activities | (201,277 | ) | 7,314 | (25,661 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Cash flows from financing activities | ||||||||||||
Borrowings under debt | 605,000 | 572,500 | 45,000 | |||||||||
Principal payments on line of credit arrangements and debt          | (420,000 | ) | (676,650 | ) | (26,852 | ) | ||||||
Repurchase of common stock | — | (106,201 | ) | (82,671 | ) | |||||||
Payments to affiliates* | (14,500 | ) | (31,500 | ) | (52,424 | ) | ||||||
Dividends to shareowners | (61,186 | ) | (56,228 | ) | (52,503 | ) | ||||||
Other financing activities, net | — | — | — | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash provided by (used in) financing activities | 109,314 | (298,079 | ) | (169,450 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Change in cash | (6,951 | ) | 435 | 61,668 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Cash at beginning of year | 63,796 | 63,361 | 1,693 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Cash at end of year | $ | 56,845 | $ | 63,796 | $ | 63,361 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
SCHEDULE II—CONDENSED FINANCIAL INFORMATION | ||||||||||||
OF REGISTRANT | ||||||||||||
PROTECTIVE LIFE CORPORATION | ||||||||||||
(Parent Company) | ||||||||||||
NOTES TO CONDENSED FINANCIAL INFORMATION | ||||||||||||
        The Company publishes consolidated financial statements that are its primary financial statements. Therefore, this parent company condensed financial information is not intended to be the primary financial statements of the Company, and should be read in conjunction with the consolidated financial statements and notes, including the discussion of significant accounting policies, thereto of Protective Life Corporation and subsidiaries. | ||||||||||||
1. BASIS OF PRESENTATION | ||||||||||||
Nature of Operations | ||||||||||||
        Protective Life Corporation ("the Company" or "PLC") is a holding company whose subsidiaries provide financial services through the production, distribution, and administration of insurance and investment products. | ||||||||||||
        The accompanying condensed financial statements of the Company should be read in conjunction with the consolidated financial statements and notes thereto of Protective Life Corporation and subsidiaries included in this Annual Report on Form 10-K filed with the Securities and Exchange Commission. | ||||||||||||
2. DEBT AND OTHER OBLIGATIONS | ||||||||||||
Debt and Subordinated Debt Securities | ||||||||||||
        Debt and subordinated debt securities are summarized as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars In Thousands) | ||||||||||||
Debt (year of issue): | ||||||||||||
Revolving Line Of Credit | $ | 485,000 | $ | 50,000 | ||||||||
4.30% Senior Notes (2003), due 2013 | — | 250,000 | ||||||||||
4.875% Senior Notes (2004), due 2014 | 150,000 | 150,000 | ||||||||||
6.40% Senior Notes (2007), due 2018 | 150,000 | 150,000 | ||||||||||
7.375% Senior Notes (2009), due 2019 | 400,000 | 400,000 | ||||||||||
8.00% Senior Notes (2009), due 2024, callable 2014 | 100,000 | 100,000 | ||||||||||
8.45% Senior Notes (2009), due 2039 | 300,000 | 300,000 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
$ | 1,585,000 | $ | 1,400,000 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
Subordinated debt securities (year of issue): | ||||||||||||
6.125% Subordinated Debentures (2004), due 2034, callable 2009 | $ | 103,093 | $ | 103,093 | ||||||||
6.25% Subordinated Debentures (2012), due 2042, callable 2017 | 287,500 | 287,500 | ||||||||||
6.00% Subordinated Debentures (2012), due 2042, callable 2017 | 150,000 | 150,000 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
$ | 540,593 | $ | 540,593 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
        During the year ended December 31, 2013, $250.0 million of the Company's Senior Notes matured and were paid in full, along with applicable accrued interest. | ||||||||||||
        The Company's future maturities of debt, excluding notes payable to banks and subordinated debt securities, are $150.0 million in 2014, $150.0 million in 2018, and $800.0 million thereafter. | ||||||||||||
        The Company has access to a Credit Facility that provides the ability to borrow on unsecured basis up to an aggregate principal amount of $750 million. 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 $1.0 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 unsecured long-term debt ("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 Federal 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 provides 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 maturity date on the Credit Facility is July 17, 2017. There was an outstanding balance of $485.0 million at an interest rate of LIBOR plus 1.20% under the Credit Facility as of December 31, 2013. | ||||||||||||
        The Company has also accessed capital from subordinated debt securities issued to a wholly owned subsidiary trust of which $103.1 million was outstanding as of December 31, 2013 and 2012. Securities currently outstanding were offered through a trust (PLC Capital Trust V). The trust was formed solely to issue preferred securities ("TOPrS") and use the proceeds thereof to purchase the Company's subordinated debentures. The sole assets of the trust are these subordinated debt securities. The Company irrevocably guarantees the principal obligations of the trust. Under the terms of the subordinated debentures, the Company has the right to extend interest payment periods up to five consecutive years. Consequently, dividends on the preferred securities may be deferred (but will continue to accumulate, together with additional dividends on any accumulated but unpaid dividends at the dividend rate) by the trusts during any such extended interest payment period. | ||||||||||||
        In October 2004, the Company closed on offerings of $150.0 million of 4.875% Senior Notes due in 2014. These senior notes were offered and sold pursuant to the Company's shelf registration statement on Form S-3. Under the terms of the Senior Notes, interest is payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2005. | ||||||||||||
        In December 2007, the Company issued a new series of debt securities of $150.0 million of 6.40% Senior Notes due 2018 (the "Senior Notes"), from which net proceeds of approximately $148.7 million were received. Under the terms of the Senior Notes, interest on the Senior Notes is payable semi-annually in arrears on January 15 and July 15. The maturity date is January 15, 2018. | ||||||||||||
        On October 9, 2009, the Company closed on offerings of $400 million of its senior notes due in 2019, $100 million of its senior notes due in 2024, and $300 million of its senior notes due in 2039, for an aggregate principal amount of $800 million. These senior notes were offered and sold pursuant to the Company's shelf registration statement on Form S-3. The Company used the net proceeds from the offering of the Notes to purchase $800 million in aggregate principal amount of newly-issued surplus notes of Golden Gate. Golden Gate used a portion of the proceeds from the sale of the surplus notes to the Company to repurchase, at a discount, $800 million in aggregate principal amount of its outstanding Series A floating rate surplus notes that were held by third parties. As a result of these transactions, the Company is the sole holder of the total $800.0 million of outstanding Golden Gate surplus notes, which is eliminated at the consolidated level. | ||||||||||||
        During 2012, the Company issued $287.5 million of its Subordinated Debentures due in 2042. These Subordinated Debentures were offered and sold pursuant to the Company's shelf registration statement on Form S-3. The Company used the net proceeds from the offering to call $103.1 million of Subordinated Debentures due 2031, $118.6 million of Subordinated Debentures due in 2032 and $75.0 million of Capital Securities due in 2066 at par value. The transaction resulted in an expense of $7.2 million, for the year ended December 31, 2012, related the write off of deferred issue costs associated with the called Debentures. | ||||||||||||
        During 2012, the Company issued $150.0 million of its Subordinated Debentures due in 2042. These Subordinated Debentures were offered and sold pursuant to the Company's shelf registration statement on Form S-3. The Company used the net proceeds from the offering to call $125.0 million of Capital Securities due in 2066 at par value and the remaining for general working capital purposes. The transaction resulted in an expense of $4.0 million related to the write off of deferred issue costs associated with the called Debentures. | ||||||||||||
        During the three month period ended June 30, 2013, the Company's 4.30% Senior notes issued in 2003 matured. The maturity resulted in the payment of $250.0 million of principal to the holders of the senior notes on June 3, 2013. The Company borrowed an additional $250.0 million from its Credit Facility to finance the final principal payment. | ||||||||||||
Interest Expense | ||||||||||||
        Interest expense on long-term debt and subordinated debt securities totaled $124.5 million, $132.6 million, and $136.4 million for the years ended December 31, 2013, 2012, and 2011, respectively. The $8.1 million favorable variance was primarily related to a $6.4 million favorable variance resulting from paydowns of senior notes in 2013 and a $3.7 million favorable variance results from the refinancing of subordinated debt in 2012 at lower rates. These favorable variances were partially offset by increased interest expense on the Company's credit facility of $2.1 million. | ||||||||||||
3. COMMITMENTS AND CONTINGENCIES | ||||||||||||
        The Company has entered into indemnity agreements with each of its current directors 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 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 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, the Company may purchase the building for approximately $75 million. Monthly rental payments are based on the current LIBOR rate plus a spread. The following is a schedule by year of future minimum rental payments required under this lease: | ||||||||||||
Year | Amount | |||||||||||
(Dollars In Thousands) | ||||||||||||
2014 | $ | 1,236 | ||||||||||
2015 | 1,236 | |||||||||||
2016 | 1,239 | |||||||||||
2017 | 1,236 | |||||||||||
2018 | 76,211 | |||||||||||
        In connection with the issuance of non-recourse funding obligations by Golden Gate Captive Insurance Company ("Golden Gate"), a wholly owned subsidiary of Protective Life Insurance Company ("PLICO"), PLC's largest subsidiary, the Company has agreed to indemnify Golden Gate for certain costs and obligations (which obligations do not include payment of principal and interest on the notes). In addition, the Company has entered into certain support agreements with Golden Gate obligating the Company to make capital contributions to Golden Gate or provide support related to certain of Golden Gate's expenses and in certain circumstances, to collateralize certain of the Company's obligations to Golden Gate. | ||||||||||||
        Golden Gate II Captive Insurance Company ("Golden Gate II"), a special purpose financial captive insurance company wholly owned by PLICO, had $575 million of outstanding non-recourse funding obligations as of December 31, 2013. These outstanding non-recourse funding obligations were issued to special purpose trusts, which in turn issued securities to third parties. Certain of our affiliates own a portion of these securities. As of December 31, 2013, securities related to $194.9 million of the outstanding balance of the non-recourse funding obligations were held by external parties and securities related to $380.1 million of the non-recourse funding obligations were held by the Company and our affiliates. The Company has entered into certain support agreements with Golden Gate II obligating the Company to make capital contributions or provide support related to certain of Golden Gate II's expenses and in certain circumstances, to collateralize certain of the Company's obligations to Golden Gate II. These support agreements provide that amounts would become payable by the Company to Golden Gate II if its annual general corporate expenses were higher than modeled amounts or if Golden Gate II's investment income on certain investments or premium income was below certain actuarially determined amounts. In addition, at the time Golden Gate II sold surplus notes for deposits into certain Delaware Trusts (the "Trusts") which in turn issued securities (the "Securities"), the Company agreed, under certain circumstances, to make certain liquidity advances to the Trusts not in excess of specified amounts of assets held in a reinsurance trust of which PLICO is the beneficiary and Golden Gate II is the grantor in the event that the Trusts do not have sufficient funds available to fully redeem the Securities at the stated maturity date. The obligation to make any such liquidity advance is subject to it having a first priority security interest in the residual interest in such reinsurance trust and in the surplus notes. As of December 31, 2013, no payments have been made under these agreements. | ||||||||||||
        Golden Gate III Vermont Captive Insurance Company ("Golden Gate III"), a Vermont special purpose financial captive insurance company and wholly owned subsidiary of PLICO, is party to a Reimbursement Agreement (the "Reimbursement Agreement") with UBS AG, Stamford Branch ("UBS"), as issuing lender. Under the original Reimbursement Agreement, dated April 23, 2010, UBS issued a letter of credit (the "LOC") in the initial amount of $505 million to a trust for the benefit of West Coast Life Insurance Company ("WCL"). The Reimbursement Agreement was subsequently amended and restated effective November 21, 2011 (the "First Amended and Restated Reimbursement Agreement"), to replace the existing LOC with one or more letters of credit from UBS, and to extend the maturity date from April 1, 2018, to April 1, 2022. On August 7, 2013, the Company entered into a Second Amended and Restated Reimbursement Agreement with UBS (the "Second Amended and Restated Reimbursement Agreement"), which amended and restated the First Amended and Restated Reimbursement Agreement. Under the Second and Amended and Restated Reimbursement Agreement a new LOC in an initial amount of $710 million was issued by UBS in replacement of the existing LOC issued under the First Amended and Restated Reimbursement Agreement. The term of the LOC was extended from April 1, 2022 to October 1, 2023, subject to certain conditions being satisfied including scheduled capital contributions being made to Golden Gate III by one of its affiliates. The maximum stated amount of the LOC was increased from $610 million to $720 million in 2015 if certain conditions are met. The LOC is held in trust for the benefit of WCL, and supports certain obligations of Golden Gate III to WCL under an indemnity reinsurance agreement originally effective April 1, 2010, as amended and restated on November 21, 2011, and as further amended and restated on August 7, 2013 to include an additional block of policies, and pursuant to which WCL cedes liabilities relating to the policies of WCL and retrocedes liabilities relating to the policies of PLICO. The LOC balance was $715 million as of December 31, 2013. Subject to certain conditions, the amount of the LOC will be periodically increased up to a maximum of $720 million in 2015. The term of the LOC is expected to be approximately 13.5 years from the original issuance date. This transaction is "non-recourse" to WCL, PLICO, and the Company, meaning that none of these companies other than Golden Gate III are liable for reimbursement on a draw of the LOC. The Company has entered into certain support agreements with Golden Gate III obligating the Company to make capital contributions or provide support related to certain of Golden Gate III's expenses and in certain circumstances, to collateralize certain of the Company's obligations to Golden Gate III. Future scheduled capital contributions amount to approximately $149.8 million and will be paid in three installments with the last payment occurring in 2019, and these contributions may be subject to potential offset against dividend payments as permitted under the terms of the Second Amended and Restated Reimbursement Agreement. The support agreements provide that amounts would become payable by the Company to Golden Gate III if its annual general corporate expenses were higher than modeled amounts or if specified catastrophic losses occur during defined time periods with respect to the policies reinsured by Golden Gate III. Pursuant to the terms of an amended and restated letter agreement with UBS, the Company has continued to guarantee the payment of fees to UBS as specified in the Second and Amended and Restated Agreement. As of December 31, 2013, no payments have been made under these agreements. | ||||||||||||
        Golden Gate IV Vermont Captive Insurance Company ("Golden Gate IV"), a Vermont special purpose financial captive insurance company and wholly owned subsidiary of PLICO, is party to a Reimbursement Agreement with UBS AG, Stamford Branch, as issuing lender. Under the Reimbursement Agreement, dated December 10, 2010, UBS issued an LOC in the initial amount of $270 million to a trust for the benefit of WCL. The LOC balance has increased, in accordance with the terms of the Reimbursement Agreement, during each quarter of 2013 and was $700 million as of December 31, 2013. Subject to certain conditions, the amount of the LOC will be periodically increased up to a maximum of $790 million in 2016. The term of the LOC is expected to be 12 years from the original issuance date (stated maturity of December 30, 2022). The LOC was issued to support certain obligations of Golden Gate IV to WCL under an indemnity reinsurance agreement, pursuant to which WCL cedes liabilities relating to the policies of WCL and retrocedes liabilities relating to the policies of PLICO. This transaction is "non-recourse" to WCL, PLICO, and the Company, meaning that none of these companies other than Golden Gate IV are liable for reimbursement on a draw of the LOC. The Company has entered into certain support agreements with Golden Gate IV obligating the Company to make capital contributions or provide support related to certain of Golden Gate IV's expenses and in certain circumstances, to collateralize certain of the Company's obligations to Golden Gate IV. The support agreements provide that amounts would become payable by the Company to Golden Gate IV if its annual general corporate expenses were higher than modeled amounts or if specified catastrophic losses occur during defined time periods with respect to the policies reinsured by Golden Gate IV. The Company has also entered into a separate agreement to guarantee the payments of LOC fees under the terms of the Reimbursement Agreement. As of December 31, 2013, no payments have been made under these agreements. | ||||||||||||
        On October 10, 2012, Golden Gate V and Red Mountain, indirect wholly owned subsidiaries of the Company, entered into a 20-year transaction to finance up to $945 million of "AXXX" reserves related to a block of universal life insurance policies with secondary guarantees issued by our direct wholly owned subsidiary PLICO and indirect wholly owned subsidiary, WCL. Golden Gate V issued non-recourse funding obligations to Red Mountain, and Red Mountain issued a note with an initial principal amount of $275 million, increasing to a maximum of $945 million in 2027, to Golden Gate V for deposit to a reinsurance trust supporting Golden Gate V's obligations under a reinsurance agreement with WCL, pursuant to which WCL cedes liabilities relating to the policies of WCL and retrocedes liabilities relating to the policies of PLICO. Through the structure, Hannover Life Reassurance Company of America ("Hannover Re"), the ultimate risk taker in the transaction, provides credit enhancement to the Red Mountain note for the 20-year term in exchange for a fee. The transaction is "non-recourse" to Golden Gate V, Red Mountain, WCL, PLICO and the Company, meaning that none of these companies are liable for the reimbursement of any credit enhancement payments required to be made. As of December 31, 2013, the principal balance of the Red Mountain note was $365 million. In connection with the transaction, the Company has entered into certain support agreements under which it guarantees or otherwise supports certain obligations of Golden Gate V or Red Mountain. Future scheduled capital contributions to prefund credit enhancement fees amount to approximately $144.3 million and will be paid in annual installments through 2031. The support agreements provide that amounts would become payable by the Company if Golden Gate V's annual general corporate expenses were higher than modeled amounts or in the event write-downs due to other-than-temporary impairments on assets held in certain accounts exceed defined threshold levels. Additionally, the Company has entered into separate agreements to indemnify Golden Gate V with respect to material adverse changes in non-guaranteed elements of insurance policies reinsured by Golden Gate V, and to guarantee payment of certain fee amounts in connection with the credit enhancement of the Red Mountain note. As of December 31, 2013, no payments have been made under these agreements. | ||||||||||||
        During 2012, the Company entered into an intercompany capital support agreement with Shades Creek Captive Insurance Company ("Shades Creek"), a direct wholly owned insurance subsidiary. The agreement provides through a guarantee that the Company will contribute assets or purchase surplus notes (or cause an affiliate or third party to contribute assets or purchase surplus notes) in amounts necessary for Shades Creek's regulatory capital levels to equal or exceed minimum thresholds as defined by the agreement. As of December 31, 2013, Shades Creek maintained capital levels in excess of the required minimum thresholds. The maximum potential future payment amount which could be required under the capital support agreement will be dependent on numerous factors, including the performance of equity markets, the level of interest rates, performance of associated hedges, and related policyholder behavior. | ||||||||||||
4. SHAREOWNERS' EQUITY | ||||||||||||
        Activity in the Company's issued and outstanding common stock is summarized as follows: | ||||||||||||
Issued | Treasury | Outstanding | ||||||||||
Shares | Shares | Shares | ||||||||||
Balance, December 31, 2010 | 88,776,960 | 3,108,983 | 85,667,977 | |||||||||
(Reissuance of)/deposits to treasury stock | — | 3,998,782 | (3,998,782 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance, December 31, 2011 | 88,776,960 | 7,107,765 | 81,669,195 | |||||||||
(Reissuance of)/deposits to treasury stock | — | 3,531,702 | (3,531,702 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance, December 31, 2012 | 88,776,960 | 10,639,467 | 78,137,493 | |||||||||
(Reissuance of)/deposits to treasury stock | — | (439,953 | ) | 439,953 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance, December 31, 2013 | 88,776,960 | 10,199,514 | 78,577,446 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        Shareowners have authorized 4,000,000 shares of Preferred Stock, $1.00 par value. Other terms, including preferences, voting, and conversion rights, may be established by the Board of Directors. None of these shares have been issued as of December 31, 2013. | ||||||||||||
5. SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||||
For The Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Cash paid during the year for: | ||||||||||||
Interest paid on debt | $ | 125,685 | $ | 131,473 | $ | 136,590 | ||||||
Income taxes (reduced by amounts received from affiliates under a tax sharing agreement) | (33,623 | ) | (30,110 | ) | (8,882 | ) | ||||||
Noncash investing and financing activities: | ||||||||||||
Stock-based compensation | 10,739 | 12,280 | 12,517 | |||||||||
6. DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||
        In connection with the issuance of non-recourse funding obligations by Golden Gate II the Company has entered into certain support agreements with Golden Gate II obligating it to provide support payments to Golden Gate II under certain adverse interest rate conditions and to the extent of any reduction in the reinsurance premiums received by Golden Gate II due to an increase in the premium rates charged to PLICO under its third party yearly renewable term reinsurance agreements. Each of these agreements expires on July 10, 2052. | ||||||||||||
        For the year ended 2013, in connection with the Golden Gate V financing transaction, the Company entered into separate Portfolio Maintenance Agreements with Golden Gate V and WCL. The agreements obligate the Company to reimburse Golden Gate V and West Coast Life for other-than-temporary impairment losses on certain asset portfolios above a specified amount. Each of these agreements expires on October 10, 2032. | ||||||||||||
        As of December 31, 2013 and 2012, the Company included in its balance sheets a combined liability for these agreements of $2.0 million and $17.1 million, respectively. During the years ended December 31, 2013 and 2012, the Company included in its statements of income unrealized gains of $15.1 million and unrealized losses of $10.7 million, respectively. | ||||||||||||
SCHEDULE_III_SUPPLEMENTARY_INS
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION | ' | |||||||||||||||||||||||||||||||
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION | ' | |||||||||||||||||||||||||||||||
SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION | ||||||||||||||||||||||||||||||||
PROTECTIVE LIFE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
Segment | Deferred | Future Policy | Unearned | Stable Value | Net | Net | Benefits | Amortization | Other | Premiums | ||||||||||||||||||||||
Policy | Benefits and | Premiums | Products, | Premiums | Investment | and | of Deferred | Operating | Written(2) | |||||||||||||||||||||||
Acquisition | Claims | Annuity | and Policy | Income(1) | Settlement | Policy | Expenses(1) | |||||||||||||||||||||||||
Costs and | Contracts and | Fees | Expenses | Acquisitions | ||||||||||||||||||||||||||||
Value of | Other | Costs and | ||||||||||||||||||||||||||||||
Businesses | Policyholders' | Value of | ||||||||||||||||||||||||||||||
Acquired | Funds | Businesses | ||||||||||||||||||||||||||||||
Acquired | ||||||||||||||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||||||||||||
For The Year Ended December 31, 2013: | ||||||||||||||||||||||||||||||||
Life Marketing | $ | 2,071,470 | $ | 13,504,869 | $ | 812,929 | $ | 311,290 | $ | 796,109 | $ | 521,665 | $ | 1,143,132 | $ | 25,774 | $ | 163,174 | $ | 173 | ||||||||||||
Acquisitions | 813,239 | 15,121,574 | 4,680 | 4,734,487 | 519,477 | 617,298 | 851,386 | 72,762 | 78,244 | 24,781 | ||||||||||||||||||||||
Annuities | 647,485 | 1,037,348 | 102,734 | 7,228,119 | 132,317 | 468,322 | 319,420 | 62,834 | 112,620 | — | ||||||||||||||||||||||
Stable Value Products | 1,001 | — | — | 2,559,552 | — | 123,798 | 41,793 | 398 | 1,805 | — | ||||||||||||||||||||||
Asset Protection | 50,358 | 49,729 | 628,176 | 1,556 | 138,404 | 23,179 | 101,696 | 30,505 | 119,321 | 130,225 | ||||||||||||||||||||||
Corporate and Other | 646 | 67,805 | 1,296 | 64,181 | 18,149 | 163,819 | 22,330 | 625 | 220,807 | 18,141 | ||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 3,584,199 | $ | 29,781,325 | $ | 1,549,815 | $ | 14,899,185 | $ | 1,604,456 | $ | 1,918,081 | $ | 2,479,757 | $ | 192,898 | $ | 695,971 | $ | 173,320 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
For The Year Ended December 31, 2012: | ||||||||||||||||||||||||||||||||
Life Marketing | $ | 2,001,708 | $ | 12,733,602 | $ | 698,862 | $ | 277,919 | $ | 743,361 | $ | 486,463 | $ | 1,054,645 | $ | 45,079 | $ | 142,177 | $ | 161 | ||||||||||||
Acquisitions | 679,746 | 7,666,423 | 8,367 | 3,514,838 | 459,835 | 550,334 | 716,893 | 77,251 | 51,714 | 29,874 | ||||||||||||||||||||||
Annuities | 491,184 | 1,102,577 | 103,316 | 7,372,470 | 97,902 | 504,345 | 369,622 | 45,319 | 101,247 | — | ||||||||||||||||||||||
Stable Value Products | 1,399 | — | — | 2,510,559 | — | 128,239 | 64,790 | 947 | 2,174 | — | ||||||||||||||||||||||
Asset Protection | 64,416 | 51,600 | 583,920 | 1,790 | 147,805 | 24,310 | 100,697 | 33,951 | 132,195 | 139,076 | ||||||||||||||||||||||
Corporate and Other | 1,066 | 72,184 | 1,561 | 58,431 | 19,539 | 168,641 | 19,393 | 1,018 | 210,923 | 19,456 | ||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 3,239,519 | $ | 21,626,386 | $ | 1,396,026 | $ | 13,736,007 | $ | 1,468,442 | $ | 1,862,332 | $ | 2,326,040 | $ | 203,565 | $ | 640,430 | $ | 188,567 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
For The Year Ended December 31, 2011: | ||||||||||||||||||||||||||||||||
Life Marketing | $ | 1,912,916 | $ | 11,755,841 | $ | 589,027 | $ | 274,870 | $ | 744,819 | $ | 446,175 | $ | 978,098 | $ | 87,461 | $ | 139,619 | $ | 196 | ||||||||||||
Acquisitions | 824,277 | 7,804,207 | 6,792 | 3,669,366 | 414,823 | 529,261 | 662,293 | 75,041 | 55,792 | 22,386 | ||||||||||||||||||||||
Annuities | 435,462 | 1,175,690 | 103,314 | 7,497,370 | 68,319 | 507,230 | 390,788 | 57,201 | 85,307 | — | ||||||||||||||||||||||
Stable Value Products | 2,347 | — | — | 2,769,510 | — | 145,150 | 81,256 | 4,556 | 2,557 | — | ||||||||||||||||||||||
Asset Protection | 71,427 | 54,249 | 557,801 | 1,645 | 156,143 | 26,501 | 99,510 | 38,080 | 114,029 | 146,632 | ||||||||||||||||||||||
Corporate and Other | 1,612 | 78,002 | 1,851 | 50,113 | 21,361 | 166,326 | 21,528 | 2,654 | 199,896 | 21,107 | ||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 3,248,041 | $ | 20,867,989 | $ | 1,258,785 | $ | 14,262,874 | $ | 1,405,465 | $ | 1,820,643 | $ | 2,233,473 | $ | 264,993 | $ | 597,200 | $ | 190,321 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||||||||||||||||||||
Allocations of Net Investment Income and Other Operating Expenses are based on a number of assumptions and estimates and results would change if different methods were applied. | ||||||||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||||||||
Excludes Life Insurance | ||||||||||||||||||||||||||||||||
SCHEDULE_IV_REINSURANCE
SCHEDULE IV - REINSURANCE | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
SCHEDULE IV - REINSURANCE | ' | ||||||||||||||||
SCHEDULE IV - REINSURANCE | ' | ||||||||||||||||
SCHEDULE IV—REINSURANCE | |||||||||||||||||
PROTECTIVE LIFE CORPORATION AND SUBSIDIARIES | |||||||||||||||||
Gross | Ceded to | Assumed | Net | Percentage of | |||||||||||||
Amount | Other | from | Amount | Amount | |||||||||||||
Companies | Other | Assumed to | |||||||||||||||
Companies | Net | ||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||
For The Year Ended | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Life insurance in-force | $ | 726,697,151 | $ | 416,809,287 | $ | 46,752,176 | $ | 356,640,040 | 13.1 | % | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Premiums and policy fees: | |||||||||||||||||
Life insurance | 2,371,872 | 1,247,657 | 306,920 | 1,431,135(1) | 21.5 | ||||||||||||
Accident/health insurance | 45,263 | 20,011 | 24,291 | 49,543 | 49 | ||||||||||||
Property and liability insurance | 225,327 | 109,528 | 7,978 | 123,777 | 6.5 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 2,642,462 | $ | 1,377,196 | $ | 339,189 | $ | 1,604,455 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
For The Year Ended | |||||||||||||||||
December 31, 2012: | |||||||||||||||||
Life insurance in-force | $ | 706,415,969 | $ | 444,950,866 | $ | 30,470,432 | $ | 291,935,535 | 10.4 | % | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Premiums and policy fees: | |||||||||||||||||
Life insurance | 2,226,615 | 1,228,444 | 281,712 | 1,279,883 | -1 | 22 | |||||||||||
Accident/health insurance | 38,875 | 12,065 | 29,412 | 56,222 | 52.3 | ||||||||||||
Property and liability insurance | 230,899 | 105,327 | 6,765 | 132,337 | 5.1 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 2,496,389 | $ | 1,345,836 | $ | 317,889 | $ | 1,468,442 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
For The Year Ended | |||||||||||||||||
December 31, 2011: | |||||||||||||||||
Life insurance in-force | $ | 728,670,260 | $ | 469,530,487 | $ | 32,812,882 | $ | 291,952,655 | 11.2 | % | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Premiums and policy fees: | |||||||||||||||||
Life insurance | 2,245,320 | 1,278,232 | 248,468 | 1,215,556 | -1 | 20.4 | |||||||||||
Accident/health insurance | 43,200 | 14,456 | 21,719 | 50,463 | 43 | ||||||||||||
Property and liability insurance | 235,160 | 101,987 | 6,273 | 139,446 | 4.5 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 2,523,680 | $ | 1,394,675 | $ | 276,460 | $ | 1,405,465 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||||||||
Includes annuity policy fees of $140.7 million, $103.8 million, and $74.9 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||
SCHEDULE_V_VALUATION_AND_QUALI
SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||
SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||
SCHEDULE V—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
PROTECTIVE LIFE CORPORATION AND SUBSIDIARIES | |||||||||||||||||
Additions | |||||||||||||||||
Description | Balance | Charged to | Charges | Deductions | Balance | ||||||||||||
at beginning | costs and | to other | at end of | ||||||||||||||
of period | expenses | accounts | period | ||||||||||||||
(Dollars In Thousands) | |||||||||||||||||
2013 | |||||||||||||||||
Allowance for losses on commercial mortgage loans | $ | 2,875 | $ | 7,093 | $ | — | $ | (6,838 | ) | $ | 3,130 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
2012 | |||||||||||||||||
Allowance for losses on commercial mortgage loans | $ | 6,475 | $ | 6,240 | $ | — | $ | (9,840 | ) | $ | 2,875 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
2011 | |||||||||||||||||
Allowance for losses on commercial mortgage loans | $ | 11,650 | $ | 11,103 | $ | — | $ | (16,278 | ) | $ | 6,475 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||
Use of Estimates | ' | |||||||||||
Use of Estimates | ||||||||||||
        The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining deferred policy acquisition costs ("DAC") and related amortization periods, goodwill recoverability, value of business acquired ("VOBA"), investment and certain derivatives fair values, and other-than-temporary impairments, future policy benefits, pension and other postretirement benefits, provisions for income taxes, reserves for contingent liabilities, reinsurance risk transfer assessments, and reserves for losses in connection with unresolved legal matters. | ||||||||||||
Valuation of investment securities | ' | |||||||||||
Valuation of Investment Securities | ||||||||||||
        The Company determines the appropriate classification of investment securities at the time of purchase and periodically re-evaluates such designations. Investment securities are classified as either trading, available-for-sale, or held-to-maturity securities. Investment securities classified as trading are recorded at fair value with changes in fair value recorded in realized gains (losses). Investment securities purchased for long term investment purposes are classified as available for sale and are recorded at fair value with changes in unrealized gains and losses, net of taxes, reported as a component of other comprehensive income (loss). Investment securities are classified as held to maturity when the Company has the intent and ability to hold the securities to maturity and are reported at amortized cost. Interest income on available-for-sale and held-to-maturity securities includes the amortization of premiums and accretion of discounts and are recorded in investment income. | ||||||||||||
        The fair value for fixed maturity, short term, and equity securities, is determined by management after considering and evaluating one of three primary sources of information: third party pricing services, 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, any remaining unpriced securities are submitted to independent brokers for prices, or lastly, securities are priced using a pricing matrix. Typical inputs used by these three pricing methods include, but are not limited to: reported trades, benchmark yields, issuer spreads, bids, offers, and/or estimated cash flows and rates of prepayments. Based on the typical trading volumes and the lack of quoted market prices for fixed maturities, third party pricing services will normally derive the security prices through recent reported trades for identical or similar securities making adjustments through the reporting date based upon available market observable information as 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 issuer and/or collateral performance and discounted at an estimated market rate. Included in the pricing of other asset-backed securities, collateralized mortgage obligations ("CMOs"), and mortgage-backed securities ("MBS") are estimates of the rate of future prepayments of principal and underlying collateral support over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and rates of prepayments previously experienced at the interest rate levels projected for the underlying collateral. The basis for the cost of securities sold was determined at the Committee on Uniform Securities Identification Procedures ("CUSIP") level. The committee supplies a unique nine-character identification, called a CUSIP number, for each class of security approved for trading in the U.S., to facilitate clearing and settlement. These numbers are used when any buy and sell orders are recorded. | ||||||||||||
        Each quarter the Company reviews investments with unrealized losses and tests for other-than-temporary impairments. The Company analyzes various factors to determine if any specific other-than-temporary asset impairments exist. These include, but are not limited to: 1) actions taken by rating agencies, 2) default by the issuer, 3) the significance of the decline, 4) an assessment of the Company's intent to sell the security (including a more likely than not assessment of whether the Company will be required to sell the security) before recovering the security's amortized cost, 5) the duration of the decline, 6) an economic analysis of the issuer's industry, and 7) the financial strength, liquidity, and recoverability of the issuer. Management performs a security by security review each quarter in evaluating the need for any other-than-temporary impairments. Although no set formula is used in this process, the investment performance, collateral position, and continued viability of the issuer are significant measures considered, and in some cases, an analysis regarding the Company's expectations for recovery of the security's entire amortized cost basis through the receipt of future cash flows is performed. Once a determination has been made that a specific other-than-temporary impairment exists, the security's basis is adjusted and an other-than-temporary impairment is recognized. Equity securities that are other-than-temporarily impaired are written down to fair value with a realized loss recognized in earnings. Other-than-temporary impairments to debt securities that the Company does not intend to sell and does not expect to be required to sell before recovering the security's amortized cost are written down to discounted expected future cash flows ("post impairment cost") and credit losses are recorded in earnings. The difference between the securities' discounted expected future cash flows and the fair value of the securities on the impairment date is recognized in other comprehensive income (loss) as a non-credit portion impairment. When calculating the post impairment cost for residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS"), and other asset-backed securities (collectively referred to as asset-backed securities or "ABS"), the Company considers all known market data related to cash flows to estimate future cash flows. When calculating the post impairment cost for corporate debt securities, the Company considers all contractual cash flows to estimate expected future cash flows. To calculate the post impairment cost, the expected future cash flows are discounted at the original purchase yield. Debt securities that the Company intends to sell or expects to be required to sell before recovery are written down to fair value with the change recognized in earnings. | ||||||||||||
        During the year ended December 31, 2013, the Company recorded pre-tax other-than-temporary impairments of investments of $10.9 million, of which $7.6 million were related to fixed maturities and $3.3 million were related to equity securities. Credit impairments recorded in earnings during the year ended December 31, 2013, were $22.4 million. During the year ended December 31, 2013, $11.5 million of non-credit losses previously recorded in other comprehensive income were recorded in earnings as credit losses. For more information on impairments, refer to Note 5, Investment Operations. | ||||||||||||
Investment Products | ' | |||||||||||
Investment Products | ||||||||||||
        The Company establishes liabilities for fixed indexed annuity ("FIA") products. These products are deferred fixed annuities with a guaranteed minimum interest rate plus a contingent return based on equity market performance. The FIA product is considered a hybrid financial instrument under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC" or "Codification") Topic 815—Derivatives and Hedging which allows the Company to make the election to value the liabilities of these FIA products at fair value. This election was made for the FIA products issued prior to 2010 as the policies were issued. These products are no longer being marketed. The changes in the fair value of the liability for these FIA products are recorded in Benefit and settlement expenses with the liability being recorded in Annuity account balances. For more information regarding the determination of fair value of annuity account balances please refer to Note 22, Fair Value of Financial Instruments. Premiums and policy fees for these FIA products consist of fees that have been assessed against the policy account balances for surrenders. Such fees are recognized when assessed and earned. | ||||||||||||
        During 2013, the Company began marketing a new FIA product. These products are also deferred fixed annuities with a guaranteed minimum interest rate plus a contingent return based on equity market performance and are considered hybrid financial instruments under the FASB's ASC Topic 815—Derivatives and Hedging. The Company did not elect to value these FIA products at fair value. As a result the Company accounts for the provision that provides for a contingent return based on equity market performance as an embedded derivative. The embedded derivative is bifurcated from the host contract and recorded at fair value in other liabilities. Changes in the fair value of the embedded derivative are recorded in Realized investment gains (losses)—Derivative financial instruments. For more information regarding the determination of fair value of the FIA embedded derivative refer to Note 22, Fair Value of Financial Instruments. The host contract is accounted for as a debt instrument in accordance with ASC Topic 944—Financial Services—Insurance and is recorded in Annuity account balances with any discount to the minimum account value being accreted using the effective yield method. Benefits and settlement expenses include accreted interest and benefit claims incurred during the period. | ||||||||||||
Cash | ' | |||||||||||
Cash | ||||||||||||
        Cash includes all demand deposits reduced by the amount of outstanding checks and drafts. As a result of the Company's cash management system, checks issued from a particular bank but not yet presented for payment may create negative book cash balances with the bank. Such negative balances are included in other liabilities and were $42.1 million and $96.6 million as of December 31, 2013 and 2012, respectively. The Company has deposits with certain financial institutions which exceed federally insured limits. The Company has reviewed the creditworthiness of these financial institutions and believes there is minimal risk of a material loss. | ||||||||||||
Deferred Policy Acquisition Costs | ' | |||||||||||
Deferred Policy Acquisition Costs | ||||||||||||
        In the first quarter of 2012, the Company adopted ASU No. 2010-26—Financial Services—Insurance—Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts. The objective of this Update is to address diversity in practice regarding the interpretation of which costs relating to the acquisition of new or renewal insurance contracts qualify for deferral. This Update prescribes that certain incremental direct costs of successful initial or renewal contract acquisitions may be deferred. It defines incremental direct costs as those costs that result directly from and are essential to the contract transaction and would not have been incurred by the insurance entity had the contract transaction not occurred. This Update also clarifies the definition of the types of incurred costs that may be capitalized and the accounting and recognition treatment of advertising, research, and other administrative costs related to the acquisition of insurance contracts. | ||||||||||||
        The incremental direct costs associated with successfully acquired insurance policies, are deferred to the extent such costs are deemed recoverable from future profits. Such costs include commissions and other costs of acquiring traditional life and health insurance, credit insurance, universal life insurance, and investment products. Deferred acquisition costs ("DAC") are subject to recoverability testing at the end of each accounting period. Traditional life and health insurance acquisition costs are amortized over the premium-payment period of the related policies in proportion to the ratio of annual premium income to the present value of the total anticipated premium income. Credit insurance acquisition costs are being amortized in proportion to earned premium. Acquisition costs for universal life and investment products are amortized over the lives of the policies in relation to the present value of estimated gross profits before amortization. | ||||||||||||
        Based on the Accounting Standards Codification ("ASC" or "Codification") Financial Services-Insurance Topic, the Company makes certain assumptions regarding the mortality, persistency, expenses, and interest rates (equal to the rate used to compute liabilities for future policy benefits, currently 1.0% to 7.13%) the Company expects to experience in future periods. These assumptions are to be best estimates and are periodically updated whenever actual experience and/or expectations for the future change from that assumed. Additionally, using guidance from ASC Investments-Debt and Equity Securities Topic, these costs have been adjusted by an amount equal to the amortization that would have been recorded if unrealized gains or losses on investments associated with our universal life and investment products had been realized. Acquisition costs for stable value contracts are amortized over the term of the contracts using the effective yield method. | ||||||||||||
Value of Businesses Acquired | ' | |||||||||||
Value of Businesses Acquired | ||||||||||||
        In conjunction with the acquisition of a block of insurance policies or investment contracts, a portion of the purchase price is allocated to the right to receive future gross profits from cash flow and earnings of the acquired insurance policies or investment contracts. This intangible asset, called VOBA, represents the actuarially estimated present value of future cash flows from the acquired policies. The estimated present value of future cash flows used in the calculation of VOBA is based on certain assumptions, including mortality, persistency, expenses, and interest rates that the Company expects to experience in future years. These assumptions are to be best estimates and are periodically updated whenever actual experience and/or expectations for the future change from that assumed. The Company amortizes VOBA in proportion to gross premiums for traditional life products, in proportion to expected gross profits ("EGPs") for interest sensitive products, including accrued interest credited to account balances of up to approximately 8.75% and in proportion to estimated gross margin for policies within the Closed Block that was acquired as part of the MONY acquisition. VOBA is subject to annual recoverability testing. | ||||||||||||
Property and Equipment | ' | |||||||||||
Property and Equipment | ||||||||||||
        The Company reports land, buildings, improvements, and equipment at cost, including interest capitalized during any acquisition or development period, less accumulated depreciation. The Company depreciates its assets using the straight-line method over the estimated useful lives of the assets. The Company's home office building is depreciated over a thirty-nine year useful life, furniture is depreciated over a ten year useful life, office equipment and machines are depreciated over a five year useful life, and software and computers are depreciated over a three year useful life. Major repairs or improvements are capitalized and depreciated over the estimated useful lives of the assets. Other repairs are expensed as incurred. The cost and related accumulated depreciation of property and equipment sold or retired are removed from the accounts, and resulting gains or losses are included in income. | ||||||||||||
        Property and equipment consisted of the following: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars In Thousands) | ||||||||||||
Home office building | $ | 74,313 | $ | 72,587 | ||||||||
Data processing equipment | 36,140 | 29,609 | ||||||||||
Other, principally furniture and equipment | 53,529 | 51,200 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
163,982 | 153,396 | |||||||||||
Accumulated depreciation | (111,579 | ) | (105,789 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total property and equipment | $ | 52,403 | $ | 47,607 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Separate Accounts | ' | |||||||||||
Separate Accounts | ||||||||||||
        The separate account assets represent funds for which the Company does not bear the investment risk. These assets are carried at fair value and are equal to the separate account liabilities, which represent the policyholder's equity in those assets. The investment income and investment gains and losses on the separate account assets accrue directly to the policyholder. These amounts are reported separately as assets and liabilities related to separate accounts in the accompanying consolidated financial statements. Amounts assessed against policy account balances for the costs of insurance, policy administration, and other services are included in premiums and policy fees in the accompanying consolidated statements of income. | ||||||||||||
Stable Value Product Account Balances | ' | |||||||||||
Stable Value Product Account Balances | ||||||||||||
        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. The segment also issues funding agreements to the Federal Home Loan Bank ("FHLB"), and markets guaranteed investment contracts ("GICs") to 401(k) and other qualified retirement savings plans. GICs are contracts which specify a return on deposits for a specified period and often provide flexibility for withdrawals at book value in keeping with the benefits provided by the plan. Additionally, the Company has contracts outstanding pursuant to a funding agreement-backed notes program registered with the United States Securities and Exchange Commission (the "SEC") which offered notes to both institutional and retail investors. | ||||||||||||
        The segment's products complement the Company's overall asset/liability management in that the terms may be tailored to the needs of PLICO as the seller of the contracts, as opposed to solely meeting the needs of the buyer. Stable value product account balances include GICs and funding agreements the Company has issued. As of December 31, 2013 and 2012, the Company had $0.2 billion and $0.3 billion, respectively, of stable value product account balances marketed through structured programs. Most GICs and funding agreements the Company has written have maturities of one to ten years. | ||||||||||||
        As of December 31, 2013, future maturities of stable value products were as follows: | ||||||||||||
Year of Maturity | Amount | |||||||||||
(Dollars In Millions) | ||||||||||||
2014 | $ | 555.2 | ||||||||||
2015-2016 | 1,294.40 | |||||||||||
2017-2018 | 684.1 | |||||||||||
Thereafter | 25.9 | |||||||||||
Derivative Financial Instruments | ' | |||||||||||
Derivative Financial 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 the other comprehensive income (loss), depending upon whether the derivative instrument 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. For cash flow hedges, the effective portion of their gain or loss is reported as a component of other comprehensive income (loss) and reclassified into earnings in the 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 on the hedged item attributable to the hedged risk are 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 in earnings. Changes in the fair value of derivatives that are recognized in current earnings are reported in "Realized investment gains (losses)—Derivative financial instruments". For additional information, see Note 23, Derivative Financial Instruments. | ||||||||||||
Insurance Liabilities and Reserves | ' | |||||||||||
Insurance Liabilities and Reserves | ||||||||||||
        Establishing an adequate liability for the Company's obligations to policyholders requires the use of certain assumptions. Estimating liabilities for future policy benefits on life and health insurance products requires the use of assumptions relative to future investment yields, mortality, morbidity, persistency, and other assumptions based on the Company's historical experience, modified as necessary to reflect anticipated trends and to include provisions for possible adverse deviation. Determining liabilities for the Company's property and casualty insurance products also requires the use of assumptions, including the projected levels of used vehicle prices, the frequency and severity of claims, and the effectiveness of internal processes designed to reduce the level of claims. The Company's results depend significantly upon the extent to which its actual claims experience is consistent with the assumptions the Company used in determining its reserves and pricing its products. The Company's reserve assumptions and estimates require significant judgment and, therefore, are inherently uncertain. The Company cannot determine with precision the ultimate amounts that it will pay for actual claims or the timing of those payments. | ||||||||||||
Guaranteed Minimum Withdrawal Benefits | ' | |||||||||||
Guaranteed Minimum Withdrawal Benefits | ||||||||||||
        The Company also establishes reserves for guaranteed minimum withdrawal benefits ("GMWB") on its variable annuity ("VA") products. The GMWB is valued in accordance with FASB guidance under the ASC Derivatives and Hedging Topic which utilizes the valuation technique prescribed by the ASC Fair Value Measurements and Disclosures Topic, which requires the liability to be recorded at fair value using current implied volatilities for the equity indices. The methods used to estimate the liabilities employ assumptions about mortality, lapses, policyholder behavior, equity market returns, interest rates, and market volatility. The Company assumes age-based mortality from the National Association of Insurance Commissioners 1994 Variable Annuity MGDB Mortality Table for company experience, with attained age factors varying from 49% to 80%. Differences between the actual experience and the assumptions used result in variances in profit and could result in losses. Favorable market returns during the year have reduced the likelihood of claims and increased the amount of fees projected to be received. More favorable market conditions at year end 2013 also reduced projected claims. The increase in risk free interest rates has reduced the present value of both claims and fees, but since claims are generally expected later than the fees, the reduction of the present value of claims is greater than the reduction of the present value of fees. As a result of these and other factors, the aggregate GMWB reserve has moved to a net asset position. As of December 31, 2013, our net GMWB asset held was $156.3 million. | ||||||||||||
Goodwill | ' | |||||||||||
Goodwill | ||||||||||||
        Accounting for goodwill requires an estimate of the future profitability of the associated lines of business to assess the recoverability of the capitalized acquisition goodwill. The Company evaluates the carrying value of goodwill at the segment (or reporting unit) level at least annually and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Such circumstances could include, but are not limited to: 1) a significant adverse change in legal factors or in business climate, 2) unanticipated competition, or 3) an adverse action or assessment by a regulator. When evaluating whether goodwill is impaired, the Company first determines through qualitative analysis whether relevant events and circumstances indicate that it is more likely than not that segment goodwill balances are impaired as of the testing date. If it is determined that it is more likely than not that impairment exists, the Company compares its estimate of the fair value of the reporting unit to which the goodwill is assigned to the reporting unit's carrying amount, including goodwill. The Company utilizes a fair value measurement (which includes a discounted cash flows analysis) to assess the carrying value of the reporting units in consideration of the recoverability of the goodwill balance assigned to each reporting unit as of the measurement date. The Company's material goodwill balances are attributable to certain of its operating segments (which are each considered to be reporting units). The cash flows used to determine the fair value of the Company's reporting units are dependent on a number of significant assumptions. The Company's estimates, which consider a market participant view of fair value, are subject to change given the inherent uncertainty in predicting future results and cash flows, which are impacted by such things as policyholder behavior, competitor pricing, capital limitations, new product introductions, and specific industry and market conditions. Additionally, the discount rate used is based on the Company's judgment of the appropriate rate for each reporting unit based on the relative risk associated with the projected cash flows. As of December 31, 2013, the Company performed its annual evaluation of goodwill and determined that no adjustment to impair goodwill was necessary. As of December 31, 2013, we had goodwill of $105.5 million. | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
        The Company uses the asset and liability method of accounting for income taxes. In general, income tax provisions are based on the income reported for financial statement purposes. Deferred income taxes arise from the recognition of temporary differences between the basis of assets and liabilities determined for financial reporting purposes and the basis determined for income tax purposes. Such temporary differences are principally related to net unrealized gains (losses), deferred policy acquisition costs and value of business acquired, and future policy benefits and claims. | ||||||||||||
        The Company analyzes whether it needs to establish a valuation allowance on each of its deferred tax assets. In performing this analysis, the Company first considers the need for a valuation allowance on each separate deferred tax asset. Ultimately, it analyzes this need in the aggregate in order to prevent the double-counting of expected future taxable income in each of the foregoing separate analyses. | ||||||||||||
Variable Interest Entities | ' | |||||||||||
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 FASB ASC (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 Variable Interest Entity ("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. For more information on the Company's investment in a VIE refer to Note 5, Investment Operations, to the consolidated financial statements. | ||||||||||||
Policyholder Liabilities, Revenues and Benefits Expense | ' | |||||||||||
Policyholder Liabilities, Revenues, and Benefits Expense | ||||||||||||
Traditional Life, Health, and Credit Insurance Products | ||||||||||||
        Traditional life insurance products consist principally of those products with fixed and guaranteed premiums and benefits, and they include whole life insurance policies, term and term-like life insurance policies, limited payment life insurance policies, and certain annuities with life contingencies. Traditional life insurance premiums are recognized as revenue when due. Health and credit insurance premiums are recognized as revenue over the terms of the policies. Benefits and expenses are associated with earned premiums so that profits are recognized over the life of the contracts. This is accomplished by means of the provision for liabilities for future policy benefits and the amortization of DAC and VOBA. Gross premiums in excess of net premiums related to immediate annuities are deferred and recognized over the life of the policy. | ||||||||||||
        Liabilities for future policy benefits on traditional life insurance products have been computed using a net level method including assumptions as to investment yields, mortality, persistency, and other assumptions based on the Company's experience, modified as necessary to reflect anticipated trends and to include provisions for possible adverse deviation. Reserve investment yield assumptions on December 31, 2013, range from approximately 2.0% to 8.75%. The liability for future policy benefits and claims on traditional life, health, and credit insurance products includes estimated unpaid claims that have been reported to us and claims incurred but not yet reported. Policy claims are charged to expense in the period in which the claims are incurred. | ||||||||||||
        Activity in the liability for unpaid claims for life and health insurance is summarized as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Balance beginning of year | $ | 326,633 | $ | 312,799 | $ | 299,971 | ||||||
Less: reinsurance | 155,341 | 161,450 | 156,932 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net balance beginning of year | 171,292 | 151,349 | 143,039 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Incurred related to: | ||||||||||||
Current year | 698,028 | 702,555 | 653,525 | |||||||||
Prior year | 68,396 | 62,926 | 65,269 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total incurred | 766,424 | 765,481 | 718,794 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Paid related to: | ||||||||||||
Current year | 682,877 | 664,744 | 639,118 | |||||||||
Prior year | 85,146 | 80,794 | 76,424 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total paid | 768,023 | 745,538 | 715,542 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Other changes: | ||||||||||||
Acquisition and reserve transfers | 47,255 | -1 | — | 5,058 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net balance end of year | 216,948 | 171,292 | 151,349 | |||||||||
Add: reinsurance | 117,502 | 155,341 | 161,450 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance end of year | $ | 334,450 | $ | 326,633 | $ | 312,799 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||
This amount represents the net liability, before reinsurance, for unpaid claims as of December 31, 2013 for MONY Life Insurance Company. The claims activity from the acquisition date of October 1, 2013 through December 31, 2013 for MONY Life Insurance Company is not reflected in this chart. | ||||||||||||
Universal Life and Investment Products | ||||||||||||
        Universal life and investment products include universal life insurance, guaranteed investment contracts, guaranteed funding agreements, deferred annuities, and annuities without life contingencies. Premiums and policy fees for universal life and investment products consist of fees that have been assessed against policy account balances for the costs of insurance, policy administration, and surrenders. Such fees are recognized when assessed and earned. Benefit reserves for universal life and investment products represent policy account balances before applicable surrender charges plus certain deferred policy initiation fees that are recognized in income over the term of the policies. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policy account balances and interest credited to policy account balances. Interest rates credited to universal life products ranged from 2.0% to 7.0% and investment products ranged from 0.2% to 7.9% in 2013. | ||||||||||||
        The Company's accounting policies with respect to variable universal life ("VUL") and VA are identical except that policy account balances (excluding account balances that earn a fixed rate) are valued at fair value and reported as components of assets and liabilities related to separate accounts. | ||||||||||||
        The Company establishes liabilities for guaranteed minimum death benefits ("GMDB") on its VA products. The methods used to estimate the liabilities employ assumptions about mortality and the performance of equity markets. The Company assumes age-based mortality from the National Association of Insurance Commissioners 1994 Variable Annuity MGDB Mortality Table for company experience, with attained age factors varying from 49%—80%. Future declines in the equity market would increase the Company's GMDB liability. Differences between the actual experience and the assumptions used result in variances in profit and could result in losses. Our GMDB as of December 31, 2013, are subject to a dollar-for-dollar reduction upon withdrawal of related annuity deposits on contracts issued prior to January 1, 2003. As of December 31, 2013, the GMDB was $16.3 million. | ||||||||||||
Property and Casualty Insurance Products | ||||||||||||
        Property and casualty insurance products include service contract business, surety bonds, and guaranteed asset protection ("GAP). Premiums for service contracts and GAP products are recognized based on expected claim patterns. For all other products, premiums are generally recognized over the terms of the contract on a pro-rata basis. Fee income from providing administrative services is recognized as earned when the related services are performed. Unearned premium reserves are maintained for the portion of the premiums that is related to the unexpired period of the policy. Benefit reserves are recorded when insured events occur. Benefit reserves include case basis reserves for known but unpaid claims as of the balance sheet date as well as incurred but not reported ("IBNR") reserves for claims where the insured event has occurred but has not been reported to the Company as of the balance sheet date. The case basis reserves and IBNR are calculated based on historical experience and on assumptions relating to claim severity and frequency, the level of used vehicle prices, and other factors. These assumptions are modified as necessary to reflect anticipated trends. | ||||||||||||
Reinsurance | ' | |||||||||||
Reinsurance | ||||||||||||
        The Company uses reinsurance extensively in certain of its segments and accounts for reinsurance and the recognition of the impact of reinsurance costs in accordance with the ASC Financial Services—Insurance Topic. The following summarizes some of the key aspects of the Company's accounting policies for reinsurance. | ||||||||||||
        Reinsurance Accounting Methodology—Ceded premiums of the Company's traditional life insurance products are treated as an offset to direct premium and policy fee revenue and are recognized when due to the assuming company. Ceded claims are treated as an offset to direct benefits and settlement expenses and are recognized when the claim is incurred on a direct basis. Ceded policy reserve changes are also treated as an offset to benefits and settlement expenses and are recognized during the applicable financial reporting period. Expense allowances paid by the assuming companies are treated as an offset to other operating expenses. Since reinsurance treaties typically provide for allowance percentages that decrease over the lifetime of a policy, allowances in excess of the "ultimate" or final level allowance are capitalized. Amortization of capitalized reinsurance expense allowances is treated as an offset to direct amortization of DAC or VOBA. Amortization of deferred expense allowances is calculated as a level percentage of expected premiums in all durations given expected future lapses and mortality and accretion due to interest. | ||||||||||||
        The Company utilizes reinsurance on certain short duration insurance contracts (primarily issued through the Asset Protection segment). As part of these reinsurance transactions the Company receives reinsurance allowances which reimburse the Company for acquisition costs such as commissions and premium taxes. A ceding fee is also collected to cover other administrative costs and profits for the Company. Reinsurance allowances received are capitalized and charged to expense in proportion to premiums earned. Ceded unamortized acquisition costs are netted with direct unamortized acquisition costs in the balance sheet. | ||||||||||||
        Ceded premiums and policy fees on the Company's universal life ("UL"), VUL, bank-owned life insurance ("BOLI"), and annuity products reduce premiums and policy fees recognized by the Company. Ceded claims are treated as an offset to direct benefits and settlement expenses and are recognized when the claim is incurred on a direct basis. Ceded policy reserve changes are also treated as an offset to benefits and settlement expenses and are recognized during the applicable valuation period. Commission and expense allowances paid by the assuming companies are treated as an offset to other operating expenses. Since reinsurance treaties typically provide for allowance percentages that decrease over the lifetime of a policy, allowances in excess of the "ultimate" or final level allowance are capitalized. Amortization of capitalized reinsurance expense allowances are amortized based on future expected gross profits. Assumptions regarding mortality, lapses, and interest rates are continuously reviewed and may be periodically changed. These changes will result in "unlocking" that changes the balance in the ceded deferred acquisition cost and can affect the amortization of DAC and VOBA. Ceded unearned revenue liabilities are also amortized based on expected gross profits. Assumptions are based on the best current estimate of expected mortality, lapses and interest spread. | ||||||||||||
        The Company has also assumed certain policy risks written by other insurance companies through reinsurance agreements. Premiums and policy fees as well as Benefits and settlement expenses include amounts assumed under reinsurance agreements and are net of reinsurance ceded. Assumed reinsurance is accounted for in accordance with ASC Financial Services—Insurance topic. | ||||||||||||
        Reinsurance Allowances—The amount and timing of reinsurance allowances (both first year and renewal allowances) are contractually determined by the applicable reinsurance contract and may or may not bear a relationship to the amount and incidence of expenses actually paid by the ceding company. Many of the Company's reinsurance treaties do, in fact, have ultimate renewal allowances that exceed the direct ultimate expenses. Additionally, allowances are intended to reimburse the ceding company for some portion of the ceding company's commissions, expenses, and taxes. As a result, first year expenses paid by the Company may be higher than first year allowances paid by the reinsurer, and reinsurance allowances may be higher in later years than renewal expenses paid by the Company. | ||||||||||||
        The Company recognizes allowances according to the prescribed schedules in the reinsurance contracts, which may or may not bear a relationship to actual expenses incurred by the Company. A portion of these allowances is deferred while the non-deferrable allowances are recognized immediately as a reduction of other operating expenses. The Company's practice is to defer reinsurance allowances in excess of the ultimate allowance. This practice is consistent with the Company's practice of capitalizing direct expenses. While the recognition of reinsurance allowances is consistent with GAAP, in some cases non-deferred reinsurance allowances may exceed non-deferred direct costs, which may cause net other operating expenses to be negative. | ||||||||||||
        Ultimate reinsurance allowances are defined as the lowest allowance percentage paid by the reinsurer in any policy duration over the lifetime of a universal life policy (or through the end of the level term period for a traditional life policy). Ultimate reinsurance allowances are determined by the reinsurer and set by the individual contract of each treaty during the initial negotiation of each such contract. Ultimate reinsurance allowances and other treaty provisions are listed within each treaty and will differ between agreements since each reinsurance contract is separately negotiated. The Company uses the ultimate reinsurance allowances set by the reinsurers and contained within each treaty agreement to complete its accounting responsibilities. | ||||||||||||
        Amortization of Reinsurance Allowances—Reinsurance allowances do not affect the methodology used to amortize DAC and VOBA, or the period over which such DAC and VOBA are amortized. Reinsurance allowances offset the direct expenses capitalized, reducing the net amount that is capitalized. The amortization pattern varies with changes in estimated gross profits arising from the allowances. DAC and VOBA on traditional life policies are amortized based on the pattern of estimated gross premiums of the policies in force. Reinsurance allowances do not affect the gross premiums, so therefore they do not impact traditional life amortization patterns. DAC and VOBA on universal life products are amortized based on the pattern of estimated gross profits of the policies in force. Reinsurance allowances are considered in the determination of estimated gross profits, and therefore do impact amortization patterns. | ||||||||||||
        Reinsurance Liabilities—Claim liabilities and policy benefits are calculated consistently for all policies in accordance with GAAP, regardless of whether or not the policy is reinsured. Once the claim liabilities and policy benefits for the underlying policies are estimated, the amounts recoverable from the reinsurers are estimated based on a number of factors including the terms of the reinsurance contracts, historical payment patterns of reinsurance partners, and the financial strength and credit worthiness of reinsurance partners. Liabilities for unpaid reinsurance claims are produced from claims and reinsurance system records, which contain the relevant terms of the individual reinsurance contracts. The Company monitors claims due from reinsurers to ensure that balances are settled on a timely basis. Incurred but not reported claims are reviewed by the Company's actuarial staff to ensure that appropriate amounts are ceded. | ||||||||||||
        The Company analyzes and monitors the credit worthiness of each of its reinsurance partners to minimize collection issues. For newly executed reinsurance contracts with reinsurance companies that do not meet predetermined standards, the Company requires collateral such as assets held in trusts or letters of credit. | ||||||||||||
        Components of Reinsurance Cost—The following income statement lines are affected by reinsurance cost: | ||||||||||||
        Premiums and policy fees ("reinsurance ceded" on the Company's financial statements) represent consideration paid to the assuming company for accepting the ceding company's risks. Ceded premiums and policy fees increase reinsurance cost. | ||||||||||||
        Benefits and settlement expenses include incurred claim amounts ceded and changes in ceded policy reserves. Ceded benefits and settlement expenses decrease reinsurance cost. | ||||||||||||
        Amortization of deferred policy acquisition cost and VOBA reflects the amortization of capitalized reinsurance allowances. Ceded amortization decreases reinsurance cost. | ||||||||||||
        Other expenses include reinsurance allowances paid by assuming companies to the Company less amounts capitalized. Non-deferred reinsurance allowances decrease reinsurance cost. | ||||||||||||
        The Company's reinsurance programs do not materially impact the other income line of the Company's income statement. In addition, net investment income generally has no direct impact on the Company's reinsurance cost. However, it should be noted that by ceding business to the assuming companies, the Company forgoes investment income on the reserves ceded to the assuming companies. Conversely, the assuming companies will receive investment income on the reserves assumed which will increase the assuming companies' profitability on business assumed from the Company. | ||||||||||||
Accounting Pronouncements Recently Adopted | ' | |||||||||||
Accounting Pronouncements Recently Adopted | ||||||||||||
        ASU No. 2011-11—Balance Sheet—Disclosures about Offsetting Assets and Liabilities.    This Update contains new disclosure requirements regarding the nature of an entity's rights of offset and related arrangements associated with its financial and derivative instruments. The new disclosures are designed to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards ("IFRSs"). Generally, it is more difficult to qualify for offsetting under IFRSs than it is under GAAP. As a result, entities with significant financial instrument and derivative portfolios that report under IFRSs typically present positions on their balance sheets that are significantly larger than those of entities with similarly sized portfolios whose financial statements are prepared in accordance with GAAP. To facilitate comparison between financial statements prepared under GAAP and IFRSs, the new disclosures will give financial statement users information about both gross and net exposures. In January 2013, the FASB issued ASU No. 2013-01, which clarifies that application of ASU No. 2011-11 is limited to certain derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions. Both Updates were effective January 1, 2013. Neither Update had an impact on the Company's results of operations or financial position. See Note 24, Offsetting of Assets and Liabilities for additional information. | ||||||||||||
        ASU No. 2012-02—Intangibles—Goodwill and Other—Testing Indefinite-Lived Intangible Assets for Impairment.    This Update is intended to reduce the complexity and cost of performing an impairment test for indefinite-lived intangible assets by allowing an entity the option to make a qualitative evaluation about the likelihood of impairment prior to the quantitative calculation required by current guidance. Under the amendments to Topic 350, an entity has the option to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. If an entity determines it is not more likely than not that impairment exists, quantitative impairment testing is not required. However, if an entity concludes otherwise, the impairment test outlined in current guidance is required to be completed. The Update does not change the current requirement that indefinite-lived intangible assets be reviewed for impairment at least annually. This Update was effective January 1, 2013. This Update did not have an impact on the Company's results of operations or financial position. See Note 8, Goodwill. | ||||||||||||
        ASU No. 2013-02—Comprehensive Income—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.    The amendments in this Update supersede the presentation requirements for reclassifications out of accumulated other comprehensive income in ASU No. 2011-05, Comprehensive Income—Presentation of Comprehensive Income, and ASU No. 2011-12, Comprehensive Income—Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05, for all entities. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. The Update requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. The Company has added the Accumulated Other Comprehensive Income footnote to disclose the required information beginning in 2013. This Update was effective January 1, 2013. This Update did not have an impact on the Company's results of operations or financial position. | ||||||||||||
        ASU No. 2013-10—Derivatives and Hedging—Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.    This Update provides for the inclusion of the Fed Funds Effective Swap Rate as a U.S. benchmark interest rate for hedge accounting purposes, in addition to U.S. Treasury rates and LIBOR. The amendments in the Update also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for transactions entered into on or after July 17, 2013. The Company has and will continue to consider this additional benchmark rate. | ||||||||||||
        ASU No. 2013-11—Income Taxes—Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or A Tax Credit Carryforward Exists.    The objective of this Update is to eliminate diversity in practice related to the presentation of certain unrecognized tax benefits. The Update provides that unrecognized tax benefits should be presented as a reduction of a deferred tax asset for a net operating loss or other tax credit carry forward when settlement in this manner is available under the tax law. The amendments are effective for annual periods beginning after December 15, 2013 and interim periods therein, with early adoption permitted. The Company elected to adopt the guidance in this Update for the annual period ending December 31, 2013. The Update did not have an impact on the Company's results of operations or financial position. | ||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||
Schedule of property and equipment | ' | |||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars In Thousands) | ||||||||||||
Home office building | $ | 74,313 | $ | 72,587 | ||||||||
Data processing equipment | 36,140 | 29,609 | ||||||||||
Other, principally furniture and equipment | 53,529 | 51,200 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
163,982 | 153,396 | |||||||||||
Accumulated depreciation | (111,579 | ) | (105,789 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total property and equipment | $ | 52,403 | $ | 47,607 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Schedule of future maturities of stable value products | ' | |||||||||||
Year of Maturity | Amount | |||||||||||
(Dollars In Millions) | ||||||||||||
2014 | $ | 555.2 | ||||||||||
2015-2016 | 1,294.40 | |||||||||||
2017-2018 | 684.1 | |||||||||||
Thereafter | 25.9 | |||||||||||
Summary of activity in the liability for unpaid claims for life and health insurance | ' | |||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Balance beginning of year | $ | 326,633 | $ | 312,799 | $ | 299,971 | ||||||
Less: reinsurance | 155,341 | 161,450 | 156,932 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net balance beginning of year | 171,292 | 151,349 | 143,039 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Incurred related to: | ||||||||||||
Current year | 698,028 | 702,555 | 653,525 | |||||||||
Prior year | 68,396 | 62,926 | 65,269 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total incurred | 766,424 | 765,481 | 718,794 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Paid related to: | ||||||||||||
Current year | 682,877 | 664,744 | 639,118 | |||||||||
Prior year | 85,146 | 80,794 | 76,424 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total paid | 768,023 | 745,538 | 715,542 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Other changes: | ||||||||||||
Acquisition and reserve transfers | 47,255 | -1 | — | 5,058 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net balance end of year | 216,948 | 171,292 | 151,349 | |||||||||
Add: reinsurance | 117,502 | 155,341 | 161,450 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance end of year | $ | 334,450 | $ | 326,633 | $ | 312,799 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||
This amount represents the net liability, before reinsurance, for unpaid claims as of December 31, 2013 for MONY Life Insurance Company. The claims activity from the acquisition date of October 1, 2013 through December 31, 2013 for MONY Life Insurance Company is not reflected in this chart. | ||||||||||||
SIGNIFICANT_ACQUISITIONS_Table
SIGNIFICANT ACQUISITIONS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
SIGNIFICANT ACQUISITIONS | ' | |||||||
Summary of fair values of the net assets acquired | ' | |||||||
Fair Value | ||||||||
As of | ||||||||
October 1, 2013 | ||||||||
(Dollars In Thousands) | ||||||||
Assets | ||||||||
Fixed maturities, at fair value | $ | 6,550,691 | ||||||
Equity securities, at fair value | 108,413 | |||||||
Mortgage loans | 823,340 | |||||||
Policy loans | 967,534 | |||||||
Short-term investments | 130,963 | |||||||
​ | ​ | ​ | ​ | ​ | ||||
Total investments | 8,580,941 | |||||||
Cash | 213,861 | |||||||
Accrued investment income | 114,656 | |||||||
Accounts and premiums receivable, net of allowance for uncollectible amounts | 29,031 | |||||||
Reinsurance receivables | 422,692 | |||||||
Value of business acquired | 219,751 | |||||||
Other assets | 30,139 | |||||||
Income tax receivable | 21,196 | |||||||
Deferred income taxes | 168,916 | |||||||
Separate account assets | 195,452 | |||||||
​ | ​ | ​ | ​ | ​ | ||||
Total assets | $ | 9,996,635 | ||||||
​ | ​ | ​ | ​ | ​ | ||||
Liabilities | ||||||||
Future policy and benefit claims | $ | 7,654,969 | ||||||
Unearned premiums | 3,066 | |||||||
​ | ​ | ​ | ​ | ​ | ||||
Total policy liabilities and accruals | 7,658,035 | |||||||
Annuity account balances | 752,163 | |||||||
Other policyholders' funds | 636,034 | |||||||
Other liabilities | 66,936 | |||||||
Non-recourse funding obligation | 2,548 | |||||||
Separate account liabilities | 195,344 | |||||||
​ | ​ | ​ | ​ | ​ | ||||
Total liabilities | 9,311,060 | |||||||
​ | ​ | ​ | ​ | ​ | ||||
Net assets acquired | $ | 685,575 | ||||||
​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ||||
Schedule of (unaudited) pro forma condensed consolidated results of operations | ' | |||||||
Unaudited | ||||||||
For The Year Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(Dollars In Thousands) | ||||||||
Revenue | $ | 4,599,718 | -1 | $ | 4,497,881 | |||
Net income | $ | 427,645 | -2 | $ | 359,120 | |||
EPS—basic | $ | 5.39 | $ | 4.43 | ||||
EPS—diluted | $ | 5.28 | $ | 4.34 | ||||
-1 | ||||||||
Includes $203.8 million of revenue recognized in the Company's net income for the year ended December 31, 2013. | ||||||||
-2 | ||||||||
Includes $27.9 million of pre-tax net income recognized by the Company for the year ended December 31, 2013. | ||||||||
MONY_CLOSED_BLOCK_OF_BUSINESS_
MONY CLOSED BLOCK OF BUSINESS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
MONY CLOSED BLOCK OF BUSINESS | ' | ||||
Summary of financial information for the Closed Block | ' | ||||
As of | |||||
December 31, 2013 | |||||
(Dollars In Thousands) | |||||
Closed block liabilities | |||||
Future policy benefits, policyholders' account balances and other | $ | 6,274,719 | |||
Policyholder dividend obligation | 190,494 | ||||
Other liabilities | 1,259 | ||||
​ | ​ | ​ | ​ | ​ | |
Total closed block liabilities | 6,466,472 | ||||
​ | ​ | ​ | ​ | ​ | |
Closed block assets | |||||
Fixed maturities, available-for-sale, at fair value | 4,109,142 | ||||
Equity securities, available-for-sale, at fair value | 5,223 | ||||
Mortgage loans on real estate | 594,884 | ||||
Policy loans | 802,013 | ||||
Cash and other invested assets | 140,577 | ||||
Other assets | 207,265 | ||||
​ | ​ | ​ | ​ | ​ | |
Total closed block assets | 5,859,104 | ||||
​ | ​ | ​ | ​ | ​ | |
Excess of reported closed block liabilities over closed block assets | 607,368 | ||||
Portion of above representing accumulated other comprehensive income: | |||||
Net unrealized investments gains (losses) net of deferred tax benefit of $1,074 and net of policyholder dividend obligation of $12,720 | (1,994 | ) | |||
​ | ​ | ​ | ​ | ​ | |
Future earnings to be recognized from closed block assets and closed block liabilities | $ | 605,374 | |||
​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | |
Schedule of reconciliation of the policyholder dividend obligation | ' | ||||
For The | |||||
Period Ended | |||||
December 31, 2013 | |||||
(Dollars In Thousands) | |||||
Policyholder dividend obligation, at acquisition date | $ | 213,350 | |||
Applicable to net revenue (losses) | (10,136 | ) | |||
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation | (12,720 | ) | |||
​ | ​ | ​ | ​ | ​ | |
Policyholder dividend obligation, end of period | $ | 190,494 | |||
​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | |
Schedule of Closed Block revenues and expenses | ' | ||||
For The | |||||
Period Ended | |||||
December 31, 2013 | |||||
(Dollars In Thousands) | |||||
Revenues | |||||
Premiums and other income | $ | 64,171 | |||
Net investment income (loss) | 51,141 | ||||
Net investment gains (losses) | 9,252 | ||||
​ | ​ | ​ | ​ | ​ | |
Total revenues | 124,564 | ||||
​ | ​ | ​ | ​ | ​ | |
Benefits and other deductions | |||||
Benefits and settlement expenses | 113,564 | ||||
Other operating expenses | 548 | ||||
​ | ​ | ​ | ​ | ​ | |
Total benefits and other deductions | 114,112 | ||||
​ | ​ | ​ | ​ | ​ | |
Net revenues before income taxes | 10,452 | ||||
Income tax expense | 3,658 | ||||
​ | ​ | ​ | ​ | ​ | |
Net revenues | $ | 6,794 | |||
​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | |
INVESTMENT_OPERATIONS_Tables
INVESTMENT OPERATIONS (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
INVESTMENT OPERATIONS | ' | ||||||||||||||||||||
Summary of major categories of net investment income | ' | ||||||||||||||||||||
For The Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Fixed maturities | $ | 1,509,544 | $ | 1,453,702 | $ | 1,416,861 | |||||||||||||||
Equity securities | 26,923 | 21,187 | 21,274 | ||||||||||||||||||
Mortgage loans | 333,145 | 349,877 | 336,542 | ||||||||||||||||||
Investment real estate | 3,556 | 3,290 | 3,459 | ||||||||||||||||||
Short-term investments | 75,984 | 64,729 | 69,791 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
1,949,152 | 1,892,785 | 1,847,927 | |||||||||||||||||||
Other investment expenses | 31,071 | 30,453 | 27,284 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
Net investment income | $ | 1,918,081 | $ | 1,862,332 | $ | 1,820,643 | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
Summary of net realized investment gains (losses) for all other investments | ' | ||||||||||||||||||||
For The Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Fixed maturities | $ | 63,180 | $ | 67,726 | $ | 80,180 | |||||||||||||||
Equity securities | 3,276 | (45 | ) | 9,194 | |||||||||||||||||
Impairments on fixed maturity securities | (19,100 | ) | (58,886 | ) | (47,442 | ) | |||||||||||||||
Impairments on equity securities | (3,347 | ) | — | — | |||||||||||||||||
Modco trading portfolio | (178,134 | ) | 177,986 | 164,224 | |||||||||||||||||
Other investments | (11,859 | ) | (14,632 | ) | (18,683 | ) | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
Total realized gains (losses)—investments | $ | (145,984 | ) | $ | 172,149 | $ | 187,473 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||
Schedule of amortized cost and fair value of the Company's investments classified as available-for-sale | ' | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | Total OTTI | |||||||||||||||||
Cost | Unrealized | Unrealized | Value | Recognized | |||||||||||||||||
Gains | Losses | in OCI(1) | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||
Bonds | |||||||||||||||||||||
Residential mortgage-backed securities | $ | 1,435,477 | $ | 34,155 | $ | (24,564 | ) | $ | 1,445,068 | $ | 979 | ||||||||||
Commercial mortgage-backed securities | 963,461 | 26,900 | (19,705 | ) | 970,656 | — | |||||||||||||||
Other asset-backed securities | 926,396 | 15,135 | (69,548 | ) | 871,983 | (51 | ) | ||||||||||||||
U.S. government-related securities | 1,529,818 | 32,150 | (54,078 | ) | 1,507,890 | — | |||||||||||||||
Other government-related securities | 49,171 | 2,257 | (1 | ) | 51,427 | — | |||||||||||||||
States, municipals, and political subdivisions          | 1,315,457 | 103,663 | (8,291 | ) | 1,410,829 | — | |||||||||||||||
Corporate bonds | 24,644,025 | 1,507,630 | (392,067 | ) | 25,759,588 | — | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
30,863,805 | 1,721,890 | (568,254 | ) | 32,017,441 | 928 | ||||||||||||||||
Equity securities | 654,579 | 6,631 | (36,362 | ) | 624,848 | — | |||||||||||||||
Short-term investments | 81,703 | — | — | 81,703 | — | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
$ | 31,600,087 | $ | 1,728,521 | $ | (604,616 | ) | $ | 32,723,992 | $ | 928 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
2012 | |||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||
Bonds | |||||||||||||||||||||
Residential mortgage-backed securities | $ | 1,766,440 | $ | 92,265 | $ | (19,375 | ) | $ | 1,839,330 | $ | (406 | ) | |||||||||
Commercial mortgage-backed securities | 797,844 | 72,577 | (598 | ) | 869,823 | — | |||||||||||||||
Other asset-backed securities | 1,023,649 | 12,788 | (61,424 | ) | 975,013 | (241 | ) | ||||||||||||||
U.S. government-related securities | 1,099,001 | 71,537 | (595 | ) | 1,169,943 | — | |||||||||||||||
Other government-related securities | 93,565 | 7,258 | (45 | ) | 100,778 | — | |||||||||||||||
States, municipals, and political subdivisions          | 1,188,077 | 255,900 | (264 | ) | 1,443,713 | — | |||||||||||||||
Corporate bonds | 17,705,440 | 2,725,057 | (48,446 | ) | 20,382,051 | (5,487 | ) | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
23,674,016 | 3,237,382 | (130,747 | ) | 26,780,651 | (6,134 | ) | |||||||||||||||
Equity securities | 389,821 | 12,443 | (10,033 | ) | 392,231 | — | |||||||||||||||
Short-term investments | 98,877 | — | — | 98,877 | — | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
$ | 24,162,714 | $ | 3,249,825 | $ | (140,780 | ) | $ | 27,271,759 | $ | (6,134 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
-1 | |||||||||||||||||||||
These amounts are included in the gross unrealized gains and gross unrealized losses columns above. | |||||||||||||||||||||
Schedule of amortized cost and fair value of the Company's investments classified as held-to-maturity | ' | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | Total OTTI | |||||||||||||||||
Cost | Unrealized | Unrealized | Value | Recognized | |||||||||||||||||
Gains | Losses | in OCI | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||
Other | $ | 365,000 | $ | — | $ | (29,324 | ) | $ | 335,676 | $ | — | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
$ | 365,000 | $ | — | $ | (29,324 | ) | $ | 335,676 | $ | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
2012 | |||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||
Other | $ | 300,000 | $ | 19,163 | $ | — | $ | 319,163 | $ | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
$ | 300,000 | $ | 19,163 | $ | — | $ | 319,163 | $ | — | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
Schedule of amortized cost and fair value of available-for-sale and held-to-maturity fixed maturities, by expected maturity | ' | ||||||||||||||||||||
Available-for-sale | Held-to-maturity | ||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||
(Dollars In Thousands) | (Dollars In Thousands) | ||||||||||||||||||||
Due in one year or less | $ | 1,016,117 | $ | 1,033,834 | $ | — | $ | — | |||||||||||||
Due after one year through five years | 4,987,917 | 5,251,806 | — | — | |||||||||||||||||
Due after five years through ten years | 9,085,348 | 9,334,786 | — | — | |||||||||||||||||
Due after ten years | 15,774,423 | 16,397,015 | 365,000 | 335,676 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
$ | 30,863,805 | $ | 32,017,441 | $ | 365,000 | $ | 335,676 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
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) | ' | ||||||||||||||||||||
For The Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Beginning balance | $ | 122,121 | $ | 69,719 | $ | 39,427 | |||||||||||||||
Additions for newly impaired securities | 3,516 | 26,961 | 12,731 | ||||||||||||||||||
Additions for previously impaired securities | 12,066 | 25,441 | 20,650 | ||||||||||||||||||
Reductions for previously impaired securities due to a change in expected cash flows | (88,523 | ) | — | — | |||||||||||||||||
Reductions for previously impaired securities that were sold in the current period | (7,488 | ) | — | (3,089 | ) | ||||||||||||||||
Other | — | — | — | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
Ending balance | $ | 41,692 | $ | 122,121 | $ | 69,719 | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
Schedule of investments' 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 | ' | ||||||||||||||||||||
  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, 2013: | |||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Residential mortgage-backed securities | $ | 333,235 | $ | (14,051 | ) | $ | 210,486 | $ | (10,513 | ) | $ | 543,721 | $ | (24,564 | ) | ||||||
Commercial mortgage-backed securities | 429,228 | (18,467 | ) | 13,840 | (1,238 | ) | 443,068 | (19,705 | ) | ||||||||||||
Other asset-backed securities | 175,846 | (14,555 | ) | 497,512 | (54,993 | ) | 673,358 | (69,548 | ) | ||||||||||||
U.S. government-related securities | 891,698 | (53,508 | ) | 6,038 | (570 | ) | 897,736 | (54,078 | ) | ||||||||||||
Other government-related securities | 10,161 | (1 | ) | — | — | 10,161 | (1 | ) | |||||||||||||
States, municipalities, and political subdivisions | 172,157 | (8,113 | ) | 335 | (178 | ) | 172,492 | (8,291 | ) | ||||||||||||
Corporate bonds | 7,484,010 | (353,211 | ) | 272,423 | (38,856 | ) | 7,756,433 | (392,067 | ) | ||||||||||||
Equities | 376,776 | (27,861 | ) | 21,974 | (8,501 | ) | 398,750 | (36,362 | ) | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 9,873,111 | $ | (489,767 | ) | $ | 1,022,608 | $ | (114,849 | ) | $ | 10,895,719 | $ | (604,616 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
              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, 2012: | |||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Residential mortgage-backed securities | $ | 101,522 | $ | (9,605 | ) | $ | 166,000 | $ | (9,770 | ) | $ | 267,522 | $ | (19,375 | ) | ||||||
Commercial mortgage-backed securities | 50,601 | (598 | ) | — | — | 50,601 | (598 | ) | |||||||||||||
Other asset-backed securities | 479,223 | (28,179 | ) | 242,558 | (33,245 | ) | 721,781 | (61,424 | ) | ||||||||||||
U.S. government-related securities | 107,802 | (595 | ) | — | — | 107,802 | (595 | ) | |||||||||||||
Other government-related securities | 14,955 | (45 | ) | — | — | 14,955 | (45 | ) | |||||||||||||
States, municipalities, and political subdivisions | 11,526 | (264 | ) | — | — | 11,526 | (264 | ) | |||||||||||||
Corporate bonds | 777,552 | (23,663 | ) | 364,110 | (24,783 | ) | 1,141,662 | (48,446 | ) | ||||||||||||
Equities | 35,059 | (5,150 | ) | 21,954 | (4,883 | ) | 57,013 | (10,033 | ) | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 1,578,240 | $ | (68,099 | ) | $ | 794,622 | $ | (72,681 | ) | $ | 2,372,862 | $ | (140,780 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Summary of change in unrealized gains (losses), net of income tax, on fixed maturity and equity securities, classified as available-for-sale | ' | ||||||||||||||||||||
For The Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Fixed maturities | $ | (1,269,449 | ) | $ | 819,746 | $ | 761,437 | ||||||||||||||
Equity securities | (20,892 | ) | 8,484 | (13,292 | ) |
MORTGAGE_LOANS_Tables
MORTGAGE LOANS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
MORTGAGE LOANS | ' | |||||||||||||||||||
Schedule of the breakdown of the commercial mortgage loan portfolio by property type | ' | |||||||||||||||||||
Type | Percentage of | |||||||||||||||||||
Mortgage Loans | ||||||||||||||||||||
on Real Estate | ||||||||||||||||||||
Retail | 60.6 | % | ||||||||||||||||||
Office Buildings | 14.9 | |||||||||||||||||||
Apartments | 11.8 | |||||||||||||||||||
Warehouses | 7.4 | |||||||||||||||||||
Other | 5.3 | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||||
100 | % | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||||
Schedule of mortgage loans by location of properties | ' | |||||||||||||||||||
State | Percentage of | |||||||||||||||||||
Mortgage Loans | ||||||||||||||||||||
on Real Estate | ||||||||||||||||||||
Texas | 11.6 | % | ||||||||||||||||||
Georgia | 8.6 | |||||||||||||||||||
Alabama | 6.9 | |||||||||||||||||||
Florida | 6.5 | |||||||||||||||||||
Tennessee | 6.1 | |||||||||||||||||||
North Carolina | 5 | |||||||||||||||||||
New York | 4.7 | |||||||||||||||||||
South Carolina | 4.6 | |||||||||||||||||||
Ohio | 4.2 | |||||||||||||||||||
Utah | 3.9 | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||||
62.1 | % | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||||
Schedule of changes in the allowance for mortgage loan credit losses | ' | |||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Beginning balance | $ | 2,875 | $ | 6,475 | ||||||||||||||||
Charge offs | (6,838 | ) | (9,840 | ) | ||||||||||||||||
Recoveries | (1,016 | ) | (628 | ) | ||||||||||||||||
Provision | 8,109 | 6,868 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||
Ending balance | $ | 3,130 | $ | 2,875 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||
Schedule of an analysis of the delinquent loans | ' | |||||||||||||||||||
30 - 59 Days | 60 - 89 Days | Greater | Total | |||||||||||||||||
Delinquent | Delinquent | than 90 Days | Delinquent | |||||||||||||||||
Delinquent | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Commercial mortgage loans | $ | 14,368 | $ | — | $ | 2,208 | $ | 16,576 | ||||||||||||
Number of delinquent commercial mortgage loans | 8 | — | 1 | 9 | ||||||||||||||||
Schedule of information regarding impaired loans | ' | |||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | Cash Basis | |||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Interest | |||||||||||||||
Balance | Investment | Recognized | Income | |||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Commercial mortgage loans: | ||||||||||||||||||||
With no related allowance recorded | $ | 2,208 | $ | 2,208 | $ | — | $ | 2,208 | $ | 31 | $ | — | ||||||||
With an allowance recorded | 21,288 | 21,281 | 3,130 | 5,322 | 304 | 304 | ||||||||||||||
2012 | ||||||||||||||||||||
Commercial mortgage loans: | ||||||||||||||||||||
With no related allowance recorded | $ | 14,619 | $ | 16,942 | $ | — | $ | 2,088 | $ | 53 | $ | 100 | ||||||||
With an allowance recorded | 13,927 | 13,927 | 2,875 | 3,482 | 154 | 154 |
DEFERRED_POLICY_ACQUISITION_CO1
DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED | ' | |||||||
Schedule of balances and changes in DAC | ' | |||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(Dollars In Thousands) | ||||||||
Balance, beginning of period | $ | 2,507,892 | $ | 2,370,278 | ||||
Capitalization of commissions, sales, and issue expenses | 341,121 | 312,684 | ||||||
Amortization | (119,017 | ) | (116,829 | ) | ||||
Change in unrealized investment gains and losses | (8,309 | ) | (58,241 | ) | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance, end of period | $ | 2,721,687 | $ | 2,507,892 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Schedule of balances and changes in VOBA | ' | |||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(Dollars In Thousands) | ||||||||
Balance, beginning of period | 731,627 | 877,763 | ||||||
Acquisitions | 187,475 | — | ||||||
Amortization | (73,881 | ) | (86,736 | ) | ||||
Change in unrealized gains and losses | 17,291 | (59,400 | ) | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance, end of period | $ | 862,512 | $ | 731,627 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Schedule of expected amortization of VOBA for the next five years | ' | |||||||
Years | Expected | |||||||
Amortization | ||||||||
(Dollars In | ||||||||
Thousands) | ||||||||
2014 | $ | 79,248 | ||||||
2015 | 74,663 | |||||||
2016 | 70,235 | |||||||
2017 | 66,720 | |||||||
2018 | 63,153 |
GOODWILL_Tables
GOODWILL (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
GOODWILL | ' | ||||||||||||||||
Schedule of changes in the carrying amount of goodwill by segment | ' | ||||||||||||||||
Life | Acquisitions | Asset | Corporate | Total | |||||||||||||
Marketing | Protection | and Other | Consolidated | ||||||||||||||
(Dollars In Thousands) | |||||||||||||||||
Balance as of December 31, 2011 | $ | 10,192 | $ | 38,713 | $ | 62,671 | $ | 83 | $ | 111,659 | |||||||
Tax benefit of excess tax goodwill | — | (3,098 | ) | — | — | (3,098 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance as of December 31, 2012 | 10,192 | 35,615 | 62,671 | 83 | 108,561 | ||||||||||||
Tax benefit of excess tax goodwill | — | (3,098 | ) | — | — | (3,098 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance as of December 31, 2013 | $ | 10,192 | $ | 32,517 | $ | 62,671 | $ | 83 | $ | 105,463 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
CERTAIN_NONTRADITIONAL_LONGDUR1
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | |||||||||||
Schedule of activity relating to GMDB reserves (excluding those 100% reinsured under the Modco agreement) | ' | |||||||||||
For The Year Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Beginning balance | $ | 19,606 | $ | 9,798 | $ | 6,412 | ||||||
Incurred guarantee benefits | (260 | ) | 14,087 | 7,171 | ||||||||
Less: Paid guarantee benefits | 3,062 | 4,279 | 3,785 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Ending balance | $ | 16,284 | $ | 19,606 | $ | 9,798 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Schedule of account balances of variable annuities with guarantees invested in VA separate accounts | ' | |||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars In Thousands) | ||||||||||||
Equity mutual funds | $ | 7,984,198 | $ | 6,171,196 | ||||||||
Fixed income mutual funds | 4,606,093 | 3,381,581 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
Total | $ | 12,590,291 | $ | 9,552,777 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||
Schedule of activity in the Company's deferred sales inducement asset | ' | |||||||||||
For The Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Deferred asset, beginning of period | $ | 143,949 | $ | 125,527 | $ | 112,147 | ||||||
Amounts deferred | 15,274 | 23,362 | 29,472 | |||||||||
Amortization | (12,572 | ) | (4,940 | ) | (16,092 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Deferred asset, end of period | $ | 146,651 | $ | 143,949 | $ | 125,527 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
REINSURANCE_Tables
REINSURANCE (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
REINSURANCE | ' | |||||||||||
Schedule of net life insurance in-force | ' | |||||||||||
For The Year Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Millions) | ||||||||||||
Direct life insurance in-force | $ | 726,697 | $ | 706,416 | $ | 728,670 | ||||||
Amounts assumed from other companies | 46,752 | 30,470 | 32,813 | |||||||||
Amounts ceded to other companies | (416,809 | ) | (444,951 | ) | (469,530 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net life insurance in-force | $ | 356,640 | $ | 291,935 | $ | 291,953 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Percentage of amount assumed to net | 13 | % | 10 | % | 11 | % | ||||||
Schedule of effect of reinsurance on life insurance premiums written and earned | ' | |||||||||||
For The Year Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Millions) | ||||||||||||
Direct premiums | $ | 2,372 | $ | 2,227 | $ | 2,245 | ||||||
Reinsurance assumed | 307 | 282 | 248 | |||||||||
Reinsurance ceded | (1,248 | ) | (1,229 | ) | (1,278 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net premiums(1) | $ | 1,431 | $ | 1,280 | $ | 1,215 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Percentage of amount assumed to net | 22 | % | 22 | % | 20 | % | ||||||
-1 | ||||||||||||
Includes annuity policy fees of $140.7 million, $103.8 million, and $74.9 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
Schedule of receivables attributable to more significant reinsurance partners | ' | |||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Reinsurance | A.M. Best | Reinsurance | A.M. Best | |||||||||
Receivable | Rating | Receivable | Rating | |||||||||
(Dollars In Millions) | ||||||||||||
Swiss Re Life & Health America, Inc. | $ | 823 | A+ | $ | 739.6 | A+ | ||||||
Security Life of Denver Insurance Company | 819.3 | A | 768.9 | A | ||||||||
Lincoln National Life Insurance Co. | 553.7 | A+ | 515.2 | A+ | ||||||||
Transamerica Life Insurance Co. | 531.1 | A+ | 524.1 | A+ | ||||||||
RGA Reinsurance Company | 419.1 | A+ | 377.6 | A+ | ||||||||
SCOR Global Life USA Reinsurance Company | 402.7 | A | 237.3 | A | ||||||||
American United Life Insurance Company | 342.2 | A+ | 334.8 | A+ | ||||||||
Scottish Re (U.S.) Inc.(1) | 305.1 | NR | 290.7 | NR | ||||||||
Employers Reassurance Corporation | 289.2 | A- | 287.9 | A- | ||||||||
Centre Reinsurance (Bermuda) Ltd | 281.6 | NR | — | NR | ||||||||
-1 | ||||||||||||
As of July 30, 2013, Scottish Re Life Corporation was merged with and into Scottish Re (U.S.), Inc., and for comparative purposes the 2012 reinsurance receivable from these two companies has been combined. | ||||||||||||
DEBT_AND_OTHER_OBLIGATIONS_Tab
DEBT AND OTHER OBLIGATIONS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
DEBT AND OTHER OBLIGATIONS | ' | ||||||||||
Summary of debt and subordinated debt securities | ' | ||||||||||
As of December 31, | |||||||||||
2013 | 2012 | ||||||||||
(Dollars In Thousands) | |||||||||||
Debt (year of issue): | |||||||||||
Revolving Line Of Credit | $ | 485,000 | $ | 50,000 | |||||||
4.30% Senior Notes (2003), due 2013 | — | 250,000 | |||||||||
4.875% Senior Notes (2004), due 2014 | 150,000 | 150,000 | |||||||||
6.40% Senior Notes (2007), due 2018 | 150,000 | 150,000 | |||||||||
7.375% Senior Notes (2009), due 2019 | 400,000 | 400,000 | |||||||||
8.00% Senior Notes (2009), due 2024, callable 2014 | 100,000 | 100,000 | |||||||||
8.45% Senior Notes (2009), due 2039 | 300,000 | 300,000 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
$ | 1,585,000 | $ | 1,400,000 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Subordinated debt securities (year of issue): | |||||||||||
6.125% Subordinated Debentures (2004), due 2034, callable 2009 | $ | 103,093 | $ | 103,093 | |||||||
6.25% Subordinated Debentures (2012) due 2042, callable 2017 | 287,500 | 287,500 | |||||||||
6.00% Subordinated Debentures (2012) due 2042, callable 2017 | 150,000 | 150,000 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
$ | 540,593 | $ | 540,593 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Summary of estimated debt covenant calculations | ' | ||||||||||
Requirement | Actual Results | ||||||||||
Consolidated net worth margin | greater than or equal to 0 | greater than $800Â million | |||||||||
Debt to total capital ratio* | less than 40% | approximately 31% | |||||||||
Total adjusted capital margin | greater than or equal to 0 | approximately $1.8Â billion | |||||||||
Interest cash inflow available compared to adjusted consolidated interest expense | greater than 2.0 to 1 | greater than 9.0 to 1 | |||||||||
* | |||||||||||
Excludes $800Â million of senior notes issued in 2009 | |||||||||||
Non-recourse funding obligations outstanding | ' | ||||||||||
Issuer | Balance | Maturity Year | Year-to-Date | ||||||||
Weighted-Avg | |||||||||||
Interest Rate | |||||||||||
(Dollars In Thousands) | |||||||||||
Golden Gate II Captive Insurance Company | $ | 194,900 | 2052 | 0.97 | % | ||||||
Golden Gate V Vermont Captive Insurance Company(1) | 365,000 | 2037 | 6.25 | % | |||||||
MONY Life Insurance Company(1) | 2,548 | 2024 | 6.63 | % | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 562,448 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||
Fixed rate obligations | |||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Administrative and marketing office space | ' | ||||
Operating leased assets | ' | ||||
Schedule of future minimum rental payments required under operating leases | ' | ||||
Year | Amount | ||||
(Dollars In Thousands) | |||||
2014 | $ | 6,971 | |||
2015 | 5,845 | ||||
2016 | 3,770 | ||||
2017 | 1,391 | ||||
2018 | 750 | ||||
Thereafter | 1,978 | ||||
Building contiguous to home office | ' | ||||
Operating leased assets | ' | ||||
Schedule of future minimum rental payments required under operating leases | ' | ||||
Year | Amount | ||||
(Dollars In Thousands) | |||||
2014 | $ | 1,236 | |||
2015 | 1,236 | ||||
2016 | 1,239 | ||||
2017 | 1,236 | ||||
2018 | 76,211 |
SHAREOWNERS_EQUITY_Tables
SHAREOWNERS' EQUITY (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
SHAREOWNERS' EQUITY | ' | |||||||||||
Summary of activity in issued and outstanding common stock | ' | |||||||||||
Issued | Treasury | Outstanding | ||||||||||
Shares | Shares | Shares | ||||||||||
Balance, December 31, 2010 | 88,776,960 | 3,108,983 | 85,667,977 | |||||||||
(Reissuance of)/deposits to treasury stock | — | 3,998,782 | (3,998,782 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance, December 31, 2011 | 88,776,960 | 7,107,765 | 81,669,195 | |||||||||
(Reissuance of)/deposits to treasury stock | — | 3,531,702 | (3,531,702 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance, December 31, 2012 | 88,776,960 | 10,639,467 | 78,137,493 | |||||||||
(Reissuance of)/deposits to treasury stock | — | (439,953 | ) | 439,953 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance, December 31, 2013 | 88,776,960 | 10,199,514 | 78,577,446 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||
Schedule of performance shares awarded and estimated fair value of the awards at grant date | ' | ||||||||||
Year Awarded | Performance | Estimated | |||||||||
Shares | Fair Value | ||||||||||
(Dollars In | |||||||||||
Thousands) | |||||||||||
2013 | 298,500 | $ | 9,328 | ||||||||
2012 | 306,100 | 8,608 | |||||||||
2011 | 191,100 | 5,433 | |||||||||
Schedule of the SARs activity as well as weighted-average base price | ' | ||||||||||
Weighted-Average | No. of SARs | ||||||||||
Base Price per share | |||||||||||
Balance at December 31, 2010 | $ | 21.97 | 2,324,837 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
SARs exercised / forfeited | 8.31 | (50,608 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance at December 31, 2011 | $ | 22.27 | 2,274,229 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
SARs exercised / forfeited | 22.6 | (633,062 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance at December 31, 2012 | $ | 22.15 | 1,641,167 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
SARs exercised / forfeited / expired | 18.54 | (336,066 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance at December 31, 2013 | $ | 23.08 | 1,305,101 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Schedule of outstanding SARs by base prices | ' | ||||||||||
Base Price | SARs | Remaining Life | Currently | ||||||||
Outstanding | in Years | Exercisable | |||||||||
$41.05 | 100,700 | 2 | 100,700 | ||||||||
$48.60 | 33,900 | 3 | 33,900 | ||||||||
$43.46 | 161,700 | 4 | 161,700 | ||||||||
$41.12 | 2,500 | 4 | 2,500 | ||||||||
$38.59 | 267,800 | 5 | 267,800 | ||||||||
$3.50 | 501,697 | 6 | 501,697 | ||||||||
$18.36 | 236,804 | 7 | 236,804 | ||||||||
Schedule of equity compensation plans | ' | ||||||||||
Plan category | Number of securities | Weighted-average | Number of securities | ||||||||
to be issued upon | exercise price of | remaining available | |||||||||
exercise of | outstanding options, | for future issuance | |||||||||
outstanding options, | warrants and rights as | under equity | |||||||||
warrants and rights as | of December 31, 2013 (b) | compensation plans | |||||||||
of December 31, 2013 (a) | (excluding securities | ||||||||||
reflected in | |||||||||||
column (a)) as of | |||||||||||
of December 31, 2013 (c) | |||||||||||
Equity compensation plans approved by shareowners | 2,628,085 | -1 | $ | 22.15 | -3 | 4,297,959 | -4 | ||||
Equity compensation plans not approved by shareowners | 213,900 | -2 | Not applicable | Not applicable | -5 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | 2,841,985 | $ | 22.15 | 4,297,959 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||
Includes the following number of shares: (a) 848,316 shares issuable with respect to outstanding SARs (assuming for this purpose that one share of common stock will be payable with respect to each outstanding SAR); (b) 852,384 shares issuable with respect to outstanding performance share awards (assuming for this purpose that the awards are payable based on estimated performance under the awards as of September 30, 2013); (c) 397,578 shares issuable with respect to outstanding restricted stock units (assuming for this purpose that shares will be payable with respect to all outstanding restricted stock units); (d) 383,641 shares issuable with respect to stock equivalents representing previously earned awards under the LTIP that the recipient deferred under the Company's Deferred Compensation Plan for Officers; and (e) 146,166 shares issuable with respect to stock equivalents representing previous awards under the Company's Stock Plan for Non-Employee Directors that the recipient deferred under our Deferred Compensation Plan for Directors Who Are Not Employees of the Company. | |||||||||||
-2 | |||||||||||
Includes the following number of shares of common stock: (a) 174,476 shares issuable with respect to stock equivalents representing (i) stock awards to the Company's Directors before June 1, 2004 that the recipient deferred pursuant to the Company's Deferred Compensation Plan for Directors Who Are Not Employees of the Company and (ii) cash retainers and fees that the Company's Directors deferred under the Company's Deferred Compensation Plan for Directors Who Are Not Employees of the Company, and (b) 39,425 shares issuable with respect to stock equivalents pursuant to the Company's Deferred Compensation Plan for Officers. | |||||||||||
-3 | |||||||||||
Based on exercise prices of outstanding SARs. | |||||||||||
-4 | |||||||||||
Represents shares of common stock available for future issuance under the LTIP and the Company's Stock Plan for Non-Employee Directors. | |||||||||||
-5 | |||||||||||
The plans listed in Note (2) do not currently have limits on the number of shares of common stock issuable under such plans. The total number of shares of common stock that may be issuable under such plans will depend upon, among other factors, the deferral elections made by the plans' participants. | |||||||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Defined Benefit Pension Plan | ' | ||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||||||
Schedule of benefit obligation, fair value of plan assets and the funded status of the Company's defined benefit pension plan and unfunded excess benefit plan | ' | ||||||||||||||||||||
Defined Benefit | Unfunded Excess | ||||||||||||||||||||
Pension Plan | Benefits Plan | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Accumulated benefit obligation, end of year | $ | 207,999 | $ | 210,319 | $ | 36,306 | $ | 39,828 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Change in projected benefit obligation: | |||||||||||||||||||||
Projected benefit obligation at beginning of year          | $ | 223,319 | $ | 199,162 | $ | 42,971 | $ | 36,256 | |||||||||||||
Service cost | 9,345 | 9,145 | 1,037 | 867 | |||||||||||||||||
Interest cost | 8,985 | 8,977 | 1,387 | 1,473 | |||||||||||||||||
Actuarial (gain) or loss | (8,172 | ) | 15,286 | (1,505 | ) | 6,946 | |||||||||||||||
Benefits paid | (14,325 | ) | (9,251 | ) | (4,211 | ) | (2,571 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Projected benefit obligation at end of year | 219,152 | 223,319 | 39,679 | 42,971 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Change in plan assets: | |||||||||||||||||||||
Fair value of plan assets at beginning of year | 152,187 | 125,058 | — | — | |||||||||||||||||
Actual return on plan assets | 33,368 | 15,202 | — | — | |||||||||||||||||
Employer contributions(1) | 8,943 | 21,178 | 4,211 | 2,571 | |||||||||||||||||
Benefits paid | (14,325 | ) | (9,251 | ) | (4,211 | ) | (2,571 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Fair value of plan assets at end of year | 180,173 | 152,187 | — | — | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
After reflecting FASB guidance: | |||||||||||||||||||||
Funded status | (38,979 | ) | (71,132 | ) | (39,679 | ) | (42,971 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Amounts recognized in the balance sheet: | |||||||||||||||||||||
Other liabilities | (38,979 | ) | (71,132 | ) | (39,679 | ) | (42,971 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Amounts recognized in accumulated other comprehensive income: | |||||||||||||||||||||
Net actuarial loss | 54,897 | 95,055 | 13,346 | 17,571 | |||||||||||||||||
Prior service cost/(credit) | (1,425 | ) | (1,816 | ) | 36 | 48 | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Total | $ | 53,472 | $ | 93,239 | $ | 13,382 | $ | 17,619 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
-1 | |||||||||||||||||||||
Employer contributions disclosed are based on the Company's fiscal filing year | |||||||||||||||||||||
Schedule of weighted-average assumptions used to determine benefit obligations | ' | ||||||||||||||||||||
Defined Benefit | Unfunded Excess | ||||||||||||||||||||
Pension Plan | Benefits Plan | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Discount rate | 4.86 | % | 4.07 | % | 4.3 | % | 3.37 | % | |||||||||||||
Rate of compensation increase | 3 | 3 | 4 | 4 | |||||||||||||||||
Expected long-term return on plan assets | 7.5 | 7.5 | N/A | N/A | |||||||||||||||||
Schedule of weighted-average assumptions used to determine the net periodic benefit cost | ' | ||||||||||||||||||||
Defined Benefit Pension Plan | Unfunded Excess Benefits Plan | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Discount rate | 4.07 | % | 4.62 | % | 5.3 | % | 3.37 | % | 4.07 | % | 4.79 | % | |||||||||
Rates of compensation increase | 3 | 2.5Â -Â 3.0 | 2.5Â -Â 3.0 | 4 | 3.5Â -Â 4.0 | 3.5Â -Â 4.0 | |||||||||||||||
Expected long-term return on plan assets | 7.5 | 7.75 | 7.75 | N/A | N/A | N/A | |||||||||||||||
Components of the net periodic benefit cost | ' | ||||||||||||||||||||
Defined Benefit Pension Plan | Unfunded Excess Benefits Plan | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Service cost—benefits earned during the period | $ | 9,345 | $ | 9,145 | $ | 8,682 | $ | 1,037 | $ | 867 | $ | 679 | |||||||||
Interest cost on projected benefit obligation | 8,985 | 8,977 | 8,938 | 1,387 | 1,473 | 1,506 | |||||||||||||||
Expected return on plan assets | (11,013 | ) | (10,916 | ) | (10,021 | ) | — | — | — | ||||||||||||
Amortization of prior service cost/(credit) | (392 | ) | (392 | ) | (392 | ) | 12 | 12 | 12 | ||||||||||||
Amortization of actuarial losses(1) | 9,631 | 7,749 | 5,625 | 1,792 | 1,300 | 881 | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Preliminary net periodic benefit cost | 16,556 | 14,563 | 12,832 | 4,228 | 3,652 | 3,078 | |||||||||||||||
Settlement/curtailment expense(2) | — | — | — | 928 | — | — | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Total net periodic benefit cost | $ | 16,556 | $ | 14,563 | $ | 12,832 | $ | 5,156 | $ | 3,652 | $ | 3,078 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
-1 | |||||||||||||||||||||
2013 average remaining service period used is 8.19Â years and 7.45Â years for the defined benefit pension plan and unfunded excess benefit plan, respectively. | |||||||||||||||||||||
-2 | |||||||||||||||||||||
The excess pension plan triggered settlement accounting for the year ended December 31, 2013 since the total lump sum payments exceeded the settlement threshold of service cost plus interest cost. | |||||||||||||||||||||
Schedule of estimated net actuarial loss, prior service cost and transition obligation that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the next fiscal year | ' | ||||||||||||||||||||
 The estimated net actuarial loss, prior service cost/(credit), and transition obligation for these plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2014 is as follows: | |||||||||||||||||||||
Defined Benefit | Unfunded Excess | ||||||||||||||||||||
Pension Plan | Benefits Plan | ||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Net actuarial loss | $ | 6,300 | $ | 1,300 | |||||||||||||||||
Prior service cost/(credit) | (392 | ) | 12 | ||||||||||||||||||
Transition obligation | — | — | |||||||||||||||||||
Schedule of allocation of plan assets by category | ' | ||||||||||||||||||||
Asset Category | Target | 2013 | 2012 | ||||||||||||||||||
Allocation | |||||||||||||||||||||
for 2014 | |||||||||||||||||||||
Cash and cash equivalents | 2 | % | 2 | % | 4 | % | |||||||||||||||
Equity securities | 60 | 64 | 60 | ||||||||||||||||||
Fixed income | 38 | 34 | 36 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
Schedule of fair value of plan assets by category | ' | ||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
Asset Category | 2013 | 2012 | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Cash | $ | 3,052 | $ | 6,222 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||
Collective Russell 3000 index fund | 74,753 | 61,451 | |||||||||||||||||||
Fidelity Spartan 500 index fund | 45,632 | 34,482 | |||||||||||||||||||
Fixed income | 56,736 | 50,032 | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
Total investments | 180,173 | 152,187 | |||||||||||||||||||
Employer contribution receivable | 2,314 | — | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
Total | $ | 182,487 | $ | 152,187 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
Schedule of fair value of plan assets, set forth by level, within the fair value hierarchy | ' | ||||||||||||||||||||
 The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2013: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Collective short-term investment fund | $ | 3,052 | $ | — | $ | — | $ | 3,052 | |||||||||||||
Collective investment funds: | — | ||||||||||||||||||||
Equity index funds | 45,632 | 74,753 | — | 120,385 | |||||||||||||||||
Group deposit administration annuity contract | — | — | 56,736 | 56,736 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Total investments | $ | 48,684 | $ | 74,753 | $ | 56,736 | $ | 180,173 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
        The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2012: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Collective short-term investment fund | $ | 6,222 | $ | — | $ | — | $ | 6,222 | |||||||||||||
Collective investment funds: | — | — | — | — | |||||||||||||||||
Equity index funds | 34,482 | 61,451 | — | 95,933 | |||||||||||||||||
Group deposit administration annuity contract | — | — | 50,032 | 50,032 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Total investments | $ | 40,704 | $ | 61,451 | $ | 50,032 | $ | 152,187 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||
Summary of plan investments measured at a fair value based on NAV per share | ' | ||||||||||||||||||||
Name | Fair Value | Unfunded | Redemption | Redemption | |||||||||||||||||
Commitments | Frequency | Notice Period | |||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||
Collective short-term investment fund | $ | 3,052 | Not Applicable | Daily | 1Â day | ||||||||||||||||
Collective Russell 3000 index fund(1) | 74,753 | Not Applicable | Daily | 1Â day | |||||||||||||||||
Fidelity Spartan 500 index fund | 45,632 | Not Applicable | Daily | 1Â day | |||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||
Collective short-term investment fund | $ | 6,222 | Not Applicable | Daily | 1Â day | ||||||||||||||||
Collective Russell 3000 index fund(1) | 61,451 | Not Applicable | Daily | 1Â day | |||||||||||||||||
Fidelity Spartan 500 index fund | 34,482 | Not Applicable | Daily | 1Â day | |||||||||||||||||
-1 | |||||||||||||||||||||
Non-lending collective trust that does not publish a daily NAV but tracks the Russell 3000 index and provides a daily NAV to the Plan | |||||||||||||||||||||
Reconciliation of the beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) have been used | ' | ||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Balance, beginning of year | $ | 50,032 | $ | 41,527 | |||||||||||||||||
Interest income | 2,704 | 2,505 | |||||||||||||||||||
Transfers from collective short-term investments fund | 4,000 | 6,000 | |||||||||||||||||||
Transfers to collective short-term investments fund | — | — | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
Balance, end of year | $ | 56,736 | $ | 50,032 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
Schedule of Plan's Level 3 financial instrument, the valuation technique used, and the significant unobservable input and the ranges of values for that input | ' | ||||||||||||||||||||
Instrument | Fair Value | Principal | Significant | Range of | |||||||||||||||||
Valuation | Unobservable | Significant | |||||||||||||||||||
Technique | Inputs | Input | |||||||||||||||||||
Values | |||||||||||||||||||||
(Dollars | |||||||||||||||||||||
In Thousands) | |||||||||||||||||||||
Group deposit administration annuity contract | $ | 56,736 | Contract Value | Contract Rate | 5.32% - 5.42% | ||||||||||||||||
Schedule of estimated future benefit payments under defined benefit pension plan | ' | ||||||||||||||||||||
Years | Defined Benefit | Unfunded Excess | |||||||||||||||||||
Pension Plan | Benefits Plan | ||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
2014 | $ | 12,621 | $ | 3,817 | |||||||||||||||||
2015 | 13,284 | 4,077 | |||||||||||||||||||
2016 | 13,688 | 4,007 | |||||||||||||||||||
2017 | 14,571 | 3,887 | |||||||||||||||||||
2018 | 15,431 | 3,845 | |||||||||||||||||||
2019 - 2023 | 84,854 | 16,936 | |||||||||||||||||||
Retiree medical plan | ' | ||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||||||
Schedule of accumulated postretirement benefit obligation | ' | ||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||
Benefit obligation, beginning of year | $ | 788 | $ | 949 | |||||||||||||||||
Service cost | 4 | 6 | |||||||||||||||||||
Interest cost | 5 | 17 | |||||||||||||||||||
Amendments | — | — | |||||||||||||||||||
Actuarial (gain) or loss | 29 | (144 | ) | ||||||||||||||||||
Plan participant contributions | 289 | 293 | |||||||||||||||||||
Benefits paid | (668 | ) | (333 | ) | |||||||||||||||||
Special termination benefits | — | — | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
Benefit obligation, end of year | $ | 447 | $ | 788 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
Group life insurance plan | ' | ||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||||||
Schedule of fair value of plan assets by category | ' | ||||||||||||||||||||
For The Year Ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
Category of Investment | 2013 | 2012 | 2011 | ||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Money market fund | $ | 6,156 | $ | 6,174 | $ | 6,193 | |||||||||||||||
Schedule of fair value of plan assets, set forth by level, within the fair value hierarchy | ' | ||||||||||||||||||||
 The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2013: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Money market fund | $ | 6,156 | $ | — | $ | — | $ | 6,156 | |||||||||||||
        The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2012: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Money market fund | $ | 6,174 | $ | — | $ | — | $ | 6,174 | |||||||||||||
Schedule of accumulated postretirement benefit obligation | ' | ||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||
Benefit obligation, beginning of year | $ | 10,070 | $ | 8,951 | |||||||||||||||||
Service cost | 144 | 123 | |||||||||||||||||||
Interest cost | 405 | 412 | |||||||||||||||||||
Amendments | — | — | |||||||||||||||||||
Actuarial (gain) or loss | (1,620 | ) | 895 | ||||||||||||||||||
Plan participant contributions | — | — | |||||||||||||||||||
Benefits paid | (346 | ) | (311 | ) | |||||||||||||||||
Special termination benefits | — | — | |||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
Benefit obligation, end of year | $ | 8,653 | $ | 10,070 | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
EARNINGS PER SHARE | ' | ||||||||||
Schedule of reconciliation of the numerators and denominators of the basic and diluted earnings per share | ' | ||||||||||
For The Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(Dollars In Thousands, Except Per Share Amounts) | |||||||||||
Calculation of basic earnings per share: | |||||||||||
Net income available to PLC's common shareowners | $ | 393,464 | $ | 302,452 | $ | 315,392 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Average shares issued and outstanding | 78,439,987 | 80,149,261 | 84,309,804 | ||||||||
Issuable under various deferred compensation plans | 955,635 | 917,077 | 898,808 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Weighted shares outstanding—basic | 79,395,622 | 81,066,338 | 85,208,612 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Per share: | |||||||||||
Net income available to PLC's common shareowners—basic | $ | 4.96 | $ | 3.73 | $ | 3.7 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Calculation of diluted earnings per share: | |||||||||||
Net income available to PLC's common shareowners | $ | 393,464 | $ | 302,452 | $ | 315,392 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Weighted shares outstanding—basic | 79,395,622 | 81,066,338 | 85,208,612 | ||||||||
Stock appreciation rights ("SARs")(1) | 432,413 | 448,936 | 468,810 | ||||||||
Issuable under various other stock-based compensation plans | 745,607 | 588,298 | 122,027 | ||||||||
Restricted stock units | 352,071 | 619,444 | 675,780 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Weighted shares outstanding—diluted | 80,925,713 | 82,723,016 | 86,475,229 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Per share: | |||||||||||
Net income available to PLC's common shareowners—diluted | $ | 4.86 | $ | 3.66 | $ | 3.65 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||
Excludes 178,325; 670,320; and 1,440,047 SARs as of December 31, 2013, 2012, and 2011, respectively, that are antidilutive. In the event the average market price exceeds the issue price of the SARs, such rights would be dilutive to the Company's earnings per share and will be included in the Company's calculation of the diluted average shares outstanding, for applicable periods. | |||||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||
Summary of changes in the accumulated balances for each component of accumulated other comprehensive income (loss) | ' | |||||||||||||
Unrealized Gains | Accumulated | Minimum | Total | |||||||||||
and Losses on | Gain and Loss | Pension Liability | Accumulated | |||||||||||
Investments(2) | Derivatives | Adjustment | Other | |||||||||||
Comprehensive | ||||||||||||||
Income (Loss) | ||||||||||||||
(Dollars In Thousands, Net of Tax) | ||||||||||||||
Beginning Balance, December 31, 2012 | $ | 1,813,516 | $ | (3,496 | ) | $ | (73,298 | ) | $ | 1,736,722 | ||||
Other comprehensive income (loss) before reclassifications | (1,250,498 | ) | 734 | 29,596 | (1,220,168 | ) | ||||||||
Other comprehensive income (loss) relating to other- than-temporary impaired investments for which a portion has been recognized in earnings | 4,591 | — | — | 4,591 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)(1) | (28,606 | ) | 1,527 | — | (27,079 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net current-period other comprehensive income (loss) | (1,274,513 | ) | 2,261 | 29,596 | (1,242,656 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Ending Balance, December31, 2013 | $ | 539,003 | $ | (1,235 | ) | $ | (43,702 | ) | $ | 494,066 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||
See Reclassification table below for details. | ||||||||||||||
-2 | ||||||||||||||
These balances were offset by the impact of DAC and VOBA by $198.1 million and $204.9 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||
Schedule of reclassifications amounts out of AOCI | ' | |||||||||||||
Amount Reclassified | Affected Line Item in the Consolidated | |||||||||||||
from Accumulated | Statements of Income | |||||||||||||
Other Comprehensive | ||||||||||||||
Income (Loss) | ||||||||||||||
(Dollars In Thousands) | ||||||||||||||
For The Year Ended December 31, 2013 | ||||||||||||||
Gains and losses on derivative instruments | ||||||||||||||
Net settlement (expense)/benefit(1) | $ | (2,349 | ) | Benefits and settlement expenses, net of reinsurance ceded | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
(2,349 | ) | Total before tax | ||||||||||||
822 | Tax (expense) or benefit | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
$ | (1,527 | ) | Net of tax | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
Unrealized gains and losses on available-for-sale securities | ||||||||||||||
Net investment gains/losses | $ | 66,456 | Realized investment gains (losses): All other investments | |||||||||||
Impairments recognized in earnings | (22,447 | ) | Net impairment losses recognized in earnings | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
44,009 | Total before tax | |||||||||||||
(15,403 | ) | Tax (expense) or benefit | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
$ | 28,606 | Net of tax | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | |||||||||
-1 | ||||||||||||||
See Note 23, Derivative Financial Instruments for additional information. | ||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
INCOME TAXES | ' | |||||||||||
Schedule of reconciliation of effective income tax rate related to continuing operations | ' | |||||||||||
For The Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal income tax rate applied to pre-tax income | 35 | % | 35 | % | 35 | % | ||||||
State income taxes | 0.6 | 0.3 | 0.4 | |||||||||
Investment income not subject to tax | (3.1 | ) | (3.1 | ) | (2.2 | ) | ||||||
Uncertain tax positions | 0.4 | 0.4 | — | |||||||||
Other | 0.5 | 0.6 | (0.3 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
33.4 | % | 33.2 | % | 32.9 | % | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Schedule of components of income tax | ' | |||||||||||
For The Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Current income tax expense: | ||||||||||||
Federal | $ | 19,267 | $ | 72,743 | $ | 9,510 | ||||||
State | 2,588 | 3,443 | 264 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total current | $ | 21,855 | $ | 76,186 | $ | 9,774 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Deferred income tax expense: | ||||||||||||
Federal | $ | 174,888 | $ | 71,659 | $ | 142,761 | ||||||
State | 166 | 2,674 | 2,304 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total deferred | $ | 175,054 | $ | 74,333 | $ | 145,065 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Schedule of components of the Company's net deferred income tax liability | ' | |||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars In Thousands) | ||||||||||||
Deferred income tax assets: | ||||||||||||
Premium receivables and policy liabilities | $ | 180,971 | $ | 56,918 | ||||||||
Loss carryforwards | 64,856 | — | ||||||||||
Deferred compensation | 150,435 | 78,465 | ||||||||||
Other | 49,057 | 52,158 | ||||||||||
Valuation allowance | (2,965 | ) | (4,653 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
442,354 | 182,888 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Deferred income tax liabilities: | ||||||||||||
Deferred policy acquisition costs and value of business acquired | 1,015,992 | 916,406 | ||||||||||
Invested assets (other than unrealized gains) | 206,554 | 28,396 | ||||||||||
Net unrealized gains (losses) on investments | 289,567 | 974,475 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
1,512,113 | 1,919,277 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Net deferred income tax liability | $ | (1,069,759 | ) | $ | (1,736,389 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | |||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars In Thousands) | ||||||||||||
Balance, beginning of period | $ | 75,292 | $ | 4,840 | ||||||||
Additions for tax positions of the current year | 7,465 | 9,465 | ||||||||||
Additions for tax positions of prior years | 26,386 | 64,485 | ||||||||||
Reductions of tax positions of prior years: | ||||||||||||
Changes in judgment | (2,740 | ) | (3,498 | ) | ||||||||
Settlements during the period | — | — | ||||||||||
Lapses of applicable statute of limitations | (522 | ) | — | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance, end of period | $ | 105,881 | $ | 75,292 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | |||||||||||
Schedule of supplemental cash flow information | ' | |||||||||||
For The Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars In Thousands) | ||||||||||||
Cash paid / (received) during the year: | ||||||||||||
Interest on debt | $ | 171,360 | $ | 159,674 | $ | 158,033 | ||||||
Income taxes | (27,211 | ) | 51,239 | 20,122 | ||||||||
Noncash investing and financing activities: | ||||||||||||
Stock-based compensation | 10,739 | 12,280 | 12,517 | |||||||||
Decrease in collateral for securities lending transactions | — | — | (96,653 | ) |
STATUTORY_REPORTING_PRACTICES_1
STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS | ' | ||||||||
Schedule of favorable (unfavorable) effects of PLICO's statutory surplus, compared to NAIC statutory surplus, from the use of prescribed and permitted practices | ' | ||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars In Millions) | |||||||||
Non-admission of goodwill | $ | (311 | ) | $ | — | ||||
Report BOLI Separate Accounts at Book Value | — | (1 | ) | ||||||
Reserving difference related to a captive insurance company | — | (49 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total (net) | $ | (311 | ) | $ | (50 | ) | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Schedule of favorable (unfavorable) effects on the statutory surplus of the Company's insurance subsidiaries, compared to NAIC statutory surplus, from the use of prescribed and permitted practices | ' | ||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars In Millions) | |||||||||
Accounting for Letters of Credit as admitted assets | $ | 1,415 | $ | 1,205 | |||||
Accounting for Red Mountain Note as admitted asset | $ | 365 | $ | 300 | |||||
Reserving based on state specific actuarial practices | $ | 105 | $ | 95 | |||||
Reserving difference related to a captive insurance company | $ | (22 | ) | $ | — |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||||||||||||||||||||||||
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 December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities—available-for-sale | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | — | $ | 1,445,040 | $ | 28 | $ | 1,445,068 | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 970,656 | — | 970,656 | |||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 326,175 | 545,808 | 871,983 | |||||||||||||||||||||||||||||||||||||
U.S. government-related securities | 1,211,141 | 296,749 | — | 1,507,890 | |||||||||||||||||||||||||||||||||||||
State, municipalities, and political subdivisions | — | 1,407,154 | 3,675 | 1,410,829 | |||||||||||||||||||||||||||||||||||||
Other government-related securities | — | 51,427 | — | 51,427 | |||||||||||||||||||||||||||||||||||||
Corporate bonds | 107 | 24,209,541 | 1,549,940 | 25,759,588 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total fixed maturity securities—available-for-sale | 1,211,248 | 28,706,742 | 2,099,451 | 32,017,441 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Fixed maturity securities—trading | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 310,877 | — | 310,877 | |||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 158,570 | — | 158,570 | |||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 93,278 | 194,977 | 288,255 | |||||||||||||||||||||||||||||||||||||
U.S. government-related securities | 191,332 | 4,906 | — | 196,238 | |||||||||||||||||||||||||||||||||||||
State, municipalities, and political subdivisions | — | 260,892 | — | 260,892 | |||||||||||||||||||||||||||||||||||||
Other government-related securities | — | 57,097 | — | 57,097 | |||||||||||||||||||||||||||||||||||||
Corporate bonds | — | 1,497,362 | 29,199 | 1,526,561 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total fixed maturity securities—trading | 191,332 | 2,382,982 | 224,176 | 2,798,490 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total fixed maturity securities | 1,402,580 | 31,089,724 | 2,323,627 | 34,815,931 | |||||||||||||||||||||||||||||||||||||
Equity securities | 523,219 | 50,927 | 71,881 | 646,027 | |||||||||||||||||||||||||||||||||||||
Other long-term investments(1) | 56,469 | 54,965 | 196,133 | 307,567 | |||||||||||||||||||||||||||||||||||||
Short-term investments | 132,543 | 1,603 | — | 134,146 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total investments | 2,114,811 | 31,197,219 | 2,591,641 | 35,903,671 | |||||||||||||||||||||||||||||||||||||
Cash | 466,542 | — | — | 466,542 | |||||||||||||||||||||||||||||||||||||
Other assets | 10,979 | — | — | 10,979 | |||||||||||||||||||||||||||||||||||||
Assets related to separate accounts | |||||||||||||||||||||||||||||||||||||||||
Variable annuity | 12,791,438 | — | — | 12,791,438 | |||||||||||||||||||||||||||||||||||||
Variable universal life | 783,618 | — | — | 783,618 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 16,167,388 | $ | 31,197,219 | $ | 2,591,641 | $ | 49,956,248 | |||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Annuity account balances(2) | $ | — | $ | — | $ | 107,000 | $ | 107,000 | |||||||||||||||||||||||||||||||||
Other liabilities(1) | 30,241 | 156,931 | 270,630 | 457,802 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 30,241 | $ | 156,931 | $ | 377,630 | $ | 564,802 | |||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
Includes certain freestanding and embedded derivatives. | |||||||||||||||||||||||||||||||||||||||||
-2 | |||||||||||||||||||||||||||||||||||||||||
Represents liabilities related to fixed indexed annuities. | |||||||||||||||||||||||||||||||||||||||||
        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, 2012: | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities—available-for-sale | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | — | $ | 1,839,326 | $ | 4 | $ | 1,839,330 | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 869,823 | — | 869,823 | |||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 378,870 | 596,143 | 975,013 | |||||||||||||||||||||||||||||||||||||
U.S. government-related securities          | 909,988 | 259,955 | — | 1,169,943 | |||||||||||||||||||||||||||||||||||||
State, municipalities, and political subdivisions | — | 1,439,378 | 4,335 | 1,443,713 | |||||||||||||||||||||||||||||||||||||
Other government-related securities          | — | 80,767 | 20,011 | 100,778 | |||||||||||||||||||||||||||||||||||||
Corporate bonds | 207 | 20,213,952 | 167,892 | 20,382,051 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total fixed maturity securities—available-for-sale | 910,195 | 25,082,071 | 788,385 | 26,780,651 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Fixed maturity securities—trading | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 357,803 | — | 357,803 | |||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 171,073 | — | 171,073 | |||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 87,395 | 70,535 | 157,930 | |||||||||||||||||||||||||||||||||||||
U.S. government-related securities        | 304,704 | 1,169 | — | 305,873 | |||||||||||||||||||||||||||||||||||||
State, municipalities, and political subdivisions | — | 278,898 | — | 278,898 | |||||||||||||||||||||||||||||||||||||
Other government-related securities        | — | 63,444 | — | 63,444 | |||||||||||||||||||||||||||||||||||||
Corporate bonds | — | 1,672,172 | 115 | 1,672,287 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total fixed maturity securities—trading | 304,704 | 2,631,954 | 70,650 | 3,007,308 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total fixed maturity securities | 1,214,899 | 27,714,025 | 859,035 | 29,787,959 | |||||||||||||||||||||||||||||||||||||
Equity securities | 307,252 | 35,116 | 69,418 | 411,786 | |||||||||||||||||||||||||||||||||||||
Other long-term investments(1) | 23,639 | 58,134 | 31,591 | 113,364 | |||||||||||||||||||||||||||||||||||||
Short-term investments | 215,320 | 2,492 | — | 217,812 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total investments | 1,761,110 | 27,809,767 | 960,044 | 30,530,921 | |||||||||||||||||||||||||||||||||||||
Cash | 368,801 | — | — | 368,801 | |||||||||||||||||||||||||||||||||||||
Other assets | 8,239 | — | — | 8,239 | |||||||||||||||||||||||||||||||||||||
Assets related to separate accounts | |||||||||||||||||||||||||||||||||||||||||
Variable annuity | 9,601,417 | — | — | 9,601,417 | |||||||||||||||||||||||||||||||||||||
Variable universal life | 562,817 | — | — | 562,817 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 12,302,384 | $ | 27,809,767 | $ | 960,044 | $ | 41,072,195 | |||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Annuity account balances(2) | $ | — | $ | — | $ | 129,468 | $ | 129,468 | |||||||||||||||||||||||||||||||||
Other liabilities(1) | 19,187 | 27,250 | 611,437 | 657,874 | |||||||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 19,187 | $ | 27,250 | $ | 740,905 | $ | 787,342 | |||||||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
Includes certain freestanding and embedded derivatives. | |||||||||||||||||||||||||||||||||||||||||
-2 | |||||||||||||||||||||||||||||||||||||||||
Represents liabilities related to fixed indexed annuities. | |||||||||||||||||||||||||||||||||||||||||
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 | ' | ||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Range | ||||||||||||||||||||||||||||||||||||||
As of | Technique | Input | (Weighted Average) | ||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | $ | 545,808 | Discounted cash flow | Liquidity premium | 1.00% - 1.68% (1.08%) | ||||||||||||||||||||||||||||||||||||
Paydown rate | 8.57% - 16.87% (12.05%) | ||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 1,555,898 | Discounted cash flow | Spread over treasury | 0.11% - 6.75% (2.06%) | |||||||||||||||||||||||||||||||||||||
Embedded derivatives—GMWB(1) | 156,287 | Actuarial cash flow model | Mortality | 49% to 80% of 1994 MGDB table | |||||||||||||||||||||||||||||||||||||
Lapse | 0% - 24%, depending on product/duration/funded status of guarantee | ||||||||||||||||||||||||||||||||||||||||
Utilization | 97% - 103% | ||||||||||||||||||||||||||||||||||||||||
Nonperformance risk | 0.15% - 1.06% | ||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Annuity account balances(2) | $ | 107,000 | Actuarial cash flow model | Asset earned rate | 5.37% | ||||||||||||||||||||||||||||||||||||
Expenses | $88 - $102 per policy | ||||||||||||||||||||||||||||||||||||||||
Withdrawal rate | 2.20% | ||||||||||||||||||||||||||||||||||||||||
Mortality | 49% to 80% of 1994 MGDB table | ||||||||||||||||||||||||||||||||||||||||
Lapse | 2.2% - 33.0%, depending on duration/surrender charge period | ||||||||||||||||||||||||||||||||||||||||
Return on assets | 1.50% - 1.85% depending on surrender charge period | ||||||||||||||||||||||||||||||||||||||||
Nonperformance risk | 0.15% - 1.06% | ||||||||||||||||||||||||||||||||||||||||
Embedded derivative—FIA | 25,324 | Actuarial cash flow model | Expenses | $83 - $97 per policy | |||||||||||||||||||||||||||||||||||||
Withdrawal rate | 1.1% - 4.5% depending on duration and tax qualification | ||||||||||||||||||||||||||||||||||||||||
Mortality | 49% to 80% of 1994 MGDB table | ||||||||||||||||||||||||||||||||||||||||
Lapse | 2.5% - 40.0%, depending on duration/surrender charge period | ||||||||||||||||||||||||||||||||||||||||
Nonperformance risk | 0.15% - 1.06% | ||||||||||||||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
The fair value for the GMWB embedded derivative is presented as a net asset. Excludes modified coinsurance arrangements. | |||||||||||||||||||||||||||||||||||||||||
-2 | |||||||||||||||||||||||||||||||||||||||||
Represents liabilities related to fixed indexed annuities. | |||||||||||||||||||||||||||||||||||||||||
      | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Range | ||||||||||||||||||||||||||||||||||||||
As of | Technique | Input | (Weighted Average) | ||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | $ | 596,143 | Discounted cash flow | Liquidity premium | 0.72% - 1.68% (1.29%) | ||||||||||||||||||||||||||||||||||||
Paydown rate | 8.51% - 18.10% (11.40%) | ||||||||||||||||||||||||||||||||||||||||
Other government-related securities | 20,011 | Discounted cash flow | Spread over treasury | -0.30% | |||||||||||||||||||||||||||||||||||||
Corporate bonds | 168,007 | Discounted cash flow | Spread over treasury | 0.92% - 7.75% (3.34%) | |||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Embedded derivatives—GMWB(1) | $ | 169,041 | Actuarial cash flow model | Mortality | 57% of 1994 MGDB table | ||||||||||||||||||||||||||||||||||||
Lapse | 0% - 24%, depending on product/duration/funded status of guarantee | ||||||||||||||||||||||||||||||||||||||||
Utilization | 93% - 100% | ||||||||||||||||||||||||||||||||||||||||
Nonperformance risk | 0.09% - 1.34% | ||||||||||||||||||||||||||||||||||||||||
Annuity account balances(2) | 129,468 | Actuarial cash flow model | Asset earned rate | 5.81% | |||||||||||||||||||||||||||||||||||||
Expenses | $88 - $108 per policy | ||||||||||||||||||||||||||||||||||||||||
Withdrawal rate | 2.20% | ||||||||||||||||||||||||||||||||||||||||
Mortality | 57% of 1994 MGDB table | ||||||||||||||||||||||||||||||||||||||||
Lapse | 2.2% - 45.0%, depending on duration/surrender charge period | ||||||||||||||||||||||||||||||||||||||||
Return on assets | 1.50% - 1.85% depending on surrender charge period | ||||||||||||||||||||||||||||||||||||||||
Nonperformance risk | 0.09% - 1.34% | ||||||||||||||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
The fair value for the GMWB embedded derivative is presented as a net liability. Excludes modified coinsurance arrangements. | |||||||||||||||||||||||||||||||||||||||||
-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 year ended December 31, 2013, for which the Company has used significant unobservable inputs (Level 3): | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Gains (losses) | |||||||||||||||||||||||||||||||||||||||||
included in | |||||||||||||||||||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||||||||||||||||
related to | |||||||||||||||||||||||||||||||||||||||||
Instruments | |||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
Total | Total | the Reporting | |||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | Realized and Unrealized | Date | |||||||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||||||
Beginning | Included in | Included in | Included in | Included in | Purchases | Sales | Issuances | Settlements | Transfers | Other | Ending | ||||||||||||||||||||||||||||||
Balance | Earnings | Other | Earnings | Other | in/out of | Balance | |||||||||||||||||||||||||||||||||||
Comprehensive | Comprehensive | Level 3 | |||||||||||||||||||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities available-for-sale | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 4 | $ | — | $ | 1,310 | $ | — | $ | (338 | ) | $ | 14,348 | $ | (23 | ) | $ | — | $ | — | $ | (15,287 | ) | $ | 14 | $ | 28 | $ | — | ||||||||||||
Commercial mortgage-backed securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other asset-backed securities | 596,143 | — | 44,620 | — | (58,937 | ) | 24,931 | (62,760 | ) | — | — | 1,227 | 584 | 545,808 | — | ||||||||||||||||||||||||||
U.S. government-related securities                                   | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
States, municipals, and political subdivisions | 4,335 | — | — | — | (2 | ) | — | (660 | ) | — | — | — | 2 | 3,675 | — | ||||||||||||||||||||||||||
Other government-related securities                                   | 20,011 | — | 2 | — | (3 | ) | — | (20,000 | ) | — | — | — | (10 | ) | — | — | |||||||||||||||||||||||||
Corporate bonds | 167,892 | 116 | 8,310 | — | (20,118 | ) | 736,012 | (67,431 | ) | — | — | 726,760 | (1,601 | ) | 1,549,940 | — | |||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total fixed maturity securities—available-for-sale | 788,385 | 116 | 54,242 | — | (79,398 | ) | 775,291 | (150,874 | ) | — | — | 712,700 | (1,011 | ) | 2,099,451 | — | |||||||||||||||||||||||||
Fixed maturity securities—trading | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | — | — | (1 | ) | — | 1,582 | (72 | ) | — | — | (1,494 | ) | (15 | ) | — | — | ||||||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other asset-backed securities | 70,535 | 8,785 | — | (5,947 | ) | — | 147,224 | (29,344 | ) | — | — | 2,210 | 1,514 | 194,977 | 3,588 | ||||||||||||||||||||||||||
U.S. government-related securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
States, municipals and political subdivisions | — | — | — | (123 | ) | — | 3,500 | — | — | — | (3,377 | ) | — | — | — | ||||||||||||||||||||||||||
Other government-related securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Corporate bonds | 115 | 1 | — | (102 | ) | — | 4,880 | (17 | ) | — | — | 24,312 | 10 | 29,199 | (5 | ) | |||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total fixed maturity securities—trading | 70,650 | 8,786 | — | (6,173 | ) | — | 157,186 | (29,433 | ) | — | — | 21,651 | 1,509 | 224,176 | 3,583 | ||||||||||||||||||||||||||
Total fixed maturity securities | 859,035 | 8,902 | 54,242 | (6,173 | ) | (79,398 | ) | 932,477 | (180,307 | ) | — | — | 734,351 | 498 | 2,323,627 | 3,583 | |||||||||||||||||||||||||
Equity securities | 69,418 | — | 10 | — | — | 2,453 | — | — | — | — | — | 71,881 | — | ||||||||||||||||||||||||||||
Other long-term investments(1) | 31,591 | 165,213 | — | (671 | ) | — | — | — | — | — | — | — | 196,133 | 164,542 | |||||||||||||||||||||||||||
Short-term investments | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total investments | 960,044 | 174,115 | 54,252 | (6,844 | ) | (79,398 | ) | 934,930 | (180,307 | ) | — | — | 734,351 | 498 | 2,591,641 | 168,125 | |||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total assets measured at fair value on a recurring basis | $ | 960,044 | $ | 174,115 | $ | 54,252 | $ | (6,844 | ) | $ | (79,398 | ) | $ | 934,930 | $ | (180,307 | ) | $ | — | $ | — | $ | 734,351 | $ | 498 | $ | 2,591,641 | $ | 168,125 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Annuity account balances(2) | $ | 129,468 | $ | — | $ | — | $ | (8,029 | ) | $ | — | $ | — | $ | — | $ | 406 | $ | 30,903 | $ | — | $ | — | $ | 107,000 | $ | — | ||||||||||||||
Other liabilities(1) | 611,437 | 425,867 | — | (85,060 | ) | — | — | — | — | — | — | — | 270,630 | 340,024 | |||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total liabilities measured at fair value on a recurring basis | $ | 740,905 | $ | 425,867 | $ | — | $ | (93,089 | ) | $ | — | $ | — | $ | — | $ | 406 | $ | 30,903 | $ | — | $ | — | $ | 377,630 | $ | 340,024 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||||||||||||||||||||||||||||||||
Represents certain freestanding and embedded derivatives. | |||||||||||||||||||||||||||||||||||||||||
-2 | |||||||||||||||||||||||||||||||||||||||||
Represents liabilities related to fixed indexed annuities. | |||||||||||||||||||||||||||||||||||||||||
               The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the year ended December 31, 2012, for which the Company has used significant unobservable inputs (Level 3): | |||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Gains (losses) | |||||||||||||||||||||||||||||||||||||||||
included in | |||||||||||||||||||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||||||||||||||||
related to | |||||||||||||||||||||||||||||||||||||||||
Instruments | |||||||||||||||||||||||||||||||||||||||||
still held at | |||||||||||||||||||||||||||||||||||||||||
Total | Total | the Reporting | |||||||||||||||||||||||||||||||||||||||
Realized and Unrealized | Realized and Unrealized | Date | |||||||||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||||||||
Beginning | Included in | Included in | Included in | Included in | Purchases | Sales | Issuances | Settlements | Transfers | Other | Ending | ||||||||||||||||||||||||||||||
Balance | Earnings | Other | Earnings | Other | in/out of | Balance | |||||||||||||||||||||||||||||||||||
Comprehensive | Comprehensive | Level 3 | |||||||||||||||||||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities available-for-sale | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities                                   | $ | 7 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3 | ) | $ | — | $ | — | $ | — | $ | — | $ | 4 | $ | — | ||||||||||||||
Commercial mortgage-backed securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other asset-backed securities                                   | 614,813 | 339 | 21,780 | — | (22,587 | ) | — | (19,050 | ) | — | — | 771 | 77 | 596,143 | — | ||||||||||||||||||||||||||
U.S. government-related securities | 15,000 | — | — | — | (2 | ) | — | (15,000 | ) | — | — | — | 2 | — | — | ||||||||||||||||||||||||||
States, municipals, and political subdivisions | 69 | — | — | — | (1 | ) | 4,275 | (9 | ) | — | — | — | 1 | 4,335 | — | ||||||||||||||||||||||||||
Other government-related securities | — | — | 29 | — | (27 | ) | 20,024 | — | — | — | — | (15 | ) | 20,011 | — | ||||||||||||||||||||||||||
Corporate bonds | 119,601 | 470 | 8,052 | (4 | ) | (2,723 | ) | 11,960 | (9,854 | ) | — | — | 40,060 | 330 | 167,892 | — | |||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total fixed maturity securities—available-for-sale | 749,490 | 809 | 29,861 | (4 | ) | (25,340 | ) | 36,259 | (43,916 | ) | — | — | 40,831 | 395 | 788,385 | — | |||||||||||||||||||||||||
Fixed maturity securities—trading | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities                                   | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other asset-backed securities                                   | 28,343 | 4,086 | — | (2,306 | ) | — | 48,255 | (9,896 | ) | — | — | — | 2,053 | 70,535 | 1,780 | ||||||||||||||||||||||||||
U.S. government-related securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
States, municipals and political subdivisions | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other government-related securities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Corporate bonds | — | 2 | — | — | — | 1 | — | — | — | 112 | — | 115 | 10 | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total fixed maturity securities—trading | 28,343 | 4,088 | — | (2,306 | ) | — | 48,256 | (9,896 | ) | — | — | 112 | 2,053 | 70,650 | 1,790 | ||||||||||||||||||||||||||
Total fixed maturity securities                  | 777,833 | 4,897 | 29,861 | (2,310 | ) | (25,340 | ) | 84,515 | (53,812 | ) | — | — | 40,943 | 2,448 | 859,035 | 1,790 | |||||||||||||||||||||||||
Equity securities | 80,586 | 8 | 826 | — | (1,097 | ) | 4 | (4,295 | ) | — | — | — | (6,614 | ) | 69,418 | — | |||||||||||||||||||||||||
Other long-term investments(1) | 12,703 | 26,747 | — | (7,859 | ) | — | — | — | — | — | — | — | 31,591 | 18,888 | |||||||||||||||||||||||||||
Short-term investments | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total investments | 871,122 | 31,652 | 30,687 | (10,169 | ) | (26,437 | ) | 84,519 | (58,107 | ) | — | — | 40,943 | (4,166 | ) | 960,044 | 20,678 | ||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total assets measured at fair value on a recurring basis | $ | 871,122 | $ | 31,652 | $ | 30,687 | $ | (10,169 | ) | $ | (26,437 | ) | $ | 84,519 | $ | (58,107 | ) | $ | — | $ | — | $ | 40,943 | $ | (4,166 | ) | $ | 960,044 | $ | 20,678 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Annuity account balances(2) | $ | 136,462 | $ | — | $ | — | $ | (12,293 | ) | $ | — | $ | — | $ | — | $ | 860 | $ | 20,147 | $ | — | $ | — | $ | 129,468 | $ | — | ||||||||||||||
Other liabilities(1) | 437,613 | 86,523 | — | (260,347 | ) | — | — | — | — | — | — | — | 611,437 | (173,824 | ) | ||||||||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total liabilities measured at fair value on a recurring basis | $ | 574,075 | $ | 86,523 | $ | — | $ | (272,640 | ) | $ | — | $ | — | $ | — | $ | 860 | $ | 20,147 | $ | — | $ | — | $ | 740,905 | $ | (173,824 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-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 | ' | ||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||||||
Level | Amounts | Values | Amounts | Values | |||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | 3 | $ | 5,486,417 | $ | 5,949,058 | $ | 4,950,201 | $ | 5,725,382 | ||||||||||||||||||||||||||||||||
Policy loans | 3 | 1,815,744 | 1,815,744 | 865,391 | 865,391 | ||||||||||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity(1) | 3 | 365,000 | 335,676 | 300,000 | 319,163 | ||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Stable value product account balances | 3 | $ | 2,559,552 | $ | 2,566,209 | $ | 2,510,559 | $ | 2,534,094 | ||||||||||||||||||||||||||||||||
Annuity account balances | 3 | 11,125,253 | 10,639,637 | 10,658,463 | 10,525,702 | ||||||||||||||||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||||||||||||||
Bank borrowings | 3 | $ | 485,000 | $ | 485,000 | $ | 50,000 | $ | 50,000 | ||||||||||||||||||||||||||||||||
Senior and Medium-Term Notes | 2 | 1,100,000 | 1,294,675 | 1,350,000 | 1,584,438 | ||||||||||||||||||||||||||||||||||||
Subordinated debt securities | 2 | 540,593 | 473,503 | 540,593 | 556,524 | ||||||||||||||||||||||||||||||||||||
Non-recourse funding obligations(2) | 3 | 562,448 | 470,709 | 586,000 | 481,056 | ||||||||||||||||||||||||||||||||||||
Except as noted below, fair values were estimated using quoted market prices. | |||||||||||||||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
Security purchased from unconsolidated subsidiary, Red Mountain LLC. | |||||||||||||||||||||||||||||||||||||||||
-2 | |||||||||||||||||||||||||||||||||||||||||
Of this carrying amount $365.0 million, fair value of $321.5 million, as of December 31, 2013, and $300 million, fair value of $297.6 million, as of December 31, 2012, relates to non-recourse funding obligations issued by Golden Gate V. | |||||||||||||||||||||||||||||||||||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | |||||||||||||
Schedule of realized investment gains (losses) - derivative financial instruments | ' | |||||||||||||
For The Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Dollars In Thousands) | ||||||||||||||
Derivatives related to variable annuity contracts: | ||||||||||||||
Interest rate futures—VA | $ | (31,216 | ) | $ | 21,138 | $ | 164,221 | |||||||
Equity futures—VA | (52,640 | ) | (50,797 | ) | (30,061 | ) | ||||||||
Currency futures—VA | (469 | ) | (2,763 | ) | 2,977 | |||||||||
Volatility futures—VA | — | (132 | ) | — | ||||||||||
Variance swaps—VA | (11,310 | ) | (11,792 | ) | (239 | ) | ||||||||
Equity options—VA | (95,022 | ) | (37,370 | ) | (15,051 | ) | ||||||||
Volatility options—VA | (115 | ) | — | — | ||||||||||
Interest rate swaptions—VA | 1,575 | (2,260 | ) | — | ||||||||||
Interest rate swaps—VA | (157,408 | ) | 3,264 | 7,718 | ||||||||||
Credit default swaps—VA | — | — | (7,851 | ) | ||||||||||
Embedded derivative—GMWB | 325,497 | (22,120 | ) | (127,537 | ) | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total derivatives related to variable annuity contracts | (21,108 | ) | (102,832 | ) | (5,823 | ) | ||||||||
Derivatives related to FIA contracts: | ||||||||||||||
Embedded derivative—FIA | (942 | ) | — | — | ||||||||||
Equity futures—FIA | 173 | — | — | |||||||||||
Volatility futures—FIA | (5 | ) | — | — | ||||||||||
Equity options—FIA | 1,866 | — | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total derivatives related to FIA contracts | 1,092 | — | — | |||||||||||
Embedded derivative—Modco reinsurance treaties | 205,176 | (132,816 | ) | (134,340 | ) | |||||||||
Interest rate swaps | 2,985 | (87 | ) | (11,264 | ) | |||||||||
Interest rate caps | — | (2,666 | ) | (2,801 | ) | |||||||||
Credit default swaps | — | — | (548 | ) | ||||||||||
Other derivatives | (14 | ) | (79 | ) | (475 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total realized gains (losses)—derivatives | $ | 188,131 | $ | (238,480 | ) | $ | (155,251 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Schedule of realized investment gains (losses) - all other investments | ' | |||||||||||||
For The Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(Dollars In Thousands) | ||||||||||||||
Modco trading portfolio(1) | $ | (178,134 | ) | $ | 177,986 | $ | 164,224 | |||||||
-1 | ||||||||||||||
The Company elected to include the use of alternate disclosures for trading activities. | ||||||||||||||
Schedule of gain (loss) on derivatives in cash flow hedging relationship | ' | |||||||||||||
Amount of Gains (Losses) | Amount and Location of | Amount and Location of | ||||||||||||
Deferred in | Gains (Losses) | (Losses) Recognized in | ||||||||||||
Accumulated Other | Reclassified from | Income (Loss) on | ||||||||||||
Comprehensive Income | Accumulated Other | Derivatives | ||||||||||||
(Loss) on Derivatives | Comprehensive Income | |||||||||||||
(Loss) into | ||||||||||||||
Income (Loss) | ||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective Portion) | ||||||||||||
      | Benefits and settlement | Realized investment | ||||||||||||
expenses | gains (losses) | |||||||||||||
(Dollars In Thousands) | ||||||||||||||
For The Year Ended December 31, | ||||||||||||||
2013 | ||||||||||||||
Inflation | $ | 1,130 | $ | -2,349 | $ | -190 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total | $ | 1,130 | $ | -2,349 | $ | -190 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
For The Year Ended December 31, | ||||||||||||||
2012 | ||||||||||||||
Interest rate | $ | -77 | $ | -2,261 | $ | — | ||||||||
Inflation | 3,243 | -938 | -177 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total | $ | 3,166 | $ | -3,199 | $ | -177 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Notional amounts and fair values of derivative financial instruments | ' | |||||||||||||
As of December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Notional | Fair | Notional | Fair | |||||||||||
Amount | Value | Amount | Value | |||||||||||
(Dollars In Thousands) | ||||||||||||||
Other long-term investments | ||||||||||||||
Cash flow hedges: | ||||||||||||||
Inflation | $ | — | $ | — | $ | — | $ | — | ||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Interest rate swaps | 200,000 | 1,961 | 355,000 | 6,532 | ||||||||||
Variance swaps | — | — | 500 | 406 | ||||||||||
Embedded derivative—Modco reinsurance treaties | 80,376 | 1,517 | 30,244 | 1,330 | ||||||||||
Embedded derivative—GMWB | 6,113,017 | 194,616 | 1,640,075 | 30,261 | ||||||||||
Interest rate futures | — | — | — | — | ||||||||||
Equity futures | 3,387 | 111 | 147,581 | 595 | ||||||||||
Currency futures | 14,338 | 321 | 15,944 | 784 | ||||||||||
Interest rate caps | — | — | 3,000,000 | — | ||||||||||
Equity options | 1,376,205 | 78,277 | 573,493 | 61,833 | ||||||||||
Interest rate swaptions | 625,000 | 30,291 | 400,000 | 11,370 | ||||||||||
Other | 425 | 473 | 224 | 253 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 8,412,748 | $ | 307,567 | $ | 6,163,061 | $ | 113,364 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Other liabilities | ||||||||||||||
Cash flow hedges: | ||||||||||||||
Inflation | $ | 182,965 | $ | 1,865 | $ | 182,965 | $ | 5,027 | ||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Interest rate swaps | 1,230,000 | 153,322 | 400,000 | 10,025 | ||||||||||
Variance swaps | 1,500 | 1,744 | 2,675 | 12,198 | ||||||||||
Embedded derivative—Modco reinsurance treaties | 2,578,590 | 206,918 | 2,655,134 | 411,907 | ||||||||||
Embedded derivative—GMWB | 2,494,142 | 38,388 | 5,253,961 | 199,530 | ||||||||||
Embedded derivative—FIA | 244,424 | 25,324 | — | — | ||||||||||
Interest rate futures | 322,902 | 5,221 | 893,476 | 13,970 | ||||||||||
Equity futures | 164,595 | 6,595 | 152,364 | 3,316 | ||||||||||
Currency futures | 118,008 | 840 | 131,979 | 1,901 | ||||||||||
Equity options | 257,065 | 17,558 | — | — | ||||||||||
Other | 230 | 27 | — | — | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 7,594,421 | $ | 457,802 | $ | 9,672,554 | $ | 657,874 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
OFFSETTING_OF_ASSETS_AND_LIABI1
OFFSETTING OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
OFFSETTING OF ASSETS AND LIABILITIES | ' | |||||||||||||||||||
Schedule of derivative instruments by assets | ' | |||||||||||||||||||
 The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2013: | ||||||||||||||||||||
Net | Gross Amounts | |||||||||||||||||||
Amounts | Not Offset | |||||||||||||||||||
of Assets | in the Statement of | |||||||||||||||||||
Presented in | Financial Position | |||||||||||||||||||
the | ||||||||||||||||||||
Gross | Statement of | |||||||||||||||||||
Amounts | Financial | |||||||||||||||||||
Offset in the | Position | |||||||||||||||||||
Statement of | ||||||||||||||||||||
Gross | Financial | |||||||||||||||||||
Amounts | Position | |||||||||||||||||||
of | ||||||||||||||||||||
Recognized | ||||||||||||||||||||
Assets | Financial | Cash | Net Amount | |||||||||||||||||
Instruments | Collateral | |||||||||||||||||||
Received | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Offsetting of Derivative Assets | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Free-Standing derivatives | $ | 110,983 | $ | — | $ | 110,983 | $ | 52,487 | $ | 10,700 | $ | 47,796 | ||||||||
Embedded derivative—Modco reinsurance treaties | 1,517 | — | 1,517 | — | — | 1,517 | ||||||||||||||
Embedded derivative—GMWB | 194,616 | 194,616 | — | — | 194,616 | |||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, subject to a master netting arrangement or similar arrangement | 307,116 | — | 307,116 | 52,487 | 10,700 | 243,929 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, not subject to a master netting arrangement or similar arrangement | 451 | — | 451 | — | — | 451 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives | 307,567 | — | 307,567 | 52,487 | 10,700 | 244,380 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Assets | $ | 307,567 | $ | — | $ | 307,567 | $ | 52,487 | $ | 10,700 | $ | 244,380 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
         The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2012: | ||||||||||||||||||||
Gross Amounts Not | ||||||||||||||||||||
Offset | ||||||||||||||||||||
Gross | Net Amounts | in the Statement of | ||||||||||||||||||
Amounts | of Assets | Financial Position | ||||||||||||||||||
Offset in the | Presented in | |||||||||||||||||||
Statement of | the | |||||||||||||||||||
Financial | Statement of | |||||||||||||||||||
Gross | Position | Financial | ||||||||||||||||||
Amounts | Position | |||||||||||||||||||
of | ||||||||||||||||||||
Recognized | ||||||||||||||||||||
Assets | Financial | Cash | Net Amount | |||||||||||||||||
Instruments | Collateral | |||||||||||||||||||
Received | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Offsetting of Derivative Assets | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Free-Standing derivatives | $ | 81,520 | — | $ | 81,520 | $ | 21,565 | $ | 11,280 | $ | 48,675 | |||||||||
Embedded derivative—Modco reinsurance treaties | 1,330 | — | 1,330 | — | — | 1,330 | ||||||||||||||
Embedded derivative—GMWB | 30,261 | — | 30,261 | — | — | 30,261 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, subject to a master netting arrangement or similar arrangement | 113,111 | — | 113,111 | 21,565 | 11,280 | 80,266 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, not subject to a master netting arrangement or similar arrangement | 253 | — | 253 | — | — | 253 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives | 113,364 | — | 113,364 | 21,565 | 11,280 | 80,519 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Assets | $ | 113,364 | $ | — | $ | 113,364 | $ | 21,565 | $ | 11,280 | $ | 80,519 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Schedule of derivative instruments by liabilities | ' | |||||||||||||||||||
The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2013: | ||||||||||||||||||||
Gross Amounts | ||||||||||||||||||||
Not Offset | ||||||||||||||||||||
Gross | Net Amounts | in the Statement of | ||||||||||||||||||
Amounts | of Liabilities | Financial Position | ||||||||||||||||||
Offset in the | Presented in | |||||||||||||||||||
Statement of | the | |||||||||||||||||||
Financial | Statement of | |||||||||||||||||||
Gross | Position | Financial | ||||||||||||||||||
Amounts | Position | |||||||||||||||||||
of | ||||||||||||||||||||
Recognized | ||||||||||||||||||||
Liabilities | Financial | Cash | Net Amount | |||||||||||||||||
Instruments | Collateral | |||||||||||||||||||
Paid | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Offsetting of Derivative Liabilities | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Free-Standing derivatives | $ | 187,172 | — | $ | 187,172 | $ | 52,487 | $ | 98,359 | $ | 36,326 | |||||||||
Embedded derivative—Modco reinsurance treaties | 206,918 | — | 206,918 | — | — | 206,918 | ||||||||||||||
Embedded derivative—GMWB | 38,388 | 38,388 | — | — | 38,388 | |||||||||||||||
Embedded derivative—FIA | 25,324 | — | 25,324 | — | — | 25,324 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, subject to a master netting arrangement or similar arrangement | 457,802 | — | 457,802 | 52,487 | 98,359 | 306,956 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | — | — | — | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives | 457,802 | — | 457,802 | 52,487 | 98,359 | 306,956 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Repurchase agreements(1) | 350,000 | — | 350,000 | — | — | 350,000 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Liabilities | $ | 807,802 | $ | — | $ | 807,802 | $ | 52,487 | $ | 98,359 | $ | 656,956 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||||||||
Borrowings under repurchase agreements are for a term less than 90Â days. | ||||||||||||||||||||
        The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2012: | ||||||||||||||||||||
Gross | Net Amounts | Gross Amounts Not | ||||||||||||||||||
Amounts | of Liabilities | Offset in the Statement | ||||||||||||||||||
Offset in the | Presented in | of Financial Position | ||||||||||||||||||
Statement of | the | |||||||||||||||||||
Financial | Statement of | |||||||||||||||||||
Gross | Position | Financial | ||||||||||||||||||
Amounts | Position | |||||||||||||||||||
of | ||||||||||||||||||||
Recognized | ||||||||||||||||||||
Liabilities | Financial | Cash | Net Amount | |||||||||||||||||
Instruments | Collateral | |||||||||||||||||||
Paid | ||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Offsetting of Derivative Liabilities | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
Free-Standing derivatives | $ | 46,437 | $ | — | $ | 46,437 | $ | 21,565 | $ | 20,373 | $ | 4,499 | ||||||||
Embedded derivative—Modco reinsurance treaties | 411,907 | — | 411,907 | — | — | 411,907 | ||||||||||||||
Embedded derivative—GMWB | 199,530 | — | 199,530 | — | — | 199,530 | ||||||||||||||
Embedded derivative—FIA | — | — | — | — | — | — | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, subject to a master netting arrangement or similar arrangement | 657,874 | — | 657,874 | 21,565 | 20,373 | 615,936 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives, not subject to a master netting arrangement or similar arrangement | — | — | — | — | — | — | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total derivatives | 657,874 | — | 657,874 | 21,565 | 20,373 | 615,936 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Repurchase agreements(1) | 150,000 | — | 150,000 | — | — | 150,000 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Liabilities | $ | 807,874 | $ | — | $ | 807,874 | $ | 21,565 | $ | 20,373 | $ | 765,936 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||||||||
Borrowings under repurchase agreements are for a term less than 90Â days. | ||||||||||||||||||||
OPERATING_SEGMENTS_Tables
OPERATING SEGMENTS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
OPERATING SEGMENTS | ' | |||||||||||||||
Summary of financial information for the Company's segments | ' | |||||||||||||||
For The Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(Dollars In Thousands) | ||||||||||||||||
Revenues | ||||||||||||||||
Life Marketing | $ | 1,444,806 | $ | 1,346,933 | $ | 1,301,301 | ||||||||||
Acquisitions | 1,186,579 | 1,064,295 | 982,821 | |||||||||||||
Annuities | 714,552 | 612,202 | 634,347 | |||||||||||||
Stable Value Products | 122,790 | 122,849 | 170,115 | |||||||||||||
Asset Protection | 278,317 | 283,297 | 277,271 | |||||||||||||
Corporate and Other | 211,955 | 193,430 | 200,287 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total revenues | $ | 3,958,999 | $ | 3,623,006 | $ | 3,566,142 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Segment Operating Income (Loss) | ||||||||||||||||
Life Marketing | $ | 110,298 | $ | 105,032 | $ | 96,123 | ||||||||||
Acquisitions | 154,003 | 171,060 | 157,393 | |||||||||||||
Annuities | 184,130 | 119,092 | 80,224 | |||||||||||||
Stable Value Products | 80,561 | 60,329 | 56,780 | |||||||||||||
Asset Protection | 26,795 | 16,454 | 25,407 | |||||||||||||
Corporate and Other | (40,562 | ) | (3,203 | ) | 5,767 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total segment operating income | 515,225 | 468,764 | 421,694 | |||||||||||||
Realized investment gains (losses)—investments(1)(3) | (172,720 | ) | 186,186 | 181,907 | ||||||||||||
Realized investment gains (losses)—derivatives(2) | 247,868 | (201,979 | ) | (133,370 | ) | |||||||||||
Income tax expense | (196,909 | ) | (150,519 | ) | (154,839 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income available to PLC's common shareowners | $ | 393,464 | $ | 302,452 | $ | 315,392 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | Investment (losses) gains | $ | (145,984 | ) | $ | 172,149 | $ | 187,473 | ||||||||
Less: amortization related to DAC/VOBA and benefits and settlement expenses | 26,736 | (14,037 | ) | 5,566 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Realized investment gains (losses)—investments | $ | (172,720 | ) | $ | 186,186 | $ | 181,907 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-2 | Derivatives gains (losses) | $ | 188,131 | $ | (238,480 | ) | $ | (155,251 | ) | |||||||
Less: VA GMWB economic cost | (59,737 | ) | (36,501 | ) | (21,881 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Realized investment gains (losses)—derivatives | $ | 247,868 | $ | (201,979 | ) | $ | (133,370 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net investment income | ||||||||||||||||
Life Marketing | $ | 521,665 | $ | 486,463 | $ | 446,175 | ||||||||||
Acquisitions | 617,298 | 550,334 | 529,261 | |||||||||||||
Annuities | 468,322 | 504,345 | 507,230 | |||||||||||||
Stable Value Products | 123,798 | 128,239 | 145,150 | |||||||||||||
Asset Protection | 23,179 | 24,310 | 26,501 | |||||||||||||
Corporate and Other | 163,819 | 168,641 | 166,326 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total net investment income | $ | 1,918,081 | $ | 1,862,332 | $ | 1,820,643 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Amortization of DAC and VOBA | ||||||||||||||||
Life Marketing | $ | 25,774 | $ | 45,079 | $ | 87,461 | ||||||||||
Acquisitions | 72,762 | 77,251 | 75,041 | |||||||||||||
Annuities | 62,834 | 45,319 | 57,201 | |||||||||||||
Stable Value Products | 398 | 947 | 4,556 | |||||||||||||
Asset Protection | 30,505 | 33,951 | 38,080 | |||||||||||||
Corporate and Other | 625 | 1,018 | 2,654 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total amortization of DAC and VOBA | $ | 192,898 | $ | 203,565 | $ | 264,993 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-3 | ||||||||||||||||
Includes credit related other-than-temporary impairments of $22.4 million, $58.9 million, and $47.4 million for the year ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||
Operating Segment Assets | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||
Life | Acquisitions | Annuities | Stable Value | |||||||||||||
Marketing | Products | |||||||||||||||
Investments and other assets | $ | 13,135,914 | $ | 20,201,081 | $ | 19,974,246 | $ | 2,558,551 | ||||||||
Deferred policy acquisition costs and value of business acquired | 2,071,470 | 813,239 | 647,485 | 1,001 | ||||||||||||
Goodwill | 10,192 | 32,517 | — | — | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total assets | $ | 15,217,576 | $ | 21,046,837 | $ | 20,621,731 | $ | 2,559,552 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Asset | Corporate | Adjustments | Total | |||||||||||||
Protection | and Other | Consolidated | ||||||||||||||
Investments and other assets | $ | 852,273 | $ | 8,355,618 | $ | 16,762 | $ | 65,094,445 | ||||||||
Deferred policy acquisition costs and value of business acquired | 50,358 | 646 | — | 3,584,199 | ||||||||||||
Goodwill | 62,671 | 83 | — | 105,463 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total assets | $ | 965,302 | $ | 8,356,347 | $ | 16,762 | $ | 68,784,107 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Operating Segment Assets | ||||||||||||||||
As of December 31, 2012 | ||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||
Life | Acquisitions | Annuities | Stable Value | |||||||||||||
Marketing | Products | |||||||||||||||
Investments and other assets | $ | 12,171,405 | $ | 11,312,550 | $ | 17,649,488 | $ | 2,509,160 | ||||||||
Deferred policy acquisition costs and value of business acquired | 2,001,708 | 679,746 | 491,184 | 1,399 | ||||||||||||
Goodwill | 10,192 | 35,615 | — | — | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total assets | $ | 14,183,305 | $ | 12,027,911 | $ | 18,140,672 | $ | 2,510,559 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Asset | Corporate | Adjustments | Total | |||||||||||||
Protection | and Other | Consolidated | ||||||||||||||
Investments and other assets | $ | 789,916 | $ | 9,584,411 | $ | 19,662 | $ | 54,036,592 | ||||||||
Deferred policy acquisition costs and value of business acquired | 64,416 | 1,066 | — | 3,239,519 | ||||||||||||
Goodwill | 62,671 | 83 | — | 108,561 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total assets | $ | 917,003 | $ | 9,585,560 | $ | 19,662 | $ | 57,384,672 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
CONSOLIDATED_QUARTERLY_RESULTS1
CONSOLIDATED QUARTERLY RESULTS - UNAUDITED (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
CONSOLIDATED QUARTERLY RESULTS - UNAUDITED | ' | ||||||||||||||
Schedule of unaudited consolidated quarterly operating data | ' | ||||||||||||||
First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||
(Dollars In Thousands, Except Per Share Amounts) | |||||||||||||||
2013 | |||||||||||||||
Premiums and policy fees | $ | 726,847 | $ | 756,331 | $ | 657,218 | $ | 841,255 | |||||||
Reinsurance ceded | (335,350 | ) | (390,490 | ) | (270,730 | ) | (380,625 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net of reinsurance ceded | 391,497 | 365,841 | 386,488 | 460,630 | |||||||||||
Net investment income | 457,634 | 466,220 | 454,275 | 539,952 | |||||||||||
Realized investment gains (losses) | (1,344 | ) | 29,903 | 13,137 | 451 | ||||||||||
Other income | 85,027 | 94,392 | 98,794 | 116,102 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total revenues | 932,814 | 956,356 | 952,694 | 1,117,135 | |||||||||||
Total benefits and expenses | 815,187 | 799,343 | 810,573 | 943,523 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income before income tax | 117,627 | 157,013 | 142,121 | 173,612 | |||||||||||
Income tax expense | 39,336 | 53,814 | 49,060 | 54,699 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income | 78,291 | 103,199 | 93,061 | 118,913 | |||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | — | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income available to PLC's common shareowners | $ | 78,291 | $ | 103,199 | $ | 93,061 | $ | 118,913 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income available to PLC's common shareowners—basic | $ | 0.99 | $ | 1.3 | $ | 1.17 | $ | 1.5 | |||||||
Average shares outstanding—basic | 79,139,392 | 79,404,770 | 79,492,274 | 79,540,583 | |||||||||||
Net income available to PLC's common shareowners—diluted | $ | 0.97 | $ | 1.27 | $ | 1.15 | $ | 1.47 | |||||||
Average shares outstanding—diluted | 80,706,744 | 81,087,238 | 80,852,078 | 81,053,787 | |||||||||||
2012 | |||||||||||||||
Premiums and policy fees | $ | 696,305 | $ | 711,429 | $ | 684,939 | $ | 721,605 | |||||||
Reinsurance ceded | (304,558 | ) | (344,673 | ) | (321,059 | ) | (375,546 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net of reinsurance ceded | 391,747 | 366,756 | 363,880 | 346,059 | |||||||||||
Net investment income | 462,121 | 456,222 | 467,944 | 476,045 | |||||||||||
Realized investment gains (losses) | (12,947 | ) | 3,717 | (20,223 | ) | (36,878 | ) | ||||||||
Other income | 111,260 | 81,480 | 81,190 | 84,633 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total revenues | 952,181 | 908,175 | 892,791 | 869,859 | |||||||||||
Total benefits and expenses | 801,602 | 800,488 | 801,805 | 766,140 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income before income tax | 150,579 | 107,687 | 90,986 | 103,719 | |||||||||||
Income tax expense | 51,558 | 31,532 | 30,506 | 36,923 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income | 99,021 | 76,155 | 60,480 | 66,796 | |||||||||||
Less: Net income (loss) attributable to noncontrolling interests | — | — | — | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income available to PLC's common shareowners | $ | 99,021 | $ | 76,155 | $ | 60,480 | $ | 66,796 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income available to PLC's common shareowners—basic | $ | 1.2 | $ | 0.93 | $ | 0.75 | $ | 0.84 | |||||||
Average shares outstanding—basic | 82,330,330 | 81,639,756 | 80,662,745 | 79,652,495 | |||||||||||
Net income available to PLC's common shareowners—diluted | $ | 1.18 | $ | 0.91 | $ | 0.73 | $ | 0.82 | |||||||
Average shares outstanding—diluted | 83,921,135 | 83,243,703 | 82,406,103 | 81,339,803 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
sources | |||
Valuation of investment securities | ' | ' | ' |
Number of primary sources of information used for determining fair value | 1 | ' | ' |
Total number of primary sources of information available for determining fair value | 3 | ' | ' |
Other-than-temporary impairments of investments recorded | $10,941,000 | $66,188,000 | $62,332,000 |
Other-than-temporary impairments of investments recorded in earnings | 22,447,000 | 58,886,000 | 47,442,000 |
Other-than-temporary impairments of investments recorded in other comprehensive income (loss) | -11,506,000 | 7,302,000 | 14,890,000 |
Cash | ' | ' | ' |
Negative balances due to outstanding checks and drafts | 42,100,000 | 96,600,000 | ' |
Deferred policy acquisition costs | ' | ' | ' |
Interest rate assumptions to compute liabilities for future policy benefits, low end of the range (as a percent) | 1.00% | ' | ' |
Interest rate assumptions to compute liabilities for future policy benefits, high end of the range (as a percent) | 7.13% | ' | ' |
Value of business acquired | ' | ' | ' |
Maximum percentage of accrued interest credited to account balances in case of interest sensitive products | 8.75% | ' | ' |
Fixed income securities | ' | ' | ' |
Valuation of investment securities | ' | ' | ' |
Other-than-temporary impairments of investments recorded | 7,600,000 | 66,200,000 | 62,300,000 |
Equity securities | ' | ' | ' |
Valuation of investment securities | ' | ' | ' |
Other-than-temporary impairments of investments recorded | $3,300,000 | $0 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property and equipment | ' | ' |
Total property and equipment, gross | $163,982 | $153,396 |
Accumulated depreciation | -111,579 | -105,789 |
Total property and equipment | 52,403 | 47,607 |
Home office building | ' | ' |
Property and equipment | ' | ' |
Useful life | '39 years | ' |
Total property and equipment, gross | 74,313 | 72,587 |
Furniture | ' | ' |
Property and equipment | ' | ' |
Useful life | '10 years | ' |
Office equipment and machines | ' | ' |
Property and equipment | ' | ' |
Useful life | '5 years | ' |
Software and computers | ' | ' |
Property and equipment | ' | ' |
Useful life | '3 years | ' |
Data processing equipment | ' | ' |
Property and equipment | ' | ' |
Total property and equipment, gross | 36,140 | 29,609 |
Other, principally furniture and equipment | ' | ' |
Property and equipment | ' | ' |
Total property and equipment, gross | $53,529 | $51,200 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Minimum | Maximum | |||
Summarized financial information for the company's segments | ' | ' | ' | ' |
Stable value product account balances marketed through structured programs | $200,000,000 | $300,000,000 | ' | ' |
Maturities of GICs and funding agreements | ' | ' | '1 year | '10 years |
Future maturities of stable value products | ' | ' | ' | ' |
2014 | 555,200,000 | ' | ' | ' |
2015-2016 | 1,294,400,000 | ' | ' | ' |
2017-2018 | 684,100,000 | ' | ' | ' |
Thereafter | $25,900,000 | ' | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill | ' | ' | ' |
Goodwill impairment | $0 | ' | ' |
Goodwill | 105,463,000 | 108,561,000 | 111,659,000 |
Annuity account balances | Minimum | ' | ' | ' |
Guaranteed Minimum Withdrawal Benefits | ' | ' | ' |
Mortality rate assumed (as a percent) | 49.00% | ' | ' |
Annuity account balances | Maximum | ' | ' | ' |
Guaranteed Minimum Withdrawal Benefits | ' | ' | ' |
Mortality rate assumed (as a percent) | 80.00% | ' | ' |
Guaranteed minimum withdrawal benefits (GMWB) | Annuity account balances | ' | ' | ' |
Guaranteed Minimum Withdrawal Benefits | ' | ' | ' |
Guaranteed benefit asset, net | $156,300,000 | ' | ' |
Guaranteed minimum withdrawal benefits (GMWB) | Annuity account balances | Minimum | ' | ' | ' |
Guaranteed Minimum Withdrawal Benefits | ' | ' | ' |
Mortality rate assumed (as a percent) | 49.00% | ' | ' |
Guaranteed minimum withdrawal benefits (GMWB) | Annuity account balances | Maximum | ' | ' | ' |
Guaranteed Minimum Withdrawal Benefits | ' | ' | ' |
Mortality rate assumed (as a percent) | 80.00% | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ' | ' |
Reserve investment yield assumptions, high end of the range (as a percent) | 2.00% | ' | ' |
Reserve investment yield assumptions, low end of the range (as a percent) | 8.75% | ' | ' |
Activity in the liability for unpaid claims for life and health insurance | ' | ' | ' |
Less: reinsurance | $5,805,401 | ' | ' |
Other changes: | ' | ' | ' |
Add: reinsurance | 6,175,115 | ' | ' |
Life and health insurance | ' | ' | ' |
Activity in the liability for unpaid claims for life and health insurance | ' | ' | ' |
Balance beginning of year | 326,633 | 312,799 | 299,971 |
Less: reinsurance | 155,341 | 161,450 | 156,932 |
Net balance beginning of year | 171,292 | 151,349 | 143,039 |
Incurred related to: | ' | ' | ' |
Current year | 698,028 | 702,555 | 653,525 |
Prior year | 68,396 | 62,926 | 65,269 |
Total incurred | 766,424 | 765,481 | 718,794 |
Paid related to: | ' | ' | ' |
Current year | 682,877 | 664,744 | 639,118 |
Prior year | 85,146 | 80,794 | 76,424 |
Total paid | 768,023 | 745,538 | 715,542 |
Other changes: | ' | ' | ' |
Acquisition and reserve transfers | 47,255 | ' | 5,058 |
Net balance end of year | 216,948 | 171,292 | 151,349 |
Add: reinsurance | 117,502 | 155,341 | 161,450 |
Balance end of year | $334,450 | $326,633 | $312,799 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 6) (USD $) | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 |
Minimum | Maximum | Annuity account balances | Annuity account balances | Annuity account balances | Annuity account balances | Annuity account balances | Annuity account balances | Annuity account balances | Annuity account balances | ||
Minimum | Maximum | Guaranteed minimum death benefits (GMDB) | Guaranteed minimum death benefits (GMDB) | Guaranteed minimum death benefits (GMDB) | Guaranteed minimum death benefits (GMDB) | Guaranteed minimum death benefits (GMDB) | Guaranteed minimum death benefits (GMDB) | ||||
Minimum | Maximum | ||||||||||
Policyholder liabilities, revenues, and benefits expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate credited to policy account balances for universal life, low end of range (as a percent) | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate credited to policy account balances for universal life, high end of range (as a percent) | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate credited to policy account balances for investment products (as a percent) | ' | 0.20% | 7.90% | ' | ' | ' | ' | ' | ' | ' | ' |
Mortality rate (as a percent) | ' | ' | ' | 49.00% | 80.00% | ' | ' | ' | ' | 49.00% | 80.00% |
Guaranteed benefit liability | ' | ' | ' | ' | ' | $16,284 | $19,606 | $9,798 | $6,412 | ' | ' |
SIGNIFICANT_ACQUISITIONS_Detai
SIGNIFICANT ACQUISITIONS (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2013 | Dec. 31, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Oct. 02, 2013 | |
Acquisition | Acquisition | Acquisition | MONY | MONY | MONY | MONY | |
Non-qualified pension and deferred compensation plans | PLICO | ||||||
Significant acquisitions | ' | ' | ' | ' | ' | ' | ' |
Percentage of indemnity reinsurance | ' | ' | ' | ' | ' | ' | 100.00% |
Purchase price | ' | ' | ' | ' | ' | ' | $686,000,000 |
Ceding commission on reinsurance | ' | ' | ' | ' | ' | ' | 370,000,000 |
Assets | ' | ' | ' | ' | ' | ' | ' |
Fixed maturities, at fair value | ' | ' | 6,550,691,000 | ' | ' | ' | ' |
Equity securities, at fair value | ' | ' | 108,413,000 | ' | ' | ' | ' |
Mortgage loans | ' | ' | 823,340,000 | ' | 823,300,000 | ' | ' |
Policy loans | ' | ' | 967,534,000 | ' | ' | ' | ' |
Short-term investments | ' | ' | 130,963,000 | ' | ' | ' | ' |
Total investments | ' | ' | 8,580,941,000 | ' | ' | ' | ' |
Cash | ' | ' | 213,861,000 | ' | ' | ' | ' |
Accrued investment income | ' | ' | 114,656,000 | ' | ' | ' | ' |
Accounts and premiums receivable, net of allowance for uncollectible amounts | ' | ' | 29,031,000 | ' | ' | ' | ' |
Reinsurance receivables | ' | ' | 422,692,000 | ' | ' | ' | ' |
Value of business acquired | ' | ' | 219,751,000 | ' | ' | ' | ' |
Other assets | ' | ' | 30,139,000 | ' | ' | ' | ' |
Income tax receivable | ' | ' | 21,196,000 | ' | ' | ' | ' |
Deferred income taxes | ' | ' | 168,916,000 | ' | ' | ' | ' |
Separate account assets | ' | ' | 195,452,000 | ' | ' | ' | ' |
Total assets | ' | ' | 9,996,635,000 | ' | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' |
Future policy and benefit claims | ' | ' | 7,654,969,000 | ' | ' | ' | ' |
Unearned premiums | ' | ' | 3,066,000 | ' | ' | ' | ' |
Total policy liabilities and accruals | ' | ' | 7,658,035,000 | ' | ' | ' | ' |
Annuity account balances | ' | ' | 752,163,000 | ' | ' | ' | ' |
Other policyholders' funds | ' | ' | 636,034,000 | ' | ' | ' | ' |
Other liabilities | ' | ' | 66,936,000 | ' | ' | ' | ' |
Non-recourse funding obligation | ' | ' | 2,548,000 | ' | ' | ' | ' |
Separate account liabilities | ' | ' | 195,344,000 | ' | ' | ' | ' |
Total liabilities | ' | ' | 9,311,060,000 | ' | ' | ' | ' |
Net assets acquired | ' | ' | 685,575,000 | ' | ' | ' | ' |
Benefit plans liability | ' | ' | ' | ' | ' | 8,100,000 | ' |
Supporting trust assets | ' | ' | ' | ' | ' | 8,600,000 | ' |
Expenses related to acquisition | ' | ' | ' | 18,300,000 | ' | ' | ' |
Pro forma condensed consolidated results of operations | ' | ' | ' | ' | ' | ' | ' |
Revenue | 4,599,718,000 | 4,497,881,000 | ' | ' | ' | ' | ' |
Net income | 427,645,000 | 359,120,000 | ' | ' | ' | ' | ' |
EPS - basic (in dollars per share) | $5.39 | $4.43 | ' | ' | ' | ' | ' |
EPS - diluted (in dollars per share) | $5.28 | $4.34 | ' | ' | ' | ' | ' |
Revenues | 203,800,000 | ' | ' | ' | ' | ' | ' |
Pre-tax net income | $27,900,000 | ' | ' | ' | ' | ' | ' |
MONY_CLOSED_BLOCK_OF_BUSINESS_1
MONY CLOSED BLOCK OF BUSINESS (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Closed block liabilities | ' |
Future policy benefits, policyholders' account balances and other | $6,274,719 |
Policyholder dividend obligation | 190,494 |
Other liabilities | 1,259 |
Total closed block liabilities | 6,466,472 |
Closed block assets | ' |
Fixed maturities, available-for-sale, at fair value | 4,109,142 |
Equity securities, available-for-sale, at fair value | 5,223 |
Mortgage loans on real estate | 594,884 |
Policy loans | 802,013 |
Cash and other invested assets | 140,577 |
Other assets | 207,265 |
Total closed block assets | 5,859,104 |
Excess of reported closed block liabilities over closed block assets | 607,368 |
Portion of above representing accumulated other comprehensive income: | ' |
Net unrealized investments gains (losses) net of deferred tax benefit and net of policyholder dividend obligation | -1,994 |
Future earnings to be recognized from closed block assets and closed block liabilities | 605,374 |
Deferred tax benefit | 1,074 |
Policyholder dividend obligation | 12,720 |
Reconciliation of the policyholder dividend obligation | ' |
Policyholder dividend obligation, at acquisition date | 213,350 |
Applicable to net revenue (losses) | -10,136 |
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation | -12,720 |
Policyholder dividend obligation, end of period | 190,494 |
Revenues | ' |
Premiums and other income | 64,171 |
Net investment income (loss) | 51,141 |
Net investment gains (losses) | 9,252 |
Total revenues | 124,564 |
Benefits and other deductions | ' |
Benefits and settlement expenses | 113,564 |
Other operating expenses | 548 |
Total benefits and other deductions | 114,112 |
Net revenues before income taxes | 10,452 |
Income tax expense | 3,658 |
Net revenues | $6,794 |
INVESTMENT_OPERATIONS_Details
INVESTMENT OPERATIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment income before other investment expenses | ' | ' | ' | ' | ' | ' | ' | ' | $1,949,152,000 | $1,892,785,000 | $1,847,927,000 |
Other investment expenses | ' | ' | ' | ' | ' | ' | ' | ' | 31,071,000 | 30,453,000 | 27,284,000 |
Net investment income | 539,952,000 | 454,275,000 | 466,220,000 | 457,634,000 | 476,045,000 | 467,944,000 | 456,222,000 | 462,121,000 | 1,918,081,000 | 1,862,332,000 | 1,820,643,000 |
Net realized investment gains (losses) for all other investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed maturities | ' | ' | ' | ' | ' | ' | ' | ' | 63,180,000 | 67,726,000 | 80,180,000 |
Equity securities | ' | ' | ' | ' | ' | ' | ' | ' | 3,276,000 | -45,000 | 9,194,000 |
Impairments on fixed maturity securities | ' | ' | ' | ' | ' | ' | ' | ' | -19,100,000 | -58,886,000 | -47,442,000 |
Impairments on equity securities | ' | ' | ' | ' | ' | ' | ' | ' | -3,347,000 | ' | ' |
Modco trading portfolio | ' | ' | ' | ' | ' | ' | ' | ' | -178,134,000 | 177,986,000 | 164,224,000 |
Other investments | ' | ' | ' | ' | ' | ' | ' | ' | -11,859,000 | -14,632,000 | -18,683,000 |
Total realized gains (losses) - investments | ' | ' | ' | ' | ' | ' | ' | ' | -145,984,000 | 172,149,000 | 187,473,000 |
Gross realized gains on investments available-for-sale (fixed maturities, equity securities, and short-term investments) | ' | ' | ' | ' | ' | ' | ' | ' | 72,800,000 | 73,300,000 | 104,800,000 |
Gross realized losses | ' | ' | ' | ' | ' | ' | ' | ' | 28,000,000 | 64,000,000 | 62,100,000 |
Impairment losses on investments available-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | 21,700,000 | 58,400,000 | 46,700,000 |
Fair value (proceeds) of securities in an unrealized gain position sold | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000,000 | 1,600,000,000 | 2,200,000,000 |
Gain realized on the sale of securities in an unrealized gain position | ' | ' | ' | ' | ' | ' | ' | ' | 72,800,000 | 73,300,000 | 104,800,000 |
Fair value (proceeds) of securities in an unrealized loss position sold | ' | ' | ' | ' | ' | ' | ' | ' | 398,200,000 | 38,000,000 | 264,000,000 |
Loss realized on the sale of securities in an unrealized loss position | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | 5,600,000 | 15,400,000 |
Fixed maturities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment income before other investment expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,509,544,000 | 1,453,702,000 | 1,416,861,000 |
Equity securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment income before other investment expenses | ' | ' | ' | ' | ' | ' | ' | ' | 26,923,000 | 21,187,000 | 21,274,000 |
Mortgage loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment income before other investment expenses | ' | ' | ' | ' | ' | ' | ' | ' | 333,145,000 | 349,877,000 | 336,542,000 |
Investment real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment income before other investment expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,556,000 | 3,290,000 | 3,459,000 |
Short-term investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment income before other investment expenses | ' | ' | ' | ' | ' | ' | ' | ' | $75,984,000 | $64,729,000 | $69,791,000 |
INVESTMENT_OPERATIONS_Details_
INVESTMENT OPERATIONS (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investments classified as available-for-sale | ' | ' |
Amortized Cost | $31,600,087 | $24,162,714 |
Gross Unrealized Gains | 1,728,521 | 3,249,825 |
Gross Unrealized Losses | -604,616 | -140,780 |
Fair Value | 32,723,992 | 27,271,759 |
Total OTTI Recognized in OCI | 928 | -6,134 |
Investments classified as held-to-maturity | ' | ' |
Fair Value | 335,676 | 319,163 |
Fair Value | ' | ' |
Fair Value | 335,676 | 319,163 |
Fixed maturities | ' | ' |
Investments classified as available-for-sale | ' | ' |
Amortized Cost | 30,863,805 | 23,674,016 |
Gross Unrealized Gains | 1,721,890 | 3,237,382 |
Gross Unrealized Losses | -568,254 | -130,747 |
Fair Value | 32,017,441 | 26,780,651 |
Total OTTI Recognized in OCI | 928 | -6,134 |
Investments classified as held-to-maturity | ' | ' |
Amortized Cost | 365,000 | 300,000 |
Gross Unrealized Gains | ' | 19,163 |
Gross Unrealized Losses | -29,324 | ' |
Fair Value | 335,676 | 319,163 |
Trading securities | 2,800,000 | 3,000,000 |
Amortized Cost | ' | ' |
Due in one year or less | 1,016,117 | ' |
Due after one year through five years | 4,987,917 | ' |
Due after five years through ten years | 9,085,348 | ' |
Due after ten years | 15,774,423 | ' |
Total | 30,863,805 | ' |
Fair Value | ' | ' |
Due in one year or less | 1,033,834 | ' |
Due after one year through five years | 5,251,806 | ' |
Due after five years through ten years | 9,334,786 | ' |
Due after ten years | 16,397,015 | ' |
Total | 32,017,441 | ' |
Amortized Cost | ' | ' |
Due after ten years | 365,000 | ' |
Total | 365,000 | 300,000 |
Fair Value | ' | ' |
Due after ten years | 335,676 | ' |
Fair Value | 335,676 | 319,163 |
Residential mortgage-backed securities | ' | ' |
Investments classified as available-for-sale | ' | ' |
Amortized Cost | 1,435,477 | 1,766,440 |
Gross Unrealized Gains | 34,155 | 92,265 |
Gross Unrealized Losses | -24,564 | -19,375 |
Fair Value | 1,445,068 | 1,839,330 |
Total OTTI Recognized in OCI | 979 | -406 |
Commercial mortgage-backed securities | ' | ' |
Investments classified as available-for-sale | ' | ' |
Amortized Cost | 963,461 | 797,844 |
Gross Unrealized Gains | 26,900 | 72,577 |
Gross Unrealized Losses | -19,705 | -598 |
Fair Value | 970,656 | 869,823 |
Other asset-backed securities | ' | ' |
Investments classified as available-for-sale | ' | ' |
Amortized Cost | 926,396 | 1,023,649 |
Gross Unrealized Gains | 15,135 | 12,788 |
Gross Unrealized Losses | -69,548 | -61,424 |
Fair Value | 871,983 | 975,013 |
Total OTTI Recognized in OCI | -51 | -241 |
U.S. government-related securities | ' | ' |
Investments classified as available-for-sale | ' | ' |
Amortized Cost | 1,529,818 | 1,099,001 |
Gross Unrealized Gains | 32,150 | 71,537 |
Gross Unrealized Losses | -54,078 | -595 |
Fair Value | 1,507,890 | 1,169,943 |
Other government-related securities | ' | ' |
Investments classified as available-for-sale | ' | ' |
Amortized Cost | 49,171 | 93,565 |
Gross Unrealized Gains | 2,257 | 7,258 |
Gross Unrealized Losses | -1 | -45 |
Fair Value | 51,427 | 100,778 |
States, municipals, and political subdivisions | ' | ' |
Investments classified as available-for-sale | ' | ' |
Amortized Cost | 1,315,457 | 1,188,077 |
Gross Unrealized Gains | 103,663 | 255,900 |
Gross Unrealized Losses | -8,291 | -264 |
Fair Value | 1,410,829 | 1,443,713 |
Corporate bonds | ' | ' |
Investments classified as available-for-sale | ' | ' |
Amortized Cost | 24,644,025 | 17,705,440 |
Gross Unrealized Gains | 1,507,630 | 2,725,057 |
Gross Unrealized Losses | -392,067 | -48,446 |
Fair Value | 25,759,588 | 20,382,051 |
Total OTTI Recognized in OCI | ' | -5,487 |
Other | ' | ' |
Investments classified as held-to-maturity | ' | ' |
Amortized Cost | 365,000 | 300,000 |
Gross Unrealized Gains | ' | 19,163 |
Gross Unrealized Losses | -29,324 | ' |
Fair Value | 335,676 | 319,163 |
Amortized Cost | ' | ' |
Total | 365,000 | 300,000 |
Fair Value | ' | ' |
Fair Value | 335,676 | 319,163 |
Equity securities | ' | ' |
Investments classified as available-for-sale | ' | ' |
Amortized Cost | 654,579 | 389,821 |
Gross Unrealized Gains | 6,631 | 12,443 |
Gross Unrealized Losses | -36,362 | -10,033 |
Fair Value | 624,848 | 392,231 |
Investments classified as held-to-maturity | ' | ' |
Trading securities | 21,200 | 19,600 |
Short-term investments | ' | ' |
Investments classified as available-for-sale | ' | ' |
Amortized Cost | 81,703 | 98,877 |
Fair Value | 81,703 | 98,877 |
Investments classified as held-to-maturity | ' | ' |
Trading securities | $52,400 | $118,900 |
INVESTMENT_OPERATIONS_Details_1
INVESTMENT OPERATIONS (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment operations | ' | ' | ' |
Other-than-temporary impairments of investments recorded | $10,941,000 | $66,188,000 | $62,332,000 |
Other-than-temporary impairments of investments recorded in earnings | 22,447,000 | 58,886,000 | 47,442,000 |
Other-than-temporary impairments of investments recorded in other comprehensive income (loss) | -11,506,000 | 7,302,000 | 14,890,000 |
Pre-tax other-than-temporary impairments related to debt securities that the entity does not intend to sell and does not expect to be required to sell | ' | ' | 52,800,000 |
Pre-tax other-than-temporary impairments credit losses related to debt securities that the entity does not intend to sell and does not expect to be required to sell recorded in earnings | ' | ' | 37,900,000 |
Pre-tax other-than-temporary impairments credit losses related to debt securities that the entity does not intend to sell and does not expect to be required to sell recorded in other comprehensive income (loss) | ' | ' | 14,900,000 |
Fixed income securities | ' | ' | ' |
Investment operations | ' | ' | ' |
Other-than-temporary impairments related to fixed maturities or equity securities that the Company intended to sell or expected to be required to sell | 0 | 0 | 9,500,000 |
Other-than-temporary impairments of investments recorded | 7,600,000 | 66,200,000 | 62,300,000 |
Credit losses on fixed maturities | ' | ' | ' |
Beginning balance | 122,121,000 | 69,719,000 | 39,427,000 |
Additions for newly impaired securities | 3,516,000 | 26,961,000 | 12,731,000 |
Additions for previously impaired securities | 12,066,000 | 25,441,000 | 20,650,000 |
Reductions for previously impaired securities due to a change in expected cash flows | -88,523,000 | ' | ' |
Reductions for previously impaired securities that were sold in the current period | -7,488,000 | ' | -3,089,000 |
Ending balance | 41,692,000 | 122,121,000 | 69,719,000 |
Equity securities | ' | ' | ' |
Investment operations | ' | ' | ' |
Other-than-temporary impairments related to fixed maturities or equity securities that the Company intended to sell or expected to be required to sell | 0 | 0 | ' |
Other-than-temporary impairments of investments recorded | $3,300,000 | $0 | $0 |
INVESTMENT_OPERATIONS_Details_2
INVESTMENT OPERATIONS (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value | ' | ' | ' |
Less Than 12 Months | $9,873,111,000 | $1,578,240,000 | ' |
12 Months or More | 1,022,608,000 | 794,622,000 | ' |
Total | 10,895,719,000 | 2,372,862,000 | ' |
Unrealized Loss | ' | ' | ' |
Less Than 12 Months | -489,767,000 | -68,099,000 | ' |
12 Months or More | -114,849,000 | -72,681,000 | ' |
Total | -604,616,000 | -140,780,000 | ' |
Available-for-sale securities, fair value | 32,723,992,000 | 27,271,759,000 | ' |
Available-for-sale securities, amortized cost | 31,600,087,000 | 24,162,714,000 | ' |
Non-income producing securities | 26,400,000 | ' | ' |
Policy loans excluding MONY acquisition | 985,900,000 | ' | ' |
Interest rate on collateral loans on life insurance policies (as a percent) | 13.64% | ' | ' |
Minimum | ' | ' | ' |
Unrealized Loss | ' | ' | ' |
Interest rate on standard policy loans (as a percent) | 3.00% | ' | ' |
Maximum | ' | ' | ' |
Unrealized Loss | ' | ' | ' |
Interest rate on standard policy loans (as a percent) | 8.00% | ' | ' |
Below investment grade | ' | ' | ' |
Unrealized Loss | ' | ' | ' |
Available-for-sale securities, fair value | 1,600,000,000 | ' | ' |
Available-for-sale securities, amortized cost | 1,600,000,000 | ' | ' |
Securities in trading portfolio | 333,900,000 | ' | ' |
Securities Not publicly traded | 544,700,000 | ' | ' |
Fixed maturities | ' | ' | ' |
Unrealized Loss | ' | ' | ' |
Available-for-sale securities, fair value | 32,017,441,000 | 26,780,651,000 | ' |
Available-for-sale securities, amortized cost | 30,863,805,000 | 23,674,016,000 | ' |
Securities in trading portfolio | 2,800,000,000 | 3,000,000,000 | ' |
Change in unrealized gains (losses), net of income tax | -1,269,449,000 | 819,746,000 | 761,437,000 |
Residential mortgage-backed securities | ' | ' | ' |
Fair Value | ' | ' | ' |
Less Than 12 Months | 333,235,000 | 101,522,000 | ' |
12 Months or More | 210,486,000 | 166,000,000 | ' |
Total | 543,721,000 | 267,522,000 | ' |
Unrealized Loss | ' | ' | ' |
Less Than 12 Months | -14,051,000 | -9,605,000 | ' |
12 Months or More | -10,513,000 | -9,770,000 | ' |
Total | -24,564,000 | -19,375,000 | ' |
Available-for-sale securities, fair value | 1,445,068,000 | 1,839,330,000 | ' |
Available-for-sale securities, amortized cost | 1,435,477,000 | 1,766,440,000 | ' |
Commercial mortgage-backed securities | ' | ' | ' |
Fair Value | ' | ' | ' |
Less Than 12 Months | 429,228,000 | 50,601,000 | ' |
12 Months or More | 13,840,000 | ' | ' |
Total | 443,068,000 | 50,601,000 | ' |
Unrealized Loss | ' | ' | ' |
Less Than 12 Months | -18,467,000 | -598,000 | ' |
12 Months or More | -1,238,000 | ' | ' |
Total | -19,705,000 | -598,000 | ' |
Available-for-sale securities, fair value | 970,656,000 | 869,823,000 | ' |
Available-for-sale securities, amortized cost | 963,461,000 | 797,844,000 | ' |
Other asset-backed securities | ' | ' | ' |
Fair Value | ' | ' | ' |
Less Than 12 Months | 175,846,000 | 479,223,000 | ' |
12 Months or More | 497,512,000 | 242,558,000 | ' |
Total | 673,358,000 | 721,781,000 | ' |
Unrealized Loss | ' | ' | ' |
Less Than 12 Months | -14,555,000 | -28,179,000 | ' |
12 Months or More | -54,993,000 | -33,245,000 | ' |
Total | -69,548,000 | -61,424,000 | ' |
Percentage of underlying collateral of student-loan backed auction rate securities guaranteed by the Federal Family Education Loan Program ("FFELP"), minimum | 97.00% | 97.00% | ' |
Available-for-sale securities, fair value | 871,983,000 | 975,013,000 | ' |
Available-for-sale securities, amortized cost | 926,396,000 | 1,023,649,000 | ' |
U.S. government-related securities | ' | ' | ' |
Fair Value | ' | ' | ' |
Less Than 12 Months | 891,698,000 | 107,802,000 | ' |
12 Months or More | 6,038,000 | ' | ' |
Total | 897,736,000 | 107,802,000 | ' |
Unrealized Loss | ' | ' | ' |
Less Than 12 Months | -53,508,000 | -595,000 | ' |
12 Months or More | -570,000 | ' | ' |
Total | -54,078,000 | -595,000 | ' |
Available-for-sale securities, fair value | 1,507,890,000 | 1,169,943,000 | ' |
Available-for-sale securities, amortized cost | 1,529,818,000 | 1,099,001,000 | ' |
Other government-related securities | ' | ' | ' |
Fair Value | ' | ' | ' |
Less Than 12 Months | 10,161,000 | 14,955,000 | ' |
Total | 10,161,000 | 14,955,000 | ' |
Unrealized Loss | ' | ' | ' |
Less Than 12 Months | -1,000 | -45,000 | ' |
Total | -1,000 | -45,000 | ' |
Available-for-sale securities, fair value | 51,427,000 | 100,778,000 | ' |
Available-for-sale securities, amortized cost | 49,171,000 | 93,565,000 | ' |
States, municipals, and political subdivisions | ' | ' | ' |
Fair Value | ' | ' | ' |
Less Than 12 Months | 172,157,000 | 11,526,000 | ' |
12 Months or More | 335,000 | ' | ' |
Total | 172,492,000 | 11,526,000 | ' |
Unrealized Loss | ' | ' | ' |
Less Than 12 Months | -8,113,000 | -264,000 | ' |
12 Months or More | -178,000 | ' | ' |
Total | -8,291,000 | -264,000 | ' |
Available-for-sale securities, fair value | 1,410,829,000 | 1,443,713,000 | ' |
Available-for-sale securities, amortized cost | 1,315,457,000 | 1,188,077,000 | ' |
Corporate bonds | ' | ' | ' |
Fair Value | ' | ' | ' |
Less Than 12 Months | 7,484,010,000 | 777,552,000 | ' |
12 Months or More | 272,423,000 | 364,110,000 | ' |
Total | 7,756,433,000 | 1,141,662,000 | ' |
Unrealized Loss | ' | ' | ' |
Less Than 12 Months | -353,211,000 | -23,663,000 | ' |
12 Months or More | -38,856,000 | -24,783,000 | ' |
Total | -392,067,000 | -48,446,000 | ' |
Available-for-sale securities, fair value | 25,759,588,000 | 20,382,051,000 | ' |
Available-for-sale securities, amortized cost | 24,644,025,000 | 17,705,440,000 | ' |
Equity securities | ' | ' | ' |
Fair Value | ' | ' | ' |
Less Than 12 Months | 376,776,000 | 35,059,000 | ' |
12 Months or More | 21,974,000 | 21,954,000 | ' |
Total | 398,750,000 | 57,013,000 | ' |
Unrealized Loss | ' | ' | ' |
Less Than 12 Months | -27,861,000 | -5,150,000 | ' |
12 Months or More | -8,501,000 | -4,883,000 | ' |
Total | -36,362,000 | -10,033,000 | ' |
Available-for-sale securities, fair value | 624,848,000 | 392,231,000 | ' |
Available-for-sale securities, amortized cost | 654,579,000 | 389,821,000 | ' |
Securities in trading portfolio | 21,200,000 | 19,600,000 | ' |
Change in unrealized gains (losses), net of income tax | ($20,892,000) | $8,484,000 | ($13,292,000) |
INVESTMENT_OPERATIONS_Details_3
INVESTMENT OPERATIONS (Details 5) (Red Mountain, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
item | item | |
Red Mountain | ' | ' |
Variable Interest Entities | ' | ' |
Number of wholly owned subsidiaries that were determined to be VIEs | 1 | 1 |
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 | ' |
MORTGAGE_LOANS_Details
MORTGAGE LOANS (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
MONY | Commercial mortgage loans | Commercial mortgage loans | Commercial mortgage loans | Commercial mortgage loans | Commercial mortgage loans | Retail | Office buildings | Apartments | Warehouses | Other | All identified states | Texas | Georgia | Alabama | Florida | Tennessee | North Carolina | New York | South Carolina | Ohio | Utah | Minimum | Maximum | |||
MONY | ||||||||||||||||||||||||||
MORTGAGE LOANS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans holdings | $5,486,417,000 | $4,950,201,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of mortgage loans | ' | ' | 823,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unpaid principal balance of loan acquired | ' | ' | ' | ' | ' | ' | ' | 857,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of loan acquired which is expected to uncollectible | ' | ' | ' | ' | 3,130,000 | 2,875,000 | 6,475,000 | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Mortgage Loans on Real Estate | 100.00% | ' | ' | ' | ' | ' | ' | ' | 60.60% | 14.90% | 11.80% | 7.40% | 5.30% | 62.10% | 11.60% | 8.60% | 6.90% | 6.50% | 6.10% | 5.00% | 4.70% | 4.60% | 4.20% | 3.90% | ' | ' |
Single tenant's exposure as a percentage of mortgage loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% |
Period for exercise of call options or interest rate reset options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '10 years |
Amount of previously funded mortgage loans added to the total mortgage loan portfolio | ' | ' | ' | 857,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan-to-value ratio with participating interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% |
Amount of new loans funded | 548,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average loan size of new loans funded | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average loan size of portfolio | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average interest rate on mortgage loans (as a percent) | 5.86% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Largest single mortgage loan | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount that would become due in 2014, if loans are called at their next call dates | 94,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount that would become due in 2015 through 2019, if loans are called at their next call dates | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount that would become due in 2020 through 2024, if loans are called at their next call dates | 511,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount that would become due after 2024, if loans are called at their next call dates | $134,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
MORTGAGE_LOANS_Details_2
MORTGAGE LOANS (Details 2) (Commercial mortgage loans, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
item | ||
Commercial mortgage loans | ' | ' |
Mortgage loans | ' | ' |
Mortgage loans having participation feature | $666,600,000 | $817,300,000 |
Income recognized on participating mortgage loans | 17,900,000 | 16,100,000 |
Nonperforming mortgage loans, foreclosed properties and restructured loans to invested assets (as a percent) | 0.03% | ' |
Nonperforming mortgage loans, foreclosed properties and restructured loans pursuant to pooling and servicing agreements | 15,900,000 | ' |
Number of mortgage loan transactions accounted for as troubled debt restructurings | 2 | ' |
Mortgage loans accounted for as troubled debt restructurings | 3,200,000 | ' |
Reduction in the entity's investment in mortgage loans, net of existing allowances for mortgage loan losses | 500,000 | ' |
Number of loan categories | 2 | ' |
Loans not subject to a pooling and servicing agreement which are either nonperforming or restructured | 3,200,000 | ' |
Number of nonperforming loans foreclosed | 3 | ' |
Amount of nonperforming loans foreclosed | 10,500,000 | ' |
Loans subject to a pooling and servicing agreement which are either nonperforming or restructured | 2,200,000 | ' |
Number of nonperforming loans subject to a pooling and servicing agreement which have been restructured | 0 | ' |
Change in the allowance for credit losses | ' | ' |
Beginning balance | 2,875,000 | 6,475,000 |
Charge offs | -6,838,000 | -9,840,000 |
Recoveries | -1,016,000 | -628,000 |
Provision | 8,109,000 | 6,868,000 |
Ending balance | $3,130,000 | $2,875,000 |
MORTGAGE_LOANS_Details_3
MORTGAGE LOANS (Details 3) (Commercial mortgage loans, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
item | |
Commercial mortgage loans | ' |
Delinquent loans | ' |
Past due period at which to cease carrying accrued interest on delinquent loans | '90 days |
Past due period at which to initiate foreclosure proceedings | '90 days |
30-59 Delinquent | $14,368 |
Greater than 90 Delinquent | 2,208 |
Total Delinquent | $16,576 |
Number of loans, 30-59 Delinquent | 8 |
Number of loans, Greater than 90 Delinquent | 1 |
Number of loans, Total Delinquent | 9 |
MORTGAGE_LOANS_Details_4
MORTGAGE LOANS (Details 4) (Commercial mortgage loans, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Commercial mortgage loans | ' | ' |
Recorded Investment | ' | ' |
With no related allowance recorded | $2,208 | $14,619 |
With an allowance recorded | 21,288 | 13,927 |
Unpaid Principal Balance | ' | ' |
With no related allowance recorded | 2,208 | 16,942 |
With an allowance recorded | 21,281 | 13,927 |
Related Allowance | ' | ' |
With an allowance recorded | 3,130 | 2,875 |
Average Recorded Investment | ' | ' |
With no related allowance recorded | 2,208 | 2,088 |
With an allowance recorded | 5,322 | 3,482 |
Interest Income Recognized | ' | ' |
With no related allowance recorded | 31 | 53 |
With an allowance recorded | 304 | 154 |
Cash Basis Interest Income | ' | ' |
With no related allowance recorded | ' | 100 |
With an allowance recorded | $304 | $154 |
DEFERRED_POLICY_ACQUISITION_CO2
DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Balances and changes in DAC | ' | ' |
Balance, beginning of period | $2,507,892 | $2,370,278 |
Capitalization of commissions, sales, and issue expenses | 341,121 | 312,684 |
Amortization | -119,017 | -116,829 |
Change in unrealized investment gains and losses | -8,309 | -58,241 |
Balance, end of period | 2,721,687 | 2,507,892 |
Balances and changes in VOBA | ' | ' |
Balance, beginning of period | 731,627 | 877,763 |
Acquisitions | 187,475 | ' |
Amortization | -73,881 | -86,736 |
Change in unrealized gains and losses | 17,291 | -59,400 |
Balance, end of period | 862,512 | 731,627 |
Expected amortization of VOBA for the next five years | ' | ' |
2014 | 79,248 | ' |
2015 | 74,663 | ' |
2016 | 70,235 | ' |
2017 | 66,720 | ' |
2018 | $63,153 | ' |
GOODWILL_Details
GOODWILL (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Life Marketing | Life Marketing | Life Marketing | Acquisitions | Acquisitions | Asset Protection | Asset Protection | Asset Protection | Corporate and Other | Corporate and Other | Corporate and Other | |||
Changes in the carrying amount of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | $108,561 | $111,659 | $10,192 | $10,192 | $10,192 | $35,615 | $38,713 | $62,671 | $62,671 | $62,671 | $83 | $83 | $83 |
Tax benefit of excess tax goodwill | -3,098 | -3,098 | ' | ' | ' | -3,098 | -3,098 | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | $105,463 | $108,561 | $10,192 | $10,192 | $10,192 | $32,517 | $35,615 | $62,671 | $62,671 | $62,671 | $83 | $83 | $83 |
CERTAIN_NONTRADITIONAL_LONGDUR2
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | ' | ' |
Separate account balances | $12,791,438,000 | $9,601,417,000 | ' |
GMWB | ' | ' | ' |
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | ' | ' |
Separate account balances | 9,500,000,000 | ' | ' |
Annuity account balances | Minimum | ' | ' | ' |
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | ' | ' |
Mortality rate assumed (as a percent) | 49.00% | ' | ' |
Annuity account balances | Maximum | ' | ' | ' |
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | ' | ' |
Mortality rate assumed (as a percent) | 80.00% | ' | ' |
Annuity account balances | CALIC | ' | ' | ' |
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | ' | ' |
Number of insurance companies that manufactured and administered traditional life insurance and annuity products | 5 | ' | ' |
Number of non-insurance companies | 4 | ' | ' |
Average attained age of contract holders | '64 years | ' | ' |
Percentage of variable annuity business of Chase Insurance Group reinsured | 100.00% | ' | ' |
Annuity account balances | Acquisitions | CALIC | ' | ' | ' |
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | ' | ' |
Guaranteed amount payable | 13,800,000 | ' | ' |
Annuity account balances | Guaranteed minimum death benefits (GMDB) | ' | ' | ' |
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | ' | ' |
Interest rate at which last anniversary date account value is compounded (as a percent) | 5.00% | ' | ' |
Mean investment performance (as a percent) | 6.70% | ' | ' |
Lapse rate, low end of the range (as a percent) | 0.00% | ' | ' |
Lapse rate, high end of the range (as a percent) | 24.00% | ' | ' |
Average discount rate (as a percent) | 6.20% | ' | ' |
Separate account balances | 12,600,000,000 | ' | ' |
Guaranteed amount payable | 106,600,000 | ' | ' |
Average attained age of contract holders | '68 years | ' | ' |
Guaranteed amount payable with GMDB reserve | 16,284,000 | 19,606,000 | 9,798,000 |
Activity relating to GMDB reserves (excluding those 100% reinsured under the Modco agreement) | ' | ' | ' |
Balance at the beginning of the period | 19,606,000 | 9,798,000 | 6,412,000 |
Incurred guarantee benefits | -260,000 | 14,087,000 | 7,171,000 |
Less: Paid guarantee benefits | 3,062,000 | 4,279,000 | 3,785,000 |
Balance at the end of the period | 16,284,000 | 19,606,000 | 9,798,000 |
Annuity account balances | Guaranteed minimum death benefits (GMDB) | Minimum | ' | ' | ' |
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | ' | ' |
Mortality rate assumed (as a percent) | 49.00% | ' | ' |
Annuity account balances | Guaranteed minimum death benefits (GMDB) | Maximum | ' | ' | ' |
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | ' | ' |
Mortality rate assumed (as a percent) | 80.00% | ' | ' |
Annuity account balances | Guaranteed minimum death benefits (GMDB) | Annuities | ' | ' | ' |
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | ' | ' |
Guaranteed amount payable | 90,000,000 | ' | ' |
Guaranteed amount payable with GMDB reserve | 16,000,000 | ' | ' |
Activity relating to GMDB reserves (excluding those 100% reinsured under the Modco agreement) | ' | ' | ' |
Balance at the end of the period | 16,000,000 | ' | ' |
Annuity account balances | Guaranteed minimum death benefits (GMDB) | Acquisitions | ' | ' | ' |
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | ' | ' |
Guaranteed amount payable | 16,600,000 | ' | ' |
Guaranteed amount payable with GMDB reserve | 300,000 | ' | ' |
Activity relating to GMDB reserves (excluding those 100% reinsured under the Modco agreement) | ' | ' | ' |
Balance at the end of the period | $300,000 | ' | ' |
Annuity account balances | GMWB | Minimum | ' | ' | ' |
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | ' | ' |
Mortality rate assumed (as a percent) | 49.00% | ' | ' |
Annuity account balances | GMWB | Maximum | ' | ' | ' |
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS | ' | ' | ' |
Mortality rate assumed (as a percent) | 80.00% | ' | ' |
CERTAIN_NONTRADITIONAL_LONGDUR3
CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Activity in the Company's deferred sales inducement asset | ' | ' | ' |
Deferred asset, beginning of period | $143,949 | $125,527 | $112,147 |
Amounts deferred | 15,274 | 23,362 | 29,472 |
Amortization | -12,572 | -4,940 | -16,092 |
Deferred asset, end of period | 146,651 | 143,949 | 125,527 |
Annuity account balances | ' | ' | ' |
Certain Nontraditional Long-duration Contracts | ' | ' | ' |
Account balances of variable annuities with guarantees invested in variable annuity separate accounts | 12,590,291 | 9,552,777 | ' |
Equity mutual funds | Annuity account balances | ' | ' | ' |
Certain Nontraditional Long-duration Contracts | ' | ' | ' |
Account balances of variable annuities with guarantees invested in variable annuity separate accounts | 7,984,198 | 6,171,196 | ' |
Fixed income mutual funds | Annuity account balances | ' | ' | ' |
Certain Nontraditional Long-duration Contracts | ' | ' | ' |
Account balances of variable annuities with guarantees invested in variable annuity separate accounts | $4,606,093 | $3,381,581 | ' |
REINSURANCE_Details
REINSURANCE (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2005 | Dec. 31, 2013 | |
Single insured life | Single insured life | Concentrated credit risk | ||
item | ||||
REINSURANCE | ' | ' | ' | ' |
Percentage of the face value of life insurance in-force reinsured | 54.00% | ' | ' | 23.00% |
Life insurance in-force reinsured, concentrated number of reinsurers | ' | ' | ' | 3 |
Amount of insurance retained before revision - certain newly issued traditional life products | ' | ' | $500,000 | ' |
Amount of insurance retained - certain newly issued traditional life products | ' | ' | 1,000,000 | ' |
Amount of insurance retained - certain traditional and universal life products | ' | $2,000,000 | ' | ' |
REINSURANCE_Details_2
REINSURANCE (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Life insurance in-force | ' | ' | ' |
Direct life insurance in-force | $726,697,151,000 | $706,415,969,000 | $728,670,260,000 |
Amounts assumed from other companies | 46,752,176,000 | 30,470,432,000 | 32,812,882,000 |
Amounts ceded to other companies | -416,809,287,000 | -444,950,866,000 | -469,530,487,000 |
Net life insurance in-force | 356,640,040,000 | 291,935,535,000 | 291,952,655,000 |
Percentage of amount assumed to net | 13.10% | 10.40% | 11.20% |
Effect of reinsurance on premiums written and earned | ' | ' | ' |
Direct premiums | 2,642,462,000 | 2,496,389,000 | 2,523,680,000 |
Reinsurance assumed | 339,189,000 | 317,889,000 | 276,460,000 |
Reinsurance ceded | -1,377,196,000 | -1,345,836,000 | -1,394,675,000 |
Net premiums | 1,604,455,000 | 1,468,442,000 | 1,405,465,000 |
Annuity policy fees | 140,700,000 | 103,800,000 | 74,900,000 |
Reinsurance receivables | 6,100,000 | 5,700,000 | ' |
Ceded benefits which are recoverable from reinsurers | 79,700,000 | 105,000,000 | ' |
Receivables related to insurance assumed | 66,100,000 | 66,100,000 | ' |
Life insurance | ' | ' | ' |
Effect of reinsurance on premiums written and earned | ' | ' | ' |
Direct premiums | 2,371,872,000 | 2,226,615,000 | 2,245,320,000 |
Reinsurance assumed | 306,920,000 | 281,712,000 | 248,468,000 |
Reinsurance ceded | -1,247,657,000 | -1,228,444,000 | -1,278,232,000 |
Net premiums | 1,431,135,000 | 1,279,883,000 | 1,215,556,000 |
Percentage of amount assumed to net | 21.50% | 22.00% | 20.40% |
Annuity policy fees | 140,700,000 | 103,800,000 | 74,900,000 |
Accident and health risks | ' | ' | ' |
Effect of reinsurance on premiums written and earned | ' | ' | ' |
Direct premiums | 45,263,000 | 38,875,000 | 43,200,000 |
Reinsurance assumed | 24,291,000 | 29,412,000 | 21,719,000 |
Reinsurance ceded | -20,011,000 | -12,065,000 | -14,456,000 |
Net premiums | 49,543,000 | 56,222,000 | 50,463,000 |
Percentage of amount assumed to net | 49.00% | 52.30% | 43.00% |
Property and casualty risks | ' | ' | ' |
Effect of reinsurance on premiums written and earned | ' | ' | ' |
Direct premiums | 225,327,000 | 230,899,000 | 235,160,000 |
Reinsurance assumed | 7,978,000 | 6,765,000 | 6,273,000 |
Reinsurance ceded | -109,528,000 | -105,327,000 | -101,987,000 |
Net premiums | $123,777,000 | $132,337,000 | $139,446,000 |
Percentage of amount assumed to net | 6.50% | 5.10% | 4.50% |
REINSURANCE_Details_3
REINSURANCE (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
item | ||
Reinsurance | ' | ' |
Reinsurance receivables | $5,805,401 | $6,175,115 |
Concentrated credit risk | Swiss Re Life & Health America, Inc. | A+ | ' | ' |
Reinsurance | ' | ' |
Reinsurance receivables | 739,600 | 823,000 |
Concentrated credit risk | Security Life of Denver Insurance Company | A | ' | ' |
Reinsurance | ' | ' |
Reinsurance receivables | 768,900 | 819,300 |
Concentrated credit risk | Lincoln National Life Insurance Co. | A+ | ' | ' |
Reinsurance | ' | ' |
Reinsurance receivables | 515,200 | 553,700 |
Concentrated credit risk | Transamerica Life Insurance Co. | A+ | ' | ' |
Reinsurance | ' | ' |
Reinsurance receivables | 524,100 | 531,100 |
Concentrated credit risk | RGA Reinsurance Company | A+ | ' | ' |
Reinsurance | ' | ' |
Reinsurance receivables | 377,600 | 419,100 |
Concentrated credit risk | SCOR Global Life USA Reinsurance Company | A | ' | ' |
Reinsurance | ' | ' |
Reinsurance receivables | 237,300 | 402,700 |
Concentrated credit risk | American United Life Insurance Company | A+ | ' | ' |
Reinsurance | ' | ' |
Reinsurance receivables | 334,800 | 342,200 |
Concentrated credit risk | Scottish Re (U.S.), Inc. | ' | ' |
Reinsurance | ' | ' |
Reinsurance receivables | 290,700 | 305,100 |
Number of companies whose reinsurance receivables have been combined | 2 | ' |
Concentrated credit risk | Employers Reassurance Corporation | A- | ' | ' |
Reinsurance | ' | ' |
Reinsurance receivables | 287,900 | 289,200 |
Concentrated credit risk | Centre Reinsurance (Bermuda) Ltd | ' | ' |
Reinsurance | ' | ' |
Reinsurance receivables | ' | $281,600 |
DEBT_AND_OTHER_OBLIGATIONS_Det
DEBT AND OTHER OBLIGATIONS (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 10, 2012 | Dec. 31, 2013 | Aug. 07, 2013 | Apr. 23, 2010 | Dec. 31, 2013 | Dec. 10, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 09, 2009 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2004 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Golden Gate II Captive Insurance Company | Golden Gate V Vermont Captive Insurance Company | Red Mountain | Red Mountain | Golden Gate III Vermont Captive Insurance Company (Golden Gate III) | Golden Gate III Vermont Captive Insurance Company (Golden Gate III) | Golden Gate III Vermont Captive Insurance Company (Golden Gate III) | Golden Gate IV Vermont Captive Insurance Company (Golden Gate IV) | Golden Gate IV Vermont Captive Insurance Company (Golden Gate IV) | MONY Life Insurance Company | Requirement | Requirement | Actual Results | Actual Results | Golden Gate V and Red Mountain | Repurchase Program Borrowings | Repurchase Program Borrowings | Repurchase Program Borrowings | Revolving Line of Credit | Revolving Line of Credit | Senior notes | Senior notes | 4.30% Senior Notes (2003), due 2013 | 4.875% Senior Notes (2004), due 2014 | 4.875% Senior Notes (2004), due 2014 | 4.875% Senior Notes (2004), due 2014 | 6.40% Senior Notes (2007), due 2018 | 6.40% Senior Notes (2007), due 2018 | 6.40% Senior Notes (2007), due 2018 | 7.375% Senior Notes (2009), due 2019 | 7.375% Senior Notes (2009), due 2019 | 7.375% Senior Notes (2009), due 2019 | 8.00% Senior Notes (2009), due 2024, callable 2014 | 8.00% Senior Notes (2009), due 2024, callable 2014 | 8.00% Senior Notes (2009), due 2024, callable 2014 | 8.45% Senior Notes (2009), due 2039 | 8.45% Senior Notes (2009), due 2039 | 8.45% Senior Notes (2009), due 2039 | Subordinated debentures | Subordinated debentures | 6.125% Subordinated Debentures (2004), due 2034, callable 2009 | 6.125% Subordinated Debentures (2004), due 2034, callable 2009 | 6.25% Subordinated Debentures (2012) due 2042, callable 2017 | 6.25% Subordinated Debentures (2012) due 2042, callable 2017 | 6.00% Subordinated Debentures (2012) due 2042, callable 2017 | 6.00% Subordinated Debentures (2012) due 2042, callable 2017 | 7.50% Subordinated Debentures (2001), due 2031, callable 2006 | 7.25% Subordinated Debentures (2002), due 2032, callable 2007 | 7.25% Capital Securities (2006), due 2066, callable 2011,One | 7.25% Capital Securities (2006), due 2066, callable 2011,Two | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Surplus notes | Surplus notes | Long-term debt and subordinated debt securities | Long-term debt and subordinated debt securities | Long-term debt and subordinated debt securities | Other obligations, non-recourse funding obligations and other temporary borrowings | Other obligations, non-recourse funding obligations and other temporary borrowings | Other obligations, non-recourse funding obligations and other temporary borrowings | |||
item | Maximum | Minimum | Minimum | Maximum | Y | Federal Funds Rate | Prime Rate | LIBOR One-Month Rate | Golden Gate | Golden Gate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and other obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | 4.88% | 4.88% | 4.88% | 6.40% | 6.40% | 6.40% | 7.38% | 7.38% | ' | 8.00% | 8.00% | ' | 8.45% | 8.45% | ' | ' | ' | 6.13% | 6.13% | 6.25% | 6.25% | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | $1,585,000,000 | $1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $485,000,000 | $50,000,000 | ' | ' | $250,000,000 | $150,000,000 | $150,000,000 | ' | ' | $150,000,000 | $150,000,000 | $400,000,000 | $400,000,000 | ' | $100,000,000 | $100,000,000 | ' | $300,000,000 | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total subordinated debt securities | 540,593,000 | 540,593,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,093,000 | 103,093,000 | 287,500,000 | 287,500,000 | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,100,000 | 118,600,000 | 75,000,000 | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, maximum borrowing capacity to be granted upon entity's request | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base of floating rate interest rate payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'Federal Funds rate | 'Prime rate | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate added to the base rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | 0.50% | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 485,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,100,000 | 103,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of consecutive years up to which the entity has the right to extend interest payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | 150,000,000 | 150,000,000 | ' | ' | ' | ' | 400,000,000 | ' | ' | 100,000,000 | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | 287,500,000 | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of deferred issue costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of debt repurchased by Golden Gate from third parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ' |
Outstanding surplus notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' |
Outstanding non-recourse funding obligations of Golden Gate II Captive Insurance Company | 575,000,000 | ' | 575,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum financing capacity under transaction | ' | ' | ' | 945,000,000 | ' | 945,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 945,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of note issued | ' | ' | ' | ' | 365,000,000 | 275,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse funding obligations | 562,448,000 | 586,000,000 | 194,900,000 | 365,000,000 | ' | ' | ' | ' | ' | ' | ' | 2,548,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse funding obligations held by affiliates | 380,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected payments under support agreement obligation | ' | ' | 0 | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future scheduled capital contributions | ' | ' | ' | 144,300,000 | ' | ' | 149,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Year-to-date weighted-average interest rate of non-recourse funding obligations (as a percent) | ' | ' | 0.97% | 6.25% | ' | ' | ' | ' | ' | ' | ' | 6.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding nonrecourse funding obligations repurchased at discount | 91,100,000 | 121,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain from repurchase of outstanding nonrecourse funding obligations | 20,000,000 | 38,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity under letter of credit | ' | ' | ' | ' | ' | ' | 715,000,000 | 710,000,000 | 505,000,000 | 700,000,000 | 270,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount up to which LOC will be periodically increased | ' | ' | ' | ' | ' | ' | 720,000,000 | ' | 610,000,000 | 790,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit (LOC) | ' | ' | ' | ' | ' | ' | 715,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit term | ' | ' | ' | ' | ' | ' | '13 years 6 months | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of installments in which future scheduled capital contributions payable | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of securities pledged under the repurchase program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 384,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase program borrowings | 350,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average borrowing rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum balance outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 815,000,000 | 425,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average daily balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 496,900,000 | 266,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average borrowing rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.11% | 0.14% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future maturities of debt, excluding notes payable to banks, and subordinated debt securities, for the next five years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the Company's estimated debt covenant calculations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated net worth margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt to total capital ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | 0.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total adjusted capital margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest cash inflow available compared to adjusted consolidated interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123,800,000 | 131,500,000 | 130,900,000 | 47,500,000 | 28,700,000 | 28,200,000 |
Increase (decrease) in interest expense | ' | ' | ' | 17,300,000 | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,700,000 | ' | ' | 18,800,000 | ' | ' |
Variance in interest expense offset amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Indemnification Agreement | ' |
Commitments and contingencies | ' |
Indemnification agreement with certain officers, maximum | $10 |
IRS proposed adjustment | ' |
Commitments and contingencies | ' |
Additional income tax cash payments if IRS prevails on every issue | $26.60 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | |||
Future minimum rental payments required under operating leases | ' | ' | ' |
Description rate | 'LIBOR | ' | ' |
Outstanding mortgage loan commitments | $322,800,000 | $182,600,000 | ' |
Average rate (as a percent) | 4.93% | 5.10% | ' |
Number of auditors from whom notice has been received | 2 | ' | ' |
Administrative and marketing office space | ' | ' | ' |
Operating leased assets | ' | ' | ' |
Number of cities in which the company leases properties | 19 | ' | ' |
Rental expense | 7,000,000 | 7,100,000 | 6,800,000 |
Aggregate annualized rent | 7,000,000 | ' | ' |
Future minimum rental payments required under operating leases | ' | ' | ' |
2014 | 6,971,000 | ' | ' |
2015 | 5,845,000 | ' | ' |
2016 | 3,770,000 | ' | ' |
2017 | 1,391,000 | ' | ' |
2018 | 750,000 | ' | ' |
Thereafter | 1,978,000 | ' | ' |
Administrative and marketing office space | Minimum | ' | ' | ' |
Operating leased assets | ' | ' | ' |
Lease period | '3 years | ' | ' |
Administrative and marketing office space | Maximum | ' | ' | ' |
Operating leased assets | ' | ' | ' |
Lease period | '10 years | ' | ' |
Administrative and Marketing Office Space Birmingham excluding Home Office | ' | ' | ' |
Operating leased assets | ' | ' | ' |
Area leased in Birmingham (in square feet) | 24,090 | ' | ' |
Building contiguous to home office | ' | ' | ' |
Future minimum rental payments required under operating leases | ' | ' | ' |
2014 | 1,236,000 | ' | ' |
2015 | 1,236,000 | ' | ' |
2016 | 1,239,000 | ' | ' |
2017 | 1,236,000 | ' | ' |
2018 | 76,211,000 | ' | ' |
Approximate price for which the company may purchase building at the end of lease term | $75,000,000 | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details 3) (Targeted multi-state examination with respect to claims paying practices, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Targeted multi-state examination with respect to claims paying practices | ' |
Commitments and contingencies | ' |
Administrative and/or examination fees which the insurance regulators could demand, minimum | $0 |
Administrative and/or examination fees which the insurance regulators could demand, maximum | $3.50 |
SHAREOWNERS_EQUITY_Details
SHAREOWNERS' EQUITY (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
SHAREOWNERS' EQUITY | ' | ' | ' | ' |
Issued shares | 88,776,960 | 88,776,960 | 88,776,960 | 88,776,960 |
Treasury Shares | 10,199,514 | 10,639,467 | 7,107,765 | 3,108,983 |
Outstanding Shares | 78,577,446 | 78,137,493 | 81,669,195 | 85,667,977 |
Reissuance of treasury stock (in shares) | -439,953 | -3,531,702 | -3,998,782 | ' |
Deposits to treasury stock (in shares) | 439,953 | 3,531,702 | 3,998,782 | ' |
Preferred stock, shares authorized | 4,000,000 | 4,000,000 | ' | ' |
Preferred Stock, par value (in dollars per share) | $1 | $1 | ' | ' |
Shares issued | 0 | ' | ' | ' |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | item | ||
Stock-based compensation | ' | ' | ' |
Number of shares that may be issued under plans approved by shareowners | 9,500,000 | ' | ' |
Performance Shares | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Period over which average return on average equity is calculated | '3 years | '3 years | ' |
Minimum percentage of Company's ROE to earn awards under performance awards | 10.00% | 10.00% | ' |
Number of awards earned when ROE is below 10.0% | 0 | 0 | ' |
Minimum percentage of Company's ROE to earn maximum awards under performance awards | 11.50% | 11.20% | ' |
Performance shares issued | 298,500 | 306,100 | 191,100 |
Estimated fair value of performance shares awarded | $9,328 | $8,608 | $5,433 |
Stock Appreciation Rights | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Performance shares issued | 0 | 0 | 0 |
Exercisable period of grants from grant date | '5 years | ' | ' |
Beginning of annual installments from date of grant | '1 year | ' | ' |
Expiration period from date of grant | '10 years | ' | ' |
Weighted-Average Base Price per share | ' | ' | ' |
Balance at the beginning of the period (in dollars per share) | $22.15 | $22.27 | $21.97 |
SARs exercised / forfeited (in dollars per share) | $18.54 | $22.60 | $8.31 |
Balance at the end of the period (in dollars per share) | $23.08 | $22.15 | $22.27 |
No. of SARs | ' | ' | ' |
Balance at the beginning of the period (in shares) | 1,641,167 | 2,274,229 | 2,324,837 |
SARs exercised / forfeited | -336,066 | -633,062 | -50,608 |
Balance at the end of the period (in shares) | 1,305,101 | 1,641,167 | 2,274,229 |
Stock Appreciation Rights | Minimum | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Number of annual installments to exercise stock appreciation rights | 3 | ' | ' |
Stock Appreciation Rights | Maximum | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Number of annual installments to exercise stock appreciation rights | 4 | ' | ' |
STOCKBASED_COMPENSATION_Detail1
STOCK-BASED COMPENSATION (Details 2) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
41.05 | ' |
Stock-based compensation | ' |
Base Price (in dollars per share) | $41.05 |
SARs Outstanding (in shares) | 100,700 |
Remaining Life | '2 years |
Currently Exercisable (in shares) | 100,700 |
48.6 | ' |
Stock-based compensation | ' |
Base Price (in dollars per share) | $48.60 |
SARs Outstanding (in shares) | 33,900 |
Remaining Life | '3 years |
Currently Exercisable (in shares) | 33,900 |
43.46 | ' |
Stock-based compensation | ' |
Base Price (in dollars per share) | $43.46 |
SARs Outstanding (in shares) | 161,700 |
Remaining Life | '4 years |
Currently Exercisable (in shares) | 161,700 |
41.12 | ' |
Stock-based compensation | ' |
Base Price (in dollars per share) | $41.12 |
SARs Outstanding (in shares) | 2,500 |
Remaining Life | '4 years |
Currently Exercisable (in shares) | 2,500 |
38.59 | ' |
Stock-based compensation | ' |
Base Price (in dollars per share) | $38.59 |
SARs Outstanding (in shares) | 267,800 |
Remaining Life | '5 years |
Currently Exercisable (in shares) | 267,800 |
3.5 | ' |
Stock-based compensation | ' |
Base Price (in dollars per share) | $3.50 |
SARs Outstanding (in shares) | 501,697 |
Remaining Life | '6 years |
Currently Exercisable (in shares) | 507,697 |
18.36 | ' |
Stock-based compensation | ' |
Base Price (in dollars per share) | $18.36 |
SARs Outstanding (in shares) | 236,804 |
Remaining Life | '7 years |
Currently Exercisable (in shares) | 236,804 |
STOCKBASED_COMPENSATION_Detail2
STOCK-BASED COMPENSATION (Details 3) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Grant date fair values | ' | ' | ' | ' |
Expenses recorded for stock-based compensation plans | 15,700,000 | 10,300,000 | 10,200,000 | ' |
Total compensation cost related to non-vested stock-based compensation not yet recognized | 19,700,000 | ' | ' | ' |
Weighted-average period over which compensation cost related to non-vested stock-based compensation is expected to be recognized | '1 year 10 months 24 days | ' | ' | ' |
Additional equity compensation plan information | ' | ' | ' | ' |
Number of securities to be issued upon exercise of outstanding options, warrants and rights (in shares) | 2,841,985 | ' | ' | ' |
Weighted-average exercise price of outstanding options, warrants and rights (in dollars per share) | 22.15 | ' | ' | ' |
Number of remaining securities available for future issuance under equity compensation plans, excluding securities to be issued upon exercise of outstanding options, warrants and rights (in shares) | 4,297,959 | ' | ' | ' |
Equity compensation plans approved by shareowners | ' | ' | ' | ' |
Additional equity compensation plan information | ' | ' | ' | ' |
Number of securities to be issued upon exercise of outstanding options, warrants and rights (in shares) | 2,628,085 | ' | ' | ' |
Weighted-average exercise price of outstanding options, warrants and rights (in dollars per share) | 22.15 | ' | ' | ' |
Number of remaining securities available for future issuance under equity compensation plans, excluding securities to be issued upon exercise of outstanding options, warrants and rights (in shares) | 4,297,959 | ' | ' | ' |
Equity compensation plans not approved by shareowners | ' | ' | ' | ' |
Additional equity compensation plan information | ' | ' | ' | ' |
Number of securities to be issued upon exercise of outstanding options, warrants and rights (in shares) | 213,900 | ' | ' | ' |
Deferred compensation plan for officers | Equity compensation plans approved by shareowners | ' | ' | ' | ' |
Additional equity compensation plan information | ' | ' | ' | ' |
Number of securities to be issued upon exercise of outstanding options, warrants and rights (in shares) | 383,641 | ' | ' | ' |
Deferred compensation plan for officers | Equity compensation plans not approved by shareowners | ' | ' | ' | ' |
Additional equity compensation plan information | ' | ' | ' | ' |
Number of securities to be issued upon exercise of outstanding options, warrants and rights (in shares) | 39,425 | ' | ' | ' |
Deferred compensation plan for directors who are not employees | Equity compensation plans approved by shareowners | ' | ' | ' | ' |
Additional equity compensation plan information | ' | ' | ' | ' |
Number of securities to be issued upon exercise of outstanding options, warrants and rights (in shares) | 146,166 | ' | ' | ' |
Deferred compensation plan for directors who are not employees | Equity compensation plans not approved by shareowners | ' | ' | ' | ' |
Additional equity compensation plan information | ' | ' | ' | ' |
Number of securities to be issued upon exercise of outstanding options, warrants and rights (in shares) | 174,476 | ' | ' | ' |
Performance Shares | ' | ' | ' | ' |
Grant date fair values | ' | ' | ' | ' |
Awards issued | 298,500 | 306,100 | 191,100 | ' |
Fair values of awards at grant date | 9,328,000 | 8,608,000 | 5,433,000 | ' |
Performance Shares | Equity compensation plans approved by shareowners | ' | ' | ' | ' |
Additional equity compensation plan information | ' | ' | ' | ' |
Number of securities to be issued upon exercise of outstanding options, warrants and rights (in shares) | 852,384 | ' | ' | ' |
Stock Appreciation Rights | ' | ' | ' | ' |
Assumptions used in the model for SARs granted | ' | ' | ' | ' |
Expected volatility (as a percent) | ' | ' | ' | 69.40% |
Expected risk-free interest rate (as a percent) | ' | ' | ' | 2.60% |
Expected dividend rate (as a percent) | ' | ' | ' | 2.40% |
Expected forfeiture rate (as a percent) | ' | ' | ' | 0.00% |
Grant date fair values | ' | ' | ' | ' |
Awards issued | 0 | 0 | 0 | ' |
Vesting period | '5 years | ' | ' | ' |
Stock Appreciation Rights | Equity compensation plans approved by shareowners | ' | ' | ' | ' |
Additional equity compensation plan information | ' | ' | ' | ' |
Number of securities to be issued upon exercise of outstanding options, warrants and rights (in shares) | 848,316 | ' | ' | ' |
Number of shares of common stock assumed to be payable with respect to each outstanding award | 1 | ' | ' | ' |
Restricted Stock Units | ' | ' | ' | ' |
Grant date fair values | ' | ' | ' | ' |
Awards issued | 166,850 | 190,800 | ' | ' |
Fair values of awards at grant date | 5,500,000 | 5,400,000 | ' | ' |
Vesting percentage | 50.00% | ' | ' | ' |
Restricted Stock Units | Equity compensation plans approved by shareowners | ' | ' | ' | ' |
Additional equity compensation plan information | ' | ' | ' | ' |
Number of securities to be issued upon exercise of outstanding options, warrants and rights (in shares) | 397,578 | ' | ' | ' |
Restricted Stock Units | Vesting after three years from grant date | ' | ' | ' | ' |
Grant date fair values | ' | ' | ' | ' |
Vesting period | '3 years | ' | ' | ' |
Restricted Stock Units | Vesting after four years from grant date | ' | ' | ' | ' |
Grant date fair values | ' | ' | ' | ' |
Vesting period | '4 years | ' | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (Defined Benefit Pension Plan, USD $) | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2014 | Dec. 31, 2013 |
EMPLOYEE BENEFIT PLANS | ' | ' |
Threshold age plus vesting period of active employees to determine type of benefit eligibility | ' | '55 years |
Adjusted funding target percentage subject to benefit restrictions, maximum | ' | 80.00% |
Contribution made by the company to its defined benefit pension plan for the plan year 2012 | ' | $2 |
Contribution made by the company to its defined benefit pension plan for the plan year 2013 | ' | 6.9 |
Additional contribution made by the company to its defined benefit pension plan for the plan year 2013 | 2.3 | ' |
Minimum | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' |
Adjusted funding target percentage to be maintained | ' | 80.00% |
Estimated contribution by employer | ' | 10 |
Maximum | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' |
Estimated contribution by employer | ' | $20 |
EMPLOYEE_BENEFIT_PLANS_Details1
EMPLOYEE BENEFIT PLANS (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at end of year | $180,173 | $152,187 | ' |
Defined Benefit Pension Plan | ' | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' | ' |
Accumulated benefit obligation, end of year | 207,999 | 210,319 | ' |
Change in projected benefit obligation: | ' | ' | ' |
Projected benefit obligation at beginning of year | 223,319 | 199,162 | ' |
Service cost | 9,345 | 9,145 | 8,682 |
Interest cost | 8,985 | 8,977 | 8,938 |
Actuarial (gain) or loss | -8,172 | 15,286 | ' |
Benefits paid | -14,325 | -9,251 | ' |
Projected benefit obligation at end of year | 219,152 | 223,319 | 199,162 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 152,187 | 125,058 | ' |
Actual return on plan assets | 33,368 | 15,202 | ' |
Employer contributions | 8,943 | 21,178 | ' |
Benefits paid | -14,325 | -9,251 | ' |
Fair value of plan assets at end of year | 180,173 | 152,187 | 125,058 |
After reflecting FASB guidance: | ' | ' | ' |
Funded status | -38,979 | -71,132 | ' |
Amounts recognized in the balance sheet: | ' | ' | ' |
Other liabilities | -38,979 | -71,132 | ' |
Amounts recognized in accumulated other comprehensive income: | ' | ' | ' |
Net actuarial loss | 54,897 | 95,055 | ' |
Prior service cost/(credit) | -1,425 | -1,816 | ' |
Total | 53,472 | 93,239 | ' |
Unfunded Excess Benefits Plan | ' | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' | ' |
Accumulated benefit obligation, end of year | 36,306 | 39,828 | ' |
Change in projected benefit obligation: | ' | ' | ' |
Projected benefit obligation at beginning of year | 42,971 | 36,256 | ' |
Service cost | 1,037 | 867 | 679 |
Interest cost | 1,387 | 1,473 | 1,506 |
Actuarial (gain) or loss | -1,505 | 6,946 | ' |
Benefits paid | -4,211 | -2,571 | ' |
Projected benefit obligation at end of year | 39,679 | 42,971 | 36,256 |
Change in plan assets: | ' | ' | ' |
Employer contributions | 4,211 | 2,571 | ' |
Benefits paid | -4,211 | -2,571 | ' |
After reflecting FASB guidance: | ' | ' | ' |
Funded status | -39,679 | -42,971 | ' |
Amounts recognized in the balance sheet: | ' | ' | ' |
Other liabilities | -39,679 | -42,971 | ' |
Amounts recognized in accumulated other comprehensive income: | ' | ' | ' |
Net actuarial loss | 13,346 | 17,571 | ' |
Prior service cost/(credit) | 36 | 48 | ' |
Total | 13,382 | 17,619 | ' |
Other Postretirement Benefits | ' | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' | ' |
Accumulated benefit obligation, end of year | 400 | 800 | ' |
Retiree medical plan | ' | ' | ' |
Change in projected benefit obligation: | ' | ' | ' |
Projected benefit obligation at beginning of year | 788 | 949 | ' |
Service cost | 4 | 6 | ' |
Interest cost | 5 | 17 | ' |
Actuarial (gain) or loss | 29 | -144 | ' |
Plan participant contributions | 289 | 293 | ' |
Benefits paid | -668 | -333 | ' |
Projected benefit obligation at end of year | 447 | 788 | ' |
Change in plan assets: | ' | ' | ' |
Benefits paid | -668 | -333 | ' |
Group life insurance plan | ' | ' | ' |
Change in projected benefit obligation: | ' | ' | ' |
Projected benefit obligation at beginning of year | 10,070 | 8,951 | ' |
Service cost | 144 | 123 | ' |
Interest cost | 405 | 412 | ' |
Actuarial (gain) or loss | -1,620 | 895 | ' |
Benefits paid | -346 | -311 | ' |
Projected benefit obligation at end of year | 8,653 | 10,070 | ' |
Change in plan assets: | ' | ' | ' |
Benefits paid | ($346) | ($311) | ' |
EMPLOYEE_BENEFIT_PLANS_Details2
EMPLOYEE BENEFIT PLANS (Details 3) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Pension Plan | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate (as a percent) | 4.86% | 4.07% | ' |
Rate of compensation increase (as a percent) | 3.00% | 3.00% | ' |
Expected long-term return on plan assets (as a percent) | 7.50% | 7.50% | ' |
Period for which annualized returns are obtained for each asset class | '25 years | ' | ' |
Weighted-average assumptions used to determine net periodic benefit cost | ' | ' | ' |
Discount rate (as a percent) | 4.07% | 4.62% | 5.30% |
Rate of compensation increase (as a percent) | 3.00% | ' | ' |
Expected long-term return on plan assets (as a percent) | 7.50% | 7.75% | 7.75% |
Defined Benefit Pension Plan | Minimum | ' | ' | ' |
Weighted-average assumptions used to determine net periodic benefit cost | ' | ' | ' |
Rate of compensation increase (as a percent) | ' | 2.50% | 2.50% |
Defined Benefit Pension Plan | Maximum | ' | ' | ' |
Weighted-average assumptions used to determine net periodic benefit cost | ' | ' | ' |
Rate of compensation increase (as a percent) | ' | 3.00% | 3.00% |
Unfunded Excess Benefits Plan | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate (as a percent) | 4.30% | 3.37% | ' |
Rate of compensation increase (as a percent) | 4.00% | 4.00% | ' |
Weighted-average assumptions used to determine net periodic benefit cost | ' | ' | ' |
Discount rate (as a percent) | 3.37% | 4.07% | 4.79% |
Rate of compensation increase (as a percent) | 4.00% | ' | ' |
Unfunded Excess Benefits Plan | Minimum | ' | ' | ' |
Weighted-average assumptions used to determine net periodic benefit cost | ' | ' | ' |
Rate of compensation increase (as a percent) | ' | 3.50% | 3.50% |
Unfunded Excess Benefits Plan | Maximum | ' | ' | ' |
Weighted-average assumptions used to determine net periodic benefit cost | ' | ' | ' |
Rate of compensation increase (as a percent) | ' | 4.00% | 4.00% |
Retiree medical plan | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate (as a percent) | 1.26% | ' | ' |
Weighted-average assumptions used to determine net periodic benefit cost | ' | ' | ' |
Discount rate (as a percent) | 1.09% | ' | ' |
Group life insurance plan | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligations | ' | ' | ' |
Discount rate (as a percent) | 5.05% | ' | ' |
Expected long-term return on plan assets (as a percent) | 3.13% | ' | ' |
Weighted-average assumptions used to determine net periodic benefit cost | ' | ' | ' |
Discount rate (as a percent) | 4.10% | ' | ' |
Expected long-term return on plan assets (as a percent) | 3.26% | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Details3
EMPLOYEE BENEFIT PLANS (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Pension Plan | ' | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' | ' |
Service cost - benefits earned during the period | $9,345 | $9,145 | $8,682 |
Interest cost on projected benefit obligation | 8,985 | 8,977 | 8,938 |
Expected return on plan assets | -11,013 | -10,916 | -10,021 |
Amortization of prior service cost/(credit) | -392 | -392 | -392 |
Amortization of actuarial losses | 9,631 | 7,749 | 5,625 |
Preliminary net periodic benefit cost | 16,556 | 14,563 | 12,832 |
Total net periodic benefit cost | 16,556 | 14,563 | 12,832 |
Average remaining service period used | '8 years 2 months 8 days | ' | ' |
Estimated net actuarial loss, prior service cost, and transition obligation for these plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2013 | ' | ' | ' |
Net actuarial loss | 6,300 | ' | ' |
Prior service cost/(credit) | -392 | ' | ' |
Unfunded Excess Benefits Plan | ' | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' | ' |
Service cost - benefits earned during the period | 1,037 | 867 | 679 |
Interest cost on projected benefit obligation | 1,387 | 1,473 | 1,506 |
Amortization of prior service cost/(credit) | 12 | 12 | 12 |
Amortization of actuarial losses | 1,792 | 1,300 | 881 |
Preliminary net periodic benefit cost | 4,228 | 3,652 | 3,078 |
Settlement/curtailment expense | 928 | ' | ' |
Total net periodic benefit cost | 5,156 | 3,652 | 3,078 |
Average remaining service period used | '7 years 5 months 12 days | ' | ' |
Estimated net actuarial loss, prior service cost, and transition obligation for these plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2013 | ' | ' | ' |
Net actuarial loss | 1,300 | ' | ' |
Prior service cost/(credit) | $12 | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Details4
EMPLOYEE BENEFIT PLANS (Details 5) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Allocation of plan assets of defined benefit pension plan by category | ' | ' |
Total (as a percent) | 100.00% | 100.00% |
Target Allocation for 2014 | ' | ' |
Total (as a percent) | 100.00% | ' |
Defined Benefit Pension Plan | Cash and cash equivalents | ' | ' |
Allocation of plan assets of defined benefit pension plan by category | ' | ' |
Total (as a percent) | 2.00% | 4.00% |
Target Allocation for 2014 | ' | ' |
Total (as a percent) | 2.00% | ' |
Defined Benefit Pension Plan | Equity securities | ' | ' |
Allocation of plan assets of defined benefit pension plan by category | ' | ' |
Total (as a percent) | 64.00% | 60.00% |
Target Allocation for 2014 | ' | ' |
Total (as a percent) | 60.00% | ' |
Defined Benefit Pension Plan | Fixed income securities | ' | ' |
Allocation of plan assets of defined benefit pension plan by category | ' | ' |
Total (as a percent) | 34.00% | 36.00% |
Target Allocation for 2014 | ' | ' |
Total (as a percent) | 38.00% | ' |
EMPLOYEE_BENEFIT_PLANS_Details5
EMPLOYEE BENEFIT PLANS (Details 6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
EMPLOYEE BENEFIT PLANS | ' | ' | ' |
Total investments | $180,173 | $152,187 | ' |
Defined Benefit Pension Plan | ' | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' | ' |
Total investments | 180,173 | 152,187 | 125,058 |
Employer contribution receivable | 2,314 | ' | ' |
Total | 182,487 | 152,187 | ' |
Defined Benefit Pension Plan | Cash | ' | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' | ' |
Total investments | 3,052 | 6,222 | ' |
Defined Benefit Pension Plan | Equity securities: Collective Russell 3000 index fund | ' | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' | ' |
Total investments | 74,753 | 61,451 | ' |
Defined Benefit Pension Plan | Equity securities: Fidelity Spartan 500 index fund | ' | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' | ' |
Total investments | 45,632 | 34,482 | ' |
Defined Benefit Pension Plan | Fixed Income | ' | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' | ' |
Total investments | 56,736 | 50,032 | ' |
Group life insurance plan | Money Market Fund | ' | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' | ' |
Total investments | $6,156 | $6,174 | $6,193 |
EMPLOYEE_BENEFIT_PLANS_Details6
EMPLOYEE BENEFIT PLANS (Details 7) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | $180,173,000 | $152,187,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at end of year | 180,173,000 | 152,187,000 |
Collective short-term investment fund | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 3,052,000 | 6,222,000 |
Redemption Notice Period | '1 day | '1 day |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at beginning of year | 6,222,000 | ' |
Fair value of plan assets at end of year | 3,052,000 | 6,222,000 |
Collective Russell 3000 index fund | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Redemption Notice Period | '1 day | '1 day |
Fidelity Spartan 500 index fund | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Redemption Notice Period | '1 day | '1 day |
Defined Benefit Pension Plan | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 180,173,000 | 152,187,000 |
Amount transferred from level 1 to level 2 | 0 | 0 |
Amount transferred into level 3 from level 2 | 4,000,000 | 6,000,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at beginning of year | 152,187,000 | 125,058,000 |
Fair value of plan assets at end of year | 180,173,000 | 152,187,000 |
Defined Benefit Pension Plan | Collective short-term investment fund | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 3,052,000 | 6,222,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at end of year | 3,052,000 | 6,222,000 |
Defined Benefit Pension Plan | Collective Russell 3000 index fund | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 74,753,000 | 61,451,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at end of year | 74,753,000 | 61,451,000 |
Defined Benefit Pension Plan | Fidelity Spartan 500 index fund | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 45,632,000 | 34,482,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at end of year | 45,632,000 | 34,482,000 |
Defined Benefit Pension Plan | Equity index funds | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 120,385,000 | 95,933,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at end of year | 120,385,000 | 95,933,000 |
Defined Benefit Pension Plan | Group deposit administration annuity contract | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 56,736,000 | 50,032,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at end of year | 56,736,000 | 50,032,000 |
Defined Benefit Pension Plan | Level 1 | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 48,684,000 | 40,704,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at end of year | 48,684,000 | 40,704,000 |
Defined Benefit Pension Plan | Level 1 | Collective short-term investment fund | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 3,052,000 | 6,222,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at end of year | 3,052,000 | 6,222,000 |
Defined Benefit Pension Plan | Level 1 | Equity index funds | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 45,632,000 | 34,482,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at end of year | 45,632,000 | 34,482,000 |
Defined Benefit Pension Plan | Level 2 | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 74,753,000 | 61,451,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at end of year | 74,753,000 | 61,451,000 |
Defined Benefit Pension Plan | Level 2 | Equity index funds | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 74,753,000 | 61,451,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at end of year | 74,753,000 | 61,451,000 |
Defined Benefit Pension Plan | Level 3 | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 56,736,000 | 50,032,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at beginning of year | 50,032,000 | 41,527,000 |
Interest income | 2,704,000 | 2,505,000 |
Transfers from collective short-term investments fund | 4,000,000 | 6,000,000 |
Fair value of plan assets at end of year | 56,736,000 | 50,032,000 |
Defined Benefit Pension Plan | Level 3 | Group deposit administration annuity contract | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 56,736,000 | 50,032,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at end of year | 56,736,000 | 50,032,000 |
Group life insurance plan | Money market fund | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 6,156,000 | 6,174,000 |
Amount of transfer between levels | 0 | 0 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at beginning of year | 6,174,000 | 6,193,000 |
Fair value of plan assets at end of year | 6,156,000 | 6,174,000 |
Group life insurance plan | Level 1 | Money market fund | ' | ' |
Fair value hierarchy of Plan's assets | ' | ' |
Total investments | 6,156,000 | 6,174,000 |
Reconciliation of beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) are used | ' | ' |
Fair value of plan assets at end of year | $6,156,000 | $6,174,000 |
EMPLOYEE_BENEFIT_PLANS_Details7
EMPLOYEE BENEFIT PLANS (Details 8) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Level 3 | Level 3 | Level 3 | ||
Group Deposit Administration Annuity Contract | Group Deposit Administration Annuity Contract | Group Deposit Administration Annuity Contract | |||
Contract Value | Contract Value | Contract Value | |||
Minimum | Maximum | ||||
Employee benefit plans | ' | ' | ' | ' | ' |
Fair Value | $180,173 | $152,187 | $56,736 | ' | ' |
Contract rate (as a percent) | ' | ' | ' | 5.32% | 5.42% |
EMPLOYEE_BENEFIT_PLANS_Details8
EMPLOYEE BENEFIT PLANS (Details 9) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Pension Plan | ' |
Estimated future benefit payments under defined benefit pension plan | ' |
2014 | $12,621 |
2015 | 13,284 |
2016 | 13,688 |
2017 | 14,571 |
2018 | 15,431 |
2019-2023 | 84,854 |
Unfunded Excess Benefits Plan | ' |
Estimated future benefit payments under defined benefit pension plan | ' |
2014 | 3,817 |
2015 | 4,077 |
2016 | 4,007 |
2017 | 3,887 |
2018 | 3,845 |
2019-2023 | $16,936 |
EMPLOYEE_BENEFIT_PLANS_Details9
EMPLOYEE BENEFIT PLANS (Details 10) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Other Postretirement Benefits | Maximum | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' |
Age of eligibility for limited healthcare benefits | '65 years | ' |
Retiree medical plan | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' |
Liability related to prescription drug benefit provided to employees | $100,000 | $100,000 |
Retiree medical plan | Minimum | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' |
Age of eligibility for prescription drug benefit | '65 years | ' |
Life insurance benefits | 10,000 | ' |
Retiree medical plan | Maximum | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' |
Life insurance benefits | 75,000 | ' |
Group life insurance plan | ' | ' |
EMPLOYEE BENEFIT PLANS | ' | ' |
Face amount of life insurance benefits funded | $50,000 | ' |
Recovered_Sheet1
EMPLOYEE BENEFIT PLANS (Details 11) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
EMPLOYEE BENEFIT PLANS | ' | ' | ' |
Percentage change in healthcare cost trend assumptions which has no material effect on liability related to prescription drug benefit provided to employees | 1.00% | ' | ' |
Period for which the average and annualized return on Barclay's short treasury index is considered for assessment of reasonableness of long term rate of return assumption | '20 years | ' | ' |
401 (k) Plan | ' | ' | ' |
Employee contribution, maximum percentage of eligible annual compensation | 25.00% | ' | ' |
Maximum annual contribution by employee | $17,500 | ' | ' |
Minimum age required to be eligible to make catch-up contribution | '50 years | ' | ' |
Maximum additional contribution over and above regular annual contribution limits | 5,500 | ' | ' |
Maximum employer matching contribution (as a percent) | 4.00% | ' | ' |
Expenses recorded due to adopting a cash match for employee contributions to the 401(k) plan | 6,000,000 | 5,900,000 | ' |
Amount of expenses recorded under a plan that provides supplemental matching contributions in excess of limits imposed | $500,000 | $400,000 | $400,000 |
Deferred Compensation Plan | ' | ' | ' |
Common stock equivalents credited to participants (in shares) | 971,512 | ' | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Calculation of basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income available to PLC's common shareowners | $118,913 | $93,061 | $103,199 | $78,291 | $66,796 | $60,480 | $76,155 | $99,021 | $393,464 | [1] | $302,452 | [1] | $315,392 | [1] |
Average shares issued and outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 78,439,987 | 80,149,261 | 84,309,804 | |||
Issuable under various deferred compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 955,635 | 917,077 | 898,808 | |||
Weighted shares outstanding - basic | 79,540,583 | 79,492,274 | 79,404,770 | 79,139,392 | 79,652,495 | 80,662,745 | 81,639,756 | 82,330,330 | 79,395,622 | 81,066,338 | 85,208,612 | |||
Per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income available to PLC's common shareowners - basic (in dollars per share) | $1.50 | $1.17 | $1.30 | $0.99 | $0.84 | $0.75 | $0.93 | $1.20 | $4.96 | $3.73 | $3.70 | |||
Calculation of diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income available to PLC's common shareowners | $118,913 | $93,061 | $103,199 | $78,291 | $66,796 | $60,480 | $76,155 | $99,021 | $393,464 | [1] | $302,452 | [1] | $315,392 | [1] |
Weighted shares outstanding - basic | 79,540,583 | 79,492,274 | 79,404,770 | 79,139,392 | 79,652,495 | 80,662,745 | 81,639,756 | 82,330,330 | 79,395,622 | 81,066,338 | 85,208,612 | |||
Stock appreciation rights ("SARs") (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 432,413 | 448,936 | 468,810 | |||
Issuable under various other stock-based compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 745,607 | 588,298 | 122,027 | |||
Restricted stock units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 352,071 | 619,444 | 675,780 | |||
Weighted shares outstanding - diluted | 81,053,787 | 80,852,078 | 81,087,238 | 80,706,744 | 81,339,803 | 82,406,103 | 83,243,703 | 83,921,135 | 80,925,713 | 82,723,016 | 86,475,229 | |||
Per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income available to PLC's common shareowners - diluted (in dollars per share) | $1.47 | $1.15 | $1.27 | $0.97 | $0.82 | $0.73 | $0.91 | $1.18 | $4.86 | $3.66 | $3.65 | |||
Antidilutive securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 178,325 | 670,320 | 1,440,047 | |||
[1] | Protective Life Corporation ("PLC") |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ' | ' | ' |
Beginning Balance | $1,736,722,000 | ' | ' |
Other comprehensive income (loss) before reclassifications | -1,220,168,000 | ' | ' |
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings | 4,591,000 | 30,236,000 | -24,524,000 |
Amounts reclassified from accumulated other comprehensive income (loss) | -27,079,000 | ' | ' |
Total other comprehensive income (loss) | -1,242,656,000 | 751,278,000 | 677,594,000 |
Ending Balance | 494,066,000 | 1,736,722,000 | ' |
Unrealized Gains and Losses on Investments | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ' | ' | ' |
Beginning Balance | 1,813,516,000 | ' | ' |
Other comprehensive income (loss) before reclassifications | -1,250,498,000 | ' | ' |
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings | 4,591,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | -28,606,000 | ' | ' |
Total other comprehensive income (loss) | -1,274,513,000 | ' | ' |
Ending Balance | 539,003,000 | ' | ' |
Impact of DAC and VOBA | 198,100,000 | 204,900,000 | ' |
Accumulated Gain and Loss Derivatives | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ' | ' | ' |
Beginning Balance | -3,496,000 | ' | ' |
Other comprehensive income (loss) before reclassifications | 734,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,527,000 | ' | ' |
Total other comprehensive income (loss) | 2,261,000 | ' | ' |
Ending Balance | -1,235,000 | ' | ' |
Minimum Pension Liability Adjustments | ' | ' | ' |
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ' | ' | ' |
Beginning Balance | -73,298,000 | ' | ' |
Other comprehensive income (loss) before reclassifications | 29,596,000 | ' | ' |
Total other comprehensive income (loss) | 29,596,000 | ' | ' |
Ending Balance | ($43,702,000) | ' | ' |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefits and settlement expenses, net of reinsurance ceded | ' | ' | ' | ' | ' | ' | ' | ' | ($2,479,757) | ($2,326,040) | ($2,233,473) |
Realized investment gains (losses): All other investments | ' | ' | ' | ' | ' | ' | ' | ' | -123,537 | 231,035 | 234,915 |
Net impairment losses recognized in earnings | ' | ' | ' | ' | ' | ' | ' | ' | -22,447 | -58,886 | -47,442 |
Income before income tax | 173,612 | 142,121 | 157,013 | 117,627 | 103,719 | 90,986 | 107,687 | 150,579 | 590,373 | 452,971 | 470,476 |
Tax (expense) or benefit | -54,699 | -49,060 | -53,814 | -39,336 | -36,923 | -30,506 | -31,532 | -51,558 | -196,909 | -150,519 | -154,839 |
Net income | 118,913 | 93,061 | 103,199 | 78,291 | 66,796 | 60,480 | 76,155 | 99,021 | 393,464 | 302,452 | 315,637 |
Gains and losses on derivative instruments | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefits and settlement expenses, net of reinsurance ceded | ' | ' | ' | ' | ' | ' | ' | ' | -2,349 | ' | ' |
Income before income tax | ' | ' | ' | ' | ' | ' | ' | ' | -2,349 | ' | ' |
Tax (expense) or benefit | ' | ' | ' | ' | ' | ' | ' | ' | 822 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -1,527 | ' | ' |
Unrealized gains and losses on available-for-sale securities | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized investment gains (losses): All other investments | ' | ' | ' | ' | ' | ' | ' | ' | 66,456 | ' | ' |
Net impairment losses recognized in earnings | ' | ' | ' | ' | ' | ' | ' | ' | -22,447 | ' | ' |
Income before income tax | ' | ' | ' | ' | ' | ' | ' | ' | 44,009 | ' | ' |
Tax (expense) or benefit | ' | ' | ' | ' | ' | ' | ' | ' | -15,403 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $28,606 | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective income tax rate related to continuing operations | ' | ' | ' |
Statutory federal income tax rate applied to pre-tax income (as a percent) | 35.00% | 35.00% | 35.00% |
State income taxes (as a percent) | 0.60% | 0.30% | 0.40% |
Investment income not subject to tax (as a percent) | -3.10% | -3.10% | -2.20% |
Uncertain tax positions (as a percent) | 0.40% | 0.40% | ' |
Other (as a percent) | 0.50% | 0.60% | -0.30% |
Effective tax rate (as a percent) | 33.40% | 33.20% | 32.90% |
Current income tax expense: | ' | ' | ' |
Federal | $19,267,000 | $72,743,000 | $9,510,000 |
State | 2,588,000 | 3,443,000 | 264,000 |
Total current | 21,855,000 | 76,186,000 | 9,774,000 |
Deferred income tax expense: | ' | ' | ' |
Federal | 174,888,000 | 71,659,000 | 142,761,000 |
State | 166,000 | 2,674,000 | 2,304,000 |
Total deferred | 175,054,000 | 74,333,000 | 145,065,000 |
Deferred income tax assets: | ' | ' | ' |
Premium receivables and policy liabilities | 180,971,000 | 56,918,000 | ' |
Loss carryforwards | 64,856,000 | ' | ' |
Deferred compensation | 150,435,000 | 78,465,000 | ' |
Other | 49,057,000 | 52,158,000 | ' |
Valuation allowance | -2,965,000 | -4,653,000 | ' |
Deferred income tax | 442,354,000 | 182,888,000 | ' |
Deferred income tax liabilities: | ' | ' | ' |
Deferred policy acquisition costs and value of business acquired | 1,015,992,000 | 916,406,000 | ' |
Invested assets (other than unrealized gains) | 206,554,000 | 28,396,000 | ' |
Net unrealized gains (losses) on investments | 289,567,000 | 974,475,000 | ' |
Deferred income tax liabilities | 1,512,113,000 | 1,919,277,000 | ' |
Net deferred income tax liability | -1,069,759,000 | -1,736,389,000 | ' |
State based operating loss carryforwards, valuation allowance | 3,000,000 | 4,600,000 | ' |
Favorable change in valuation allowance, before federal income taxes | 1,600,000 | ' | ' |
Valuation allowances with regard to deferred tax assets relating to impairments on fixed maturities, capital or operating loss carryforwards, and unrealized losses on investments | 0 | 0 | ' |
Capital loss carryforwards | 2014 | ' | ' | ' |
Income Taxes | ' | ' | ' |
Amount of loss carryforwards | 7,200,000 | ' | ' |
Capital loss carryforwards | 2015 | ' | ' | ' |
Income Taxes | ' | ' | ' |
Amount of loss carryforwards | 1,600,000 | ' | ' |
Capital loss carryforwards | 2017 | ' | ' | ' |
Income Taxes | ' | ' | ' |
Amount of loss carryforwards | 1,100,000 | ' | ' |
Capital loss carryforwards | 2018 | ' | ' | ' |
Income Taxes | ' | ' | ' |
Amount of loss carryforwards | 4,400,000 | ' | ' |
Operating loss carryforwards | 2028 | ' | ' | ' |
Income Taxes | ' | ' | ' |
Amount of loss carryforwards | $171,300,000 | ' | ' |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | ' | ' |
Balance, beginning of period | $75,292,000 | $4,840,000 | ' |
Additions for tax positions of the current year | 7,465,000 | 9,465,000 | ' |
Additions for tax positions of prior years | 26,386,000 | 64,485,000 | ' |
Reductions of tax positions of prior years: | ' | ' | ' |
Changes in judgment | -2,740,000 | -3,498,000 | ' |
Lapses of applicable statute of limitations | -522,000 | ' | ' |
Balance, end of period | 105,881,000 | 75,292,000 | 4,840,000 |
Unrecognized tax benefits with certainty of deductibility but with uncertainty about the timing of deductions | 98,000,000 | 67,700,000 | ' |
Amount of unrecognized tax benefits that would affect the effective income tax rate if recognized | 7,900,000 | 7,600,000 | ' |
Accrued interest related to the unrecognized tax benefits included in income tax expense | 2,300,000 | 2,500,000 | 1,400,000 |
Accrued interest associated with unrecognized tax benefits | 7,800,000 | 4,000,000 | ' |
Possible reduction in unrecognized tax benefits due to expected closure of Appeals process | $18,500,000 | ' | ' |
Minimum probability of realization of tax benefit for amount to be recognized (as a percent) | 50.00% | ' | ' |
SUPPLEMENTAL_CASH_FLOW_INFORMA2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash paid / (received) during the year: | ' | ' | ' |
Interest on debt | $171,360,000 | $159,674,000 | $158,033,000 |
Income taxes | -27,211,000 | 51,239,000 | 20,122,000 |
Noncash investing and financing activities: | ' | ' | ' |
Stock-based compensation | 10,739,000 | 12,280,000 | 12,517,000 |
Decrease in collateral for securities lending transactions | ' | ' | -96,653,000 |
Interest on long-term debt | 90,000,000 | ' | ' |
Interest on subordinated debt | 34,800,000 | ' | ' |
Interest on other and non-recourse funding obligations | $46,600,000 | ' | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Certain corporations with which the Company's directors were affiliated | ' | ' | ' |
Related party transactions | ' | ' | ' |
Premiums and policy fees or other amounts for insurance and investment products, interest on bonds and commissions on securities underwriting | $40,000,000 | $59,100,000 | $51,000,000 |
Commission, interest on debt and investment products and fees | 16,400,000 | 13,000,000 | 4,600,000 |
Golden Gate | ' | ' | ' |
Related party transactions | ' | ' | ' |
Outstanding surplus notes | 800,000,000 | ' | ' |
PLICO | ' | ' | ' |
Related party transactions | ' | ' | ' |
Guarantee of synthetic lease financing | $75,000,000 | ' | ' |
STATUTORY_REPORTING_PRACTICES_2
STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS | ' | ' | ' |
Number of days after written notice within which dividends may be paid | '30 days | ' | ' |
Estimated maximum amount that would qualify as ordinary dividends from insurance subsidiaries in 2014 (in dollars) | $305,100,000 | ' | ' |
Net assets of the company's insurance subsidiaries that are restricted from transfer (in dollars) | 3,400,000,000 | ' | ' |
Consolidated shareowners' equity which represented net assets of the company's insurance subsidiaries that is required to be maintained as minimum capital | 698,600,000 | ' | ' |
Total adjusted capital | 3,200,000,000 | ' | ' |
Action level RBC | 714,800,000 | ' | ' |
RBC ratio (as a percent) | 446.00% | ' | ' |
Fair value of fixed maturity and short-term investments of the company's subsidiaries deposited with regulatory authorities | 47,400,000 | ' | ' |
Favorable (unfavorable) effects of PLICO's statutory surplus, compared to NAIC statutory surplus, from the use of prescribed and permitted practices | ' | ' | ' |
Reserving difference related to a captive insurance company | -22,000,000 | ' | ' |
Favorable (unfavorable) effects on the statutory surplus of the Company's insurance subsidiaries, compared to NAIC statutory surplus, from the use of prescribed and permitted practices | ' | ' | ' |
Accounting for Letters of Credit as admitted assets | 1,415,000,000 | 1,205,000,000 | ' |
Accounting for Red Mountain Note as admitted asset | 365,000,000 | 300,000,000 | ' |
Reserving based on state specific actuarial practices | 105,000,000 | 95,000,000 | ' |
Reserving difference related to a captive insurance company | -22,000,000 | ' | ' |
PLICO | ' | ' | ' |
STATUTORY REPORTING PRACTICES AND OTHER REGULATORY MATTERS | ' | ' | ' |
Statutory net income | 165,500,000 | 376,300,000 | 259,200,000 |
Statutory capital and surplus | 2,900,000,000 | 3,000,000,000 | ' |
Favorable (unfavorable) effects of PLICO's statutory surplus, compared to NAIC statutory surplus, from the use of prescribed and permitted practices | ' | ' | ' |
Non-admission of goodwill | -311,000,000 | ' | ' |
Report BOLI Separate Accounts at Book Value | ' | -1,000,000 | ' |
Reserving difference related to a captive insurance company | ' | -49,000,000 | ' |
Total (net) | -311,000,000 | -50,000,000 | ' |
Favorable (unfavorable) effects on the statutory surplus of the Company's insurance subsidiaries, compared to NAIC statutory surplus, from the use of prescribed and permitted practices | ' | ' | ' |
Reserving difference related to a captive insurance company | ' | ($49,000,000) | ' |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Available-for-sale securities | $32,723,992 | $27,271,759 |
Total fixed maturity securities | 34,815,931 | 29,787,959 |
Equity securities | 646,027 | 411,786 |
Other long-term investments | 307,567 | 113,364 |
Short-term investments | 134,146 | 217,812 |
Assets related to separate accounts | ' | ' |
Variable annuity | 12,791,438 | 9,601,417 |
Variable universal life | 783,618 | 562,817 |
Liabilities: | ' | ' |
Other liabilities | 457,802 | 657,874 |
Fixed maturities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 32,017,441 | 26,780,651 |
Trading securities | 2,800,000 | 3,000,000 |
Residential mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 1,445,068 | 1,839,330 |
Commercial mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 970,656 | 869,823 |
Other asset-backed securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 871,983 | 975,013 |
State, municipalities, and political subdivisions | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 1,410,829 | 1,443,713 |
Other government-related securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 51,427 | 100,778 |
Corporate bonds | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 25,759,588 | 20,382,051 |
Level 3 | Other asset-backed securities | ' | ' |
Assets: | ' | ' |
Total investments | 545,808 | 596,143 |
Level 3 | Other government-related securities | ' | ' |
Assets: | ' | ' |
Total investments | ' | 20,011 |
Level 3 | Corporate bonds | ' | ' |
Assets: | ' | ' |
Total investments | 1,555,898 | 168,007 |
Measured at fair value on a recurring basis | Level 1 | ' | ' |
Assets: | ' | ' |
Total fixed maturity securities | 1,402,580 | 1,214,899 |
Equity securities | 523,219 | 307,252 |
Other long-term investments | 56,469 | 23,639 |
Short-term investments | 132,543 | 215,320 |
Total investments | 2,114,811 | 1,761,110 |
Cash | 466,542 | 368,801 |
Other assets | 10,979 | 8,239 |
Assets related to separate accounts | ' | ' |
Variable annuity | 12,791,438 | 9,601,417 |
Variable universal life | 783,618 | 562,817 |
Total assets | 16,167,388 | 12,302,384 |
Liabilities: | ' | ' |
Other liabilities | 30,241 | 19,187 |
Total liabilities | 30,241 | 19,187 |
Measured at fair value on a recurring basis | Level 1 | Fixed maturities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 1,211,248 | 910,195 |
Trading securities | 191,332 | 304,704 |
Measured at fair value on a recurring basis | Level 1 | U.S. government-related securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 1,211,141 | 909,988 |
Trading securities | 191,332 | 304,704 |
Measured at fair value on a recurring basis | Level 1 | Corporate bonds | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 107 | 207 |
Measured at fair value on a recurring basis | Level 2 | ' | ' |
Assets: | ' | ' |
Total fixed maturity securities | 31,089,724 | 27,714,025 |
Equity securities | 50,927 | 35,116 |
Other long-term investments | 54,965 | 58,134 |
Short-term investments | 1,603 | 2,492 |
Total investments | 31,197,219 | 27,809,767 |
Assets related to separate accounts | ' | ' |
Total assets | 31,197,219 | 27,809,767 |
Liabilities: | ' | ' |
Other liabilities | 156,931 | 27,250 |
Total liabilities | 156,931 | 27,250 |
Measured at fair value on a recurring basis | Level 2 | Fixed maturities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 28,706,742 | 25,082,071 |
Trading securities | 2,382,982 | 2,631,954 |
Measured at fair value on a recurring basis | Level 2 | Residential mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 1,445,040 | 1,839,326 |
Trading securities | 310,877 | 357,803 |
Measured at fair value on a recurring basis | Level 2 | Commercial mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 970,656 | 869,823 |
Trading securities | 158,570 | 171,073 |
Measured at fair value on a recurring basis | Level 2 | Other asset-backed securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 326,175 | 378,870 |
Trading securities | 93,278 | 87,395 |
Measured at fair value on a recurring basis | Level 2 | U.S. government-related securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 296,749 | 259,955 |
Trading securities | 4,906 | 1,169 |
Measured at fair value on a recurring basis | Level 2 | State, municipalities, and political subdivisions | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 1,407,154 | 1,439,378 |
Trading securities | 260,892 | 278,898 |
Measured at fair value on a recurring basis | Level 2 | Other government-related securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 51,427 | 80,767 |
Trading securities | 57,097 | 63,444 |
Measured at fair value on a recurring basis | Level 2 | Corporate bonds | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 24,209,541 | 20,213,952 |
Trading securities | 1,497,362 | 1,672,172 |
Measured at fair value on a recurring basis | Level 3 | ' | ' |
Assets: | ' | ' |
Total fixed maturity securities | 2,323,627 | 859,035 |
Equity securities | 71,881 | 69,418 |
Other long-term investments | 196,133 | 31,591 |
Total investments | 2,591,641 | 960,044 |
Assets related to separate accounts | ' | ' |
Total assets | 2,591,641 | 960,044 |
Liabilities: | ' | ' |
Annuity account balances | 107,000 | 129,468 |
Other liabilities | 270,630 | 611,437 |
Total liabilities | 377,630 | 740,905 |
Measured at fair value on a recurring basis | Level 3 | Fixed maturities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 2,099,451 | 788,385 |
Trading securities | 224,176 | 70,650 |
Measured at fair value on a recurring basis | Level 3 | Residential mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 28 | 4 |
Measured at fair value on a recurring basis | Level 3 | Other asset-backed securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 545,808 | 596,143 |
Trading securities | 194,977 | 70,535 |
Measured at fair value on a recurring basis | Level 3 | State, municipalities, and political subdivisions | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 3,675 | 4,335 |
Measured at fair value on a recurring basis | Level 3 | Other government-related securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | ' | 20,011 |
Measured at fair value on a recurring basis | Level 3 | Corporate bonds | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 1,549,940 | 167,892 |
Trading securities | 29,199 | 115 |
Measured at fair value on a recurring basis | Fair Values | ' | ' |
Assets: | ' | ' |
Total fixed maturity securities | 34,815,931 | 29,787,959 |
Equity securities | 646,027 | 411,786 |
Other long-term investments | 307,567 | 113,364 |
Short-term investments | 134,146 | 217,812 |
Total investments | 35,903,671 | 30,530,921 |
Cash | 466,542 | 368,801 |
Other assets | 10,979 | 8,239 |
Assets related to separate accounts | ' | ' |
Variable annuity | 12,791,438 | 9,601,417 |
Variable universal life | 783,618 | 562,817 |
Total assets | 49,956,248 | 41,072,195 |
Liabilities: | ' | ' |
Annuity account balances | 107,000 | 129,468 |
Other liabilities | 457,802 | 657,874 |
Total liabilities | 564,802 | 787,342 |
Measured at fair value on a recurring basis | Fair Values | Fixed maturities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 32,017,441 | 26,780,651 |
Trading securities | 2,798,490 | 3,007,308 |
Measured at fair value on a recurring basis | Fair Values | Residential mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 1,445,068 | 1,839,330 |
Trading securities | 310,877 | 357,803 |
Measured at fair value on a recurring basis | Fair Values | Commercial mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 970,656 | 869,823 |
Trading securities | 158,570 | 171,073 |
Measured at fair value on a recurring basis | Fair Values | Other asset-backed securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 871,983 | 975,013 |
Trading securities | 288,255 | 157,930 |
Measured at fair value on a recurring basis | Fair Values | U.S. government-related securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 1,507,890 | 1,169,943 |
Trading securities | 196,238 | 305,873 |
Measured at fair value on a recurring basis | Fair Values | State, municipalities, and political subdivisions | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 1,410,829 | 1,443,713 |
Trading securities | 260,892 | 278,898 |
Measured at fair value on a recurring basis | Fair Values | Other government-related securities | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 51,427 | 100,778 |
Trading securities | 57,097 | 63,444 |
Measured at fair value on a recurring basis | Fair Values | Corporate bonds | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 25,759,588 | 20,382,051 |
Trading securities | $1,526,561 | $1,672,287 |
FAIR_VALUE_OF_FINANCIAL_INSTRU3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Determination of fair values | ' | ' |
Number of primary sources of information used for determining fair value | 1 | ' |
Total number of primary sources of information available for determining fair value | 3 | ' |
Minimum percentage of the Company's fixed maturity securities priced by third party pricing services | 90.00% | ' |
Number of independent non-binding broker quotes obtained per security | 1 | ' |
Percentage of derivatives excluding embedded derivatives that were priced using exchange prices or independent broker quotations | 95.90% | ' |
Liabilities: | ' | ' |
Fair value | 457,802,000 | 657,874,000 |
Annuity account balances | ' | ' |
Annuity account balances | ' | ' |
Discount rate curve, base rate | 'LIBOR | ' |
Equity indexed annuities, discount rate for one month (as a percent) | 0.32% | ' |
Equity indexed annuities, discount rate for five years (as a percent) | 2.44% | ' |
Equity indexed annuities, discount rate for thirty years (as a percent) | 4.99% | ' |
Level 3 | ' | ' |
Annuity account balances | ' | ' |
Financial instruments that are valued using broker quotes | 216,600,000 | 71,100,000 |
Financial instruments with book value approximating fair value | 77,200,000 | 73,200,000 |
Level 3 | Annuity account balances | ' | ' |
Liabilities: | ' | ' |
Annuity account balances | 107,000,000 | 129,468,000 |
Level 3 | Annuity account balances | Actuarial cash flow model | ' | ' |
Unobservable input | ' | ' |
Mortality (as a percent) | ' | 57.00% |
Asset earned rate (as a percent) | 5.37% | 5.81% |
Withdrawal rate (as a percent) | 2.20% | 2.20% |
Level 3 | Annuity account balances | Actuarial cash flow model | Minimum | ' | ' |
Unobservable input | ' | ' |
Mortality (as a percent) | 49.00% | ' |
Lapse (as a percent) | 2.20% | 2.20% |
Nonperformance risk (as a percent) | 0.15% | 0.09% |
Expenses per Policy | 88 | 88 |
Return on assets (as a percent) | 1.50% | 1.50% |
Level 3 | Annuity account balances | Actuarial cash flow model | Maximum | ' | ' |
Unobservable input | ' | ' |
Mortality (as a percent) | 80.00% | ' |
Lapse (as a percent) | 33.00% | 45.00% |
Nonperformance risk (as a percent) | 1.06% | 1.34% |
Expenses per Policy | 102 | 108 |
Return on assets (as a percent) | 1.85% | 1.85% |
Asset-Backed Securities | Level 2 | ' | ' |
Determination of fair values | ' | ' |
Carrying amount | 3,300,000,000 | ' |
Asset-Backed Securities | Level 3 | ' | ' |
Determination of fair values | ' | ' |
Carrying amount | 740,800,000 | ' |
Other Asset-Backed Securities | ' | ' |
Determination of fair values | ' | ' |
Percentage of underlying collateral of student-loan backed auction rate securities guaranteed by the Federal Family Education Loan Program ("FFELP"), minimum | 97.00% | 97.00% |
Other Asset-Backed Securities | Level 3 | ' | ' |
Determination of fair values | ' | ' |
Carrying amount | 545,808,000 | 596,143,000 |
Annuity account balances | ' | ' |
Financial instruments that are valued using broker quotes | 195,000,000 | 70,500,000 |
Other Asset-Backed Securities | Level 3 | Discounted cash flow | Minimum | ' | ' |
Unobservable input | ' | ' |
Liquidity premium (as a percent) | 1.00% | 0.72% |
Paydown rate (as a percent) | 8.57% | 8.51% |
Other Asset-Backed Securities | Level 3 | Discounted cash flow | Maximum | ' | ' |
Unobservable input | ' | ' |
Liquidity premium (as a percent) | 1.68% | 1.68% |
Paydown rate (as a percent) | 16.87% | 18.10% |
Other Asset-Backed Securities | Level 3 | Discounted cash flow | Weighted average | ' | ' |
Unobservable input | ' | ' |
Liquidity premium (as a percent) | 1.08% | 1.29% |
Paydown rate (as a percent) | 12.05% | 11.40% |
Other Asset-Backed Securities | Level 3 | Available-for-sale securities | ' | ' |
Determination of fair values | ' | ' |
Carrying amount | 545,800,000 | ' |
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 | Trading securities | ' | ' |
Determination of fair values | ' | ' |
Carrying amount | 195,000,000 | ' |
Corporate Bonds, U.S. Government-Related Securities, and Other Government Related Securities | Level 2 | ' | ' |
Determination of fair values | ' | ' |
Carrying amount | 27,800,000,000 | ' |
Corporate Bonds, U.S. Government-Related Securities, and Other Government Related Securities | Level 3 | ' | ' |
Determination of fair values | ' | ' |
Carrying amount | 1,600,000,000 | ' |
Embedded derivative - GMWB | ' | ' |
Liabilities: | ' | ' |
Fair value | 2,600,000,000 | ' |
Annuity account balances | ' | ' |
Discount rate curve, base rate | 'LIBOR | ' |
Embedded derivative - GMWB | Minimum | ' | ' |
Unobservable input | ' | ' |
Mortality (as a percent) | 49.00% | ' |
Embedded derivative - GMWB | Maximum | ' | ' |
Unobservable input | ' | ' |
Mortality (as a percent) | 80.00% | ' |
Embedded derivative - GMWB | Trading securities | ' | ' |
Determination of fair values | ' | ' |
Carrying amount | 2,800,000,000 | ' |
Embedded derivative - GMWB | Level 3 | ' | ' |
Determination of fair values | ' | ' |
Carrying amount | 156,287,000 | ' |
Liabilities: | ' | ' |
Fair value | ' | 169,041,000 |
Embedded derivative - GMWB | Level 3 | Actuarial cash flow model | ' | ' |
Unobservable input | ' | ' |
Mortality (as a percent) | ' | 57.00% |
Embedded derivative - GMWB | Level 3 | Actuarial cash flow model | Minimum | ' | ' |
Unobservable input | ' | ' |
Mortality (as a percent) | 49.00% | ' |
Lapse (as a percent) | 0.00% | 0.00% |
Utilization (as a percent) | 97.00% | 93.00% |
Nonperformance risk (as a percent) | 0.15% | 0.09% |
Embedded derivative - GMWB | Level 3 | Actuarial cash flow model | Maximum | ' | ' |
Unobservable input | ' | ' |
Mortality (as a percent) | 80.00% | ' |
Lapse (as a percent) | 24.00% | 24.00% |
Utilization (as a percent) | 103.00% | 100.00% |
Nonperformance risk (as a percent) | 1.06% | 1.34% |
Equity securities | Level 3 | ' | ' |
Annuity account balances | ' | ' |
Financial instruments that are valued using broker quotes | 600,000 | 600,000 |
Financial instruments with book value approximating fair value | 71,300,000 | 68,900,000 |
Equity securities | Level 2 and Level 3 | ' | ' |
Determination of fair values | ' | ' |
Carrying amount | 122,800,000 | ' |
Federal Home Loan Bank Stock | 67,100,000 | ' |
Corporate Bonds | Level 3 | ' | ' |
Determination of fair values | ' | ' |
Carrying amount | 1,555,898,000 | 168,007,000 |
Annuity account balances | ' | ' |
Financial instruments that are valued using broker quotes | 21,000,000 | ' |
Financial instruments with book value approximating fair value | 2,200,000 | ' |
Corporate Bonds | Level 3 | Discounted cash flow | Minimum | ' | ' |
Unobservable input | ' | ' |
Spread over treasury (as a percent) | 0.11% | 0.92% |
Corporate Bonds | Level 3 | Discounted cash flow | Maximum | ' | ' |
Unobservable input | ' | ' |
Spread over treasury (as a percent) | 6.75% | 7.75% |
Corporate Bonds | Level 3 | Discounted cash flow | Weighted average | ' | ' |
Unobservable input | ' | ' |
Spread over treasury (as a percent) | 2.06% | 3.34% |
Other government-related securities | Level 3 | ' | ' |
Determination of fair values | ' | ' |
Carrying amount | ' | 20,011,000 |
Other government-related securities | Level 3 | Discounted cash flow | Weighted average | ' | ' |
Unobservable input | ' | ' |
Spread over treasury (as a percent) | ' | 0.30% |
Fixed maturity securities | Level 3 | ' | ' |
Annuity account balances | ' | ' |
Financial instruments with book value approximating fair value | 3,700,000 | 4,300,000 |
Embedded derivative - FIA | Minimum | ' | ' |
Unobservable input | ' | ' |
Mortality (as a percent) | 49.00% | ' |
Embedded derivative - FIA | Maximum | ' | ' |
Unobservable input | ' | ' |
Mortality (as a percent) | 80.00% | ' |
Embedded derivative - FIA | Level 3 | ' | ' |
Liabilities: | ' | ' |
Fair value | 25,324,000 | ' |
Embedded derivative - FIA | Level 3 | Actuarial cash flow model | Minimum | ' | ' |
Unobservable input | ' | ' |
Mortality (as a percent) | 49.00% | ' |
Lapse (as a percent) | 2.50% | ' |
Nonperformance risk (as a percent) | 0.15% | ' |
Expenses per Policy | 83 | ' |
Withdrawal rate (as a percent) | 1.10% | ' |
Embedded derivative - FIA | Level 3 | Actuarial cash flow model | Maximum | ' | ' |
Unobservable input | ' | ' |
Mortality (as a percent) | 80.00% | ' |
Lapse (as a percent) | 40.00% | ' |
Nonperformance risk (as a percent) | 1.06% | ' |
Expenses per Policy | 97 | ' |
Withdrawal rate (as a percent) | 4.50% | ' |
FAIR_VALUE_OF_FINANCIAL_INSTRU4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 3) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Assets: | ' | ' |
Beginning Balance | $960,044,000 | $871,122,000 |
Total Realized and Unrealized Gains Included in Earnings | 174,115,000 | 31,652,000 |
Total Realized and Unrealized Gains Included in Other Comprehensive Income | 54,252,000 | 30,687,000 |
Total Realized and Unrealized Losses Included in Earnings | -6,844,000 | -10,169,000 |
Total Realized and Unrealized Losses Included in Other Comprehensive Income | -79,398,000 | -26,437,000 |
Purchases | 934,930,000 | 84,519,000 |
Sales | -180,307,000 | -58,107,000 |
Transfers in/or out of Level 3 | 734,351,000 | 40,943,000 |
Other | 498,000 | -4,166,000 |
Ending Balance | 2,591,641,000 | 960,044,000 |
Total Gains (losses) included in Earnings related to Instruments still held at the Reporting Date | 168,125,000 | 20,678,000 |
Liabilities: | ' | ' |
Beginning Balance | 740,905,000 | 574,075,000 |
Total Realized and Unrealized Gains Included in Earnings | 425,867,000 | 86,523,000 |
Total Realized and Unrealized Losses Included in Earnings | -93,089,000 | -272,640,000 |
Issuances | 406,000 | 860,000 |
Settlements | 30,903,000 | 20,147,000 |
Ending Balance | 377,630,000 | 740,905,000 |
Total Gains (losses) included in Earnings related to Instruments still held at the Reporting Date | 340,024,000 | -173,824,000 |
Transfers | ' | ' |
Securities transferred into Level 3 | 771,600,000 | 67,700,000 |
Securities transferred out of Level 3 | 37,200,000 | 26,800,000 |
Transfers from Level 2 to Level 1 | 0 | 0 |
Transfers from Level 1 | 0 | ' |
Annuity account balances | ' | ' |
Liabilities: | ' | ' |
Beginning Balance | 129,468,000 | 136,462,000 |
Total Realized and Unrealized Losses Included in Earnings | -8,029,000 | -12,293,000 |
Issuances | 406,000 | 860,000 |
Settlements | 30,903,000 | 20,147,000 |
Ending Balance | 107,000,000 | 129,468,000 |
Other liabilities. | ' | ' |
Liabilities: | ' | ' |
Beginning Balance | 611,437,000 | 437,613,000 |
Total Realized and Unrealized Gains Included in Earnings | 425,867,000 | 86,523,000 |
Total Realized and Unrealized Losses Included in Earnings | -85,060,000 | -260,347,000 |
Ending Balance | 270,630,000 | 611,437,000 |
Total Gains (losses) included in Earnings related to Instruments still held at the Reporting Date | 340,024,000 | -173,824,000 |
Total investments | ' | ' |
Assets: | ' | ' |
Beginning Balance | 960,044,000 | 871,122,000 |
Total Realized and Unrealized Gains Included in Earnings | 174,115,000 | 31,652,000 |
Total Realized and Unrealized Gains Included in Other Comprehensive Income | 54,252,000 | 30,687,000 |
Total Realized and Unrealized Losses Included in Earnings | -6,844,000 | -10,169,000 |
Total Realized and Unrealized Losses Included in Other Comprehensive Income | -79,398,000 | -26,437,000 |
Purchases | 934,930,000 | 84,519,000 |
Sales | -180,307,000 | -58,107,000 |
Transfers in/or out of Level 3 | 734,351,000 | 40,943,000 |
Other | 498,000 | -4,166,000 |
Ending Balance | 2,591,641,000 | 960,044,000 |
Total Gains (losses) included in Earnings related to Instruments still held at the Reporting Date | 168,125,000 | 20,678,000 |
Fixed maturities | ' | ' |
Assets: | ' | ' |
Beginning Balance | 859,035,000 | 777,833,000 |
Total Realized and Unrealized Gains Included in Earnings | 8,902,000 | 4,897,000 |
Total Realized and Unrealized Gains Included in Other Comprehensive Income | 54,242,000 | 29,861,000 |
Total Realized and Unrealized Losses Included in Earnings | -6,173,000 | -2,310,000 |
Total Realized and Unrealized Losses Included in Other Comprehensive Income | -79,398,000 | -25,340,000 |
Purchases | 932,477,000 | 84,515,000 |
Sales | -180,307,000 | -53,812,000 |
Transfers in/or out of Level 3 | 734,351,000 | 40,943,000 |
Other | 498,000 | 2,448,000 |
Ending Balance | 2,323,627,000 | 859,035,000 |
Total Gains (losses) included in Earnings related to Instruments still held at the Reporting Date | 3,583,000 | 1,790,000 |
Fixed maturities | Available-for-sale securities | ' | ' |
Assets: | ' | ' |
Beginning Balance | 788,385,000 | 749,490,000 |
Total Realized and Unrealized Gains Included in Earnings | 116,000 | 809,000 |
Total Realized and Unrealized Gains Included in Other Comprehensive Income | 54,242,000 | 29,861,000 |
Total Realized and Unrealized Losses Included in Earnings | ' | -4,000 |
Total Realized and Unrealized Losses Included in Other Comprehensive Income | -79,398,000 | -25,340,000 |
Purchases | 775,291,000 | 36,259,000 |
Sales | -150,874,000 | -43,916,000 |
Transfers in/or out of Level 3 | 712,700,000 | 40,831,000 |
Other | -1,011,000 | 395,000 |
Ending Balance | 2,099,451,000 | 788,385,000 |
Fixed maturities | Trading securities | ' | ' |
Assets: | ' | ' |
Beginning Balance | 70,650,000 | 28,343,000 |
Total Realized and Unrealized Gains Included in Earnings | 8,786,000 | 4,088,000 |
Total Realized and Unrealized Losses Included in Earnings | -6,173,000 | -2,306,000 |
Purchases | 157,186,000 | 48,256,000 |
Sales | -29,433,000 | -9,896,000 |
Transfers in/or out of Level 3 | 21,651,000 | 112,000 |
Other | 1,509,000 | 2,053,000 |
Ending Balance | 224,176,000 | 70,650,000 |
Total Gains (losses) included in Earnings related to Instruments still held at the Reporting Date | 3,583,000 | 1,790,000 |
Residential mortgage-backed securities | Available-for-sale securities | ' | ' |
Assets: | ' | ' |
Beginning Balance | 4,000 | 7,000 |
Total Realized and Unrealized Gains Included in Other Comprehensive Income | 1,310,000 | ' |
Total Realized and Unrealized Losses Included in Other Comprehensive Income | -338,000 | ' |
Purchases | 14,348,000 | ' |
Sales | -23,000 | -3,000 |
Transfers in/or out of Level 3 | -15,287,000 | ' |
Other | 14,000 | ' |
Ending Balance | 28,000 | 4,000 |
Residential mortgage-backed securities | Trading securities | ' | ' |
Assets: | ' | ' |
Total Realized and Unrealized Losses Included in Earnings | -1,000 | ' |
Purchases | 1,582,000 | ' |
Sales | -72,000 | ' |
Transfers in/or out of Level 3 | -1,494,000 | ' |
Other | -15,000 | ' |
Other asset-backed securities | Available-for-sale securities | ' | ' |
Assets: | ' | ' |
Beginning Balance | 596,143,000 | 614,813,000 |
Total Realized and Unrealized Gains Included in Earnings | ' | 339,000 |
Total Realized and Unrealized Gains Included in Other Comprehensive Income | 44,620,000 | 21,780,000 |
Total Realized and Unrealized Losses Included in Other Comprehensive Income | -58,937,000 | -22,587,000 |
Purchases | 24,931,000 | ' |
Sales | -62,760,000 | -19,050,000 |
Transfers in/or out of Level 3 | 1,227,000 | 771,000 |
Other | 584,000 | 77,000 |
Ending Balance | 545,808,000 | 596,143,000 |
Other asset-backed securities | Trading securities | ' | ' |
Assets: | ' | ' |
Beginning Balance | 70,535,000 | 28,343,000 |
Total Realized and Unrealized Gains Included in Earnings | 8,785,000 | 4,086,000 |
Total Realized and Unrealized Losses Included in Earnings | -5,947,000 | -2,306,000 |
Purchases | 147,224,000 | 48,255,000 |
Sales | -29,344,000 | -9,896,000 |
Transfers in/or out of Level 3 | 2,210,000 | ' |
Other | 1,514,000 | 2,053,000 |
Ending Balance | 194,977,000 | 70,535,000 |
Total Gains (losses) included in Earnings related to Instruments still held at the Reporting Date | 3,588,000 | 1,780,000 |
U.S. government-related securities | Available-for-sale securities | ' | ' |
Assets: | ' | ' |
Beginning Balance | ' | 15,000,000 |
Total Realized and Unrealized Losses Included in Other Comprehensive Income | ' | -2,000 |
Sales | ' | -15,000,000 |
Other | ' | 2,000 |
States, municipals, and political subdivisions | Available-for-sale securities | ' | ' |
Assets: | ' | ' |
Beginning Balance | 4,335,000 | 69,000 |
Total Realized and Unrealized Losses Included in Other Comprehensive Income | -2,000 | -1,000 |
Purchases | ' | 4,275,000 |
Sales | -660,000 | -9,000 |
Other | 2,000 | 1,000 |
Ending Balance | 3,675,000 | 4,335,000 |
States, municipals, and political subdivisions | Trading securities | ' | ' |
Assets: | ' | ' |
Total Realized and Unrealized Losses Included in Earnings | -123,000 | ' |
Purchases | 3,500,000 | ' |
Transfers in/or out of Level 3 | -3,377,000 | ' |
Other government-related securities | Available-for-sale securities | ' | ' |
Assets: | ' | ' |
Beginning Balance | 20,011,000 | ' |
Total Realized and Unrealized Gains Included in Other Comprehensive Income | 2,000 | 29,000 |
Total Realized and Unrealized Losses Included in Other Comprehensive Income | -3,000 | -27,000 |
Purchases | ' | 20,024,000 |
Sales | -20,000,000 | ' |
Other | -10,000 | -15,000 |
Ending Balance | ' | 20,011,000 |
Corporate bonds | Available-for-sale securities | ' | ' |
Assets: | ' | ' |
Beginning Balance | 167,892,000 | 119,601,000 |
Total Realized and Unrealized Gains Included in Earnings | 116,000 | 470,000 |
Total Realized and Unrealized Gains Included in Other Comprehensive Income | 8,310,000 | 8,052,000 |
Total Realized and Unrealized Losses Included in Earnings | ' | -4,000 |
Total Realized and Unrealized Losses Included in Other Comprehensive Income | -20,118,000 | -2,723,000 |
Purchases | 736,012,000 | 11,960,000 |
Sales | -67,431,000 | -9,854,000 |
Transfers in/or out of Level 3 | 726,760,000 | 40,060,000 |
Other | -1,601,000 | 330,000 |
Ending Balance | 1,549,940,000 | 167,892,000 |
Corporate bonds | Trading securities | ' | ' |
Assets: | ' | ' |
Beginning Balance | 115,000 | ' |
Total Realized and Unrealized Gains Included in Earnings | 1,000 | 2,000 |
Total Realized and Unrealized Losses Included in Earnings | -102,000 | ' |
Purchases | 4,880,000 | 1,000 |
Sales | -17,000 | ' |
Transfers in/or out of Level 3 | 24,312,000 | 112,000 |
Other | 10,000 | ' |
Ending Balance | 29,199,000 | 115,000 |
Total Gains (losses) included in Earnings related to Instruments still held at the Reporting Date | -5,000 | 10,000 |
Equity securities | ' | ' |
Assets: | ' | ' |
Beginning Balance | 69,418,000 | 80,586,000 |
Total Realized and Unrealized Gains Included in Earnings | ' | 8,000 |
Total Realized and Unrealized Gains Included in Other Comprehensive Income | 10,000 | 826,000 |
Total Realized and Unrealized Losses Included in Other Comprehensive Income | ' | -1,097,000 |
Purchases | 2,453,000 | 4,000 |
Sales | ' | -4,295,000 |
Other | ' | -6,614,000 |
Ending Balance | 71,881,000 | 69,418,000 |
Other long-term investments | ' | ' |
Assets: | ' | ' |
Beginning Balance | 31,591,000 | 12,703,000 |
Total Realized and Unrealized Gains Included in Earnings | 165,213,000 | 26,747,000 |
Total Realized and Unrealized Losses Included in Earnings | -671,000 | -7,859,000 |
Ending Balance | 196,133,000 | 31,591,000 |
Total Gains (losses) included in Earnings related to Instruments still held at the Reporting Date | $164,542,000 | $18,888,000 |
FAIR_VALUE_OF_FINANCIAL_INSTRU5
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Mortgage loans on real estate | $5,486,417 | $4,950,201 |
Policy loans | 1,815,744 | 865,391 |
Fixed maturities, held-to-maturity | 365,000 | 300,000 |
Liabilities: | ' | ' |
Stable value product account balances | 2,559,552 | 2,510,559 |
Annuity account balances | 11,125,253 | 10,658,463 |
Debt: | ' | ' |
Subordinated debt securities | 540,593 | 540,593 |
Non-recourse funding obligations | 562,448 | 586,000 |
Golden Gate V | ' | ' |
Debt: | ' | ' |
Non-recourse funding obligations | 365,000 | ' |
Carrying Amounts | ' | ' |
Assets: | ' | ' |
Mortgage loans on real estate | 5,486,417 | 4,950,201 |
Policy loans | 1,815,744 | 865,391 |
Liabilities: | ' | ' |
Stable value product account balances | 2,559,552 | 2,510,559 |
Annuity account balances | 11,125,253 | 10,658,463 |
Debt: | ' | ' |
Bank borrowings | 485,000 | 50,000 |
Senior and Medium-Term Notes | 1,100,000 | 1,350,000 |
Subordinated debt securities | 540,593 | 540,593 |
Non-recourse funding obligations | 562,448 | 586,000 |
Carrying Amounts | Fixed maturities | ' | ' |
Assets: | ' | ' |
Fixed maturities, held-to-maturity | 365,000 | 300,000 |
Carrying Amounts | Golden Gate V | ' | ' |
Debt: | ' | ' |
Non-recourse funding obligations | 365,000 | 300,000 |
Fair Values | ' | ' |
Assets: | ' | ' |
Mortgage loans on real estate | 5,949,058 | 5,725,382 |
Policy loans | 1,815,744 | 865,391 |
Liabilities: | ' | ' |
Stable value product account balances | 2,566,209 | 2,534,094 |
Annuity account balances | 10,639,637 | 10,525,702 |
Debt: | ' | ' |
Bank borrowings | 485,000 | 50,000 |
Senior and Medium-Term Notes | 1,294,675 | 1,584,438 |
Subordinated debt securities | 473,503 | 556,524 |
Non-recourse funding obligations | 470,709 | 481,056 |
Fair Values | Fixed maturities | ' | ' |
Assets: | ' | ' |
Fixed maturities, held-to-maturity | 335,676 | 319,163 |
Fair Values | Golden Gate V | ' | ' |
Debt: | ' | ' |
Non-recourse funding obligations | $321,500 | $297,600 |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives related to variable annuity contracts, gross | ($21,108,000) | ($102,832,000) | ($5,823,000) |
Realized investment gains (losses) - derivatives related to FIA contracts, gross | 1,092,000 | ' | ' |
Realized investment gains (losses) - derivatives, gross | 188,131,000 | -238,480,000 | -155,251,000 |
Notional Amount, Other long-term investments | 8,412,748,000 | 6,163,061,000 | ' |
Fair Value, Other long-term investments | 307,567,000 | 113,364,000 | ' |
Notional Amount, Other liabilities | 7,594,421,000 | 9,672,554,000 | ' |
Fair Value, Other liabilities | 457,802,000 | 657,874,000 | ' |
Cash posted as collateral | 102,300,000 | ' | ' |
Securities posted as collateral | 51,000,000 | ' | ' |
Cash collateral received | 10,700,000 | 11,280,000 | ' |
Cash flow hedges. | Inflation | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Notional Amount, Other liabilities | 182,965,000 | 182,965,000 | ' |
Fair Value, Other liabilities | 1,865,000 | 5,027,000 | ' |
Derivatives not designated as hedging instruments | Interest rate futures | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives related to variable annuity contracts, gross | -31,216,000 | 21,138,000 | 164,221,000 |
Derivatives not designated as hedging instruments | Interest rate swaps | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives related to variable annuity contracts, gross | -157,408,000 | 3,264,000 | 7,718,000 |
Realized investment gains (losses) - derivatives, gross | 2,985,000 | -87,000 | -11,264,000 |
Notional Amount, Other long-term investments | 200,000,000 | 355,000,000 | ' |
Fair Value, Other long-term investments | 1,961,000 | 6,532,000 | ' |
Notional Amount, Other liabilities | 1,230,000,000 | 400,000,000 | ' |
Fair Value, Other liabilities | 153,322,000 | 10,025,000 | ' |
Derivatives not designated as hedging instruments | Credit default swaps | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives related to variable annuity contracts, gross | ' | ' | -7,851,000 |
Realized investment gains (losses) - derivatives, gross | ' | ' | -548,000 |
Net settlements received | 2,500,000 | ' | ' |
Realized loss on terminated contracts | 10,400,000 | ' | ' |
Derivatives not designated as hedging instruments | Variance swaps | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives related to variable annuity contracts, gross | -11,310,000 | -11,792,000 | -239,000 |
Notional Amount, Other long-term investments | ' | 500,000 | ' |
Fair Value, Other long-term investments | ' | 406,000 | ' |
Notional Amount, Other liabilities | 1,500,000 | 2,675,000 | ' |
Fair Value, Other liabilities | 1,744,000 | 12,198,000 | ' |
Derivatives not designated as hedging instruments | Embedded derivative - Modco reinsurance treaties | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives, gross | 205,176,000 | -132,816,000 | -134,340,000 |
Notional Amount, Other long-term investments | 80,376,000 | 30,244,000 | ' |
Fair Value, Other long-term investments | 1,517,000 | 1,330,000 | ' |
Notional Amount, Other liabilities | 2,578,590,000 | 2,655,134,000 | ' |
Fair Value, Other liabilities | 206,918,000 | 411,907,000 | ' |
Derivatives not designated as hedging instruments | Embedded derivative - GMWB | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives related to variable annuity contracts, gross | 325,497,000 | -22,120,000 | -127,537,000 |
Notional Amount, Other long-term investments | 6,113,017,000 | 1,640,075,000 | ' |
Fair Value, Other long-term investments | 194,616,000 | 30,261,000 | ' |
Notional Amount, Other liabilities | 2,494,142,000 | 5,253,961,000 | ' |
Fair Value, Other liabilities | 38,388,000 | 199,530,000 | ' |
Derivatives not designated as hedging instruments | Interest rate futures | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Notional Amount, Other liabilities | 322,902,000 | 893,476,000 | ' |
Fair Value, Other liabilities | 5,221,000 | 13,970,000 | ' |
Derivatives not designated as hedging instruments | Equity futures | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives related to variable annuity contracts, gross | -52,640,000 | -50,797,000 | -30,061,000 |
Realized investment gains (losses) - derivatives related to FIA contracts, gross | 173,000 | ' | ' |
Notional Amount, Other long-term investments | 3,387,000 | 147,581,000 | ' |
Fair Value, Other long-term investments | 111,000 | 595,000 | ' |
Notional Amount, Other liabilities | 164,595,000 | 152,364,000 | ' |
Fair Value, Other liabilities | 6,595,000 | 3,316,000 | ' |
Derivatives not designated as hedging instruments | Currency future | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives related to variable annuity contracts, gross | -469,000 | -2,763,000 | 2,977,000 |
Notional Amount, Other long-term investments | 14,338,000 | 15,944,000 | ' |
Fair Value, Other long-term investments | 321,000 | 784,000 | ' |
Notional Amount, Other liabilities | 118,008,000 | 131,979,000 | ' |
Fair Value, Other liabilities | 840,000 | 1,901,000 | ' |
Derivatives not designated as hedging instruments | Volatility futures | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives related to variable annuity contracts, gross | ' | -132,000 | ' |
Realized investment gains (losses) - derivatives related to FIA contracts, gross | -5,000 | ' | ' |
Positions held | 0 | ' | ' |
Derivatives not designated as hedging instruments | Interest rate caps | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives, gross | ' | -2,666,000 | -2,801,000 |
Notional Amount, Other long-term investments | ' | 3,000,000,000 | ' |
Derivatives not designated as hedging instruments | Equity options | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives related to variable annuity contracts, gross | -95,022,000 | -37,370,000 | -15,051,000 |
Realized investment gains (losses) - derivatives related to FIA contracts, gross | 1,866,000 | ' | ' |
Notional Amount, Other long-term investments | 1,376,205,000 | 573,493,000 | ' |
Fair Value, Other long-term investments | 78,277,000 | 61,833,000 | ' |
Notional Amount, Other liabilities | 257,065,000 | ' | ' |
Fair Value, Other liabilities | 17,558,000 | ' | ' |
Derivatives not designated as hedging instruments | Volatility options | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives related to variable annuity contracts, gross | -115,000 | ' | ' |
Derivatives not designated as hedging instruments | Interest rate swaptions | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives related to variable annuity contracts, gross | 1,575,000 | -2,260,000 | ' |
Notional Amount, Other long-term investments | 625,000,000 | 400,000,000 | ' |
Fair Value, Other long-term investments | 30,291,000 | 11,370,000 | ' |
Derivatives not designated as hedging instruments | Other. | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives, gross | -14,000 | -79,000 | -475,000 |
Notional Amount, Other long-term investments | 425,000 | 224,000 | ' |
Fair Value, Other long-term investments | 473,000 | 253,000 | ' |
Notional Amount, Other liabilities | 230,000 | ' | ' |
Fair Value, Other liabilities | 27,000 | ' | ' |
Derivatives not designated as hedging instruments | Embedded derivative - FIA | ' | ' | ' |
Notional amount and fair value of the entity's derivative financial instruments | ' | ' | ' |
Realized investment gains (losses) - derivatives related to FIA contracts, gross | -942,000 | ' | ' |
Notional Amount, Other liabilities | 244,424,000 | ' | ' |
Fair Value, Other liabilities | $25,324,000 | ' | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) (Cash flow hedges, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Gain (Loss) on Derivatives in Cash Flow Hedging Relationship | ' | ' |
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | $1,130 | $3,166 |
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | -2,349 | -3,199 |
Amount and Location of (Losses) Recognized in Income (Loss) on Derivatives (Ineffective Portion) | -190 | -177 |
Inflation | ' | ' |
Gain (Loss) on Derivatives in Cash Flow Hedging Relationship | ' | ' |
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | 1,130 | 3,243 |
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | -2,349 | -938 |
Amount and Location of (Losses) Recognized in Income (Loss) on Derivatives (Ineffective Portion) | -190 | -177 |
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 (Effective Portion) | ' | -77 |
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | ' | ($2,261) |
DERIVATIVE_FINANCIAL_INSTRUMEN4
DERIVATIVE FINANCIAL INSTRUMENTS (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Realized investment gains (losses) - all other investments | ' | ' | ' |
Modco trading portfolio | ($178,134) | $177,986 | $164,224 |
OFFSETTING_OF_ASSETS_AND_LIABI2
OFFSETTING OF ASSETS AND LIABILITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total derivatives, subject to a master netting arrangement or similar arrangement | ' | ' |
Gross Amounts of Recognized Assets | $307,116 | $113,111 |
Net Amounts of Assets Presented in the Statement of Financial Position | 307,116 | 113,111 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 52,487 | 21,565 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received | 10,700 | 11,280 |
Total derivatives, subject to a master netting arrangement or similar arrangement, Net Amount | 243,929 | 80,266 |
Total derivatives, not subject to a master netting arrangement or similar arrangement | ' | ' |
Total derivatives, not subject to a master netting arrangement or similar arrangement | 451 | 253 |
Total derivatives | ' | ' |
Gross Amounts of Recognized Assets | 307,567 | 113,364 |
Net Amounts of Assets Presented in the Statement of Financial Position | 307,567 | 113,364 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 52,487 | 21,565 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received | 10,700 | 11,280 |
Total derivatives, Net Amount | 244,380 | 80,519 |
Free-Standing derivatives | ' | ' |
Total derivatives, subject to a master netting arrangement or similar arrangement | ' | ' |
Gross Amounts of Recognized Assets | 110,983 | 81,520 |
Net Amounts of Assets Presented in the Statement of Financial Position | 110,983 | 81,520 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 52,487 | 21,565 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received | 10,700 | 11,280 |
Total derivatives, subject to a master netting arrangement or similar arrangement, Net Amount | 47,796 | 48,675 |
Embedded derivative - Modco reinsurance treaties | ' | ' |
Total derivatives, subject to a master netting arrangement or similar arrangement | ' | ' |
Gross Amounts of Recognized Assets | 1,517 | 1,330 |
Net Amounts of Assets Presented in the Statement of Financial Position | 1,517 | 1,330 |
Total derivatives, subject to a master netting arrangement or similar arrangement, Net Amount | 1,517 | 1,330 |
Embedded derivative - GMWB | ' | ' |
Total derivatives, subject to a master netting arrangement or similar arrangement | ' | ' |
Gross Amounts of Recognized Assets | 194,616 | 30,261 |
Net Amounts of Assets Presented in the Statement of Financial Position | 194,616 | 30,261 |
Total derivatives, subject to a master netting arrangement or similar arrangement, Net Amount | $194,616 | $30,261 |
OFFSETTING_OF_ASSETS_AND_LIABI3
OFFSETTING OF ASSETS AND LIABILITIES (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total derivatives, subject to a master netting arrangement or similar arrangement | ' | ' |
Gross Amounts of Recognized Liabilities | $457,802 | $657,874 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 457,802 | 657,874 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 52,487 | 21,565 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Paid | 98,359 | 20,373 |
Total derivatives, subject to a master netting arrangement or similar arrangement, Net Amount | 306,956 | 615,936 |
Total derivatives | ' | ' |
Gross Amounts of Recognized Liabilities | 457,802 | 657,874 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 457,802 | 657,874 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 52,487 | 21,565 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Paid | 98,359 | 20,373 |
Total derivatives, Net Amount | 306,956 | 615,936 |
Repurchase agreements | ' | ' |
Repurchase agreements | 350,000 | 150,000 |
Total Liabilities | ' | ' |
Gross Amounts of Recognized Liabilities | 807,802 | 807,874 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 807,802 | 807,874 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 52,487 | 21,565 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Paid | 98,359 | 20,373 |
Net Amount | 656,956 | 765,936 |
Free-Standing derivatives | ' | ' |
Total derivatives, subject to a master netting arrangement or similar arrangement | ' | ' |
Gross Amounts of Recognized Liabilities | 187,172 | 46,437 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 187,172 | 46,437 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 52,487 | 21,565 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Paid | 98,359 | 20,373 |
Total derivatives, subject to a master netting arrangement or similar arrangement, Net Amount | 36,326 | 4,499 |
Embedded derivative - Modco reinsurance treaties | ' | ' |
Total derivatives, subject to a master netting arrangement or similar arrangement | ' | ' |
Gross Amounts of Recognized Liabilities | 206,918 | 411,907 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 206,918 | 411,907 |
Total derivatives, subject to a master netting arrangement or similar arrangement, Net Amount | 206,918 | 411,907 |
Embedded derivative - GMWB | ' | ' |
Total derivatives, subject to a master netting arrangement or similar arrangement | ' | ' |
Gross Amounts of Recognized Liabilities | 38,388 | 199,530 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 38,388 | 199,530 |
Total derivatives, subject to a master netting arrangement or similar arrangement, Net Amount | 38,388 | 199,530 |
Embedded derivative - FIA | ' | ' |
Total derivatives, subject to a master netting arrangement or similar arrangement | ' | ' |
Gross Amounts of Recognized Liabilities | 25,324 | ' |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 25,324 | ' |
Total derivatives, subject to a master netting arrangement or similar arrangement, Net Amount | $25,324 | ' |
OPERATING_SEGMENTS_Details
OPERATING SEGMENTS (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Life Marketing | Life Marketing | Life Marketing | Acquisitions | Acquisitions | Acquisitions | Annuities | Annuities | Annuities | Stable Value Products | Stable Value Products | Stable Value Products | Asset Protection | Asset Protection | Asset Protection | Corporate and Other | Corporate and Other | Corporate and Other | Corporate and Other | Operating | Operating | Operating | Operating | Operating | Operating | Operating | Operating | Operating | Operating | Operating | Operating | Adjustments | Adjustments | |||||||||||||||
Life Marketing | Life Marketing | Acquisitions | Acquisitions | Annuities | Annuities | Stable Value Products | Stable Value Products | Asset Protection | Asset Protection | Corporate and Other | Corporate and Other | ||||||||||||||||||||||||||||||||||||
Summarized financial information for the company's segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pre-tax earnings relating to settlement of a dispute | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | 1,117,135,000 | 952,694,000 | 956,356,000 | 932,814,000 | 869,859,000 | 892,791,000 | 908,175,000 | 952,181,000 | 3,958,999,000 | 3,623,006,000 | 3,566,142,000 | 1,444,806,000 | 1,346,933,000 | 1,301,301,000 | 1,186,579,000 | 1,064,295,000 | 982,821,000 | 714,552,000 | 612,202,000 | 634,347,000 | 122,790,000 | 122,849,000 | 170,115,000 | 278,317,000 | 283,297,000 | 277,271,000 | ' | 211,955,000 | 193,430,000 | 200,287,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 515,225,000 | 468,764,000 | 421,694,000 | 110,298,000 | 105,032,000 | 96,123,000 | 154,003,000 | 171,060,000 | 157,393,000 | 184,130,000 | 119,092,000 | 80,224,000 | 80,561,000 | 60,329,000 | 56,780,000 | 26,795,000 | 16,454,000 | 25,407,000 | ' | -40,562,000 | -3,203,000 | 5,767,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Realized investment gains (losses) - investments | ' | ' | ' | ' | ' | ' | ' | ' | -172,720,000 | 186,186,000 | 181,907,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Realized investment gains (losses) - derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 247,868,000 | -201,979,000 | -133,370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income tax expense | -54,699,000 | -49,060,000 | -53,814,000 | -39,336,000 | -36,923,000 | -30,506,000 | -31,532,000 | -51,558,000 | -196,909,000 | -150,519,000 | -154,839,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income available to PLC's common shareowners | 118,913,000 | 93,061,000 | 103,199,000 | 78,291,000 | 66,796,000 | 60,480,000 | 76,155,000 | 99,021,000 | 393,464,000 | [1] | 302,452,000 | [1] | 315,392,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized gain (losses) on investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Investment (losses) gains - gross | ' | ' | ' | ' | ' | ' | ' | ' | -145,984,000 | 172,149,000 | 187,473,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Less: amortization related to DAC/VOBA and benefits and settlement expenses | ' | ' | ' | ' | ' | ' | ' | ' | 26,736,000 | -14,037,000 | 5,566,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Realized investment gains (losses) - investments | ' | ' | ' | ' | ' | ' | ' | ' | -172,720,000 | 186,186,000 | 181,907,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Realized gain (losses) on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Realized investment gains (losses) - derivatives, gross | ' | ' | ' | ' | ' | ' | ' | ' | 188,131,000 | -238,480,000 | -155,251,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Less: VA GMWB economic cost | ' | ' | ' | ' | ' | ' | ' | ' | -59,737,000 | -36,501,000 | -21,881,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Realized investment gains (losses) - derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 247,868,000 | -201,979,000 | -133,370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net investment income | 539,952,000 | 454,275,000 | 466,220,000 | 457,634,000 | 476,045,000 | 467,944,000 | 456,222,000 | 462,121,000 | 1,918,081,000 | 1,862,332,000 | 1,820,643,000 | 521,665,000 | 486,463,000 | 446,175,000 | 617,298,000 | 550,334,000 | 529,261,000 | 468,322,000 | 504,345,000 | 507,230,000 | 123,798,000 | 128,239,000 | 145,150,000 | 23,179,000 | 24,310,000 | 26,501,000 | ' | 163,819,000 | 168,641,000 | 166,326,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amortization of deferred policy acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 192,898,000 | 203,565,000 | 264,993,000 | 25,774,000 | 45,079,000 | 87,461,000 | 72,762,000 | 77,251,000 | 75,041,000 | 62,834,000 | 45,319,000 | 57,201,000 | 398,000 | 947,000 | 4,556,000 | 30,505,000 | 33,951,000 | 38,080,000 | ' | 625,000 | 1,018,000 | 2,654,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other-than-temporary impairments | ' | ' | ' | ' | ' | ' | ' | ' | 22,447,000 | 58,886,000 | 47,442,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Segment Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Investments and other assets | 65,094,445,000 | ' | ' | ' | 54,036,592,000 | ' | ' | ' | 65,094,445,000 | 54,036,592,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,135,914,000 | 12,171,405,000 | 20,201,081,000 | 11,312,550,000 | 19,974,246,000 | 17,649,488,000 | 2,558,551,000 | 2,509,160,000 | 852,273,000 | 789,916,000 | 8,355,618,000 | 9,584,411,000 | 16,762,000 | 19,662,000 | |||
Deferred policy acquisition costs and value of business acquired | 3,584,199,000 | ' | ' | ' | 3,239,519,000 | ' | ' | ' | 3,584,199,000 | 3,239,519,000 | ' | 2,071,470,000 | 2,001,708,000 | 1,912,916,000 | 813,239,000 | 679,746,000 | 824,277,000 | 647,485,000 | 491,184,000 | 435,462,000 | 1,001,000 | 1,399,000 | 2,347,000 | 50,358,000 | 64,416,000 | 71,427,000 | ' | 646,000 | 1,066,000 | 1,612,000 | 2,071,470,000 | 2,001,708,000 | 813,239,000 | 679,746,000 | 647,485,000 | 491,184,000 | 1,001,000 | 1,399,000 | 50,358,000 | 64,416,000 | 646,000 | 1,066,000 | ' | ' | |||
Goodwill | 105,463,000 | ' | ' | ' | 108,561,000 | ' | ' | ' | 105,463,000 | 108,561,000 | 111,659,000 | 10,192,000 | 10,192,000 | 10,192,000 | 32,517,000 | 35,615,000 | 38,713,000 | ' | ' | ' | ' | ' | ' | 62,671,000 | 62,671,000 | 62,671,000 | ' | 83,000 | 83,000 | 83,000 | 10,192,000 | 10,192,000 | 32,517,000 | 35,615,000 | ' | ' | ' | ' | 62,671,000 | 62,671,000 | 83,000 | 83,000 | ' | ' | |||
Total assets | $68,784,107,000 | ' | ' | ' | $57,384,672,000 | ' | ' | ' | $68,784,107,000 | $57,384,672,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,217,576,000 | $14,183,305,000 | $21,046,837,000 | $12,027,911,000 | $20,621,731,000 | $18,140,672,000 | $2,559,552,000 | $2,510,559,000 | $965,302,000 | $917,003,000 | $8,356,347,000 | $9,585,560,000 | $16,762,000 | $19,662,000 | |||
[1] | Protective Life Corporation ("PLC") |
CONSOLIDATED_QUARTERLY_RESULTS2
CONSOLIDATED QUARTERLY RESULTS - UNAUDITED (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
CONSOLIDATED QUARTERLY RESULTS - UNAUDITED | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Premiums and policy fees | $841,255 | $657,218 | $756,331 | $726,847 | $721,605 | $684,939 | $711,429 | $696,305 | $2,981,651 | $2,814,278 | $2,800,140 | |||
Reinsurance ceded | -380,625 | -270,730 | -390,490 | -335,350 | -375,546 | -321,059 | -344,673 | -304,558 | -1,377,195 | -1,345,836 | -1,394,675 | |||
Net of reinsurance ceded | 460,630 | 386,488 | 365,841 | 391,497 | 346,059 | 363,880 | 366,756 | 391,747 | 1,604,456 | 1,468,442 | 1,405,465 | |||
Net investment income | 539,952 | 454,275 | 466,220 | 457,634 | 476,045 | 467,944 | 456,222 | 462,121 | 1,918,081 | 1,862,332 | 1,820,643 | |||
Realized investment gains (losses) | 451 | 13,137 | 29,903 | -1,344 | -36,878 | -20,223 | 3,717 | -12,947 | 42,147 | -66,331 | 32,222 | |||
Other income | 116,102 | 98,794 | 94,392 | 85,027 | 84,633 | 81,190 | 81,480 | 111,260 | 394,315 | 358,563 | 307,812 | |||
Total revenues | 1,117,135 | 952,694 | 956,356 | 932,814 | 869,859 | 892,791 | 908,175 | 952,181 | 3,958,999 | 3,623,006 | 3,566,142 | |||
Total benefits and expenses | 943,523 | 810,573 | 799,343 | 815,187 | 766,140 | 801,805 | 800,488 | 801,602 | 3,368,626 | 3,170,035 | 3,095,666 | |||
Income before income tax | 173,612 | 142,121 | 157,013 | 117,627 | 103,719 | 90,986 | 107,687 | 150,579 | 590,373 | 452,971 | 470,476 | |||
Income tax expense | 54,699 | 49,060 | 53,814 | 39,336 | 36,923 | 30,506 | 31,532 | 51,558 | 196,909 | 150,519 | 154,839 | |||
Net income | 118,913 | 93,061 | 103,199 | 78,291 | 66,796 | 60,480 | 76,155 | 99,021 | 393,464 | 302,452 | 315,637 | |||
Net income available to PLC's common shareowners | $118,913 | $93,061 | $103,199 | $78,291 | $66,796 | $60,480 | $76,155 | $99,021 | $393,464 | [1] | $302,452 | [1] | $315,392 | [1] |
Net income available to PLC's common shareowners - basic (in dollars per share) | $1.50 | $1.17 | $1.30 | $0.99 | $0.84 | $0.75 | $0.93 | $1.20 | $4.96 | $3.73 | $3.70 | |||
Average shares outstanding - basic (in shares) | 79,540,583 | 79,492,274 | 79,404,770 | 79,139,392 | 79,652,495 | 80,662,745 | 81,639,756 | 82,330,330 | 79,395,622 | 81,066,338 | 85,208,612 | |||
Net income available to PLC's common shareowners - diluted (in dollars per share) | $1.47 | $1.15 | $1.27 | $0.97 | $0.82 | $0.73 | $0.91 | $1.18 | $4.86 | $3.66 | $3.65 | |||
Average shares outstanding - diluted (in shares) | 81,053,787 | 80,852,078 | 81,087,238 | 80,706,744 | 81,339,803 | 82,406,103 | 83,243,703 | 83,921,135 | 80,925,713 | 82,723,016 | 86,475,229 | |||
[1] | Protective Life Corporation ("PLC") |
SCHEDULE_II_CONDENSED_FINANCIA1
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net investment income | $539,952 | $454,275 | $466,220 | $457,634 | $476,045 | $467,944 | $456,222 | $462,121 | $1,918,081 | $1,862,332 | $1,820,643 | |||
Realized investment gains (losses) | 451 | 13,137 | 29,903 | -1,344 | -36,878 | -20,223 | 3,717 | -12,947 | 42,147 | -66,331 | 32,222 | |||
Other income | 116,102 | 98,794 | 94,392 | 85,027 | 84,633 | 81,190 | 81,480 | 111,260 | 394,315 | 358,563 | 307,812 | |||
Total revenues | 1,117,135 | 952,694 | 956,356 | 932,814 | 869,859 | 892,791 | 908,175 | 952,181 | 3,958,999 | 3,623,006 | 3,566,142 | |||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest - subordinated debt | ' | ' | ' | ' | ' | ' | ' | ' | 34,800 | ' | ' | |||
Interest - other | ' | ' | ' | ' | ' | ' | ' | ' | 46,600 | ' | ' | |||
Total benefits and expenses | 943,523 | 810,573 | 799,343 | 815,187 | 766,140 | 801,805 | 800,488 | 801,602 | 3,368,626 | 3,170,035 | 3,095,666 | |||
Income before income tax | 173,612 | 142,121 | 157,013 | 117,627 | 103,719 | 90,986 | 107,687 | 150,579 | 590,373 | 452,971 | 470,476 | |||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Current | ' | ' | ' | ' | ' | ' | ' | ' | 21,855 | 76,186 | 9,774 | |||
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 175,054 | 74,333 | 145,065 | |||
Total income tax expense | 54,699 | 49,060 | 53,814 | 39,336 | 36,923 | 30,506 | 31,532 | 51,558 | 196,909 | 150,519 | 154,839 | |||
Net income | 118,913 | 93,061 | 103,199 | 78,291 | 66,796 | 60,480 | 76,155 | 99,021 | 393,464 | 302,452 | 315,637 | |||
PROTECTIVE LIFE CORPORATION | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Dividends from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 86,420 | 257,573 | 224,179 | |||
Service fees from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 178,420 | 160,373 | 151,934 | |||
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 65,389 | 63,817 | 62,644 | |||
Realized investment gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | 15,040 | -10,596 | -248 | |||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 194 | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 345,463 | 471,167 | 438,509 | |||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 99,400 | 99,138 | 82,759 | |||
Interest - subordinated debt | ' | ' | ' | ' | ' | ' | ' | ' | 33,873 | 37,598 | 37,604 | |||
Interest - other | ' | ' | ' | ' | ' | ' | ' | ' | 90,636 | 94,974 | 98,809 | |||
Total benefits and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 223,909 | 231,710 | 219,172 | |||
Income before income tax | ' | ' | ' | ' | ' | ' | ' | ' | 121,554 | 239,457 | 219,337 | |||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Current | ' | ' | ' | ' | ' | ' | ' | ' | -35,250 | 8,883 | 9,722 | |||
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 16,936 | -4,075 | -10,665 | |||
Total income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -18,314 | 4,808 | -943 | |||
Income before equity in undistributed income from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 139,868 | 234,649 | 220,280 | |||
Equity in undistributed income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 253,596 | 67,803 | 95,357 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $393,464 | [1] | $302,452 | [1] | $315,637 | [1] |
[1] | Includes noncontrolling interests related to the Company's subs |
SCHEDULE_II_CONDENSED_FINANCIA2
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Condensed Financial Information of Registrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | $118,913 | $93,061 | $103,199 | $78,291 | $66,796 | $60,480 | $76,155 | $99,021 | $393,464 | $302,452 | $315,637 | |||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1,242,656 | 751,278 | 677,594 | |||
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -849,192 | 1,053,730 | 993,231 | |||
PROTECTIVE LIFE CORPORATION | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Information of Registrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 393,464 | [1] | 302,452 | [1] | 315,637 | [1] |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1,242,656 | 751,278 | 677,594 | |||
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($849,192) | $1,053,730 | $993,231 | |||
[1] | Includes noncontrolling interests related to the Company's subs |
SCHEDULE_II_CONDENSED_FINANCIA3
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Assets | ' | ' | ' | ' | ||
Fixed maturities | $34,815,931 | $29,787,959 | ' | ' | ||
Equity securities | 646,027 | 411,786 | ' | ' | ||
Total investments | 43,805,489 | 36,914,802 | ' | ' | ||
Cash | 466,542 | 368,801 | 267,298 | 264,425 | ||
Property and equipment, net | 52,403 | 47,607 | ' | ' | ||
Goodwill | 105,463 | 108,561 | 111,659 | ' | ||
Deferred income tax | 442,354 | 182,888 | ' | ' | ||
Other assets | 426,677 | 262,052 | ' | ' | ||
Total assets | 68,784,107 | 57,384,672 | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Debt | 1,585,000 | 1,400,000 | ' | ' | ||
Subordinated debt securities | 540,593 | 540,593 | ' | ' | ||
Total liabilities | 65,069,313 | 52,770,239 | ' | ' | ||
Commitments and contingencies - Note 3 | 'Â Â | 'Â Â | ' | ' | ||
Shareowners' equity | ' | ' | ' | ' | ||
Preferred stock | 'Â Â | 'Â Â | ' | ' | ||
Common stock | 44,388 | 44,388 | ' | ' | ||
Additional paid-in-capital | 606,934 | 606,369 | ' | ' | ||
Treasury stock | -200,416 | -209,840 | ' | ' | ||
Retained earnings, including undistributed income of subsidiaries: (2013 - $3,177,910; 2012 - $2,924,314) | 2,769,822 | 2,437,544 | 2,191,319 | ' | ||
Accumulated other comprehensive income (loss): | ' | ' | ' | ' | ||
Net unrealized gains on investments, all from subsidiaries, net of income tax: (2013 - $289,908; 2012 - $978,656) | 538,400 | 1,817,504 | 1,094,103 | ' | ||
Net unrealized gains (losses) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, net of income tax: (2013 - $325; 2012 - $(2,147)) | 603 | -3,988 | ' | ' | ||
Accumulated gain (loss) - derivatives, net of income tax: (2013 - $(666); 2012 - $(1,883)) | -1,235 | -3,496 | ' | ' | ||
Postretirement benefits liability adjustment, net of income tax: (2013 - $(23,532); 2012 - $(39,468)) | -43,702 | -73,298 | ' | ' | ||
Total Protective Life Corporation's shareowners' equity | 3,714,794 | 4,615,183 | ' | ' | ||
Total liabilities and shareowners' equity | 68,784,107 | 57,384,672 | ' | ' | ||
PROTECTIVE LIFE CORPORATION | ' | ' | ' | ' | ||
Assets | ' | ' | ' | ' | ||
Fixed maturities | 43,639 | ' | ' | ' | ||
Equity securities | 45,263 | 38,072 | ' | ' | ||
Surplus notes from affiliate | 800,000 | 800,000 | ' | ' | ||
Investments in subsidiaries (equity method) | 4,982,231 | 5,818,869 | ' | ' | ||
Total investments | 5,871,133 | 6,656,941 | ' | ' | ||
Cash | 56,845 | 63,796 | 63,361 | 1,693 | ||
Receivables from subsidiaries | 24,930 | 9,012 | ' | ' | ||
Property and equipment, net | 1,234 | 39 | ' | ' | ||
Goodwill | 10,275 | 10,275 | ' | ' | ||
Deferred income tax | 11,693 | 9,901 | ' | ' | ||
Other assets | 36,066 | 35,445 | ' | ' | ||
Total assets | 6,012,176 | 6,785,409 | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||
Accrued expenses and other liabilities | 148,059 | 185,783 | ' | ' | ||
Accrued income taxes | 23,730 | 29,350 | ' | ' | ||
Notes to affiliates | ' | 14,500 | ' | ' | ||
Debt | 1,585,000 | 1,400,000 | ' | ' | ||
Subordinated debt securities | 540,593 | 540,593 | ' | ' | ||
Total liabilities | 2,297,382 | 2,170,226 | ' | ' | ||
Commitments and contingencies - Note 3 | 'Â Â | ' | ' | ' | ||
Shareowners' equity | ' | ' | ' | ' | ||
Preferred stock | 'Â Â | 'Â Â | ' | ' | ||
Common stock | 44,388 | 44,388 | ' | ' | ||
Additional paid-in-capital | 606,934 | 606,369 | ' | ' | ||
Treasury stock | -200,416 | -209,840 | ' | ' | ||
Retained earnings, including undistributed income of subsidiaries: (2013 - $3,177,910; 2012 - $2,924,314) | 2,769,822 | 2,437,544 | ' | ' | ||
Accumulated other comprehensive income (loss): | ' | ' | ' | ' | ||
Net unrealized gains on investments, all from subsidiaries, net of income tax: (2013 - $289,908; 2012 - $978,656) | 538,400 | 1,817,504 | ' | ' | ||
Net unrealized gains (losses) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, net of income tax: (2013 - $325; 2012 - $(2,147)) | 603 | -3,988 | ' | ' | ||
Accumulated gain (loss) - derivatives, net of income tax: (2013 - $(666); 2012 - $(1,883)) | -1,235 | -3,496 | ' | ' | ||
Postretirement benefits liability adjustment, net of income tax: (2013 - $(23,532); 2012 - $(39,468)) | -43,702 | -73,298 | ' | ' | ||
Total Protective Life Corporation's shareowners' equity | 3,714,794 | 4,615,183 | ' | ' | ||
Total liabilities and shareowners' equity | $6,012,176 | [1] | $6,785,409 | [1] | ' | ' |
[1] | Includes noncontrolling interests related to the Company's subs |
SCHEDULE_II_CONDENSED_FINANCIA4
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 3) (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Information of Registrant | ' | ' |
Net unrealized gains (losses) on investments, all from subsidiaries, income tax | $289,908 | $978,656 |
Net unrealized gains (losses) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, income tax | 325 | -2,147 |
Accumulated gain (loss) - derivatives, income tax | -666 | -1,883 |
Postretirement benefits liability adjustment, income tax | -23,532 | -39,468 |
PROTECTIVE LIFE CORPORATION | ' | ' |
Condensed Financial Information of Registrant | ' | ' |
Undistributed income of subsidiaries | 3,177,910 | 2,924,314 |
Net unrealized gains (losses) on investments, all from subsidiaries, income tax | 289,908 | 978,656 |
Net unrealized gains (losses) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings, income tax | 325 | -2,147 |
Accumulated gain (loss) - derivatives, income tax | -666 | -1,883 |
Postretirement benefits liability adjustment, income tax | ($23,532) | ($39,468) |
SCHEDULE_II_CONDENSED_FINANCIA5
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 4) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | $118,913 | $93,061 | $103,199 | $78,291 | $66,796 | $60,480 | $76,155 | $99,021 | $393,464 | $302,452 | $315,637 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Realized investment (gains) losses | -451 | -13,137 | -29,903 | 1,344 | 36,878 | 20,223 | -3,717 | 12,947 | -42,147 | 66,331 | -32,222 | |||
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 6,769 | 7,860 | 9,171 | |||
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 175,054 | 74,333 | 85,893 | |||
Accrued income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 70,635 | 19,956 | -5,201 | |||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -29,098 | -72,325 | 97,382 | |||
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 499,550 | 692,083 | 620,613 | |||
Cash flows from investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maturities and principal reductions of investments, available-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | 1,094,862 | 1,176,422 | 1,399,830 | |||
Sale of investments, available-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | 3,239,222 | 2,548,314 | 2,955,665 | |||
Cost of investments acquired, available-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | -5,082,264 | -4,215,228 | -5,158,064 | |||
Purchase of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -11,621 | -6,248 | -17,667 | |||
Net cash (used in) provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -1,044,658 | -549,910 | -791,436 | |||
Cash flows from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Principal payments on line of credit arrangements and debt | ' | ' | ' | ' | ' | ' | ' | ' | -420,000 | -676,650 | -26,852 | |||
Repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | -106,201 | -82,671 | |||
Dividends to shareowners | ' | ' | ' | ' | ' | ' | ' | ' | -61,186 | -56,227 | -52,503 | |||
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 642,849 | -40,670 | 173,696 | |||
Change in cash | ' | ' | ' | ' | ' | ' | ' | ' | 97,741 | 101,503 | 2,873 | |||
Cash at beginning of period | ' | ' | ' | 368,801 | ' | ' | ' | 267,298 | 368,801 | 267,298 | 264,425 | |||
Cash at end of period | 466,542 | ' | ' | ' | 368,801 | ' | ' | ' | 466,542 | 368,801 | 267,298 | |||
PROTECTIVE LIFE CORPORATION | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 393,464 | [1] | 302,452 | [1] | 315,637 | [1] |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Realized investment (gains) losses | ' | ' | ' | ' | ' | ' | ' | ' | -15,040 | 10,596 | 248 | |||
Equity in undistributed net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -253,596 | -67,803 | -95,357 | |||
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 151 | 303 | 330 | |||
Receivables from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -15,918 | 14,872 | -3,514 | |||
Income tax receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,510 | |||
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 16,936 | 577 | -20,145 | |||
Accrued income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 231 | 15,419 | 10,836 | |||
Accrued expenses and other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -20,292 | 3,957 | 29,531 | |||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -20,924 | 10,827 | 10,703 | |||
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 85,012 | 291,200 | 256,779 | |||
Cash flows from investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maturities and principal reductions of investments, available-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,650 | ' | |||
Sale of investments, available-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,086 | ' | |||
Cost of investments acquired, available-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | -47,477 | -15,018 | ' | |||
Purchase of and/or additional investments in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -152,454 | 596 | -25,661 | |||
Purchase of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -1,346 | ' | ' | |||
Net cash (used in) provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -201,277 | 7,314 | -25,661 | |||
Cash flows from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Borrowings under debt | ' | ' | ' | ' | ' | ' | ' | ' | 605,000 | 572,500 | 45,000 | |||
Principal payments on line of credit arrangements and debt | ' | ' | ' | ' | ' | ' | ' | ' | -420,000 | -676,650 | -26,852 | |||
Repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | -106,201 | -82,671 | |||
Payments to affiliates | ' | ' | ' | ' | ' | ' | ' | ' | -14,500 | -31,500 | -52,424 | |||
Dividends to shareowners | ' | ' | ' | ' | ' | ' | ' | ' | -61,186 | -56,228 | -52,503 | |||
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 109,314 | -298,079 | -169,450 | |||
Change in cash | ' | ' | ' | ' | ' | ' | ' | ' | -6,951 | 435 | 61,668 | |||
Cash at beginning of period | ' | ' | ' | 63,796 | ' | ' | ' | 63,361 | 63,796 | 63,361 | 1,693 | |||
Cash at end of period | $56,845 | ' | ' | ' | $63,796 | ' | ' | ' | $56,845 | $63,796 | $63,361 | |||
[1] | Includes noncontrolling interests related to the Company's subs |
SCHEDULE_II_CONDENSED_FINANCIA6
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 09, 2009 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2004 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2004 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 09, 2009 |
Revolving Line Of Credit | Revolving Line Of Credit | Revolving Line Of Credit | Revolving Line Of Credit | Senior notes | Senior notes | 4.30% Senior Notes (2003), due 2013 | 4.875% Senior Notes (2004), due 2014 | 4.875% Senior Notes (2004), due 2014 | 4.875% Senior Notes (2004), due 2014 | 6.40% Senior Notes (2007), due 2018 | 6.40% Senior Notes (2007), due 2018 | 6.40% Senior Notes (2007), due 2018 | 7.375% Senior Notes (2009), due 2019 | 7.375% Senior Notes (2009), due 2019 | 7.375% Senior Notes (2009), due 2019 | 8.00% Senior Notes (2009), due 2024, callable 2014 | 8.00% Senior Notes (2009), due 2024, callable 2014 | 8.00% Senior Notes (2009), due 2024, callable 2014 | 8.45% Senior Notes (2009), due 2039 | 8.45% Senior Notes (2009), due 2039 | 8.45% Senior Notes (2009), due 2039 | Subordinated debentures | Subordinated debentures | 6.125% Subordinated Debentures (2004), due 2034, callable 2009 | 6.125% Subordinated Debentures (2004), due 2034, callable 2009 | 6.25% Subordinated Debentures (2012) due 2042, callable 2017 | 6.25% Subordinated Debentures (2012) due 2042, callable 2017 | 6.00% Subordinated Debentures (2012) due 2042, callable 2017 | 6.00% Subordinated Debentures (2012) due 2042, callable 2017 | 7.50% Subordinated Debentures (2001), due 2031, callable 2006 | 7.25% Subordinated Debentures (2002), due 2032, callable 2007 | 7.25% Capital Securities (2006), due 2066, callable 2011,One | 7.25% Capital Securities (2006), due 2066, callable 2011,Two | Long-term debt and subordinated debt securities | Long-term debt and subordinated debt securities | Long-term debt and subordinated debt securities | Golden Gate | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | |||
Prime rate | Federal Funds Rate | LIBOR One-Month Rate | Y | Revolving Line Of Credit | Revolving Line Of Credit | Revolving Line Of Credit | Revolving Line Of Credit | Revolving Line Of Credit | Senior notes | Senior notes | 4.30% Senior Notes (2003), due 2013 | 4.30% Senior Notes (2003), due 2013 | 4.875% Senior Notes (2004), due 2014 | 4.875% Senior Notes (2004), due 2014 | 4.875% Senior Notes (2004), due 2014 | 6.40% Senior Notes (2007), due 2018 | 6.40% Senior Notes (2007), due 2018 | 6.40% Senior Notes (2007), due 2018 | 7.375% Senior Notes (2009), due 2019 | 7.375% Senior Notes (2009), due 2019 | 7.375% Senior Notes (2009), due 2019 | 8.00% Senior Notes (2009), due 2024, callable 2014 | 8.00% Senior Notes (2009), due 2024, callable 2014 | 8.00% Senior Notes (2009), due 2024, callable 2014 | 8.45% Senior Notes (2009), due 2039 | 8.45% Senior Notes (2009), due 2039 | 8.45% Senior Notes (2009), due 2039 | Subordinated debentures | Subordinated debentures | 6.125% Subordinated Debentures (2004), due 2034, callable 2009 | 6.125% Subordinated Debentures (2004), due 2034, callable 2009 | 6.25% Subordinated Debentures (2012) due 2042, callable 2017 | 6.25% Subordinated Debentures (2012) due 2042, callable 2017 | 6.00% Subordinated Debentures (2012) due 2042, callable 2017 | 6.00% Subordinated Debentures (2012) due 2042, callable 2017 | 7.50% Subordinated Debentures (2001), due 2031, callable 2006 | 7.50% Subordinated Debentures (2001), due 2031, callable 2006 | 7.25% Subordinated Debentures (2002), due 2032, callable 2007 | 7.25% Capital Securities (2006), due 2066, callable 2011,One | 7.25% Capital Securities (2006), due 2066, callable 2011,Two | Long-term debt and subordinated debt securities | Long-term debt and subordinated debt securities | Long-term debt and subordinated debt securities | Golden Gate | ||||||||||||||||||||||||||||||||||||||||
Prime rate | Federal Funds Rate | LIBOR One-Month Rate | Y | Surplus notes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Registrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | 4.88% | 4.88% | 4.88% | 6.40% | 6.40% | 6.40% | 7.38% | 7.38% | ' | 8.00% | 8.00% | ' | 8.45% | 8.45% | ' | ' | ' | 6.13% | 6.13% | 6.25% | 6.25% | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.30% | 4.88% | 4.88% | 4.88% | 6.40% | 6.40% | 6.40% | 7.38% | 7.38% | ' | 8.00% | 8.00% | ' | 8.45% | 8.45% | ' | ' | ' | 6.13% | 6.13% | 6.25% | 6.25% | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Debt | $1,585,000,000 | $1,400,000,000 | ' | ' | ' | ' | ' | ' | $250,000,000 | $150,000,000 | $150,000,000 | ' | ' | $150,000,000 | $150,000,000 | $400,000,000 | $400,000,000 | ' | $100,000,000 | $100,000,000 | ' | $300,000,000 | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,585,000,000 | $1,400,000,000 | ' | $485,000,000 | $50,000,000 | ' | ' | ' | ' | ' | ' | $250,000,000 | $150,000,000 | $150,000,000 | ' | ' | $150,000,000 | $150,000,000 | $400,000,000 | $400,000,000 | ' | $100,000,000 | $100,000,000 | ' | $300,000,000 | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total subordinated debt securities | 540,593,000 | 540,593,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,093,000 | 103,093,000 | 287,500,000 | 287,500,000 | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 540,593,000 | 540,593,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,093,000 | 103,093,000 | 287,500,000 | 287,500,000 | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,100,000 | 118,600,000 | 75,000,000 | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,100,000 | 103,100,000 | 118,600,000 | 75,000,000 | 125,000,000 | ' | ' | ' | ' |
Line of credit, maximum borrowing capacity | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, maximum borrowing capacity to be granted upon entity's request | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, amount outstanding | ' | ' | 485,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 485,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base of floating rate interest rate payments | ' | ' | 'LIBOR | 'Prime rate | 'Federal Funds rate | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'Prime rate | 'Federal Funds rate | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate added to the base rate (as a percent) | ' | ' | 1.20% | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,100,000 | 103,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,100,000 | 103,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of consecutive years up to which the entity has the right to extend interest payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt issued | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | 150,000,000 | 150,000,000 | ' | ' | ' | ' | 400,000,000 | ' | ' | 100,000,000 | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | 287,500,000 | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | 150,000,000 | 150,000,000 | ' | ' | ' | ' | 400,000,000 | ' | ' | 100,000,000 | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | 287,500,000 | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 605,000,000 | 572,500,000 | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of deferred issue costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' |
Aggregate principal amount of debt repurchased by Golden Gate from third parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 |
Outstanding surplus notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | 800,000,000 | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 |
Future maturities of debt, excluding notes payable to banks, and subordinated debt securities, for the next five years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123,800,000 | 131,500,000 | 130,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,500,000 | 132,600,000 | 136,400,000 | ' |
Increase (decrease) in interest expense | ' | ' | ' | ' | ' | ' | $6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,700,000 | ' | ' | ' | ' | ' | ' | $2,100,000 | ' | ' | ' | ' | $6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,100,000 | ' | ' | ' |
SCHEDULE_II_CONDENSED_FINANCIA7
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 6) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 10, 2012 | Dec. 31, 2013 | Oct. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 07, 2013 | Apr. 23, 2010 | Dec. 31, 2013 | Dec. 10, 2010 | Dec. 31, 2013 | |
Building contiguous to home office | Indemnification Agreement | Golden Gate V and Red Mountain | Red Mountain | Red Mountain | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | PROTECTIVE LIFE CORPORATION | Golden Gate II Captive Insurance Company | Golden Gate III Vermont Captive Insurance Company (Golden Gate III) | Golden Gate III Vermont Captive Insurance Company (Golden Gate III) | Golden Gate III Vermont Captive Insurance Company (Golden Gate III) | Golden Gate IV Vermont Captive Insurance Company (Golden Gate IV) | Golden Gate IV Vermont Captive Insurance Company (Golden Gate IV) | Golden Gate V | |||||
Building contiguous to home office | Indemnification Agreement | item | ||||||||||||||||||||
Commitments and contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnification agreement with certain officers, maximum | ' | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' |
Approximate price for which the company may purchase building at the end of lease term | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Description rate | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' |
Future minimum rental payments required under capital lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | 1,236,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,236,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | 1,236,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,236,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | 1,239,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,239,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | ' | ' | 1,236,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,236,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | ' | ' | 76,211,000 | ' | ' | ' | ' | ' | ' | ' | ' | 76,211,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding non-recourse funding obligations of Golden Gate II Captive Insurance Company | 575,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 575,000,000 | ' | ' | ' | ' | ' | ' |
Non-recourse funding obligations | 562,448,000 | 586,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194,900,000 | ' | ' | ' | ' | ' | 365,000,000 |
Non-recourse funding obligations held by affiliates | 380,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 380,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected payments under support agreement obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | ' | 0 |
Letter of credit term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '13 years 6 months | ' | ' | '12 years | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 715,000,000 | 710,000,000 | 505,000,000 | 700,000,000 | 270,000,000 | ' |
Maximum amount up to which LOC will be periodically increased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 720,000,000 | ' | 610,000,000 | 790,000,000 | ' | ' |
Term of transaction | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum financing capacity under transaction | ' | ' | ' | ' | ' | ' | 945,000,000 | ' | 945,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 945,000,000 |
Principal amount of note issued | ' | ' | ' | ' | ' | ' | ' | 365,000,000 | 275,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of companies liable for reimbursement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' |
Number of installments for future scheduled capital contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Number of companies liable for reimbursement regarding credit enhancement payments | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future scheduled capital contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $149,800,000 | ' | ' | ' | ' | $144,300,000 |
Shareowners' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued shares | 88,776,960 | 88,776,960 | 88,776,960 | 88,776,960 | ' | ' | ' | ' | ' | 88,776,960 | 88,776,960 | 88,776,960 | 88,776,960 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Shares | 10,199,514 | 10,639,467 | 7,107,765 | 3,108,983 | ' | ' | ' | ' | ' | 10,199,514 | 10,639,467 | 7,107,765 | 3,108,983 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Shares | 78,577,446 | 78,137,493 | 81,669,195 | 85,667,977 | ' | ' | ' | ' | ' | 78,577,446 | 78,137,493 | 81,669,195 | 85,667,977 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reissuance of treasury stock (in shares) | -439,953 | -3,531,702 | -3,998,782 | ' | ' | ' | ' | ' | ' | -439,953 | -3,531,702 | -3,998,782 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits to treasury stock (in shares) | 439,953 | 3,531,702 | 3,998,782 | ' | ' | ' | ' | ' | ' | 439,953 | 3,531,702 | 3,998,782 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 4,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, par value (in dollars per share) | $1 | $1 | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SCHEDULE_II_CONDENSED_FINANCIA8
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 7) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash paid during the year for: | ' | ' | ' |
Interest paid on debt | $171,360 | $159,674 | $158,033 |
Income taxes (reduced by amounts received from affiliates under a tax sharing agreement) | -27,211 | 51,239 | 20,122 |
Noncash investing and financing activities: | ' | ' | ' |
Stock-based compensation | 10,739 | 12,280 | 12,517 |
PROTECTIVE LIFE CORPORATION | ' | ' | ' |
Cash paid during the year for: | ' | ' | ' |
Interest paid on debt | 125,685 | 131,473 | 136,590 |
Income taxes (reduced by amounts received from affiliates under a tax sharing agreement) | -33,623 | -30,110 | -8,882 |
Noncash investing and financing activities: | ' | ' | ' |
Stock-based compensation | $10,739 | $12,280 | $12,517 |
SCHEDULE_II_CONDENSED_FINANCIA9
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 8) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Interest rate floor and reinsurance rate cap agreements | ' | ' |
Combined liability for interest rate floor and reinsurance rate cap agreements | $2 | $17.10 |
Unrealized gains (losses) on interest rate floor and reinsurance rate cap agreements | $15.10 | ($10.70) |
SCHEDULE_III_SUPPLEMENTARY_INS1
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplementary insurance information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Policy Acquisition Costs and Value of Businesses Acquired | $3,584,199 | ' | ' | ' | $3,239,519 | ' | ' | ' | $3,584,199 | $3,239,519 | ' |
Future Policy Benefits and Claims | 29,781,325 | ' | ' | ' | 21,626,386 | ' | ' | ' | 29,781,325 | 21,626,386 | 20,867,989 |
Unearned Premiums | 1,549,815 | ' | ' | ' | 1,396,026 | ' | ' | ' | 1,549,815 | 1,396,026 | 1,258,785 |
Stable Value Products, Annuity Contracts and Other Policyholders' Funds | 14,899,185 | ' | ' | ' | 13,736,007 | ' | ' | ' | 14,899,185 | 13,736,007 | 14,262,874 |
Net Premiums and Policy Fees | 460,630 | 386,488 | 365,841 | 391,497 | 346,059 | 363,880 | 366,756 | 391,747 | 1,604,456 | 1,468,442 | 1,405,465 |
Net Investment Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,918,081 | 1,862,332 | 1,820,643 |
Benefits and Settlement Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,479,757 | 2,326,040 | 2,233,473 |
Amortization of deferred policy acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 192,898 | 203,565 | 264,993 |
Other Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 695,971 | 640,430 | 597,200 |
Premiums Written | ' | ' | ' | ' | ' | ' | ' | ' | 173,320 | 188,567 | 190,321 |
Life Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplementary insurance information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Policy Acquisition Costs and Value of Businesses Acquired | 2,071,470 | ' | ' | ' | 2,001,708 | ' | ' | ' | 2,071,470 | 2,001,708 | 1,912,916 |
Future Policy Benefits and Claims | 13,504,869 | ' | ' | ' | 12,733,602 | ' | ' | ' | 13,504,869 | 12,733,602 | 11,755,841 |
Unearned Premiums | 812,929 | ' | ' | ' | 698,862 | ' | ' | ' | 812,929 | 698,862 | 589,027 |
Stable Value Products, Annuity Contracts and Other Policyholders' Funds | 311,290 | ' | ' | ' | 277,919 | ' | ' | ' | 311,290 | 277,919 | 274,870 |
Net Premiums and Policy Fees | ' | ' | ' | ' | ' | ' | ' | ' | 796,109 | 743,361 | 744,819 |
Net Investment Income | ' | ' | ' | ' | ' | ' | ' | ' | 521,665 | 486,463 | 446,175 |
Benefits and Settlement Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,143,132 | 1,054,645 | 978,098 |
Amortization of deferred policy acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 25,774 | 45,079 | 87,461 |
Other Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 163,174 | 142,177 | 139,619 |
Premiums Written | ' | ' | ' | ' | ' | ' | ' | ' | 173 | 161 | 196 |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplementary insurance information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Policy Acquisition Costs and Value of Businesses Acquired | 813,239 | ' | ' | ' | 679,746 | ' | ' | ' | 813,239 | 679,746 | 824,277 |
Future Policy Benefits and Claims | 15,121,574 | ' | ' | ' | 7,666,423 | ' | ' | ' | 15,121,574 | 7,666,423 | 7,804,207 |
Unearned Premiums | 4,680 | ' | ' | ' | 8,367 | ' | ' | ' | 4,680 | 8,367 | 6,792 |
Stable Value Products, Annuity Contracts and Other Policyholders' Funds | 4,734,487 | ' | ' | ' | 3,514,838 | ' | ' | ' | 4,734,487 | 3,514,838 | 3,669,366 |
Net Premiums and Policy Fees | ' | ' | ' | ' | ' | ' | ' | ' | 519,477 | 459,835 | 414,823 |
Net Investment Income | ' | ' | ' | ' | ' | ' | ' | ' | 617,298 | 550,334 | 529,261 |
Benefits and Settlement Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 851,386 | 716,893 | 662,293 |
Amortization of deferred policy acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 72,762 | 77,251 | 75,041 |
Other Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 78,244 | 51,714 | 55,792 |
Premiums Written | ' | ' | ' | ' | ' | ' | ' | ' | 24,781 | 29,874 | 22,386 |
Annuities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplementary insurance information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Policy Acquisition Costs and Value of Businesses Acquired | 647,485 | ' | ' | ' | 491,184 | ' | ' | ' | 647,485 | 491,184 | 435,462 |
Future Policy Benefits and Claims | 1,037,348 | ' | ' | ' | 1,102,577 | ' | ' | ' | 1,037,348 | 1,102,577 | 1,175,690 |
Unearned Premiums | 102,734 | ' | ' | ' | 103,316 | ' | ' | ' | 102,734 | 103,316 | 103,314 |
Stable Value Products, Annuity Contracts and Other Policyholders' Funds | 7,228,119 | ' | ' | ' | 7,372,470 | ' | ' | ' | 7,228,119 | 7,372,470 | 7,497,370 |
Net Premiums and Policy Fees | ' | ' | ' | ' | ' | ' | ' | ' | 132,317 | 97,902 | 68,319 |
Net Investment Income | ' | ' | ' | ' | ' | ' | ' | ' | 468,322 | 504,345 | 507,230 |
Benefits and Settlement Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 319,420 | 369,622 | 390,788 |
Amortization of deferred policy acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 62,834 | 45,319 | 57,201 |
Other Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 112,620 | 101,247 | 85,307 |
Stable Value Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplementary insurance information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Policy Acquisition Costs and Value of Businesses Acquired | 1,001 | ' | ' | ' | 1,399 | ' | ' | ' | 1,001 | 1,399 | 2,347 |
Stable Value Products, Annuity Contracts and Other Policyholders' Funds | 2,559,552 | ' | ' | ' | 2,510,559 | ' | ' | ' | 2,559,552 | 2,510,559 | 2,769,510 |
Net Investment Income | ' | ' | ' | ' | ' | ' | ' | ' | 123,798 | 128,239 | 145,150 |
Benefits and Settlement Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 41,793 | 64,790 | 81,256 |
Amortization of deferred policy acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 398 | 947 | 4,556 |
Other Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,805 | 2,174 | 2,557 |
Asset Protection | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplementary insurance information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Policy Acquisition Costs and Value of Businesses Acquired | 50,358 | ' | ' | ' | 64,416 | ' | ' | ' | 50,358 | 64,416 | 71,427 |
Future Policy Benefits and Claims | 49,729 | ' | ' | ' | 51,600 | ' | ' | ' | 49,729 | 51,600 | 54,249 |
Unearned Premiums | 628,176 | ' | ' | ' | 583,920 | ' | ' | ' | 628,176 | 583,920 | 557,801 |
Stable Value Products, Annuity Contracts and Other Policyholders' Funds | 1,556 | ' | ' | ' | 1,790 | ' | ' | ' | 1,556 | 1,790 | 1,645 |
Net Premiums and Policy Fees | ' | ' | ' | ' | ' | ' | ' | ' | 138,404 | 147,805 | 156,143 |
Net Investment Income | ' | ' | ' | ' | ' | ' | ' | ' | 23,179 | 24,310 | 26,501 |
Benefits and Settlement Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 101,696 | 100,697 | 99,510 |
Amortization of deferred policy acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 30,505 | 33,951 | 38,080 |
Other Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 119,321 | 132,195 | 114,029 |
Premiums Written | ' | ' | ' | ' | ' | ' | ' | ' | 130,225 | 139,076 | 146,632 |
Corporate and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplementary insurance information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Policy Acquisition Costs and Value of Businesses Acquired | 646 | ' | ' | ' | 1,066 | ' | ' | ' | 646 | 1,066 | 1,612 |
Future Policy Benefits and Claims | 67,805 | ' | ' | ' | 72,184 | ' | ' | ' | 67,805 | 72,184 | 78,002 |
Unearned Premiums | 1,296 | ' | ' | ' | 1,561 | ' | ' | ' | 1,296 | 1,561 | 1,851 |
Stable Value Products, Annuity Contracts and Other Policyholders' Funds | 64,181 | ' | ' | ' | 58,431 | ' | ' | ' | 64,181 | 58,431 | 50,113 |
Net Premiums and Policy Fees | ' | ' | ' | ' | ' | ' | ' | ' | 18,149 | 19,539 | 21,361 |
Net Investment Income | ' | ' | ' | ' | ' | ' | ' | ' | 163,819 | 168,641 | 166,326 |
Benefits and Settlement Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 22,330 | 19,393 | 21,528 |
Amortization of deferred policy acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 625 | 1,018 | 2,654 |
Other Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 220,807 | 210,923 | 199,896 |
Premiums Written | ' | ' | ' | ' | ' | ' | ' | ' | $18,141 | $19,456 | $21,107 |
SCHEDULE_IV_REINSURANCE_Detail
SCHEDULE IV - REINSURANCE (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Life insurance in-force | ' | ' | ' |
Gross Amount | $726,697,151,000 | $706,415,969,000 | $728,670,260,000 |
Ceded to Other Companies | 416,809,287,000 | 444,950,866,000 | 469,530,487,000 |
Assumed from Other Companies | 46,752,176,000 | 30,470,432,000 | 32,812,882,000 |
Net life insurance in-force | 356,640,040,000 | 291,935,535,000 | 291,952,655,000 |
Percentage of Amount Assumed to Net | 13.10% | 10.40% | 11.20% |
Premiums and policy fees | ' | ' | ' |
Gross Amount | 2,642,462,000 | 2,496,389,000 | 2,523,680,000 |
Ceded to Other Companies | 1,377,196,000 | 1,345,836,000 | 1,394,675,000 |
Assumed from Other Companies | 339,189,000 | 317,889,000 | 276,460,000 |
Net premiums | 1,604,455,000 | 1,468,442,000 | 1,405,465,000 |
Annuity policy fees | 140,700,000 | 103,800,000 | 74,900,000 |
Life insurance | ' | ' | ' |
Premiums and policy fees | ' | ' | ' |
Gross Amount | 2,371,872,000 | 2,226,615,000 | 2,245,320,000 |
Ceded to Other Companies | 1,247,657,000 | 1,228,444,000 | 1,278,232,000 |
Assumed from Other Companies | 306,920,000 | 281,712,000 | 248,468,000 |
Net premiums | 1,431,135,000 | 1,279,883,000 | 1,215,556,000 |
Percentage of Amount Assumed to Net | 21.50% | 22.00% | 20.40% |
Annuity policy fees | 140,700,000 | 103,800,000 | 74,900,000 |
Accident/health insurance | ' | ' | ' |
Premiums and policy fees | ' | ' | ' |
Gross Amount | 45,263,000 | 38,875,000 | 43,200,000 |
Ceded to Other Companies | 20,011,000 | 12,065,000 | 14,456,000 |
Assumed from Other Companies | 24,291,000 | 29,412,000 | 21,719,000 |
Net premiums | 49,543,000 | 56,222,000 | 50,463,000 |
Percentage of Amount Assumed to Net | 49.00% | 52.30% | 43.00% |
Property and liability insurance | ' | ' | ' |
Premiums and policy fees | ' | ' | ' |
Gross Amount | 225,327,000 | 230,899,000 | 235,160,000 |
Ceded to Other Companies | 109,528,000 | 105,327,000 | 101,987,000 |
Assumed from Other Companies | 7,978,000 | 6,765,000 | 6,273,000 |
Net premiums | $123,777,000 | $132,337,000 | $139,446,000 |
Percentage of Amount Assumed to Net | 6.50% | 5.10% | 4.50% |
SCHEDULE_V_VALUATION_AND_QUALI1
SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS (Details) (Allowance for losses on commercial mortgage loans, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for losses on commercial mortgage loans | ' | ' | ' |
Changes in valuation and qualifying accounts | ' | ' | ' |
Balance at beginning of period | $2,875 | $6,475 | $11,650 |
Additions, Charged to costs and expenses | 7,093 | 6,240 | 11,103 |
Deductions | -6,838 | -9,840 | -16,278 |
Balance at end of period | $3,130 | $2,875 | $6,475 |